Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2019 | May 15, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | ALTAIR INTERNATIONAL CORP. | |
Entity Central Index Key | 0001570937 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity Incorporation, State or Country Code | NV | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 333-190235 | |
Is Entity's Reporting Status Current? | No | |
Entity Interactive Data Current | No | |
Is Entity Emerging Growth Company? | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 496,732,553 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Entity Shell Company | true |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
Current Assets | ||
Cash | $ 91 | $ 136 |
Advances and deposits | 2,145 | 2,145 |
Total current assets | 2,236 | 2,281 |
Total assets | 2,236 | 2,281 |
Current Liabilities | ||
Accounts payable | 5,500 | 5,200 |
Loans payable | 14,165 | 14,165 |
Interest payable | 1,820 | 1,372 |
Promissory note due to related party | 30,000 | 30,000 |
Total current liabilities | 51,485 | 50,737 |
Total Liabilities | 51,485 | 50,737 |
Stockholders' Equity (Deficit) | ||
Common Stock, $0.001 par value, 2,000,000,000 shares authorized; 496,732,553 shares issued and outstanding at June 30, 2019 and at March 31, 2019 | 496,733 | 496,733 |
Additional paid-in capital | 350,693 | 350,693 |
Accumulated deficit | (896,675) | (895,882) |
Total stockholders' equity (deficit) | (49,249) | (48,456) |
Total liabilities and stockholders' equity (deficit) | $ 2,236 | $ 2,281 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, issued | 496,732,553 | 496,732,553 |
Common stock, outstanding | 496,732,553 | 496,732,553 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Expenses | ||
Total General and Administrative expenses | $ 345 | $ 23,639 |
Derivative expense | ||
Interest expense | 448 | 673 |
Loss (earnings) before income taxes | 793 | 24,312 |
Income taxes | ||
Net loss (earnings) | $ 793 | $ 24,312 |
Loss (earnings) per share - Basic and Diluted | $ 0 | $ 0.0004 |
Weighted Average Shares - Basic and Diluted | 496,732,553 | 69,216,086 |
STATEMENTS OF STOCKHOLDERS' DEF
STATEMENTS OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Capital Stock Subscribed | Accumulated Deficit | Total |
Beginning balance, shares at Mar. 31, 2018 | 47,747,245 | ||||
Beginning balance, amount at Mar. 31, 2018 | $ 47,747 | $ 432,052 | $ 267,627 | $ (825,818) | $ (78,392) |
Shares issued on debt conversion, shares | 26,762,638 | ||||
Shares issued on debt conversion, amount | $ 26,763 | 240,864 | (267,627) | ||
Net loss | (24,312) | (24,312) | |||
Ending balance, shares at Jun. 30, 2018 | 74,509,883 | ||||
Ending balance, amount at Jun. 30, 2018 | $ 74,510 | 672,916 | (850,130) | (102,704) | |
Beginning balance, shares at Mar. 31, 2019 | 496,732,553 | ||||
Beginning balance, amount at Mar. 31, 2019 | $ 496,733 | 350,693 | (895,882) | (48,456) | |
Net loss | (793) | (793) | |||
Ending balance, shares at Jun. 30, 2019 | 496,732,553 | ||||
Ending balance, amount at Jun. 30, 2019 | $ 496,733 | $ 350,693 | $ (896,675) | $ (49,249) |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (793) | $ (24,312) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Changes in Advances and deposits | (10,000) | |
Changes in Accounts payable | 300 | (7,099) |
Changes in Interest payable | 448 | (1,354) |
Changes in Fair value of derivative liabilities | ||
Changes in Debt discount | ||
Cash Used In Operating Activities | (45) | (42,765) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash used in investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net proceeds from Loan Advances | 75,770 | |
Payments on Promissory Note due to related party | (15,000) | |
Cash provided by financing activities | 60,770 | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (45) | 18,005 |
CASH AND CASH EQUIVALENTS | ||
Beginning of period | 136 | 75 |
End of period | 91 | 18,080 |
Supplemental disclosures of cash flow information | ||
Taxes paid | ||
Interest paid |
ORGANIZATION AND BUSINESS OPERA
ORGANIZATION AND BUSINESS OPERATIONS | 3 Months Ended |
Jun. 30, 2019 | |
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’s physical address is 18934 N 92 nd The Company is currently engaged in identifying and assessing new business opportunities. The Company had previously planned to enter into license and distribution agreements for oral thin film nutraceutical products. This plan was abandoned in the 2017 fiscal year as the Company was unable to obtain the working capital required to bring the products to market. Since inception (December 20, 2012) through June 30, 2019, the Company has not generated any revenue and has accumulated losses of $896,675. In management’s opinion all adjustments necessary for a fair statement of the results for the interim periods have been made, and that all adjustments have been made to maintain the books in accordance with GAAP. Furthermore, sufficient disclosures have been made in order to ensure that the interim financial statements will not be misleading. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Jun. 30, 2019 | |
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 $896,675 as of June 30, 2019 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s 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 obtaining 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 | 3 Months Ended |
Jun. 30, 2019 | |
