Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2021 | Sep. 15, 2021 | |
Text Block [Abstract] | ||
Document Type | 10-Q | |
Entity Central Index Key | 0001560905 | |
Document Period End Date | Jun. 30, 2021 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-55150 | |
Entity Registrant Name | TORTEC GROUP CORPORATION | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 45-5593622 | |
Entity Address, Address Line One | 30 N. Gould St., Suite 2489 | |
Entity Address, City or Town | Sheridan | |
Entity Address, State or Province | WY | |
Entity Address, Postal Zip Code | 82801 | |
Entity Address Country | US | |
City Area Code | 307 | |
Local Phone Number | 248-9177 | |
Title of 12(b) Security | None | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Ex Transition Period | false | |
Entity Shell Company | false | |
Number of common stock shares outstanding | 100,074,854 |
CONDENSED BALANCE SHEETS (unaud
CONDENSED BALANCE SHEETS (unaudited) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Current Assets | ||
Cash | $ 6,912 | $ 10,875 |
Total Current Assets | 6,912 | 10,875 |
Total Assets | 6,912 | 10,875 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 20,650 | 19,500 |
Total Current Liabilities and Total Liabilities | 20,650 | 19,500 |
Commitments and contingencies (Note 3) | ||
Shareholders' Deficit | ||
Preferred Stock - $0.001 par value; 10,000,000 shares authorized; none outstanding | ||
Common stock - $0.001 par value; 200,000,000 shares authorized; 100,074,854, shares issued and outstanding at June 30, 2021 and March 31, 2021 | 100,075 | 100,075 |
Additional paid-in capital | 6,881,516 | 6,881,516 |
Non-controlling interest | ||
Accumulated deficit | (6,995,329) | (6,990,216) |
Total Shareholders' Deficit | (13,738) | (8,625) |
Total Liabilities and Shareholders' Deficit | $ 6,912 | $ 10,875 |
CONDENSED BALANCE SHEETS (una_2
CONDENSED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 100,074,854 | 100,074,854 |
Common Stock, Shares, Outstanding | 100,074,854 | 100,074,854 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
Sales | ||
Operating Expenses | ||
General and administrative | 5,113 | 17,617 |
Total Operating Expenses | 5,113 | 17,617 |
Loss before loss from discontinued operations | (5,113) | (17,617) |
Discontinued operations | (45,515) | |
Net loss | (5,113) | (63,132) |
Non-controlling loss | 20,827 | |
Net loss attributable to TORtec Group Corporation | $ (5,113) | $ (42,305) |
Basic and Diluted Loss per Share - Continuing Operations | $ 0 | $ 0 |
Basic and Diluted Loss per Share - Discontinued Operations | 0 | 0 |
Basic and Diluted Loss per Share - Net Loss | $ 0 | $ 0 |
Basic and Diluted Weighted-Average Common Shares Outstanding | 100,074,854 | 100,074,854 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital | Non-controlling Interest [Member] | Accumulated Deficit | Total |
Balance at Mar. 31, 2020 | $ 100,075 | $ 6,881,516 | $ (155,979) | $ (6,623,555) | $ 202,057 |
Balance, shares at Mar. 31, 2020 | 100,074,854 | ||||
Net Loss | (20,827) | (42,305) | (63,132) | ||
Balance at Jun. 30, 2020 | $ 100,075 | 6,881,516 | (176,806) | (6,665,860) | 138,925 |
Balance, shares at Jun. 30, 2020 | 100,074,854 | ||||
Balance at Mar. 31, 2021 | $ 100,075 | 6,881,516 | (6,990,216) | (8,625) | |
Balance, shares at Mar. 31, 2021 | 100,074,854 | ||||
Net Loss | (5,113) | (5,113) | |||
Balance at Jun. 30, 2021 | $ 100,075 | $ 6,881,516 | $ (6,995,329) | $ (13,738) | |
Balance, shares at Jun. 30, 2021 | 100,074,854 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (5,113) | $ (63,132) |
Changes in assets and liabilities: | ||
Accounts payable and accrued liabilities | 1,149 | 2,679 |
Net Cash Used in Operating Activities | (3,964) | (60,453) |
Cash Flows from Investing Activities: | ||
Purchase of property and equipment | (76,297) | |
Net Cash Used in Investing Activities | (76,297) | |
Cash Flows from Financing Activities: | ||
Collection of subscriptions receivable | 165,000 | |
Cash Flows Provided by Financing Activities: | 165,000 | |
Net Change in Cash | (3,964) | 28,250 |
Cash at Beginning of Year | 10,876 | 1,043 |
Cash at End of Year | 6,912 | 29,293 |
Supplement Disclosure of Cash Flow Information: | ||
Cash paid for interest | ||
Cash paid for income taxes |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 3 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block [Abstract] | |
ORGANIZATION AND BUSINESS | NOTE 1 – ORGANIZATION AND BUSINESS On June 13, 2012, the Board of Directors of Geo Point Technologies, Inc., a Utah corporation (“Geo Point Utah”), approved a stock dividend that resulted in a spin-off (“Spin-Off”) of TORtec Group Corporation (formerly Geo Point Resources, Inc.) (the "Company") common stock to the Geo Point Utah stockholders, pro rata, on the record date (the “Record Date”). Prior to the Spin-Off, the Company was a wholly-owned subsidiary of Geo Point Utah. The Company was incorporated on June 13, 2012, comprising all of Geo Point Utah’s Environmental and Engineering Divisions’ assets, business, operations, rights or otherwise, along with its “Hydrocarbon Identification Technology” License Agreement with William C. Lachmar dated January 31, 2008. The Spin-Off had a “Record Date” of January 17, 2013; an ex-dividend date of January 15, 2013; and a Spin-Off payment date of April 22, 2013. On November 22, 2017, the Company entered into a Share Exchange Agreement (the “Agreement”). The transaction closed on December 4, 2017, with TORtec Group, Inc., a Wyoming corporation (“TORtec”) and all of the shareholders