Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Aug. 26, 2019 | Sep. 30, 2018 | |
Details | |||
Registrant Name | Palayan Resources, Inc. | ||
Registrant CIK | 0001612851 | ||
Fiscal Year End | --03-31 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 000-55348 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 83-4575865 | ||
Entity Address, Address Line One | 223 De La Cruz Road | ||
Entity Address, Address Line Two | Pasay | ||
Entity Address, City or Town | Metro Manila | ||
Entity Address, Country | PH | ||
Entity Address, Postal Zip Code | 00000 | ||
Entity Address, Address Description | address of principal executive offices | ||
Country Region | 63 | ||
City Area Code | 914 | ||
Local Phone Number | 2699345 | ||
Phone Fax Number Description | Registrant’s telephone number, including area code | ||
Entity Listing, Par Value Per Share | $ 0.001 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 15,000 | ||
Entity Common Stock, Shares Outstanding | 30,000,000 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Current Assets | ||
Cash | $ 2,111 | $ 1,918 |
Total Assets | 2,111 | 1,918 |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||
Accounts payable | 6,184 | 1,500 |
Due to related party | 144,175 | 117,000 |
Total Liabilities | 150,359 | 118,500 |
Stockholders' Deficit | ||
Common Stock, Value | 30,000 | 30,000 |
Accumulated Deficit | (178,248) | (146,582) |
Total Stockholders' Deficit | (148,248) | (116,582) |
Total Liabilities and Stockholders' Deficit | $ 2,111 | $ 1,918 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | Mar. 31, 2019 | Mar. 31, 2018 |
Details | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 30,000,000 | 30,000,000 |
Common Stock, Shares, Outstanding | 30,000,000 | 30,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Details | ||
Revenue | $ 0 | $ 0 |
Operating Expenses | ||
General and administrative | 14,173 | 18,006 |
Professional fees | 17,493 | 21,852 |
Loss from Operations | 31,666 | 39,858 |
Provision for Income Taxes | 0 | 0 |
Net Loss | $ (31,666) | $ (39,858) |
Net Loss Per Share - Basic and Diluted | $ 0 | $ 0 |
Weighted Average Shares Outstanding - Basic and Diluted | 30,000,000 | 30,000,000 |
Statement of Stockholders' Defi
Statement of Stockholders' Deficit - USD ($) | Common Stock | Retained Earnings | Total | |
Equity Balance, Starting at Mar. 31, 2017 | $ 30,000 | $ (106,724) | $ (76,724) | |
Shares Outstanding, Starting at Mar. 31, 2017 | 30,000,000 | |||
Net Income (Loss) | $ 0 | (39,858) | (39,858) | |
Shares Outstanding, Ending at Mar. 31, 2018 | 30,000,000 | |||
Equity Balance, Ending at Mar. 31, 2018 | $ 30,000 | (146,582) | (116,582) | |
Net Income (Loss) | $ 0 | (31,666) | (31,666) | |
Shares Outstanding, Ending at Mar. 31, 2019 | [1] | 30,000,000 | ||
Equity Balance, Ending at Mar. 31, 2019 | [1] | $ 30,000 | $ (178,248) | $ (148,248) |
[1] | Unaudited. |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows | Mar. 31, 2019USD ($) |
Financing Activities | |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | $ 1,918 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 2,111 |
1. Nature of Operations and Con
1. Nature of Operations and Continuance of Business | 12 Months Ended |
Mar. 31, 2019 | |
Notes | |
1. Nature of Operations and Continuance of Business | 1. Nature of Operations and Continuance of Business Palayan Resources Inc. (the Company) was incorporated in the State of Nevada on July 26, 2013 and is a mineral exploration and production company engaged in the exploration, acquisition, and development of mineral properties. The Companys plan of action over the next twelve months is to raise capital financing to acquire new mineral property claims on properties the Company is currently in negotiations with to conduct exploration and drilling as well as exploring for new mineral property claims. Going Concern These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As of March 31, 2019, the Company has generated no revenues to date, and has an accumulated deficit of $178,248 . The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company's future business. These factors raise substantial doubt regarding the Companys ability to continue as a going concern for a period of one year from the issuance of these financial statements. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Companys plan of action over the next twelve months is to raise capital financing to conduct exploration and drilling on its mineral property claims held in Nueva Ecija, Philippines as well as exploring for new mineral property claims. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2019 | |
Notes | |
2. Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies a) Basis of Presentation These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States (US GAAP), and are expressed in US dollars. The Companys fiscal year-end is March 31. b) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States 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. The Company regularly evaluates estimates and assumptions related to the recoverability of mineral properties, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience c) Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As at March 31, 2019 and 2018, the Company had no cash equivalents. d) Mineral Property Costs The Company has been in the exploration stage since its formation on July 26, 2013 and has not yet realized any revenues from its planned operations. Mineral property acquisition costs are capitalized as incurred. Exploration and evaluation costs are expensed as incurred until proven and probable reserves are established. The Company assesses the carrying costs for impairment under ASC 360, Property, Plant, and Equipment at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. e) Asset Retirement Obligations The Company accounts for asset retirement obligations in accordance with the provisions of ASC 440, Asset Retirement and Environmental Obligations which requires the Company to record the fair value of an asset retirement obligation as a liability in the period f) Basic and Diluted Net Loss per Share The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share g) Income Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted ASC 740, Accounting for Income Taxes, h) Financial Instruments Pursuant to ASC 820, Fair Value Measurements and Disclosures Financial Instruments Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Companys financial instruments consist principally of cash. Pursuant to ASC, the fair value of cash and cash equivalents is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. i) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
3. Related Party Transactions
3. Related Party Transactions | 12 Months Ended |
Mar. 31, 2019 | |
Notes | |
3. Related Party Transactions | 3. Related Party Transactions As at March 31, 2019, the Company owed $144,175 (2018 - $117,000 ) to the President and Director of the Company . The amount owing is unsecured , no n-interest bearing, and due on demand . During the period ended March 31, 2019, the Company received $20,500 in cash and $6,675 in paid expenses (2018 - $32,000 ) from the President and Director of the Company. |
4. Income Taxes
4. Income Taxes | 12 Months Ended |
Mar. 31, 2019 | |
Notes | |
4. Income Taxes | 4. Income Taxes The Company has $ of net operating losses carried forward to offset taxable income in future years which expire commencing in fiscal 2035. The income tax benefit differs from the amount computed by applying the US federal income tax rate of 21% in 2018 and 21% in 2019 to net loss before income taxes. As at March 31, 2019, the Company had no uncertain tax positions. March 31, 2019 $ March 31, 2018 $ Net loss before taxes 31,666 39,858 Statutory rate 21% 30.8% Computed expected tax recovery (6,650) 12,274 Change in enacted tax rates - (17,128) Change in valuation allowance 6,650 4,854 Income tax provision - - The significant components of deferred income tax assets and liabilities as at March 31, 2019 after applying enacted corporate income tax rates are as follows: 2019 $ 2018 $ Net operating losses carried forward 36,382 29,732 Valuation allowance (36,382) (29,732) Net deferred tax asset - - |
5. Subsequent Events
5. Subsequent Events | 12 Months Ended |
Mar. 31, 2019 | |
Notes | |
5. Subsequent Events | 5. Subsequent Events Effective as of April 11, 2019 Joel Dularte Cortez, Mark Christian Soo, Siva Nadar resigned from their positions as President and Sole Director, Secretary and Treasurer, and Vice-President respectively . Their resignation was not due to any disagreements on any of the operations, or accounting policies or practices. Effective as of April 11, 2019 James Jenkins was appointed by the Board of Directors to serve as President/Chief Financial Officer/Secretary/Treasurer/Director . The company filed a Form 8-K on May 29, 2019 with respect to Entry into Material Definitive Agreement. On May 29, 2019, Palayan Resources Inc., (the Company) entered into an Assignment and Assumption Agreement (the Agreement) with in Vector Lithium, Inc., a Nevada corporation (the Assignor), and Gold Exploration Management, Inc., a Nevada corporation (the Property Owner). Assignor and Property Owner are parties to that certain Property Purchase Agreement, dated as of August 10, 2017, which was amended August 24, 2017, and further amended August 29, 2018 (the Purchase Agreement). The Agreement is relates to that certain real property and mining claims located in southeastern Inyo County, California, approximately 1.2 miles southeast