Xenous (XITO) 10-Q 19 Feb 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2018	Feb. 06, 2019
Document And Entity Information
Entity Registrant Name	M101 CORP.
Entity Central Index Key	1,651,932
Document Type	10-Q
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		760,250,000
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,019
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Ex Transition Period	false

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Current Assets
Prepaid expenses	$ 10,000	$ 5,833
Total Current Assets	10,000	5,833
TOTAL ASSETS	10,000	5,833
Current Liabilities
Accounts payable and accrued liabilities	2,705	41,340
Accrued interest, related party	12,673	6,267
Due to related parties	345,934	131,711
Convertible note payable, related party	106,292	106,292
Total Current Liabilities	467,604	285,610
TOTAL LIABILITIES	467,604	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 shares issued and outstanding	760,250	760,250
Capital deficiency	(449,450)	(449,450)
Accumulated deficit	(768,404)	(590,577)
Total Stockholders' Deficit	(457,604)	(279,777)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 10,000	$ 5,833

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Statements Of Operations
REVENUES
OPERATING EXPENSES
General and administrative	3,260	9,146	19,799	17,860
Professional fees	18,755	38,813	151,621	86,826
Total operating expenses	22,015	47,959	171,420	104,686
OPERATING LOSS	(22,015)	(47,959)	(171,420)	(104,686)
OTHER INCOME (EXPENSES)
Interest expense	(2,144)	(2,143)	(6,407)	(5,337)
Gain on settlement				7,373
Total Other Income (Expenses)	(2,144)	(2,143)	(6,407)	2,036
NET LOSS	$ (24,159)	$ (50,102)	$ (177,827)	$ (102,650)
Basic and Diluted Loss per Common Share	$ .00	$ .00	$ .00	$ .00
Basic and Diluted Weighted Average Common Shares Outstanding	760,250,000	760,250,000	760,250,000	869,232,545

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (24,159)	$ (50,102)	$ (177,827)	$ (102,650)
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			(4,167)	(8,333)
Accounts payable and accrued liabilities			(38,635)	48,785
Accrued interest, related party			6,406	5,238
Net cash used in operating activities			(214,223)	(64,333)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from related party advances			214,223	64,325
Net cash provided by financing activities			214,223	64,325
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
Issuance of convertible note for settlement of promissory notes and accrued interest and accounts payable and accrued liabilities				$ 106,292

NATURE OF BUSINESS AND CONTINUA

NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS	9 Months Ended
	Dec. 31, 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. On December 7, 2018, Datin Chan Heng Si resigned as the President, Chief Executive Officer and Director of the Company. On that same date, Dato Yap Ting Hau resigned as a Director of the Company. There were no disagreements between Datin Chan, Dato Yap and the Company on any matter relating to the Company’s operations, policies or practices, which resulted in their resignation. On December 7, 2018, the remaining board of directors appointed Ousman Haji Aliyas to serve as the Company’s President, Chief Executive Officer and Director. Ousman Haji Aliyas acquired approximately 83% of the shares from the major shareholders of M101 Corp. through Smartex Investment Ltd., a corporation controlled by Ousman Haji Aliyas.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 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 December 31, 2018, prepaid expenses were $10,000 related to OTC Markets monthly fees from January to October 2019. 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	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
NOTE 3 - GOING CONCERN	The Company has not yet generated any revenue since its inception and has an operating loss of $171,420 and net loss of $177,827 for the nine months ended December 31, 2018. As of December 31, 2018, the Company has accumulated deficit of $768,404, and negative working capital of $457,604. 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	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
NOTE 4 - RELATED PARTY TRANSACTIONS	December 31, March 31, 2018 2018 Amount due to director $ 10,000 $ - Amount due to former director 334,684 130,461 Amount due to former shareholder 1,250 1,250 $ 345,934 $ 131,711 As of December 31, 2018 and March 31, 2018, total amounts due to related parties was $345,934 and $131,711, respectively. During the nine months ended December 31, 2018, the new director of the Company, who was appointed on December 7, 2018, advanced $10,000 to the Company for operating expense payments on behalf of the Company. As of December 31, 2018, the Company owed $10,000 to the new Director of the Company. During the nine months ended December 31, 2018 and December 31, 2017, the former director of the Company, who resigned on December 7, 2018, advanced $204,223 and $63,075 to the Company for operating expense payments on behalf of the Company. As of December 31, 2018, and March 31, 2018, the Company owed $334,684 and $130,461, respectively, to the former Director of the Company. As of December 31, 2018, and March 31, 2018, the Company owed $1,250 and $1,250, respectively, to a former shareholder for the payment of transfer agent termination fee on behalf of the Company. The shareholder sold all his shareholdings to the new Director of the Company in December 2018. 8% Convertible Note – July 2017 Convertible notes payable consisted of the following at December 31, 2018 and March 31, 2018: December 31, 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 former 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 December 31, 2018, and March 31, 2018, the accrued interest payable on the convertible note was $12,673 and $6,267, respectively.

