Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2020 | Oct. 21, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | ALTAIR INTERNATIONAL CORP. | |
Entity Central Index Key | 0001570937 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 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 | 537,732,553 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Entity Shell Company | false |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 |
Current Assets | ||
Cash | $ 12,929 | $ 26 |
Advances and deposits | 1,789 | |
Total current assets | 12,929 | 1,815 |
Total assets | 12,929 | 1,815 |
Current Liabilities | ||
Accounts payable | 23,417 | 8,186 |
Loans payable | 14,165 | 14,165 |
Interest payable | 2,400 | 3,176 |
Convertible notes payable | 112,500 | |
Derivative liability | 3,037 | |
Promissory note due to third party | 9,990 | |
Promissory note due to related party | 30,000 | |
Total current liabilities | 165,509 | 55,527 |
Total Liabilities | 165,509 | 55,527 |
Stockholders' Equity (Deficit) | ||
Common Stock, $0.001 par value, 2,000,000,000 shares authorized; 537,732,553 shares issued and outstanding at September 30, 2020 and 496,732,553 at March 31, 2020 | 537,733 | 496,733 |
Additional paid-in capital | 353,007 | 350,693 |
Common stock to issue for services | 450 | |
Accumulated deficit | (1,043,770) | (901,138) |
Total stockholders' equity (deficit) | (152,580) | (53,712) |
Total liabilities and stockholders' equity (deficit) | $ 12,929 | $ 1,815 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 |
Common stock, issued | 537,732,553 | 511,732,553 | 496,732,553 |
Common stock, outstanding | 537,732,553 | 511,732,553 | 496,732,553 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Expenses | ||||
Total General and Administrative expenses | $ 43,951 | $ 345 | $ 80,930 | $ 690 |
Mining exploration expenses | 56,126 | 56,126 | ||
Derivative liability expense | 1,452 | 3,037 | ||
Interest expense | 1,806 | 454 | 2,539 | 902 |
Loss (earnings) before income taxes | 103,335 | 799 | 142,632 | 1,592 |
Income taxes | ||||
Net loss (earnings) | $ 103,335 | $ 799 | $ 142,632 | $ 1,592 |
Loss (earnings) per share - Basic and diluted | $ 0.0002 | $ 0 | $ 0.0003 | $ 0 |
Weighted Average Shares - Basic | 516,254,292 | 496,732,553 | 507,356,965 | 496,732,553 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (142,632) | $ (1,592) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Stock issued for debt settlement | 3,314 | |
Stock issued for services | 30,000 | |
Stock to be issued for services | 450 | |
Changes in Advances and deposits | 1,789 | |
Changes in Accounts payable | 15,231 | 600 |
Changes in Interest payable | (776) | 902 |
Cash Used In Operating Activities | (92,624) | (90) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash used in investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from convertible notes | 112,500 | |
Proceeds from promissory note | 9,990 | |
Derivative liability expense | 3,037 | |
Payments on Promissory Note due to related party | (20,000) | |
Cash provided by financing activities | 105,527 | |
NET INCREASE IN CASH | 12,903 | (90) |
CASH AND CASH EQUIVALENTS | ||
Beginning of period | 26 | 136 |
End of period | 12,929 | 46 |
Supplemental disclosures of cash flow information | ||
Taxes paid | ||
Interest paid |
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, 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) | |
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 services, amount | |||||
Stock to be issued for consultant services, amount | |||||
Net loss | (1,592) | ||||
Ending balance, shares at Sep. 30, 2019 | 496,732,553 | ||||
Ending balance, amount at Sep. 30, 2019 | $ 496,733 | 350,693 | (897,474) | (50,048) | |
Beginning balance, shares at Jun. 30, 2019 | 496,732,553 | ||||
Beginning balance, amount at Jun. 30, 2019 | $ 496,733 | 350,693 | (896,675) | (49,249) | |
Net loss | (799) | (799) | |||
Ending balance, shares at Sep. 30, 2019 | 496,732,553 | ||||
Ending balance, amount at Sep. 30, 2019 | $ 496,733 | 350,693 | (897,474) | (50,048) | |
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 services, shares | 4,000,000 | 4,000,000 | |||
Common shares issued for services, amount | $ 4,000 | $ 4,000 | |||
Common shares issued for debt settlement, shares | 11,000,000 | 11,000,000 | |||
Common shares issued for debt settlement, amount | $ 11,000 | 2,315 | $ 13,314 | ||
Net loss | (39,297) | (39,297) | |||
Ending balance, shares at Jun. 30, 2020 | 511,732,553 | ||||
Ending balance, amount at Jun. 30, 2020 | $ 511,732 | 353,009 | (940,435) | (75,695) | |
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 services, amount | 30,000 | ||||
Stock to be issued for consultant services, amount | 450 | ||||
Net loss | (142,632) | ||||
Ending balance, shares at Sep. 30, 2020 | 538,182,553 | ||||
Ending balance, amount at Sep. 30, 2020 | $ 537,732 | 353,009 | 450 | (1,043,770) | (152,580) |
Beginning balance, shares at Jun. 30, 2020 | 511,732,553 | ||||
Beginning balance, amount at Jun. 30, 2020 | $ 511,732 | 353,009 | (940,435) | $ (75,695) | |
Common shares issued for services, shares | 26,000,000 | 26,000,000 | |||
