Luckwel Pharmaceuticals (LWEL) 10-Q 7 Sep 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2020	Jul. 20, 2021
Cover [Abstract]
Entity Registrant Name	Luckwel Pharmaceuticals Inc.
Entity Central Index Key	0001567098
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity's Reporting Status Current	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		147,163,500
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2020	Mar. 31, 2020
Current Assets
Cash	$ 3,063	$ 44
Prepaid expense and other current assets	10,351	17,169
Total Assets	13,414	17,213
Current Liabilities:
Accrued liabilities	79,691	78,163
Note payable	15,000
Accrued interest	213
Accrued officer compensation	187,500	144,000
Due to officer	1,133,961	1,123,305
Total Liabilities	1,416,365	1,345,468
Stockholders' Deficit:
Common stock, $0.01 par value; 200,000,000 shares authorized; 143,376,000 shares issued and outstanding as of June 30, 2020 and March 31, 2020	1,433,760	1,433,760
Additional paid in capital	465,748	465,748
Accumulated other comprehensive income	10	10
Accumulated deficit	(3,302,469)	(3,227,773)
Total stockholders' deficit	(1,402,951)	(1,328,255)
Total Liabilities and Stockholders' Deficit	$ 13,414	$ 17,213

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	143,376,000	143,376,000
Common stock, shares outstanding	143,376,000	143,376,000

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
General and administrative expenses	$ (74,483)	$ (140,515)
Other income (expense)	(213)	1
Net loss	$ (74,696)	$ (140,514)
Net loss per share - basic and diluted	$ (0.0005)	$ (0.001)
Weighted average common shares outstanding-basic and diluted	143,376,000	143,376,000

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]	Total
Balance at Mar. 31, 2019	$ 1,433,760	$ 465,748	$ 10	$ (2,691,341)	$ (791,823)
Balance, shares at Mar. 31, 2019	143,376,000
Net loss				(140,514)	(140,514)
Balance at Jun. 30, 2019	$ 1,433,760	465,748	10	(2,831,855)	(932,337)
Balance, shares at Jun. 30, 2019	143,376,000
Balance at Mar. 31, 2020	$ 1,433,760	465,748	10	(3,227,773)	(1,328,255)
Balance, shares at Mar. 31, 2020	143,376,000
Net loss				(74,696)	(74,696)
Balance at Jun. 30, 2020	$ 1,433,760	$ 465,748	$ 10	$ (3,302,469)	$ (1,402,951)
Balance, shares at Jun. 30, 2020	143,376,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities
Net loss	$ (74,696)	$ (140,514)
Changes in operating assets and liabilities:
Prepaid expense and other current assets	6,818	(11,617)
Accounts payable and accrued expenses	1,741	44,101
Accrued officer compensation	43,500
Due to officer	10,656
Net cash used in operating activities	(11,981)	(108,030)
Cash Flows from Financing Activities
Proceeds from officer loans		154,670
Proceeds from note payable	15,000
Net cash provided by financing activities	15,000	154,670
Net increase in cash	3,019	46,640
Cash, beginning of period	44	25,754
Cash, End of period	3,063	72,394
Supplemental disclosures of cash flow information:
Cash paid for interest
Cash paid for income taxes
Noncash financing activities:
Expense payments by the primary shareholder	$ 10,656

