Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2018 | Nov. 12, 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 | Sep. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Is Entity's Reporting Status Current? | Yes | |
Is Entity Emerging Growth Company? | false | |
Elected Not To Use the Extended Transition Period | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 2,529,680 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,019 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2018 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1,360 | $ 10,153 |
Prepaid expenses | 2,917 | |
Total assets | 4,277 | 10,153 |
Current liabilities: | ||
Accounts payable and accrued expenses | 21,631 | 27,928 |
Accounts payable to related party | 4,383 | 3,530 |
Notes payable | 51,000 | |
Notes payable to related parties | 75,000 | |
Total current liabilities | 101,014 | 82,458 |
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 | (169,885) | (145,453) |
Total stockholders' deficit | (96,737) | (72,305) |
Total liabilities and stockholders' deficit | $ 4,277 | $ 10,153 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares 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 | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
OPERATING EXPENSES | ||||
Professional fees | $ 11,224 | $ 3,771 | $ 19,333 | $ 10,238 |
General & administrative | 1,974 | 878 | 2,270 | 1,859 |
Total operating expenses | 13,198 | 4,649 | 21,603 | 12,097 |
OTHER INCOME (EXPENSE): | ||||
Interest expense | 1,550 | 1,163 | 2,829 | 2,005 |
Total other expense | (1,550) | (1,163) | (2,829) | (2,005) |
NET LOSS | $ (14,748) | $ (5,812) | $ (24,432) | $ (14,102) |
BASIC AND DILUTED NET LOSS PER SHARE | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) |
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 2,529,680 | 2,529,680 | 2,529,680 | 2,529,680 |
Condensed Statements Of Cash Fl
Condensed Statements Of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (24,432) | $ (14,102) |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 2,917 | |
Accounts payable and accrued liabilites | (6,297) | (1,654) |
Accounts payable to related party | 853 | (1,345) |
Net cash used in operating activities | (32,793) | (17,101) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on notes payable | 51,000 | |
Proceeds from notes payable to related parties | 75,000 | |
Proceeds from notes payable | 21,000 | |
Net cash provided by financing activities | 24,000 | 21,000 |
NET CHANGE IN CASH | (8,793) | 3,899 |
CASH AT BEGINNING OF PERIOD | 10,153 | 2,660 |
CASH AT END OF PERIOD | 1,360 | 6,559 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for: Interest | 8,976 | |
Cash paid for: Income taxes |
Nature Of Operations And Basis
Nature Of Operations And Basis Of Presentation | 6 Months Ended |
Sep. 30, 2018 | |
Nature Of Operations And Basis Of Presentation | |
Nature of Operations and Basis of Presentation | 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 Company’s Annual Report on Form 10-K as of and for the year ended March 31, 2018, as filed on July 5, 2018. 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 | 6 Months Ended |
Sep. 30, 2018 | |
Going Concern And Managements Plans | |
Going Concern and Management's Plans | 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 $24,432 for the six months ended September 30, 2018 and has an accumulated deficit of $169,885 and a working capital deficit of $96,737 as of September 30, 2018. Presently, the Company does not have sufficient cash resources to meet its plans through the balance of its fiscal year ended March 31, 2019. 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 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 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 | 6 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions | |
