Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2020 | Aug. 03, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | Achison Inc | |
Entity Central Index Key | 0001672571 | |
Document Type | 10-Q/A | |
Document Period End Date | Jun. 30, 2020 | |
Amendment Flag | true | |
Current Fiscal Year End Date | --03-31 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Shell Business | true | |
Entity Interactive Data | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,990,000 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Amendment | This is being filed solely to correct an inadvertent error in checking the “No” box instead of the “Yes” box” on the cover page regarding the shell status of the Company as of August 4, 2020. |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Current Assets: | ||
Cash | $ 50,901 | $ 61,471 |
Notes receivable | 52,800 | 70,000 |
Total Current Assets | 103,701 | 131,471 |
TOTAL ASSETS | 103,701 | 131,471 |
CURRENT LIABILITIES: | ||
Income tax payable | ||
Total Current Liabilities | ||
NON-CURRENT LIABILITIES: | ||
Shareholder loan | 71,000 | 71,000 |
Total Noncurrent Liabilities | 71,000 | 71,000 |
TOTAL LIABILITIES | 71,000 | 71,000 |
COMMITMENTS AND CONTINGENCIES(Note 4) | ||
Stockholder's equity: | ||
Common stock ($0.001 par value, 30,000,000 shares authorized, 29,995,000 shares issued and outstanding as of June 30, 2020 and March 31, 2020 | 29,995 | 29,995 |
Additional paid-in capital | 160,230 | 160,230 |
Accumulated Deficit | (157,524) | (129,754) |
Total Stockholder's equity | 32,701 | 60,471 |
Total liabilities and stockholder's equity | $ 103,701 | $ 131,471 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, Authorized | 30,000,000 | 30,000,000 |
Common stock, Issued | 29,995,000 | 29,995,000 |
Common stock, outstanding | 29,995,000 | 29,995,000 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Expenses | ||
General and Administrative Expenses | $ 31,570 | $ 4,120 |
Total Operating Expenses | 31,570 | 4,120 |
Other Income (expense) | ||
Loss from commodity trading | (1,889) | |
Interest and dividends | 2,800 | 1 |
Other income | 1,000 | |
Total Other Income (expense) | 3,800 | (1,888) |
Net loss | $ (27,770) | $ (6,008) |
Net loss per common share, basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding, basic and diluted | 29,995,000 | 9,985,000 |
Statement of Changes in Stockho
Statement of Changes in Stockholders Equity - USD ($) | Common Stock | Additional Paid-In Capital | Retained Earnings( Deficit) | Total |
Beginning Balance, Shares at Mar. 31, 2019 | 9,985,000 | |||
Beginning Balance, Amount at Mar. 31, 2019 | $ 9,985 | $ 80,140 | $ (70,643) | $ 19,482 |
Net loss | (6,008) | (6,008) | ||
Ending Balance, Shares at Jun. 30, 2019 | 9,985,000 | |||
Ending Balance, Amount at Jun. 30, 2019 | $ 9,985 | 80,140 | (76,651) | 13,474 |
Beginning Balance, Shares at Mar. 31, 2020 | 29,995,000 | |||
Beginning Balance, Amount at Mar. 31, 2020 | $ 29,995 | 160,230 | (129,754) | 60,471 |
Net loss | (27,770) | (27,770) | ||
Ending Balance, Shares at Jun. 30, 2020 | 29,995,000 | |||
Ending Balance, Amount at Jun. 30, 2020 | $ 29,995 | $ 160,230 | $ (157,524) | $ 32,701 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (27,770) | $ (6,008) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Accrued interest income on note receivable | (2,800) | |
Change in operating assets and liabilities: | ||
Net cash (used in) operating activities | (30,570) | (6,008) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from notes receivables | 20,000 | |
Disposal of short-term investments | 10,573 | |
Net cash provided by (used in) investing activities | 20,000 | 10,573 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net cash provided by financing activities | ||
Net increase (decrease) in Cash | (10,570) | 4,565 |
Cash at beginning of period: | 61,471 | 4,141 |
Cash at end of period: | 50,901 | 8,706 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Taxes expense | ||
Interest expense |
NOTE 1. NATURE OF BUSINESS AND
NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Achison Inc., the Company, incorporated in the State of New York on December 29, 2014. On July 1, 2019 Lansdale Inc, the principal stockholder of the Company (“Seller”) and controlled by the Company’s prior President, Mr. Wanjun Xie, entered into a Stock Purchase Agreement (the “Agreement”) with Dazhong 368 Inc, (the “Buyer”), pursuant to which, a total of 9,000,000 shares of Common Stock of the Company were transferred to the Buyer, representing approximately 90% of the Company’s issued and outstanding shares of Common Stock, resulting in a change of the control of the Company. Mr. Dingshan Zhang was appointed as the President and CEO of the Company at the same date. Prior to July of 2019 the Company primarily engaged in trading spot gold and silver in Singapore Markets, crypto currency and US equity stocks, however, the Company currently engages only in internet advertising through www.dazhong368.com (the “Website”) in the New York area and has plans to acquire a vineyard to distribute and sell wines in the future. Basis of Preparation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, refer to NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES in the Company’s financial statements included in Company’s March 31, 2020 Form 10-K During the three months ended June 30, 2020, there were no significant changes made to the Company’s significant accounting policies. A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. Our business is impact by the outbreak of the COVID-19 in New York, which resulted the decrease of our revenue for the quarter ended on June 30, 2020. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of the Company to develop its business plan. The Company has applied for Economic Injury Disaster Loans (“EIDL”) through the Small Business Administration (“SBA”) that were made available under the CARES Act passed by Congress in response to the COVID-19 pandemic at the end of March 2020. On May 5, 2020, the Company was approved for the advance in the EIDL program in the amount of $1,000, which does not have to be repaid and was recorded as other income in the accompanying condensed unaudited statements of operations. Going Concern Assessment The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. These adverse conditions are negative financial trends, specifically cash outflow from operating activities, operating losses, accumulated deficit and other adverse key financial ratios. Management’s plan to alleviate the substantial doubt about the Company’s ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds from the majority shareholder and President of the Company to eliminate inefficiencies in order to meet its anticipated cash requirements. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company’s ongoing capital expenditures and other requirements. The unaudited condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. Significant areas requiring the use of estimates are assessing the allowance of doubtful account, impairment of long-lived assets and recoverability of deferred tax assets. These estimates and assumptions are based on the Company’s historical results as well as management’s future expectations. The Company’s actual results may vary from those estimates and assumptions. Reclassifications Certain amounts from prior year financial statements have been reclassified to conform to the current year presentation. This reclassification has resulted in no changes to the Company’s financial position or results of operations presented. |
NOTE 2. RELATED PARTY TRANSACTI
NOTE 2. RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
NOTE 2. RELATED PARTY TRANSACTIONS | NOTE 2. RELATED PARTY TRANSACTIONS The Company has been provided office space by its President at no cost. The management determined that such cost is nominal and did not recognize the rent expense in its financial statements. In August 2019, the Company borrowed $71,000 from the President of the Company, bearing no interest and due in December 2021. |
NOTE 3. NOTES RECEIVABLE
NOTE 3. NOTES RECEIVABLE | 3 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
NOTE 3. NOTES RECEIVABLE | NOTE 3 – NOTES RECEIVABLE During the year ended March 31, 2020, the Company loaned to Northern Ifurniture Inc in the amount of $70,000 bearing 7% interest rate and due on December 2, 2020. On June 26, 2020, Northern Ifurniture Inc. repaid note receivable to the Company in the amount of $20,000. |
NOTE 4. COMMITMENTS AND CONTING
NOTE 4. COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
NOTE 4. COMMITMENTS AND CONTINGENCIES | NOTE 4 – COMMITMENTS AND CONTINGENCIES The Company has no commitments or contingency as of June 30, 2020 and March 31, 2020. |
NOTE 5. RISKS AND UNCERTAINTIES
NOTE 5. RISKS AND UNCERTAINTIES | 3 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
NOTE 5 - RISKS AND UNCERTAINTIES | NOTE 5 – RISKS AND UNCERTAINTIES Concentration of Credit Risks Financial instruments that potentially subject the Company to significant concentration of credit risk primarily consist of notes receivable. As of June 30, 2020 and March 31, 2020, the Company’s notes receivable were $50,000 and $70,000 outstanding from Northern Ifurniture Inc. |
