Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2017 | Nov. 10, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | M101 CORP. | |
Entity Central Index Key | 1,651,932 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 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 | 760,250,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,018 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2017 | Mar. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 0 | $ 8 |
Total Current Assets | 0 | 8 |
TOTAL ASSETS | 0 | 8 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 12,513 | 13,522 |
Accrued interest | 2,027 | 5,480 |
Due to related parties | 28,750 | |
Notes payable | 38,040 | |
Convertible note payable, related party | 106,292 | |
Total Current Liabilities | 149,582 | 57,042 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, par value $0.001 per share, 10,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, par value $0.000005 per share, 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 | (460,382) | (407,834) |
Total Stockholders' Deficit | (149,582) | (57,034) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 8 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Mar. 31, 2017 |
Condensed Balance Sheets Parenthetical | ||
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 (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Statements Of Operations | ||||
REVENUES | ||||
OPERATING EXPENSES | ||||
General and administrative | 7,604 | 1,051 | 8,714 | 1,996 |
Professional fees | 33,659 | 7,952 | 48,013 | 9,252 |
Total Operating Expenss | 41,263 | 9,003 | 56,727 | 11,248 |
OPERATING LOSS | (41,263) | (9,003) | (56,727) | (11,248) |
OTHER INCOME (EXPENSE) | ||||
Interest expense | (2,014) | (849) | (3,194) | (1,539) |
Gain on settlement | 7,373 | |||
Total Other Income (expense) | (2,014) | (849) | 4,179 | (1,539) |
NET LOSS | $ (43,277) | $ (9,852) | $ (52,548) | $ (12,787) |
Basic and Diluted Loss per Common Share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and Diluted Weighted Average Common Shares Outstanding | 760,250,000 | 6,683,000 | 924,021,585 | 6,683,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (52,548) | $ (12,787) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on settlement | (7,373) | |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 28,068 | 5,855 |
Accrued interest | 3,095 | 434 |
Due to related parties | ||
Net cash used in operating activities | (28,758) | (6,498) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party advances | 28,750 | 6,500 |
Net cash provided by financing activities | 28,750 | 6,500 |
Net increase (decrease) in cash and cash equivalents | (8) | 2 |
Cash and cash equivalents - beginning of period | 8 | 277 |
Cash and cash equivalents - end of period | 0 | 279 |
Supplemental Cash Flow Disclosures | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Non-cash investing and financing transactions | ||
Issuance of note for cancellation of shares | 40,000 | |
Issuance of convertible note for settlement of promissory notes and accrued interest and accounts payable | $ 106,292 |
NATURE OF BUSINESS AND CONTINUA
NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
NOTE 1 - NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS | 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. On December 22, 1982, the Company filed amended articles with the State of Utah to change the Companys name to Merrymack Corporation, to reduce the par value of the shares to $0.001 per share, and to increase the authorized shares to 50,000,000. 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. On December 8, 2014, the Company restated and amended its Articles of Incorporation to increase its capitalization to 100,000,000 shares of capital stock, which consisted of 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. On July 21, 2017, the Board of Directors of the Company elected to file a Certificate of Amendment with the Nevada Secretary of State (NV SOS) to (a) increase the number of authorized shares of common and preferred stock from 90 million (90,000,000) shares of common stock and 10 million (10,000,000) shares of preferred stock to 10 billion (10,000,000,000) shares of common stock and 10 million (10,000,000) shares of preferred stock; (b) increase the issued and outstanding shares of common stock at a ratio of 200:1; and (c) change the Companys ticker symbol to MOZO. These actions were approved by the Companys Board of Directors and were then approved via written consent of shareholders holding cumulatively 60%of the Companys 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 changed its name to M101 Corp. The merger took effect on August 14, 2017. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation of Interim Financial Statements Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending March 31, 2018. Notes to the unaudited condensed financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2017 have been omitted. This report should be read in conjunction with the audited consolidated financial statements and the footnotes thereto for the fiscal year ended March 31, 2017 included in the Companys Form 10-K as filed with the Securities and Exchange Commission on June 26, 2017. Use of Estimates The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Financial Instruments The Company's financial instruments consist primarily of accounts payable and debts. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments. Related Parties We follow ASC 850, Related Party Disclosures, Convertible notes Convertible notes are regarded as compound instruments, consisting of a liability component and an equity component. The component parts of compound instruments are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortized cost basis until extinguished upon conversion or at the instruments maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognized as additional paid-in capital and included in equity, net of income tax effects, and is not subsequently remeasured. After initial measurement, they are carried at amortized cost using the effective interest method. Recently Issued Accounting Pronouncements Management has considered all recent accounting pronouncements issued. The Companys management believes that these recent pronouncements will not have a material effect on the Companys financial statements. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
NOTE 3 - GOING CONCERN | The Company has not yet generated any revenue since its inception and has operating loss of $56,727 and net loss of $52,548 for the six months ended September 30, 2017. As of September 30, 2017, the Company has accumulated deficit of $460,382, and negative working capital of $149,582. 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 | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
NOTE 4 - RELATED PARTY TRANSACTIONS | As of September 30, 2017, and March 31, 2017, the Company owed $27,500 and $0 to the new chairman of the Board of Directors of the Company for legal fee payment on behalf of the Company. As of September 30, 2017, and March 31, 2017, the Company owed $1,250 and $0 to a shareholder for the payment of transfer agent termination fee on behalf of the Company. On July 5, 2017, the Company issued a 8% convertible note in the principal amount of $106,292 to a shareholder for the payment of the Company promissory notes and accrued interest at $84,588 and accounts payable and accrued liabilities at $21,704. The convertible note is due on demand, bears interest of 8% per annum and is convertible at a conversion price of $0.01 per share. As of September 30, 2017, the accrued interest payable on the convertible note was $2,027. |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
NOTE 5 - CONVERTIBLE NOTES | Convertible notes payable consisted of the following at September 30, 2017 and March 31, 2017: September 30 March 31 2017 2017 Convertible Note - July 2017 $ 106,292 $ - 8% Convertible Note July 2017 On July 5, 2017, the Company issued a 8% convertible note in the principal amount of $106,292 to a shareholder for the payment of the Company promissory notes and accrued interest at $84,588 and accounts payable and accrued liabilities at $21,704. The convertible note is due on demand, bears interest of 8% per annum and is convertible at a conversion price of $0.01 per share. As of September 30, 2017, the accrued interest payable on the convertible note was $2,027. |
SHARE CAPITAL
SHARE CAPITAL | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
NOTE 6 - SHARE CAPITAL | On July 21, 2017, the Board of Directors of the Company have executed a written consent to approve the increase of the Companys total authorized shares from 100,000,000 shares to 10,010,000,000 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. Preferred Stock The Company is authorized to issue an aggregate of 10,000,000 shares of preferred stock with a par value of $0.001 per share. As at September 30, 2017 and March 31, 2017, no preferred shares have been issued. Common Stock The Company is authorized to issue an aggregate of 10,000,000,000 shares of common stock with a par value of $0.000005 per share. On May 23, 2017, 576,350,000 shares were repurchased from a former shareholder for a $40,000 promissory note which was subsequently fully repaid on July 5, 2017. As of September 30, 2017 and March 31, 2017, the Company had 760,250,000 shares of common stock issued and outstanding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
NOTE 7 - SUBSEQUENT EVENTS | Management has evaluated subsequent events through the date these condensed financial statements were available to be issued. Based on our evaluation no other material events have occurred that require disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2017 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation | The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending March 31, 2018. Notes to the unaudited condensed financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2017 have been omitted. This report should be read in conjunction with the audited consolidated financial statements and the footnotes thereto for the fiscal year ended March 31, 2017 included in the Companys Form 10-K as filed with the Securities and Exchange Commission on June 26, 2017. |
