Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2023 | Nov. 07, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 333-190235 | |
Entity Registrant Name | ALTAIR INTERNATIONAL CORP. | |
Entity Central Index Key | 0001570937 | |
Entity Tax Identification Number | 99-0385465 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 322 North Shore Drive | |
Entity Address, Address Line Two | Building 1B, Suite 200 | |
Entity Address, City or Town | Pittsburgh | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15212 | |
City Area Code | 412 | |
Local Phone Number | 770-3140 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 24,692,449 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Current Assets: | ||
Cash | $ 8,030 | $ 28,897 |
Prepaid | 7,980 | |
Prepaid stock compensation | 7,980 | |
Total Current Assets | 16,010 | 36,877 |
Total Assets | 16,010 | 36,877 |
Current Liabilities: | ||
Accounts payable | 3,500 | |
Accrued compensation | 46,500 | 25,500 |
Loans payable | 14,165 | 14,165 |
Interest payable | 10,912 | 3,889 |
Convertible notes payable, net of debt discount of $49,591 and $129,180, respectively | 144,353 | 47,844 |
Derivative liability | 157,304 | 88,169 |
Total Current Liabilities | 373,234 | 183,067 |
Total Liabilities | 373,234 | 183,067 |
Stockholders’ Equity (Deficit): | ||
Preferred Stock, $0.001 par value, 10,000,000 shares authorized, no shares issued | ||
Common Stock, $0.001 par value, 5,000,000,000 shares authorized; 24,692,449 and 24,692,449 shares issued and outstanding, respectively | 24,693 | 24,693 |
Additional paid in capital | 16,945,642 | 16,945,642 |
Accumulated deficit | (17,327,559) | (17,116,525) |
Total Stockholders' Equity (Deficit) | (357,224) | (146,190) |
Total Liabilities and Stockholders' Deficit | $ 16,010 | $ 36,877 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2023 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 5,000,000,000 | 5,000,000,000 |
Common Stock, Shares, Issued | 24,692,449 | 24,692,449 |
Common Stock, Shares, Outstanding | 24,692,449 | 24,692,449 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Expenses: | ||||
Mining exploration expense | ||||
Consulting | ||||
Compensation - related party | 12,000 | 102,000 | 24,000 | 204,000 |
Director fees | 7,500 | 7,500 | 15,000 | 15,000 |
General and administrative | 32,957 | 56,132 | 54,366 | 88,240 |
Total operating expenses | 52,457 | 165,632 | 93,366 | 307,240 |
Loss from operations | (52,457) | (165,632) | (93,366) | (307,240) |
Other Income (Expense): | ||||
Interest expense | (39,149) | (72,448) | (73,533) | (136,303) |
Gain on conversion of debt | 29,823 | 29,823 | ||
Change in fair value | 51,532 | (113,359) | (33,263) | (99,044) |
Loss on issuance of convertible debt | (10,872) | (6,149) | ||
Total other income (expense) | 12,383 | (155,984) | (117,668) | (211,673) |
Loss before provision for income taxes | (40,074) | (321,616) | (211,034) | (518,913) |
Provision for income taxes | ||||
Net Loss | $ (40,074) | $ (321,616) | $ (211,034) | $ (518,913) |
Loss per share, basic and diluted | $ 0 | $ (0.01) | $ (0.01) | $ (0.02) |
Weighted average shares outstanding, basic and diluted | 24,692,449 | 24,191,427 | 24,692,449 | 24,000,359 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Mar. 31, 2022 | $ 23,770 | $ 15,357,857 | $ (15,366,176) | $ 15,451 | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2022 | 23,769,668 | ||||
Net loss | (197,297) | (197,297) | |||
Shares issued for debt | $ 118 | 63,743 | 63,861 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 117,769 | ||||
Ending balance, value at Jun. 30, 2022 | $ 23,888 | 15,421,600 | (15,563,473) | (117,985) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2022 | 23,887,437 | ||||
Beginning balance, value at Mar. 31, 2022 | $ 23,770 | 15,357,857 | (15,366,176) | 15,451 | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2022 | 23,769,668 | ||||
Net loss | (518,913) | ||||
Ending balance, value at Sep. 30, 2022 | $ 24,363 | 15,759,727 | (15,885,089) | (100,999) | |
