Seguin Natural Hair Products (SNHR) 10-Q/A 30 Aug 17 2018 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Aug. 28, 2017
Document And Entity Information
Entity Registrant Name	SEGUIN NATURAL HAIR PRODUCTS INC.
Entity Central Index Key	1,642,363
Document Type	10-Q/A
Trading Symbol	SNHP
Document Period End Date	Jun. 30, 2017
Amendment Flag	true
Current Fiscal Year End Date	--03-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		16,500,000
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018
Amendment Description	EXPLANATORY NOTE The Company is filing this Amendment No. 2 on Form 10-Q/A (“Second Amended Filing”) to amend the Company’s quarterly report on Form 10-Q/A for the quarterly period ended June 30, 2017 which was originally filed with the Securities and Exchange Commission on August 21, 2017. The headings in the columns of the financial statements and related notes thereto and the headings of the tables of financial information contained in Part 1, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” have been amended to delete “Not Reviewed”. This Second Amended Filing is also being filed to restate the previously issued financial statements to recognize a beneficial conversion option and the associated amortization of the resulting discount on a convertible note issued by the Company and to recognize a previously unrecorded accrued liability (See Note 8 herein).

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
CURRENT ASSETS:
Cash	$ 993	$ 622
Total Current Assets	993	622
Total Assets	993	622
CURRENT LIABILITIES:
Accrued expenses and other current liabilities	7,912	2,249
Convertible note payable related party, net of unamortized discount	211
Advances from stockholders	236	236
Total Current Liabilities	8,359	2,485
Total Liabilities	8,359	2,485
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIT:
Common stock par value $0.0001: 500,000,000 shares authorized; 16,500,000 shares issued and outstanding	1,650	1,650
Additional paid-in capital	98,693	90,693
Accumulated deficit	(107,709)	(94,206)
Total Stockholders' Deficit	(7,366)	(1,863)
Total Liabilities and Stockholders' Deficit	$ 993	$ 622

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2017	Mar. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized	500,000,000	500,000,000
Common stock, issued	16,500,000	16,500,000
Common stock, outstanding	16,500,000	16,500,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Professional fees	$ 13,069	$ 21,412
General and administrative expenses	85	4,125
Total operating expenses	13,154	25,537
Loss from Operations	(13,154)	(25,537)
Other Expenses
Interest expense	349
Income Tax Provision
Net Loss	$ (13,503)	$ (25,537)
Net Loss per Common Share - Basic and Diluted (in dollars per share)	$ 0	$ 0
Weighted average common shares outstanding: - basic and diluted (in shares)	16,500,000	16,500,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (13,503)	$ (25,537)
Adjustments to reconcile net loss to net used in operating activities:
Amortization of debt discount	211
Changes in operating assets and liabilities:
Prepaid Expenses		1,686
Accrued expenses and other current liabilities	5,663	6,000
Net cash used in operating activities	(7,629)	(17,851)
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital contribution	1,000	3,965
Proceeds from convertible note payable related party	7,000
Net cash provided by financing activities	8,000	3,965
Net change in cash	371	(13,886)
Cash at beginning of the reporting period	622	21,781
Cash at end of the reporting period	993	7,895
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Interest paid
Income tax paid
SUPPLIMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS
Debt discount recorded on convertible debt due to beneficial conversion feature	$ 7,000

Organization

Organization	3 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Organization	Note 1 - Organization Seguin Natural Hair Products Inc. Seguin Natural Hair Products Inc. (the “Company”) was incorporated on April 29, 2014 under the laws of the State of Nevada. Initial operations have included organization and incorporation, target market identification, marketing plans, capital formation and property acquisitions. A substantial portion of the Company’s activities has involved developing a business plan and establishing contacts and visibility in the marketplace. The Company has generated no revenues since inception. The Company intends to proceed in the business of developing, marketing, and selling shampoo, conditioner and other hair care products made from all natural ingredients.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Note 2 – Basis of Presentation The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read in conjunction with the audited financial statements of the Company for the year ended March 31, 2017 and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on July 13, 2017.

