Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Jul. 25, 2016 | Jun. 10, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | ALTAIR INTERNATIONAL CORP. | ||
Entity Central Index Key | 1,570,937 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 29,947,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
BALANCE SHEET
BALANCE SHEET - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Current Assets | ||
Cash | $ 5,422 | $ 200 |
Total current assets | 5,422 | 200 |
Other Assets | ||
Advances and deposits | 360,000 | 240,000 |
Sales and distrubtion licenses | 200,000 | 200,000 |
Total assets | 565,422 | 440,200 |
Current Liabilities | ||
Accounts payable | 320 | 14,740 |
Promissory note | 100,000 | 27,778 |
Loans payable | 40,525 | |
Interest payable | 21,000 | 10,000 |
Derivative liability | 100,000 | 100,002 |
Loans from shareholder | 244,374 | 353,425 |
Total current liabilities | 506,219 | 505,945 |
Total Liabilities | 506,219 | 505,945 |
Stockholders' Equity (Deficit) | ||
Common stock, $0.001 par value; 75,000,000 shares authorized, 29,947,000 shares issued and outstanding at March 31, 2016 (29,645,000 at March 31, 2015) | 4,537 | 4,235 |
Additional paid in capital | 297,260 | 32,556 |
Accumulated deficit | (242,594) | (102,536) |
Total stockholders' equity (deficit) | 59,203 | (65,745) |
Total liabilities and stockholders' equity (deficit) | $ 565,422 | $ 440,200 |
BALANCE SHEET (Parenthetical)
BALANCE SHEET (Parenthetical) - $ / shares | Mar. 31, 2016 | Mar. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 75,000,000 | 75,000,000 |
Common stock, issued | 29,947,000 | 29,645,000 |
Common stock, outstanding | 29,947,000 | 29,645,000 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Expenses | ||
Total General and Administrative expenses | $ 29,330 | $ 27,135 |
Derivative expense | 9,093 | |
Interest expense | 110,728 | 37,778 |
Loss before income taxes | (140,058) | (74,006) |
Income taxes | ||
Net loss | $ (140,058) | $ (74,006) |
Loss per shares - Basic and Diluted | $ (0.005) | $ (0.002) |
Weighted Average Shares - Basic and Diluted | 29,796,760 | 29,645,000 |
STATEMENTS OF STOCKHOLDERS' DEF
STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) | Common Shares | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, shares at Dec. 19, 2012 | ||||
Beginning balance, amount at Dec. 19, 2012 | ||||
Common shares issued for cash, shares | 3,000,000 | 3,000,000 | ||
Common shares issued for cash, amount | $ 3,000 | $ 3,000 | ||
Net loss | (81) | (81) | ||
Ending balance, shares at Mar. 31, 2013 | 3,000,000 | |||
Ending balance, amount at Mar. 31, 2013 | $ 3,000 | (81) | 2,919 | |
Beginning balance, shares at Dec. 19, 2012 | ||||
Beginning balance, amount at Dec. 19, 2012 | ||||
Common shares issued for cash, shares | 4,235,000 | |||
Ending balance, shares at Mar. 31, 2014 | 4,235,000 | |||
Ending balance, amount at Mar. 31, 2014 | $ 4,235 | 23,465 | (28,530) | $ (830) |
Beginning balance, shares at Mar. 31, 2013 | 3,000,000 | |||
Beginning balance, amount at Mar. 31, 2013 | $ 3,000 | (81) | 2,919 | |
Common shares issued for cash, shares | 1,235,000 | |||
Common shares issued for cash, amount | $ 1,235 | 23,465 | 24,700 | |
Net loss | (28,449) | (28,449) | ||
Ending balance, shares at Mar. 31, 2014 | 4,235,000 | |||
Ending balance, amount at Mar. 31, 2014 | $ 4,235 | 23,465 | (28,530) | (830) |
7 for 1 forward stock split effective February 9, 2015, shares | 25,410,000 | |||
7 for 1 forward stock split effective February 9, 2015, amount | ||||
Net loss | (74,006) | (74,006) | ||
Common shares to be issued with Promissory Note at Mar. 31, 2015 | 9,091 | 9,091 | ||
Ending balance, shares at Mar. 31, 2015 | 29,645,000 | |||
Ending balance, amount at Mar. 31, 2015 | $ 4,235 | 32,556 | (102,536) | $ (65,745) |
Common shares issued for cash, shares | 302,000 | 302,000 | ||
Common shares issued for cash, amount | $ 302 | 264,704 | $ 265,006 | |
Net loss | (140,058) | (140,058) | ||
Ending balance, shares at Mar. 31, 2016 | 29,947,000 | |||
Ending balance, amount at Mar. 31, 2016 | $ 4,537 | $ 297,260 | $ (242,594) | $ 59,203 |
STATEMENTS OF STOCKHOLDERS' DE6
STATEMENTS OF STOCKHOLDERS' DEFICIT (Parenthetical) - $ / shares | Dec. 31, 2013 | Nov. 30, 2013 | Mar. 18, 2013 |
Statement of Stockholders' Equity [Abstract] | |||
Common shares issued for cash, price per share | $ 0.02 | $ 0.02 | $ 0.001 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net (loss) | $ (140,058) | $ (74,006) | $ (28,449) |
Adjustment to reconcile net loss to net cash used in operating activities | |||
Changes in Accounts payable | (14,420) | 12,740 | |
Changes in Interest payable | 11,000 | 10,000 | |
Changes in Debt discount | 72,221 | 27,780 | |
Net cash used in operating activities | (71,257) | (23,486) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisition of distribution and sales license | (200,000) | ||
Advances and deposits | (120,000) | (240,000) | |
Net cash used in investing activities | (120,000) | (440,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from loans from stockholder | (109,052) | 347,025 | |
Proceeds from Promissory Note | 100,000 | ||
Proceeds from Loans | 40,525 | ||
Proceeds from issuance of common stock | 265,006 | 9,091 | |
Net cash provided by financing activities | 196,479 | 456,116 | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 5,222 | (7,370) | |
