Odysight.ai (ODYS) 10-Q 11 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Aug. 11, 2017
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, 2017
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	2,018

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 3,718	$ 2,660
Total assets	3,718	2,660
Current liabilities:
Accounts payable and accrued expenses	20,622	23,274
Accounts payable to related party	5,716	3,066
Notes payable	30,000	20,000
Due to related party		650
Total current liabilities	56,338	46,990
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	(125,768)	(117,478)
Total stockholders' deficit	(52,620)	(44,330)
Total liabilities and stockholders' deficit	$ 3,718	$ 2,660

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Mar. 31, 2017
Stockholders' deficit:
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, 2017	Jun. 30, 2016
OPERATING EXPENSES
Professional fees	$ 6,466	$ 10,608
General & administrative	982	1,070
Total operating expenses	7,448	11,678
OTHER INCOME/(EXPENSE):
Other income		50,000
Interest expense	(842)	(599)
Total other income	(842)	49,401
NET INCOME / (LOSS)	$ (8,290)	$ 37,723
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE	$ 0	$ 0
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	2,529,680	2,529,680

STATEMENTS OF CASH FLOWS (unaud

STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (8,290)	$ 37,723
Changes in operating assets and liabilities:
Accounts receivable		(25,000)
Accounts payable and accrued liabilities	(2,652)	(25,056)
Accounts payable to related party	2,000	7,478
Net cash used in operating activities	(8,942)	(4,855)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable	10,000
Net cash provided by financing activities	10,000
NET CHANGE IN CASH	1,058	(4,855)
CASH AT BEGINNING OF PERIOD	2,660	8,124
CASH AT END OF PERIOD	3,718	3,269
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, 2017
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. We were initially 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 acquiring or merging with an entity with significant operations in order to create a viable business model and value for our 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, 2017, as filed on June 29, 2017. 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 MANAGEMENTS P

GOING CONCERN AND MANAGEMENTS PLANS	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Note 2 - GOING CONCERN AND MANAGEMENTS PLANS	The unaudited interim financial statements contained in this quarterly report have been prepared assuming that the Company will continue as a going concern. The Company recorded a net loss of $8,290 for the three ended June 30, 2017 and has an accumulated deficit of $125,768 and a working capital deficit of $52,620. Presently, the Company does not have sufficient cash resources to meet its plans in the twelve months following June 30, 2017. These factors raise substantial doubt about the Company’s ability to continue as 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 or merge with an operating company that is a going concern as may be required and to ultimately attain profitability.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Jun. 30, 2017
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, 2017, the Company incurred fees of $5,066 to Eventus and has $5,716 in related party accounts payable on the accompanying balance sheet as of June 30, 2017. The office space used by the Company is provided by Eventus at no charge.

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Note 4 - NOTES PAYABLE	Notes payable consisted of the following as of: June 30, 2017 March 31, 2017 Note payable, 12% interest per annum, due on August 8, 2016. In default. Unsecured $ 10,000 $ 10,000 Note payable, 12% interest per annum, due on August 27, 2016. In default. Unsecured 10,000 10,000 Note payable, 8% interest per annum, due on August 18, 2018. Unsecured 10,000 - $ 30,000 $ 20,000 During the three months ended June 30, 2017, the Company borrowed $10,000 under a promissory note from an unaffiliated lender to further fund ongoing operational expenses. This note is due not later than August 18, 2018. In 2015, the Company borrowed $20,000 under promissory notes from two unaffiliated lenders (“Lenders”) to fund ongoing operational expenses. These 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”). As of June 30, 2017, these notes were in default and accruing interest at 15% per annum pursuant to the terms of the notes. The notes have not been paid and the Company has not negotiated any extension agreements with the Lenders as of August 11, 2017, the date of this filing.

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Jun. 30, 2017
Notes Payable Tables
Schedule of notes payable	Notes payable consisted of the following as of: June 30, 2017 March 31, 2017 Note payable, 12% interest per annum, due on August 8, 2016. In default. Unsecured $ 10,000 $ 10,000 Note payable, 12% interest per annum, due on August 27, 2016. In default. Unsecured 10,000 10,000 Note payable, 8% interest per annum, due on August 18, 2018. Unsecured 10,000 - $ 30,000 $ 20,000

NATURE OF OPERATIONS AND BASI11

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative)	3 Months Ended
	Jun. 30, 2017
Nature Of Operations And Basis Of Presentation Details Narrative
Date of incorporation	Mar. 22, 2013
State country name	Nevada

GOING CONCERN AND MANAGEMENT S

GOING CONCERN AND MANAGEMENT S PLANS (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Going Concern And Management S Plans Details Narrative
Net income (loss)	$ (8,290)	$ 37,723
Accumulated deficit	(125,768)		$ (117,478)
Working capital deficit	$ (52,620)		$ (44,330)

RELATED PARTY TRANSACTIONS (De

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2017
Related Party Transactions Details Narrative
Accounts payable to related party	$ 5,716	$ 3,066
Company Fees	$ 5,066

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Notes Payable Details
Note payable, 12% interest per annum, due on August 8, 2016. In default. Unsecured	$ 10,000	$ 10,000
Note payable, 12% interest per annum, due on August 27, 2016. In default. Unsecured	10,000	10,000
Note payable, 8% interest per annum, due on August 18, 2018. Unsecured	10,000
Note payable	$ 30,000	$ 20,000

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Mar. 31, 2015
Notes Payable Details Narrative
Note payable interest per annum	15.00%
Amount borrowed under promissory notes	$ 10,000	$ 20,000
Notes Payable description	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”).