Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Aug. 03, 2020 | Sep. 30, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | Palayan Resources, Inc. | ||
Entity Central Index Key | 0001612851 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2020 | ||
Amendment Flag | false | ||
Title of 12(g) Security | Common Stock | ||
Trading Symbol | PLYN | ||
Current Fiscal Year End Date | --03-31 | ||
Entity File Number | 000-55348 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Reporting Status Current | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | true | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 300,000 | ||
Entity Common Stock, Shares Outstanding | 34,376,758 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Current Assets | ||
Cash | $ 77 | $ 2,111 |
Total Assets | 77 | 2,111 |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||
Accounts payable and accrued liabilities | 6,645 | 6,184 |
Due to related party (Note 5) | 163,830 | 144,175 |
Loan payable (Note 3) | 38,000 | |
Total Liabilities | 208,475 | 150,359 |
Stockholders' Deficit | ||
Common Stock, Value | 30,020 | 30,000 |
Additional paid-in capital | 13,019 | |
Accumulated deficit | (251,437) | (178,248) |
Total Stockholders' Deficit | (208,398) | (148,248) |
Total Liabilities and Stockholders' Deficit | $ 77 | $ 2,111 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 30,020,000 | 30,000,000 |
Common Stock, Shares, Outstanding | 30,020,000 | 30,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Expenses | ||
Consulting | $ 43,000 | |
General and administrative | 7,120 | $ 14,173 |
Professional fees | 18,750 | 17,493 |
Total Operating Expenses | 68,870 | 31,666 |
Net Loss Before Other Expense | (68,870) | (31,666) |
Other Expense | ||
Interest expense | (1,280) | |
Accretion expense | (3,039) | |
Total Other Expense | (4,319) | |
Net Loss | $ (73,189) | $ (31,666) |
Net Loss Per Share - Basic and Diluted (in dollars per share) | $ 0 | $ 0 |
Weighted Average Shares Outstanding (in shares) | 30,000,329 | 30,000,000 |
Statement of Stockholders' Defi
Statement of Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Beginning balance at Mar. 31, 2018 | $ 30,000 | $ (146,582) | $ (116,582) | |
Beginning balance, (in shares) at Mar. 31, 2018 | 30,000,000 | |||
Net loss for the year | (31,666) | (31,666) | ||
Ending balance at Mar. 31, 2019 | $ 30,000 | (178,248) | (148,248) | |
Ending balance, (in shares) at Mar. 31, 2019 | 30,000,000 | |||
Issuance of common stock for debt settlement | $ 20 | 9,980 | 10,000 | |
Issuance of common stock for debt settlement, (in shares) | 20,000 | |||
Beneficial conversion feature on convertible notes issued | 3,039 | 3,039 | ||
Net loss for the year | (73,189) | (73,189) | ||
Ending balance at Mar. 31, 2020 | $ 30,020 | $ 13,019 | $ (251,437) | $ (208,398) |
Ending balance, (in shares) at Mar. 31, 2020 | 30,020,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities | ||
Net loss for the year | $ (73,189) | $ (31,666) |
Accretion Expense | 3,039 | |
Expenses paid by related party | 2,250 | 6,675 |
Expenses paid on behalf of the company | 8,114 | |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 461 | 4,684 |
Due to related parties | 27,405 | |
Net Cash Used in Operating Activities | (31,920) | (20,307) |
Financing Activities | ||
Proceeds from convertible notes payable | 2,925 | |
Proceeds from non-related party loan | 30,000 | |
Proceeds from related party loan | 20,500 | |
Repayment of convertible notes payable | (3,039) | |
Net Cash Provided By Financing Activities | 29,886 | 20,500 |
Net change in cash | (2,034) | 193 |
Cash - Beginning of Period | 2,111 | 1,918 |
Cash - End of Period | 77 | $ 2,111 |
Supplemental Disclosures | ||
Interest paid | 690 | |
Income tax paid | ||
Non-cash Investing and Financing Activities | ||
Original issue discount on convertible notes | 3,039 | |
Stock issuance for services to related party | $ 10,000 |
1. Nature of Operations and Con
1. Nature of Operations and Continuance of Business | 12 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 Company’s 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. Prior to year end, on March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. This contagious disease outbreak and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, leading to an economic downturn. The impact on the Company is not currently determinable, but management continues to monitor the situation. 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, 2020, the Company has generated no revenues to date, and has an accumulated deficit of $251,437. 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 Company’s ability to continue as a going concern. 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 Company’s 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, 2020 | |
