Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Jun. 28, 2019 | Sep. 30, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | Cosmo Ventures Inc | ||
Entity Central Index Key | 0001575295 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2019 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 13,000,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | true | ||
Entity Ex Transition Period | false | ||
Entity Public Float | $ 0 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
CURRENT ASSETS | ||
Cash | $ 103 | $ 756 |
TOTAL ASSETS | 103 | 756 |
CURRENT LIABILITIES | ||
Accounts payable | 15,220 | 4,748 |
Due to related party | 44,682 | 32,699 |
TOTAL CURRENT LIABILITIES | 59,902 | 37,447 |
STOCKHOLDERS' DEFICIT | ||
Common stock - 75,000,000 shares authorized, $0.001 par value; 13,000,000 shares issued and outstanding | 13,000 | 13,000 |
Additional paid-in capital | 12,000 | 12,000 |
Accumulated deficit | (84,799) | (61,691) |
TOTAL STOCKHOLDERS' DEFICIT | (59,799) | (36,691) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 103 | $ 756 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2019 | Mar. 31, 2018 |
STOCKHOLDERS' DEFICIT | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 13,000,000 | 13,000,000 |
Common stock, shares outstanding | 13,000,000 | 13,000,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING EXPENSES | ||
General and administrative | $ 23,108 | $ 19,253 |
TOTAL OPERATING EXPENSES | 23,108 | 19,253 |
NET LOSS | $ (23,108) | $ (19,253) |
LOSS PER COMMON SHARE - BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 13,000,000 | 13,000,000 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Shares at Mar. 31, 2017 | 13,000,000 | |||
Beginning Balance, Amount at Mar. 31, 2017 | $ 13,000 | $ 12,000 | $ (42,438) | $ (17,438) |
Net loss | (19,253) | (19,253) | ||
Ending Balance, Shares at Mar. 31, 2018 | 13,000,000 | |||
Ending Balance, Amount at Mar. 31, 2018 | $ 13,000 | 12,000 | (61,691) | (36,691) |
Net loss | (23,108) | (23,108) | ||
Ending Balance, Shares at Mar. 31, 2019 | 13,000,000 | |||
Ending Balance, Amount at Mar. 31, 2019 | $ 13,000 | $ 12,000 | $ (84,799) | $ (59,799) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (23,108) | $ (19,253) |
Changes in operating assets and liabilities: | ||
Accounts payable | 10,472 | (1,800) |
NET CASH USED IN OPERATING ACTIVITIES | (12,636) | (21,053) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances from related party | 11,983 | 21,658 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 11,983 | 21,658 |
NET INCREASE (DECREASE) IN CASH | (653) | 605 |
CASH, BEGINNING OF YEAR | 756 | 151 |
CASH, END OF YEAR | 103 | 756 |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||
Cash Paid for interest | ||
Cash paid for income taxes |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
NOTE 1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The Company Cosmos Ventures Inc. (the “Company”) was incorporated in the State of Nevada on February 3, 2013, with a year end of March 31. The Company intends to purchase overstocked inventory items from manufacturers and retailers and offer them to the public at discounted prices via a web-based on-line store. On February 28, 2018, Mr. Sonu Ram resigned from all executive officer positions with the Company, including Chief Executive Officer and President, and he also resigned as a member of the Board. On February 28, 2018, Mr. Ashok Kumar was appointed as Chief Executive Officer, Chief Financial Officer, and sole Director. Basis of Presentation The accompanying financial statements and related notes are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Use of Estimates and Assumptions Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain 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 period. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Loss per Common Share The basic loss per common share is calculated by dividing the Company’s net loss available to common shareholders by the weighted average number of common shares during the period. The diluted loss per common share is calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per common share are the same as basic loss per common share due to the lack of dilutive items in the Company. As of March 31, 2019 and 2018, there were no common stock equivalents outstanding. Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Stock-based Compensation The Company estimates the fair value of each stock-based compensation award at the grant date by using Black-Scholes option pricing model. The fair value determined represents the cost of the award and is recognized over the vesting period during which an employee is required to provide service in exchange for the award. As stock-based compensation expense is recognized based on awards ultimately expected to vest. Excess tax benefits, if any, are recognized as additional paid in capital. Recent Accounting Pronouncements The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. Subsequent Events The Company has evaluated subsequent events through the date the financial statements were issued for disclosure and consideration. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
NOTE 2 - GOING CONCERN | To date the Company has generated no revenues from its business operations and has incurred operating losses of $84,799 since inception. The Company requires additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
NOTE 3 - RELATED PARTY TRANSACTIONS | During the year ended March 31, 2018, the Company’s former CEO loaned the Company $20,528. Balances as of March 31, 2019 and 2018 were $31,569 and $31,569, respectively. The balance due is unsecured and non-interest-bearing with no set terms of repayment. During the year ended March 31, 2019, the Company’s CEO loaned the Company $11,983. Balances as of March 31, 2019 and 2018 were $13,113 and $1,130 respectively. The balance due is unsecured and non-intrest-bearing with no set terms of repayment. On June 5, 2018, the Company’s CEO, Mr. Ashok Kumar, acquired 10,000,000 shares of the Company’s common stock from Mr. Sonu Ram. The acquisition of these shares resulted in a change in control. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
