Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2020 | Aug. 14, 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, 2020 | |
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? | Yes | |
Entity Interactive Data Current | Yes | |
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 | 511,732,553 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Entity Shell Company | true |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Current Assets | ||
Cash | $ 3,676 | $ 26 |
Advances and deposits | 1,789 | |
Total current assets | 3,676 | 1,815 |
Total assets | 3,676 | 1,815 |
Current Liabilities | ||
Accounts payable | 526 | 8,186 |
Loans payable | 14,165 | 14,165 |
Interest payable | 595 | 3,176 |
Convertible notes payable | 62,500 | |
Derivative liability | 1,585 | |
Promissory note due to related party | 30,000 | |
Total current liabilities | 79,371 | 55,527 |
Total Liabilities | 79,371 | 55,527 |
Stockholders' Equity (Deficit) | ||
Common Stock, $0.001 par value, 2,000,000,000 shares authorized; 511,732,553 shares issued and outstanding at June 30, 2020 and March 31, 2020) | 511,732 | 496,733 |
Additional paid-in capital | 353,009 | 350,693 |
Accumulated deficit | (940,436) | (901,138) |
Total stockholders' equity (deficit) | (75,695) | (53,712) |
Total liabilities and stockholders' equity (deficit) | $ 3,676 | $ 1,815 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2020 | Mar. 31, 2020 |
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 | 511,732,553 | 496,732,553 |
Common stock, outstanding | 511,732,553 | 496,732,553 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Expenses | ||
Total General and Administrative expenses | $ 35,395 | $ 345 |
Interest expense | 2,318 | 448 |
Derivative liability expense | 1,585 | |
Loss before income taxes | 39,298 | 793 |
Income taxes | ||
Net loss | $ 39,298 | $ 793 |
Loss per share - Basic | $ 0.0001 | $ 0 |
Weighted Average Shares - Basic | 498,361,866 | 496,732,553 |
STATEMENTS OF STOCKHOLDERS' DEF
STATEMENTS OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
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) |
Common shares issued for Director services, amount | ||||
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) |
Beginning balance, shares at Mar. 31, 2020 | 496,732,553 | |||
Beginning balance, amount at Mar. 31, 2020 | $ 496,732 | 350,694 | (901,138) | (53,712) |
Common shares issued for Director services, shares | 4,000,000 | |||
Common shares issued for Director services, amount | $ 4,000 | 4,000 | ||
Common shares issued for debt settlement, shares | 11,000,000 | |||
Common shares issued for debt settlement, amount | $ 11,000 | 2,315 | 13,315 | |
Net loss | (39,298) | (39,298) | ||
Ending balance, shares at Jun. 30, 2020 | 511,732,553 | |||
Ending balance, amount at Jun. 30, 2020 | $ 511,732 | $ 353,009 | $ (940,436) | $ (75,695) |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) | $ (39,298) | $ (793) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Derivative liability expense | 1,585 | |
Stock issued for debt settlement | 3,315 | |
Stock issued for services | 4,000 | |
Changes in Advances and deposits | 1,789 | |
Changes in Accounts payable | (7,660) | 300 |
Changes in Interest payable | (2,581) | 448 |
Cash Used In Operating Activities | (38,850) | (45) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash used in investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from convertible notes | 62,500 | |
Payments on Promissory Note due to related party | (20,000) | |
Cash provided by financing activities | 42,500 | |
NET INCREASE IN CASH | 3,650 | (45) |
CASH AND CASH EQUIVALENTS | ||
Beginning of period | 26 | 136 |
End of period | 3,676 | 91 |
Supplemental disclosures of cash flow information | ||
Taxes paid | ||
Interest paid | $ 3,315 |
ORGANIZATION AND BUSINESS OPERA
ORGANIZATION AND BUSINESS OPERATIONS | 3 Months Ended |
Jun. 30, 2020 | |
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 6501 E. Greenway Pkwy #103-412, Scottsdale, AZ 85254. 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 is currently engaged in identifying and assessing new business opportunities. The Company previously planned to engage in the distribution of oral thin film nutraceutical products. This plan was abandoned in the 2017 fiscal year due to a lack of working capital required to introduce the products to market. Since inception (December 20, 2012) through June 30, 2020, the Company has not generated any revenue and has accumulated losses of $940,436. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 - GOING CONCERN These 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 $940,436 as of June 30, 2020 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, loans from third parties and/or private placements of common stock. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2020 | |
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, 2020 and 2019, and year ending March 31, 2020. 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, 2020 the Company's bank deposits did not exceed the insured amounts. Convertible Promissory Notes The Company has issued Promissory Notes with conversion provisions that allow the holder to convert the note into shares of the Company at a discount. The Company records an expense calculated at the date of issuance based on the amount the note could be converted into at that time, over and above the note payable 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, 2020. |