Accounting Policies [Abstract] | |
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 Company’s 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 and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. 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, 2020 and 2019, 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 in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development, and/or normal use of the assets. 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) Comprehensive Loss ASC 220, Comprehensive Income, i) 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 Company’s 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. k) 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. Loan Payable
3. Loan Payable | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
3. Loan Payable | 3. Loans Payable (a) As at March 31, 2020, the Company owed $33,000 (2019 - $nil) a non-related party, which is unsecured, bears interest at 10% per annum, and is due on demand. During the year ended March 31, 2020, the Company incurred interest expense of $768 (2019 - $nil) which has been recorded in accounts payable and accrued liabilities. (b) As at March 31, 2020, the Company owed $5,000 (2019 - $nil) to a non-related party, which is unsecured, bears interest at 10% per annum, and is due on demand. During the year ended March 31, 2020, the Company incurred interest expense of $441 (2019 - $nil) which has been recorded in accounts payable and accrued liabilities. |
4. Convertible Notes Payable
4. Convertible Notes Payable | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
4. Convertible Notes Payable | 4. Convertible Notes Payable (a) On November 29, 2019, the Company received $2,100 in cash and $114 in expenses paid by a convertible promissory note, which was unsecured, bears interest at 10% per annum, is due at the earlier of: (i) 90 days from the date of the note; (ii) successful close of an equity financing greater than $100,000; or (iii) an event of default, and is convertible into common shares at a conversion price of $0.001 per share. The Company recorded a beneficial conversion feature of $2,100, which was accreted over the expected life of the promissory note. On February 21, 2020, the convertible promissory note was repaid. During the year ended March 31, 2020, the Company recorded accretion expense of $2,100. (b) On December 13, 2019, the Company received $825 in cash and $114 in expenses paid by a convertible promissory note, which was unsecured, bears interest at 10% per annum, and is due at the earlier of: (i) 90 days from the date of the note; (ii) successful close of an equity financing greater than $100,000; or (iii) an event of default, and is convertible into common shares at a conversion price of $0.001 per share. The Company recorded a beneficial conversion feature of $939, which was accreted over the expected life of the promissory note. On February 21, 2020, the convertible promissory note was repaid. During the year ended March 31, 2020, the Company recorded accretion expense of $939. |
5. Related Party Transactions
5. Related Party Transactions | 12 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
5. Related Party Transactions | 5. Related Party Transactions (a) As at March 31, 2020, the Company owed $146,425 (2019 - $144,175) to the former CEO and Director of the Company. The amount owing is unsecured, non-interest bearing, and due on demand. During the period ended March 31, 2020, the Company received $nil (2019 - $20,500) and $2,250 in paid expenses (2019 - $6,675) from the former CEO and Director of the Company. (b) As at March 31, 2020, the Company owed $17,405 (2019 - $nil) to the CEO and President of the Company. The amount owing is unsecured, non-interest bearing, and due on demand. During the period ended March 31, 2020, the Company incurred consulting fees of $43,000 (2019 - $nil) to the CEO and President of the Company. (c) On March 27, 2020 the CEO and President of the company converted $10,000 of debt for 20,000 shares of restricted common stock. |
6. Common Stock
