Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Nov. 30, 2019 | Jan. 14, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | Agentix Corp. | |
Entity Central Index Key | 0001603345 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Nov. 30, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 25,282 | |
EntityFileNumber | 000-55383 | |
EntityAddressAddressLine1 | 32932 Pacific Coast Highway, | |
EntityAddressAddressLine2 | #14-254 | |
EntityAddressPostalZipCode | 92629 | |
EntityTaxIdentificationNumber | 462876282 | |
EntityAddressCityOrTown | Dana Point | |
LocalPhoneNumber | 933-5411 | |
CityAreaCode | 949 | |
EntityAddressStateOrProvince | CALIFORNIA |
Balance Sheets
Balance Sheets - USD ($) | Nov. 30, 2019 | Aug. 31, 2019 |
Current Assets | ||
Cash | $ 61 | $ 93 |
Total current assets | 61 | 93 |
Computer Equipment | ||
Computer equipment | 1,328 | 1,328 |
Accumulated depreciation | (1,328) | (1,328) |
Computer equipment, net | ||
Total assets | 61 | 93 |
Current Liabilities | ||
Accounts payable | 12,245 | 7,245 |
Accounts payable - related party | 5,250 | 5,250 |
Accrued expenses - related party | 99 | 3,712 |
Convertible note payable, related party, net of unamortized discount | 24,671 | |
Total current liabilities | 17,594 | 40,878 |
Long Term Liabilities | ||
Convertible note payable, related-party | 85,000 | |
Total long term liabilities | 85,000 | |
Total liabilities | 17,594 | 125,878 |
Commitments and Contingencies | ||
Stockholders' Deficit | ||
Preferred stock par value $0.001: 25,000,000 shares authorized; 0 shares issued or outstanding | ||
Common stock par value $0.001: 50,000,000 shares authorized; 25,282 shares issued and outstanding as of November 30, 2019 and 20,570 shares issued and outstanding as of August 31, 2019 | 26 | 21 |
Additional paid-in capital | 44,022,590 | 43,904,787 |
Accumulated deficit | (44,040,149) | (44,030,593) |
Total stockholders' deficit | (17,533) | (125,785) |
Total liabilities and stockholders' deficit | $ 61 | $ 93 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Nov. 30, 2019 | Aug. 31, 2019 |
Stockholders' Deficit | ||
Preferred stock, shares par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 25,282 | 20,570 |
Common stock, shares outstanding | 25,282 | 20,570 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Operating Expenses | ||
Professional fees | $ 5,000 | $ 22,661 |
Salary and wages - officers | 20,000 | |
General and administrative expenses | 32 | 335 |
Total operating expenses | 5,032 | 42,996 |
Loss from Operations | (5,032) | (42,996) |
Other Expense | ||
Interest expense, net | 4,524 | 2,328 |
Other expense, net | 4,524 | 2,328 |
Loss before Income Tax Provision | (9,556) | (45,324) |
Income Tax Provision | ||
Net Loss | $ (9,556) | $ (45,324) |
Loss per share | ||
- Basic and Diluted | $ (0.42) | $ (2.20) |
Weighted average common shares outstanding | ||
- Basic and Diluted | 22,486 | 20,570 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Total | Common Stock per value $0.01 [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balance, shares at Aug. 31, 2018 | 20,570 | |||
Balance, amount at Aug. 31, 2018 | $ (53,133) | $ 21 | $ 43,844,787 | $ (43,897,941) |
Contribution to capital | 20,000 | 20,000 | ||
Net Income (Loss) | $ (45,324) | $ (45,324) | ||
Balance, shares at Nov. 30, 2018 | 20,570 | |||
Balance, shares at Nov. 30, 2018 | $ (78,457) | $ 21 | $ 43,864,787 | $ (43,943,265) |
Contribution to capital | 40,000 | 40,000 | ||
Net Income (Loss) | $ (87,328) | $ (87,328) | ||
Balance, shares at Aug. 31, 2019 | 20,570 | |||
Balance, shares at Aug. 31, 2019 | $ (125,785) | $ 21 | $ 43,904,787 | $ (44,030,593) |
Net Income (Loss) | (9,556) | $ (9,556) | ||
Conversion of debt, shares | 4,712 | |||
Conversion of debt, amount | $ 117,808 | $ 5 | $ 117,803 | |
Balance, shares at Nov. 30, 2019 | 25,282 | |||
Balance, shares at Nov. 30, 2019 | $ (17,533) | $ 26 | $ 44,022,590 | $ (44,040,149) |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Cash Flows from Operating Activities | ||
Net loss | $ (9,556) | $ (45,324) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 66 | |
Amortization of discount on derivative liabilities | 329 | 981 |
Changes in operating assets and liabilities: | ||
Accounts payable and accounts payable - related party | 5,000 | 4,280 |
Accrued expenses | 4,195 | 848 |
Net Cash Used in Operating Activities | (32) | (39,149) |
Cash Flows from Financing Activities | ||
Proceeds from convertible notes payable, related parties | 20,000 | |
Proceeds from contribution to capital | 20,000 | |
Net Cash Provided by Financing Activities | 40,000 | |
Net Change in Cash | (32) | 851 |
Cash - beginning of reporting period | 93 | 2,125 |
Cash - end of reporting period | 61 | 2,976 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 500 | |
Non Cash Financing and Investing Activities | ||
Exercise of conversion of debt and accrued interest - related party | 117,808 | |
Capital contribution related to salaries waived | $ 20,000 |
Organization and Operations
Organization and Operations | 3 Months Ended |
Nov. 30, 2019 | |
Organization and Operations | |
