PetroGas (PTCO) 10-Q 9 Nov 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 27, 2021
Cover [Abstract]
Entity Registrant Name	PETROGAS COMPANY
Entity Central Index Key	0001609258
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		20,048,440
Document Quarterly Report	true
Entity Interactive Data Current	Yes
Document Transition Report	false
Entity File Number	333-196409
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	98-1153516
Entity Address Address Line 1	2800 Post Oak Boulevard
Entity Address Address Line 2	Suite 4100
Entity Address City Or Town	Houston
Entity Address State Or Province	TX
Entity Address Postal Zip Code	77056
City Area Code	832
Local Phone Number	899-8597

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Sep. 30, 2021	Mar. 31, 2021
ASSETS
Total Current Assets	$ 0	$ 0
TOTAL ASSETS	0	0
Current Liabilities
Bank indebtedness	322	322
Accounts payable and accrued liabilities	14,524	16,103
Accrued interest	157,565	129,774
Advances from related parties	56,120	35,041
Convertible promissory notes, net of debt discount of $0	220,768	220,768
Promissory note	6,962	6,962
Total Current Liabilities	456,261	408,970
Asset retirement obligations	83,580	83,580
Promissory note - related party	42,683	42,683
Liabilities, Noncurrent	126,263	126,263
TOTAL LIABILITIES	582,524	535,233
SHAREHOLDERS' DEFICIT
Common stock: 300,000,000 authorized; $0.001 par value 20,048,440 and *48,440 shares issued and outstanding, respectively	20,048	48
Additional paid in capital	106,452,414	1,472,414
Accumulated deficit	(107,054,986)	(2,007,695)
TOTAL SHAREHOLDERS' DEFICIT	(582,524)	(535,233)
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT	$ 0	$ 0

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2021	Mar. 31, 2021
Current Liabilities
Convertible promissory notes, net of discount	$ 0	$ 0
SHAREHOLDERS' DEFICIT
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	20,048,440	48,440
Common stock, shares outstanding	20,048,440	48,440

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2021	Sep. 30, 2020
STATEMENTS OF OPERATIONS (Unaudited)
ROYALTY REVENUE	$ 0	$ 0	$ 0	$ 0
OPERATING EXPENSES
Salaries and wages	105,000,000	0	105,000,000	0
Professional fees	9,665	4,500	19,500	12,463
Total operating expenses	105,009,665	4,500	105,019,500	12,463
Loss from Operations	(105,009,665)	(4,500)	(105,019,500)	(12,463)
OTHER EXPENSE
Interest expense	14,915	22,841	27,791	53,231
Total other expense	14,915	22,841	27,791	53,231
NET LOSS	$ (105,024,580)	$ (27,341)	$ (105,047,291)	$ (65,694)
NET LOSS PER SHARE, BASIC AND DILUTED	$ (43.51)	$ (0.56)	$ (84)	$ (1.36)
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED	2,414,032	48,440	1,250,626	48,440

