Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Jul. 12, 2016 | Sep. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | Concept Holding Corp. | ||
Entity Central Index Key | 1,651,932 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 6,683,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 277 | $ 5,020 |
TOTAL ASSETS | 277 | 5,020 |
CURRENT LIABILITIES | ||
Accounts payable | 10,294 | 6,130 |
Notes payable, current portion (Note 3) | 20,000 | 0 |
Accrued taxes, penalties and interest | 1,668 | 100 |
Total Current Liabilities | 31,962 | 6,230 |
LONG-TERM LIABILITIES | ||
Notes payable-related parties (Note 3) | 3,500 | 7,690 |
Accrued interest-related parties (Note 3) | 88 | 76 |
Total Long-Term Liabilities | 3,588 | 7,766 |
TOTAL LIABILITIES | 35,550 | 13,996 |
STOCKHOLDERS' DEFICIT | ||
Preferred Stock | 0 | 0 |
Common Stock | 6,683 | 6,683 |
Additional paid in capital | 344,117 | 344,117 |
Accumulated deficit | (386,073) | (359,776) |
Total Stockholders' Deficit | (35,273) | (8,976) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 277 | $ 5,020 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Mar. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value, per share in dollars | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value in dollars | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 6,683,000 | 6,683,000 |
Common stock, shares outstanding | 6,683,000 | 6,683,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
REVENUES | $ 0 | $ 0 |
OPERATING EXPENSES | 24,617 | 9,437 |
LOSS FROM OPERATIONS | (24,617) | (9,437) |
OTHER EXPENSE | ||
Interest | (1,580) | (76) |
Total Other Expense | (1,580) | (76) |
NET LOSS BEFORE INCOME TAXES | (26,197) | (9,513) |
INCOME TAXES | ||
Provision for Income Taxes | (100) | (100) |
Total Income Taxes | (100) | (100) |
NET LOSS | $ (26,297) | $ (9,613) |
LOSS PER COMMON SHARE - BASIC AND DILUTED | $ (0.01) | $ (0.01) |
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED | 6,683,000 | 4,457,008 |
Satement of Stockholders' Defic
Satement of Stockholders' Deficit - USD ($) | Common Stock | Paid in Capital in Excess of Par Value | Accumulated Deficit | Total |
Beginning balance - value at Mar. 31, 2014 | $ 3,420 | $ 344,117 | $ (350,163) | $ (2,626) |
Beginning balance - shares at Mar. 31, 2014 | 3,420,000 | |||
Common stock issued for liabilities, value | $ 3,263 | 3,263 | ||
Common stock issued for liabilities, shares | 3,263,000 | |||
Net loss | (9,613) | (9,613) | ||
Ending balance - value at Mar. 31, 2015 | $ 6,683 | 344,117 | (359,776) | (8,976) |
Ending balance - shares at Mar. 31, 2015 | 6,683,000 | |||
Net loss | (26,297) | (26,297) | ||
Ending balance - value at Mar. 31, 2016 | $ 6,683 | $ 344,117 | $ (386,073) | $ (35,273) |
Ending balance - shares at Mar. 31, 2016 | 6,683,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (26,297) | $ (9,613) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Increase accounts payable | 4,164 | 8,119 |
Increase (decrease) in accrued taxes, penalties and interest | 0 | (1,252) |
Increase in related party accrued interest | 1,580 | 76 |
Net Cash Used by Operating Activities | (20,553) | (2,670) |
CASH FLOWS FROM INVESTING ACTVITIES: | ||
Net Cash From Investing Activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase in related party loan | 15,810 | 7,690 |
Net Cash Provided by Financing Activities | 15,810 | 7,690 |
NET INCREASE (DECREASE) IN CASH | (4,743) | 5,020 |
CASH AT BEGINNING OF YEAR | 5,020 | 0 |
CASH AT END OF YEAR | 277 | 5,020 |
SUPPLEMENTAL DISCLOSURES | ||
Cash paid for interest and penalties | 0 | 0 |
Cash paid for income taxes | 100 | 900 |
NON-CASH FINANCING ACTIVITIES | ||
Stock Issued to Affiliate for Payment of Liabilities | $ 0 | $ 3,263 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | NOTE 1 -ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Description of Business Concept Holding Corp. (the Company) was incorporated on May 20, 1980 under the laws of the State of Utah. The Company originally operated under the name of Dayne Weiss and Associates, Inc. and performed landscaping and yard care services until March 31, 1982 at which time the Companys management decided to use the remaining assets to liquidate all remaining liabilities. Amended articles were filed with the State of Utah on December 22, 1982 which changed the Companys name to Merrymack Corporation, reduced the par value of the shares to $0.001 per share, and increased the authorized shares to 50,000,000. The Company issued 825,000 shares of its common stock to McGovern Investments Limited for a 50% interest in Tremus Industries Limited which was subsequently sold back to McGovern Investments Limited in December 1986 for a $104,400 loss. On January 4, 1990, the Company acquired all of the outstanding stock of Concept Technologies, Inc. (CTI) which then became a wholly