Unleashed 10-Q 20 Aug 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2018	Aug. 20, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Unleashed Inc.
Entity Central Index Key	1,666,114
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		28,070,000

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2018	Mar. 31, 2018
Current Assets
Cash	$ 17,125	$ 25,805
Inventories	850	904
Total Current Assets	17,975	26,709
Fixed Assets
Property and Equipment, net of accumulated depreciation of $1,082 and $668, respectively.	136	225
TOTAL ASSETS	18,111	26,934
Current Liabilities
Accounts payable	15,705	7,997
Total Current Liabilities	15,705	7,997
Total Liabilities	15,705	7,997
Commitment & Contingencies
Stockholders' Equity
Common stock, $0.001 par value, 100,000,000 shares authorized; 28,070,000 and 28,070,000 issued and outstanding as of June 30, 2018 and March 31, 2018 respectively	28,070	28,070
Additional paid-in capital	54,615	54,615
Accumulated deficit	(79,231)	(63,371)
Accumulated other comprehensive loss	(1,048)	(377)
Total Stockholders' Equity	2,406	18,937
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 18,111	$ 26,934

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2018	Mar. 31, 2018
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 1,082	$ 1,071
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	28,070,000	28,070,000
Common stock, shares outstanding	28,070,000	28,070,000

Condensed Statements of Compreh

Condensed Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenues		$ 183
Cost of Goods Sold		85
Gross Profit (Loss)		98
Operating Expenses
Depreciation expense	78	73
General and administrative expenses	815	495
Professional Fees	14,967	1,120
Total Operating Expenses	15,860	1,688
Loss before Provision for Income Taxes	(15,860)	(1,590)
Provision for Income Taxes
Net Loss	(15,860)	(1,590)
Other Comprehensive Income (Loss)
Foreign currency translation adjustment	(874)	1,952
Total Comprehensive Loss	$ (16,734)	$ 362
Net Loss per Share: Basic and Diluted	$ 0	$ 0
Weighted Average Number of Shares Outstanding: Basic and Diluted	28,070,000	28,044,945

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (15,860)	$ (1,590)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization expense	78	73
Changes in:
Accounts payable	8,607	790
Inventories		81
Net cash (used in) operating activities	(7,175)	(646)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of investor loan		(3,360)
Proceeds from sale of common stock		3,950
Net cash provided by financing activities		590
Effect of exchange rate changes on cash	(1,505)	1,272
Changes in cash during the period	(8,680)	1,216
Cash at beginning of period	25,805	39,863
Cash at end of period	17,125	41,079
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for taxes
Cash paid for interest

Organization and Description of

Organization and Description of Business	3 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS We were incorporated as Unleashed Inc. (the Company) on March 5, 2015 in the State of Nevada for the purpose of designing, distributing and selling swim, surf and open water related products to customers. Mr. Ridding operated the business as a sole proprietor under the dba “Unleashed Hardware Inc.” He started the business on December 2, 2014 when he purchased a computer, started working on product designs, and the Company’s website. Mr. Ridding contributed the business assets and liabilities of his sole proprietorship into Unleashed Inc.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company has elected March 31 as its fiscal year end. Basis of presentation The Company reports revenue and expenses using the accrual method of accounting for financial and tax reporting purposes. The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read in conjunction with the financial statements of the Company for the fiscal year ended March 31, 2018 and notes thereto contained in the Company’s Annual Report on Form 10-K. Earnings (Loss) Per Share Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of any common share rights unless the exercise becomes antidilutive and then only the basic per share amounts are shown in the report. Estimates and Assumptions Management uses estimates and assumptions in preparing financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements. Foreign Currency Translation The functional currency of the Company is Great British Pounds (GBP). Monetary assets and liabilities of our operations are translated into United States dollar equivalents using the exchange rates in effect at the balance sheet date. While nonmonetary assets and liabilities in addition to common stock and additional paid in capital are translated at historical rate. Revenues, expenses and retained earnings are translated using the average exchange rates during each period. Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive loss in stockholders’ equity. As of June 30, 2018, these amounts were immaterial, and the total foreign currency translation gains included in accumulated comprehensive loss was $1,048. USD/GBP GBP/USD Period Average 0.7354 Period Average 1.3606 30-Jun-18 0.7579 30-Jun-18 1.3193 Recent Accounting Pronouncements Beginning April 1, 2017, we implemented ASC 606. Although the new revenue standard is expected to have an immaterial impact on our ongoing net income, we did implement changes to our processes related to revenue recognition and the control activities within them.

Property and Equipment

Property and Equipment	3 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 3 - PROPERTY AND EQUIPMENT Property consists of equipment purchased for the production of revenues. As of: June 30, March 31, Equipment $ 1,218 $ 1,296 Less accumulated depreciation (1,082 ) (1,071 ) Equipment, net $ 136 $ 225 Assets are depreciated over their useful lives beginning when placed in service. Depreciation expenses were $78 and $73 for the three months ended June 30, 2018 and 2017, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 4 - INCOME TAXES The Company has approximately $79,250 of net operating losses (“NOL”) carried forward to offset taxable income, if any, in future years which expire commencing in fiscal 2035. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against all the deferred tax asset relating to NOLs for every period because it is more likely than not that all of the deferred tax asset will not be realized.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 5 - COMMITMENTS AND CONTINGENCIES The Company is not presently involved in any litigation.