STATEMENTS OF SHAREHOLDERS' DEF

STATEMENTS OF SHAREHOLDERS' DEFICIT (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance, shares at Mar. 31, 2020		48,440
Balance, amount at Mar. 31, 2020	$ (440,826)	$ 48	$ 1,450,280	$ (1,891,154)
Convertible notes debt discount	10,000	0	10,000	0
Net loss	(38,353)	$ 0	0	(38,353)
Balance, shares at Jun. 30, 2020		48,440
Balance, amount at Jun. 30, 2020	(469,179)	$ 48	1,460,280	(1,929,507)
Balance, shares at Mar. 31, 2020		48,440
Balance, amount at Mar. 31, 2020	(440,826)	$ 48	1,450,280	(1,891,154)
Net loss	(65,694)
Balance, shares at Sep. 30, 2020		48,440
Balance, amount at Sep. 30, 2020	(491,636)	$ 48	1,465,164	(1,956,848)
Balance, shares at Jun. 30, 2020		48,440
Balance, amount at Jun. 30, 2020	(469,179)	$ 48	1,460,280	(1,929,507)
Convertible notes debt discount	4,884	0	4,884	0
Net loss	(105,024,580)	$ 0	0	(27,341)
Balance, shares at Sep. 30, 2020		48,440
Balance, amount at Sep. 30, 2020	(491,636)	$ 48	1,465,164	(1,956,848)
Balance, shares at Mar. 31, 2021		48,440
Balance, amount at Mar. 31, 2021	(535,233)	$ 48	1,472,414	(2,007,695)
Net loss	(22,711)	$ 0	0	(22,711)
Balance, shares at Jun. 30, 2021		48,440
Balance, amount at Jun. 30, 2021	(557,944)	$ 48	1,472,414	(2,030,406)
Balance, shares at Mar. 31, 2021		48,440
Balance, amount at Mar. 31, 2021	(535,233)	$ 48	1,472,414	(2,007,695)
Net loss	(105,047,291)
Balance, shares at Sep. 30, 2021		20,048,440
Balance, amount at Sep. 30, 2021	(582,524)	$ 20,048	106,452,414	(107,054,986)
Balance, shares at Jun. 30, 2021		48,440
Balance, amount at Jun. 30, 2021	(557,944)	$ 48	1,472,414	(2,030,406)
Net loss	(105,024,580)	$ 0	0	(105,024,580)
Stock-based compensation, shares		20,000,000
Stock-based compensation, amount	105,000,000	$ 20,000	104,980,000	0
Balance, shares at Sep. 30, 2021		20,048,440
Balance, amount at Sep. 30, 2021	$ (582,524)	$ 20,048	$ 106,452,414	$ (107,054,986)

STATEMENT OF CASH FLOWS (Unaudi

STATEMENT OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (105,047,291)	$ (65,694)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount	0	24,308
Stock based compensation	105,000,000	0
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	(1,579)	(2,421)
Accrued interest	27,791	28,923
Net cash used in Operating Activities	(21,079)	(14,884)
CASH FLOWS FROM INVESTING ACTIVITIES	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from related party	21,079	0
Issuance of convertible promissory notes	0	14,884
Net cash provided by Financing Activities	21,079	14,884
Net changes in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period		0
Supplemental cash flow information
Cash paid for interest	0	0
Cash paid for taxes	0	0
Non-cash transactions:
Beneficial conversion feature	$ 0	$ 14,884

