Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2019 | Nov. 05, 2019 | |
Details | ||
Registrant CIK | 0001575659 | |
Fiscal Year End | --03-31 | |
Registrant Name | Holly Brothers Pictures, Inc. | |
SEC Form | 10-Q | |
Period End date | Sep. 30, 2019 | |
Tax Identification Number (TIN) | 46-2111820 | |
Number of common stock shares outstanding | 1,204,000 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | No | |
Interactive Data Current | No | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | true | |
Ex Transition Period | false | |
Entity File Number | 000-55018 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 462 Stevens Ave, #310 | |
Entity Address, City or Town | Solana Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92075 | |
City Area Code | 858 | |
Local Phone Number | 987-4910 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Current assets: | ||
Cash | $ 3,260 | $ 1,334 |
Total current assets | 3,260 | 1,334 |
Total assets | 3,260 | 1,334 |
Current liabilities: | ||
Accounts payable | 28,458 | 19,652 |
Notes payable - related party | 756,535 | 741,035 |
Accrued interest payable | 302,006 | 209,140 |
Total current liabilities | 1,086,999 | 969,827 |
Other liabilities: | ||
Convertible notes payable - related party | 2,200,000 | 2,200,000 |
Total liabilities | 3,286,999 | 3,169,827 |
Stockholders' deficit: | ||
Common stock, $0.001 par value per share, 200,000,000 shares authorized, 1,204,000 shares issued and outstanding | 1,204 | 1,204 |
Additional paid in capital | 165,977 | 144,477 |
Accumulated deficit | (3,113,581) | (2,976,835) |
Treasury stock | (337,339) | (337,339) |
Total stockholders' deficit | (3,283,739) | (3,168,493) |
Total liabilities and stockholders' deficit | $ 3,260 | $ 1,334 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | Sep. 30, 2019 | Mar. 31, 2019 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 1,204,000 | |
Common Stock, Shares, Outstanding | 1,204,000 | 1,204,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Details | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses: | ||||
General and administrative | 20,906 | 24,401 | 43,880 | 116,150 |
Total operating expenses | 20,906 | 24,401 | 43,880 | 116,150 |
Other (expense): | ||||
Interest expense | (46,767) | (45,807) | (92,866) | (88,977) |
Total other (expense) | (46,767) | (45,807) | (92,866) | (88,977) |
Net loss before income taxes | (67,673) | (70,208) | (136,746) | (205,127) |
Income taxes | 0 | 0 | 0 | 0 |
Net (loss) | $ (67,673) | $ (70,208) | $ (136,746) | $ (205,127) |
Net loss per share, basic and diluted | $ (0.06) | $ (0.06) | $ (0.11) | $ (0.17) |
Weighted average shares outstanding, basic and diluted | 1,204,000 | 1,204,000 | 1,204,000 | 1,204,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Total |
Equity Balance at Mar. 31, 2018 | $ 1,204 | $ 101,477 | $ (2,627,994) | $ (337,339) | $ (2,862,652) |
Equity Balance, Shares at Mar. 31, 2018 | 1,204,000 | ||||
Stock compensation expense | $ 0 | 21,500 | 0 | 0 | 21,500 |
Net (loss) | $ 0 | 0 | (205,127) | 0 | (205,127) |
Equity Balance, Shares at Sep. 30, 2018 | 1,204,000 | ||||
Equity Balance at Sep. 30, 2018 | $ 1,204 | 122,977 | (2,833,121) | (337,339) | (3,046,279) |
Equity Balance at Mar. 31, 2019 | $ 1,204 | 144,477 | (2,976,835) | (337,339) | (3,168,493) |
Equity Balance, Shares at Mar. 31, 2019 | 1,204,000 | ||||
Stock compensation expense | $ 0 | 21,500 | 0 | 0 | 21,500 |
Net (loss) | $ 0 | 0 | (136,746) | 0 | (136,746) |
Equity Balance, Shares at Sep. 30, 2019 | 1,204,000 | ||||
Equity Balance at Sep. 30, 2019 | $ 1,204 | $ 165,977 | $ (3,113,581) | $ (337,339) | $ (3,283,739) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net (loss) | $ (136,746) | $ (205,127) |
Adjustments to reconcile net loss to net cash provided by (used in) operations | ||
Stock compensation expense | 21,500 | 21,500 |
Changes in operating assets and liabilities: | ||
Accounts payable | 8,806 | 502 |
Accrued interest payable | 92,866 | 88,977 |
Prepaid insurance | 0 | 10,184 |
Net cash flows from operating activities | (13,574) | (83,964) |
Cash flows from financing activities: | ||
Issuance of notes payable to related parties | 15,500 | 72,000 |