of Death Valley Junction, more specifically, the acquired claims consist of 16 association placer claims accruing 2,560 Ac. (1,036 Ha) covering portions of sections 19, 30, 31 T25N, R6E, and sections 24, 25, 36 T25N, R5E of the Mount Diablo Base and Meridian (collectively the Property). As of the date of this Report, the 16 DVJ claims comprising the property have been located in the field with full required fees paid to Inyo County, California and the US Bureau of Land Management (BLM) as valid, adjudicated, and active claims. The Agreement included as exhibits, a Modification of Purchase Agreement, Addendum 1 to the Modification of Purchase Agreement, and the Property Purchase Agreement, collectively referred to hereinafter as the Exhibits). Pursuant to the Agreement, and the Exhibits thereto, Property Owner and Assignor agreed to assign all right, title, benefit, privileges and interest in and to, and all of Assignors burdens, obligations and liabilities in connection with the Property Purchase Agreement to the Company, and the Company agreed to abide by the terms and conditions of the Property Purchase Agreement, as modified. The Company agreed reimburse the Assignor the aggregate sum of $60,000USD on or before December 31, 2019 for expenditures previously spent on the Property. Once the Company has rendered payments set forth above, the Property Owner shall surrender to the Company 100% ownership interest in and to the Property, subject only to a continuing 2% gross production royalty. Palayan Resources Inc. received a Demand Letter, dated August 22, 2019 from Alex Flangas Law Firm, representing Gold Exploration Management, Inc. (GEM), pursuant to the Assignment and Assumption Agreement signed on May 23, 2019, stating Demand is hereby made upon Palayan to cure the default by complying with the obligations outlined in the agreements, which involves submitting payment to GEM in the amount of $90,000, to the BLM the amount of $21,120, and to Inyo County Tax Collector the amount of $1,512.80 to maintain the unpatented mining claims in active status. If the default is not cured by August 31, 2019, the contract between Palayan and GEM will be terminated, and GEM would be within its rights to notify the SEC of the contract termination. Moreover, Palayan will owe damages to GEM for the breach, and may seek to recover such damages in a legal proceeding against Palayan. On August 24, 2019 the company responded to the Demand Letter acknowledging the payments were not made, additionally the company refuted the assertion that a Default pursuant to the Assignment and Assumption Agreement, and the Modification of Purchase Agreement, had occurred. There is no Default or Termination provision that survived the Modification Agreement signed by all the parties. Management did not identify any additional material subsequent events. The company performed its evaluation through August 23, 2019 of the period ended March 31, 2019 and prior to the filing of financial statements in accordance with FASB ASC 855 Subsequent Events. |
2. Summary of Significant Acc_2
2. Summary of Significant Accounting Policies: a) Basis of Presentation (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
a) Basis of Presentation | a) Basis of Presentation These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States (US GAAP), and are expressed in US dollars. The Companys fiscal year-end is March 31. |
2. Summary of Significant Acc_3
2. Summary of Significant Accounting Policies: b) Use of Estimates (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
b) Use of Estimates | b) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States 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. The Company regularly evaluates estimates and assumptions related to the recoverability of mineral properties, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience |
2. Summary of Significant Acc_4
2. Summary of Significant Accounting Policies: c) Cash and Cash Equivalents (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
c) Cash and Cash Equivalents | c) Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As at March 31, 2019 and 2018, the Company had no cash equivalents. |
2. Summary of Significant Acc_5
2. Summary of Significant Accounting Policies: d) Mineral Property Costs (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
d) Mineral Property Costs | d) Mineral Property Costs The Company has been in the exploration stage since its formation on July 26, 2013 and has not yet realized any revenues from its planned operations. Mineral property acquisition costs are capitalized as incurred. Exploration and evaluation costs are expensed as incurred until proven and probable reserves are established. The Company assesses the carrying costs for impairment under ASC 360, Property, Plant, and Equipment at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. |
