Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Jun. 24, 2022 | Sep. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Mar. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity File Number | 000-55348 | ||
Entity Registrant Name | Palayan Resources, Inc. | ||
Entity Central Index Key | 0001612851 | ||
Entity Tax Identification Number | 83-4575865 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 850 Teague Trail | ||
Entity Address, Address Line Two | #580 | ||
Entity Address, City or Town | Lady Lake | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32159 | ||
City Area Code | 407 | ||
Local Phone Number | 536-9422 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | PLYN | ||
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 | $ 965,178 | ||
Entity Common Stock, Shares Outstanding | 37,376,891 | ||
Auditor Firm ID | 5854 | ||
Auditor Name | TAAD LLP | ||
Auditor Location | Diamond Bar, CA |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Current assets: | ||
Cash | $ 426 | $ 98,889 |
Prepaid expense | 2,250 | 0 |
Total current assets | 2,676 | 98,889 |
Equipment, net | 491 | 866 |
Total Assets | 3,167 | 99,755 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 43,063 | 5,168 |
Notes payable – related party | 25,000 | 25,000 |
Convertible note payable – non-related party, net of debt discount | 204,419 | 0 |
Derivative liabilities | 180,181 | 0 |
Due to related parties | 54,582 | 0 |
Total current liabilities | 507,245 | 30,168 |
Long-term liabilities: | ||
Convertible note payable – non-related party, net of debt discount | 0 | 34,116 |
Derivative liabilities | 0 | 322,285 |
Total long-term liabilities | 0 | 356,401 |
Total Liabilities | 507,245 | 386,569 |
Commitments and contingencies | 0 | 0 |
Stockholders’ deficit: | ||
Common stock, $0.001 par value, 500,000,000 shares authorized; 37,376,891 and 34,376,758 shares issued and outstanding at March 31, 2022 and 2021, respectively | 37,377 | 34,377 |
Common stock to be issued, none and 201,451 shares at March 31, 2022 and 2021, respectively | 0 | 201 |
Additional paid-in capital | 461,031 | 388,049 |
Accumulated deficit | (1,004,986) | (711,941) |
Total Stockholders’ Deficit | (504,078) | (286,814) |
Total Liabilities and Stockholders’ Deficit | 3,167 | 99,755 |
Series A Preferred Stock [Member] | ||
Stockholders’ deficit: | ||
Preferred stock, $0.001 par value, 100,000,000 shares authorized | 2,500 | 2,500 |
Series B Preferred Stock [Member] | ||
Stockholders’ deficit: | ||
Preferred stock, $0.001 par value, 100,000,000 shares authorized | 0 | 0 |
Series C Preferred Stock [Member] | ||
Stockholders’ deficit: | ||
Preferred stock, $0.001 par value, 100,000,000 shares authorized | $ 0 | $ 0 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2022 | Mar. 31, 2021 |
Preferred stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 37,376,891 | 34,376,758 |
Common stock, shares outstanding | 37,376,891 | 34,376,758 |
Common stock, shares to be issued | 0 | 201,451 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 2,500,000 | 2,500,000 |
Preferred stock, shares outstanding | 2,500,000 | 2,500,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series C Preferred Stock [Member] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses: | ||
Selling and marketing expense | $ 1,426 | $ 7,750 |
General and administrative expense | 258,807 | 433,903 |
Total operating expense | 260,233 | 441,653 |
Operating loss | (260,233) | (441,653) |
Other income (expense): | ||
Interest expense | (23,403) | (12,741) |
Derivative income (expense) | 142,104 | (58,082) |
Debt discount amortization | (165,513) | (74,319) |
Gain on extinguishment of debt | 14,000 | 126,291 |
Total other income (expense) | (32,812) | (18,851) |
Loss before provision for income taxes | (293,045) | (460,504) |
Provision for income taxes | 0 | 0 |
Net loss | $ (293,045) | $ (460,504) |
Weighted average shares basic and diluted | 36,300,711 | 33,543,005 |
Weighted average basic and diluted loss per common share | $ (0.01) | $ (0.01) |
STATEMENTS OF STOCKHOLDERS' DEF
STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) | Preferred Stock Series A [Member] | Preferred Stock Series B [Member] | Preferred Stock Series C [Member] | Common Stock [Member] | Common Stock To Be Issued [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance - March 31, 2021 at Mar. 31, 2020 | $ 30,020 | $ 13,019 | $ (251,437) | $ (208,398) | ||||
Beginning Balance, shares at Mar. 31, 2020 | 30,020,000 | |||||||
Stock issued as deposit for acquisition | $ 4,000 | 12,000 | 16,000 | |||||
Stock issued as deposit for acquisition, shares | 4,000,000 | |||||||
Sale of stock | $ 10 | 4,990 | 5,000 | |||||
Sale of stock, shares | 10,000 | |||||||
Beneficial conversion feature | 36,000 | 36,000 | ||||||
Stock issued for services | $ 2,500 | 147,500 | 150,000 | |||||
Stock issued for services, shares | 2,500,000 | |||||||
Stock issued or issuable for services | $ 347 | $ 201 | 1,645 | 2,193 | ||||
Stock issued or issuable for services, shares | 346,758 | 201,451 | ||||||
Extinguishment of related party debt | 172,895 | 172,895 | ||||||
Net loss | (460,504) | (460,504) | ||||||
Balance - March 31, 2022 at Mar. 31, 2021 | $ 2,500 | $ 34,377 | $ 201 | 388,049 | (711,941) | (286,814) | ||
Ending Balance, shares at Mar. 31, 2021 | 2,500,000 | 34,376,758 | 201,451 | |||||
