Arias Intel (ASNT) 10-Q 2 Nov 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2016	Nov. 01, 2016
Document And Entity Information
Entity Registrant Name	First Harvest Corp.
Entity Central Index Key	1,585,755
Document Type	10-Q
Trading Symbol	HVSTD
Document Period End Date	Sep. 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		537,812
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,016

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Current assets:
Cash and cash equivalents
Total current assets
TOTAL ASSETS
Current liabilities:
Accounts payable		2,475
Due to related party	20,725	19,743
Total current liabilities	20,725	22,218
Stockholders' deficit:
Preferred stock
Common Stock, $0.001 par value, 500,000,000 shares authorized, 533,606 and 403,400 issued and outstanding as of 9/30/2016 and 3/31/2016, respectively	534	403
Additional paid-in-capital	60,384	25,399
Accumulated deficit	(81,643)	(48,218)
Total stockholders' deficit	(20,725)	(22,218)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
Series A Preferred Stock [Member]
Stockholders' deficit:
Preferred stock		$ 198

Condensed Balance Sheets (Unau3

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2016	Sep. 07, 2016	Mar. 31, 2016
Preferred stock, authorized	10,000,000	10,000,000	10,000,000
Preferred stock, issued	0		0
Preferred stock, outstanding	0		0
Common Stock, par value (in dollars per share)	$ 0.001		$ 0.001
Common Stock, authorized	500,000,000	500,000,000	500,000,000
Common Stock, issued	533,606		403,400
Common Stock, outstanding	533,606		403,400
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001		$ 0.001
Preferred stock, authorized	5,000,000		5,000,000
Preferred stock, issued	0		197,660
Preferred stock, outstanding	0		197,660

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Revenue
Operating expenses:
General & administrative	24,925	1,500	33,425	5,875
Total expenses	24,925	1,500	33,425	5,875
Net loss from operations	(24,925)	(1,500)	(33,425)	(5,875)
Net loss applicable to common shareholders	$ (24,925)	$ (1,500)	$ (33,425)	$ (5,875)
Weighted average number of common shares outstanding - basic and diluted (in shares)	508,124	330,000	480,660	330,000
Net loss per share - basic and diluted (in dollars per share)	$ (0.05)	$ 0	$ (0.07)	$ (0.02)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
OPERATING ACTIVITIES
Net loss	$ (33,425)	$ (5,875)
Adjustment to reconcile net loss to net cash used by operating activities:
Stock issued for services	15,175
Changes in operating assets and liabilities:
Decrease in accounts payable and accrued expenses	(2,475)	625
Cash used by operating activities	(20,725)	(5,250)
FINANCING ACTIVITIES
Proceeds from related party	20,725	5,250
Net cash provided by financing activities	20,725	5,250
NET INCREASE IN CASH
CASH - BEGINNING OF THE PERIOD
CASH - END OF THE PERIOD
SUPPLEMENTAL DISCLOSURES:
Interest paid
Income taxes paid
Non cash financing activities:
Common stock issued for settlement of debt	19,743
Conversion of preferred stock to common stock	$ 198

