Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2018 | Jul. 13, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | M101 CORP. | |
Entity Central Index Key | 1,651,932 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
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 | Q1 | |
Document Fiscal Year Focus | 2,019 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 |
Current Assets | ||
Prepaid expenses | $ 3,333 | $ 5,833 |
Total Current Assets | 3,333 | 5,833 |
TOTAL ASSETS | 3,333 | 5,833 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 10,991 | 41,340 |
Accrued interest, related party | 8,387 | 6,267 |
Due to related parties | 233,026 | 131,711 |
Convertible note payable, related party | 106,292 | 106,292 |
Total Current Liabilities | 358,696 | 285,610 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, par value $0.001 per share, 10,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, par value $0.001 per share, 10,000,000,000 shares authorized, 760,250,000 and 760,250,000 shares issued and outstanding, respectively | 760,250 | 760,250 |
Capital deficiency | (449,450) | (449,450) |
Accumulated deficit | (666,163) | (590,577) |
Total Stockholders' Deficit | (355,363) | (279,777) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 3,333 | $ 5,833 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Mar. 31, 2018 |
STOCKHOLDERS' DEFICIT | ||
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, per share 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 | 760,250,000 |
Common stock, shares outstanding | 760,250,000 | 760,250,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statements Of Operations | ||
REVENUES | ||
OPERATING EXPENSES | ||
General and administrative | 10,183 | 1,109 |
Professional fees | 63,283 | 14,354 |
Total operating expenses | 73,466 | 15,463 |
OPERATING LOSS | (73,466) | (15,463) |
OTHER INCOME (EXPENSES) | ||
Interest expense | (2,120) | (1,181) |
Gain on settlement | 7,373 | |
Total Other Income (Expenses) | (2,120) | 6,192 |
NET LOSS | $ (75,586) | $ (9,271) |
Basic and Diluted Loss per Common Share | $ 0 | $ 0 |
Basic and Diluted Weighted Average Common Shares Outstanding | 760,250,000 | 1,093,252,222 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (75,586) | $ (9,271) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on settlement | (7,373) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 2,500 | |
Accounts payable and accrued liabilities | (30,349) | 15,456 |
Accrued interest | 2,120 | 1,181 |
Net cash used in operating activities | (101,315) | (8) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party advances | 101,315 | |
Net cash provided by financing activities | 101,315 | |
Net decrease in cash and cash equivalents | (8) | |
Cash and cash equivalents - beginning of period | 8 | |
Cash and cash equivalents - end of period | ||
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 |
NATURE OF BUSINESS AND CONTINUA
NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS | 3 Months Ended |
Jun. 30, 2018 | |
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 Company’s 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 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 changed its name to “M101 Corp.” The merger took effect on August 14, 2017. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation of Interim Financial Statements Basis of Presentation The accompanying unaudited 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 months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending March 31, 2019. Notes to the unaudited financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2018 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended March 31, 2018 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on June 29, 2018. 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,” Prepaid Expenses Prepaid expenses relate to prepayment made for future services in advance and will be expensed over time as the benefit of the services is received in the future, expected within one year. As of June 30, 2018, prepaid expenses were $3,333 related to OTC Markets monthly fees from July to October 2018. 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. Recently Issued Accounting Pronouncements Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
NOTE 3 - GOING CONCERN | The Company has not yet generated any revenue since its inception and has operating loss of $73,466 and net loss of $75,586 for the three months ended June 30, 2018. As of June 30, 2018, the Company has accumulated deficit of $666,163, and negative working capital of $355,363. 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 the 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, 2018 | |
Notes to Financial Statements | |