Stock issued or issuable for services | $ 1,597 | $ (201) | 4,185 | 5,581 | ||||
Stock issued or issuable for services, shares | 1,596,799 | (201,451) | ||||||
Stock issued for settlement of debt | $ 1,403 | 68,797 | 70,200 | |||||
Stock issued for settlement of debt, shares | 1,403,334 | |||||||
Net loss | (293,045) | (293,045) | ||||||
Balance - March 31, 2022 at Mar. 31, 2022 | $ 2,500 | $ 37,377 | $ 461,031 | $ (1,004,986) | $ (504,078) | |||
Ending Balance, shares at Mar. 31, 2022 | 2,500,000 | 37,376,891 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (293,045) | $ (460,504) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Value of shares issued as acquisition deposit | 0 | 16,000 |
Shares issued for services | 5,581 | 152,193 |
Gain on extinguishment of debt | (14,000) | (126,291) |
Derivative (income) expense | (142,104) | 58,082 |
Depreciation | 375 | 258 |
Debt discount amortization | 165,513 | 74,319 |
Changes in operating assets and liabilities: | ||
Prepaid expense | (2,250) | 0 |
Accounts payable and accrued liabilities | 57,685 | 7,683 |
Due to related parties | 123,782 | (17,405) |
Net cash used in operating activities | (98,463) | (295,665) |
Cash flows from investing activities: | ||
Capital expenditures | 0 | (1,123) |
Net cash used in investing activities | 0 | (1,123) |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | 0 | 5,000 |
Proceeds from issuance of notes payable – non-related parties | 0 | 340,000 |
Proceeds from issuance of note payable – related parties | 0 | 50,600 |
Net cash provided by financing activities | 0 | 395,600 |
Net change in cash | (98,463) | 98,812 |
Cash, beginning of period | 98,889 | 77 |
Cash, end of period | 426 | 98,889 |
Cash paid during the period for: | ||
Interest | 0 | 0 |
Taxes | 0 | 0 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Beneficial conversion feature | 0 | 36,000 |
Extinguishment of related party debt | 69,200 | 172,894 |
Extinguishment of non-related party debt | $ 15,000 | $ 118,000 |
Organization History and Busine
Organization History and Business | 12 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization History and Business | 1. Organization History and Business Organization and Business We were incorporated in the State of Nevada July 26, 2013 100 On January 8, 2021, we entered into a Joint Venture Agreement (the “JV Agreement”) with Provenance Gold Corporation, a Canadian publicly traded company (“PAU”) to fund and develop a series of 102 1 On May 10, 2021, we issued a press release stating our Company was changing its market focus as our management recognized that our Company needs to move in a new direction and will pursue acquisition opportunities that can benefit private companies through our Company’s public status. The benefit to our Company and its shareholders will be built on acquisitions based on growth and revenue of targeted acquisitions. We are restructuring our Company as a holding company seeking transactions on a managed basis, acquiring controlling interest in acquisition targets as subsidiaries of our Company. Using a holding company strategy, we will be able to mitigate risk while making multiple acquisitions. All targeted acquisitions must be audited or auditable. We will make either majority or minority investments in companies that meet its investment criteria. As a holding company, we will not manufacture anything, sell any products or services, or conduct any other business operations. Our purpose is to hold the controlling stock or membership interests in other companies. Our Company is taking an agnostic approach regarding industry, in almost every contemplated acquisition, we will retain the management team of the acquired company. The subsidiary’s own management will run the day-to-day business, as this retention of management post transaction will maintain operational continuity. Our Company’s management will be responsible for overseeing how the subsidiaries are run and assisting their management as needed. Our Company is seeking opportunities in mature private companies that are in transition or growth mode. We have begun sourcing opportunities through several third-party organizations. Transactions will be subject to industry standard due-diligence requirements. Of course, no two acquisitions are the same, so the due diligence process will vary from one situation to the next. In general, however, there are up to five types of due diligence; (i) Business; (ii) Accounting; (iii) Legal; (iv) Valuation and (v) Environmental, that will need to be completed as part of the process for any proposed transaction. Proposed Acquisition Using this new strategy, on December 9, 2021 we executed a Memorandum of Understanding (the “MOU”) with a Singapore based holding company whose subsidiaries are engaged principally in foreign exchange remittance services. Under the MOU, our Company desires to acquire 100% of the Singapore based company for a purchase price of $80,000,000, consisting of common and preferred stock totaling $70,000,000 and subordinated debt of $10,000,000. The proposed acquisition is subject to due diligence customary to transactions of this type and we are currently conducting such due diligence. There can be no assurance that a definitive agreement between the parties to the transaction can be reached. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation We have prepared the accompanying financial statements in conformity with generally accepted accounting principles in the United States of America pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Going Concern Considerations The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, which contemplate continuation of our Company as a going concern. We currently have no revenues, have incurred net losses, and have an accumulated deficit of $ 1,004,986 1,050,000 260,000 The continuation of our Company as a going concern is dependent upon continued financial support from our shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from any future business we may acquire. There are no assurances that we will be successful in obtaining sufficient capital to continue as a going concern. The accompanying financial statements do not include any adjustments that might be necessary if our Company is unable to continue as a going concern. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents We consider all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. Our cash balances as of March 31, 2022 and 2021, were $ 426 98,889 no Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of our Company. Unobservable inputs are inputs that reflect our Company’s assumptions about the factors that market participants would use in valuing the asset or liability. There are three levels of inputs that may be used to measure fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2022 and 2021. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expense, accounts payable and accrued expenses, related party advances and notes payable. Fair values for these items were assumed to approximate carrying values because they are short-term in nature or they are payable on demand. Fair values for derivative liabilities were determined under level 2 since inputs used are either directly or indirectly observable in the marketplace. Derivative Financial Instruments – We account for convertible debt with conversion features representing embedded derivative liabilities in accordance with ASC 815, Derivatives and Hedging. ASC 815-15-25-1 requires that embedded derivative instruments be bifurcated and assessed on their issuance date and measured at their fair value for accounting purposes. In determining the appropriate fair value, we use the Black-Scholes option valuation method, resulting in a reduction of the initial carrying amount of the notes as unamortized debt discount. The unamortized discount is amortized over the term of each note using the effective interest method. The fair value of derivative instruments is recorded and shown separately under liabilities. Changes in the fair value of derivative liabilities are recorded in the consolidated statement of operations under non-operating income (expense). We evaluate each of our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. For stock-based derivative financial instruments, we use a weighted average Black-Scholes-Merton option-pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within twelve months of the balance sheet date. Long-lived Assets We follow ASC 360-10-15-3, Impairment or Disposal of Long-lived Assets, which established a “primary asset” approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. Income Taxes We account for income taxes in accordance with ASC 740 - Income Taxes Our income tax returns, when filed, will be based on calculations and assumptions that are subject to examination by the Internal Revenue Service and other tax authorities. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While we believe we have appropriate support for the positions taken on our tax returns, we regularly assess the potential outcomes of examinations by tax authorities in determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of potential adjustments and adjust the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known. Basic and Diluted Net Loss Per Share We compute net income (loss) per share in accordance with ASC 260, Earnings per Share no New Accounting Pronouncements We have reviewed all accounting pronouncements recently issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC and have determined that they are either not applicable or are not believed to have a material impact on our present or future financial statements. |
SMG-Gold Acquisition
SMG-Gold Acquisition | 12 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
SMG-Gold Acquisition | 3. SMG-Gold Acquisition As stated in Note 1, on April 2, 2020, we entered into the Exchange Agreement with SMG and SMG’s wholly owned subsidiary SMG-Gold. Under the Exchange Agreement, SMG agreed to exchange one hundred percent (100%) of the issued and outstanding shares of SMG-Gold for an aggregate of 1,000,000 1,000,000 On May 1, 2020, SMG-Gold and Bulat agreed to modify the obligations payable to Bulat as follows: (1) SMG-Gold would pay Bulat a total of $ 750,000 15,000 4,000,000 16,000 Bulat never received any cash obligations owed to him, except for the $15,000 paid by us in July 2020. As such, Bulat did not transfer the participation interests in Altyn Kokus LLP to SMG-Gold. As a result, the transaction contemplated by the Exchange Agreement was deemed to be incomplete. Accordingly, on November 18, 2020, our Board of Directors voted unanimously to rescind the Exchange Agreement, to return the parties to their respective positions prior to entering into the Exchange Agreement, to the extent possible, to return the SMG-Gold shares to SMG, and to place a Stop Transfer Order with our transfer agent for the 4,000,000 shares of our common stock issued to Bulat. Because of our Board’s decision to rescind the Exchange Agreement, during the year ended March 31, 2021, we recorded a General and Administrative expense totaling $ 31,000 15,000 16,000 |
