Rapid Therapeutic Science Laboratories (RTSL) 10-K 17 Jun 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2016	Sep. 30, 2015
Document and Entity Information
Entity Registrant Name	PowerMedChairs
Document Type	10-K
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Entity Central Index Key	1,575,659
Current Fiscal Year End Date	--03-31
Entity Common Stock, Shares Outstanding	2,710,000
Entity Public Float		$ 132,600
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Trading Symbol	pcha

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Current Assets
Cash and cash equivalents	$ 9,238	$ 9,981
Prepaid expenses	750	750
Total Current Assets	9,988	10,731
TOTAL ASSETS	9,988	10,731
Current Liabilities
Accounts payable	1,277
Due to related party	10,000
Total Current Liabilities	11,277
TOTAL LIABILITIES	11,277
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock value	2,710	2,710
Additional paid-in capital	49,465	49,465
Accumulated deficit	(53,464)	(41,444)
Total Stockholders' Equity (Deficit)	(1,289)	10,731
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 9,988	$ 10,731

Balance Sheets (parenthetical)

Balance Sheets (parenthetical) - $ / shares	Mar. 31, 2016	Mar. 31, 2015
Balance Sheet
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	2,710,000	2,710,000
Common stock, shares outstanding	2,710,000	2,710,000

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement
Revenues
Operating Expenses
General and administrative expenses	$ 12,020	$ 12,303
Total expenses	12,020	12,303
Loss from operations	(12,020)	(12,303)
Net income (loss)	$ (12,020)	$ (12,303)
Weighted average number of common shares outstanding - basic	2,710,000	2,710,000
Net income (loss) per share	$ 0	$ 0

STATEMENTS OF STOCKHOLDERS' DEF

STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($)	Common stock	Additional Paid-in capital	Accumulated Deficit	Stockholders' Equity
Beginning Balance, shares at Mar. 31, 2013	2,710,000
Beginning Balance, amount at Mar. 31, 2013	$ 2,710	$ 49,465	$ (10,184)	$ 41,991
Net loss for the period			(18,957)	(18,957)
Ending Balance, shares at Mar. 31, 2014	2,710,000
Ending Balance, amount at Mar. 31, 2014	$ 2,710	49,465	(29,141)	23,034
Net loss for the period			(12,303)	(12,303)
Ending Balance, shares at Mar. 31, 2015	2,710,000
Ending Balance, amount at Mar. 31, 2015	$ 2,710	49,465	(41,444)	10,731
Net loss for the period			(12,020)	(12,020)
Ending Balance, shares at Mar. 31, 2016	2,710,000
Ending Balance, amount at Mar. 31, 2016	$ 2,710	$ 49,465	$ (53,464)	$ (1,289)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (12,020)	$ (12,303)
Changes in operating assets and liabilities:
Increase (decrease) in accounts payable	1,277
(Increase) decrease in prepaid expenses		3,727
Net cash used in operating activities	(10,743)	(8,576)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from related party debt	10,000
Net cash provided by financing activities	10,000
Net increase (decrease) in cash	(743)	(8,576)
Cash, beginning of period	9,981	18,557
Cash, end of period	$ 9,238	$ 9,981
SUPPLEMENTAL DISCLOSURES
Interest paid
Income taxes paid

General Organization and Busine

General Organization and Business	12 Months Ended
	Mar. 31, 2016
Notes
General Organization and Business	NOTE 1. GENERAL ORGANIZATION AND BUSINESS PowerMedChairs is a Nevada Corporation incorporated in the State of Nevada on February 22, 2013, and is considered to be an emerging growth company under applicable federal securities laws. The Company’s plan of operation is to re-build wheelchairs in disrepair, market its services and sell wheelchairs.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2016
Notes
Summary of Significant Accounting Policies	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The basis is United States generally accepted accounting principles. Cash and Cash Equivalents The Company considers all short-term investments with a maturity of three months or less at the date of purchase to be cash and cash equivalents. Earnings per Share The basic earnings (loss) per share is calculated by dividing the Company’s net income (loss) available to common shareholders by the weighted average number of common shares issued and outstanding during the year. The diluted earnings (loss) per 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 as of the first year for any potentially dilutive debt or equity. The Company has not issued any options or warrants or similar securities since inception. Fair value of financial instruments Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 2016. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. Level 1: The preferred inputs to valuation efforts are “quoted prices in active markets for identical assets or liabilities,” with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets. Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations. Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as “unobservable,” and limits their use by saying they “shall be used to measure fair value to the extent that observable inputs are not available.” This category allows “for situations in which there is little, if any, market activity for the asset or liability at the measurement date”. Earlier in the standard, FASB explains that “observable inputs” are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants. Revenue recognition We recognize revenue when all of the following conditions are satisfied: (1) there is a persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable. The Company will record revenue when it is realizable and earned and the services have been rendered to the customers. The Company did not realize any revenues from Inception on February 22, 2013 through March 31, 2016. Dividends The Company has not yet adopted any policy regarding payment of dividends. No dividends have been paid during the period shown. Income Taxes The provision for income taxes is the total of the current taxes payable and the net of the change in the deferred income taxes. Provision is made for the deferred income taxes where differences exist between the period in which transactions affect current taxable income and the period in which they enter into the determination of net income in the financial statements. Year-end The Company has selected March 31 as its year-end. Advertising Advertising is expensed when incurred. There has been no advertising during the periods. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Going Concern