Shares, Outstanding, Ending Balance at Sep. 30, 2022 | 24,362,768 | ||||
Beginning balance, value at Jun. 30, 2022 | $ 23,888 | 15,421,600 | (15,563,473) | (117,985) | |
Shares, Outstanding, Beginning Balance at Jun. 30, 2022 | 23,887,437 | ||||
Net loss | (321,616) | (321,616) | |||
Shares issued for debt | $ 475 | 338,127 | 338,602 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 475,331 | ||||
Ending balance, value at Sep. 30, 2022 | $ 24,363 | 15,759,727 | (15,885,089) | (100,999) | |
Shares, Outstanding, Ending Balance at Sep. 30, 2022 | 24,362,768 | ||||
Beginning balance, value at Mar. 31, 2023 | $ 24,693 | 16,945,642 | (17,116,525) | (146,190) | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2023 | 24,692,449 | ||||
Net loss | (170,960) | (170,960) | |||
Ending balance, value at Jun. 30, 2023 | $ 24,693 | 16,945,642 | (17,287,485) | (317,150) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2023 | 24,692,449 | ||||
Beginning balance, value at Mar. 31, 2023 | $ 24,693 | 16,945,642 | (17,116,525) | (146,190) | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2023 | 24,692,449 | ||||
Net loss | (211,034) | ||||
Ending balance, value at Sep. 30, 2023 | $ 24,693 | 16,945,642 | (17,327,559) | (357,224) | |
Shares, Outstanding, Ending Balance at Sep. 30, 2023 | 24,692,449 | ||||
Beginning balance, value at Jun. 30, 2023 | $ 24,693 | 16,945,642 | (17,287,485) | (317,150) | |
Shares, Outstanding, Beginning Balance at Jun. 30, 2023 | 24,692,449 | ||||
Net loss | (40,074) | (40,074) | |||
Ending balance, value at Sep. 30, 2023 | $ 24,693 | $ 16,945,642 | $ (17,327,559) | $ (357,224) | |
Shares, Outstanding, Ending Balance at Sep. 30, 2023 | 24,692,449 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOW FROM OPERATING ACTIVITIES: | ||
Net loss | $ (211,034) | $ (518,913) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Debt discount expense | 66,509 | 129,628 |
Stock based compensation | 180,000 | |
Gain on conversion of debt | (29,823) | |
Loss on issuance of convertible debt | 10,872 | 6,149 |
Change in fair value of derivative | 33,263 | 99,044 |
Changes in Operating Assets and Liabilities: | ||
Accounts payable | (3,500) | 19,500 |
Accrued compensation | 21,000 | 12,500 |
Due to a related party | 5,264 | |
Accrued interest | 7,023 | 6,675 |
Net Cash Used in Operating Activities | (75,867) | (89,976) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from convertible notes payable | 55,000 | 35,000 |
Proceeds from notes payable | 50,000 | |
Net Cash Provided by Financing Activities | 55,000 | 85,000 |
Net Change in Cash | (20,867) | (4,976) |
Cash at Beginning of Period | 28,897 | 20,917 |
Cash at End of Period | 8,030 | 15,941 |
Interest | ||
Income taxes | ||
Supplemental non-cash disclosure: | ||
Common stock issued for conversion of debt | $ 205,244 |
NOTE 1 _ ORGANIZATION AND BUSIN
NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS Organization and Description of Business ALTAIR INTERNATIONAL CORP. (the “Company” “Altair”) was incorporated under the laws of the State of Nevada on December 20, 2012. The Company’s physical address is 322 North Shore Drive, Building 1B, Suite 200, Pittsburgh, PA 15212. License and Royalty Agreement On February 10, 2021, the Company entered into a License and Royalty Agreement (the “License Agreement”) with St-Georges Eco-Mining Corp. (“SX”) and St-Georges Metallurgy Corp. (“SXM”) under which Altair has received a perpetual, non-exclusive license from SX of its lithium extraction technology for Altair to develop its lithium bearing prospects in the United States and SXM’s EV battery recycling technology for which Altair has agreed to act as exclusive master agent to promote the licensing and deployment of the EV battery recycling technology in North America. Altair has agreed to provide SX with a net revenue interest royalty on all metals and minerals extracted (the “Products”) and sold from Altair’s mineral interests in the United States and SX has agreed to provide Altair with a 1% trailer fee on any royalty received by SX from the licensing of the SX EV battery