Equipment, net
Equipment, net | 12 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Equipment, net | 4. Equipment, net As of both March 31, 2022 and 2021, equipment consists of a laptop computer. Depreciation was calculated on a straight-line basis over a three-year period and was $ 375 258 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions Due to related party of $ 54,582 52,332 2,250 Under an April 1, 2020 Executive Employment Agreement, as amended, we retained the services of Mr. James Jenkins, our CEO and Director, by and through C2C. During the years ended March 31, 2022 and 2021, we expensed $ 132,000 109,500 During the year ended March 31, 2022, we issued 1,153,334 69,200 4,613 During the year ended March 31, 2021, we issued 2,500,000 150,000 |
Notes Payable
Notes Payable | 12 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | 6. Notes Payable Notes payable consists of the following at March 31, 2022 and 2021: Schedule of notes payable March 31, 2022 March 31, Non-Related Parties: Advances under unsecured credit line agreement $ 260,000 $ 260,000 Less debt discount on amounts borrowed (55,581 ) (225,884 ) Subtotal — non-related parties 204,419 34,116 Less current portion (204,419 ) – Long-term portion $ – $ 34,116 Related Party: Unsecured promissory note $ 25,000 $ 25,000 Subtotal — related party 25,000 25,000 Less current portion (25,000 ) (25,000 ) Long-term portion $ – $ – NON-RELATED PARTIES Unsecured Credit Line Agreement Effective December 4, 2020, we entered into a Credit Line Agreement with Mambagone (“the LOC”) under which Mambagone agreed to advance our Company a total of $ 1,050,000 8 260,000 Mambagone has the right, but not the obligation, at any time, to convert all or any portion of the outstanding principal amount and accrued interest into fully paid and non-assessable shares of our common stock. The conversion price shall be equal to seventy-five percent (75%) of the average of the closing price of our common stock during the ten (10) trading days immediately preceding the conversion date. We determined that the conversion provisions of the Mambagone LOC contain an embedded derivative feature and we valued the derivative feature separately, recording debt discount and derivative liabilities in accordance with the provisions of the advances. See Note 7. We are amortizing the debt discount on a straight-line basis over the term of the advances. For the years ended March 31, 2022 and 2021, we recorded amortization of debt discount of $ 165,513 38,319 20,800 4,790 Other Promissory Notes On July 24, 2020, we issued an unsecured convertible promissory note to an unrelated third party in the principal amount of $ 50,000 10 1.00 36,000 36,000 2,356 During June 2020, we issued two (2) notes payable to non-related parties totaling $ 30,000 1,737 RELATED PARTY Unsecured Promissory Note On March 16, 2021, we issued an unsecured promissory note to one of our large stockholders in the amount of $ 25,000 10 2,603 |
Derivative Liabilities
Derivative Liabilities | 12 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liabilities | 7. Derivative Liabilities As stated in Note 6, Notes Payable, we determined that the advances under the unsecured credit line agreement contained an embedded derivative feature in the form of a conversion provision which was adjustable based on future prices of our common stock. In accordance with ASC 815-10-25, each derivative feature was initially recorded at its fair value using the Black-Scholes option valuation method and then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. The following table represents our derivative liability activity for the years ended March 31, 2022 and 2021: Schedule of derivative liability activity Initial measurement of advances $ 264,203 Derivative expense 58,082 Balance at March 31, 2021 322,285 Derivative income (142,104 ) Balance at March 31, 2022 $ 180,181 The fair value of the derivative features of the convertible notes were calculated using the following assumptions: Schedule of assumptions used to calculate derivative features of convertible notes March 31, 2022 March 31, 2021 Expected term in years Through 7/31/22 Through 7/31/22 Risk-free interest rate 0.07% to 1.63% 0.07% to 0.12% Annual expected volatility 164% to 201% 332% to 362% Dividend yield 0.00% 0.00% Risk-free interest rate: Volatility: Dividend yield: Remaining term: |
Capital Stock
Capital Stock | 12 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Capital Stock | 8. Capital Stock On June 1, 2020, we amended our Articles of Incorporation to increase the number of authorized shares of our common stock from 75,000,000 to 500,000,000 and to authorize the issuance of up to 100,000,000 shares of preferred stock. Preferred Stock We are authorized to issue 100,000,000 0.001 Series A Preferred Stock 5,000,000 15 During the year ended March 31, 2021, we issued a total of 2,500,000 2,500,000 Series B Preferred Stock 5,000,000 10 Series C Preferred Stock 5,000,000 30 Common Stock We are authorized to issue 500,000,000 0.001 During the year ended March 31, 2022, we issued the following shares: 1. 201,451 2. 1,395,348 3. 1,153,334 4. 250,000 15,000 1,000 14,000 During the year ended March 31, 2021, we issued the following shares: 1. 315,790 1,263 2. 30,968 125 3. 4,000,000 4. 10,000 5,000 |