CASH AND CASH EQUIVALENTS | |||
Beginning of year | 200 | 7,570 | |
End of year | 5,422 | 200 | $ 7,570 |
Supplemental disclosures of cash flow information | |||
Taxes paid | |||
Interest paid |
ORGANIZATION AND BUSINESS OPERA
ORGANIZATION AND BUSINESS OPERATIONS | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS Organization and Description of Business ALTAIR INTERNATIONAL CORP. (the Company) was incorporated under the laws of the State of Nevada on December 20, 2012. The Company is in the development stage as defined under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 915-205 "Development-Stage Entities. The Company has entered into a strategic alliance with Cure Pharmaceutical Corporation (CURE), a California company engaged in the development of oral thin film (OTF) for the delivery of nutraceutical, over-the-counter and prescription products. Currently this alliance is comprised of an Exclusive License and Distribution Agreement for CUREs Sildenafil (commonly known as Viagra) Products throughout Asia, Brazil, the Middle East and Canada acquired at a cost of $200,000 while a Joint Venture Agreement for the procurement of converting and packaging equipment specific for oral thin film products has been proposed through a Letter of Intent. In addition, Altair and Cure have agreed to enter into further joint ventures or other business relationships for the purpose of completing the development and marketing of additional products, and for license and distribution agreements for additional Cure products such as aspirin, sleep-aid, topical muscle and joint pain relief, and electrolytes delivered through OTF or other methods. Altair has advanced $360,000 to CURE in this regard. The Company had previously planned to commence operations in the architectural field and to be responsible for the concept architectural vision of future private and public buildings as well as municipal organized public areas. This plan was abandoned in the 2015 fiscal year in favor of the business operations described above. Since inception (December 20, 2012) through March 31, 2016 the Company has not generated any revenue and has accumulated losses of $242,594. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 - GOING CONCERN 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 since inception resulting in an accumulated deficit of $242,594 as of March 31, 2016 and further losses are anticipated in the development of its business raising substantial doubt about the Companys ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing 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 common stock. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the years ending March 31, 2016 and 2015. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At March 31, 2016 the Company's bank deposits did not exceed the insured amounts. Basic and Diluted Income (Loss) Per Share The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Fair Value of Financial Instruments FASB ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of financial assets and liabilities, such as cash and accrued liabilities approximate their fair values because of the short maturity of these instruments. 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. |
PROMISSORY NOTE
PROMISSORY NOTE | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
PROMISSORY NOTE | NOTE 4 PROMISSORY NOTE On March 6, 2015, the Company executed a convertible promissory note for $100,000 with Williams Ten, LLC. The note was due in ninety days, has a $10,000 one-time interest payment due at maturity and requires the issuance of 10,000 shares of common stock. Any unpaid principal and interest at the end of the term is convertible into shares of common stock at 50% of the average closing price for the ten days prior to the end of the term of the note. The fair value of the common stock issued was determined to be $9,091 based on its fair value relative to the fair value of the debt issued. This amount has been recorded as a debt discount and was amortized utilizing the interest method of accretion over the term of the note. In addition, due to the variable nature of the conversion feature which has no explicit limit on the number of shares that could be required to be issued, the company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $100,004 based on the Black Scholes Merton pricing model and a corresponding debt discount of $90,909 and derivative expense charge of $9,095. As of March 31, 2016, $100,000 of the debt discount has been amortized to interest expense and the Company fair valued the derivative at $100,000. This Note is currently past due; however repayment terms are being renegotiated. On May 26, 2015, the Company executed a Promissory Note for $50,000 with Sareja Holdings, LLC. The note is due in thirty days, has a 10% per annum interest rate and requires the issuance of 50,000 shares of common stock. The fair value of the 50,000 shares of common stock issued was determined to be $25,000 based on its fair value relative to the fair value of the debt issued. This amount has been recorded as a debt discount and was amortized utilizing the interest method of accretion over the term of the note. As of March 31, 2015, $25,000 of the debt discount has been amortized to interest expense. On November 24, 2015, the company converted the $50,000 principle and $2,506 of accrued interest into 50,000 shares of common stock satisfying the debt in full. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 5 COMMON STOCK The Company has 75,000,000 common shares authorized with a par value of $0.001 per share. During the period December 20, 2012 (inception) to March 31, 2013, the Company sold a total of 3,000,000 shares of common stock for total cash proceeds of $3,000. In November and December 2013, the Company sold a total of 1,235,000 shares of common stock for total cash proceeds of $24,700. During the period December 20, 2012 (inception) to March 31, 2014, the Company sold a total of 4,235,000 shares of common stock for total cash proceeds of $27,700. On February 9, 2015, the Company affected a seven for one forward split of its common stock. As a result of this forward split, the Company had 29,645,000 common shares issued and outstanding at March 31, 2015. During the twelve month period ended March 31, 2016, the Company sold a total of 302,000 common shares for total cash consideration of $265,006. The Company had 29.947,000 common shares issued and outstanding at March 31, 2016. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 RELATED PARTY TRANSACTIONS Since inception through March 31, 2016 Directors have loaned the Company $244,374 to pay for incorporation costs, general and administrative expenses and professional fees, the acquisition of sales and distribution licenses and advances to Cure Pharmaceutical. As of March 31, 2016, total loan amount was $244,374 ($353,425 on March 31, 2015). The loan is non-interest bearing, due upon demand and unsecured. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 SUBSEQUENT EVENTS The Promissory Note due to Williams Ten, LLC disclosed in Note 4 was not repaid on June 6, 2015 as required by the terms of the Note and remains outstanding as of June 10, 2016. In accordance with ASC 855-10, the Company has analyzed its operations from March 31, 2016 to July 25, 2016 and has determined that it does not have any further material subsequent events to disclose in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the years ending March 31, 2016 and 2015. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At March 31, 2016 the Company's bank deposits did not exceed the insured amounts. |
Basic and Diluted Income (Loss) Per Share | Basic and Diluted Income (Loss) Per Share The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. |
Income Taxes | Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of financial assets and liabilities, such as cash and accrued liabilities approximate their fair values because of the short maturity of these instruments. |
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. |
ORGANIZATION AND BUSINESS OPE16
ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Organization And Business Operations Details Narrative | ||
Cost of acquiring Exclusive License and Distribution Agreement | $ 200,000 | |
Cash advanced to CURE | 360,000 | |
Accumulated losses | $ (242,594) | $ (102,536) |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (242,594) | $ (102,536) |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Mar. 31, 2016USD ($) |
Accounting Policies [Abstract] | |
Maximum amount insured on bank deposits | $ 250,000 |
PROMISSORY NOTE (Details Narrat
PROMISSORY NOTE (Details Narrative) - USD ($) | Nov. 24, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | May 26, 2016 | Mar. 06, 2015 |
Williams Ten, LLC Promissory Note | |||||
Convertible promissory note | $ 100,000 | ||||
One-time interest payment due at maturity | $ 10,000 | ||||
Required issuance of common stock, shares | 10,000 | ||||
Conversion rate | 50.00% | ||||
Fair value of common stock issued | 9,091 | ||||
Fair value of derivative liability | $ 100,000 | 100,004 | |||
Debt discount | $ 90,909 | ||||
Derivative expense charge | $ 9,095 | ||||
Debt discount amortized to interest expense | $ 100,000 | ||||
Sareja Holdings, LLC Promissory Note | |||||
Convertible promissory note | $ 50,000 | ||||
Required issuance of common stock, shares | 50,000 | ||||
Interest per annum | $ .10 | ||||
Fair value of derivative liability | $ 25,000 | ||||
Debt discount | $ 25,000 | ||||
Debt discount amortized to interest expense | $ 25,000 | ||||
Conversion to satisfy debt in full, principle converted | $ 50,000 | ||||
Conversion to satisfy debt in full, accrued interest converted | $ 2,506 | ||||
Conversion to satisfy debt in full, shares issued | 50,000 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | Feb. 10, 2015 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2014 | Mar. 31, 2015 |
Equity [Abstract] | ||||||
Common stock, authorized | 75,000,000 | 75,000,000 | ||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||
Sale of the common stock, shares | 1,235,000 | 3,000,000 | 302,000 | 4,235,000 | ||
Cash proceeds from sale of common stock | $ 24,700 | $ 3,000 | $ 265,006 | $ 27,700 | ||
Forward stock split | 7 for 1 | |||||
Common stock, shares issued as result of split | 29,947,000 | 29,645,000 | ||||
Common stock, shares outstanding as result of split | 29,947,000 | 29,645,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 39 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transactions [Abstract] | ||
Loans from Directors | $ 244,374 | |
Total related parties loan amount | $ 244,374 | $ 353,425 |