Going Concern	12 Months Ended
	Mar. 31, 2016
Notes
Going Concern	NOTE 3. GOING CONCERN The Company's financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has not commenced its planned principal operations and it has not generated any revenues and has suffered recurring losses totaling $(53,464) since inception. In order to obtain the necessary capital, the Company is seeking equity and/or debt financing. There are no assurances that the Company will be successful, without sufficient financing it would be unlikely for the Company to continue as a going concern. The accompanying 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 the outcome of this uncertainty.

Stockholders' Equity and Contri

Stockholders' Equity and Contributed Capital Disclosure	12 Months Ended
	Mar. 31, 2016
Notes
Stockholders' Equity and Contributed Capital Disclosure	NOTE 4. STOCKHOLDERS' EQUITY AND CONTRIBUTED CAPITAL The Company is authorized to issue 200,000,000 shares of its $0.001 par value common stock. On February 22, 2013, a founder of the Company contributed capital of $175 cash for incorporation fees. On February 27, 2013, a founder of the Company contributed capital of $49,500 cash for working capital. On February 27, 2013, the Company’s founders purchased 2,500,000 shares of the Company’s $0.001 par value common stock in exchange for cash of $2,500. On March 26, 2013, the Company formed a subsidiary, PowerMedChairs Shareholder Acquisition Corporation. On March 29, 2013, PowerMedChairs Shareholder Acquisition Corporation purchased 25,000,000 shares of Tropical PC for $10,000, whereby it gained controlling interest in Tropical PC. The Company then cancelled those 25,000,000 shares on March 31, 2013, after which Tropical PC had 210,000 common shares issued and outstanding. The shareholders of Tropical PC exchanged all of their 210,000 shares for shares in the subsidiary on a one-for-one basis. Subsequently, the subsidiary collapsed into PowerMedChairs, and the subsidiary’s shareholders received a one-for-one share exchange of PowerMedChairs shares for a total of 210,000 shares. There have been no issuances of stock options or warrants. As of March 31, 2016, 2,710,000 common shares were issued & outstanding.

Related Party Transactions Disc

Related Party Transactions Disclosure	12 Months Ended
	Mar. 31, 2016
Notes
Related Party Transactions Disclosure	NOTE 5. RELATED PARTY TRANSACTIONS On February 22, 2013, a founder of the Company contributed capital of $175 cash for incorporation fees. On February 27, 2013, a founder of the Company contributed capital of $49,500 cash for working capital. On February 27, 2013, the Company’s founders purchased 2,500,000 shares of the Company’s $0.001 par value common stock in exchange for cash of $2,500. On January 20, 2016 an entity associated with an officer loaned the Company $10,000 for working capital. As of March 31, 2016, $10,000 of this loan remained due. The loan bears no interest and is due upon demand. The Company does not lease or rent any property. Office services are provided without charge by a director. Such costs are immaterial to the financial statements and, accordingly, have not been reflected therein. The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available, such persons may face a conflict in selecting between the Company and their other business interests. The Company has not formulated a policy for the resolution of such conflicts.

