Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2017 | Feb. 07, 2018 | |
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, 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 | Q3 | |
Document Fiscal Year Focus | 2,018 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 2,712 | $ 2,660 |
Total assets | 2,712 | 2,660 |
Current liabilities: | ||
Accounts payable and accrued expenses | 19,862 | 23,274 |
Accounts payable to related party | 4,591 | 3,066 |
Notes payable | 41,000 | 20,000 |
Due to related party | 650 | |
Total current liabilities | 65,453 | 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 | (135,889) | (117,478) |
Total stockholders’ deficit | (62,741) | (44,330) |
Total liabilities and stockholders' deficit | $ 2,712 | $ 2,660 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 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 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING EXPENSES | ||||
Professional fees | $ 2,262 | $ 4,286 | $ 12,500 | $ 22,129 |
General & administrative | 867 | 818 | 2,726 | 2,704 |
Total operating expenses | 3,129 | 5,104 | 15,226 | 24,833 |
OTHER INCOME/(EXPENSE): | ||||
Other income | 50,000 | |||
Interest expense | (1,180) | (1,019) | (3,185) | (2,296) |
Total other income | (1,180) | (1,019) | (3,185) | 47,704 |
NET INCOME / (LOSS) | $ (4,309) | $ (6,123) | $ (18,411) | $ 22,871 |
BASIC AND DILUTED NET INCOME / (LOSS) PER SHARE | $ 0 | $ 0 | $ 0 | $ 0.01 |
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 2,529,680 | 2,529,680 | 2,529,680 | 2,529,680 |
STATEMENTS OF CASH FLOWS (unaud
STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (18,411) | $ 22,871 |
Changes in operating assets and liabilities: | ||
Accounts receivable | ||
Prepaid expenses | ||
Accounts payable and accrued liabilites | (3,412) | (23,177) |
Accounts payable to related party | 875 | (1,240) |
Due to related party | (3,085) | |
Net cash used in operating activities | (20,948) | (4,631) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from notes payable | 21,000 | |
Net cash provided by financing activities | 21,000 | |
NET CHANGE IN CASH | 52 | (4,631) |
CASH AT BEGINNING OF PERIOD | 2,660 | 8,124 |
CASH AT END OF PERIOD | 2,712 | 3,493 |
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 | 9 Months Ended |
Dec. 31, 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 condensed financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Companys 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 MANAGEMENT_S
GOING CONCERN AND MANAGEMENT’S PLANS | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 2 - GOING CONCERN AND MANAGEMENT’S PLANS | The unaudited interim condensed 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 $18,411 for the nine months ended December 31, 2017 and has an accumulated deficit of $135,889 and a working capital deficit of $62,741 as of December 31, 2017. Presently, the Company does not have sufficient cash resources to meet its plans through the balance if its fiscal year ended March 31, 2018. These factors raise substantial doubt about the Companys 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 condensed 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 Companys 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 | 9 Months Ended |
Dec. 31, 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 Companys 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 and nine months ended December 31, 2017, the Company incurred fees of $2,220 and $9,658, respectively, to Eventus and has $4,591 in related party accounts payable on the accompanying balance sheet as of December 31, 2017. The office space used by the Company is provided by Eventus at no charge. |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 4 - NOTES PAYABLE | Notes payable consisted of the following as of: December 31, 2017 March 31, 2017 Note payable, 12% interest per annum, due on August 8, 2016. Note is in default and unsecured. $ 10,000 $ 10,000 Note payable, 12% interest per annum, due on August 27, 2016. Note is in default and unsecured. 10,000 10,000 Note payable, 8% interest per annum, due on May 18, 2018. Note is unsecured. 10,000 - Note payable, 8% interest per annum, due on June 30, 2018. Note is unsecured. 11,000 - $ 41,000 $ 20,000 During the nine months ended December 31, 2017, the Company borrowed $21,000 under promissory notes from an unaffiliated lender, under terms set forth in the table above. Proceeds from the borrowings are to further fund ongoing operational expenses. 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 Companys 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 December 31, 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 November 10, 2017, the date of this filing. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 5 - SUBSEQUENT EVENTS | On January 10, 2018, we received a promissory note from Mediapark Investments Limited in the amount of $10,000. This note is due and payable in full on July 10, 2018 and it accrues interest at a rate of 12% per annum. |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Notes Payable Tables | |
Schedule of notes payable | Notes payable consisted of the following as of: December 31, 2017 March 31, 2017 Note payable, 12% interest per annum, due on August 8, 2016. Note is in default and unsecured. $ 10,000 $ 10,000 Note payable, 12% interest per annum, due on August 27, 2016. Note is in default and unsecured. 10,000 10,000 Note payable, 8% interest per annum, due on May 18, 2018. Note is unsecured. 10,000 - Note payable, 8% interest per annum, due on June 30, 2018. Note is unsecured. 11,000 - $ 41,000 $ 20,000 |
NATURE OF OPERATIONS AND BASI12
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) | 9 Months Ended |
Dec. 31, 2017 | |
Nature Of Operations And Basis Of Presentation Details Narrative | |
State country name | Nevada |
Date of incorporation | Mar. 22, 2013 |
GOING CONCERN AND MANAGEMENT_13
GOING CONCERN AND MANAGEMENT’S PLANS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Going Concern And Managements Plans Details Narrative | |||||
Net income (loss) | $ (4,309) | $ (6,123) | $ (18,411) | $ 22,871 | |
Accumulated deficit | (135,889) | (135,889) | $ (117,478) | ||
Working capital deficit | $ (62,741) | $ (62,741) | $ (44,330) |
RELATED PARTY TRANSACTIONS (De
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | |
Related Party Transactions Details Narrative | |||
Accounts payable to related party | $ 4,591 | $ 4,591 | $ 3,066 |
Company Fees | $ 2,220 | $ 9,658 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Notes payable | $ 41,000 | $ 20,000 |
Notes Payable [Member] | ||
Notes payable | 10,000 | 10,000 |
Notes Payable One [Member] | ||
Notes payable | 10,000 | 10,000 |
Notes Payable Two [Member] | ||
Notes payable | 10,000 | |
Notes Payable Three [Member] | ||
Notes payable | $ 11,000 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2015 | |
Notes Payable Details Narrative | ||
Note payable interest per annum | 15.00% | |
Amount borrowed under promissory notes | $ 21,000 | $ 20,000 |
Notes Payable description | These notes are due immediately upon the Companys receipt of any financing of $250,000 or more, or upon written demand by the Lenders, or not later than August 8, 2016 and August 27, 2016, respectively (the Maturity Date). |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - Mediapark Investments Limited [Member] | Jan. 10, 2018USD ($) |
Promissory note | $ 10,000 |
Promissory note accrues interest | 12.00% |