Xenous (XITO) 10-Q 16 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Aug. 07, 2017
Document And Entity Information
Entity Registrant Name	Concept Holding Corp.
Entity Central Index Key	1,651,932
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
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 Common Stock, Shares Outstanding		3,789,750
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2017	Mar. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 0	$ 8
TOTAL ASSETS	0	8
CURRENT LIABILITIES
Accounts payable	21,604	13,522
Notes payable	38,040	38,040
Notes payable, related party	40,000
Accrued liabilities	6,661	5,480
TOTAL LIABILITIES	106,305	57,042
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIT
Preferred Stock (par value $.001), 10,000,000 shares authorized; 0 shares issued and outstanding, respectively	0	0
Common stock (par value $0.000005), 10,000,000,000 shares authorized; 760,250,000 and 1,336,600,000 shares issued and outstanding, respectively	3,801	6,683
Additional Paid-In Capital	306,999	344,117
Accumulated Deficit	(417,105)	(407,834)
Total Stockholders' Deficit	(106,305)	(57,034)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 0	$ 8

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Mar. 31, 2017
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	$ 0.000005	$ 0.000005
Common stock, shares authorized	10,000,000,000	10,000,000,000
Common stock, shares issued	760,250,000	1,336,600,000
Common stock, shares outstanding	760,250,000	1,336,600,000

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
REVENUES
OPERATING EXPENSES	15,463	2,245
LOSS FROM OPERATIONS	(15,463)	(2,245)
OTHER INCOME (EXPENSE)
Gain on settlement	7,373
Interest expense	(1,181)	(690)
Total Other Income (expense)	6,192	(690)
NET LOSS BEFORE INCOME TAXES	(9,271)	(2,935)
INCOME TAXES
Provision for Income Taxes
Total Income Taxes
NET LOSS	$ (9,271)	$ (2,935)
LOSS PER COMMON SHARE - BASIC AND DILUTED	$ 0	$ 0
WEIGHTED AVERAGE SHARES OUTSTANDING -BASIC AND DILUTED	1,093,252,222	1,336,600,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (9,271)	$ (2,935)
Adjustments to reconcile net loss to cash used by operating activities:
Gain on settlement	(7,373)
Changes in operating assets and liabilities:
Accounts payable	15,455	1,136
Accrued liabilities	1,181	690
Net Cash Used by Operating Activities	(8)	(1,109)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from related party loans		4,000
Net Cash Provided by Financing Activities		4,000
NET INCREASE (DECREASE) IN CASH	(8)	2,891
CASH AT BEGINNING OF PERIOD	8	277
CASH AT END OF PERIOD	0	3,168
SUPPLEMENTAL DISCLOSURES
Cash paid for interest and penalties
Cash paid for income taxes
Non-cash Transaction:
Issuance of note and in exchange of cancellation of shares	$ 40,000

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
BASIS OF PRESENTATION	The accompanying condensed financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The interim financial statements reflect all adjustments, consisting of normal recurring adjustments which, in the opinion of management, are necessary to present a fair statement of the results for the period. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Audited Financial Statements for the years ended March 31, 2017 and 2016 included in the Company’s Annual Report on Form 10-K. The results of operations for the three-month period ended June 30, 2017, are not necessarily indicative of the operating results for the full year ending March 31, 2018. On July 21, 2017, the shareholders holding a majority of the Company’s voting stock have executed a written consent to approve the increase of the Company’s total authorized shares from 100,000,000 shares to 10,000,000,000 shares and the conduction of a forward split at the rate of two hundred shares for every one share currently issued and outstanding. The Company accounts for the forward stock split with a memorandum entry and a proportionate reduction of the par value. The outstanding shares have been restated retroactively.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
GOING CONCERN	The Company has not yet generated any revenue since its inception and has operating loss of $15,464 and net loss of $9,272 for the three months ended June 30, 2017. As of June 30, 2017, the Company has accumulated deficit of $417,105, and negative working capital of $106,305. The Company's continuation as a going concern is dependent on its ability to execute its operation plan to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its shareholders or other sources, as may be required. There can be no assurance that the necessary debt or equity financing will be available, or will be available on terms acceptable to our company. We estimate that based on current plans and assumptions, our available cash will not be sufficient to satisfy our cash requirements under our present operating expectations, without further financing, for up to 12 months. The accompanying condensed financial statements have been prepared assuming that the Company will continue as a going concern; however, the above conditions raise substantial doubt about the Company's ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. We are attempting to generate sufficient revenue; however, our cash position may not be sufficient to support our daily operations. While we believe in the viability of our strategy to generate sufficient revenues in the future and in our ability to raise additional funds, there can be no assurances to that effect. The ability of our company to continue as a going concern is dependent upon our ability to further implement our business plan, generate sufficient revenue to cover operating expenses and in our ability to raise additional funds.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
RELATED PARTY TRANSACTIONS	On May 23, 2017, the Company entered into a promissory note with a former shareholder of the Company in the amount of $40,000 in exchange for the cancellation of 576,350,000 common shares. The note is to be paid upon the earlier of (i) three years from the date of execution or (ii) when a merger, reorganization or acquisition between the Company and another corporation or entity or any change of control of the Company where either a majority of current management resigns or is terminated or the majority of ownership of the Company changes. The note bears no interest and was paid off on July 5, 2017.