Organization and Description of

Organization and Description of Business	3 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Note 1 – Organization and Description of Business Luckwel Pharmaceuticals Inc. (“Luckwel” or the “Company”) plans to acquire, develop, manufacture, and market pharmaceutical medication. On April 11, 2018, Luckwel filed a Certificate of Amendment to the Articles of Incorporation to change its name from Luckycom Pharmaceuticals Inc. to Luckwel and to increase the number of its authorized shares of common stock to 200,000,000 with an effective date of April 13, 2018. The Company then amended and restated its by-laws to reflect the new corporate name. In January 2021, the Company amended its certificate of incorporation to increase the number of authorized shares from 200,000,000 to 500,000,000. The Company’s corporate office is located in Cambridge, Massachusetts and is incorporated in the State of Nevada. As used in this Quarterly Report on Form 10-Q (“Quarterly Report”), unless otherwise indicated, all references herein to “Luckwel,” the “Company,” “we” or “us” refer to Luckwel Pharmaceuticals Inc.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Preparation of Interim Financial Statements The accompanying condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information and the Securities and Exchange Commission instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended June 30, 2020 are not necessarily indicative of the results that can be expected for the full year. The condensed financial statements contained herein should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2020. These condensed financial statements have been prepared on the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. This assumption is presently uncertain and contingent upon the Company’s ability to raise additional working capital. The financial statements do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and are presented in US dollars (“USD”). Cash Cash includes all cash in bank with no restrictions. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement, The Company’s financial instruments consist of cash, accrued liabilities, note payable and due to officer. The carrying amount of these financial instruments approximate fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. There were no financial instruments classified as Level 3 in the fair value hierarchy during the three months ended June 30, 2020 and June 30, 2019. Income Taxes Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their reported amounts using the enacted tax rates in effect for the year in which the differences are expected to reverse. Tax credits are generally recognized as reductions of income tax provisions in the year in which the credits arise. The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The effect of a change in income tax rates is recognized as income or expense in the period that includes the enacted or substantively enacted date. Accounting for uncertainty in income taxes recognized in the financial statements is in accordance with accounting authoritative guidance, which prescribes a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed “more likely than not” to be sustained, the tax position is then assessed to determine the amount of the benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50 percent likelihood of being realized upon ultimate settlement. Basic and Diluted Net Loss Per Share Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted loss per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There were no potentially dilutive debt or equity outstanding as of June 30, 2020 and March 31, 2020. Recent Accounting Pronouncements The Company does not believe any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the financial position, statements of operations and cash flows.

Going Concern

Going Concern	3 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	N ote 3 – Going Concern The Company had $3,063 in cash and accumulated deficit of $3,302,469 at June 30, 2020, has incurred losses since inception, and has not yet received any revenue from sales of products or services. These factors raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital or obtain necessary debt financing. The Company is presently dependent on its Chief Executive Officer, Mr. Kingrich Lee, to either provide the Company funding for its daily operation and expenses, including professional fees and fees charged by regulators, although he is under no obligation to do so, or to spearhead financing efforts with third parties. The Company currently does not have any arrangements in place to complete any financings and there is no assurance that it will be successful in completing any such financings on terms that will be acceptable. The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses and further losses are anticipated as a result of the development of business which raises substantial doubt about its ability to continue as a going concern for a period of one year after the date that the financial statements are issued. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining financing necessary to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of its common stock. In March 2020, the World Health Organization declared the global novel coronavirus disease 2019 (COVID-19) outbreak a pandemic. As we are still a shell company, our operations have not been significantly impacted financially by the COVID-19 outbreak other than to delay our plans to develop the business and raise required funds. We cannot at this time predict the specific extent, duration, or full impact that the COVID-19 outbreak will have on our financial condition and ability to raise additional capital to finance future planned operations. Subsequent to June 30, 2020, in January 2021, the Company sold 300,000 shares of its common stock at a purchase price of $0.40 per share for gross proceeds of $120,000. In February 2021, $1.2 million of debt that was owed to Mr. Kingrich Lee was converted into 3,000,000 shares of the Company’s common stock at a conversion price of $0.40 per share. In April 2021, the Company sold 300,000 shares of its common stock at a purchase price of $0.40 per share for total gross proceeds of $120,000. In May 2021, the Company sold 187,500 shares of its common stock at a purchase price of $0.40 per share for total gross proceeds of $75,000.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 4 – Related Party Transactions The Company’s sole officer and director, and also a shareholder, Mr. Kingrich Lee, paid Company expenses of $10,656 during the three months ended June 30, 2020. Accordingly, Mr. Kingrich Lee is owed an aggregate amount of $1,133,961 and $1,123,305 as of June 30, 2020 and March 31, 2020, respectively, from the Company. The amounts are unsecured, non-interest bearing and are due on demand. On November 1, 2018, we entered into a one-year employment agreement with Mr. Lee to continue his employment as our Chief Executive Officer, continuing on a year-to-year basis thereafter unless terminated by either party on not less than thirty (30) days’ notice prior to the expiration of the one-year extension anniversary (current agreement is through October 31, 2021). His salary is $180,000 a year. Additionally, he shall be entitled to an education allowance for his children who are attending full-time local education from kindergarten to senior secondary levels in any type of school and a housing allowance of $3,000 a month. As of June 30, 2020, Mr. Kingrich Lee was owed $187,500 of salary and housing allowance pursuant to his employment agreement, which is recorded in accrued officer compensation. Upon termination of Mr. Lee’s employment, except for termination for cause or termination by Mr. Lee, he shall be entitled to a payment equal to two (2) months’ salary ($30,000 at June 30, 2020) and shall also be eligible to retain his other benefits for a period of six (6) months (a minimum of $18,000 in housing allowance at June 30, 2020 plus any eligible education expenses).

