Right On Brands (RTON) 10-Q 12 Aug 16 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Jun. 30, 2016shares
Document And Entity Information
Entity Registrant Name	HealthTalk Live, Inc.
Entity Central Index Key	1,580,262
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	32,617,585
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	$ 132	$ 3,019
Non-current assets:
Net property and equipment	23,850	28,850
Total assets	23,982	31,869
Current liabilities:
Accounts payable	29,067	27,592
Long-term liability - Due to officers	85,202	87,039
Total Liabilities	114,269	114,631
Stockholders' deficit:
Preferred stock; 10,000,000 shares authorized of $.001 par value; no shares issued and outstanding
Common stock; par value $.001; 100,000,000 shares authorized 32,617,585 and 32,577,585 shares issued June 30, 2016 and March 31, 2016, respectively	32,618	32,578
Additional paid-in capital	245,740	243,180
Accumulated deficit	(368,645)	(358,520)
Total stockholders' deficit	(90,287)	(82,762)
Total liabilities and stockholders' deficit	$ 23,982	$ 31,869

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Mar. 31, 2016
Balance Sheets Parenthetical
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ .001	$ .001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	32,617,585	32,577,585
Common stock, shares outstanding	32,617,585	32,577,585

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statements Of Operations
Revenues	$ 104	$ 737
Operating expenses:
Depreciation and amortization	5,000	5,000
Office and other expenses	2,340	1,492
Website hosting and maintenance	1,047	495
Advertising and promotion	1,008	3,700
Computer	543	154
Bank and credit card charges	194	278
Legal and professional	97
Total operating expenses	10,229	11,119
Net loss	$ (10,125)	$ (10,382)
Loss per share:
Basic and diluted loss per share	$ 0	$ 0
Basic and diluted weighted average shares outstanding	32,593,585	31,217,585

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows (used in) operating activities:
Net loss	$ (10,125)	$ (10,382)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,000	5,000
Increase in liabilities:
Accounts payable	1,475	300
Net cash (used in) operating activities	(3,650)	(5,082)
Cash flows provided by financing activities:
(Repayments) on due to officers	(1,837)	(8,500)
Proceeds from issuances of common stock	2,600
Net cash provided by financing activities	763	(8,500)
Decrease in cash	(2,887)	(13,582)
Cash-beginning of period	3,019	13,836
Cash-end of period	132	254
Supplemental cash flow information:
Cash paid for Interest:
Cash paid for income taxes:

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	These interim financial statement footnotes are condensed and should be read in conjunction with the Company's latest annual financial statements. Interim financial statement disclosures generally do not repeat those in the annual financial statements. Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Property and Equipment Property and equipment are stated at cost. Depreciation is provided by the straight-line method over the useful lives of the related assets, from three to five years. The cost of building the Company's website has been capitalized and amortized over a period of three years. Expenditures for minor enhancements and maintenance are expensed as incurred. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Income Taxes The Company is subject to income taxes in the U.S. Significant judgment is required in evaluating our uncertain tax positions and determining our provision for income taxes. In accordance with FASB ASC Topic 740, "Income Taxes," the Company provides for the recognition of deferred tax assets if realization of such assets is more likely than not. The Company accounts for income tax under the provisions of FASB ASC Topic 740, "Income Taxes", which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of the events that have been included in the financial statements or tax returns. Deferred income taxes are recognized for all significant temporary differences between tax and financial statements bases of assets and liabilities. Valuation allowances are established against net deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. Fair Value of Financial Instruments The Company applies the provisions of accounting guidance, FASB Topic ASC 825 that requires all entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value, and defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. As of June 30, 2016 and 2015 the fair value of cash and accounts payable, approximated carrying value due to the short maturity of the instruments, quoted market prices or interest rates which fluctuate with market rates.

Going Concern

Going Concern	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
2. GOING CONCERN	The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. For the three months ended June 30, 2016, the Company had an accumulated deficit of approximately $369,000, had net losses of approximately $10,000, and net cash used in operating activities of approximately $4,000, with little revenue earned since inception, and a lack of operational history. These matters, among others, raise substantial doubt about the Company's ability to continue as a going concern. While the Company is attempting to generate greater revenues, the Company's cash position may not be significant enough to support the Company's daily operations. Management intends to raise additional funds by way of additional public and/or private offerings of its stock. Management believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company's ability to further implement its business plan and generate revenues. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Property And Equipment

Property And Equipment	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
3. PROPERTY AND EQUIPMENT	Three months ended June 30, 2016 Year ended March 31, Website development $ 88,965 $ 88,965 Studio and office equipment 23,864 23,864 112,829 112,829 Less: accumulated depreciation and amortization (88,979 ) (83,979 ) Ending Balance $ 23,850 $ 28,850 Depreciation and amortization expense for the three months ended June 30, 2016 and the year ended March 31, 2016 were $5,000 and $20,000, respectively.