owned subsidiary of the Company for 372,750 shares of its common stock. CTI was dissolved in January 1991 and the name of Company was changed to Concept Technologies, Inc. The Company declared a 200% stock dividend on February 28, 1983 and a 1-for-10 reverse split on January 4, 1990. On December 8, 2014 the Company Restated and Amended its Articles of Incorporation increasing it capitalization to 100,000,000 shares of capital stock with 10,000,000 shares of preferred stock and 90,000,000 shares of common stock, both with a par value of $0.001 per share. On December 19, 2014 the Company completed a change of domicile merger with Concept Holding Corp., a Nevada corporation which became the surviving entity and Concept Technologies, Inc., a Utah corporation ceased. The Company currently has no business operations. (see Note 2: Going Concern). Significant Accounting Policies A summary of the significant accounting policies consistently applied in the preparation of the accompanying financial statements are as follows: a. Accounting Method The Companys financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. The Company has elected a March 31 year-end. b. Basic and Diluted Income (Loss) Per Common Share Basic and diluted net loss per common share has been calculated by dividing the net loss for the year by the basic and diluted weighted average number of shares outstanding. There were 0 and 155,320 common stock equivalents as of March 31, 2016 and 2015, respectively, related to the convertible promissory notes which were subsequently amended to relinquish their convertible features. See Note 3. Those potentially dilutive common stock equivalents were excluded from the diluted loss per share calculation as they are no longer applicable as of March 31, 2016 and would have been antidilutive due to the net loss for March 31, 2015. c. Income Taxes The Company applies the provisions of Financial Accounting Standards Board Accounting Standard Codification (ASC) 740 Income Taxes The Company classifies tax-related penalties and net interest on income taxes as income tax expense. As of March 31, 2016 and 2015, income tax penalties and interest of $0 and $0 were incurred. d. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. e. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. f. Concentration of Credit Risk The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. The Company did not generate revenues from operations during the years ended March 31, 2016 or 2015. g. Recent Accounting Pronouncement The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operation, financial position or cash flows. Based on that review, the Company believes that the following pronouncements may have a significant effect on its financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU No. 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for annual reporting periods beginning after December 15, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In August 2014, the FASB issued ASU No. 2014-15 Disclosure of Uncertainties About an Entitys Ability to Continue as a Going Concern The Company has evaluated all other recent accounting pronouncements and believes that none of them will have a significant effect on the Companys financial statement. |
Going Concern
Going Concern | 12 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2 - GOING CONCERN The Company has suffered recurring losses and has minimal assets. Related parties have been infusing capital to fund the Companys minimum operating requirements. Management intends to continue using related party resources to keep the Company viable until it identifies operations or a merger candidate. As shown in the accompanying financial statements, the Company incurred a net loss of $26,297 during the year ended March 31, 2016 and, as of that date; the Companys current and total liabilities exceeded its current and total assets by $35,273. The accompanying financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. As of March 31, 2016, the Company had current liabilities of $31,685 in excess of current assets. The Company will require additional funding during the next twelve months to finance the growth of its current operations and achieve its strategic objectives. Management cannot make any assurances that such financing will be secured, and as such, there is a risk that operations may be curtailed in future periods. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 3 RELATED PARTY TRANSACTIONS As of March 31, 2016 and 2015 the Company had notes payable to related parties with balances of $25,156 and $7,766, respectively. The balances owed to the related parties as of March 31, 2016 of $25,156 consists of $23,500 principal and $1,656 accrued interest. One note for $10,000 of which $3,500 had been drawn down on as of March 31, 2016 bears interest of 12% and is due January 20, 2018. Two additional notes totaling $20,000, each for $10,000 bear interest at 10% and are due February 23, 2017 and were convertible until amended on March 28, 2016 eliminating any convertible features. The Company has no convertible notes outstanding. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 4 INCOME TAXES The Company has net operating loss carryforwards for income tax reporting purposes of approximately $46,300 for the year ended March 31, 2016 and $21,657 for the year ended March 31, 2015 that may be used to offset against future taxable income through 2035. No tax benefit has been reported in the financial statements because the Company believes there is a 50% or greater change the carryforwards will expire unused. Accordingly, the potential tax benefits of the loss carry-forwards are offset by a valuation allowance of the same amount. The deferred tax assets as of March 31, 2016 and March 31, 2015 consisted of the following: March 31, 2016 March 31, 2015 NOL Carryover $ 17,260 $ 8,078 Valuation Allowance (17,260) (8,078) Net deferred tax asset $ - $ - Tax expense consists of the minimum state tax paid to the State of Utah of $100 for the tax year ended March 31, 2016 and March 31, 2015. The income tax provision differs from the amount of income tax determined by applying the blended U.S. federal income tax and Utah state tax rate of 37.30% to pretax income from continuing operations for the years ended March 31, 2016 and 2015 due to the following: March 31, 2016 March 31, 2015 Expected provision (based on statutory rate) $ (8,941) $ (3,268) Effect of: Increase in valuation allowance 9,182 3,441 Expected state taxes, net of federal benefit (868) (317) Non-deductible expenses - - Non-deductible transaction fees - - Other, net 727 244 Actual Provision/(Benefit) $ 100 $ 100 The valuation allowance increased by $9,182 during year ended March 31, 2016 and $3,441 during year ended March 31, 2015. Uncertain Tax Positions The Company has evaluated its uncertain tax positions and determined that any required adjustments would not have a material impact on the Company's balance sheet, income statement, or statement of cash flows. All years prior to 2013 are closed by expiration of the statute of limitations. The years ended March 31, 2013, 2014, 2015 and 2016 are open for examination. |
Stock Issuance
Stock Issuance | 12 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stock Issuance | NOTE 5 STOCK ISSUANCE No stock was issued for the year ending March 31, 2016. On December 16, 2014 the Company issued 3,263,000 shares of common stock to Clearline Ventures, LLC, a Utah Limited Liability Corporation, controlled by Thomas Howells, our President and Director. The shares were issued at par value of $0.001 per share for $3,263 of expenses paid on behalf of the Company. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent events | NOTE 6 SUBSEQUENT EVENTS For purposes of these financial statements and all disclosures, subsequent events were evaluated through as the date the financial statements were issued. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Accounting Method | Accounting Method The Companys financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. The Company has elected a March 31 year-end. |
Basic and Diluted Income (Loss) Per Common Share | Basic and Diluted Income (Loss) Per Common Share Basic and diluted net loss per common share has been calculated by dividing the net loss for the year by the basic and diluted weighted average number of shares outstanding. There were 0 and 155,320 common stock equivalents as of March 31, 2016 and 2015, respectively, related to the convertible promissory notes which were subsequently amended to relinquish their convertible features. Those potentially dilutive common stock equivalents were excluded from the diluted loss per share calculation as they are no longer applicable as of March 31, 2016 and would have been antidilutive due to the net loss for March 31, 2015. |
Income Taxes | Income Taxes The Company applies the provisions of Financial Accounting Standards Board Accounting Standard Codification (ASC) 740 Income Taxes The Company classifies tax-related penalties and net interest on income taxes as income tax expense. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. |
Concentration of Credit Risk | Concentration of Credit Risk The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. The Company did not generate revenues from operations during the years ended March 31, 2016 or 2015. |