SHARE CAPITAL

SHARE CAPITAL	9 Months Ended
	Dec. 31, 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 accounted for the forward stock split with a memorandum entry and a proportionate reduction of the par value. 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 December 31, 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 cancelled and repurchased from a former shareholder for a $40,000 promissory note which was subsequently fully repaid on July 5, 2017. As of December 31, 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	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
NOTE 6 - SUBSEQUENT EVENTS	Management has evaluated subsequent events through the date these financial statements were issued. Based on our evaluation no material events have occurred that require disclosure.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 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 December 31, 2018, prepaid expenses were $10,000 related to OTC Markets monthly fees from January to October 2019.
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)	9 Months Ended
	Dec. 31, 2018
Related Party Transactions
Schedule of related party transactions	December 31, March 31, 2018 2018 Amount due to director $ 10,000 $ - Amount due to former director 334,684 130,461 Amount due to former shareholder 1,250 1,250 $ 345,934 $ 131,711
Schedule of convertible note payable, related party	Convertible notes payable consisted of the following at December 31, 2018 and March 31, 2018: December 31, March 31 2018 2018 Convertible Note - July 2017 $ 106,292 $ 106,292

NATURE OF BUSINESS AND CONTIN_2

NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS (Detail Narrative) - $ / shares	Jan. 04, 1990	Jul. 21, 2017	Dec. 31, 2018	Dec. 07, 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%
Ousman Haji Aliyas [Member]
Business acquisition, percentage of ownership acquired by related party				83.00%
Concept Technologies, Inc. [Member]
Business acquisition shares	372,750

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Summary Of Significant Accounting Policies Details Narrative Abstract
Prepaid expenses	$ 10,000	$ 5,833

GOING CONCERN (Detail Narrative

GOING CONCERN (Detail Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Going Concern
Operating loss	$ (22,015)	$ (47,959)	$ (171,420)	$ (104,686)
Net loss	(24,159)	$ (50,102)	(177,827)	$ (102,650)
Accumulated deficit	(768,404)		(768,404)		$ (590,577)
Stockholders' deficit	$ (457,604)		$ (457,604)		$ (279,777)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Due to related party	$ 345,934	$ 131,711
Director [Member]
Due to related party	10,000
Former Director [Member]
Due to related party	334,684	130,461
Former Shareholder [Member]
Due to related party	$ 1,250	$ 1,250

RELATED PARTY TRANSACTIONS (D_2

RELATED PARTY TRANSACTIONS (Details 1) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Convertible Notes Details Abstract
Convertible Note - July 2017	$ 106,292	$ 106,292

RELATED PARTY TRANSACTIONS (D_3

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jul. 05, 2017	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Due to related parties		$ 345,934		$ 131,711
Convertible note payable		106,292		106,292
Accrued interest payable		12,673		6,267
Proceeds from related party debt		214,223	$ 64,325
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
Former Shareholder [Member]
Due to related parties		1,250		1,250
Director [Member]
Due to related parties		10,000
Former Director [Member]
Due to related parties		334,684		$ 130,461
Proceeds from related party debt		$ 204,223	$ 63,075

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative) - USD ($)	1 Months Ended
	Jul. 21, 2017	May 23, 2017	Dec. 31, 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