Related Party Transactions | NOTE 3 – RELATED PARTY TRANSACTIONS Effective June 15, 2015, Neil Reithinger was appointed as President, Treasurer, Secretary and a director. 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. During the six months ended September 30, 2018 and 2017, the Company incurred fees of $1,674 and $2,371 due to Eventus, respectively. The outstanding related party liabilities in the balance sheet as of September 30, 2018 and March 31, 2018 were $4,383 and $3,530, respectively. The office space used by the Company is provided by Eventus at no charge. On May 16, 2018, as part of entering into certain promissory notes with five related party investors (See Note 4), Mr. Reithinger resigned as the Company’s Secretary. As of such date, he remained as the Company’s President, Treasurer and as a director. On that same date, the Company appointed Eyal Ben Ami to the Board of Directors and Oded Gilboa as Secretary. Each of these individuals was identified by the note holders. Mr. Ben Ami and Mr. Reithinger are now the Company’s only two directors. Mr. Gilboa also was granted signature rights to the Company’s bank accounts. These note holders are considered to be related parties due to their influence. |
Notes Payable
Notes Payable | 6 Months Ended |
Sep. 30, 2018 | |
Notes Payable | |
Notes Payable | NOTE 4 – NOTES PAYABLE Notes payable consisted of the following as of: September 30, 2018 March 31, 2018 Note payable, 12% interest per annum, due on August 8, 2016. Note is in default and unsecured. $ — $ 10,000 Note payable, 12% interest per annum, due on August 27, 2016. Note is in default and unsecured. — 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 Note payable, 12% interest per annum, due on July 10, 2018. Note is unsecured. — 10,000 Note payable to related party, 8% interest per annum, due on December 5, 2018 15,000 — Note payable to related party, 8% interest per annum, due on December 5, 2018 15,000 — Note payable to related party, 8% interest per annum, due on December 5, 2018 15,000 — Note payable to related party, 8% interest per annum, due on December 5, 2018 15,000 Note payable to related party, 8% interest per annum, due on December 5, 2018 15,000 $ 75,000 $ 51,000 On May 15, 2018, the Company entered into a first amendment to the convertible promissory note agreement with Trius Holdings Limited. This agreement will become due and payable in whole on or before May 17, 2019. On June 6, 2018, the Company entered into promissory notes with five investors, Amir Uziel, Lavi Krasney, L.I.A. Pure Capital Ltd, Nir Reinhold and Yaad Consulting & Management Services (1995) Ltd, for $15,000 each, totaling $75,000. The notes accrue interest at a rate of 8% per annum and are each due on December 5, 2018. These note holders are considered to be related parties due to their influence. On June 26, 2018, the Company paid off one of the existing defaulted notes for $10,000, including accrued interest of $3,321. Additionally, on August 24, 2018, the Company paid off four of the existing notes for $41,000, including accrued interest of $5,655. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2018 | |
Subsequent Events | |
Subsequent Events | NOTE 5 – SUBSEQUENT EVENTS On November 2, 2018, the Company entered into and received funds underlying a promissory note agreement with Amir Uziel for $10,000. The note accrues interest at a rate of 8% per annum and is due on May 1, 2019. On November 8, 2018, the Company entered into and received funds underlying two promissory note agreements with L.I.A. Pure Capital Ltd. and Attribute Ltd. for $10,000 each. The notes accrue interest at a rate of 8% per annum and are due on May 1, 2019. |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Disclosure Notes Payable Tables Abstract | |
Schedule of Notes Payable | Notes payable consisted of the following as of: September 30, 2018 March 31, 2018 Note payable, 12% interest per annum, due on August 8, 2016. Note is in default and unsecured. $ — $ 10,000 Note payable, 12% interest per annum, due on August 27, 2016. Note is in default and unsecured. — 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 Note payable, 12% interest per annum, due on July 10, 2018. Note is unsecured. — 10,000 Note payable to related party, 8% interest per annum, due on December 5, 2018 15,000 — Note payable to related party, 8% interest per annum, due on December 5, 2018 15,000 — Note payable to related party, 8% interest per annum, due on December 5, 2018 15,000 — Note payable to related party, 8% interest per annum, due on December 5, 2018 15,000 Note payable to related party, 8% interest per annum, due on December 5, 2018 15,000 $ 75,000 $ 51,000 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Sep. 30, 2018 | Mar. 31, 2018 |