Service Agreement
Service Agreement | 12 Months Ended |
Mar. 31, 2022 | |
Service Agreement | |
Service Agreement | 9. Service Agreement On April 16, 2021, we entered into a Services Agreement with Cicero Transact Group, Inc. Under the Agreement, Cicero has agreed to rebuild our website and social media sites and help identify and introduce potential acquisition targets to our Company. Once an acquisition is completed, Cicero has agreed to provide, at their sole discretion, any number of post-acquisition services listed in the Agreement. As consideration for the services, we issued Cicero 1,395,348 5,581 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes Our Company recently filed tax returns for the year ended March 31, 2021 but has not filed tax returns for any previous year. We plan on bringing our tax filings current as soon as practical. As of March 31, 2022, we had net operating loss carry forwards, on a book basis, of approximately $ 945,284 441,621 The following table presents the current income tax provision for federal and state income taxes for the years ended March 31, 2022 and 2021: Schedule of income tax provision For the Year Ended March 31, 2022 For the Year Ended March 31, 2021 Current tax provisions: Federal $ – $ – State – – Total provision for income taxes $ – $ – Reconciliations of the U.S. federal statutory rate to our actual tax rate for the years ended March 31, 2022 and 2021 are as follows: Schedule of reconciliation of federal statutory rate to actual tax rate 2022 2021 US federal statutory income tax rate 21.0 21.0% Net gains on extinguishment of debt 1.0 5.8% Non-deductible expenses, net of federal benefit Derivative expense 10.2 (2.7 )% Debt discount amortization (11.9 )% (3.4 )% Increase in valuation allowance (20.3 )% (20.7 )% Total provision for income taxes 0.0% 0.0% The components of our deferred tax assets for federal and state income taxes as of March 31, 2022 and 2021 consisted of the following: Schedule of deferred tax assets 2022 2021 Current Reserves and accruals $ 7,590 $ 2,676 Non-current Net operating loss carry forwards 198,510 143,860 Less: valuation allowance (206,100 ) (146,536 ) Net deferred tax assets $ – $ – During the years ended March 31, 2022 and 2021, the valuation reserve increased $ 59,564 95,422 |
Debt Mitigation
Debt Mitigation | 12 Months Ended |
Mar. 31, 2022 | |
Debt Mitigation | |
Debt Mitigation | 11. Debt Mitigation During the year ended March 31, 2022, we issued shares of common stock to cancel certain indebtedness. As described in Note 5, we issued 1,153,334 69,200 68,047 250,000 14,000 During the year ended March 31, 2021, certain creditors agreed to cancel the amounts owed to them through the execution of a general release. The following table reflects the creditors, types of debt and amounts cancelled. Schedule of debt mitigation Principal Accrued NON-RELATED PARTIES Unsecured convertible promissory note $ 50,000 $ 2,356 Unsecured promissory notes – issued in the year ended March 31, 2021 30,000 1,737 Unsecured promissory notes – issued in previous years 38,000 4,198 $ 118,000 $ 8,291 RELATED PARTIES Due to related party $ 146,425 $ – Unsecured promissory note 25,600 870 $ 172,025 $ 870 Our Company paid no consideration to these creditors in exchange for the cancellation of their debts. In connection with the non-related party cancellations, we recorded a gain on extinguishment of debt in the amount of $ 126,291 172,895 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We have prepared the accompanying financial statements in conformity with generally accepted accounting principles in the United States of America pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). |
Going Concern Considerations | Going Concern Considerations The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, which contemplate continuation of our Company as a going concern. We currently have no revenues, have incurred net losses, and have an accumulated deficit of $ 1,004,986 1,050,000 260,000 The continuation of our Company as a going concern is dependent upon continued financial support from our shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from any future business we may acquire. There are no assurances that we will be successful in obtaining sufficient capital to continue as a going concern. The accompanying financial statements do not include any adjustments that might be necessary if our Company is unable to continue as a going concern. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. Our cash balances as of March 31, 2022 and 2021, were $ 426 98,889 no |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of our Company. Unobservable inputs are inputs that reflect our Company’s assumptions about the factors that market participants would use in valuing the asset or liability. There are three levels of inputs that may be used to measure fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2022 and 2021. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expense, accounts payable and accrued expenses, related party advances and notes payable. Fair values for these items were assumed to approximate carrying values because they are short-term in nature or they are payable on demand. Fair values for derivative liabilities were determined under level 2 since inputs used are either directly or indirectly observable in the marketplace. Derivative Financial Instruments – We account for convertible debt with conversion features representing embedded derivative liabilities in accordance with ASC 815, Derivatives and Hedging. ASC 815-15-25-1 requires that embedded derivative instruments be bifurcated and assessed on their issuance date and measured at their fair value for accounting purposes. In determining the appropriate fair value, we use the Black-Scholes option valuation method, resulting in a reduction of the initial carrying amount of the notes as unamortized debt discount. The unamortized discount is amortized over the term of each note using the effective interest method. The fair value of derivative instruments is recorded and shown separately under liabilities. Changes in the fair value of derivative liabilities are recorded in the consolidated statement of operations under non-operating income (expense). We evaluate each of our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. For stock-based derivative financial instruments, we use a weighted average Black-Scholes-Merton option-pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within twelve months of the balance sheet date. |
Long-lived Assets | Long-lived Assets We follow ASC 360-10-15-3, Impairment or Disposal of Long-lived Assets, which established a “primary asset” approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. |
Income Taxes | Income Taxes We account for income taxes in accordance with ASC 740 - Income Taxes Our income tax returns, when filed, will be based on calculations and assumptions that are subject to examination by the Internal Revenue Service and other tax authorities. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While we believe we have appropriate support for the positions taken on our tax returns, we regularly assess the potential outcomes of examinations by tax authorities in determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of potential adjustments and adjust the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known. |
Basic and Diluted Net Loss Per Share | Basic and Diluted Net Loss Per Share We compute net income (loss) per share in accordance with ASC 260, Earnings per Share no |
New Accounting Pronouncements | New Accounting Pronouncements We have reviewed all accounting pronouncements recently issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC and have determined that they are either not applicable or are not believed to have a material impact on our present or future financial statements. |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of notes payable | Schedule of notes payable March 31, 2022 March 31, Non-Related Parties: Advances under unsecured credit line agreement $ 260,000 $ 260,000 Less debt discount on amounts borrowed (55,581 ) (225,884 ) Subtotal — non-related parties 204,419 34,116 Less current portion (204,419 ) – Long-term portion $ – $ 34,116 Related Party: Unsecured promissory note $ 25,000 $ 25,000 Subtotal — related party 25,000 25,000 Less current portion (25,000 ) (25,000 ) Long-term portion $ – $ – |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative liability activity | Schedule of derivative liability activity Initial measurement of advances $ 264,203 Derivative expense 58,082 Balance at March 31, 2021 322,285 Derivative income (142,104 ) Balance at March 31, 2022 $ 180,181 |
Schedule of assumptions used to calculate derivative features of convertible notes | Schedule of assumptions used to calculate derivative features of convertible notes March 31, 2022 March 31, 2021 Expected term in years Through 7/31/22 Through 7/31/22 Risk-free interest rate 0.07% to 1.63% 0.07% to 0.12% Annual expected volatility 164% to 201% 332% to 362% Dividend yield 0.00% 0.00% |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax provision | Schedule of income tax provision For the Year Ended March 31, 2022 For the Year Ended March 31, 2021 Current tax provisions: Federal $ – $ – State – – Total provision for income taxes $ – $ – |
Schedule of reconciliation of federal statutory rate to actual tax rate | Schedule of reconciliation of federal statutory rate to actual tax rate 2022 2021 US federal statutory income tax rate 21.0 21.0% Net gains on extinguishment of debt 1.0 5.8% Non-deductible expenses, net of federal benefit Derivative expense 10.2 (2.7 )% Debt discount amortization (11.9 )% (3.4 )% Increase in valuation allowance (20.3 )% (20.7 )% Total provision for income taxes 0.0% 0.0% |
Schedule of deferred tax assets | Schedule of deferred tax assets 2022 2021 Current Reserves and accruals $ 7,590 $ 2,676 Non-current Net operating loss carry forwards 198,510 143,860 Less: valuation allowance (206,100 ) (146,536 ) Net deferred tax assets $ – $ – |
Debt Mitigation (Tables)
Debt Mitigation (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Debt Mitigation | |