2. Summary of Significant Acc_6
2. Summary of Significant Accounting Policies: e) Asset Retirement Obligations (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
e) Asset Retirement Obligations | e) Asset Retirement Obligations The Company accounts for asset retirement obligations in accordance with the provisions of ASC 440, Asset Retirement and Environmental Obligations which requires the Company to record the fair value of an asset retirement obligation as a liability in the period |
2. Summary of Significant Acc_7
2. Summary of Significant Accounting Policies: f) Basic and Diluted Net Loss per Share (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
f) Basic and Diluted Net Loss per Share | f) Basic and Diluted Net Loss per Share The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share |
2. Summary of Significant Acc_8
2. Summary of Significant Accounting Policies: g) Income Taxes (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
g) Income Taxes | g) Income Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted ASC 740, Accounting for Income Taxes, |
2. Summary of Significant Acc_9
2. Summary of Significant Accounting Policies: h) Financial Instruments (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
h) Financial Instruments | h) Financial Instruments Pursuant to ASC 820, Fair Value Measurements and Disclosures Financial Instruments Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Companys financial instruments consist principally of cash. Pursuant to ASC, the fair value of cash and cash equivalents is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. |
2. Summary of Significant Ac_10
2. Summary of Significant Accounting Policies: i) Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
i) Recent Accounting Pronouncements | i) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
4. Income Taxes_ Schedule of Co
4. Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | March 31, 2019 $ March 31, 2018 $ Net loss before taxes 31,666 39,858 Statutory rate 21% 30.8% Computed expected tax recovery (6,650) 12,274 Change in enacted tax rates - (17,128) Change in valuation allowance 6,650 4,854 Income tax provision - - |
4. Income Taxes_ Schedule of De
4. Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | 2019 $ 2018 $ Net operating losses carried forward 36,382 29,732 Valuation allowance (36,382) (29,732) Net deferred tax asset - - |
1. Nature of Operations and C_2
1. Nature of Operations and Continuance of Business (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Details | ||
Entity Incorporation, State or Country Code | NV | |
Entity Incorporation, Date of Incorporation | Jul. 26, 2013 | |
Accumulated Deficit | $ (178,248) | $ (146,582) |
3. Related Party Transactions (
3. Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Details | ||
Due to related party | $ 144,175 | $ 117,000 |
Debt Instrument, Description | to the President and Director of the Company | |
Debt Instrument, Collateral | unsecured | |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |
Debt Instrument, Payment Terms | due on demand | |
Proceeds from Loans | $ 20,500 | $ 32,000 |
4. Income Taxes_ Schedule of _2
4. Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Details | ||
Net loss before taxes | $ 31,666 | $ 39,858 |
Federal Statutory Rate | 21.00% | 30.80% |
Computed expected tax recovery | $ (6,650) | $ 12,274 |
Change in enacted tax rates | 0 | (17,128) |
Change in valuation allowance | 6,650 | 4,854 |
Income tax provision | $ 0 | $ 0 |
4. Income Taxes_ Schedule of _3
4. Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Details | ||
Net operating losses carried forward | $ 36,382 | $ 29,732 |
Valuation allowance | (36,382) | (29,732) |
Net deferred tax asset | $ 0 | $ 0 |
5. Subsequent Events (Details)
5. Subsequent Events (Details) | 12 Months Ended |
Mar. 31, 2019 | |
Event #1 | |
Subsequent Event, Date | Apr. 11, 2019 |
Subsequent Event, Description | Joel Dularte Cortez, Mark Christian Soo, Siva Nadar resigned from their positions as President and Sole Director, Secretary and Treasurer, and Vice-President respectively |
Event #2 | |
Subsequent Event, Date | Apr. 11, 2019 |
Subsequent Event, Description | James Jenkins was appointed by the Board of Directors to serve as President/Chief Financial Officer/Secretary/Treasurer/Director |
Event #3 | |
Subsequent Event, Date | May 29, 2019 |
Subsequent Event, Description | The company filed a Form 8-K |
Event #4 | |
Subsequent Event, Date | Aug. 22, 2019 |
Subsequent Event, Description | Palayan Resources Inc. received a Demand Letter |
Event #5 | |
Subsequent Event, Date | Aug. 24, 2019 |
Subsequent Event, Description | company responded to the Demand Letter |