NOTE 1. NATURE OF BUSINESS AN_2
NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of business | Nature of Business Achison Inc., the Company, incorporated in the State of New York on December 29, 2014. On July 1, 2019 Lansdale Inc, the principal stockholder of the Company (“Seller”) and controlled by the Company’s prior President, Mr. Wanjun Xie, entered into a Stock Purchase Agreement (the “Agreement”) with Dazhong 368 Inc, (the “Buyer”), pursuant to which, a total of 9,000,000 shares of Common Stock of the Company were transferred to the Buyer, representing approximately 90% of the Company’s issued and outstanding shares of Common Stock, resulting in a change of the control of the Company. Mr. Dingshan Zhang was appointed as the President and CEO of the Company at the same date. Prior to July of 2019 the Company primarily engaged in trading spot gold and silver in Singapore Markets, crypto currency and US equity stocks, however, the Company currently engages only in internet advertising through www.dazhong368.com (the “Website”) in the New York area and has plans to acquire a vineyard to distribute and sell wines in the future. |
Basis of Presentation | Basis of Preparation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. |
Significant Accounting Policies | Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, refer to NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES in the Company’s financial statements included in Company’s March 31, 2020 Form 10-K During the three months ended June 30, 2020, there were no significant changes made to the Company’s significant accounting policies. A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. Our business is impact by the outbreak of the COVID-19 in New York, which resulted the decrease of our revenue for the quarter ended on June 30, 2020. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of the Company to develop its business plan. The Company has applied for Economic Injury Disaster Loans (“EIDL”) through the Small Business Administration (“SBA”) that were made available under the CARES Act passed by Congress in response to the COVID-19 pandemic at the end of March 2020. On May 5, 2020, the Company was approved for the advance in the EIDL program in the amount of $1,000, which does not have to be repaid and was recorded as other income in the accompanying condensed unaudited statements of operations. |
Going Concern Assessment | Going Concern Assessment The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. These adverse conditions are negative financial trends, specifically cash outflow from operating activities, operating losses, accumulated deficit and other adverse key financial ratios. Management’s plan to alleviate the substantial doubt about the Company’s ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds from the majority shareholder and President of the Company to eliminate inefficiencies in order to meet its anticipated cash requirements. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company’s ongoing capital expenditures and other requirements. The unaudited condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. Significant areas requiring the use of estimates are assessing the allowance of doubtful account, impairment of long-lived assets and recoverability of deferred tax assets. These estimates and assumptions are based on the Company’s historical results as well as management’s future expectations. The Company’s actual results may vary from those estimates and assumptions. |
Reclassifications | Reclassifications Certain amounts from prior year financial statements have been reclassified to conform to the current year presentation. This reclassification has resulted in no changes to the Company’s financial position or results of operations presented. |
NOTE 1. NATURE OF BUSINESS AN_3
NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - Dazhong 368 [Member] | 3 Months Ended |
Jul. 01, 2019shares | |
Ownership of subsidiary | 90.00% |
Share issue for acqusition of Achison | 9,000,000 |
NOTE 2. RELATED PARTY TRANSAC_2
NOTE 2. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Shareholder loan | $ 71,000 | $ 71,000 |
Interest rate | 10.00% |
NOTE 3. NOTES RECEIVABLE (Detai
NOTE 3. NOTES RECEIVABLE (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 26, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Receivables [Abstract] | |||
Notes receivable | $ 52,800 | $ 70,000 | |
Interest rate | 7.00% | ||
Repayment note receivable | $ 20,000 |