Short-term Debt [Line Items] | ||
Notes payable | $ 75,000 | $ 51,000 |
Note Payable Due On August 08, 2016 [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 10,000 | |
Note Payable Due On August 27, 2016 [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 10,000 | |
Note Payable Due On May 18, 2018 [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 10,000 | |
Note Payable Due On June 30, 2018 [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 11,000 | |
Note Payable Due On July 10, 2018 [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 10,000 | |
Note Payable Due On December 05, 2018 [Member] | Related Party [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 15,000 | |
Note Payable Due On December 05, 2018 [Member] | Related Party [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 15,000 | |
Note Payable Due On December 05, 2018 [Member] | Related Party [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 15,000 | |
Note Payable Due On December 05, 2018 [Member] | Related Party [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 15,000 | |
Note Payable Due On December 05, 2018 [Member] | Related Party [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 15,000 |
Notes Payable (Details) (Parent
Notes Payable (Details) (Parenthetical) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Mar. 31, 2018 | |
Note Payable Due On August 08, 2016 [Member] | ||
Short-term Debt [Line Items] | ||
Note payable interest per annum | 12.00% | 12.00% |
Note payable due date | Aug. 8, 2016 | Aug. 8, 2016 |
Note payable description | Note is in default and unsecured.</font></p>" id="sjs-B7"><p><font style="font-size: 10pt">Note is in default and unsecured.</font></p> | Note is in default and unsecured.</font></p>" id="sjs-C7"><p><font style="font-size: 10pt">Note is in default and unsecured.</font></p> |
Note Payable Due On August 27, 2016 [Member] | ||
Short-term Debt [Line Items] | ||
Note payable interest per annum | 12.00% | 12.00% |
Note payable due date | Aug. 27, 2016 | Aug. 27, 2016 |
Note payable description | Note is in default and unsecured.</font></p>" id="sjs-B12"><p><font style="font-size: 10pt">Note is in default and unsecured.</font></p> | Note is in default and unsecured.</font></p>" id="sjs-C12"><p><font style="font-size: 10pt">Note is in default and unsecured.</font></p> |
Note Payable Due On May 18, 2018 [Member] | ||
Short-term Debt [Line Items] | ||
Note payable interest per annum | 8.00% | 8.00% |
Note payable due date | May 18, 2018 | May 18, 2018 |
Note payable description | Note is unsecured.</font></p>" id="sjs-B17"><p><font style="font-size: 10pt">Note is unsecured.</font></p> | Note is unsecured.</font></p>" id="sjs-C17"><p><font style="font-size: 10pt">Note is unsecured.</font></p> |
Note Payable Due On June 30, 2018 [Member] | ||
Short-term Debt [Line Items] | ||
Note payable interest per annum | 8.00% | 8.00% |
Note payable due date | Jun. 30, 2018 | Jun. 30, 2018 |
Note payable description | Note is unsecured.</font></p>" id="sjs-B22"><p><font style="font-size: 10pt">Note is unsecured.</font></p> | Note is unsecured.</font></p>" id="sjs-C22"><p><font style="font-size: 10pt">Note is unsecured.</font></p> |
Note Payable Due On July 10, 2018 [Member] | ||
Short-term Debt [Line Items] | ||
Note payable interest per annum | 12.00% | 12.00% |
Note payable due date | Jul. 10, 2018 | Jul. 10, 2018 |
Note payable description | Note is unsecured.</font></p>" id="sjs-B27"><p><font style="font-size: 10pt">Note is unsecured.</font></p> | Note is unsecured.</font></p>" id="sjs-C27"><p><font style="font-size: 10pt">Note is unsecured.</font></p> |
Note Payable Due On December 05, 2018 [Member] | Related Party [Member] | ||
Short-term Debt [Line Items] | ||
Note payable interest per annum | 8.00% | |
Note payable due date | Dec. 5, 2018 | |
Note Payable Due On December 05, 2018 [Member] | Related Party [Member] | ||