NOTE 4 - INCOME TAXES | At March 31, 2019, the Company has a net operating loss carryforward of approximately $62,000. The significant components of deferred income tax assets at March 31, 2019 and 2018 were as follows: March 31, 2019 March 31, 2018 Deferred tax asset: Net operating loss carry-forward $ 17,808 12,955 Less: valuation allowance (17,808 ) (12,955 ) Net deferred income tax asset $ – – The amount taken into income as deferred income tax assets must reflect that portion of the income tax loss carry forwards that is more likely-than-not to be realized from future operations. The Company has chosen to provide a full valuation allowance against all available income tax loss carry forwards. The Company has recognized a valuation allowance for the deferred income tax asset since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years. The valuation allowance is reviewed annually. When circumstances change and which cause a change in management’s judgment about the realizability of deferred income tax assets, the impact of the change on the valuation allowance is generally reflected in current income. As of March 31, 2019 and 2018, the Company has no unrecognized income tax benefits. The Company’s policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded during the year ended March 31, 2019 and 2018. No interest or penalties have been accrued as of March 31, 2019 and 2018. As of March 31, 2019 and 2018, the Company did not have any amounts recorded pertaining to uncertain tax positions. A reconciliation of the provision for income taxes at the United States federal statutory rate for the years ended March 31, 2019 and 2018 is as follows: March 31, 2019 March 31, 2018 Income tax benefit $ (4,853 ) (6,546 ) Tax rate change - 8,020 Change in valuation allowance 4,853 (1,474 ) Provision for income taxes $ – – The Company has not filed its federal and state tax returns for the years ended December 31, 2018, 2017, 2016, 2015 and 2014. The Net operating losses (“NOLs”) for these years will not be available to reduce future taxable income until the returns are filed. Assuming these returns are filed, as of March 31, 2019, the Company had approximately $85,000 of federal and state net operating losses that may be available to offset future taxable income. The net operating loss carryforwards will begin to expire in 2034 unless utilized. In accordance with Section 382 of the Internal Revenue Code, deductibility of the Company’s U.S. net operating carryovers may be subject to an annual limitation in the event of a change of control as defined the regulations. A Section 382 analysis has not been prepared and the Company’s NOLs could be subject to limitation. The Company assesses the likelihood that deferred tax assets will be realized. To the extent that realization is not likely, a valuation allowance is established. Based upon the Company’s losses since inception, management believes that it is more likely than not that the future benefits of its deferred tax assets will not be realized and has therefore established a full valuation allowance. Management will be taking on a project to file delinquent federal and state tax returns in the upcoming reporting periods and updated values will be disclosed in the following reporting periods. |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Nature Of Operations And Summary Of Significant Accounting Policies | |
The Company | Cosmos Ventures Inc. (the “Company”) was incorporated in the State of Nevada on February 3, 2013, with a year end of March 31. The Company intends to purchase overstocked inventory items from manufacturers and retailers and offer them to the public at discounted prices via a web-based on-line store. On February 28, 2018, Mr. Sonu Ram resigned from all executive officer positions with the Company, including Chief Executive Officer and President, and he also resigned as a member of the Board. On February 28, 2018, Mr. Ashok Kumar was appointed as Chief Executive Officer, Chief Financial Officer, and sole Director. |
Basis of Presentation | The accompanying financial statements and related notes are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Use of Estimates and Assumptions | Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain 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 period. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Loss per Common Share | The basic loss per common share is calculated by dividing the Company’s net loss available to common shareholders by the weighted average number of common shares during the period. The diluted loss per common share is calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per common share are the same as basic loss per common share due to the lack of dilutive items in the Company. As of March 31, 2019 and 2018, there were no common stock equivalents outstanding. |
Income Taxes | The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. |
Stock-based Compensation | The Company estimates the fair value of each stock-based compensation award at the grant date by using Black-Scholes option pricing model. The fair value determined represents the cost of the award and is recognized over the vesting period during which an employee is required to provide service in exchange for the award. As stock-based compensation expense is recognized based on awards ultimately expected to vest. Excess tax benefits, if any, are recognized as additional paid in capital. |
Recent Accounting Pronouncements | The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
Subsequent Events | The Company has evaluated subsequent events through the date the financial statements were issued for disclosure and consideration. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Income Taxes Tables Abstract | |
Schedule of Deferred Tax Assets and Liabilities | March 31, 2019 March 31, 2018 Deferred tax asset: Net operating loss carry-forward $ 17,808 12,955 Less: valuation allowance (17,808 ) (12,955 ) Net deferred income tax asset $ – – |
Schedule of Effective Income Tax Rate Reconciliation | March 31, 2019 March 31, 2018 Income tax benefit $ (4,853 ) (6,546 ) Tax rate change - 8,020 Change in valuation allowance 4,853 (1,474 ) Provision for income taxes $ – – |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended |
Mar. 31, 2019 | |
Nature Of Operations And Summary Of Significant Accounting Policies Details Narrative Abstract | |
State of incorporation | Nevada |
Date of Incorporation | Feb. 3, 2013 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) | 74 Months Ended |
Mar. 31, 2019USD ($) | |
Going Concern | |
Operating loss | $ (84,799) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Jun. 05, 2018 | |
Due to related party | $ 44,682 | $ 32,699 | |
Proceeds from related party debt | 11,983 | 21,658 | |
Chief Executive Officer [Member] | |||
Due to related party | 31,569 | 31,569 | |
Proceeds from related party debt | 11,983 | 20,528 | |
Balance due to related party | $ 13,113 | $ 1,130 | |
Mr. Ashok Kumar [Member] | |||
Common stock shares accquired by related party from Mr. Sonu Ram | 10,000,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Deferred tax asset: | ||
Net operating loss carry-forward | $ 17,808 | $ 12,955 |
Less: valuation allowance | (17,808) | (12,955) |
Net deferred income tax asset |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes Details 1Abstract | ||
Income tax benefit | $ (4,853) | $ (6,546) |
Tax rate change | 8,020 | |
Change in valuation allowance | 4,853 | (1,474) |
Provision for income taxes |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Income Taxes Details Narrative Abstract | ||
Net operating loss carryforward | $ 62,000 | |
Federal and state net operating losses | $ 85,000 | |
Net operating loss carryforward expiry date | 2034 |