NOTE 4 - RELATED PARTY TRANSACTIONS | As of June 30, 2018, and March 31, 2018, the Company owed $231,776 and $130,461, respectively, to the new chairman of the Board of Directors of the Company for operating expense payments on behalf of the Company. As of June 30, 2018, and March 31, 2018, the Company owed $1,250 and $1,250, respectively, to a shareholder for the payment of transfer agent termination fee on behalf of the Company. 8% Convertible Note – July 2017 Convertible notes payable consisted of the following at June 30, 2018 and March 31, 2018: June 30, March 31 2018 2018 Convertible Note - July 2017 $ 106,292 $ 106,292 On July 5, 2017, the Company issued an 8% convertible note in the principal amount of $106,292 to a shareholder for the payment of the Company’s 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. No beneficial conversion was recognized because the note conversion price of $0.01 per share exceeded the Company stock trading price of $0.0001 on July 5, 2017. As of June 30, 2018 and March 31, 2018, the accrued interest payable on the convertible note was $8,387 and $6,267, respectively. |
SHARE CAPITAL
SHARE CAPITAL | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
NOTE 5 - SHARE CAPITAL | On July 21, 2017, the Board of Directors of the Company executed a written consent to approve the increase of the Company’s total authorized shares from 100,000,000 shares to 10,010,000,000 shares (including preferred stock) and the execution 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 retrospectively. 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 June 30, 2018 and March 31, 2018, 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 $0.001 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 June 30, 2018 and March 31, 2018, the Company had 760,250,000 shares and 760,250,000 of common stock issued and outstanding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
NOTE 6 - SUBSEQUENT EVENTS | Management has evaluated subsequent events through the date these condensed financial statements were issued. Based on our evaluation no other material events have occurred that require disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2018 | |
Summary Of Significant Accounting Policies | |
Basis of Presentation | The accompanying unaudited 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 months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending March 31, 2019. Notes to the unaudited financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2018 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended March 31, 2018 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on June 29, 2018. |
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,” |
Prepaid Expenses | Prepaid expenses relate to prepayment made for future services in advance and will be expensed over time as the benefit of the services is received in the future, expected within one year. As of June 30, 2018, prepaid expenses were $3,333 related to OTC Markets monthly fees from July to October 2018. |
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. |
Recently Issued Accounting Pronouncements | Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions | |
Convertible note payable, related party | Convertible notes payable consisted of the following at June 30, 2018 and March 31, 2018: June 30, March 31 2018 2018 Convertible Note - July 2017 $ 106,292 $ 106,292 |
NATURE OF BUSINESS AND CONTIN14
NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS (Detail Narrative) - $ / shares | Jan. 04, 1990 | Jul. 21, 2017 | Jun. 30, 2018 | Mar. 31, 2018 | 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 | $ 0.001 | $ 0.001 | $ 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] | ||||||
Business acquisition shares | 372,750 |
SUMMARY OF SIGNIFICANT ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 |
Summary Of Significant Accounting Policies Details Narrative Abstract | ||
Prepaid expenses | $ 3,333 | $ 5,833 |
GOING CONCERN (Detail Narrative
GOING CONCERN (Detail Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | |
Going Concern | |||
Operating loss | $ (73,466) | $ (15,463) | |
Net loss | (75,586) | $ (9,271) | |
Accumulated deficit | (666,163) | $ (590,577) | |
Stockholders' deficit | $ (355,363) | $ (279,777) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 |
Convertible Notes Details Abstract | ||
Convertible Note - July 2017 | $ 106,292 | $ 106,292 |
RELATED PARTY TRANSACTIONS (D18
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Jul. 05, 2017 | Jun. 30, 2018 | Mar. 31, 2018 |
Due to related parties | $ 233,026 | $ 131,711 | |
Convertible note payable | 106,292 | 106,292 | |
Accrued interest payable | 8,387 | 6,267 | |
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 | ||
Trading price per share | $ 0.0001 | ||
Board of Directors Chairman [Member] | |||
Due to related parties | 231,776 | 130,461 | |
Shareholder [Member] | |||
Due to related parties | $ 1,250 | $ 1,250 |
SHARE CAPITAL (Details Narrativ
SHARE CAPITAL (Details Narrative) - USD ($) | 1 Months Ended | ||||
Jul. 21, 2017 | May 23, 2017 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 08, 2014 | |
Share Capital | |||||
Promissory note | $ 40,000 | ||||
Shares repurchased | 576,350,000 | ||||
Common stock, shares issued | 760,250,000 | 760,250,000 | |||
Common stock, shares outstanding | 760,250,000 | 760,250,000 | |||
Common stock, par value in dollars | $ 0.001 | $ 0.001 | $ 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 authorized | 10,010,000,000 | ||||
Forward split rate description | Two hundred shares for every one share currently issued and outstanding |