of TORtec, pursuant to which the Company acquired 100% of the issued and outstanding shares of common stock of TORtec. Under the terms of the Agreement, a total of 90,000,000 shares of the Company’s common stock were issued to the TORtec shareholders as consideration in exchange for all 10,000,000 issued and outstanding shares of TORtec common stock being transferred to the Company, making TORtec a wholly-owned subsidiary of the Company. As a result, the TORtec shareholders collectively own ninety percent (90.0%) of our issued and outstanding shares of our common stock immediately following the acquisition. Effective November 16, 2018, the Company changed its name from Geo Point Resources, Inc. to TORtec Group Corporation. Transfer of Subsidiaries and Assets to Capital Vario In March 2021, in satisfaction of amounts due to Capital Vario, the Company transferred the ownership of TORtec Group, Inc and its 50.1% owned subsidiary, TORtec Nanosynthesis Corp, which held substantially all of the Company’s assets, including the Tornado M and related licenses, building lease to Capital Vario. The completion of the transaction required shareholder approval for which voting commenced in February 2021 and was completed at the Company’s stockholders meeting in March 2021. As of the date of these financial statements, the Company does not have any potential operations which could result in future cash flows. See discontinued operations below. Discontinued Operations In March 2021, due to the transfer of subsidiaries and assets discussed above to Capital Vario in satisfaction of amounts due to them, the Company has ceased operations relate to the Tortec Tornado unit. The Company has reflected these operations as discontinued operations in the accompanying financial statements. The following is a summary of discontinued operations included within the financial statements as of and for the three months ended June 30, 2021 and 2020. For the Three Months Ended June 30, 2021 2020 Operating Expenses Research and development $ - $ 26,359 General and administrative - 19,156 Total Operating Expenses - 45,515 Operating Loss - Discontinued Operations $ - $ (45,515) 11 There are no discontinued assets or liabilities as of June 30, 2021 and March 31, 2021 and there was no impact on the cash statement for the three months ended June 30, 2021. Discontinued operations related to the cash flow statements primarily related to purchases of equipment, license and other assets of $76,297 during the three months ended June 30, 2020. Operating activities during three months ended June 30, 2020, were insignificant and consistent of minor amounts of accounts payable. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Going Concern The accompanying condensed financial statements have been prepared assuming that the Company will continue as a going concern. As reflected in the condensed financial statements, the Company has incurred significant current period losses, negative cash flows from operating activities, has negative working capital, and an accumulated deficit. These conditions, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans regarding these matters, if needed, include raising additional debt or equity financing. The terms of which might not be acceptable to the Company. The accompanying condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. Interim Condensed Financial Statements The accompanying unaudited interim condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these condensed financial statements have been included. Such adjustments consist of normal recurring adjustments. These interim condensed financial statements should be read in conjunction with the audited financial statements of the Company for the year ended March 31, 2021. The results of operations for the three months ended June 30, 2021 are not indicative of the results that may be expected for the full year. The financial statements for the three months ended June 30, 2020 are consolidated with the Company’s former subsidiaries. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and the accompanying notes to condensed financial statements. Actual results could differ from those estimates. Significant estimates made by management include allowance for doubtful accounts, the useful life of property and equipment and impairment of long-lived assets. 12 Recent Accounting Pronouncements The FASB issued ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date that amend the original text of ASC. The Company believes those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not expected to have a significant impact on the Company's operations. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 3 – COMMITMENTS AND CONTINGENCIES The Company does not have any pending or threatened litigation. