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 | M101 CORP. | |
Entity Central Index Key | 1,651,932 | |
Document Type | 10-Q/A | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | true | |
Amendment Description | On August 7, 2017, M101 CORP., filed its Quarterly Report on Form 10-Q for the period ended June 30, 2017. The par value of issuers common stock was incorrectly recorded as $0.000005 and has been corrected to its actual par value of $0.001. Concept Holding Corp. subsequently changed its name to M101 CORP. on August 14, 2017 but the 1Q/A has not been updated throughout. For the convenience of the reader, this Form 10-Q/A sets forth the Quarterly Report on Form 10-Q in its entirety. | |
Current Fiscal Year End Date | --03-31 | |
Is Entity a Well-known Seasoned Issuer | No | |
Is Entity a Voluntary Filer | No | |
Is Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 760,250,000 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | 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 $0.001), 10,000,000 shares authorized; 0 shares issued and outstanding, respectively | ||
Common stock (par value $0.001), 10,000,000,000 shares authorized; 760,250,000 and 1,336,600,000 shares issued and outstanding, respectively | 760,250 | 1,336,600 |
Capital deficiency | (449,450) | (985,800) |
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 | $ 0.001 | $ 0.001 |
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 Companys Audited Financial Statements for the years ended March 31, 2017 and 2016 included in the Companys 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 Companys voting stock have executed a written consent to approve the increase of the Companys 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 $0.01. In connection with the change in control described above, the Company accepted the resignation of E. Will Gray as the sole officer and director of the Company. Dato Yap Ting Hau was appointed as Director and Chairman of the Board and Datin Chan Heng Si was appointed President and Director. On July 21, 2017, the Board of Directors of the Company elected to file a Certificate of Amendment with the Secretary of State of the State of Nevada (Nevada SOS) to: (a) increase the number of authorized shares of Common Stock from 90 million shares of Common Stock to 10 billion shares of Common Stock; (b) increase the issued and outstanding shares of Common Stock at a ratio of 200:1; and (c) change the Companys ticker symbol to MOZO. These actions were approved by the Companys Board of Directors and were then approved via written consent of shareholders holding cumulatively 60% of the Companys voting shares. On July 21, 2017 the Board of Directors of the Company elected to file Articles of Merger with the Nevada SOS whereby it would enter into a statutory merger with its wholly-owned subsidiary, M101 Corp., a Nevada corporation, pursuant to Nevada Revised Statutes 92A.200, et seq. The effect of such merger is the Company is the surviving entity and will change its name to M101 Corp. The merger will take effect after August 14, 2017. |
BASIS OF PRESENTATION (Detail N
BASIS OF PRESENTATION (Detail Narrative) | 1 Months Ended |
Jul. 21, 2017shares | |
Basis Of Presentation Detail Narrative | |
Capital stock shares authorized | 100,000,000 |
Amendment to capital stock shares authorized | 10,000,000,000 |
Forward split rate description | Two hundred shares for every one share currently issued and outstanding. |
GOING CONCERN (Detail Narrative
GOING CONCERN (Detail Narrative) - USD ($) | 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 Companys Board of Directors and were then approved via written consent of shareholders holding cumulatively 60% of the Companys voting shares. |