Schedule of debt mitigation | Schedule of debt mitigation Principal Accrued NON-RELATED PARTIES Unsecured convertible promissory note $ 50,000 $ 2,356 Unsecured promissory notes – issued in the year ended March 31, 2021 30,000 1,737 Unsecured promissory notes – issued in previous years 38,000 4,198 $ 118,000 $ 8,291 RELATED PARTIES Due to related party $ 146,425 $ – Unsecured promissory note 25,600 870 $ 172,025 $ 870 |
Organization History and Busi_2
Organization History and Business (Details Narrative) - N | 12 Months Ended | ||
Jan. 08, 2021 | Mar. 31, 2022 | Apr. 02, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Entity Incorporation, State or Country Code | NV | ||
Entity Incorporation, Date of Incorporation | Jul. 26, 2013 | ||
Corporate Joint Venture [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of lode mineral claims | 102 | ||
Number of patented mining claims | 1 | ||
SMG-Gold B.V. [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Ownership percentage under rescinded agreement | 100% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 04, 2020 | |
Line of Credit Facility [Line Items] | |||
Accumulated deficit | $ 1,004,986 | $ 711,941 | |
Proceeds from Lines of Credit | 260,000 | ||
Cash and Cash Equivalents, at Carrying Value | 426 | 98,889 | |
Cash and cash equivalent | $ 0 | $ 0 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | |
Mambagone [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility | $ 1,050,000 |
SMG-Gold Acquisition (Details N
SMG-Gold Acquisition (Details Narrative) - USD ($) | 2 Months Ended | 12 Months Ended | |||
Apr. 02, 2020 | Jun. 08, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | May 01, 2020 | |
Business Acquisition [Line Items] | |||||
Stock issued as deposit for acquisition | $ 16,000 | ||||
General and administrative expense | 31,000 | ||||
Bulat [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash paid for acquisition | $ 15,000 | ||||
SMG-Gold B.V. [Member] | Bulat [Member] | |||||
Business Acquisition [Line Items] | |||||
Consideration payable | $ 750,000 | ||||
Cash paid for acquisition | $ 15,000 | ||||
Stock issued as deposit for acquisition (in shares) | 4,000,000 | 4,000,000 | |||
Stock issued as deposit for acquisition | $ 16,000 | ||||
Series A Preferred Stock [Member] | SMG-Gold B.V. [Member] | |||||
Business Acquisition [Line Items] | |||||
Shares issued in acquisition (in shares) | 1,000,000 | ||||
Series C Preferred Stock [Member] | SMG-Gold B.V. [Member] | |||||
Business Acquisition [Line Items] | |||||
Shares issued in acquisition (in shares) | 1,000,000 |
Equipment, net (Details Narrati
Equipment, net (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 375 | $ 258 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Due to related party | $ 54,582 | |
Advances for business | 52,332 | |
Operating expenses | 2,250 | |
Debt settled with stock | $ 69,200 | |
Number of shares issued value | $ 150,000 | |
Preferred Stock Series A [Member] | ||
Related Party Transaction [Line Items] | ||
Shares issued for services | 2,500,000 | |
Number of shares issued value | $ 2,500 | |
Stock Issued For Debt Settlement [Member] | ||
Related Party Transaction [Line Items] | ||
Number of shares issued | 1,153,334 | |
Stock Issued For Debt Settlement | $ 4,613 | |
Jenkins [Member] | ||
Related Party Transaction [Line Items] | ||
Related party expenses | $ 132,000 | $ 109,500 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Debt Disclosure [Abstract] | ||
Advances under unsecured credit line agreement | $ 260,000 | $ 260,000 |
Less debt discount on amounts borrowed | (55,581) | (225,884) |
Subtotal — non-related parties | 204,419 | 34,116 |
Less current portion | (204,419) | 0 |
Long-term portion | 0 | 34,116 |
Unsecured promissory note | 25,000 | 25,000 |
Subtotal — related party | 25,000 | 25,000 |
Less current portion | (25,000) | (25,000) |
Long-term portion | $ 0 | $ 0 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Mar. 16, 2020 | Jul. 24, 2020 | Jun. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 16, 2021 | Dec. 04, 2020 | |
Line of Credit Facility [Line Items] | |||||||
Amortization expense | $ 165,513 | $ 74,319 | |||||
Unsecured Debt [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Amortization expense | 36,000 | ||||||
Interest expense | 1,737 | 2,356 | |||||
Unsecured convertible promissory note | $ 50,000 | ||||||
Interest rate | 10% | ||||||
Convertible per share | $ 1 | ||||||
Beneficial conversion feature | $ 36,000 | ||||||
Proceeds from issuance of note payable - related party | $ 30,000 | ||||||
Unsecured Debt [Member] | Principal Owner [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest expense | 2,603 | ||||||
Interest rate | 10% | ||||||
Proceeds from issuance of note payable - related party | $ 25,000 | ||||||
Mambagone [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit | $ 1,050,000 | ||||||
Mambagone [Member] | Unsecured Credit Line Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit | $ 1,050,000 | ||||||
Interest rate | 8% | ||||||
Prepaid expenses | $ 260,000 | ||||||
Amortization expense | 165,513 | 38,319 | |||||
Interest expense | $ 20,800 | $ 4,790 |
Derivative Liabilities (Details
Derivative Liabilities (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Beginning Balance | $ 322,285 | $ 264,203 |
Derivative expense | (142,104) | 58,082 |
Ending Balance | $ 180,181 | $ 322,285 |
Derivative Liabilities (Detai_2