recycling technology to each licensee of the SX EV battery recycling technology referred by Altair or Altair’s sub-agents. Altair will pay a royalty of 5% of the net revenue received by Altair for sales of Products using the lithium extraction technology which decreases to 3% of the net revenue on all payments in excess of US $8,000,000 of production on an annualized basis. The lithium extraction technology remains under development by SX and SXM. EVLS In August of 2021, the Company filed a patent application with the USPTO for its carbon nanotube/graphene based battery technology, which was comprised of 20 claims. In late November of 2021, we received a non-final rejection notice from the USPTO, citing a number of issues with the claims that would require amendment and/or modification. As we wish to submit a patent application with new ‘artwork,’ or technical drawings, we have decided to file a new patent application when feasible, as per USPTO policy an applicant cannot submit new artwork with an amended application. The technology remains viable, under further development, and, in our view, holds great potential to have a disruptive impact in the battery space. |
NOTE 2 _ SUMMARY OF SIGNIFICANT
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), 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 period ending September 30, 2023, and not necessarily indicative of the results to be expected for the full year ending March 31, 2024. These unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023. 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of September 30, 2023 and March 31, 2023. Principles of Consolidation The accompanying consolidated financial statements for the six months ended September 30, 2023, include the accounts of the Company and its wholly owned subsidiary, EV Lithium Solutions, Inc. All significant intercompany transactions have been eliminated in consolidation. Mining Expenses The Company records all mining exploration and evaluation costs as expenses in the period in which they are incurred. Fair Value of Financial Instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable approximate the fair value of such instruments as the notes bear interest rates that are consistent with current market rates. The following table classifies the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of: September 30, 2023 Description Level 1 Level 2 Level 3 Derivative $ — $ — $ 157,304 Total $ — $ — $ 157,304 March 31, 2023 Description Level 1 Level 2 Level 3 Derivative $ — $ — $ 88,169 Total $ — $ — $ 88,169 Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
NOTE 3 _ GOING CONCERN
NOTE 3 – GOING CONCERN | 6 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 3 – GOING CONCERN | NOTE 3 – GOING CONCERN The Company’s unaudited consolidated 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 $ 17,327,559 |
NOTE 4 _ CONVERTIBLE NOTES PAYA
NOTE 4 – CONVERTIBLE NOTES PAYABLE | 6 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
NOTE 4 – CONVERTIBLE NOTES PAYABLE | NOTE 4 – CONVERTIBLE NOTES PAYABLE A summary of the Company’s convertible notes as of September 30, 2023, is presented below: Note Holder Date Maturity Date Interest Balance Additions Conversions Balance Thirty 05, LLC (1) 1/25/2022 1/25/2024 8 % $ 5,000 $ — $ — $ 5,000 Thirty 05, LLC (2) 3/7/2022 3/7/2024 8 % $ 2,500 $ — $ — $ 2,500 Thirty 05, LLC (2) 5/19/2022 5/19/2023 8 % $ 15,000 $ — $ — $ 15,000 EROP Enterprises (3) 11/14/2022 11/14/2023 8 % 10,000 — — 10,000 EROP Enterprises (4) 12/15/2022 12/15/2023 8 % 51,444 $ — — $ 51,444 EROP Enterprises (4) 12/29/2022 12/29/2023 8 % 25,000 $ — — $ 25,000 EROP Enterprises (4) 2/13/2023 2/13/2024 8 % 10,000 $ — — $ 10,000 EROP Enterprises (5) 3/28/2023 3/28/2024 8 % 20,000 $ — — 20,000 EROP Enterprises (6) 6/14/2023 6/14/2024 8 % — $ 25,000 — 25,000 EROP Enterprises (7) 8/15/2023 8/15/2024 8 % — $ 15,000 — 15,000 EROP Enterprises (8) 9/13/2023 9/13/2024 8 % — $ 15,000 — 15,000 Total $ 138,944 $ 55,000 $ — $ 193,944 Less Discount $ (91,100 ) $ (49,591 ) Total $ 47,844 $ 144,353 On January 25, 2023, EROP Enterprises LLC, agreed to extend the convertible promissory notes dated January 25, 2022 and March 7, 2022 by one additional year. Total accrued interest on the above Notes as of September 30, 2023 and March 31, 2023, is $ 10,912 3,889 (1) 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 $1.00 or 70% of the lowest closing bid price of the common stock in the 5 days prior to conversion. (2) 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 $0.50 or 70% of the lowest closing bid price of the common stock in the 5 days prior to conversion. (3) 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 $0.375 or 80% of the lowest closing bid price of the common stock in the 5 days prior to conversion. (4) 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 $0.375 or 70% of the lowest closing bid price of the common stock in the 5 days prior to conversion. (5) 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 $0.07 or 70% of the lowest closing bid price of the common stock in the 5 days prior to conversion. (6) 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 $0.10 or 70% of the lowest closing bid price of the common stock in the 5 days prior to conversion. (7) Converts at $0.05 per share. (8) Converts at $0.053 per share. A summary of the activity of the derivative liability for the notes above is as follows: Balance at March 31, 2023 $ 88,169 Increase to derivative due to new issuances 35,872 Decrease to derivative due to conversion/repayments — Derivative loss due to mark to market adjustment 33,263 Balance at September 30, 2023 $ 157,304 A summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability that are categorized within Level 3 of the fair value hierarchy as of September 30, 2023 and March 31, 2023, is as follows: Inputs September 30, 2023 March 31, 2023 Stock price $ 0.0415 $ 0.051 Conversion price $ 0.287 0.032, $ 0.015 0.056 Volatility (annual) 224.53 301.98 % 187.53 200.08 % Risk-free rate 5.55 5.61 4.64 4.94 Dividend rate — — Years to maturity .25 .71 .13 .99 A summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability that are categorized within Level 3 of the fair value hierarchy at the time of conversion is as follows: Inputs September 30, 2023 March 31, 2023 Stock price $ — $ 0.01 0.0141 Conversion price $ — $ 0.0106 0.0105 Volatility (annual) — 140.81 196.26 % Risk-free rate — 1.15 4.72 % Dividend rate — — Years to maturity — .25 .45 The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s management. |
NOTE 5 _ LOAN PAYABLE
NOTE 5 – LOAN PAYABLE | 6 Months Ended |
Sep. 30, 2023 | |
Note 5 Loan Payable | |
NOTE 5 – LOAN PAYABLE | NOTE 5 – LOAN PAYABLE A summary of the Company’s loans payable as of September 30, 2023 is presented below: Note Holder Date Maturity Date Interest Balance Additions Repayments Balance Third party 8/24/2020 8/24/2021 0 % 14,165 $ — $ — $ 14,165 |
NOTE 6 _ COMMON STOCK
NOTE 6 – COMMON STOCK | 6 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
NOTE 6 – COMMON STOCK | NOTE 6 – COMMON STOCK Effective January 25, 2023, the Company effectuated a 1 for 25 500,000,000 592,619 |
NOTE 7 _ WARRANTS
NOTE 7 – WARRANTS | 6 Months Ended |
Sep. 30, 2023 | |
Note 7 Warrants | |
NOTE 7 – WARRANTS | NOTE 7 – WARRANTS On October 15, 2020, the Company entered into a service agreement with a third party for a term of six months. Per the terms of the agreement the party was granted 40,000 0.25 180,000 4.50 0.25 1.57 735.46 A summary of the status of the Company’s outstanding stock warrants and changes during the year is presented below: Number of Warrants Weighted Weighted Aggregate Intrinsic Value Outstanding, March 31, 2023 40,000 $ 0.25 $ 0.18 $ — Issued — $ — $ — — Exercised — $ — $ — — Expired — $ — $ — — Exercisable, September 30, 2023 40,000 $ 0.25 $ 0.18 $ — Range of Exercise Prices Number Outstanding 9/30/2023 Weighted Average Remaining Contractual Life Weighted Average Exercise Price $0.25 40,000 .04 $0.25 The aggregate intrinsic value represents the total pretax intrinsic value, based on warrants with an exercise price less than the Company’s stock price as of September 30, 2023, which would have been received by the warrant holder had the warrant holder exercised their warrants as of that date. |