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PERSENTATION	6 Months Ended
	Sep. 30, 2021
DESCRIPTION OF BUSINESS AND BASIS OF PERSENTATION
NOTE 1 - DESCRIPTION OF BUSINESS AND BASIS OF PERSENTATION	NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PERSENTATION Organization and nature of business PetroGas Company (Formerly America Resources Exploration Inc. (the “Company”)), was incorporated in the State of Nevada on January 24, 2014. The Company was incorporated under the name Alazzio Entertainment Corp. and changed its name to America Resources Exploration Inc. on April 17, 2015. Subsequently, on January 20, 2016, the Company changed its name to PetroGas Company. On June 12, 2015, the Company completed an acquisition of working interests in certain oil & gas properties. All share amounts in these financial statements have been adjusted to reflect this stock split.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Sep. 30, 2021
GOING CONCERN
NOTE 2 - GOING CONCERN	NOTE 2 – GOING CONCERN The Company had no significant revenues from the inception through September 30, 2021. As of September 30, 2021, the Company has an accumulated deficit of $107,054,986. We will need additional working capital to service debt and for ongoing operations, which raises substantial doubt about its ability to continue as a going concern. Management of the Company has developed a strategy to meet operational shortfalls which may include equity funding, short term or long term financing or debt financing, to enable the Company to reach profitable operations. The accompanying financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern. If we fail to generate positive cash flow or obtain additional financing, when required, we may have to modify, delay, or abandon some or all of our business and expansion plans.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the six months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2022. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021 as filed with the Securities and Exchange Commission on July 2, 2021. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. The estimates on depreciation were based on the estimated useful lives of the Company’s assets. Any estimates during the period have had an immaterial effect on earnings. Cash and Cash Equivalents Cash and cash equivalents consist of commercial accounts and interest-bearing bank deposits and are carried at cost, which approximates current value. Items are considered to be cash equivalents if the original maturity is three months or less. Oil and Gas Properties – Full Cost Method The Company follows the full cost accounting method to account for oil and natural gas properties, whereby costs incurred in the acquisition, exploration and development of oil and gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical activities, rentals on nonproducing leases, drilling, completing and equipping of oil and gas wells and administrative costs directly attributable to those activities and asset retirement costs. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital costs and proved reserves of oil and gas, in which case the gain or loss is recognized to operations. The capitalized costs of oil and gas properties, excluding unevaluated and unproved properties, are amortized as depreciation, depletion and amortization expense using the units-of-production method based on estimated proved recoverable oil and gas reserves. The costs associated with unevaluated and unproved properties, initially excluded from the amortization base, relate to unproved leasehold acreage, wells and production facilities in progress and wells pending determination of the existence of proved reserves, together with capitalized interest costs for these projects. Unproved leasehold costs are transferred to the amortization base with the costs of drilling the related well once a determination of the existence of proved reserves has been made or upon impairment of a lease. Costs associated with wells in progress and completed wells that have yet to be evaluated are transferred to the amortization base once a determination is made whether or not proved reserves can be assigned to the property. Costs of dry wells are transferred to the amortization base immediately upon determination that the well is unsuccessful. All items classified as unproved property are assessed on a quarterly basis for possible impairment or reduction in value. Properties are assessed on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of various factors, including, but not limited to, the following: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; assignment of proved reserves; and economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and become subject to amortization. Under full cost accounting rules for each cost center, capitalized costs of evaluated oil and gas properties, including asset retirement costs, less accumulated amortization and related deferred income taxes, may not exceed an amount (the “cost ceiling”) equal to the sum of (a) the present value of future net cash flows from estimated production of proved oil and gas reserves, based on current prices and operating conditions, discounted at ten percent (10%), plus (b) the cost of properties not being amortized, plus (c) the lower of cost or estimated fair value of any unproved properties included in the costs being amortized, less (d) any income tax effects related to differences between the book and tax basis of the properties involved. If capitalized costs exceed this limit, the excess is charged to operations. For purposes of the ceiling test calculation, current prices are defined as the unweighted arithmetic average of the first day of the month price for each month within the 12-month period prior to the end of the reporting period. Prices are adjusted for basis or location differentials. Unless sales contracts specify otherwise, prices are held constant for the productive life of each well. Similarly, current costs are assumed to remain constant over the entire calculation period. Revenue Recognition Oil and gas sales result from undivided interests held by the Company in oil and gas properties and royalty revenues. Sales of oil and gas produced from oil and gas operations are recognized when the product is delivered to the purchaser and title transfers to the purchaser. Charges for gathering and transportation are included in production expenses. Revenue from royalties is recognized as they are earned when collection is reasonably assured. Royalty revenue is recorded in the same period as the sales that generate the royalty payment. Asset Retirement Obligations The Company records a liability for asset retirement obligations (“ARO”) associated with its oil and gas wells when those assets are placed in service. The corresponding cost is capitalized as an asset and included in the carrying amount of oil and gas properties and is depleted over the useful life of the properties. Subsequently, the ARO liability is accreted to its then-present value. Inherent in the fair value calculation of an ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the fair value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance. Settlements greater than or less than amounts accrued as ARO are recorded as a gain or loss upon settlement. Fair Value of Financial Instruments The Company measures its financial assets and liabilities in accordance with the requirements of ASC 820, Fair Value Measurements and Disclosures. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3 - Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information, The carrying value of all assets and liabilities approximated their fair values as September 30, 2021 and September 30, 2020, respectively. Related Party Balances and Transactions The Company follows FASB ASC 850, “ Related Party Disclosures Earnings or Loss Per Share In accordance with ASC Topic 280 – “Earnings Per Share”, the basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common 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. For the six months ended September 30, 2021 and 2020, net loss per shares as the result of the computation was anti-dilutive: September 30, September 30, 2021 2020 (Shares) (Shares) Convertible notes payable 22,076,778 21,351,778 Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance will be effective for entities for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 on a prospective basis, with early adoption permitted. For the Company, the new standard was effective on January 1, 2021 and we do not expect the adoption of this guidance to have a material impact on our financial statements. Management has considered all other recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Sep. 30, 2021
ASSET RETIREMENT OBLIGATIONS
NOTE 4 - ASSET RETIREMENT OBLIGATIONS	NOTE 4 – ASSET RETIREMENT OBLIGATIONS The Company has asset retirement obligations for any wells that are permanently removed from service. The primary obligations involve the removal and disposal of surface equipment, plugging and abandoning the wells and site restoration. For the purpose of determining the fair value of ARO incurred during the fiscal year ended March 31, 2016, the Company used the following assumptions. Inflation Rate 3 % Estimated asset life 20 years Credit adjusted risk free interest rate 18 % As at March 31, 2016, the Company determined to fully impair its shut in wells given a lack of production over a period in excess of two years, and the uncertainty in returning the wells to production in the future. As a result, the Company has recorded a long term liability equal to the full value of the ARO. As at September 30, 2021 and March 31, 2021, a total of $83,580 is recorded as asset retirement obligations, respectively