CONVERTIBLE PROMISSORY NOTES
CONVERTIBLE PROMISSORY NOTES | 3 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE PROMISSORY NOTES | NOTE 4 – CONVERTIBLE PROMISSORY NOTES Williams Ten, LLC On May 11, 2020, the Company issued a convertible note payable to Williams Ten, LLC in the amount of $15,000. The note has conversion provisions allowing the holder to convert the note into shares of the Company at a discount, as described in the table below. At issuance the value of the conversion feature was less than the face amount of the note payable. At June 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $15,164. Further details of the outstanding convertible note as of June 30, 2020 are as follows: Note holder Williams Ten, LLC Original principal amount $15,000 Net proceeds to the Company $15,000 Term 12 months Interest rate 8% computed on the basis of a 360 day year comprised of twelve thirty month days, compounded daily Security Not secured Prepayment rights The Company has the right to prepay the Note with ten trading days notice at 125% of the outstanding balance Conversion rights On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i) $0.25 or (ii) 80% of the lowest closing bid price of the common stock in the 15 days prior to conversion. EROP Capital, LLC On May 13, 2020, the Company issued a convertible note payable to EROP Capital, LLC in the amount of $20,000. The note has conversion provisions allowing the holder to convert the note into shares of the Company at a discount, as described in the table below. The Company recorded an expense of $1,057 which was calculated at issuance (May 13, 2020) based on the amount the note could be converted into at that time, over and above the note payable. At June 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $20,210. Further details of the outstanding convertible note as of June 30, 2020 are as follows: Note holder EROP Capital, LLC Original principal amount $20,000 Net proceeds to the Company $20,000 Term 12 months Interest rate 8% computed on the basis of a 360 day year comprised of twelve thirty month days, compounded daily Security Not secured Prepayment rights The Company has the right to prepay the Note with ten trading days notice at 125% of the outstanding balance Conversion rights On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.02 or (ii) 70% of the lowest closing bid over the prior five trading days prior to conversion. Thirty 05, LLC On May 18, 2020, the Company issued a convertible note payable to Thirty 05, LLC in the amount of $17,500. The note has conversion provisions allowing the holder to convert the note into shares of the Company at a discount, as described in the table below. At issuance the value of the conversion feature was less than the face amount of the note payable. At June 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $17,665. Further details of the outstanding convertible note as of June 30, 2020 are as follows: Note holder Thirty 05, LLC Original principal amount $17,500 Net proceeds to the Company $17,500 Term 12 months Interest rate 8% computed on the basis of a 360 day year comprised of twelve thirty month days, compounded daily Security Not secured Prepayment rights The Company has the right to prepay the Note with ten trading days notice at 125% of the outstanding balance Conversion rights On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.25 or 80% of the lowest closing bid price of the common stock in the 15 days prior to conversion. EROP Capital, LLC On June 5, 2020, the Company issued a convertible note payable to EROP Capital, LLC in the amount of $10,000. The note has conversion provisions allowing the holder to convert the note into shares of the Company at a discount, as described in the table below. The Company recorded an expense of $528 which was calculated at issuance (June 5, 2020) based on the amount the note could be converted into at that time, over and above the note payable. At June 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $10,055. Further details of the outstanding convertible note as of June 30, 2020 are as follows: Note holder EROP Capital LLC Original principal amount $10,000 Net proceeds to the Company $10,000 Term 12 months Interest rate 8% computed on the basis of a 360 day year comprised of twelve thirty month days, compounded daily Security Not secured Prepayment rights The Company had the right to prepay the Note with ten trading days notice at 125% of the outstanding balance Conversion rights On notice, the Note holder had the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.02 or 70% of the lowest closing bid over the prior five trading days prior to conversion. Interest expense for these notes as of June 30, 2020 and 2019 was $595 and $0. Outstanding balances on convertible notes as of June 30, 2020 and 2019 were $62,500 and $0. Furthermore, the total outstanding derivative liabilities on the convertible notes as of June 30, 2020 and 2019 were $1,585 and $0. |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Jun. 30, 2020 | |