NOTE 8 _ RELATED PARTY TRANSACT
NOTE 8 – RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
NOTE 8 – RELATED PARTY TRANSACTIONS | NOTE 8 – RELATED PARTY TRANSACTIONS During the six months ended September 30, 2023 and 2022, the Company paid Mr. Leonard Lovallo $ 18,000 24,000 24,000 18,000 On January 8, 2022, the Company renewed and extended its contract with its CEO for a term of one year. As a signing bonus, Mr. Lovallo was granted 400,000 0.90 360,000 As of September 30, 2023 and March 31, 2023, the Company owes Ramzi Khoury $22,500 and $7,500, respectively, for director fees. |
NOTE 9 _ SUBSEQUENT EVENTS
NOTE 9 – SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
NOTE 9 – SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
NOTE 2 _ SUMMARY OF SIGNIFICA_2
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), 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 period ending September 30, 2023, and not necessarily indicative of the results to be expected for the full year ending March 31, 2024. These unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023. |
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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. |
Concentrations of Credit Risk | Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of September 30, 2023 and March 31, 2023. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements for the six months ended September 30, 2023, include the accounts of the Company and its wholly owned subsidiary, EV Lithium Solutions, Inc. All significant intercompany transactions have been eliminated in consolidation. |
Mining Expenses | Mining Expenses The Company records all mining exploration and evaluation costs as expenses in the period in which they are incurred. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable approximate the fair value of such instruments as the notes bear interest rates that are consistent with current market rates. The following table classifies the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of: September 30, 2023 Description Level 1 Level 2 Level 3 Derivative $ — $ — $ 157,304 Total $ — $ — $ 157,304 March 31, 2023 Description Level 1 Level 2 Level 3 Derivative $ — $ — $ 88,169 Total $ — $ — $ 88,169 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
NOTE 2 _ SUMMARY OF SIGNIFICA_3
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Description Level 1 Level 2 Level 3 Derivative $ — $ — $ 157,304 Total $ — $ — $ 157,304 March 31, 2023 Description Level 1 Level 2 Level 3 Derivative $ — $ — $ 88,169 Total $ — $ — $ 88,169 |
NOTE 4 _ CONVERTIBLE NOTES PA_2
NOTE 4 – CONVERTIBLE NOTES PAYABLE (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Convertible Debt [Table Text Block] | Note Holder Date Maturity Date Interest Balance Additions Conversions Balance Thirty 05, LLC (1) 1/25/2022 1/25/2024 8 % $ 5,000 $ — $ — $ 5,000 Thirty 05, LLC (2) 3/7/2022 3/7/2024 8 % $ 2,500 $ — $ — $ 2,500 Thirty 05, LLC (2) 5/19/2022 5/19/2023 8 % $ 15,000 $ — $ — $ 15,000 EROP Enterprises (3) 11/14/2022 11/14/2023 8 % 10,000 — — 10,000 EROP Enterprises (4) 12/15/2022 12/15/2023 8 % 51,444 $ — — $ 51,444 EROP Enterprises (4) 12/29/2022 12/29/2023 8 % 25,000 $ — — $ 25,000 EROP Enterprises (4) 2/13/2023 2/13/2024 8 % 10,000 $ — — $ 10,000 EROP Enterprises (5) 3/28/2023 3/28/2024 8 % 20,000 $ — — 20,000 EROP Enterprises (6) 6/14/2023 6/14/2024 8 % — $ 25,000 — 25,000 EROP Enterprises (7) 8/15/2023 8/15/2024 8 % — $ 15,000 — 15,000 EROP Enterprises (8) 9/13/2023 9/13/2024 8 % — $ 15,000 — 15,000 Total $ 138,944 $ 55,000 $ — $ 193,944 Less Discount $ (91,100 ) $ (49,591 ) Total $ 47,844 $ 144,353 |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Balance at March 31, 2023 $ 88,169 Increase to derivative due to new issuances 35,872 Decrease to derivative due to conversion/repayments — Derivative loss due to