PROMISSORY NOTE RELATED PARTY

PROMISSORY NOTE RELATED PARTY	6 Months Ended
	Sep. 30, 2021
PROMISSORY NOTE RELATED PARTY
NOTE 5 - PROMISSORY NOTE - RELATED PARTY	NOTE 5 – PROMISSORY NOTE – RELATED PARTY On December 31, 2016, the Company entered into a promissory note with a majority shareholder, Rise Fast Limited, for an amount of $240,683. The promissory note bears interest at a rate of 2% per annum, and is payable on December 31, 2019. On July 10, 2017, the Company, along with the holder of the promissory note to assigned $174,000 of the promissory note to four individuals not related to the Company. Refer to Note 7 for further details. On October 6, 2017, the Company issued 24,000,000 common shares to the holder of the promissory note for the assignment of the notes of $24,000. On December 31, 2019, the maturity dates of the notes were extended for three years to December 31, 2022 and the interest rate was amended to 15% per annum. As of September 30, 2021 and March 31, 2021, the promissory note payable was $42,683 and $42,683 and accrued interest payable was $15,958 and $12,478, respectively.

PROMISSORY NOTE

PROMISSORY NOTE	9 Months Ended
	Sep. 30, 2021
PROMISSORY NOTE
NOTE 6 - PROMISSORY NOTE	NOTE 6 – PROMISSORY NOTE On May 31, 2019, the Company issued a promissory note to a legal firm at principal amount of $6,963 for the payable amount to a vendor. The note has a three month term and bears interest at 2% per annum compounded monthly. The note is now at default. As of September 30, 2021 and March 31, 2021, the promissory note payable was $6,962 and accrued interest payable was $326 and $256, respectively.