6. Common Stock | 12 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
6. Common Stock | 6. Common Stock (a) On March 27, 2020, the Company issued 20,000 shares of common stock to the CEO and President for $10,000 of Accrued Consulting Services performed during the year ended March 31, 2020. On the date of the settlement, the Common Stock price was $0.50, resulting in no gain or loss. See Note 5 for additional information. |
7. Income Taxes
7. Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
7. Income Taxes | 7. Income Taxes The Company has $243,398 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 2019 and 2020 to net loss before income taxes. As at March 31, 2020, the Company had no uncertain tax positions. March 31, March 31, Net loss before taxes 73,189 31,666 Statutory rate 21 % 21 % Computed expected tax recovery (15,370 ) (6,650 ) Permanent differences 638 — Change in valuation allowance 14,732 6,650 Income tax provision — — The significant components of deferred income tax assets and liabilities as at March 31, 2020 after applying enacted corporate income tax rates are as follows: 2020 2019 Net operating losses carried forward 51,114 36,382 Valuation allowance (51,114 ) (36,382 ) Net deferred tax asset — — |
8. Subsequent Events
8. Subsequent Events | 12 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
8. Subsequent Events | 8. Subsequent Events (a) On April 1, 2020, the Company entered into an employment agreement with its Chief Executive Officer and Director for $7,500 per month for a period of one year. (b) On April 2, 2020, the Company entered into a Share Exchange Agreement (the “Agreement”) with Scythian Mining Group Limited (“SMG”), and its wholly-owned subsidiary SMG-Gold B.V (“SMG-Gold”). As per the terms of the Agreement, the Company shall acquire 100% of the shares of SMG-Gold in exchange for 1,000,000 Class A Preferred Shares, 1,500,000 Class B Preferred Shares, and 1,000,000 Class C Preferred Shares. On May 1, 2020, the Agreement was amended to include additional payments of $100,000 on or before July 15, 2020, $400,000 by August 15, 2020, and $250,000 by October 15, 2020 as well as the issuance of 4,000,000 common shares of the Company. The preferred series A shares vote at a ratio of 100-to-1 and convert at a ratio of 15-to-1 while the preferred series C shares have no voting rights but convert at a ratio of 30-to-1. The Agreement closed on June 1, 2020 and on June 8 and 9, 2020, the Company issued 4,000,000 common shares, 1,000,000 Class A preferred shares, 1,500,000 Class B Preferred Shares, and 1,000,000 Class C Preferred Shares as part of the acquisition. (c) On June 1, 2020, Company amended its Articles of Incorporation by filing an amendment to its Articles of Incorporation to increase the number of authorized shares of common stock, par value $0.001 from 75,000,000 to 500,000,000 and to authorize the issuance of up to 100,000,000 shares of blank check preferred stock, which includes the following: ● 5,000,000 Class A Preferred Shares (“Class A”), par value of $0.001 per share, voting rights at a ratio of 100-to-1, and convertible into common shares at a rate of 15 common shares per Class A share; ● 5,000,000 Class B Preferred Shares (“Class B”), par value of $0.001 per share, voting rights at a ratio of 1-to-1, and convertible into common shares at a rate of 10 common shares per Class B share; and ● 5,000,000 Class C Preferred Shares (“Class C”), par value of $0.001 per share, no voting rights, and convertible into common shares at a rate of 30 common shares per Class C share. ● On June 3, 2020, the company received $5,000 cash in the form of a unsecured promissory note payable to Miko Roka S.A. de C.V. ● On June 17, 2020, the company received $25,000 in cash in the form of an unsecured promissory note due to Viveka Limited. ● On May 4, 2020, Messrs. John Emmott and Barry Davis were added to the Board of Directors, by reference 8K filed June 30, 2020. |
2. Summary of Significant Acc_2
2. Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
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 Company’s fiscal year-end is March 31. |
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 and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
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, 2020 and 2019, the Company had no cash equivalents. |
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. |
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 in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development, and/or normal use of the assets. |
