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 |