Common shares issued for services, amount | $ 26,000 | $ 26,000 | |||
Stock to be issued for consultant services, shares | 450,000 | ||||
Stock to be issued for consultant services, amount | 450 | 450 | |||
Net loss | (103,335) | (103,335) | |||
Ending balance, shares at Sep. 30, 2020 | 538,182,553 | ||||
Ending balance, amount at Sep. 30, 2020 | $ 537,732 | $ 353,009 | $ 450 | $ (1,043,770) | $ (152,580) |
ORGANIZATION AND BUSINESS OPERA
ORGANIZATION AND BUSINESS OPERATIONS | 6 Months Ended |
Sep. 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 322 North Shore Drive, Building1B, Suite 200, Pittsburgh, PA 15212. The Company is in the development stage as defined under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915-205 "Development-Stage Entities.” Mining Lease The Company is currently engaged in identifying and assessing new business opportunities. In this regard, the Company entered into a Mining Lease effective August 3, 2020 with Oliver Geoservices LLC (“OGS”)under which the Company received an exclusive lease to mine certain unpatented lode mining claims known as the Walker Ridge located in Elko Country Nevada for a period of five years. The lease can be extended for an additional twenty years if certain extension payments are made within the term of the lease. The Company made an initial payment of $25,000 to secure the lease and is required to make advance royalty payments to maintain its exclusivity commencing December 1, 2020, starting at $25,000 and increasing in $25,000 increments each year for the initial five year term to $100,000 as well as issuing common shares to OGS in accordance with the following schedule. On or before December 1, 2021 500,000 common shares On or before December 1, 2022 500,000 common shares On or before December 1, 2023 750,000 common shares On or before December 1, 2024 750,000 common shares In addition, a 3% net smelter fee royalty is payable on all mineral production from the leased property. The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement which was filed as Exhibit 1.01 to a Form 8-K dated August 14, 2020. 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 September 30, 2020, the Company has not generated any revenue and has accumulated losses of $1,043,770. 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 | 6 Months Ended |
Sep. 30, 2020 | |
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 $1,043,770 as of September 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 placement of common stock. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 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 six month periods ending September 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 September 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. Mining Expenses The Company records all mining exploration and evaluation costs as expenses in the period in which they are incurred. 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 six month period September 30, 2020. |
CONVERTIBLE PROMISSORY NOTES
CONVERTIBLE PROMISSORY NOTES | 6 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE PROMISSORY NOTES | NOTE 4 – 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 September 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $15,467. Further details of the outstanding convertible note as of September 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 September 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $20,614. Further details of the outstanding convertible note as of September 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 September 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $18,018. Further details of the outstanding convertible note as of September 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 Company determined there to be an embedded derivative liability present per the criteria of ASC 815, which requires the elements of the instrument to be bifurcated. 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 September 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $10,256. Further details of the outstanding convertible note as of September 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. EROP Capital, LLC On July 16, 2020, the Company issued a convertible note payable to EROP Capital, LLC in the amount of $7,500. 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. The Company recorded an expense of $396 which was calculated at issuance (July 16, 2020) based on the amount the note could be converted into at that time, over and above the note payable. At September 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $7,651. Further details of the outstanding convertible note as of September 30, 2020 are as follows: Note holder EROP Capital, LLC Original principal amount $7,500 Net proceeds to the Company $7,500 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) $0.02 or (ii) 70% of the lowest closing bid over the prior five trading days prior to conversion. EROP Capital, LLC On August 14, 2020, the Company issued a convertible note payable to EROP Capital, LLC in the amount of $12,500. 