Derivative Liabilities (Details 1) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivatives, Determination of Fair Value | Through 7/31/22 | Through 7/31/22 |
Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivatives, Determination of Fair Value | 0.07% to 1.63% | 0.07% to 0.12% |
Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivatives, Determination of Fair Value | 164% to 201% | 332% to 362% |
Measurement Input, Expected Dividend Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivatives, Determination of Fair Value | 0.00% | 0.00% |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - USD ($) | 2 Months Ended | 12 Months Ended | ||
Jun. 08, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Apr. 16, 2021 | |
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 | ||
Common stock, shares to be issued | 0 | 201,451 | 1,395,348 | |
Share issued | 250,000 | |||
Accounts payable | $ 15,000 | |||
Gain on extinguishment of debt | $ 14,000 | $ 126,291 | ||
Number of shares issued | 250,000 | |||
Number of shares sold | 10,000 | |||
Number of shares sold, value | $ 5,000 | |||
Bulat [Member] | SMG-Gold B.V. [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Acquisitions | 4,000,000 | 4,000,000 | ||
Vendor [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares to be issued | 315,790 | |||
Fair value of common stock | $ 1,263 | |||
Related Party Debt [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 1,153,334 | |||
Board of Directors Chairman [Member] | ||||
Class of Stock [Line Items] | ||||
Fair value of common stock | $ 125 | |||
Number of shares issued | 30,968 | |||
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||
Shares of common stock issued for each convertible share | 15 | |||
Preferred stock, shares issued | 2,500,000 | 2,500,000 | ||
Preferred stock, shares outstanding | 2,500,000 | 2,500,000 | ||
Series A Preferred Stock [Member] | Chief Executive Officer [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares issued | 2,500,000 | |||
Series B Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||
Shares of common stock issued for each convertible share | 10 | |||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Series C Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||
Shares of common stock issued for each convertible share | 30 | |||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Proceeds from equity | $ 1,000 |
Service Agreement (Details Narr
Service Agreement (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 16, 2021 | Mar. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Stock Issued During Period, Value, Issued for Services | $ 150,000 | |
Cicero Transact Group [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 1,395,348 | |
Stock Issued During Period, Value, Issued for Services | $ 5,581 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Current tax provisions: | ||
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Total provision for income taxes | $ 0 | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
US federal statutory income tax rate | 21% | 21% |
Net gains on extinguishment of debt | 1% | 5.80% |
Derivative expense | 10.20% | (2.70%) |
Debt discount amortization | (11.90%) | (3.40%) |
Increase in valuation allowance | (20.30%) | (20.70%) |
Total provision for income taxes | 0% | 0% |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Reserves and accruals | $ 7,590 | $ 2,676 |
Net operating loss carry forwards | 198,510 | 143,860 |
Less: valuation allowance | (206,100) | (146,536) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forward | $ 945,284 | $ 441,621 |
Increase in valuation reserve | $ 59,564 | $ 95,422 |
Debt Mitigation (Details)
Debt Mitigation (Details) | 12 Months Ended |
Mar. 31, 2022 USD ($) | |
Non-related Parties [Member] | |
Extinguishment of Debt [Line Items] | |
Principal | $ 118,000 |
Accrued Interest | 8,291 |
Non-related Parties [Member] | Unsecured Convertible Promissory Note [Member] | |
Extinguishment of Debt [Line Items] | |
Principal | 50,000 |
Accrued Interest | 2,356 |
Non-related Parties [Member] | Unsecured Debt [Member] | |
Extinguishment of Debt [Line Items] | |
Principal | 30,000 |
Accrued Interest | 1,737 |
Non-related Parties [Member] | Unsecured Debt 1 [Member] | |
Extinguishment of Debt [Line Items] | |
Principal | 38,000 |
Accrued Interest | 4,198 |
Related Parties [Member] | |
Extinguishment of Debt [Line Items] | |
Principal | 172,025 |
Accrued Interest | 870 |
Related Parties [Member] | Unsecured Debt [Member] | |
Extinguishment of Debt [Line Items] | |
Principal | 25,600 |
Accrued Interest | 870 |
Related Parties [Member] | Due to related party [Member] | |
Extinguishment of Debt [Line Items] | |
Principal | 146,425 |
Accrued Interest | $ 0 |
Debt Mitigation (Details Narrat
Debt Mitigation (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Nonmonetary Transaction [Line Items] | ||
Debt Conversion, Converted Instrument, Amount | $ 69,200 | |
Gain on extinguishment of debt | $ 14,000 | $ 126,291 |
Shares issued other | 250,000 | |
Extinguishment of related party debt | $ 172,895 | |
Additional Paid-in Capital [Member] | ||
Nonmonetary Transaction [Line Items] | ||
Gain on extinguishment of debt | $ 68,047 | |
Stock Issued For Debt Settlement [Member] | ||
Nonmonetary Transaction [Line Items] | ||
Stock issued for debt settlement shares | 1,153,334 |