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, 2020. During the three month period ended June 30, 2020, the Company issued 11,000,000 of its common shares in partial settlement of the outstanding balance of a Promissory Note due to Alan Smith. In addition, the Company issued 4,000,000 common shares to Mr. Leonard Lovallo for his role as an independent member of the Company’s Board of Directors. The Company had 511,732,553 common shares issued and outstanding at June 30, 2020. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2020 | |
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 was unsecured and bore 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. The balance of the Note including principal and interest was repaid through a cash payment of $20,000 and the issuance of 11,000,000 common shares valued at $0.0012 per share in the three month period ended June 30, 2020. 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 was paid in the three month period ended June 30, 2020. 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 $0.0012 per share. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS Subsequent to June 30, 2020 the Company entered into the following material transactions: 1) The Company issued three 8% Convertible Promissory Notes as follows: Date Holder Amount July 16, 2020 EROP Capital LLC $7,500 The Note bears interest at the rate of 8% per annum and has a term of one year. The Note has conversion rights allowing for the conversion of amounts due at $0.02 per share or 70% of the lowest closing bid price of the Company’s common stock in the 5 days prior to conversion. In accordance with ASC 855-10, the Company has analyzed its operations from June 30, 2020 to August 13, 2020 and has determined that it has no further 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, 2020 | |
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, 2020 and 2019, and year ending March 31, 2020. |
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, 2020 the Company's bank deposits did not exceed the insured amounts. |
Convertible Promissory Notes | Convertible Promissory Notes The Company has issued Promissory Notes with conversion provisions that allow the holder to convert the note into shares of the Company at a discount. The Company records an expense calculated at the date of issuance based on the amount the note could be converted into at that time, over and above the note payable |
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, 2020. |
CONVERTIBLE PROMISSORY NOTES (T
CONVERTIBLE PROMISSORY NOTES (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Outstanding convertible notes | Note holder Williams Ten, LLC Original principal amount $15,000 Net proceeds to the Company $15,000 Term 12 months Interest rate 8% computed on the basis of a 360 day year comprised of twelve thirty month days, compounded daily Security Not secured Prepayment rights The Company has the right to prepay the Note with ten trading days notice at 125% of the outstanding balance Conversion rights On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i) $0.25 or (ii) 80% of the lowest closing bid price of the common stock in the 15 days prior to conversion. EROP Capital, LLC On May 13, 2020, the Company issued a convertible note payable to EROP Capital, LLC in the amount of $20,000. The note has conversion provisions allowing the holder to convert the note into shares of the Company at a discount, as described in the table below. The Company recorded an expense of $1,057 which was calculated at issuance (May 13, 2020) based on the amount the note could be converted into at that time, over and above the note payable. At June 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $20,210. Further details of the outstanding convertible note as of June 30, 2020 are as follows: Note holder EROP Capital, LLC Original principal amount $20,000 Net proceeds to the Company $20,000 Term 12 months Interest rate 8% computed on the basis of a 360 day year comprised of twelve thirty month days, compounded daily Security Not secured Prepayment rights The Company has the right to prepay the Note with ten trading days notice at 125% of the outstanding balance Conversion rights On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.02 or (ii) 70% of the lowest closing bid over the prior five trading days prior to conversion. Thirty 05, LLC On May 18, 2020, the Company issued a convertible note payable to Thirty 05, LLC in the amount of $17,500. The note has conversion provisions allowing the holder to convert the note into shares of the Company at a discount, as described in the table below. At issuance the value of the conversion feature was less than the face amount of the note payable. At June 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $17,665. Further details of the outstanding convertible note as of June 30, 2020 are as follows: Note holder Thirty 05, LLC Original principal amount $17,500 Net proceeds to the Company $17,500 Term 12 months Interest rate 8% computed on