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. The Company recorded an expense of $660 which was calculated at issuance (August 14, 2020) based on the amount the note could be converted into at that time, over and above the note payable. At September 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $12,629. Further details of the outstanding convertible note as of September 30, 2020 are as follows: Note holder EROP Capital, LLC Original principal amount $12,500 Net proceeds to the Company $12,500 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) $0.02 or (ii) 70% of the lowest closing bid over the prior five trading days prior to conversion. Thirty 05, LLC On August 14, 2020, the Company issued a convertible note payable to Thirty 05, LLC in the amount of $12,500. 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 September 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $12,629. Further details of the outstanding convertible note as of September 30, 2020 are as follows: Note holder Thirty 05, LLC Original principal amount $12,500 Net proceeds to the Company $12,500 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 August 27, 2020, the Company issued a convertible note payable to EROP Capital, LLC in the amount of $7,500. 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. The Company recorded an expense of $396 which was calculated at issuance (August 27, 2020) based on the amount the note could be converted into at that time, over and above the note payable. At September 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $7,556. Further details of the outstanding convertible note as of September 30, 2020 are as follows: Note holder EROP Capital, LLC Original principal amount $7,500 Net proceeds to the Company $7,500 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) $0.02 or (ii) 70% of the lowest closing bid over the prior five trading days prior to conversion. EROP Capital, LLC On September 30, 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. At issuance the value of the conversion feature was less than the face amount of the note payable. At September 30, 2020 the balance on the outstanding convertible note payable with interest accrued was $10,000. Further details of the outstanding convertible note as of September 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 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. Byron Hampton On August 24, 2020, the Company issued a promissory note payable to Mr. Byron Hampton in the amount of $9,990. The note has no conversion provisions. At September 30, 2020 the balance on the outstanding note payable with interest accrued was $10,071. Further details of the outstanding note as of September 30, 2020 are as follows: Note holder Byron Hampton Original principal amount $9,990 Net proceeds to the Company $9,990 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 without penalty. Conversion rights There are no conversion rights. Interest expense for these notes as of September 30, 2020 and 2019 was $2,400 and $0. Outstanding balances on the convertible notes and the promissory note as of September 30, 2020 and 2019 were $124,890 and $0. Furthermore, the total outstanding derivative liabilities on the convertible notes as of September 30, 2020 and 2019 were $3,037 and $0. |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Sep. 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. During the three month period ended September 30, 2020, the Company issued 26,000,000 common shares to Mr. Leonard Lovallo for his role as Chief Executive Office and President of the Company. The Company had 537,732,553 common shares issued and outstanding at September 30, 2020. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 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 was to remain in full force and effect until December 31, 2010. Under the terms of the Agreement, Alan Smith received 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. On September 1, 2020 Mr. Smith notified the Company of his need to resign from his positions with the Company for health reasons. The General Services Agreement was therefore terminated. A new agreement was reached with Mr. Smith whereby he will provide management and financial consulting services to the Company on a month by month basis at $2,500 per month. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations from October 1, 2020 to November 3, 2020 and has determined that it has no other material subsequent events to disclose in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 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 six month periods ending September 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 September 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. |
Mining Expenses | Mining Expenses The Company records all mining exploration and evaluation costs as expenses in the period in which they are incurred. |
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 six month period September 30, 2020. |
CONVERTIBLE PROMISSORY NOTES (T
