Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2015 | Feb. 16, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Intellisense Solutions Inc. | |
Entity Central Index Key | 1,577,445 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,529,680 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 234 | $ 11,863 |
Prepaid expenses | ||
Total assets | $ 234 | $ 11,863 |
Current liabilities: | ||
Accounts payable and accrued expenses | 31,212 | $ 5,701 |
Accounts payable related party | 9,519 | |
Total current liabilities | 40,731 | $ 5,701 |
Stockholders' equity (deficit): | ||
Common stock, $0.001 par value; 75,000,000 shares authorized, 2,529,680 issued and outstanding, respectively | 2,529 | 2,529 |
Additional paid-in capital | 70,619 | 70,619 |
Accumulated deficit | (113,645) | (66,986) |
Total stockholders' equity (deficit) | (40,497) | 6,162 |
Total liability and stockholders' equity (deficit) | $ 234 | $ 11,863 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Mar. 31, 2015 |
Stockholders' equity: | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 2,529,680 | 2,529,680 |
Common stock, shares outstanding | 2,529,680 | 2,529,680 |
CONDENSED STATEMENT OF OPERATIO
CONDENSED STATEMENT OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING EXPENSES | ||||
Professional fees | $ 8,524 | $ 3,775 | $ 41,352 | $ 11,925 |
General & administrative | 2,894 | 1,035 | 5,307 | 4,886 |
Total Operating Expense | 11,418 | 4,810 | 46,659 | 16,811 |
NET LOSS | $ (11,418) | $ (4,810) | $ (46,659) | $ (16,811) |
BASIC AND DILUTED NET LOSS PER SHARE | $ 0 | $ 0 | $ (0.02) | $ (0.01) |
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 2,529,680 | 2,529,680 | 2,529,680 | 2,529,680 |
CONDENSED STATEMENT OF CASH FLO
CONDENSED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (46,659) | $ (16,811) |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 999 | |
Accounts payable and accrued liabilities | $ 25,511 | $ 3,675 |
Accounts payable related party | 9,519 | |
Net cash used in operating activities | (11,629) | $ (12,137) |
NET CHANGE IN CASH | (11,629) | (12,137) |
CASH AT BEGINNING OF PERIOD | 11,863 | 36,501 |
CASH AT END OF PERIOD | $ 234 | $ 24,364 |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Note 1 - Nature Of Operations, Basis Of Presentation And Significant Accounting Policies | Intellisense Solutions Inc. (the "Company") was incorporated under the laws of the State of Nevada on March 22, 2013. Since inception, the Company has been engaged in the business of developing web portals to allow companies and individuals to engage in the purchase and sales of vegetarian food products over the Internet. The Company currently has no significant operations. On December 11, 2015, the Company entered into a merger agreement with Dotz Nano Ltd. ("Dotz"), a private Israeli-based company, and Intellisense (Israel) Ltd. ("Merger Sub"), an Israeli company and direct wholly-owned subsidiary of the Company. Pursuant to the merger agreement, the Merger Sub will merge with and into Dotz and Dotz will continue as the surviving corporation. Dotz will be a wholly owned subsidiary of the Company and will continue to be governed by the laws of the State of Israel. The merger agreement has not closed as of December 31, 2015 nor subsequently as of February 16, 2016, the date of this filing (see Note 4.) Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules of the Securities and Exchange Commission ("SEC") for interim financial information and do not include all of the information or disclosures required by U.S. GAAP for annual financial statements. Accordingly, these unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Annual Report on Form 10-K as of and for the fiscal year ended March 31, 2015, as filed on June 10, 2015. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year, or any other period. |
GOING CONCERN AND MANAGEMENT'S
GOING CONCERN AND MANAGEMENT'S PLANS | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Note 2 - Going Concern And Management's Plans | The unaudited condensed financial statements contained in this quarterly report have been prepared assuming that the Company will continue as a going concern. The Company has accumulated losses since inception through December 31, 2015 of $113,645 and have negative working capital of $40,497 and negative cash flow from operations of $11,629 as of December 31, 2015. Presently, the Company does not have sufficient cash resources to meet its plans in the twelve months following December 31, 2015. These factors raise substantial doubt about the Company's ability to continueas a going concern. Since inception, the Company has financed its activities from the sale of equity securities. The Company intends on financing its future development activities and its working capital needs from loans and/or the sale of additional equity securities until such time that funds provided by operations are sufficient to fund working capital requirements. There are no assurances that the Company will be able to achieve further sales of its common stock or any other form of additional financing. The unaudited financial statements do not include any adjustments that may be necessary should the Company be unable to continue as a going concern. The Company's continuation as a going concern is dependent upon its ability to obtain additional financing as may be required and ultimately to attain profitability. |
RELATED PARTY TRANSACTION
RELATED PARTY TRANSACTION | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Note 3 - Related Party Transaction | On June 15, 2015, the Company's two officers and directors resigned and Neil Reithinger was appointed as President, Treasurer, Secretary and a director. Mr. Reithinger is now the Company's sole director and officer. The resignations were not as a result of any disagreements on any matter relating to the Company's operations, policies or practices. Mr. Reithinger is the Founder and President of Eventus Advisory Group, LLC, a private, CFO-services firm, and Eventus Consulting, P.C., a registered CPA firm (collectively "Eventus"). Commencing on June 15, 2015, Eventus was engaged to provide accounting and advisory services to the Company in connection with audit coordination, financial statement preparation and SEC filings. The Company pays customary fees for these services. During the three and nine months ended December 31, 2015, the Company incurred fees of $4,524 and $9,519, respectively to Eventus and $9,519 is included in related party accounts payable on the accompanying balance sheet as of December 31, 2015. |
MERGER AGREEMENT WITH DOTZ NANO
MERGER AGREEMENT WITH DOTZ NANO LTD | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 4 - MERGER AGREEMENT WITH DOTZ NANO LTD | As discussed in Note 1, on December 11, 2015, the Company entered into a merger agreement with Dotz and Merger Sub. Pursuant to the merger agreement (through a series of legal steps), the Merger Sub will merge with and into Dotz and Dotz will continue as the surviving corporation. Dotz will be a wholly owned subsidiary of the Company and will continue to be governed by the laws of the State of Israel. The merger agreement is subject to a number of conditions, which includes, among other conditions: Dotz shareholder approval; Dotz and Merger Sub receiving a Certificate of Merger from the Israeli Companies Registrar; a tax ruling from the Israel Tax Authority on terms and conditions satisfactory to Dotz; the Company being reasonably satisfied with Dotz's financial statements; and the Company having paid all listing fees and caused a market maker to effect the trading of its common stock on the OTCQB market. The Company hopes to meet the closing conditions by March 31, 2016, its fiscal year end. The merger agreement also contemplates, among other things, that the Company will: enter into an escrow agreement with certain shareholders of Dotz, whereby such shareholders will agree not to sell any of the Merger Shares for a period of two years; elect Dr. Amiram Bornstein, Kobi Ben-Shabat and Dr. Moti Gross as directors and Dr. Gross as Chief Executive Officer; accept the resignation of Neil Reithinger as director and Chief Executive Officer; undergo a stock split prior to closing so that there are approximately 11,000,000 shares outstanding prior to the merger; establish a stock option plan for grant of options to acquire up to 3,950,000 shares of the Company's common stock; and enter into an employment or consulting agreement with Dr. Gross to act as Chief Executive Officer of the Company, which will include the issuance of up to 2,500,000 shares of common stock in the event that the Company achieves certain milestones. |
Nature Of Operations, Basis Of
Nature Of Operations, Basis Of Presentation And Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2015 | |
Nature Of Operations Basis Of Presentation And Significant Accounting Policies Policies | |
Basis of Presentation | The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules of the Securities and Exchange Commission ("SEC") for interim financial information and do not include all of the information or disclosures required by U.S. GAAP for annual financial statements. Accordingly, these unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Annual Report on Form 10-K as of and for the fiscal year ended March 31, 2015, as filed on June 10, 2015. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year, or any other period. |
Going Concern And Management Pl
Going Concern And Management Plans (Detail Narrative) - USD ($) | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Going Concern And Management Plans Detail Narrative | |||
Accumulated deficit | $ (113,645) | $ (66,986) | |
Working capital | (40,497) | ||
Cash flow from operations | $ (11,629) | $ (12,137) |
Related Party Transaction (Deta
Related Party Transaction (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction Details Narrative | |||
Accounts payable related party | $ 9,519 | ||
Company fees | $ 4,524 | $ 9,519 |