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 |
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, |
h) Comprehensive Loss | h) Comprehensive Loss ASC 220, Comprehensive Income, |
i) Financial Instruments | i) 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 Company’s 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. |
e) Recent Accounting Pronouncements | k) 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. |
7. Income Taxes (Tables)
7. Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense | As at March 31, 2020, the Company had no uncertain tax positions. March 31, March 31, Net loss before taxes 73,189 31,666 Statutory rate 21 % 21 % Computed expected tax recovery (15,370 ) (6,650 ) Permanent differences 638 — Change in valuation allowance 14,732 6,650 Income tax provision — — |
Schedule of deferred income tax assets | The significant components of deferred income tax assets and liabilities as at March 31, 2020 after applying enacted corporate income tax rates are as follows: 2020 2019 Net operating losses carried forward 51,114 36,382 Valuation allowance (51,114 ) (36,382 ) Net deferred tax asset — — |
1. Nature of Operations and C_2
1. Nature of Operations and Continuance of Business (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Entity Incorporation, State or Country Code | NV | |
Entity Incorporation, Date of Incorporation | Jul. 26, 2013 | |
Accumulated deficit | $ (251,437) | $ (178,248) |
3. Loans Payable (Details Narra
3. Loans Payable (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Loan Payable | ||
Debt Instrument, Collateral | unsecured | |
Convertible Notes Payable, Transaction #1 | ||
Long-term Debt | $ 33,000 | $ 0 |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
Debt Instrument, Payment Terms | due on demand | |
Interest Payable, Current | $ 768 | 0 |
Convertible Notes, Related Party, Transaction #2 | ||
Long-term Debt | $ 5,000 | 0 |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
Debt Instrument, Payment Terms | due on demand | |
Interest Payable, Current | $ 441 | $ 0 |
4. Convertible Notes Payable (D
4. Convertible Notes Payable (Details Narrative) | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Accretion expense | $ 3,039 |
Convertible Notes Payable, Transaction #1 | |
Debt Instrument, Issuance Date | Nov. 29, 2019 |
Debt Instrument, Issuer | company |
Debt Instrument, Description | Convertible Promissory Notes |
Debt Instrument, Face Amount | $ 2,100 |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% |
Debt Instrument, Convertible, Terms of Conversion Feature | (i) 90 days from the date of the note; (ii) successful close of an equity financing greater than $100,000; or (iii) an event of default, and is convertible into common shares at a conversion price of $0.001 per share. |
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 2,100 |
Accretion expense | 2,100 |
Debt Expense | $ 114 |
Convertible Notes, Related Party, Transaction #2 | |
Debt Instrument, Issuance Date | Dec. 13, 2019 |
Debt Instrument, Issuer | company |
Debt Instrument, Description | Convertible Promissory Notes |
Debt Instrument, Face Amount | $ 825 |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% |
Debt Instrument, Convertible, Terms of Conversion Feature | (i) 90 days from the date of the note; (ii) successful close of an equity financing greater than $100,000; or (iii) an event of default, and is convertible into common shares at a conversion price of $0.001 per share. |
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 939 |
Accretion expense | 939 |
Debt Expense | $ 114 |
5. Related Party Transactions (
5. Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Due to related parties | $ 163,830 | $ 144,175 |
Professional fees | 18,750 | 17,493 |
Issuance of common stock for debt settlement | 10,000 | |
Former CEO And Director Of The Company | ||
Due to related parties | $ 146,425 | 144,175 |
Debt Instrument, Description | to the former CEO and Director of the Company | |
Debt Instrument, Collateral | unsecured | |
Debt Instrument, Payment Terms | due on demand | |
Related party transactions | 20,500 | |
Paid expenses | $ 2,250 | 6,675 |
CEO And President Of The Company | ||
Due to related parties | $ 17,405 | 0 |
Debt Instrument, Description | to the CEO and President of the Company | |
Debt Instrument, Collateral | unsecured | |
Debt Instrument, Payment Terms | due on demand | |