CONDENSED INTERIM FINANCIAL STA

CONDENSED INTERIM FINANCIAL STATEMENTS	6 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
CONDENSED INTERIM FINANCIAL STATEMENTS	NOTE 1 - CONDENSED INTERIM FINANCIAL STATEMENTS The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at September 30, 2016 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's March 31, 2016 audited financial statements. The results of operations for the six months ended September 30, 2016 are not necessarily indicative of the operating results for the full year. Basis of Presentation In the opinion of management, the accompanying balance sheets and related interim statements of operations and cash flows, include all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Actual results and outcomes may differ from management's estimates and assumptions.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 2 - GOING CONCERN These unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of September 30, 2016, the Company has not recognized any revenue and has accumulated operating losses of approximately $81,600 since inception. The Company's ability to continue as a going concern is contingent upon the successful completion of additional financing arrangements and its ability to achieve and maintain profitable operations. Management plans to raise equity capital to finance the operating and capital requirements of the Company. Amounts raised will be used for further development of the Company's products, to provide financing for marketing and promotion, to secure additional property and equipment, and for other working capital purposes. While the Company is putting forth its best efforts to achieve the above plans, there is no assurance that any such activity will generate funds that will be available for operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. These unaudited condensed financial statements do not include any adjustments relating to recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might arise from this uncertainty.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Earnings per Share The basic earnings (loss) per share is calculated by dividing the Company's net income (loss) available to common shareholders by the weighted average number of common shares issued and outstanding during the year. The diluted earnings (loss) per share is calculated by dividing the Company's net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first year for any potentially dilutive debt or equity. Recent Accounting Pronouncements The Company's management has evaluated all the recently issued accounting pronouncements through the filing date of these financial statements and does not believe that any of these pronouncements will have a material impact on the Company's financial position and results of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 4 - RELATED PARTY TRANSACTIONS On February 27, 2013, the Company issued 300,000 shares of its Common Stock to a founder for cash of $3,000. On April 22, 2013, a former officer loaned the Company $500 for audit fees. On June 27, 2014, a former loaned the Company an additional $1,993 for audit fees. On October 23, 2014, a former loaned the Company an additional $6,000 for audit fees. On July 1, 2015, a former loaned the Company an additional $5,250 for audit fees. On March 9, 2016, a former loaned the Company an additional $6,000 for audit fees. On September 8, 2016, the Company issued to the former officer 19,743 shares of its common stock in full settlement of the related party debt in the amount of $19,743. As of September 30, 2016 and March 31, 2016, $-0- and $19,743, respectively, of this loan remained due. On May 9, 2016, a shareholder loaned the Company $7,500 for audit fees. On May 11, 2016, a shareholder loaned the Company $1,000 for audit fees. On June 20, 2016, a shareholder loaned the Company $1,500 for audit fees. During the quarter ended September 30, 2016, a shareholder loaned the Company $10,725 for audit and transfer agent fees. As of September 30, 2016, $20,725 of this loan remained due. The loan bears no interest and is due upon demand. The Company does not lease or rent any property. Office services are provided without charge by a director. Such costs are immaterial to the financial statements and, accordingly, have not been reflected therein. The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available, such persons may face a conflict in selecting between the Company and their other business interests. The Company has not formulated a policy for the resolution of such conflicts.

