Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2022 | Aug. 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q1 | |
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 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 Common Stock, Shares Outstanding | 37,376,891 |
CONDENSED BALANCE SHEETS (unaud
CONDENSED BALANCE SHEETS (unaudited) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Current assets: | ||
Cash | $ 213 | $ 426 |
Prepaid expense | 1,500 | 2,250 |
Total current assets | 1,713 | 2,676 |
Equipment, net | 398 | 491 |
Total Assets | 2,111 | 3,167 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 57,873 | 43,063 |
Note payable – related party | 25,000 | 25,000 |
Convertible notes payable – non-related party, net of debt discount | 245,877 | 204,419 |
Derivative liabilities | 113,441 | 180,181 |
Due to related parties | 112,532 | 54,582 |
Total current liabilities | 554,723 | 507,245 |
Total Liabilities | 554,723 | 507,245 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Common stock, $0.001 par value, 500,000,000 shares authorized; 37,376,891 shares issued and outstanding at June 30, 2022 and March 31, 2022, respectively | 37,377 | 37,377 |
Additional paid-in capital | 461,031 | 461,031 |
Accumulated deficit | (1,053,520) | (1,004,986) |
Total Stockholders' Deficit | (552,612) | (504,078) |
Total Liabilities and Stockholders’ Deficit | 2,111 | 3,167 |
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 |
CONDENSED BALANCE SHEETS (una_2
CONDENSED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Mar. 31, 2022 |
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 | 37,376,891 |
Common stock, shares outstanding | 37,376,891 | 37,376,891 |
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 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses: | ||
Selling and marketing expense | $ 0 | $ 439 |
General and administrative expense | 68,007 | 73,128 |
Total operating expense | 68,007 | 73,567 |
Operating loss | (68,007) | (73,567) |
Other income (expense): | ||
Interest expense | (5,809) | (5,186) |
Derivative income (expense) | 66,740 | (14,165) |
Debt discount amortization | (41,458) | (40,682) |
Total other income (expense) | 19,473 | (60,033) |
Loss before provision for income taxes | (48,534) | (133,600) |
Provision for income taxes | 0 | 0 |
Net loss | $ (48,534) | $ (133,600) |
CONDENSED STATEMENTS OF OPERA_2
CONDENSED STATEMENTS OF OPERATIONS (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic | 37,376,891 | 35,728,221 |
Weighted Average Number of Shares Outstanding, Diluted | 37,376,891 | 35,728,221 |
Earnings Per Share, Basic | $ 0 | $ 0 |
Earnings Per Share, Diluted | $ 0 | $ 0 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' DEFICIT (Unaudited) - 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, 2021 | $ 2,500 | $ 34,377 | $ 201 | $ 388,049 | $ (711,941) | $ (286,814) | ||
Beginning Balance, shares at Mar. 31, 2021 | 2,500,000 | 34,376,758 | 201,451 | |||||
Common stock issued for services | $ 1,597 | $ (201) | 4,185 | 5,581 | ||||
Common stock issued for services, shares | 1,596,799 | (201,451) | ||||||
Net loss | (133,600) | (133,600) | ||||||
Balance – June 30, 2021 (Unaudited) at Jun. 30, 2021 | $ 2,500 | $ 35,974 | 392,234 | (845,541) | (414,833) | |||
Ending Balance, shares at Jun. 30, 2021 | 2,500,000 | 35,973,557 | ||||||
Balance - March 31, 2021 at Mar. 31, 2022 | $ 2,500 | $ 37,377 | 461,031 | (1,004,986) | (504,078) | |||
Beginning Balance, shares at Mar. 31, 2022 | 2,500,000 | 37,376,891 | ||||||
Net loss | (48,534) | (48,534) | ||||||
Balance – June 30, 2021 (Unaudited) at Jun. 30, 2022 | $ 2,500 | $ 37,377 | $ 461,031 | $ (1,053,520) | $ (552,612) | |||
Ending Balance, shares at Jun. 30, 2022 | 2,500,000 | 37,376,891 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (48,534) | $ (133,600) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Shares issued for services | 0 | 5,581 |
Derivative (income) expense | (66,740) | 14,165 |
Depreciation and amortization | 93 | 93 |
Debt discount amortization | 41,458 | 40,682 |
Changes in operating assets and liabilities: | ||
Prepaid expense | 750 | 0 |
Accounts payable and accrued liabilities | 14,810 | 9,599 |
Due to related parties | 57,950 | 0 |
Net cash used in operating activities | (213) | (63,480) |
Net change in cash | (213) | (63,480) |
Cash, beginning of period | 426 | 98,889 |
Cash, end of period | 213 | 35,409 |
Cash paid during the period for: | ||
Interest | 0 | 0 |
Taxes | $ 0 | $ 0 |
Organization History and Busine
Organization History and Business | 3 Months Ended |