the basis of a 360 day year comprised of twelve thirty month days, compounded daily Security Not secured Prepayment rights The Company has the right to prepay the Note with ten trading days notice at 125% of the outstanding balance Conversion rights On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.25 or 80% of the lowest closing bid price of the common stock in the 15 days prior to conversion. EROP Capital, LLC On June 5, 2020, the Company issued a convertible note payable to EROP Capital, LLC in the amount of $10,000. The note has conversion provisions allowing the holder to convert the note into shares of the Company at a discount, as described in the table below. The Company recorded an expense of $528 which was calculated at issuance (June 5, 2020) based on the amount the note could be converted into at that time, over and above the note payable. At June 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $10,055. Further details of the outstanding convertible note as of June 30, 2020 are as follows: Note holder EROP Capital LLC Original principal amount $10,000 Net proceeds to the Company $10,000 Term 12 months Interest rate 8% computed on the basis of a 360 day year comprised of twelve thirty month days, compounded daily Security Not secured Prepayment rights The Company had the right to prepay the Note with ten trading days notice at 125% of the outstanding balance Conversion rights On notice, the Note holder had the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.02 or 70% of the lowest closing bid over the prior five trading days prior to conversion. |
ORGANIZATION AND BUSINESS OPE_2
ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Organization And Business Operations | ||
Accumulated losses | $ (940,436) | $ (901,138) |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (940,436) | $ (901,138) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Jun. 30, 2020USD ($) |
Accounting Policies [Abstract] | |
Maximum amount insured on bank deposits | $ 250,000 |
CONVERTIBLE PROMISSORY NOTES -
CONVERTIBLE PROMISSORY NOTES - Outstanding convertible notes (Details) | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Williams Ten, LLC Convertible Note | |
Original principal amount | $ 15,000 |
Net proceeds to the Company | $ 15,000 |
Term | 12 months |
Interest rate | 8.00% |
Security | Not secured |
Prepayment rights | The Company has the right to prepay the Note with ten trading days notice at 125% of the outstanding balance |
Conversion rights | On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i) $0.25 or (ii) 80% of the lowest closing bid price of the common stock in the 15 days prior to conversion. |
Balance with interest accrued | $ 15,164 |
EROP Capital, LLC Convertible Note (1) | |
Original principal amount | 20,000 |
Net proceeds to the Company | $ 20,000 |
Term | 12 months |
Interest rate | 8.00% |
Security | Not secured |
Prepayment rights | The Company has the right to prepay the Note with ten trading days notice at 125% of the outstanding balance |
Conversion rights | On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.02 or (ii) 70% of the lowest closing bid over the prior five trading days prior to conversion. |
Debt issuance expense | $ 1,057 |
Balance with interest accrued | 20,210 |
Thirty 05, LLC Convertible Note | |
Original principal amount | 17,500 |
Net proceeds to the Company | $ 17,500 |
Term | 12 months |
Interest rate | 8.00% |
Security | Not secured |
Prepayment rights | The Company has the right to prepay the Note with ten trading days notice at 125% of the outstanding balance |
Conversion rights | On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.25 or 80% of the lowest closing bid price of the common stock in the 15 days prior to conversion. |
Balance with interest accrued | $ 17,665 |
EROP Capital, LLC Convertible Note (2) | |
Original principal amount | 10,000 |
Net proceeds to the Company | $ 10,000 |
Term | 12 months |
Interest rate | 8.00% |
Security | Not secured |
Prepayment rights | The Company had the right to prepay the Note with ten trading days notice at 125% of the outstanding balance |
Conversion rights | On notice, the Note holder had the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.02 or 70% of the lowest closing bid over the prior five trading days prior to conversion. |
Debt issuance expense | $ 528 |
Balance with interest accrued | $ 10,055 |
CONVERTIBLE PROMISSORY NOTES (D
CONVERTIBLE PROMISSORY NOTES (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |||
Interest expense on convertible notes | $ 595 | ||
Outstanding balances on convertible notes | 62,500 | ||
Outstanding derivative liabilities on convertible notes | $ 1,585 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |||
Promissory Note issued to related party, principal amount | $ 45,000 | ||
Repayments on Promissory Note | $ (20,000) | $ (15,000) | |
Common shares issued as part of repayment of Promissory Note, shares | 11,000,000 | ||
Common shares issued as part of repayment of Promissory Note, per share | $ 0.0012 | ||
Agreement with sole officer and director of Company, monthly payment (2) | 2,500 | ||
Amounts paid pursuant to agreement (2) | $ 5,000 | $ 22,500 |