STOCKHOLDERS' EQUITY AND CONTRI

STOCKHOLDERS' EQUITY AND CONTRIBUTED CAPITAL	6 Months Ended
	Sep. 30, 2016
Equity [Abstract]
STOCKHOLDERS' EQUITY AND CONTRIBUTED CAPITAL	NOTE 5 - STOCKHOLDERS' EQUITY AND CONTRIBUTED CAPITAL Series A Convertible Preferred Stock The Company was previously authorized to issue 5,000,000 shares of $0.001 par value Series A Preferred Stock. On March 29, 2013, the Company issued 200,000 shares of its Series A Preferred Stock to shareholders in exchange for cash of $10,000. This Series A Preferred Stock was issued with a beneficial conversion feature totaling $10,000. This non-cash expense related to the beneficial conversion features of those securities and is recorded with a corresponding credit to paid-in-capital. Each share of the Series A Preferred Stock had no liquidation rights. Series A Preferred Stock were not entitled to receive any dividends nor were they entitled to any voting rights with respect to the Series A Preferred Stock. Initially, any holder could convert any or all of the shares of Series A Preferred Stock held by such holder at the ratio of one hundred (100) shares of Common Stock for every one (1) share of Series A Preferred Stock. However, the beneficial owner of such Series A Preferred Stock could not convert their Series A Preferred stock where they will beneficially own in excess of 4.9% of the shares of the Common Stock. On November 4, 2015, a shareholder of Series A Preferred Stock converted 990 preferred shares to 9,900 shares of Common Stock. On December 7, 2015, a shareholder of Series A Preferred Stock converted 750 preferred shares to 7,500 shares of Common Stock. On February 15, 2016, a shareholder of Series A Preferred Stock converted 600 preferred shares to 6,000 shares of Common Stock. On April 12, 2016, a shareholder of Series A Preferred Stock converted 1,000 preferred shares to 10,000 shares of Common Stock. On May 3, 2016, a shareholder of Series A Preferred Stock converted 1,800 preferred shares to 18,000 shares of Common Stock. On May 5, 2016, a shareholder of Series A Preferred Stock converted 1,600 preferred shares to 16,000 shares of Common Stock. On May 19, 2016, a shareholder of Series A Preferred Stock converted 1,850 preferred shares to 18,500 shares of Common Stock. On May 20, 2016, a shareholder of Series A Preferred Stock converted 500 preferred shares to 5,000 shares of Common Stock. On May 25, 2016, a shareholder of Series A Preferred Stock converted 2,200 preferred shares to 22,000 shares of Common Stock. On September 7, 2016, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of the State of Nevada, which amended the existing terms of the Series A Preferred Stock. The conversion ratio of the Series A Preferred Stock was reduced from 100 shares of Common Stock for every share of Series A Preferred Stock to one (1) share of Common Stock for every share of Series A Preferred Stock and also inserted an automatic conversion provision, whereby all of the outstanding Series A Preferred Stock on September 8, 2016 would automatically convert into Common Stock at the conversion ratio. On September 8, 2016, the remaining 188,710 shares of Series A Preferred Stock were converted to 188,710 shares of Common Stock. As of September 30, 2016, there were no shares of Series A Preferred Stock outstanding. Blank Check Preferred Stock On September 7, 2016, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of the State of Nevada, which became effective on September 9, 2016. The Company removed the designations of the existing series of preferred stock (series A, series B and series C); and authorized the creation of 10,000,000 shares of “blank check” preferred stock. Common Stock The Company is authorized to issue 500,000,000 shares of its $0.001 par value Common Stock, of which 533,606 shares were issued and outstanding as of September 30, 2016. On November 4, 2015, a shareholder of Series A Preferred Stock converted 990 preferred shares to 9,900 shares of Common Stock. On December 7, 2015, a shareholder of Series A Preferred Stock converted 750 preferred shares to 7,500 shares of Common Stock. On February 4, 2016, the Company underwent a change of control of ownership. VERSAI Inc. returned the 30,000 control shares to the Company’s then sole officer and director that it had previously purchased on September 24, 2015 in order that the company may continue as a going concern. In consideration for the return of the 300,000 common shares, the Company issued 50,000 restricted common shares to the lending group who provided to VERSAI, Inc. the cash consideration to purchase the 300,000 control shares on September 24, 2015. On February 15, 2016, a shareholder of Series A Preferred Stock converted 600 preferred shares to 6,000 shares of Common Stock. On April 12, 2016, a shareholder of Series A Preferred Stock converted 1,000 preferred shares to 10,000 shares of Common Stock. On May 3, 2016, a shareholder of Series A Preferred Stock converted 1,800 preferred shares to 18,000 shares of Common Stock. On May 5, 2016, a shareholder of Series A Preferred Stock converted 1,600 preferred shares to 16,000 shares of Common Stock. On May 19, 2016, a shareholder of Series A Preferred Stock converted 1,850 preferred shares to 18,500 shares of Common Stock. On May 20, 2016, a shareholder of Series A Preferred Stock converted 500 preferred shares to 5,000 shares of Common Stock. On May 25, 2016, a shareholder of Series A Preferred Stock converted 2,200 preferred shares to 22,000 shares of Common Stock. On August 10, 2016, the Company issued 175,000 shares of its Common Stock to an existing shareholder for services at par value. On September 7, 2016, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of the State of Nevada, which became effective on September 9, 2016. The Company increased the authorized number of shares of Common Stock from 185,000,000 to 500,000,000. On September 8, 2016, 188,710 shares of Series A Preferred stock were converted to 188,710 shares of Common Stock. On September 8, 2016, the Company issued 19,743 shares of its Common Stock in settlement of $19,743 of the Company’s related-party debt. On September 9, 2016, the Company issued 23,597 shares of its Common Stock in exchange for $15,000 of services provided to the Company. Effective September 23, 2016, the Company's board of directors authorized a one-for-ten reverse stock split (the “Reverse Split”). As a result of the Reverse Split, every 10 shares of Common Stock issued and outstanding prior to the Reverse Split were converted into 1 new share of Common Stock. All share and related information presented in these financial statements and accompanying footnotes have been adjusted to reflect the decreased number of shares resulting from this action. As of September 30, 2016, there had been no stock options or warrants granted.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 6 - SUBSEQUENT EVENT On October 5, 2016, we issued four shares of common stock in connection with the settlement of fractional shares in connection with the reverse stock split effective September 23, 2016. On October 18, 2016, the Company issued 4,202 shares of its Common Stock in exchange for $15,000 worth of services provided to the Company.

SIGNIFICANT ACCOUNTING POLICI12

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Use of Estimates	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 revenue and expenses during the reporting period. Actual results could differ from those estimates.
Earnings per Share	Earnings per Share The basic earnings (loss) per share is calculated by dividing the Company's net income (loss) available to common shareholders by the weighted average number of common shares issued and outstanding during the year. The diluted earnings (loss) per share is calculated by dividing the Company's net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first year for any potentially dilutive debt or equity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company's management has evaluated all the recently issued accounting pronouncements through the filing date of these financial statements and does not believe that any of these pronouncements will have a material impact on the Company's financial position and results of operations.