Capital Stock

Capital Stock	3 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Capital Stock	Note 5 – Capital Stock As of June 30, 2020 and 2019, the Company had 143,376,000 shares of common stock issued and outstanding.

Note Payable

Note Payable	3 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Note Payable	Note 6 – Note Payable In April 2020, the Company borrowed $15,000 in the form of a promissory note (the “Note”). The Note bears interest at 7% per annum and has no maturity date. During the three-month ended June 30, 2020, the Company recognized interest expense of $213 related to the Note. This loan was repaid in May 2021.

Risks and Uncertainties

Risks and Uncertainties	3 Months Ended
	Jun. 30, 2020
Risks and Uncertainties [Abstract]
Risks and Uncertainties	Note 7 – Risks and Uncertainties In March 2020, the World Health Organization declared the global novel coronavirus disease 2019 (COVID-19) outbreak a pandemic. As we are still a shell company, our operations have not been significantly impacted financially by the COVID-19 outbreak other than to delay our plans to develop the business and raise required funds. We cannot at this time predict the specific extent, duration, or full impact that the COVID-19 outbreak will have on its financial condition and ability to raise additional capital to finance future planned operations.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 8 – Subsequent Events Management of the Company has evaluated subsequent events through the date of issuance of the financial statements and has concluded that there were no subsequent events requiring adjustment to or disclosure in these financial statements, other than those noted below: In January 2021, the Company completed a private placement offering with an individual for the purchase of an aggregate of 300,000 shares of common stock of the Company at a price of $0.40 per share for total gross proceeds of $120,000. In January 2021, the Company amended its certificate of incorporation to increase the number of authorized shares from 200,000,000 to 500,000,000. In February 2021, $1.2 million of debt that was owed to Mr. Kingrich Lee was converted into 3,000,000 shares of common stock of the Company at a conversion price of $0.40 per share. In April 2021, the Company completed a private placement offering with a group of individual investors for the purchase of an aggregate of 300,000 shares of common stock of the Company at a price of $0.40 per share for total gross proceeds of $120,000. In May 2021, the Company completed a private placement offering with an investor for the purchase of 187,500 shares of common stock of the Company at a price of $0.40 per share for total gross proceeds of $75,000.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Preparation of Interim Financial Statements	Preparation of Interim Financial Statements The accompanying condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information and the Securities and Exchange Commission instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended June 30, 2020 are not necessarily indicative of the results that can be expected for the full year. The condensed financial statements contained herein should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2020. These condensed financial statements have been prepared on the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. This assumption is presently uncertain and contingent upon the Company’s ability to raise additional working capital. The financial statements do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
Basis of Presentation	Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and are presented in US dollars (“USD”).
Cash	Cash Cash includes all cash in bank with no restrictions.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement, The Company’s financial instruments consist of cash, accrued liabilities, note payable and due to officer. The carrying amount of these financial instruments approximate fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. There were no financial instruments classified as Level 3 in the fair value hierarchy during the three months ended June 30, 2020 and June 30, 2019.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their reported amounts using the enacted tax rates in effect for the year in which the differences are expected to reverse. Tax credits are generally recognized as reductions of income tax provisions in the year in which the credits arise. The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The effect of a change in income tax rates is recognized as income or expense in the period that includes the enacted or substantively enacted date. Accounting for uncertainty in income taxes recognized in the financial statements is in accordance with accounting authoritative guidance, which prescribes a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed “more likely than not” to be sustained, the tax position is then assessed to determine the amount of the benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50 percent likelihood of being realized upon ultimate settlement.
Basic and Diluted Net Loss Per Share	Basic and Diluted Net Loss Per Share Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted loss per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There were no potentially dilutive debt or equity outstanding as of June 30, 2020 and March 31, 2020.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company does not believe any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the financial position, statements of operations and cash flows.