Due From Officers

Due From Officers	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
4. DUE FROM OFFICERS	During the three months ended June 30, 2016, John and Vicki Yawn were repaid a net of $1,837, resulting in a net balance due them of $85,202. The advances made were for the purpose of the Company's operations and are unsecured without interest. It is expected that when the Company can generate sufficient cash flows from operations, these advances will be requested to be paid.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
5. EARNINGS PER SHARE	FASB ASC Topic 260, Earnings Per Share, requires a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share (EPS) computations. Basic earnings (loss) per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company had no potential additional dilutive securities outstanding for the three months ended June 30, 2016 or the year ended March 31, 2016. The following table sets forth the computation of basic and diluted net income per share: June 30, 2016 March 31, 2016 Net loss attributable to the common stockholders $ (10,125 ) $ (50,930 ) Basic weighted average outstanding shares of common stock 32,593,585 32,252,585 Dilutive effect of common stock equivalent - - Diluted weighted average common stock and common stock equivalents 32,593,585 32,252,585 Earnings (loss) per share: Basic and diluted $ (0.00 ) $ (0.00 )

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
6. SUBSEQUENT EVENTS	Subsequent events were evaluated through August 10, 2016 the date in which the financial statements were available to be issued.

Summary Of Significant Accoun12

Summary Of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2016
Summary Of Significant Accounting Policies Policies
Cash and Cash Equivalents	The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.
Property and Equipment	Property and equipment are stated at cost. Depreciation is provided by the straight-line method over the useful lives of the related assets, from three to five years. The cost of building the Company's website has been capitalized and amortized over a period of three years. Expenditures for minor enhancements and maintenance are expensed as incurred.
Use of Estimates	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	The Company is subject to income taxes in the U.S. Significant judgment is required in evaluating our uncertain tax positions and determining our provision for income taxes. In accordance with FASB ASC Topic 740, "Income Taxes," the Company provides for the recognition of deferred tax assets if realization of such assets is more likely than not. The Company accounts for income tax under the provisions of FASB ASC Topic 740, "Income Taxes", which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of the events that have been included in the financial statements or tax returns. Deferred income taxes are recognized for all significant temporary differences between tax and financial statements bases of assets and liabilities. Valuation allowances are established against net deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized.
Fair Value of Financial Instruments	The Company applies the provisions of accounting guidance, FASB Topic ASC 825 that requires all entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value, and defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. As of June 30, 2016 and 2015 the fair value of cash and accounts payable, approximated carrying value due to the short maturity of the instruments, quoted market prices or interest rates which fluctuate with market rates.

Property And Equipment (Tables)

Property And Equipment (Tables)	3 Months Ended
	Jun. 30, 2016
Property And Equipment Tables
Property And Equipment	Three months ended June 30, 2016 Year ended March 31, Website development $ 88,965 $ 88,965 Studio and office equipment 23,864 23,864 112,829 112,829 Less: accumulated depreciation and amortization (88,979 ) (83,979 ) Ending Balance $ 23,850 $ 28,850

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2016
Earnings Per Share Tables
Earnings loss per shares	June 30, 2016 March 31, 2016 Net loss attributable to the common stockholders $ (10,125 ) $ (50,930 ) Basic weighted average outstanding shares of common stock 32,593,585 32,252,585 Dilutive effect of common stock equivalent - - Diluted weighted average common stock and common stock equivalents 32,593,585 32,252,585 Earnings (loss) per share: Basic and diluted $ (0.00 ) $ (0.00 )

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Going Concern Details Narrative
Accumulated deficit	$ (368,645)		$ (358,520)
Net loss	(10,125)	$ (10,382)
Net cash used in operating activities	$ (3,650)	$ (5,082)

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Property, Plant and Equipment, Gross	$ 112,829	$ 112,829
Less: accumulated depreciation and amortization	(88,979)	(83,979)
Ending Balance	23,850	28,850
Website development [Member]
Property, Plant and Equipment, Gross	88,965	88,965
Studio and office equipment [Member]
Property, Plant and Equipment, Gross	$ 23,864	$ 23,864

Property and Equipment (Detai17

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Property And Equipment Details Narrative
Depreciation and amortization expense	$ 5,000	$ 5,000	$ 20,000

Due From Officers (Details Narr

Due From Officers (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Due From Officers Details Narrative
(Repayments) on due to officers	$ (1,837)	$ (8,500)
Long-term liability - Due to officers	$ 85,202		$ 87,039

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Earnings Per Share Details
Net loss attributable to the common stockholders	$ (10,125)		$ (50,930)
Basic weighted average outstanding shares of common stock	32,593,585		32,252,585
Dilutive effect of common stock equivalent
Diluted weighted average common stock and common stock equivalents	32,593,585		32,252,585
Earnings (loss) per share:
Basic and diluted	$ 0	$ 0	$ 0