Going Concern

Going Concern	3 Months Ended
	Jun. 30, 2018
Going Concern [Abstract]
GOING CONCERN	NOTE 6 - GOING CONCERN As set forth on the Company’s balance sheet, its assets total $18,111 and $26,934 as of June 30, 2018 and March 31, 2018 respectively , to which there have been no adjustments

Significant Transactions with R

Significant Transactions with Related Parties	3 Months Ended
	Jun. 30, 2018
Significant Transactions With Related Parties
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES	NOTE 7 - SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES On March 5, 2015, the Company’s founder, President and CEO, Anthony Ridding, acquired 15,000,000 common shares issued by the Company, at a price of $0.001 per share.

Capital Stock

Capital Stock	3 Months Ended
	Jun. 30, 2018
Equity [Abstract]
CAPITAL STOCK	NOTE 8 - CAPITAL STOCK There were 28,070,000 and 28,070,000 shares of common stock issued and outstanding at June 30, 2018 and March 31, 2018 respectively. There were no shares of preferred stock issued and outstanding at June 30, 2018.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 9 - SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations subsequent to June 30, 2018 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The Company reports revenue and expenses using the accrual method of accounting for financial and tax reporting purposes. The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read in conjunction with the financial statements of the Company for the fiscal year ended March 31, 2018 and notes thereto contained in the Company’s Annual Report on Form 10-K.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of any common share rights unless the exercise becomes antidilutive and then only the basic per share amounts are shown in the report.
Estimates and Assumptions	Estimates and Assumptions Management uses estimates and assumptions in preparing financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements.
Foreign Currency Translation	Foreign Currency Translation The functional currency of the Company is Great British Pounds (GBP). Monetary assets and liabilities of our operations are translated into United States dollar equivalents using the exchange rates in effect at the balance sheet date. While nonmonetary assets and liabilities in addition to common stock and additional paid in capital are translated at historical rate. Revenues, expenses and retained earnings are translated using the average exchange rates during each period. Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive loss in stockholders’ equity. As of June 30, 2018, these amounts were immaterial, and the total foreign currency translation gains included in accumulated comprehensive loss was $1,048. USD/GBP GBP/USD Period Average 0.7354 Period Average 1.3606 30-Jun-18 0.7579 30-Jun-18 1.3193
Recent Accounting Pronouncements	Recent Accounting Pronouncements Beginning April 1, 2017, we implemented ASC 606. Although the new revenue standard is expected to have an immaterial impact on our ongoing net income, we did implement changes to our processes related to revenue recognition and the control activities within them.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of foreign currency transaction	USD/GBP GBP/USD Period Average 0.7354 Period Average 1.3606 30-Jun-18 0.7579 30-Jun-18 1.3193

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	June 30, March 31, Equipment $ 1,218 $ 1,296 Less accumulated depreciation (1,082 ) (1,071 ) Equipment, net $ 136 $ 225

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Details)	Jun. 30, 2018
USD/GBP [Member]
Foreign currency transaction	0.7579
GBP/USD [Member]
Foreign currency transaction	1.3193
Period Average [Member] | USD/GBP [Member]
Foreign currency transaction	0.7354
Period Average [Member] | GBP/USD [Member]
Foreign currency transaction	1.3606

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Details Textual)	3 Months Ended
	Jun. 30, 2018USD ($)
Summary of Significant Accounting Policies (Textual)
Other comprehensive loss	$ 1,048

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Jun. 30, 2018	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Equipment	$ 1,218	$ 1,296
Less accumulated depreciation	(1,082)	(1,071)
Equipment, net	$ 136	$ 225

Property and Equipment (Detai21

Property and Equipment (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Property and Equipment (Textual)
Depreciation expenses	$ 78	$ 73

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Jun. 30, 2018USD ($)
Income Taxes (Textual)
Net operating losses	$ 79,250
Net operating losses expire	2,035

Going Concern (Details)

Going Concern (Details) - USD ($)	Jun. 30, 2018	Mar. 31, 2018
Going Concern (Textual)
Total assets	$ 18,111	$ 26,934

Significant Transactions with24

Significant Transactions with Related Parties (Details) - $ / shares	Mar. 05, 2015	Jun. 30, 2018	Mar. 31, 2018
Common stock price		$ 0.001	$ 0.001
Chief Executive Officer [Member]
Acquired common shares issued	15,000,000
Common stock price	$ 0.001

Capital Stock (Details)

Capital Stock (Details) - shares	Jun. 30, 2018	Mar. 31, 2018
Capital Stock (Textual)
Common stock, shares issued	28,070,000	28,070,000
Common stock, shares outstanding	28,070,000	28,070,000
Preferred stock, shares issued
Preferred stock, shares outstanding