Professional fees | $ 43,000 | $ 0 |
CEO And President Of The Company | Restricted Stock | ||
Issuance of common stock for debt settlement | $ 10,000 | |
Issuance of common stock for debt settlement, (in shares) | 20,000 |
6. Common Stock (Details Narrat
6. Common Stock (Details Narrative) - CEO And President Of The Company | 12 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Value of shares issued | $ | $ 10,000 |
Number of shares issued (in shares) | shares | 20,000 |
Stock price (in dollars per share) | $ / shares | $ 0.50 |
7. Income Taxes (Details)
7. Income Taxes (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Net loss before taxes | $ (73,189) | $ (31,666) |
Statutory rate | 21.00% | 21.00% |
Computed expected tax recovery | $ (15,370) | $ (6,650) |
Permanent differences | 638 | |
Change in valuation allowance | 14,732 | 6,650 |
Income tax provision | $ 0 | $ 0 |
7. Income Taxes (Details 1)
7. Income Taxes (Details 1) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Net operating losses carried forward | $ 51,114 | $ 36,382 |
Valuation allowance | (51,114) | (36,382) |
Net deferred tax asset | $ 0 | $ 0 |
7. Income Taxes (Details Narrat
7. Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Federal Income Tax Rate | 21.00% | 21.00% |
Net Operating Losses | $ 243,398 |
8. Subsequent Events (Details N
8. Subsequent Events (Details Narrative) - USD ($) | Jun. 01, 2020 | Apr. 02, 2020 | Apr. 01, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 17, 2020 | Jun. 03, 2020 |
Professional fees | $ 18,750 | $ 17,493 | |||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||
Common Stock, Shares, Issued | 30,020,000 | 30,000,000 | |||||
Subsequent Event [Member] | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | ||||||
Subsequent Event [Member] | Class A Preferred Shares [Member] | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | ||||||
Common Stock, Shares, Issued | 5,000,000 | ||||||
Voting rights | voting rights at a ratio of 100-to-1, and convertible into common shares at a rate of 15 common shares per Class A share | ||||||
Subsequent Event [Member] | Class B Preferred Shares [Member] | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | ||||||
Common Stock, Shares, Issued | 5,000,000 | ||||||
Voting rights | voting rights at a ratio of 1-to-1, and convertible into common shares at a rate of 10 common shares per Class B share | ||||||
Subsequent Event [Member] | Class C Preferred Shares [Member] | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | ||||||
Common Stock, Shares, Issued | 5,000,000 | ||||||
Voting rights | no voting rights, and convertible into common shares at a rate of 30 common shares per Class C share | ||||||
Subsequent Event [Member] | Minimum [Member] | |||||||
Common Stock, Shares Authorized | 75,000,000 | ||||||
Subsequent Event [Member] | Maximum [Member] | |||||||
Common Stock, Shares Authorized | 500,000,000 | ||||||
Common Stock, Shares, Issued | 100,000,000 | ||||||
Subsequent Event [Member] | Miko Roka S.A. de C.V. [Member] | Unsecured Promissory Note Payable [Member] | |||||||
Long-term Debt | $ 5,000 | ||||||
Subsequent Event [Member] | Viveka Limited [Member] | Unsecured Promissory Note Payable [Member] | |||||||
Long-term Debt | $ 25,000 | ||||||
Subsequent Event [Member] | Employment Agreement [Member] | Chief Executive Officer And Director [Member] | |||||||
Professional fees | $ 7,500 | ||||||
Subsequent Event [Member] | Share Exchange Agreement [Member] | Scythian Mining Group Limited ("SMG") [Memberr] | |||||||
Description of term agreement | The terms of the Agreement, the Company shall acquire 100% of the shares of SMG-Gold in exchange for 1,000,000 Class A Preferred Shares, 1,500,000 Class B Preferred Shares, and 1,000,000 Class C Preferred Shares. On May 1, 2020, the Agreement was amended to include additional payments of $100,000 on or before July 15, 2020, $400,000 by August 15, 2020, and $250,000 by October 15, 2020 as well as the issuance of 4,000,000 common shares of the Company. The preferred series A shares vote at a ratio of 100-to-1 and convert at a ratio of 15-to-1 while the preferred series C shares have no voting rights but convert at a ratio of 30-to-1. The Agreement closed on June 1, 2020 and on June 8 and 9, 2020, the Company issued 4,000,000 common shares, 1,000,000 Class A preferred shares, 1,500,000 Class B Preferred Shares, and 1,000,000 Class C Preferred Shares as part of the acquisition. |