Going Concern

Going Concern	3 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Note 3 – Going Concern The Company has elected to adopt early application of Accounting Standards Update No. 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”) The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.As reflected in the financial statements, the Company had an accumulated deficit at June 30, 2017, a net loss and net cash used in operating activities for the reporting period then ended. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company is attempting to commence operations and generate sufficient revenue; however, the Company’s cash position may not be sufficient to support its daily operations. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon its ability to further implement its business plan and generate sufficient revenue and in its ability to raise additional funds. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Convertible Note - Related part

Convertible Note - Related party	3 Months Ended
	Jun. 30, 2017
Convertible Note - Related Party
Convertible Note - Related party	Note 4 – Convertible Note - Related party On June 19, 2017, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) for up to $7,000 principal. The consideration is $7,000 payable with a 60% interest per annum and will mature after one year from the date of the note. There is an interest penalty for prepayment before 180 days which ranges from 118%-148% Conversion terms: The Lender has the right at any time from the effective date, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The conversion price is $0.0001 per share. The total number of shares due under any conversion notice will be equal to the conversion amount divided by the conversion price. The Company evaluated the convertible note for possible embedded derivatives and concluded that none exist. However, the Company concluded a portion of the note should be allocated to additional paid-in capital as a beneficial conversion feature at the issuance date, since the conversion price on that date was lower than the fair market value of the underlying stock. Resultantly, a discount of $7,000 was recognized during the three months ended June 30, 2017 representing the intrinsic value of the beneficial conversion feature of the note, which amount is being amortized through the maturity date of the note. The amortization of the discount for the three months ended June 30, 2017 is $211.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Note 5 – Related Party Transactions Free Office Space The Company has been provided office space by its Chief Executive Officer at no cost. The management determined that such cost is nominal and did not recognize the rent expense in its financial statement. Shareholder Advances During the year ended March 31, 2016, a significant stockholder of the Company advanced $156 to the Company, which was recorded as non-interest bearing advances from shareholders, payable on demand. The balance owed to shareholders as of June 30, 2017 and March 31, 2017 was $236 and $236, respectively. The advances from shareholders are non-interest bearing, and payable on demand. Contribution of Capital During the three months ended June 30, 2017, Oivi Launonen, former-CEO of the Company, made a total capital contribution of $1,000 on April 7, 2017.

Subsequent events

Subsequent events	3 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent events	Note 6 – Subsequent events 1) Effective August 1, 2017, Kimberly Wright was appointed as President, CEO, CFO, Treasurer, and Secretary of the Company and was appointed as currently the sole director of the Company. Ms. Wright’s initial executive compensation consists of a salary of $2,500 per month plus an annual common stock award of 50,000 shares. Ms. Wright’s employment agreement will be prepared shortly after the filing of this Report in Form 10-Q/A and will, in addition to the payment of her compensation as set forth, will contain other terms and conditions customary in executive officer employment agreements of this kind. 2) Note Payable General Terms Between August 1, 2017 and August 28, 2017, the Company issued four (4) Promissory Notes in the principal amounts of $5,225.00; $1,500.00; $4,370.00; and $7,000.00, respectively, to the Lender referred to in Note 4 herein. Each of these Notes bears interest at the rate of 25% per annum based on a 365-day year. Each of the Notes is due and payable on demand of the Lender. Each of the Notes is unsecured and the entire principal and accrued interest balance will be due in a lump sum on demand of the Lender. The proceeds of the all of the foregoing Notes were used for general administrative costs and expenses incurred by the Company including the payment of legal, accounting and audit fees.

Change in control

Change in control	3 Months Ended
	Jun. 30, 2017
Change In Control
Change in control	Note 7- Change in control On May 1, 2017, Glenn Similas, Jacob D. Madsen and Robert C. Laskowski, Attorney at Law, as nominee, (collectively, “Purchasers”) entered into a Stock Purchase Agreement with Oivi Launonen to purchase 12,000,000 shares of Common Stock(“Shares”) of the Company. The Shares were acquired as follows: Glenn Similas 792,000 shares Jacob D. Madsen 483,000 shares Robert C. Laskowski 10,725,000 shares The Shares represent 72.72% of the issued and outstanding Common Stock of the Company based upon 16,500,000 shares of Common Stock issued and outstanding at the time of the acquisition. Although, the acquisition and considerations has been paid to old stockholders, but shares are yet to be transferred from Oivi Launonen to Glenn Similas, Jacob D. Madsen, and Robert C. Laskowski.