Organization and Description _2

Organization and Description of Business (Details Narrative) - shares	Jan. 31, 2021	Jan. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Apr. 13, 2018
Common stock, shares authorized			200,000,000	200,000,000	200,000,000
Subsequent Event [Member]
Common stock, shares authorized	500,000,000	200,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Accounting Policies [Abstract]
Financial instruments, level 3 fair value hierarchy
Potentially dilutive shares

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	1 Months Ended
	May 31, 2021	Apr. 30, 2021	Feb. 28, 2021	Jan. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Cash					$ 3,063	$ 44
Accumulated deficit					$ (3,302,469)	$ (3,227,773)
Subsequent Event [Member]
Number of common stock issued	187,500	300,000		300,000
Share price	$ 0.40	$ 0.40		$ 0.40
Proceeds from issuance of common stock	$ 75,000	$ 120,000		$ 120,000
Subsequent Event [Member] | Mr. Kingrich Lee [Member]
Debt conversion amount			$ 1,200,000
Debt conversion of converted shares			3,000,000
Debt conversion price per share			$ 0.40

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Nov. 01, 2018	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Proceeds from officer and director loan			$ 154,670
Due to officer		1,133,961		$ 1,123,305
Mr. Kingrich Lee [Member]
Proceeds from officer and director loan		10,656
Due to officer		1,133,961		$ 1,123,305
Mr. Kingrich Lee [Member] | Minimum [Member]
Other benefits per month		$ 18,000
Description of termination		Upon termination of Mr. Lee's employment, except for termination for cause or termination by Mr. Lee, he shall be entitled to a payment equal to two (2) months' salary ($30,000 at June 30, 2020) and shall also be eligible to retain his other benefits for a period of six (6) months (a minimum of $18,000 in housing allowance at June 30, 2020 plus any eligible education expenses).
Mr. Kingrich Lee [Member] | Employment Agreement [Member]
Agreement renewable term	1 year
Salary	$ 180,000
School and housing allowance per month	$ 3,000
Accrued expenses related parties		$ 187,500

Capital Stock (Details Narrativ

Capital Stock (Details Narrative) - shares	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019
Equity [Abstract]
Common stock, shares issued	143,376,000	143,376,000	143,376,000
Common stock, shares outstanding	143,376,000	143,376,000	143,376,000

Note Payable (Details Narrative

Note Payable (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2020	Apr. 30, 2020	Mar. 31, 2020
Note payable	$ 15,000
Interest expense	$ 213
Promissory Note [Member]
Note payable		$ 15,000
Debt intrument interest rate		7.00%

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	1 Months Ended
	May 31, 2021	Apr. 30, 2021	Feb. 28, 2021	Jan. 31, 2021	Jan. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Apr. 13, 2018
Common stock, shares authorized						200,000,000	200,000,000	200,000,000
Subsequent Event [Member]
Number of common stock issued	187,500	300,000		300,000
Share price	$ 0.40	$ 0.40		$ 0.40
Proceeds from issuance of common stock	$ 75,000	$ 120,000		$ 120,000
Common stock, shares authorized				500,000,000	200,000,000
Subsequent Event [Member] | Mr. Kingrich Lee [Member]
Debt conversion amount			$ 1,200,000
Debt conversion of converted shares			3,000,000
Debt conversion price per share			$ 0.40
Private Placement Offering [Member] | Subsequent Event [Member]
Number of common stock issued				300,000
Share price				$ 0.40
Proceeds from issuance of common stock				$ 120,000
Private Placement Offering [Member] | Subsequent Event [Member] | Investor [Member]
Number of common stock issued	187,500	300,000
Share price	$ 0.40	$ 0.40
Proceeds from issuance of common stock	$ 75,000	$ 120,000