CONVERTIBLE PROMISSORY NOTES

CONVERTIBLE PROMISSORY NOTES	6 Months Ended
	Sep. 30, 2021
PROMISSORY NOTE RELATED PARTY
NOTE 7 - CONVERTIBLE PROMISSORY NOTES	NOTE 7 – CONVERTIBLE PROMISSORY NOTES On July 10, 2017, a total of $174,000 was assigned from a promissory note to four individuals not related to the Company. Each of the convertible promissory notes has a principal value of $43,500, maturity date of July 10, 2019, bears interest at 4% per annum, and are convertible at a rate of $0.03 per share. On October 6, 2017, the four convertible promissory notes were amended to an interest rate of 0.5% per annum, the maturity date was amended to July 10, 2020, and the conversion price was amended to $0.01 per share. On October 11, 2017, four individual holders that have $174,000 of convertible promissory notes, converted a total of $58,000, or $14,500 each, for a total of 5,800,000, or 1,450,000 common shares each. A debt discount on the notes was recognized of $174,000. During the year ended March 31, 2021 and 2020, a total of $9,424 and $34,272 of the debt discount has been amortized and recorded in interest expense, respectively. As of March 31, 2021, the unamortized amount of the debt discounts has been fully amortized. On December 31, 2017, the Company entered into a convertible promissory note for $9,230 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $9,230 was expensed upon issuance of the note. On March 12, 2019, the note holder sold to three unaffiliated parties an interest in the note equal to the principal amount of $1,900 each. On May 1 2019, total principal amount of $5,700 of the three $1,900 convertible notes was converted to 570,000 shares of common stock. On March 31, 2018, the Company entered into a convertible promissory note for $20,773 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $20,773 was expensed upon issuance of the note. On June 30, 2018, the Company entered into a convertible promissory note for $10,667 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $10,667 was expensed upon issuance of the note. On September 30, 2018, the Company entered into a convertible promissory note for $7,167 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $7,167 was expensed upon issuance of the note. On December 31, 2018, the Company entered into a convertible promissory note for $2,411 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $2,411 was expensed upon issuance of the note. On March 31, 2019, the Company entered into a convertible promissory note for $10,194 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $10,194 was expensed upon issuance of the note. On June 30, 2019, the Company entered into a convertible promissory note for $7,243 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $7,243 was expensed upon issuance of the note. On September 30, 2019, the Company entered into a convertible promissory note for $9,483 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $9,483 was expensed upon issuance of the note. On December 31, 2019, the Company entered into a convertible promissory note for $5,454 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $5,454 was expensed upon issuance of the note. On March 31, 2020, the Company entered into a convertible promissory note for $5,712 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 35% per annum, and is convertible at $0.01 per share. The debt discount of $5,712 was expensed upon issuance of the note. On June 30, 2020, the Company entered into a convertible promissory note for $10,000 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 35% per annum, and is convertible at $0.01 per share. The debt discount of $10,000 was expensed upon issuance of the note. On September 30, 2020, the Company entered into a convertible promissory note for $4,884 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 35% per annum, and is convertible at $0.01 per share. The debt discount of $4,884 was expensed upon issuance of the note. On December 31, 2020, the Company entered into a convertible promissory note for $7,250 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 35% per annum, and is convertible at $0.01 per share. The debt discount of $7,250 was expensed upon issuance of the note. As of September 30, 2021 and March 31, 2021, the convertible note payable was $220,768 and $220,768 and accrued interest payable was $140,140 and $115,628, respectively.

COMMON STOCK

COMMON STOCK	6 Months Ended
	Sep. 30, 2021
COMMON STOCK
NOTE 8 - COMMON STOCK	NOTE 8 – COMMON STOCK The Company has 300,000,000 authorized common shares at $0.001 par value. On June 11, 2021, a majority of stockholders of our company and board of directors approved a reverse stock split of our issued and outstanding shares of common stock on a basis of up to eighty (80) old shares for one (1) new share of common stock. The reverse stock split was approved by FINRA and effectuate on August 31, 2021. On September 20, 2020, the Company issued 20,000,000 shares of restricted common stock valued at $140,000,000 to a corporation controlled by the Company’s CEO. (Note 9)

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Sep. 30, 2021
PROMISSORY NOTE RELATED PARTY
NOTE 9 - RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS During the six months ended September 30, 2021 and 2020, the director of the Company made advancement of $21,079 and $0 for operation expenses on behalf of the Company, respectively. The loan is non-interest bearing and due on demand. As at September 30, 2021 and March 31, 2021, the Company had advances from related parties of $56,120 and $35,041, respectively. On September 20, 2021, the Company issued 20,000,000 shares of restricted common stock valued at $140,000,000 based on the Company’s stock trading price at $7.00 per share as compensation the Company director’s salary for the year 2021. During the six months ended September 30, 2021, the Company has recognized $105,000,000 for the January to September 2021 salary