mark to market adjustment 33,263 Balance at September 30, 2023 $ 157,304 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Inputs September 30, 2023 March 31, 2023 Stock price $ 0.0415 $ 0.051 Conversion price $ 0.287 0.032, $ 0.015 0.056 Volatility (annual) 224.53 301.98 % 187.53 200.08 % Risk-free rate 5.55 5.61 4.64 4.94 Dividend rate — — Years to maturity .25 .71 .13 .99 A summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability that are categorized within Level 3 of the fair value hierarchy at the time of conversion is as follows: Inputs September 30, 2023 March 31, 2023 Stock price $ — $ 0.01 0.0141 Conversion price $ — $ 0.0106 0.0105 Volatility (annual) — 140.81 196.26 % Risk-free rate — 1.15 4.72 % Dividend rate — — Years to maturity — .25 .45 |
NOTE 5 _ LOAN PAYABLE (Tables)
NOTE 5 – LOAN PAYABLE (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Note 5 Loan Payable | |
Schedule of Debt [Table Text Block] | Note Holder Date Maturity Date Interest Balance Additions Repayments Balance Third party 8/24/2020 8/24/2021 0 % 14,165 $ — $ — $ 14,165 |
NOTE 7 _ WARRANTS (Tables)
NOTE 7 – WARRANTS (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Note 7 Warrants | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Warrants Weighted Weighted Aggregate Intrinsic Value Outstanding, March 31, 2023 40,000 $ 0.25 $ 0.18 $ — Issued — $ — $ — — Exercised — $ — $ — — Expired — $ — $ — — Exercisable, September 30, 2023 40,000 $ 0.25 $ 0.18 $ — Range of Exercise Prices Number Outstanding 9/30/2023 Weighted Average Remaining Contractual Life Weighted Average Exercise Price $0.25 40,000 .04 $0.25 |
Liabilities measured at fair va
Liabilities measured at fair value on a recurring basis into the fair value hierarchy (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Fair Value, Inputs, Level 1 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Fair Value, Inputs, Level 2 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Fair Value, Inputs, Level 3 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
157,304 | 88,169 | |
$ 157,304 | $ 88,169 |
NOTE 3 _ GOING CONCERN (Details
NOTE 3 – GOING CONCERN (Details Narrative) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Retained Earnings (Accumulated Deficit) | $ (17,327,559) | $ (17,116,525) |
Convertible notes (Details)
Convertible notes (Details) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | |
Short-Term Debt [Line Items] | ||
Ending balance | $ 144,353 | $ 47,844 |
Convertible Debt A 7 [Member] | ||
Short-Term Debt [Line Items] | ||
[custom:NoteHolder] | Thirty 05, LLC (1) | |
Debt Instrument, Issuance Date | Jan. 25, 2022 | |
Debt Instrument, Maturity Date | Jan. 25, 2024 | |
Debt Instrument, Interest Rate During Period | 8% | |
Ending balance | $ 5,000 | 5,000 |
Additions | ||
Conversions | ||
Conversions | ||
Convertible Debt A 8 [Member] | ||
Short-Term Debt [Line Items] | ||
[custom:NoteHolder] | Thirty 05, LLC (2) | |
Debt Instrument, Issuance Date | Mar. 07, 2022 | |
Debt Instrument, Maturity Date | Mar. 07, 2024 | |
Debt Instrument, Interest Rate During Period | 8% | |
Ending balance | $ 2,500 | 2,500 |
Additions | ||
Conversions | ||
Conversions | ||
Convertible Debt A 9 [Member] | ||
Short-Term Debt [Line Items] | ||
[custom:NoteHolder] | Thirty 05, LLC (2) | |
Debt Instrument, Issuance Date | May 19, 2022 | |
Debt Instrument, Maturity Date | May 19, 2023 | |
Debt Instrument, Interest Rate During Period | 8% | |
Ending balance | $ 15,000 | 15,000 |
Additions | ||
Conversions | ||
Conversions | ||
Convertible Debt B 7 [Member] | ||
Short-Term Debt [Line Items] | ||
[custom:NoteHolder] | EROP Enterprises (3) | |
Debt Instrument, Issuance Date | Nov. 14, 2022 | |
Debt Instrument, Maturity Date | Nov. 14, 2023 | |
Debt Instrument, Interest Rate During Period | 8% | |
Ending balance | $ 10,000 | 10,000 |
Additions | ||
Conversions | ||
Conversions | ||
Convertible Debt B 8 [Member] | ||
Short-Term Debt [Line Items] | ||
[custom:NoteHolder] | EROP Enterprises (4) | |
Debt Instrument, Issuance Date | Dec. 15, 2022 | |