CONVERTIBLE PROMISSORY NOTES (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Outstanding convertible notes | Williams Ten, LLC 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 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 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 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. EROP Capital, LLC Note holder EROP Capital, LLC Original principal amount $7,500 Net proceeds to the Company $7,500 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) $0.02 or (ii) 70% of the lowest closing bid over the prior five trading days prior to conversion. EROP Capital, LLC Note holder EROP Capital, LLC Original principal amount $12,500 Net proceeds to the Company $12,500 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) $0.02 or (ii) 70% of the lowest closing bid over the prior five trading days prior to conversion. Thirty 05, LLC Note holder Thirty 05, LLC Original principal amount $12,500 Net proceeds to the Company $12,500 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 Note holder EROP Capital, LLC Original principal amount $7,500 Net proceeds to the Company $7,500 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) $0.02 or (ii) 70% of the lowest closing bid over the prior five trading days prior to conversion. EROP Capital, LLC 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 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. Byron Hampton Note holder Byron Hampton Original principal amount $9,990 Net proceeds to the Company $9,990 Term 12 months Interest rate 8% computed on the basis of a 360 day year comprised of twelve thirty month days, compounded daily Security Not secured Prepayment rights The Company has the right to prepay the Note without penalty. Conversion rights There are no conversion rights. |
ORGANIZATION AND BUSINESS OPE_2
ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) - USD ($) | 6 Months Ended | |
Sep. 30, 2020 | Mar. 31, 2020 | |
Organization And Business Operations | ||
Mining lease, initial payment | $ 25,000 | |
Accumulated losses | $ (1,043,770) | $ (901,138) |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (1,043,770) | $ (901,138) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Sep. 30, 2020USD ($) |
Accounting Policies [Abstract] | |
Maximum amount insured on bank deposits | $ 250,000 |
CONVERTIBLE PROMISSORY NOTES -
CONVERTIBLE PROMISSORY NOTES - Outstanding convertible notes (Details) | 6 Months Ended |
Sep. 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 | $ 15,467 |
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 | 20,614 |
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 | $ 18,018 |
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 | 10,256 |
EROP Capital, LLC Convertible Note (3) | |
Original principal amount | 7,500 |
Net proceeds to the Company | $ 7,500 |
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) $0.02 or (ii) 70% of the lowest closing bid over the prior five trading days prior to conversion. |
Debt issuance expense | $ 396 |
Balance with interest accrued | 7,651 |
EROP Capital, LLC Convertible Note (4) | |
Original principal amount | 12,500 |
Net proceeds to the Company | $ 12,500 |
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) $0.02 or (ii) 70% of the lowest closing bid over the prior five trading days prior to conversion. |
Debt issuance expense | $ 660 |
Balance with interest accrued | 12,629 |
Thirty 05, LLC Convertible Note (2) | |
Original principal amount | 12,500 |
Net proceeds to the Company | $ 12,500 |
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 | $ 12,629 |
EROP Capital, LLC Convertible Note (5) | |
Original principal amount | 7,500 |
Net proceeds to the Company | $ 7,500 |
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) $0.02 or (ii) 70% of the lowest closing bid over the prior five trading days prior to conversion. |
Debt issuance expense | $ 396 |
Balance with interest accrued | 7,556 |
EROP Capital, LLC Convertible Note (6) | |
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 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 | $ 10,000 |
Byron Hampton Convertible Note | |
Original principal amount | 9,990 |
Net proceeds to the Company | $ 9,990 |
Term | 12 months |
Interest rate | 8.00% |
Security | Not secured |
Prepayment rights | The Company has the right to prepay the Note without penalty. |
Conversion rights | There are no conversion rights. |
Balance with interest accrued | $ 10,071 |
CONVERTIBLE PROMISSORY NOTES (D
CONVERTIBLE PROMISSORY NOTES (Details Narrative) - USD ($) | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |||
Interest expense on convertible notes | $ 2,400 | ||
Outstanding balances on convertible notes and promissory note | 124,890 | ||
Outstanding derivative liabilities on convertible notes | $ 3,037 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | 3 Months Ended | ||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 |
Common stock, issued | 537,732,553 | 511,732,553 | 496,732,553 |
Common stock, outstanding | 537,732,553 | 511,732,553 | 496,732,553 |
Common shares issued for debt settlement, shares | 11,000,000 | ||
Common shares issued for services, shares | 26,000,000 | 4,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Sep. 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 |