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 three month periods ending June 30, 2019 and 2018 and year ending March 31, 2019. 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 June 30, 2019 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. Reclassifications Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the three month period June 30, 2019. |
LOAN ADVANCES
LOAN ADVANCES | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
LOAN ADVANCES | NOTE 4 – LOAN ADVANCES On April 10, 2018, the Company entered into a non-binding Memorandum of Understanding with Dr. Judy Pham wherein Dr. Pham agreed to provide up to $100,000 in equity financing to assist with a corporate reorganization including bringing the Company current in its regulatory filings. On completion of the reorganization and the issuance of capital stock in consideration for the funds advanced, Dr. Pham became the owner of 85% of the issued and outstanding common shares of the Company. |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
COMMON STOCK | NOTE 5 – COMMON STOCK The Company has 2,000,000,000 common shares authorized with a par value of $0.001 per share. The Company had 496,732,553 common shares issued and outstanding at March 31 and June 30, 2019. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS On September 29, 2017, a Promissory Note (the “Note”) in the principal amount of $45,000 was issued to the Company’s sole officer and director for loans made to the Company in prior periods. The Note is unsecured and bears interest at 6% per annum. The Note matured March 31, 2018. On June 29, 2018, the Company made a partial payment of $15,000 on the Note. At June 30, 2019, the Note’s principal balance was S30,000 with interest of $1,820 accrued. The Note has subsequently been paid. On April 10, 2018, the Company agreed to pay the sole officer and director of the company $2,500 per month for a period of 4 months for the provision of management and financial services. On September 1, 2018, the Company agreed to extend this contract on a month-to-month basis at the existing rate of $2,500 per month. $22,500 was paid and $5,000 accrued as payable to February 28, 2019 when the agreement was terminated. The payable amount has subsequently been paid. See Subsequent Events note. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS Subsequent to June 30, 2019 the Company entered into the following material transactions: 1) The Company issued three 8% Convertible Promissory Notes as follows: Date Holder Amount 5/11/2020 Williams Ten LLC $ 15,000 5/13/2020 EROP Capital LLC $ 20,000 5/18/2020 Thirty 05 LLC $ 15,000 The Notes bear interest at the rate of 8% per annum and have terms of one year. The Notes have conversion rights allowing for the conversion of amounts due at $0.25 per share or 80% of the lowest closing bid price of the Company’s common stock in the 15 days prior to conversion. 2) On April 29, 2020 the Company entered into a General Services Agreement with Alan Smith, a director and the Company’s sole officer for the performance of duties of a CEO including the provision of management and financial services. The Agreement commenced May 1, 2020 and will remain in full force and effect until December 31, 2020. Under the terms of the Agreement, Alan Smith will receive the following compensation: i) A monthly fee of $2,500; ii) Payment of past fee accruals in cash in the amount $5,000; iii) Settlement of the of the outstanding balance of the Promissory Note due to Alan Smith in the amount of $30,000 plus accrued interest through the payment of $20,000 in cash and the issuance of 11,000,000 common shares at $0.001 per share. In accordance with ASC 855-10, the Company has analyzed its operations from June 30, 2019 to May 20, 2020 and has determined that it has no material subsequent events to disclose in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2019 | |
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 three month periods ending June 30, 2019 and 2018 and year ending March 31, 2019. |
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 June 30, 2019 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. |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the three month period June 30, 2019. |
ORGANIZATION AND BUSINESS OPE_2
ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
Organization And Business Operations | ||
Accumulated losses | $ (896,675) | $ (895,882) |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (896,675) | $ (895,882) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Jun. 30, 2019USD ($) |
Accounting Policies [Abstract] | |
Maximum amount insured on bank deposits | $ 250,000 |
LOAN ADVANCES (Details Narrativ
LOAN ADVANCES (Details Narrative) | 3 Months Ended |
Jun. 30, 2018USD ($) | |
Notes to Financial Statements | |
Advances received pursuant to Securities Purchase Agreement | $ 100,000 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | Jun. 30, 2019 | Mar. 31, 2019 |
Stockholders' Equity Note [Abstract] | ||
Common stock, authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued and outstanding | 496,732,553 | 496,732,553 |
Common stock, shares issued and outstanding | 496,732,553 | 496,732,553 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |||
Promissory Note issued to related party, principal amount | $ 45,000 | ||
Partial repayment on Promissory Note | $ (15,000) | ||
Promissory note, principal balance outstanding | $ 30,000 | ||
Promissory note, interest accrued | $ 1,820 | ||
Agreement with sole officer and director of Company, monthly payment (2) | 2,500 | ||
Amounts paid pursuant to agreement (2) | $ 22,500 |