Debt Instrument, Maturity Date | Dec. 15, 2023 | |
Debt Instrument, Interest Rate During Period | 8% | |
Ending balance | $ 51,444 | 51,444 |
Additions | ||
Conversions | ||
Conversions | ||
Convertible Debt B 9 [Member] | ||
Short-Term Debt [Line Items] | ||
[custom:NoteHolder] | EROP Enterprises (4) | |
Debt Instrument, Issuance Date | Dec. 29, 2022 | |
Debt Instrument, Maturity Date | Dec. 29, 2023 | |
Debt Instrument, Interest Rate During Period | 8% | |
Ending balance | $ 25,000 | 25,000 |
Additions | ||
Conversions | ||
Conversions | ||
Convertible Debt B 10 [Member] | ||
Short-Term Debt [Line Items] | ||
[custom:NoteHolder] | EROP Enterprises (4) | |
Debt Instrument, Issuance Date | Feb. 13, 2023 | |
Debt Instrument, Maturity Date | Feb. 13, 2024 | |
Debt Instrument, Interest Rate During Period | 8% | |
Ending balance | $ 10,000 | 10,000 |
Additions | ||
Conversions | ||
Conversions | ||
Convertible Debt B 11 [Member] | ||
Short-Term Debt [Line Items] | ||
[custom:NoteHolder] | EROP Enterprises (5) | |
Debt Instrument, Issuance Date | Mar. 28, 2023 | |
Debt Instrument, Maturity Date | Mar. 28, 2024 | |
Debt Instrument, Interest Rate During Period | 8% | |
Ending balance | $ 20,000 | 20,000 |
Additions | ||
Conversions | ||
Conversions | ||
Convertible Debt B 12 [Member] | ||
Short-Term Debt [Line Items] | ||
[custom:NoteHolder] | EROP Enterprises (6) | |
Debt Instrument, Issuance Date | Jun. 14, 2023 | |
Debt Instrument, Maturity Date | Jun. 14, 2024 | |
Debt Instrument, Interest Rate During Period | 8% | |
Ending balance | $ 25,000 | |
Additions | 25,000 | |
Conversions | ||
Conversions | ||
Convertible Debt B 13 [Member] | ||
Short-Term Debt [Line Items] | ||
[custom:NoteHolder] | EROP Enterprises (7) | |
Debt Instrument, Issuance Date | Aug. 15, 2023 | |
Debt Instrument, Maturity Date | Aug. 15, 2024 | |
Debt Instrument, Interest Rate During Period | 8% | |
Ending balance | $ 15,000 | |
Additions | 15,000 | |
Conversions | ||
Conversions | ||
Convertible Debt B 14 [Member] | ||
Short-Term Debt [Line Items] | ||
[custom:NoteHolder] | EROP Enterprises (8) | |
Debt Instrument, Issuance Date | Sep. 13, 2023 | |
Debt Instrument, Maturity Date | Sep. 13, 2024 | |
Debt Instrument, Interest Rate During Period | 8% | |
Ending balance | $ 15,000 | |
Additions | 15,000 | |
Conversions | ||
Conversions | ||
Convertible Debt Totals [Member] | ||
Short-Term Debt [Line Items] | ||
Ending balance | 193,944 | 138,944 |
Additions | 55,000 | |
Conversions | ||
Conversions | ||
Ending balance | (49,591) | (91,100) |
Ending balance | $ 144,353 | $ 47,844 |
Summary of the activity of the
Summary of the activity of the derivative liability for the notes (Details) | 6 Months Ended |
Sep. 30, 2023 USD ($) | |
Debt Disclosure [Abstract] | |
Balance at March 31, 2023 | $ 88,169 |
Increase to derivative due to new issuances | 35,872 |
Decrease to derivative due to conversion/repayments | |
Derivative loss due to mark to market adjustment | 33,263 |
Balance at September 30, 2023 | $ 157,304 |
Assumptions used in measuring f
Assumptions used in measuring fair value of derivative liability (Details) - $ / shares | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | |
Short-Term Debt [Line Items] | |||
Share Price | $ 0.0415 | $ 0.051 | |
[custom:ConversionPriceMinimum] | 0.287 | $ 0.015 | |
[custom:ConversionPriceMaximum] | $ 0.032 | $ 0.056 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 224.53% | 187.53% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 301.98% | 200.08% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 5.55% | 4.64% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 5.61% | 4.94% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term | 3 months | 1 month 17 days | |
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm2] | 8 months 15 days | 11 months 26 days | |
Debt Conversion [Member] | |||
Short-Term Debt [Line Items] | |||
Share Price | $ 0.0141 | ||
[custom:ConversionPriceMinimum] | 0.0106 | ||