Use of Estimates | The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Financial Instruments | The Company's financial instruments consist primarily of accounts payable and debts. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments. |
Related Parties | We follow ASC 850, Related Party Disclosures, |
Convertible notes | Convertible notes are regarded as compound instruments, consisting of a liability component and an equity component. The component parts of compound instruments are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortized cost basis until extinguished upon conversion or at the instruments maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognized as additional paid-in capital and included in equity, net of income tax effects, and is not subsequently remeasured. After initial measurement, they are carried at amortized cost using the effective interest method. |
Recently Issued Accounting Pronouncements | Management has considered all recent accounting pronouncements issued. The Companys management believes that these recent pronouncements will not have a material effect on the Companys financial statements. |
CONVERTIBLE NOTES (Tables)
CONVERTIBLE NOTES (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Convertible Notes Tables | |
Convertible notes payable | September 30 March 31 2017 2017 Convertible Note - July 2017 $ 106,292 $ - Less current portion of convertible notes payable 106,292 - Long-term convertible notes payable $ - $ - |
NATURE OF BUSINESS AND CONTIN15
NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS (Detail Narrative) - $ / shares | Jan. 04, 1990 | Jul. 21, 2017 | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 08, 2014 | Dec. 22, 1982 |
State of Incorporation | Utah | |||||
Date of Incorporation | May 20, 1980 | |||||
Shares par value reduce | $ 0.001 | |||||
Increase in authorized shares | 50,000,000 | |||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||
Common stock, par value | $ 0.000005 | $ 0.000005 | $ 0.001 | |||
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 | 90,000,000 | |||
Increased ratio of issued and outstanding common shares | 200:1 | |||||
Capital stock shares authorized | 100,000,000 | 100,000,000 | ||||
Increase in common stock shares | 10,000,000,000 | |||||
Increase in preferred stock shares | 10,000,000 | |||||
Company voting right shares | 60.00% | |||||
Concept Technologies, Inc. [Member] | ||||||
Buisness acquisition shares | 372,750 |
GOING CONCERN (Detail Narrative
GOING CONCERN (Detail Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | |
Going Concern Detail Narrative | |||||
operating loss | $ (41,263) | $ (9,003) | $ (56,727) | $ (11,248) | |
Net loss | (43,277) | $ (9,852) | (52,548) | $ (12,787) | |
Accumulated deficit | (460,382) | (460,382) | $ (407,834) | ||
Stockholders' Deficit | $ (149,582) | $ (149,582) | $ (57,034) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Jul. 05, 2017 | Sep. 30, 2017 | Mar. 31, 2017 |
Due to related parties | $ 28,750 | ||
Convertible note payable | 106,292 | ||
Accrued interest payable | 2,027 | 5,480 | |
Board of Directors Chairman [Member] | |||
Due to related parties | 27,500 | 0 | |
Shareholder [Member] | |||
Due to related parties | $ 1,250 | $ 0 | |
Promissory Notes [Member] | |||
Convertible note payable | $ 106,292 | ||
Accounts payable and accrued liabilities | $ 21,704 | ||
Interest rate | 8.00% | ||
Conversion price | $ 0.01 | ||
Accrued interest payable | $ 84,588 |
CONVERTIBLE NOTES (Details)
CONVERTIBLE NOTES (Details) - USD ($) | Sep. 30, 2017 | Mar. 31, 2017 |
Convertible Notes Details | ||
Convertible Note - July 2017 | $ 106,292 |
CONVERTIBLE NOTES (Details Nar
CONVERTIBLE NOTES (Details Narrative) - USD ($) | Jul. 05, 2017 | Sep. 30, 2017 | Mar. 31, 2017 |
Convertible note payable | $ 106,292 | ||
Accrued interest payable | $ 2,027 | $ 5,480 | |
Promissory Notes [Member] | |||
Convertible note payable | $ 106,292 | ||
Accounts payable and accrued liabilities | $ 21,704 | ||
Interest rate | 8.00% | ||
Conversion price | $ 0.01 | ||
Accrued interest payable | $ 84,588 |
SHARE CAPITAL (Details Narrativ
SHARE CAPITAL (Details Narrative) - USD ($) | 1 Months Ended | ||||
Jul. 21, 2017 | May 23, 2017 | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 08, 2014 | |
Share Capital Details Narrative | |||||
Promissory note | $ 40,000 | ||||
Shares repurchased | 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 | |||
Common stock, par value in dollars | $ 0.000005 | $ 0.000005 | $ 0.001 | ||
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 | 90,000,000 | ||
Preferred stock, par value, per share in dollars | $ 0.001 | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||
Capital stock shares authorized | 100,000,000 | 100,000,000 | |||
Increase in capital stock shares authorised | 10,010,000,000 | ||||
Forward split rate description | Two hundred shares for every one share currently issued and outstanding |