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated operating losses	$ (81,643)	$ (48,218)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)

Sep. 08, 2016

Jun. 20, 2016

May 11, 2016

May 09, 2016

Mar. 09, 2016

Jul. 02, 2015

Oct. 23, 2014

Jun. 27, 2014

Apr. 22, 2013

Feb. 27, 2013

Sep. 30, 2016

Mar. 31, 2016

Due to related party

$ 20,725

$ 19,743

Former Officer [Member]

Shares issued during the period

19,743

Shares issued during the period, value

$ 19,743

Amount of loan for audit fees

$ 6,000

$ 5,250

$ 6,000

$ 1,993

$ 500

Due to related party

0

Officer [Member]

Due to related party

$ 19,743

Shareholder [Member]

Amount of loan for audit fees

$ 1,500

$ 1,000

$ 7,500

Due to related party

20,725

Audit and transfer agent fees

$ 10,725

Common Stock [Member] | Founder [Member]

Shares issued during the period

300,000

Shares issued during the period, value

$ 3,000

STOCKHOLDERS' EQUITY AND CONT15

STOCKHOLDERS' EQUITY AND CONTRIBUTED CAPITAL (Details Narrative) - USD ($)	Sep. 23, 2016	Sep. 09, 2016	Sep. 08, 2016	Sep. 07, 2016	Aug. 10, 2016	May 25, 2016	May 20, 2016	May 19, 2016	May 05, 2016	May 03, 2016	Apr. 12, 2016	Feb. 15, 2016	Feb. 04, 2016	Dec. 07, 2015	Nov. 04, 2015	Mar. 29, 2013	Sep. 30, 2016	Mar. 31, 2016
Preferred stock, authorized				10,000,000													10,000,000	10,000,000
Preferred stock, issued																	0	0
Preferred stock, outstanding																	0	0
Common stock, authorized				500,000,000													500,000,000	500,000,000
Common stock, par value (in dollars per share)																	$ 0.001	$ 0.001
Common stock, issued																	533,606	403,400
Common stock, outstanding																	533,606	403,400
Shares issued for services		23,597
Value for the shares issued for services		$ 15,000
Description of reverse stock split	Every 10 shares of Common Stock issued and outstanding prior to the Reverse Split were converted into 1 new share of Common Stock.
Former Officer [Member]
Number of shares issued			19,743
Value of shares issued			$ 19,743
Series A Preferred Stock [Member]
Preferred stock, authorized																	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)																	$ 0.001	$ 0.001
Preferred stock, issued																	0	197,660
Preferred stock, outstanding																	0	197,660
Description of preferred voting rights				The conversion ratio of the Series A Preferred Stock was reduced from 100 shares of Common Stock for every share of Series A Preferred Stock to one (1) share of Common Stock for every share of Series A Preferred Stock and also inserted an automatic conversion provision, whereby all of the outstanding Series A Preferred Stock on September 8, 2016 would automatically convert into Common Stock at the conversion ratio.													Each share of the Series A Preferred Stock had no liquidation rights. Series A Preferred Stock were not entitled to receive any dividends nor were they entitled to any voting rights with respect to the Series A Preferred Stock. Initially, any holder could convert any or all of the shares of Series A Preferred Stock held by such holder at the ratio of one hundred (100) shares of Common Stock for every one (1) share of Series A Preferred Stock. However, the beneficial owner of such Series A Preferred Stock could not convert their Series A Preferred stock where they will beneficially own in excess of 4.9% of the shares of the Common Stock.
Percentage of beneficial owner																	4.90%
Number of shares issued																200,000
Value of shares issued																$ 10,000
Beneficial conversion feature																$ 10,000
Number of shares converted			188,710			2,200	500	1,850	1,600	1,800	1,000	600		750	990
Common Stock [Member]
Number of common shares issued			188,710			22,000	5,000	18,500	16,000	18,000	10,000	6,000		7,500	9,900
Shares issued for services					175,000
Common Stock [Member] | VERSAI Inc. [Member]
Number of shares returned during the period													30,000
Restricted Common Stock [Member] | VERSAI Inc. [Member]
Number of shares issued													50,000

SUBSEQUENT EVENT (Details Narra

SUBSEQUENT EVENT (Details Narrative) - USD ($)	Oct. 18, 2016	Oct. 05, 2016	Sep. 23, 2016	Sep. 09, 2016
Description of reverse stock split			Every 10 shares of Common Stock issued and outstanding prior to the Reverse Split were converted into 1 new share of Common Stock.
Shares issued for services				23,597
Value for the shares issued for services				$ 15,000
Subsequent Event [Member]
Description of reverse stock split		Issued four shares of common stock in connection with the settlement of fractional shares in connection with the reverse stock split
Shares issued for services	4,202
Value for the shares issued for services	$ 15,000