[custom:ConversionPriceMaximum] | $ 0.0105 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 140.81% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 196.26% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.15% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 4.72% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term | 3 months | ||
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm2] | 5 months 12 days | ||
[custom:SharePriceMinimum-0] | $ 0.01 |
NOTE 4 _ CONVERTIBLE NOTES PA_3
NOTE 4 – CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Convertible Notes Payable [Member] | ||
Short-Term Debt [Line Items] | ||
Accrued Liabilities, Current | $ 10,912 | $ 3,889 |
Summary of loans payable (Detai
Summary of loans payable (Details) - Loans Payable A 1 [Member] - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | |
Short-Term Debt [Line Items] | ||
[custom:NoteHolder] | Third party | |
Debt Instrument, Issuance Date | Aug. 24, 2020 | |
Debt Instrument, Maturity Date | Aug. 24, 2021 | |
Debt Instrument, Interest Rate During Period | 0% | |
Ending balance | $ 14,165 | $ 14,165 |
Additions | ||
Repayments |
NOTE 6 _ COMMON STOCK (Details
NOTE 6 – COMMON STOCK (Details Narrative) - USD ($) | 2 Months Ended | 6 Months Ended |
Mar. 31, 2023 | Sep. 30, 2023 | |
Equity [Abstract] | ||
Stockholders' Equity, Reverse Stock Split | 1 for 25 | |
Stock Issued During Period, Shares, Reverse Stock Splits | 500,000,000 | |
[custom:CommonStockReclassedToAdditionalPaidInCapital] | $ 592,619 |
Summary of the status of outsta
Summary of the status of outstanding stock warrants and changes (Details) | 6 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Class of Warrant or Right [Line Items] | |
Weighted average price, outstanding at end of period | $ 0.25 |
Stock Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
Number of warrants, outstanding at end of period | shares | 40,000 |
Weighted average price, outstanding at end of period | $ 0.25 |
Weighted average fair value, outstanding at beginning of period | $ 0.18 |
Aggregate intrinsic value, outstanding at beginning of period | $ | |
Number of warrants, outstanding at beginning of period | shares | |
Weighted average price, outstanding at beginning of period | |
Weighted average fair value, outstanding at beginning of period | |
Number of warrants, outstanding at beginning of period | shares | |
Weighted average price, outstanding at beginning of period | |
Weighted average fair value, outstanding at beginning of period | |
Number of warrants, outstanding at beginning of period | shares | |
Weighted average price, outstanding at beginning of period | |
Weighted average fair value, outstanding at beginning of period | |
Number of warrants, outstanding at beginning of period | shares | 40,000 |
Weighted average price, outstanding at beginning of period | $ 0.25 |
Weighted average fair value, outstanding at beginning of period | $ 0.18 |
Aggregate intrinsic value, outstanding at beginning of period | $ | |
Range of exercise prices | $ 0.25 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 14 days |
NOTE 7 _ WARRANTS (Details Narr
NOTE 7 – WARRANTS (Details Narrative) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Apr. 15, 2021 | |
Note 7 Warrants | ||
Class of Warrant or Right, Outstanding | 40,000 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.25 | |
[custom:AggregateFairValueOfWarrants] | $ 180,000 | |
[custom:WarrantsEstimatesUsedStockPrice-0] | $ 4.50 | |
[custom:WarrantsEstimatesUsedExercisePrice] | $ 0.25 | |
[custom:WarrantsEstimatesUsedRiskFreeRate] | 1.57% | |
[custom:WarrantsEstimatesUsedVolatility] | 735.46% |
NOTE 8 _ RELATED PARTY TRANSA_2
NOTE 8 – RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transactions [Abstract] | ||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 18,000 | $ 24,000 |
Accounts Payable and Other Accrued Liabilities | $ 24,000 | $ 18,000 |
[custom:StockIssuedDuringPeriodSharesRelatedParties2] | 400,000 | |
[custom:StockIssuedDuringPeriodPricePerShareRelatedParties2] | $ 0.90 | |
[custom:StockIssuedRelatedPartyNonCashStockCompensationExpense2] | $ 360,000 |