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS From time to time, Capital Vario, a shareholder of the Company, advances monies for operations. The advances do not incur interest and are due on demand. There were no advances during the three months ended June 30, 2021 and 2020. See Note 5 for collection of a subscription receivable from a related party. |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 3 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' DEFICIT | NOTE 5 – STOCKHOLDERS’ DEFICIT Preferred Stock Under the Company’s articles of incorporation, the board of directors is authorized, without stockholder action, to issue up to 10,000,000 shares of preferred stock in one or more series and to fix the number of shares and rights, preferences, and limitations of each series. Among the specific matters that may be determined by the board of directors are the dividend rate, the redemption price, if any, conversion rights, if any, the amount payable in the event of any voluntary liquidation or dissolution, and voting rights, if any. If the Company offers preferred stock, the specific designations and rights will be described in amended articles of incorporation. Common Stock Effective November 14, 2018, the Company increased its authorized common shares to 200,000,000. Subscriptions Receivable As of March 31, 2020, subscriptions receivable were $165,000, for which $5,000 was from a related party. The subscriptions receivable resulted from the sale of the Company’s common stock as well as an interest in a former subsidiary of the Company. The proceeds from the subscriptions were received on April 2, 2020. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS The Company has evaluated subsequent events after June 30, 2021, through the date of this filing, noting no additional items which need to be disclosed within the accompanying notes to the condensed financial statements other than those disclosed above. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Going Concern | Going Concern The accompanying condensed financial statements have been prepared assuming that the Company will continue as a going concern. As reflected in the condensed financial statements, the Company has incurred significant current period losses, negative cash flows from operating activities, has negative working capital, and an accumulated deficit. These conditions, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans regarding these matters, if needed, include raising additional debt or equity financing. The terms of which might not be acceptable to the Company. The accompanying condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Interim Condensed Financial Statements | Interim Condensed Financial Statements The accompanying unaudited interim condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these condensed financial statements have been included. Such adjustments consist of normal recurring adjustments. These interim condensed financial statements should be read in conjunction with the audited financial statements of the Company for the year ended March 31, 2021. The results of operations for the three months ended June 30, 2021 are not indicative of the results that may be expected for the full year. The financial statements for the three months ended June 30, 2020 are consolidated with the Company’s former subsidiaries. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and the accompanying notes to condensed financial statements. Actual results could differ from those estimates. Significant estimates made by management include allowance for doubtful accounts, the useful life of property and equipment and impairment of long-lived assets. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The FASB issued ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date that amend the original text of ASC. The Company believes those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not expected to have a significant impact on the Company's operations. |
ORGANIZATION AND BUSINESS (Tabl
ORGANIZATION AND BUSINESS (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Disposal Groups, Including Discontinued Operations | In March 2021, due to the transfer of subsidiaries and assets discussed above to Capital Vario in satisfaction of amounts due to them, the Company has ceased operations relate to the Tortec Tornado unit. The Company has reflected these operations as discontinued operations in the accompanying financial statements. The following is a summary of discontinued operations included within the financial statements as of and for the three months ended June 30, 2021 and 2020. For the Three Months Ended June 30, 2021 2020 Operating Expenses Research and development $ - $ 26,359 General and administrative - 19,156 Total Operating Expenses - 45,515 Operating Loss - Discontinued Operations $ - $ (45,515) |
ORGANIZATION AND BUSINESS (Deta
ORGANIZATION AND BUSINESS (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Nov. 22, 2017 | Jun. 30, 2020 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | |||
Purchases of equipment, license and other assets | $ 76,297 | ||
TORtec [Member] | |||
Business Acquisition [Line Items] | |||
Ownership percentage acquired | 100.00% | ||
TORtec shareholders [Member] | Common Stock [Member] | |||
Business Acquisition [Line Items] | |||
Shares issued | 90,000,000 | ||
Number of issued and outstanding shares | 10,000,000 | ||
Percentage holding | 90.00% | ||
TORtec Nanosynthesis Corp [Member] | |||
Business Acquisition [Line Items] | |||
Ownership percentage acquired | 50.10% |
ORGANIZATION AND BUSINESS (Disp
ORGANIZATION AND BUSINESS (Disposal Groups, Including Discontinued Operations) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Expenses | ||
Research and development | $ 26,359 | |
General and administrative | 19,156 | |
Total Operating Expenses | 45,515 | |
Operating Loss - Discontinued Operations | $ (45,515) |
STOCKHOLDERS' DEFICIT (Details)
STOCKHOLDERS' DEFICIT (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Nov. 14, 2018 |
Stockholders' Equity Note [Abstract] | ||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | 200,000,000 | |
Subscriptions receivable | $ 165,000 | |||
Subscriptions receivable portion from related party | $ 5,000 |