RISKS AND UNCERTAINTIES

RISKS AND UNCERTAINTIES	6 Months Ended
	Sep. 30, 2021
RISKS AND UNCERTAINTIES
NOTE 10 - RISKS AND UNCERTAINTIES	NOTE 10 – RISKS AND UNCERTAINTIES In early 2020, the World Health Organization declared the rapidly spreading coronavirus disease (COVID-19) outbreak a pandemic. This pandemic has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s results of operations and financial position at September 30, 2021. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company in the future. The Company is not may

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Sep. 30, 2021
RISKS AND UNCERTAINTIES
NOTE 11 - SUBSEQUENT EVENTS	NOTE 11 – SUBSEQUENT EVENTS Subsequent to September 30, 2021 and through the date that these financials were issued, the Company had the following subsequent events: On October 11, 2021, the Company issued 1,000,000 shares of common stock to repay principal amount of $1,000 of a convertible note.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the six months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2022. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021 as filed with the Securities and Exchange Commission on July 2, 2021.
Use of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. The estimates on depreciation were based on the estimated useful lives of the Company’s assets. Any estimates during the period have had an immaterial effect on earnings.
Cash and Cash Equivalents	Cash and cash equivalents consist of commercial accounts and interest-bearing bank deposits and are carried at cost, which approximates current value. Items are considered to be cash equivalents if the original maturity is three months or less.
Oil and Gas Properties - Full Cost Method	The Company follows the full cost accounting method to account for oil and natural gas properties, whereby costs incurred in the acquisition, exploration and development of oil and gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical activities, rentals on nonproducing leases, drilling, completing and equipping of oil and gas wells and administrative costs directly attributable to those activities and asset retirement costs. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital costs and proved reserves of oil and gas, in which case the gain or loss is recognized to operations. The capitalized costs of oil and gas properties, excluding unevaluated and unproved properties, are amortized as depreciation, depletion and amortization expense using the units-of-production method based on estimated proved recoverable oil and gas reserves. The costs associated with unevaluated and unproved properties, initially excluded from the amortization base, relate to unproved leasehold acreage, wells and production facilities in progress and wells pending determination of the existence of proved reserves, together with capitalized interest costs for these projects. Unproved leasehold costs are transferred to the amortization base with the costs of drilling the related well once a determination of the existence of proved reserves has been made or upon impairment of a lease. Costs associated with wells in progress and completed wells that have yet to be evaluated are transferred to the amortization base once a determination is made whether or not proved reserves can be assigned to the property. Costs of dry wells are transferred to the amortization base immediately upon determination that the well is unsuccessful. All items classified as unproved property are assessed on a quarterly basis for possible impairment or reduction in value. Properties are assessed on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of various factors, including, but not limited to, the following: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; assignment of proved reserves; and economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and become subject to amortization. Under full cost accounting rules for each cost center, capitalized costs of evaluated oil and gas properties, including asset retirement costs, less accumulated amortization and related deferred income taxes, may not exceed an amount (the “cost ceiling”) equal to the sum of (a) the present value of future net cash flows from estimated production of proved oil and gas reserves, based on current prices and operating conditions, discounted at ten percent (10%), plus (b) the cost of properties not being amortized, plus (c) the lower of cost or estimated fair value of any unproved properties included in the costs being amortized, less (d) any income tax effects related to differences between the book and tax basis of the properties involved. If capitalized costs exceed this limit, the excess is charged to operations. For purposes of the ceiling test calculation, current prices are defined as the unweighted arithmetic average of the first day of the month price for each month within the 12-month period prior to the end of the reporting period. Prices are adjusted for basis or location differentials. Unless sales contracts specify otherwise, prices are held constant for the productive life of each well. Similarly, current costs are assumed to remain constant over the entire calculation period.
Revenue Recognition	Oil and gas sales result from undivided interests held by the Company in oil and gas properties and royalty revenues. Sales of oil and gas produced from oil and gas operations are recognized when the product is delivered to the purchaser and title transfers to the purchaser. Charges for gathering and transportation are included in production expenses. Revenue from royalties is recognized as they are earned when collection is reasonably assured. Royalty revenue is recorded in the same period as the sales that generate the royalty payment.
Asset Retirement Obligations	The Company records a liability for asset retirement obligations (“ARO”) associated with its oil and gas wells when those assets are placed in service. The corresponding cost is capitalized as an asset and included in the carrying amount of oil and gas properties and is depleted over the useful life of the properties. Subsequently, the ARO liability is accreted to its then-present value. Inherent in the fair value calculation of an ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the fair value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance. Settlements greater than or less than amounts accrued as ARO are recorded as a gain or loss upon settlement.
Fair Value of Financial Instruments	The Company measures its financial assets and liabilities in accordance with the requirements of ASC 820, Fair Value Measurements and Disclosures. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3 - Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information, The carrying value of all assets and liabilities approximated their fair values as September 30, 2021 and September 30, 2020, respectively.
Related Party Balances and Transactions	The Company follows FASB ASC 850, “ Related Party Disclosures
Earnings or Loss Per Share	In accordance with ASC Topic 280 – “Earnings Per Share”, the basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common 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. For the six months ended September 30, 2021 and 2020, net loss per shares as the result of the computation was anti-dilutive: September 30, September 30, 2021 2020 (Shares) (Shares) Convertible notes payable 22,076,778 21,351,778
Recent Accounting Pronouncements	In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance will be effective for entities for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 on a prospective basis, with early adoption permitted. For the Company, the new standard was effective on January 1, 2021 and we do not expect the adoption of this guidance to have a material impact on our financial statements. Management has considered all other recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of earnings loss per share	September 30, September 30, 2021 2020 (Shares) (Shares) Convertible notes payable 22,076,778 21,351,778

