Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2022 | Sep. 30, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-55150 | |
Entity Registrant Name | TORTEC GROUP CORPORATION | |
Entity Central Index Key | 0001560905 | |
Entity Tax Identification Number | 45-5593622 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 30 N. Gould St. | |
Entity Address, Address Line Two | Suite 2489 | |
Entity Address, City or Town | Sheridan | |
Entity Address, State or Province | WY | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 82801 | |
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 | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 100,074,854 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Current Assets | ||
Cash | $ 79 | $ 422 |
Total Current Assets | 79 | 422 |
Total Assets | 79 | 422 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 22,340 | 19,840 |
Short term advances - related parties | 40,600 | 39,000 |
Total Current Liabilities and Total Liabilities | 62,940 | 58,840 |
Shareholders' Deficit | ||
Preferred Stock - $0.001 par value; 10,000,000 shares authorized; none outstanding | 0 | 0 |
Common stock - $0.001 par value; 200,000,000 shares authorized; 100,074,854, shares issued and outstanding at June 30, 2022 and March 31, 2022 | 100,075 | 100,075 |
Additional paid-in capital | 6,881,516 | 6,881,516 |
Accumulated deficit | (7,044,452) | (7,040,009) |
Total Shareholders' Deficit | (62,861) | (58,418) |
Total Liabilities and Shareholders' Deficit | $ 79 | $ 422 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Mar. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, authorized | 10,000,000 | 10,000,000 |
Preferred Stock, outstanding | 0 | 0 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, 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 - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||
Sales | $ 0 | $ 0 |
Operating Expenses | ||
General and administrative | 4,443 | 5,113 |
Total Operating Expenses | 4,443 | 5,113 |
Net loss | $ (4,443) | $ (5,113) |
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' (Deficit) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Noncontrolling Interest [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Mar. 31, 2021 | $ 100,075 | $ 6,881,516 | $ (6,990,216) | $ (8,625) | |
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2021 | 100,074,854 | ||||
Net loss | (5,113) | $ (5,113) | |||
Ending balance, value at Jun. 30, 2021 | 100,075 | 6,881,516 | (7,995,329) | $ (13,738) | |
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 100,074,854 | ||||
Beginning balance, value at Mar. 31, 2022 | $ 100,075 | 6,881,516 | (7,040,009) | $ (58,418) | |
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2022 | 100,074,854 | 100,074,854 | |||
Net loss | (4,443) | $ (4,443) | |||
Ending balance, value at Jun. 30, 2022 | $ 100,075 | $ 6,881,516 | $ (7,044,452) | $ (62,861) | |
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2022 | 100,074,854 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (4,443) | $ (5,113) |
Accounts payable and accrued liabilities | 2,500 | 1,149 |
Net Cash Used in Operating Activities | (1,943) | (3,964) |
Cash Flows from Investing Activities: | ||
Net Cash Used in Investing Activities | 0 | 0 |
Cash Flows from Financing Activities: | ||
Proceeds from short term advances - related parties | 1,600 | 0 |
Cash Flows Provided by Financing Activities: | 1,600 | |
Net Change in Cash | (343) | (3,964) |
Cash at Beginning of Period | 422 | 10,876 |
Cash at End of Period | 79 | 6,912 |
Supplement Disclosure of Cash Flow Information: | ||
Cash paid for interest | ||
Cash paid for income taxes |
NOTE 1 _ ORGANIZATION AND BUSIN
NOTE 1 – ORGANIZATION AND BUSINESS | 3 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 1 – 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 90,000,000 10,000,000 90.0 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 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 for which there was no impact on the financial statements presented. |
NOTE 2 _ SUMMARY OF SIGNIFICANT
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
NOTE 2 – 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, 2022. The results of operations for the three months ended June 30, 2022 are not indicative of the results that may be expected for the full year. 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 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. |
NOTE 3 _ COMMITMENTS AND CONTIN
NOTE 3 – COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
NOTE 3 – COMMITMENTS AND CONTINGENCIES | NOTE 3 – COMMITMENTS AND CONTINGENCIES The Company does not have any pending or threatened litigation. |
NOTE 4 _ RELATED PARTY TRANSACT
NOTE 4 – RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
NOTE 4 – 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. During the three months ended June 30, 2022 and 2021, Capital Vario advanced the Company $ 1,600 0 |
NOTE 5 _ STOCKHOLDERS_ DEFICIT
NOTE 5 – STOCKHOLDERS’ DEFICIT | 3 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
NOTE 5 – 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 Common Stock As of June 30, 2022, the Company has 200,000,000 |
NOTE 6 - SUBSEQUENT EVENTS
NOTE 6 - SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
NOTE 6 - SUBSEQUENT EVENTS | NOTE 6 - SUBSEQUENT EVENTS The Company has evaluated subsequent events after June 30, 2022, 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. |
NOTE 2 _ SUMMARY OF SIGNIFICA_2
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2022 | |
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, 2022. The results of operations for the three months ended June 30, 2022 are not indicative of the results that may be expected for the full year. |
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. |
NOTE 1 _ ORGANIZATION AND BUS_2
NOTE 1 – ORGANIZATION AND BUSINESS (Details Narrative) - shares | 1 Months Ended | |
Nov. 22, 2017 | Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | 50.10% |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 90,000,000 | |
Shares, Outstanding | 10,000,000 | |
Equity Method Investment, Ownership Percentage | 90% |
NOTE 4 _ RELATED PARTY TRANSA_2
NOTE 4 – RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Related Party Transactions [Abstract] | ||
Proceeds from Related Party Debt | $ 1,600 | $ 0 |
NOTE 5 _ STOCKHOLDERS_ DEFICIT
NOTE 5 – STOCKHOLDERS’ DEFICIT (Details Narrative) - shares | Jun. 30, 2022 | Mar. 31, 2022 |
Equity [Abstract] | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |