Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2016 | Aug. 15, 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 | Jun. 30, 2016 | |
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 | Q1 | |
Document Fiscal Year Focus | 2,017 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 3,269 | $ 8,124 |
Other receivable | 25,000 | |
Total assets | 28,269 | 8,124 |
Current liabilities: | ||
Accounts payable and accrued expenses | 16,270 | 41,326 |
Accounts payable related party | 9,339 | 1,861 |
Notes payable | 20,000 | 20,000 |
Due to related party | 3,085 | 3,085 |
Total current liabilities | 48,694 | 66,272 |
Stockholders' 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 | (93,573) | (131,296) |
Total stockholders' deficit | (20,425) | (58,148) |
Total liabilities and stockholders' deficit | $ 28,269 | $ 8,124 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2016 | Mar. 31, 2016 |
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 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING EXPENSES | ||
Professional fees | $ 10,608 | $ 8,444 |
General & administrative | 1,070 | 1,228 |
Total Operating Expense | 11,678 | 9,672 |
OTHER INCOME/(EXPENSE): | ||
Other income | 50,000 | |
Interest expense | (599) | |
Total other income | 49,401 | |
NET INCOME / (LOSS) | $ 37,723 | $ (9,672) |
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | $ 0.01 | $ 0 |
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 2,529,680 | 2,529,680 |
STATEMENT OF CASH FLOWS (Unaudi
STATEMENT OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 37,723 | $ (9,672) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (25,000) | |
Prepaid expenses | (505) | |
Accounts payable and accrued liabilities | (25,056) | 3,396 |
Accounts payable to related party | 7,478 | 990 |
Net cash used in operating activities | (4,855) | (5,791) |
NET CHANGE IN CASH | (4,855) | (5,791) |
CASH AT BEGINNING OF PERIOD | 8,124 | 11,863 |
CASH AT END OF PERIOD | 3,269 | 6,072 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for: Interest | ||
Cash paid for: Income taxes |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 3 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 1 - Nature Of Operations And Basis Of Presentation | Intellisense Solutions Inc. (the "Company") was incorporated under the laws of the State of Nevada on March 22, 2013. Since inception, we have 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. However, we never achieved commercial sales or developed any significant operations. We currently are pursuing a business strategy of acquiring or merging with an entity with significant operations in order to create a viable business model and value for shareholders. Basis of Presentation The unaudited interim financial statements contained in this quarterly report 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 interim 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 year ended March 31, 2016, as filed on June 29, 2016. 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 | 3 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 2 - Going Concern And Management's Plans | The unaudited interim financial statements contained in this quarterly report have been prepared assuming that the Company will continue as a going concern. Although we recorded net income of $37,723 for the three months ended June 30, 2016, we still have accumulated losses of $93,573 and have negative working capital of $20,425. Presently, the Company does not have sufficient cash resources to meet its plans in the twelve months following June 30, 2016. These factors raise substantial doubt about the Company's ability to continueas a going concern. Since inception, the Company has financed its activities from loans and 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 interim financial statements contained in this quarterly report 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 TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 3 - Related Party Transactions | Effective June 15, 2015, Neil Reithinger was appointed as President, Treasurer, Secretary and a director. Mr. Reithinger is now the Company's sole director and officer. 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 months ended June 30, 2016, the Company incurred fees of $9,216 to Eventus and has $9,339 in related party accounts payable on the accompanying balance sheet as of June 30, 2016. In addition, Eventus paid certain bills on behalf of the Company, of which $3,085 is included as due to related parties on the accompanying balance sheet as of June 30, 2016. The amounts are due on demand, unsecured and do not bear interest. |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 4 - Notes Payable | Notes payable consisted of the following as of: June 30, 2016 March 31, 2016 Note payable, 12% interest per annum, due on August 8, 2016. Unsecured $ 10,000 $ 10,000 Note payable, 12% interest per annum, due on August 27, 2016. Unsecured 10,000 10,000 $ 20,000 $ 20,000 During the year ended March 31, 2016, the Company borrowed $20,000 under promissory notes from two unaffiliated lenders ("Lenders") to fund ongoing operational expenses. The notes are due immediately upon the Company's receipt of any financing of $250,000 or more, or upon written demand by the Lenders, or not later than August 8, 2016 and August 27, 2016, respectively (the "Maturity Date"). The notes have not been paid as of June 30, 2016. |
MERGER AGREEMENT WITH DOTZ NANO
MERGER AGREEMENT WITH DOTZ NANO LTD. AND SUBSEQUENT TERMINATION AND CANCELLATION | 3 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 5 - Merger Agreement With Dotz Nano Ltd. And Subsequent Termination And Cancellation | 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 was to merge with and into Dotz and Dotz was to continue as the surviving corporation. On May 17, 2016, the Company entered into a Termination Agreement with Dotz and Merger Sub ("TA") whereby the contemplated transaction with Dotz shall be terminated, cancelled, annulled and of no further force. Pursuant to the terms of the TA, the Company recognized a termination fee of $50,000, which is recorded as other income during the three months ended June 30, 2016. $25,000 of the termination fee was received subsequent to June 30, 2016 and reflected as other receivable on the accompanying balance sheet as of June 30, 2016. Upon execution of the TA, we delivered ownership of all the shares of the Merger Sub, via a Share Transfer Deed. |
NATURE OF OPERATIONS AND BASI11
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Jun. 30, 2016 | |
Nature Of Operations And Basis Of Presentation Policies | |
Basis of Presentation | The unaudited interim financial statements contained in this quarterly report 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 interim 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 year ended March 31, 2016, as filed on June 29, 2016. 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. |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Notes Payable Tables | |
Schedule of notes payable | Notes payable consisted of the following as of: June 30, 2016 March 31, 2016 Note payable, 12% interest per annum, due on August 8, 2016. Unsecured $ 10,000 $ 10,000 Note payable, 12% interest per annum, due on August 27, 2016. Unsecured 10,000 10,000 $ 20,000 $ 20,000 |
GOING CONCERN AND MANAGEMENT'13
GOING CONCERN AND MANAGEMENT'S PLANS (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | |
Going Concern And Managements Plans Details Narrative | |||
Net income | $ 37,723 | $ (9,672) | |
Accumulated deficit | (93,573) | $ (131,296) | |
Working capital | $ (20,425) | $ (58,148) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | |
Related Party Transactions Details Narrative | ||
Accounts payable related party | $ 9,339 | $ 1,861 |
Due to related party | 3,085 | $ 3,085 |
Related party fees | $ 9,216 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Notes Payable Details | ||
Note payable, 12% interest per annum, due on August 8, 2016. Unsecured | $ 10,000 | $ 10,000 |
Note payable, 12% interest per annum, due on August 27, 2016. Unsecured | 10,000 | 10,000 |
Note payable | $ 20,000 | $ 20,000 |