Jun. 30, 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 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. No definitive agreement has been reached between the parties and there can be no assurance that an agreement can be reached. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim financial statements have been prepared by us pursuant to the rules and regulations of the United States Securities Exchange Commission (“SEC”). Certain information and disclosures normally included in the annual financial statements prepared in accordance with the accounting principles generally accepted in the Unites States have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these financial statements have been included. Such adjustments consist of normal recurring adjustments. These interim financial statements should be read in conjunction with our Company’s historical financial statements and related notes filed with the SEC including our Annual Report on Form 10-K for the fiscal year ended March 31, 2022 filed on June 28, 2022. The results of operations for the three months ended June 30, 2022, are not necessarily indicative of the results that may be expected for the full year. Going Concern Considerations The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States, 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 $ 1,053,520 1,050,000 260,000 The continuation of our Company as a going concern is dependent upon continued financial support from our stockholders, 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 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 June 30, 2022 and March 31, 2022. 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. 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. 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 recently issued accounting pronouncements and determined that they were either disclosed in our most recently filed Form 10-K or, based on current operations, are not believed to have a material impact on our financial statements. |
Equipment, net
Equipment, net | 3 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Equipment, net | 3. Equipment, net As of June 30, 2022, equipment consists of a laptop computer. Depreciation is being calculated on a straight-line basis over a three-year period and was $ 93 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 4. Related Party Transactions Payable to Stockholder Due to related party of $ 112,532 108,032 4,500 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. We expensed $ 36,000 |
Notes Payable
Notes Payable | 3 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | 5. Notes Payable Notes payable consists of the following at June 30, 2022 and March 31, 2022: Schedule of notes payable June 30, 2022 March 31, Non-Related Parties: Advances under unsecured credit line agreement $ 260,000 $ 260,000 Less debt discount on amounts borrowed (14,123 ) (55,581 ) Subtotal — non-related parties 245,877 204,419 Less current portion (245,877 ) (204,419 ) Long-term portion $ – $ – 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 6. We are amortizing the debt discount on a straight-line basis over the term of the advances. For the three months ended June 30, 2022 and 2021, we recorded amortization of debt discount of $ 41,458 40,682 5,186 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 10 623 0 |
Derivative Liabilities
Derivative Liabilities | 3 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liabilities | 6. Derivative Liabilities As stated in Note 5, Notes Payable, we determined that the advances under the unsecured credit line agreement each 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 the June 30, 2020 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 three months ended June 30, 2022: Schedule of derivative liability activity Balance at March 31, 2022 $ 180,181 Derivative income (66,740 ) Balance at June 30, 2022 $ 113,441 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 Three Months Ended June 30, 2022 Expected term in years 0.08 Risk-free interest rate 1.28 Annual expected volatility 132 Dividend yield 0.00 Risk-free interest rate: Volatility: Dividend yield: Remaining term: |
Capital Stock
Capital Stock | 3 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Capital Stock | 7. Capital Stock Preferred Stock We are authorized to issue 100,000,000 0.001 Series A Preferred Stock 5,000,000 15 2,500,000 Series B Preferred Stock 5,000,000 10 No Series C Preferred Stock 5,000,000 30 No Common Stock We are authorized to issue 500,000,000 0.001 There was no common stock activity during the three months ended June 30, 2022. During the three months ended June 30, 2021, we issued 201,451 1,395,348 |
Service Agreement
Service Agreement | 3 Months Ended |
Jun. 30, 2022 | |
Service Agreement | |
Service Agreement | 8. 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 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim financial statements have been prepared by us pursuant to the rules and regulations of the United States Securities Exchange Commission (“SEC”). Certain information and disclosures normally included in the annual financial statements prepared in accordance with the accounting principles generally accepted in the Unites States have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these financial statements have been included. Such adjustments consist of normal recurring adjustments. These interim financial statements should be read in conjunction with our Company’s historical financial statements and related notes filed with the SEC including our Annual Report on Form 10-K for the fiscal year ended March 31, 2022 filed on June 28, 2022. The results of operations for the three months ended June 30, 2022, are not necessarily indicative of the results that may be expected for the full year. |