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
NOTES PAYABLE	On February 28, 2017, the Company amended three existing promissory notes. The two promissory notes originally entered into on February 23, 2015 with the aggregate amount of $20,000 bearing 10% interest were amended to extend the maturity date to February 23, 2018. The other promissory note entered into on January 10, 2016 with amount of $10,000 bearing 12% interest and was amended to increase additional principal amount by $8,040 and to extend the maturity date to January 20, 2018. The outstanding balance on the notes payable was $38,080 as of June 30, 2017 and March 31, 2017, respectively. Interest expense for the three months ended June 30, 2017 and 2016 are $1,181 and $690, respectively.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
RECENT ACCOUNTING PRONOUNCEMENTS	In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”, The Company has reviewed all other 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 none of these pronouncements will have a significant effect on its financial statements.

STOCK ISSUANCE

STOCK ISSUANCE	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
STOCK ISSUANCE	On May 23, 2017, 576,350,000 shares were repurchased from a former shareholder for a $40,000 promissory note. As of June 30, 2017, the repurchased shares were cancelled, and the Company had 760,250,000 shares of common stock issued and outstanding.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
SUBSEQUENT EVENTS	On July 3, 2017, the Company entered into debt settlements to settle three promissory notes with the aggregated principal and accrued interest of $44,601 as of June 30, 2017 for an aggregate payment of $44,588. On July 5, 2017, a change of control of the Company occurred and on the same day, the Company entered into a convertible note payable in the amount of $106,292. The note bears interest of 8%, and is convertible at a conversion price of $0.01. In connection with the change in control described above, the Company accepted the resignation of E. Will Gray as the sole officer and director of the Company. Dato Yap Ting Hau was appointed as Director and Chairman of the Board and Datin Chan Heng Si was appointed President and Director. On July 21, 2017, the Board of Directors of the Company elected to file a Certificate of Amendment with the Secretary of State of the State of Nevada (“Nevada SOS”) to: (a) increase the number of authorized shares of Common Stock from 90 million shares of Common Stock to 10 billion shares of Common Stock; (b) increase the issued and outstanding shares of Common Stock at a ratio of 200:1; and (c) change the Company’s ticker symbol to “MOZO.” These actions were approved by the Company’s Board of Directors and were then approved via written consent of shareholders holding cumulatively 60% of the Company’s voting shares. On July 21, 2017 the Board of Directors of the Company elected to file Articles of Merger with the Nevada SOS whereby it would enter into a statutory merger with its wholly-owned subsidiary, M101 Corp., a Nevada corporation, pursuant to Nevada Revised Statutes 92A.200, et seq. The effect of such merger is the Company is the surviving entity and will change its name to “M101 Corp.” The merger will take effect after August 14, 2017.

BASIS OF PRESENTATION (Detail N

BASIS OF PRESENTATION (Detail Narrative)	1 Months Ended
	Jul. 21, 2017shares
Basis Of Presentation Detail Narrative
Capital stock shares authorized	100,000,000
Amendment to capital stock shares authorized	10,000,000,000
Forward split rate description	Two hundred shares for every one share currently issued and outstanding.

GOING CONCERN (Detail Narrative

GOING CONCERN (Detail Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Going Concern Detail Narrative
LOSS FROM OPERATIONS	$ (15,463)	$ (2,245)
NET LOSS	(9,271)	$ (2,935)
Accumulated Deficit	(417,105)		$ (407,834)
Stockholders' Deficit	$ (106,305)		$ (57,034)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative)	1 Months Ended
	May 23, 2017USD ($)shares
Related Party Transactions Details Narrative
Promissory note | $	$ 40,000
Cancellation of common shares | shares	576,350,000
Promissory note repayment description	The note is to be paid upon the earlier of (i) three years from the date of execution or (ii) when a merger, reorganization or acquisition between the Company and another corporation or entity or any change of control of the Company where either a majority of current management resigns or is terminated or the majority of ownership of the Company changes.
Promissory note due date	Jul. 5, 2017

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)	Jan. 10, 2016	Feb. 23, 2015	Jun. 30, 2017	Jun. 30, 2016	May 23, 2017	Mar. 31, 2017
Promissory notes					$ 40,000
Outstanding notes payable			$ 38,040			$ 38,040
Interest expense			$ (1,181)	$ (690)
Two Promissory Notes [Member]
Promissory notes		$ 20,000
Interest rate		10.00%
Maturity date		Feb. 23, 2018
Other Promissory Notes [Member]
Promissory notes	$ 10,000
Interest rate	12.00%
Maturity date	Jan. 20, 2018
Amedments to increase additional principal amount	$ 8,040

STOCK ISSUANCE (Details Narrati

STOCK ISSUANCE (Details Narrative) - USD ($)	Jun. 30, 2017	May 23, 2017	Mar. 31, 2017
Stock Issuance Details Narrative
Promissory note		$ 40,000
Cancellation of common shares		576,350,000
Common stock, shares issued	760,250,000		1,336,600,000
Common stock, shares outstanding	760,250,000		1,336,600,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Jul. 05, 2017	Jul. 03, 2017	Jul. 21, 2017	Jun. 30, 2017	May 23, 2017	Mar. 31, 2017
Subsequent Event [Line Items]
Promissory note					$ 40,000
Common stock, shares authorized				10,000,000,000		10,000,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Promissory note		$ 44,601
Extinguishment of debt		$ 44,588
Convertible note payable	$ 106,292
Interest rate	8.00%
Conversion price	$ 0.01
Amendment to common stock shares authorized			10,000,000,000
Increased ratio of issued and outstanding common shares			200:1
Description for action of certificate of amendment approvel			These actions were approved by the Company’s Board of Directors and were then approved via written consent of shareholders holding cumulatively 60% of the Company’s voting shares.