Note 1 - Organization and Operations | Agentix Corp. FairWind Energy, Inc. (the "Company", “Fairwind Energy”) was incorporated on April 18, 2013 under the laws of the State of Nevada. The Company engages in composite design, engineering and manufacturing to be used in solar/wind hybrid power systems, oil and gas industry pumping and civil engineering and infrastructure products. Effective June 17, 2019, the Company changed its name to Agentix Corp. |
Significant and Critical Accoun
Significant and Critical Accounting Policies and Practices | 3 Months Ended |
Nov. 30, 2019 | |
Significant and Critical Accounting Policies and Practices | |
Note 2 - Significant and Critical Accounting Policies and Practices | The management of the Company is responsible for the selection and use of appropriate accounting policies and the appropriateness of accounting policies and their application. Critical accounting policies and practices are those that are both most important to the portrayal of the Company's financial condition and results and require management's most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain. The Company's significant and critical accounting policies and practices are disclosed below as required by generally accepted accounting principles. Basis of Presentation The accompanying financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), and with the rules and regulations of the United States Securities and Exchange Commission ("SEC") to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read in conjunction with the audited financial statements of the Company for the reporting period ended August 31, 2019 and notes thereto contained in the Company’s Annual Report on Form 10-K. Deferred Tax Assets and Income Tax Provision The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date. The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. |
Going Concern
Going Concern | 3 Months Ended |
Nov. 30, 2019 | |
Going Concern | |
Note 3 - Going Concern | The Company's financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As reflected in the financial statements, the Company had an accumulated deficit at November 30, 2019, a net loss, and net cash used in operating activities for the three months then ended. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company is attempting to commence operations and generate sufficient revenue; however, the Company's cash position may not be sufficient to support its daily operations. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue 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 its ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Nov. 30, 2019 | |
Related Party Transactions | |
Note 4 - Related Party Transactions | Free Office Space The Company has been provided office space by Michael Winterhalter, former Chief Executive Officer, at no cost. Management determined that such cost is nominal and did not recognize the rent expense in its financial statement. Convertible Note Payable Effective October 9, 2019, Grays Peak Ventures LLC, an entity controlled by Scott Stevens (President and a Director of the Company), purchased all convertible promissory notes from Michael Winterhalter in the principal amount of $110,000 and $7,808 of accrued interest. Effective October 24, 2019, Grays Peak Ventures LLC converted all promissory notes and accrued interest for 4,712 shares of common stock. The conversion rate under the Convertible Promissory Notes was the 10-day VWAP of shares of common stock on the OTC Markets, which was $25.00 per share on the date of conversion. |
Equity
Equity | 3 Months Ended |
Nov. 30, 2019 | |
Equity | |
Note 5 - Equity | Effective June 17, 2019, the Company proceeded with a reverse stock split. All figures have been updated to reflect the reverse stock split. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Nov. 30, 2019 | |
Subsequent Events | |
Note 6 - Subsequent Events | There were no subsequent events through January 16, 2020, the date the financials were available for issuance. |
Significant and Critical Acco_2
Significant and Critical Accounting Policies and Practices (Policies) | 3 Months Ended |
Nov. 30, 2019 | |
Significant and Critical Accounting Policies and Practices | |
Basis of Presentation | The accompanying financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), and with the rules and regulations of the United States Securities and Exchange Commission ("SEC") to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read in conjunction with the audited financial statements of the Company for the reporting period ended August 31, 2019 and notes thereto contained in the Company’s Annual Report on Form 10-K. |
Deferred Tax Assets and Income Tax Provision | The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date. The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. |
Organization and Operations (De
Organization and Operations (Details Narrative) | 3 Months Ended |
Nov. 30, 2019 | |
Organization and Operations (Details Narrative) | |
State of incorporation | State of Nevada |
Date of incorporation | Apr. 18, 2013 |
Related Party Transactions and
Related Party Transactions and Balances (Details Narrative) - USD ($) | Oct. 09, 2019 | Nov. 30, 2019 | Oct. 24, 2019 | Aug. 31, 2019 |
Common stock, shares issued | 25,282 | 20,570 | ||
Grays Peak Ventures LLC [Member] | ||||
Convertible promissory note | $ 110,000 | |||
Common stock, shares issued | 4,712 | |||
Accrued interest | $ 7,808 | |||
Conversion price | $ 25 |