Income Taxes Disclosure

Income Taxes Disclosure	12 Months Ended
	Mar. 31, 2016
Notes
Income Taxes Disclosure	NOTE 6. PROVISION FOR INCOME TAXES The Company accounts for income taxes under FASB Accounting Standard Codification ASC 740 "Income Taxes". ASC 740 requires use of the liability method. ASC 740 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized. As of March 31, 2016, the Company had net operating loss carry forwards of $12,020, as compared to $12,303 at March 31, 2015, that may be available to reduce future years' taxable income. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. Net operating losses will begin to expire in 2030. Components of net deferred tax assets, including a valuation allowance, are as follows at March 31, 2016 and March 31, 2015: 2016 2015 Deferred tax assets: Net operating loss carry forward $ 4,207 $ 4,306 Total deferred tax assets 4,207 4,306 Less: valuation allowance (4,207) (4,306) Net deferred tax assets $ -- $ -- The valuation allowance for deferred tax assets for the year ending March 31, 2016 was $(4,207), as compared to $(4,306) for the same period last year. In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not the deferred tax assets would not be realized as of March 31, 2016. The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are as follows: U.S federal statutory rate (35.0%) Valuation reserve 35.0% Total --% At March 31, 2016, we had an unused net operating loss carryover approximating $53,464 that is available to offset future taxable income which expires beginning 2030.

Operating Leases and Other Comm

Operating Leases and Other Commitments	12 Months Ended
	Mar. 31, 2016
Notes
Operating Leases and Other Commitments	NOTE 7. OPERATING LEASES AND OTHER COMMITMENTS The Company has no lease or other obligations.

Recent Accounting Pronouncement

Recent Accounting Pronouncements Disclosure	12 Months Ended
	Mar. 31, 2016
Notes
Recent Accounting Pronouncements Disclosure	NOTE 8. RECENT ACCOUNTING PRONOUNCEMENTS The Company's management has evaluated all the recently issued accounting pronouncements through the filing date of these financial statements and does not believe that any of these pronouncements will have a material impact on the Company's financial position and results of operations.

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2016
Notes
Subsequent Events	NOTE 9. SUBSEQUENT EVENTS The Company has evaluated subsequent events from March 31, 2016 through the date the financial statements are issued, and has determined that no such events have occurred.

Summary of Significant Accoun16

Summary of Significant Accounting Policies: Basis of Accounting pOLICY (Policies)	12 Months Ended
	Mar. 31, 2016
Policies
Basis of Accounting pOLICY	Basis of Accounting The basis is United States generally accepted accounting principles.

Summary of Significant Accoun17

Summary of Significant Accounting Policies: Cash and Cash Equivalents Policy (Policies)	12 Months Ended
	Mar. 31, 2016
Policies
Cash and Cash Equivalents Policy	Cash and Cash Equivalents The Company considers all short-term investments with a maturity of three months or less at the date of purchase to be cash and cash equivalents.

Summary of Significant Accoun18

Summary of Significant Accounting Policies: Earnings Per Share Policy (Policies)	12 Months Ended
	Mar. 31, 2016
Policies
Earnings Per Share Policy	Earnings per Share The basic earnings (loss) per share is calculated by dividing the Company’s net income (loss) available to common shareholders by the weighted average number of common shares issued and outstanding during the year. The diluted earnings (loss) per 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 as of the first year for any potentially dilutive debt or equity. The Company has not issued any options or warrants or similar securities since inception.

Summary of Significant Accoun19

Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)	12 Months Ended
	Mar. 31, 2016
Policies
Fair Value of Financial Instruments	Fair value of financial instruments Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 2016. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. Level 1: The preferred inputs to valuation efforts are “quoted prices in active markets for identical assets or liabilities,” with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets. Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations. Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as “unobservable,” and limits their use by saying they “shall be used to measure fair value to the extent that observable inputs are not available.” This category allows “for situations in which there is little, if any, market activity for the asset or liability at the measurement date”. Earlier in the standard, FASB explains that “observable inputs” are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants.

Summary of Significant Accoun20

Summary of Significant Accounting Policies: Revenue Recognition Policy (Policies)	12 Months Ended
	Mar. 31, 2016
Policies
Revenue Recognition Policy	Revenue recognition We recognize revenue when all of the following conditions are satisfied: (1) there is a persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable. The Company will record revenue when it is realizable and earned and the services have been rendered to the customers. The Company did not realize any revenues from Inception on February 22, 2013 through March 31, 2016.

Summary of Significant Accoun21

Summary of Significant Accounting Policies: Dividends Policy (Policies)	12 Months Ended
	Mar. 31, 2016
Policies
Dividends Policy	Dividends The Company has not yet adopted any policy regarding payment of dividends. No dividends have been paid during the period shown.

Summary of Significant Accoun22

Summary of Significant Accounting Policies: Income Taxes Policy (Policies)	12 Months Ended
	Mar. 31, 2016
Policies
Income Taxes Policy	Income Taxes The provision for income taxes is the total of the current taxes payable and the net of the change in the deferred income taxes. Provision is made for the deferred income taxes where differences exist between the period in which transactions affect current taxable income and the period in which they enter into the determination of net income in the financial statements.