Net cash flows from financing activities | 15,500 | 72,000 |
Net increase (decrease) in cash and cash equivalents | 1,926 | (11,964) |
Cash and cash equivalents at beginning of period | 1,334 | 12,297 |
Cash and cash equivalents at end of period | 3,260 | 333 |
Supplemental cash flow data: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
Condensed Interim Financial Sta
Condensed Interim Financial Statements | 6 Months Ended |
Sep. 30, 2019 | |
Notes | |
Condensed Interim Financial Statements | (1) Condensed Interim Financial Statements The Company Interim Financial Information |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2019 | |
Notes | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Basis of Accounting Cash and Cash Equivalents Earnings per Share Revenue recognition Income Taxes Use of Estimates Recently Issued Accounting Pronouncements Subsequent Event |
Going Concern Disclosure
Going Concern Disclosure | 6 Months Ended |
Sep. 30, 2019 | |
Notes | |
Going Concern Disclosure | (3) Going Concern The Company's consolidated 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 generated any revenues and has suffered recurring losses totaling $3,113,581 since inception. These factors, among others, indicate that there is substantial doubt about the Companys ability to continue as a going concern within one year from the issuance date of this filing. In order to obtain the necessary capital to sustain operations, Managements plans include, among other things, the possibility of pursuing new equity sales and/or making additional debt borrowings. There can be no assurances, however, that the Company will be successful in obtaining such additional financing. The accompanying consolidated 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. |
Acquisition of Power Blockchain
Acquisition of Power Blockchain Disclosure | 6 Months Ended |
Sep. 30, 2019 | |
Notes | |
Acquisition of Power Blockchain Disclosure | (4) Acquisition of Power Blockchain Effective February 1, 2018, the Company acquired 100% of the equity interests in Power Blockchain through an exchange agreement between the Company and the two owners of Power Blockchain. Pursuant to the exchange agreement, the sole consideration in this transaction was the issuance by the Company of unsecured convertible notes payable to the two owners of Power Blockchain in the amount of $2,200,000. Such notes payable were structured to: (i) mature five years from the date of issuance, (ii) accrue interest at the rate of 5% per annum, (iii) require repayment in four equal installments beginning on the second anniversary of issuance, and (iv) are convertible into the Companys common stock at a conversion price of $0.13 per share, subject to certain limitations. The Company performed an analysis to determine whether there was a beneficial conversion feature and noted none. |
Stockholders' Equity Disclosure
Stockholders' Equity Disclosure | 6 Months Ended |
Sep. 30, 2019 | |
Notes | |
Stockholders' Equity Disclosure | (5) Stockholders Equity There have been no issuances of stock options or warrants. However, in March 2018, the Board approved the establishment of a new 2018 Stock Option Plan with an authorization for the issuance of up to 1,000,000 shares of common stock. The Plan is designed to provide for future discretionary grants of stock options, stock awards and stock unit awards to key employees and non-employee directors. |
Notes Payable Disclosure
Notes Payable Disclosure | 6 Months Ended |
Sep. 30, 2019 | |
Notes | |
Notes Payable Disclosure | (6) Notes Payable As of September 30, 2019 and March 31, 2019, the Company had the following long-term and short-term debt obligations: September 30, March 31, 2019 2019 Convertible promissory notes issued to former owners in acquisition of Power Blockchain, accruing interest at 5% per annum, principal repayments due in four equal installments on 2nd, 3rd, 4th and 5th anniversaries, convertible into common stock at $0.13 per share. $ 2,200,000 $ 2,200,000 Other short term notes issued to various affiliates of the former owners of Power Blockchain for acquisition of Treasury Stock, computers and equipment, and working capital financing, at stated interest rates of 10%. 756,535 741,035 Total notes payable $ 2,956,535 $ 2,941,035 The Company performed an analysis of the convertible notes payable in the amount of $2,200,000 to determine whether there was a beneficial conversion feature and noted none. Future maturities of notes payable as of September 30, 2019 are as follows: Year ending September 30, 2020 $ 756,535 Year ending September 30, 2021 550,000 Year ending September 30, 2022 550,000 Year ending September 30, 2023 550,000 Year ending September 30, 2024 550,000 $ 2,956,535 At the time of the Power Blockchain acquisition, Power Blockchain had outstanding unsecured notes payable to the two owners in the amount of $570,000, which were overdue and in default. Shortly thereafter, the Company entered into negotiations with the note holders in an attempt to settle these obligations. As a result of those efforts, a settlement agreement was reached in March 2018 to convert the notes payable into the right for the two note holders (the Plaintiffs) in an attempt to settle these obligations. As a result of those efforts, a settlement agreement was reached in March 2018 to convert the notes payable into the right for the two note holders to receive periodic issuances of the Companys common stock of up to approximately 3,000,000 shares each, that would be exempted from registration pursuant to Section 3(a)(10) of the Securities Act of 1933. The settlement agreement stipulated that the issuance of such shares shall occur in respective tranches such that the resulting number of shares owned by each holder would not exceed 4.99% of the Companys then outstanding shares of common stock. Per the settlement agreement, the Plaintiffs right to make requests for periodic tranche issuances expired on September 17, 2019, however, the Company agreed on September 10, 2019 to extend the exercise period to December 31, 2019, in recognition of the continuing funding support provided by affiliates of the note holders to the Company subsequent to the settlement agreement. |
Related Party Transactions Disc
Related Party Transactions Disclosure | 6 Months Ended |
Sep. 30, 2019 | |
Notes | |
Related Party Transactions Disclosure | (7) Related Party Transactions The Company does not lease or rent any property. Office services are provided without charge by a director. Such costs are immaterial to the consolidated 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. |
Commitments and Contingencies D
Commitments and Contingencies Disclosure | 6 Months Ended |
Sep. 30, 2019 | |
Notes | |
Commitments and Contingencies Disclosure | (8) Commitments and Contingencies From time to time in the ordinary course of our business, the Company may be involved in legal proceedings, the outcomes of which may not be determinable. The results of litigation are inherently unpredictable. Any claims against us, whether meritorious or not, could be time consuming, result in costly litigation, require significant amounts of management time and result in diversion of significant resources. We are not able to estimate an aggregate amount or range of reasonably possible losses for those legal matters for which losses are not probable and estimable, primarily for the following reasons: (i) many of the relevant legal proceedings are in preliminary stages, and until such proceedings develop further, there is often uncertainty regarding the relevant facts and circumstances at issue and potential liability; and (ii) many of these proceedings involve matters of which the outcomes are inherently difficult to predict. We have insurance policies covering potential losses where such coverage is cost effective. We are not at this time involved in any legal proceedings. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2019 | |
Notes | |
Subsequent Events | (9) Subsequent Events Management has evaluated any subsequent events occurring in the period from September 30, 2019 through the date the financial statements were issued, to determine if disclosure in this report is warranted. In the month of October 2019, the Company made additional short-term borrowings from a related party in the total amount of $5,000 on the same terms as the borrowings made through September 30, 2019. There have been no other reportable subsequent events that have occurred since September 30, 2019 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies: Basis of Accounting Policy (Policies) | 6 Months Ended |