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Sep. 30, 2021
ASSET RETIREMENT OBLIGATIONS
Schedule of assumptions of determining the fair value of ARO	Inflation Rate 3 % Estimated asset life 20 years Credit adjusted risk free interest rate 18 %

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	Sep. 30, 2021	Mar. 31, 2021
GOING CONCERN
Accumulated deficit	$ (107,054,986)	$ (2,007,695)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	Sep. 30, 2021	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Convertible notes payable, shares	22,076,778	21,351,778

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details)	6 Months Ended
	Sep. 30, 2021
ASSET RETIREMENT OBLIGATIONS
Inflation Rate	3.00%
Estimated asset life	20 years
Credit adjusted risk free interest rate	18.00%

ASSET RETIREMENT OBLIGATIONS _2

ASSET RETIREMENT OBLIGATIONS (Details Narrative) - USD ($)	Sep. 30, 2021	Mar. 31, 2021
ASSET RETIREMENT OBLIGATIONS
Asset retirement obligations	$ 83,580	$ 83,580

PROMISSORY NOTE RELATED PARTY (

PROMISSORY NOTE RELATED PARTY (Details Narrative)	Oct. 06, 2017USD ($)shares	Jul. 10, 2017USD ($)integer	Dec. 31, 2016USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)
Promissory note - related party				$ 42,683	$ 42,683
Accrued interest				157,565	129,774
Promissory Note [Member]
Promissory note - related party		$ 174,000		$ 42,683	42,683
Maturity dates extended description				On December 31, 2019, the maturity dates of the notes were extended for three years to December 31, 2022 and the interest rate was amended to 15% per annum.
Number of common stock shares issued to promissory note holder | shares	24,000,000
Accrued interest				$ 15,958	$ 12,478
Number of individuals | integer		4
Common stock shares issued for assignment of notes, amount	$ 24,000
Majority Shareholder [Member]
Promissory note - related party			$ 240,683
Debt maturity date			Dec. 31, 2019
Interest rate			2.00%

PROMISSORY NOTE (Details Narrat

PROMISSORY NOTE (Details Narrative) - USD ($)	Sep. 30, 2021	Mar. 31, 2021	May 31, 2019
Promissory note	$ 6,962	$ 6,962
Promissory Note [Member]
Principal Amount			$ 6,963
Interest Rate			2.00%
Promissory note	6,962	6,962
Accured Interest Payable	$ 326	$ 256