Summary of Significant Accoun23

Summary of Significant Accounting Policies: Year-end Policy (Policies)	12 Months Ended
	Mar. 31, 2016
Policies
Year-end Policy	Year-end The Company has selected March 31 as its year-end.

Summary of Significant Accoun24

Summary of Significant Accounting Policies: Advertising Policy (Policies)	12 Months Ended
	Mar. 31, 2016
Policies
Advertising Policy	Advertising Advertising is expensed when incurred. There has been no advertising during the periods.

Summary of Significant Accoun25

Summary of Significant Accounting Policies: Use of Estimates Policy (Policies)	12 Months Ended
	Mar. 31, 2016
Policies
Use of Estimates Policy	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Income Taxes Disclosure_ Schedu

Income Taxes Disclosure: Schedule of Deferred Tax Assets (Tables)	12 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of Deferred Tax Assets	2016 2015 Deferred tax assets: Net operating loss carry forward $ 4,207 $ 4,306 Total deferred tax assets 4,207 4,306 Less: valuation allowance (4,207) (4,306) Net deferred tax assets $ -- $ --

Income Taxes Disclosure_ Sche27

Income Taxes Disclosure: Schedule of Income Tax Rates (Tables)	12 Months Ended
	Mar. 31, 2016
Tables/Schedules
Schedule of Income Tax Rates	U.S federal statutory rate (35.0%) Valuation reserve 35.0% Total --%

Going Concern (Details)

Going Concern (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Details
Accumulated deficit	$ 53,464	$ 41,444

Stockholders' Equity and Cont29

Stockholders' Equity and Contributed Capital Disclosure (Details) - USD ($)	1 Months Ended
	Mar. 31, 2013	Mar. 31, 2016	Mar. 31, 2015
Common shares authorized for issuance		200,000,000	200,000,000
Par value of common shares		$ 0.001	$ 0.001
Common stock sold to founder, shares issued	2,500,000
Common stock sold to founder, value received	$ 2,500
Common stock issued from merger, shares	210,000
Common shares issued and outstanding		2,710,000	2,710,000
February 22, 2013
Contributed capital from founder	$ 175
February 27, 2013
Contributed capital from founder	$ 49,500

Related Party Transactions Di30

Related Party Transactions Disclosure (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2016
Common stock sold to founder, shares issued	2,500,000
Common stock sold to founder, value received	$ 2,500
Proceeds from related party loan		$ 10,000
Due to related party		$ 10,000
February 22, 2013
Contributed capital from founder	175
February 27, 2013
Contributed capital from founder	$ 49,500

Income Taxes Disclosure (Detail

Income Taxes Disclosure (Details) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Details
Loss from operations	$ 12,020	$ 12,303
Net operating loss carry forwards	$ 53,464

Income Taxes Disclosure_ Sche32

Income Taxes Disclosure: Schedule of Deferred Tax Assets (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Details
Deferred tax assets attributable to operating loss carryforwards	$ 4,207	$ 4,306
Deferred tax assets, gross	4,207	4,306
Deferred tax assets valuation allowance	$ (4,207)	$ (4,306)

Income Taxes Disclosure_ Sche33

Income Taxes Disclosure: Schedule of Income Tax Rates (Details)	12 Months Ended
	Mar. 31, 2016
Details
U.S federal statutory rate	(35.00%)
Valuation reserve	35.00%

Uncategorized Items - pcha-2016

Label	Element	Value
Additional Paid-in capital
Contributed capital, cash	us-gaap_AdjustmentsToAdditionalPaidInCapitalOther	$ 49,675
Stock resulting from merger, value	us-gaap_StockIssuedDuringPeriodValueAcquisitions	$ (210)
Common stock
Stock resulting from merger, shares	us-gaap_StockIssuedDuringPeriodSharesAcquisitions	210,000
Stock resulting from merger, value	us-gaap_StockIssuedDuringPeriodValueAcquisitions	$ 210
Stock issued to founder, value	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 2,500
Stock issued to founder, shares	us-gaap_StockIssuedDuringPeriodSharesNewIssues	2,500,000
Accumulated Deficit
Net loss for the period	us-gaap_ProfitLoss	$ (10,184)
Stockholders' Equity
Contributed capital, cash	us-gaap_AdjustmentsToAdditionalPaidInCapitalOther	49,675
Stock issued to founder, value	us-gaap_StockIssuedDuringPeriodValueNewIssues	2,500
Net loss for the period	us-gaap_ProfitLoss	$ (10,184)