Sep. 30, 2019 | |
Policies | |
Basis of Accounting Policy | Basis of Accounting |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies: Cash and Cash Equivalents Policy (Policies) | 6 Months Ended |
Sep. 30, 2019 | |
Policies | |
Cash and Cash Equivalents Policy | Cash and Cash Equivalents |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies: Earnings per share policy (Policies) | 6 Months Ended |
Sep. 30, 2019 | |
Policies | |
Earnings per share policy | Earnings per Share |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies: Revenue recognition policy (Policies) | 6 Months Ended |
Sep. 30, 2019 | |
Policies | |
Revenue recognition policy | Revenue recognition |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies: Income taxes policy (Policies) | 6 Months Ended |
Sep. 30, 2019 | |
Policies | |
Income taxes policy | Income Taxes |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies: Use of Estimates policy (Policies) | 6 Months Ended |
Sep. 30, 2019 | |
Policies | |
Use of Estimates policy | Use of Estimates |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies: Recently Issued Accounting Pronouncements (Policies) | 6 Months Ended |
Sep. 30, 2019 | |
Policies | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies: Subsequent Eevents Policy (Policies) | 6 Months Ended |
Sep. 30, 2019 | |
Policies | |
Subsequent Eevents Policy | Subsequent Event |
Notes Payable Disclosure_ Sched
Notes Payable Disclosure: Schedule of long-term debt obligations (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Tables/Schedules | |
Schedule of long-term debt obligations | September 30, March 31, 2019 2019 Convertible promissory notes issued to former owners in acquisition of Power Blockchain, accruing interest at 5% per annum, principal repayments due in four equal installments on 2nd, 3rd, 4th and 5th anniversaries, convertible into common stock at $0.13 per share. $ 2,200,000 $ 2,200,000 Other short term notes issued to various affiliates of the former owners of Power Blockchain for acquisition of Treasury Stock, computers and equipment, and working capital financing, at stated interest rates of 10%. 756,535 741,035 Total notes payable $ 2,956,535 $ 2,941,035 |
Notes Payable Disclosure_ Futur
Notes Payable Disclosure: Future maturities of notes payable (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Tables/Schedules | |
Future maturities of notes payable | Year ending September 30, 2020 $ 756,535 Year ending September 30, 2021 550,000 Year ending September 30, 2022 550,000 Year ending September 30, 2023 550,000 Year ending September 30, 2024 550,000 $ 2,956,535 |
Going Concern Disclosure (Detai
Going Concern Disclosure (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Details | ||
Accumulated deficit | $ 3,113,581 | $ 2,976,835 |
Acquisition of Power Blockcha_2
Acquisition of Power Blockchain Disclosure (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 | Feb. 01, 2018 |
Acquisition of equity interests in Power Blockchain LLC | 100.00% | ||
Convertible notes payable, non-current | $ 2,200,000 | $ 2,200,000 | |
Power Blockchain business combination | |||
Convertible notes payable, non-current | $ 2,200,000 | ||
Annual interest rate | 5.00% | ||
Conversion price per share | $ 0.13 |
Stockholders' Equity Disclosu_2
Stockholders' Equity Disclosure (Details) | Sep. 30, 2019shares |
Details | |
Common stock authorized under the 2018 Stock Option Plan | 1,000,000 |
Notes Payable Disclosure_ Sch_2
Notes Payable Disclosure: Schedule of long-term debt obligations (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Details | ||
Convertible notes payable, non-current | $ 2,200,000 | $ 2,200,000 |
Short-term notes issued to related parties | $ 756,535 | $ 741,035 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |
Oct. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Details | |||
Short-term borrowings from a related party | $ 5,000 | $ 15,500 | $ 72,000 |