Restatement of previously issue

Restatement of previously issued financial statements	3 Months Ended
	Jun. 30, 2017
Restatement Of Previously Issued Financial Statements
Restatement of previously issued financial statements	Note 8 – Restatement of previously issued financial statements During the review of the Company’s June 30, 2017 financial statements, the Company identified an error in accounting for the beneficial conversion feature related to the related party convertible note and also accruing for liabilities related to March 31, 2017 in the Form 10-Q originally filed on August 21, 2017. The Company has restated its previously issued financial statements included herein as of and for the three months ended June 30, 2017 to correct the error related to the recognition of a beneficial conversion feature with an intrinsic value of $7,000 on the convertible note payable to a related party and to correct accumulated deficit for an unrecognized accrued liability of $1,283. The impact of the restatement to the balance sheet as of June 30, 2017 was a decrease in the convertible note payable – related party of $6,789, an increase to accrued liabilities of $1,283, an increase to accumulated deficit of $1,494 and an increase to additional paid-in capital of $7,000. The impact to the statement of operations for the three months ended June 30, 2017 was an increase to interest expense and net loss of $211. The impact to the statement of cash flows for the three months ended June 30, 2017 was an increase to net loss and amortization of debt discount of $211 and the addition of a non-cash investing and financing activity relating to the recognition of a debt discount due to beneficial conversion feature of $7,000.

Change in control (Tables)

Change in control (Tables)	3 Months Ended
	Jun. 30, 2017
Change In Control Tables
Schedule of shares acquired	The Shares were acquired as follows: Glenn Similas 792,000 shares Jacob D. Madsen 483,000 shares Robert C. Laskowski 10,725,000 shares

Convertible Note - Related pa15

Convertible Note - Related party (Details Narrative) - USD ($)	Jun. 19, 2017	Jun. 30, 2017	Jun. 30, 2016
Amortization of debt discount		$ 211
Promissory Note Agreement [Member] | Investor [Member]
Principal amount	$ 7,000
Interest rate	60.00%
Conversion price, per share (in dollars per share)	$ 0.0001
Intrinsic value of beneficial conversion feature	$ 7,000
Promissory Note Agreement [Member] | Investor [Member] | Minimum [Member]
Penalty for prepayment interest rate	118.00%
Promissory Note Agreement [Member] | Investor [Member] | Maximum [Member]
Penalty for prepayment interest rate	148.00%

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Mar. 31, 2016	Mar. 31, 2017
Proceeds from contributed capital		$ 156
Advances from stockholders	$ 236		$ 236
Mr. Oivi Launonen [Member]
Proceeds from contributed capital	$ 1,000

Subsequent events (Details Narr

Subsequent events (Details Narrative) - Subsequent Event [Member] - USD ($)	Aug. 01, 2017	Aug. 28, 2017
Promissory Note 1 [Member]
Principal amount		$ 5,225
Interest rate		25.00%
Promissory Note 2 [Member]
Principal amount		$ 1,500
Interest rate		25.00%
Promissory Note 3 [Member]
Principal amount		$ 4,370
Interest rate		25.00%
Promissory Note 4 [Member]
Principal amount		$ 7,000
Interest rate		25.00%
Ms. Kimberly Wright [Member]
Salary, per month	$ 2,500
Annual common stock award	50,000

Change in control (Details)

Change in control (Details) - shares	May 01, 2017	Jun. 30, 2017	Mar. 31, 2017
Percentage of shares issued and outstanding		72.72%
Common stock, issued		16,500,000	16,500,000
Common stock, outstanding		16,500,000	16,500,000
Stock Purchase Agreement [Member] | Mr. Oivi Launonen [Member]
Number of shares purchased	12,000,000
Stock Purchase Agreement [Member] | Glenn Similas [Member]
Number of shares purchased	792,000
Stock Purchase Agreement [Member] | Jacob D. Madsen [Member]
Number of shares purchased	483,000
Stock Purchase Agreement [Member] | Robert C. Laskowski [Member]
Number of shares purchased	10,725,000

Restatement of previously iss19

Restatement of previously issued financial statements (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Unrecognized accrued liability	$ 1,283
Decrease in the convertible note payable - related party	211
Increase to accumulated deficit	(107,709)		$ (94,206)
Increase to interest expense	349
Increase to net loss	(13,503)	(25,537)
Increase to amortization of debt discount	211
Debt discount due to beneficial conversion feature	7,000
Scenario, Previously Reported [Member]
Intrinsic value of beneficial conversion feature	7,000
Scenario, Adjustment [Member]
Decrease in the convertible note payable - related party	6,789
Increase to accrued liabilities	1,283
Increase to accumulated deficit	1,494
Increase to additional paid-in capital	7,000
Increase to interest expense	211
Increase to net loss	211
Increase to amortization of debt discount	211
Debt discount due to beneficial conversion feature	$ 7,000