Going Concern Considerations | Going Concern Considerations The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States, 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 $ 1,053,520 1,050,000 260,000 The continuation of our Company as a going concern is dependent upon continued financial support from our stockholders, 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 |
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 June 30, 2022 and March 31, 2022. 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. 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. |
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 recently issued accounting pronouncements and determined that they were either disclosed in our most recently filed Form 10-K or, based on current operations, are not believed to have a material impact on our financial statements. |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of notes payable | Schedule of notes payable June 30, 2022 March 31, Non-Related Parties: Advances under unsecured credit line agreement $ 260,000 $ 260,000 Less debt discount on amounts borrowed (14,123 ) (55,581 ) Subtotal — non-related parties 245,877 204,419 Less current portion (245,877 ) (204,419 ) Long-term portion $ – $ – 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) | 3 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative liability activity | Schedule of derivative liability activity Balance at March 31, 2022 $ 180,181 Derivative income (66,740 ) Balance at June 30, 2022 $ 113,441 |
Schedule of assumptions used to calculate derivative features of convertible notes | Schedule of assumptions used to calculate derivative features of convertible notes Three Months Ended June 30, 2022 Expected term in years 0.08 Risk-free interest rate 1.28 Annual expected volatility 132 Dividend yield 0.00 |
Organization History and Busi_2
Organization History and Business (Details Narrative) | 3 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Entity incorporation, state or country code | NV |
Entity incorporation, date of incorporation | Jul. 26, 2013 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 04, 2020 | |
Line of Credit Facility [Line Items] | ||||
Accumulated deficit | $ 1,053,520 | $ 1,004,986 | ||
Proceeds from lines of credit | $ 260,000 | |||
Antidilutive shares | 0 | 0 | ||
Mambagone [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility | $ 1,050,000 |
Equipment, net (Details Narrati
Equipment, net (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expenses | $ 93 | $ 93 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Due to related party | $ 112,532 | $ 54,582 | |
Advances for business | 108,032 | 52,332 | |
Operating expenses | 4,500 | $ 2,250 | |
Jenkins [Member] | |||
Related Party Transaction [Line Items] | |||
Related party expenses | $ 36,000 | $ 36,000 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Debt Disclosure [Abstract] | ||
Advances under unsecured credit line agreement | $ 260,000 | $ 260,000 |
Less debt discount on amounts borrowed | (14,123) | (55,581) |
Subtotal — non-related parties | 245,877 | 204,419 |
Less current portion | (245,877) | (204,419) |
Long-term portion | 0 | 0 |
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 ($) | 3 Months Ended | ||||
Mar. 16, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 16, 2021 | Dec. 04, 2020 | |
Line of Credit Facility [Line Items] | |||||
Amortization expense | $ 41,458 | $ 40,682 | |||
Unsecured Debt [Member] | Principal Owner [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest expense | 623 | 0 | |||
Proceeds from issuance of note payable - related party | $ 25,000 | ||||
Interest rate | 10% | ||||
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 | 41,458 | 40,682 | |||
Interest expense | $ 5,186 | $ 5,186 |
Derivative Liabilities (Details
Derivative Liabilities (Details) | 3 Months Ended |
Jun. 30, 2022 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Beginning balance | $ 180,181 |
Derivative expense | (66,740) |
Ending balance | $ 113,441 |
Derivative Liabilities (Detai_2
Derivative Liabilities (Details 1) | 3 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Expected term in years | 29 days |
Risk-free interest rate | 1.28% |
Annual expected volatility | 132% |
Dividend yield | 0% |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - $ / shares | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 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 | 201,451 | 1,395,348 | ||
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 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 |
Service Agreement (Details Narr
Service Agreement (Details Narrative) - USD ($) | 3 Months Ended | |
Apr. 16, 2021 | Jun. 30, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Shares value | $ 5,581 | |
Cicero Transact Group [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Common stock capital shares reserved for future issuance | 1,395,348 | |
Shares value | $ 5,581 |