CONVERTIBLE PROMISSORY NOTES (D

CONVERTIBLE PROMISSORY NOTES (Details Narrative)	May 01, 2019	Oct. 11, 2017USD ($)integershares	Oct. 06, 2017integer$ / shares	Jul. 10, 2017USD ($)integer$ / shares	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)$ / shares	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)$ / shares	Sep. 30, 2020USD ($)$ / shares	Jun. 30, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Sep. 30, 2019USD ($)$ / shares	Jun. 30, 2019USD ($)$ / shares	Mar. 31, 2019USD ($)$ / shares	Mar. 12, 2019USD ($)	Dec. 31, 2018USD ($)$ / shares	Sep. 30, 2018USD ($)$ / shares	Jun. 30, 2018USD ($)$ / shares	Mar. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares
Promissory note - related party					$ 42,683		$ 42,683
Convertible promissory notes, net of discount of $0					220,768		220,768
Accrued interest					129,774		157,565
Convertible Notes Payable [Member]
Convertible promissory notes, net of discount of $0					220,768		220,768
Accrued interest					115,628		$ 140,140
Convertible Promissory Notes [Member]
Debt discount																				$ 9,230
Promissory note - related party																				$ 9,230
Interest rate																				55.00%
Conversion price | $ / shares																				$ 0.01
Number of individuals | integer				4
Convertible Promissory Notes [Member] | Three Unaffiliated Parties [Member]
Debt principal amount															$ 1,900
Debt conversion description	total principal amount of $5,700 of the three $1,900 convertible notes was converted to 570,000 shares of common stock.
Convertible Promissory Notes [Member] | An Individuals [Member]
Debt discount						$ 5,712		$ 7,250	$ 4,884	$ 10,000	$ 5,454	$ 9,483	$ 7,243	$ 10,194		$ 2,411	$ 7,167	$ 10,667	$ 20,773
Promissory note - related party						$ 5,712		$ 7,250	$ 4,884	$ 10,000	$ 5,454	$ 9,483	$ 7,243	$ 10,194		$ 2,411	$ 7,167	$ 10,667	$ 20,773
Interest rate						35.00%		35.00%	35.00%	35.00%	55.00%	55.00%	55.00%	55.00%		55.00%	55.00%	55.00%	55.00%
Conversion price | $ / shares						$ 0.01		$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Convertible Promissory Notes [Member] | Four Individuals [Member]
Promissory note - related party		$ 174,000		$ 174,000	174,000
Interest rate			0.50%	4.00%
Conversion price | $ / shares			$ 0.01	$ 0.03
Number of individuals | integer		4	4
Debt discount					$ 9,424	$ 34,272
Debt maturity date			Jul. 10, 2020	Jul. 10, 2019
Amount of convertible promissory notes, converted		$ 58,000
Debt conversion converted instrument, shares issued | shares		5,800,000
Convertible Promissory Notes [Member] | Each Individual [Member]
Promissory note - related party				$ 43,500
Amount of convertible promissory notes, converted		$ 14,500
Debt conversion converted instrument, shares issued | shares		1,450,000

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) - USD ($)	Jun. 11, 2021	Sep. 30, 2021	Mar. 31, 2021	Sep. 20, 2020
Common stock, shares authorized		300,000,000	300,000,000
Reverse stock split description	common stock on a basis of up to eighty (80) old shares for one (1) new share of common stock.
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Common stock issued, shares		20,048,440	48,440
Common stock issued, value		$ 20,048	$ 48
Restricted Stock [Member]
Common stock issued, shares				20,000,000
Common stock issued, value				$ 140,000,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021	Sep. 20, 2020
Advances from related party	$ 56,120		$ 35,041
Salary	$ 105,000,000
Common stock issued, shares	20,048,440		48,440
Common stock issued, value	$ 20,048		$ 48
Advances from related party	21,079	$ 0
Director [Member]
Advances from related party	$ 21,079	$ 0
Restricted Stock [Member]
Common stock issued, shares				20,000,000
Common stock issued, value				$ 140,000,000
Stock trading price				$ 7

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member]	Oct. 11, 2021shares
Common stock issued for repayment, amount	1,000
Common stock issued for repayment, shares	1,000,000