Xenous (XITO) 10-Q 14 Aug 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2019	Aug. 14, 2019
Document And Entity Information
Entity Registrant Name	M101 CORP.
Entity Central Index Key	0001651932
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Small Business	true
Entity Shell Company	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2019
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019
Entity Common Stock Shares Outstanding		760,250,000

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Current Assets
Prepaid expenses	$ 4,000	$ 7,000
Total Current Assets	4,000	7,000
TOTAL ASSETS	4,000	7,000
Current Liabilities
Accounts payable and accrued liabilities	5,949	8,860
Accrued interest, related party	16,890	14,770
Due to related parties	391,911	376,356
Convertible note payable, related party	106,292	106,292
Total Current Liabilities	521,042	506,278
TOTAL LIABILITIES	521,042	506,278
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	(827,842)	(810,078)
Total Stockholders' Deficit	(517,042)	(499,278)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 4,000	$ 7,000

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Mar. 31, 2019
STOCKHOLDERS' DEFICIT
Preferred stock, shares par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	10,000,000	0
Preferred stock, shares outstanding	0	10,000,000
Common stock, shares par value	$ 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, 2019	Jun. 30, 2018
Statements of Operations (Unaudited)
REVENUES
OPERATING EXPENSES
General and administrative	3,144	10,183
Professional fees	12,500	63,283
OPERATING EXPENSES	15,644	73,466
OPERATING LOSS	(15,644)	(73,466)
OTHER EXPENSE
Interest expense	(2,120)	(2,120)
OTHER EXPENSE	(2,120)	(2,120)
NET LOSS	$ (17,764)	$ (75,586)
Basic and Diluted Loss per Common Share	$ 0	$ 0
Basic and Diluted Weighted Average Common Shares Outstanding	760,250,000	760,250,000

Statements of Stockholders Defi

Statements of Stockholders Deficit (Unaudited) - USD ($)	Total	Common Stock Numberof Shares	Capital Deficiency	Accumulated Deficit
Beginning Balance, Shares at Mar. 31, 2018		760,250,000
Beginning Balance, Amount at Mar. 31, 2018	$ (279,777)	$ 760,250	$ (449,450)	$ (590,577)
Net loss	(75,586)			(75,586)
Ending Balance, Shares at Jun. 30, 2018		760,250,000
Ending Balance, Amount at Jun. 30, 2018	(355,363)	$ 760,250	(449,450)	(666,163)
Beginning Balance, Shares at Mar. 31, 2019		760,250,000
Beginning Balance, Amount at Mar. 31, 2019	(499,278)	$ 760,250	(449,450)	(810,078)
Net loss	(17,764)			(17,764)
Ending Balance, Shares at Jun. 30, 2019		760,250,000
Ending Balance, Amount at Jun. 30, 2019	$ (517,042)	$ 760,250	$ (449,450)	$ (827,842)

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (17,764)	$ (75,586)
Changes in operating assets and liabilities:
Prepaid expenses	3,000	2,500
Accounts payable and accrued liabilities	(2,911)	(30,349)
Accrued interest, related party	2,120	2,120
Net cash used in operating activities	(15,555)	(101,315)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from related party advances	15,555	101,315
Net cash provided by financing activities	15,555	101,315
Net changes in cash and cash equivalents
Cash and cash equivalents - beginning of period
Cash and cash equivalents - end of period
Supplemental Cash Flow Disclosures
Cash paid for interest
Cash paid for income taxes