Short-term Debt [Line Items] | ||
Note payable interest per annum | 8.00% | |
Note payable due date | Dec. 5, 2018 | |
Note Payable Due On December 05, 2018 [Member] | Related Party [Member] | ||
Short-term Debt [Line Items] | ||
Note payable interest per annum | 8.00% | |
Note payable due date | Dec. 5, 2018 | |
Note Payable Due On December 05, 2018 [Member] | Related Party [Member] | ||
Short-term Debt [Line Items] | ||
Note payable interest per annum | 8.00% | |
Note payable due date | Dec. 5, 2018 | |
Note Payable Due On December 05, 2018 [Member] | Related Party [Member] | ||
Short-term Debt [Line Items] | ||
Note payable interest per annum | 8.00% | |
Note payable due date | Dec. 5, 2018 |
Going Concern And Management'_2
Going Concern And Management's Plans (Narrative) (Details) | Sep. 30, 2018USD ($) |
Going Concern And Managements Plans Narrative | |
Working capital deficit | $ 96,737 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Related Party Transaction [Line Items] | ||||||
Professional fees | $ 11,224 | $ 3,771 | $ 19,333 | $ 10,238 | ||
Accounts payable to related party | 4,383 | 4,383 | $ 3,530 | |||
Eventus - A Firm In Which Mr.Neil Reithinger Is The Founder And President [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Professional fees | 1,674 | $ 2,371 | ||||
Accounts payable to related party | $ 4,383 | $ 4,383 | $ 3,530 |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) - USD ($) | Aug. 24, 2018 | Jun. 26, 2018 | Jun. 06, 2018 | Sep. 30, 2018 | Sep. 30, 2017 |
Short-term Debt [Line Items] | |||||
Payments on notes payable | $ 41,000 | $ 10,000 | $ 51,000 | ||
Accrued interest portion included in repayment of notes | $ 5,655 | $ 3,321 | |||
Proceeds from promissory notes | $ 21,000 | ||||
Amir Uziel [Member] | Note Payable Due On December 05, 2018 [Member] | |||||
Short-term Debt [Line Items] | |||||
Promissory note face amount | $ 15,000 | ||||
Promissory note payable interest per annum | 8.00% | ||||
Promissory note payable due date | Dec. 5, 2018 | ||||
Lavi Krasney [Member] | Note Payable Due On December 05, 2018 [Member] | |||||
Short-term Debt [Line Items] | |||||
Promissory note face amount | $ 15,000 | ||||
Promissory note payable interest per annum | 8.00% | ||||
Promissory note payable due date | Dec. 5, 2018 | ||||
L.I.A. Pure Capital Ltd [Member] | Note Payable Due On December 05, 2018 [Member] | |||||
Short-term Debt [Line Items] | |||||
Promissory note face amount | $ 15,000 | ||||
Promissory note payable interest per annum | 8.00% | ||||
Promissory note payable due date | Dec. 5, 2018 | ||||
Yaad Consulting & Management Services (1995) Ltd [Member] | Note Payable Due On December 05, 2018 [Member] | |||||
Short-term Debt [Line Items] | |||||
Promissory note face amount | $ 15,000 | ||||
Promissory note payable interest per annum | 8.00% | ||||
Promissory note payable due date | Dec. 5, 2018 | ||||
Nir Reinhold [Member] | Note Payable Due On December 05, 2018 [Member] | |||||
Short-term Debt [Line Items] | |||||
Promissory note face amount | $ 15,000 | ||||
Promissory note payable interest per annum | 8.00% | ||||
Promissory note payable due date | Dec. 5, 2018 | ||||
Five Investors [Member] | Note Payable Due On December 05, 2018 [Member] | |||||
Short-term Debt [Line Items] | |||||
Promissory note face amount | $ 75,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] - USD ($) | Nov. 08, 2018 | Nov. 02, 2018 |
Promissory Note Issued to AmirUziel Issued On November 02, 2018 [Member] | ||
Subsequent Event [Line Items] | ||
Promissory note face amount | $ 10,000 | |
Promissory note payable interest per annum | 8.00% | |
Promissory note payable due date | May 1, 2019 | |
Promissory Note Issued to L.I.A. Pure Capital Ltd On November 08, 2018 [Member] | ||
Subsequent Event [Line Items] | ||
Promissory note face amount | $ 10,000 | |
Promissory note payable interest per annum | 8.00% | |
Promissory note payable due date | May 1, 2019 | |
Promissory Note Issued to Attribute Ltd On November 08, 2018 [Member] | ||
Subsequent Event [Line Items] | ||
Promissory note face amount | $ 10,000 | |
Promissory note payable interest per annum | 8.00% | |
Promissory note payable due date | May 1, 2019 |