Recent Accounting Pronouncement | Recent Accounting Pronouncement The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operation, financial position or cash flows. Based on that review, the Company believes that the following pronouncements may have a significant effect on its financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU No. 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for annual reporting periods beginning after December 15, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In August 2014, the FASB issued ASU No. 2014-15 Disclosure of Uncertainties About an Entitys Ability to Continue as a Going Concern The Company has evaluated all other recent accounting pronouncements and believes that none of them will have a significant effect on the Companys financial statement. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets | March 31, 2016 March 31, 2015 NOL Carryover $ 17,260 $ 8,078 Valuation Allowance (17,260) (8,078) Net deferred tax asset $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation | March 31, 2016 March 31, 2015 Expected provision (based on statutory rate) $ (8,941) $ (3,268) Effect of: Increase in valuation allowance 9,182 3,441 Expected state taxes, net of federal benefit (868) (317) Non-deductible expenses - - Non-deductible transaction fees - - Other, net 727 244 Actual Provision/(Benefit) $ 100 $ 100 |
Organization and Summary of S15
Organization and Summary of Significant Accounting Policies (Detail Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization description | Concept Holding Corp. (the Company) was incorporated on May 20, 1980 under the laws of the State of Utah. The Company originally operated under the name of Dayne Weiss and Associates, Inc. and performed landscaping and yard care services until March 31, 1982 at which time the Companys management decided to use the remaining assets to liquidate all remaining liabilities. Amended articles were filed with the State of Utah on December 22, 1982 which changed the Companys name to Merrymack Corporation, reduced the par value of the shares to $0.001 per share, and increased the authorized shares to 50,000,000. The Company issued 825,000 shares of its common stock to McGovern Investments Limited for a 50% interest in Tremus Industries Limited which was subsequently sold back to McGovern Investments Limited in December 1986 for a $104,400 loss. On January 4, 1990, the Company acquired all of the outstanding stock of Concept Technologies, Inc. (CTI) which then became a wholly owned subsidiary of the Company for 372,750 shares of its common stock. CTI was dissolved in January 1991 and the name of Company was changed to Concept Technologies, Inc. The Company declared a 200% stock dividend on February 28, 1983 and a 1-for-10 reverse split on January 4, 1990. | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value, per share in dollars | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, par value in dollars | $ 0.001 | $ 0.001 |
Penalties and interest | $ 0 | $ 0 |
Common stock equivalents | 0 | 155,320 |
Going Concern (Detail Narrative
Going Concern (Detail Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net loss | $ (26,297) | $ (9,613) |
Total liabilities in excess of total assets | 35,273 | |
Total current liabilities in excess of total current assets | $ 31,685 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Notes payable, related parties | $ 25,156 | $ 7,766 |
Accrued interest expense | 1,656 | |
Related Party Transaction | Note #1 | ||
Notes payable, related parties | $ 3,500 | |
Maturity date | Jan. 20, 2018 | |
Interest rate | 12.00% | |
Related Party Transaction | Note #2 | ||
Notes payable, related parties | $ 10,000 | |
Maturity date | Feb. 23, 2017 | |
Interest rate | 10.00% | |
Related Party Transaction | Note #3 | ||
Notes payable, related parties | $ 10,000 | |
Maturity date | Feb. 23, 2017 | |
Interest rate | 10.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
NOL Carryover | $ 17,260 | $ 8,078 |
Valuation allowance | (17,260) | (8,078) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Expected provision (based on statutory rate) | $ (8,941) | $ (3,268) |
Increase in valuation allowance | 9,182 | 3,441 |
Expected state taxes, net of federal benefit | (868) | (317) |
Non-deductible expenses | 0 | 0 |
Non-deductible transaction fees | 0 | 0 |
Other, net | 727 | 244 |
Actual Provision/(Benefit) | $ 100 | $ 100 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 46,300 | $ 21,657 |
Net operating loss carryforwards, expiration date | Mar. 31, 2035 | |
State income tax paid | $ 100 | 100 |
Effective income tax rate | 37.30% | |
Increase in valuation allowance | $ 9,182 | $ 3,441 |
Stock Issuance (Details Narrati
Stock Issuance (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2016 | |
Common stock issued for liabilities, value | $ 3,263 | |
Common stock, par value in dollars | $ 0.001 | $ 0.001 |
Related Party Transaction | Clearline Ventures, LLC | ||
Common stock issued for liabilities, value | $ 3,263 | |
Common stock issued for liabilities, shares | 3,263,000 | |
Common stock, par value in dollars | $ 0.001 |