NATURE OF BUSINESS AND CONTINUA

NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS	3 Months Ended
	Jun. 30, 2019
NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS
NOTE 1 - NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS	M101 Corp. (the Company) was incorporated on May 20, 1980 as Concept Holding Corp. under the laws of the State of Utah. 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. 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. The Company currently has no business operations.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - 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, 2019 are not necessarily indicative of the results that may be expected for the year ending March 31, 2020. The notes to the unaudited financial statements are condensed, as disclosures that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2019 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, 2019 included in the Companys Form 10-K as filed with the Securities and Exchange Commission on July 9, 2019. 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 Companys 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, 2019 and March 31, 2018, prepaid expenses were $4,000 and $7,000 related to OTC Markets monthly fees from July through October 2019. Recently Issued Accounting Pronouncements Management has considered all recent accounting pronouncements issued, and believes that these recent pronouncements will not have a material effect on the Companys financial statements.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Jun. 30, 2019
GOING CONCERN
NOTE 3 - GOING CONCERN	The Company has not yet generated any revenue since its inception and has an operating loss of $15,644 and net loss of $17,764 for the three months ended June 30, 2019. As of June 30, 2019, the Company has accumulated deficit of $827,842, and negative working capital of $517,042. The Companys 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 financial statements have been prepared assuming that the Company will continue as a going concern; however, the above conditions raise substantial doubt about the Companys 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, 2019
RELATED PARTY TRANSACTIONS
NOTE 4 - RELATED PARTY TRANSACTIONS	As of June 30, 2019 and March 31, 2019, total amounts due to related parties was $391,911 and $376,356, respectively. June 30, March 31, 2019 2019 Amount due to former director $ 390,661 $ 375,106 Amount due to former shareholder 1,250 1,250 $ 391,911 $ 376,356 During the three months ended June 30, 2019 and 2018, the former director of the Company, who resigned on December 7, 2018, advanced $15,555 and $101,315, respectively, to the Company for operating expense payments on behalf of the Company. As of June 30, 2019 and March 31 2019, the Company owed $390,661 and $375,106, respectively, to the former Director of the Company. As of June 30, 2019 and March 31, 2019, the Company owed $1,250 and $1,250, respectively, to a former shareholder for the payment of transfer agent termination fees 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 June 30, 2019 and March 31, 2019: June 30, March 31 2019 2019 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 Companys promissory notes and accrued interest at $84,588 and accounts payable and accrued liabilities of $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, 2019 and March 31, 2019, the accrued interest payable on the convertible note was $16,890 and $14,770, respectively.

SHARE CAPITAL

SHARE CAPITAL	3 Months Ended
	Jun. 30, 2019
SHARE CAPITAL
NOTE 5 - SHARE CAPITAL	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, 2019 and March 31, 2019, 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. As of June 30, 2019 and March 31, 2019, the Company had 760,250,000 shares of common stock issued and outstanding.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2019
SUBSEQUENT EVENTS
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)	3 Months Ended
	Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (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, 2019 are not necessarily indicative of the results that may be expected for the year ending March 31, 2020. The notes to the unaudited financial statements are condensed, as disclosures that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2019 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, 2019 included in the Company's Form 10-K as filed with the Securities and Exchange Commission on July 9, 2019.
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 Companys 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, 2019 and March 31, 2018, prepaid expenses were $4,000 and $7,000 related to OTC Markets monthly fees from July through October 2019.
Recently Issued Accounting Pronouncements	Management has considered all recent accounting pronouncements issued, and 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, 2019
RELATED PARTY TRANSACTIONS (Tables)
Schedule of related party transactions	June 30, March 31, 2019 2019 Amount due to former director $ 390,661 $ 375,106 Amount due to former shareholder 1,250 1,250 $ 391,911 $ 376,356
Schedule of convertible note payable, related party	June 30, March 31 2019 2019 Convertible Note - July 2017 $ 106,292 $ 106,292

NATURE OF BUSINESS AND CONTIN_2

NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS (Detail Narrative)	3 Months Ended
	Jun. 30, 2019
NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS (Detail Narrative)
State of incorporation	Utah
Date of incorporation	May 20, 1980

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
Prepaid expenses	$ 4,000	$ 7,000

GOING CONCERN (Detail Narrative

GOING CONCERN (Detail Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019
GOING CONCERN (Detail Narrative)
Operating loss	$ (15,644)	$ (73,466)
Net loss	(17,764)	$ (75,586)
Accumulated deficit	(827,842)		$ (810,078)
Working capital deficit	$ (517,042)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Due to related party	$ 391,911	$ 376,356
Former Director [Member]
Due to related party	390,661	375,106
Former Shareholder [Member]
Due to related party	$ 1,250	$ 1,250

RELATED PARTY TRANSACTIONS (D_2

RELATED PARTY TRANSACTIONS (Details 1) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
RELATED PARTY TRANSACTIONS (Details)
Convertible Note - July 2017	$ 106,292	$ 106,292

RELATED PARTY TRANSACTIONS (D_3

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jul. 05, 2017	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2018	Mar. 31, 2019
Due to related party		$ 391,911			$ 376,356
Accrued interest payable		16,890			14,770
Convertible Note - July 2017		106,292			106,292
Proceeds from related party debt		15,555	$ 101,315
Former Director [Member]
Due to related party		390,661			375,106
Proceeds from related party debt		15,555		$ 101,315
Former Shareholder [Member]
Due to related party		$ 1,250			$ 1,250
Promissory Notes [Member]
Accrued interest payable	$ 84,588
Convertible Note - July 2017	106,292
Accounts payable and accrued liabilities	$ 21,704
Interest rate	8.00%
Conversion price	$ 0.01
Trading price per share	$ 0.0001

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative) - $ / shares	Jun. 30, 2019	Mar. 31, 2019
SHARE CAPITAL (Details Narrative)
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
Common stock, shares authorized	10,000,000,000	10,000,000,000
Preferred stock, par value, per share in dollars	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000