Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2020 | Jan. 27, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Achison Inc | |
Entity Central Index Key | 0001672571 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 29,995,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 26,996 | $ 61,471 |
Notes receivable, net | 50,000 | 70,000 |
Total Current Assets | 76,996 | 131,471 |
TOTAL ASSETS | 76,996 | 131,471 |
CURRENT LIABILITIES: | ||
Deferred revenue | 5,200 | |
Total Current Liability | 5,200 | |
Shareholder loans | 71,000 | 71,000 |
Total NonCurrent Liabilities | 71,000 | 71,000 |
Total liabilities | 76,200 | 71,000 |
STOCKHOLDERS' EQUITY: | ||
Class A Common stock ($0.001 par value, 30,000,000 shares authorized, 29,995,000 shares issued and outstanding as of December 31, 2020 and March 31, 2020) | 29,995 | 29,995 |
Additional Paid in Capital | 160,230 | 160,230 |
Accumulated Deficit | (189,429) | (129,754) |
Total Stockholders' Equity | 796 | 60,471 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 76,996 | $ 131,471 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2020 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Class A Common stock, par value | $ 0.001 | $ 0.001 |
Class A Common stock, shares authorized | 30,000,000 | 30,000,000 |
Class A Common stock, shares issued | 29,995,000 | 29,995,000 |
Class A Common stock, shares outstanding | 29,995,000 | 29,995,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 1,600 | $ 2,000 | ||
Cost of revenue | 500 | 800 | ||
Gross Profit | 1,100 | 1,200 | ||
Operating Expenses | ||||
General and Administrative expenses | 13,820 | 24,627 | 66,439 | 36,889 |
Total Operating Expenses | 13,820 | 24,627 | 66,439 | 36,889 |
Loss from operations | (12,720) | (24,627) | (65,239) | (36,889) |
Other income(expense) | ||||
Loss from commodity trading | (2,010) | |||
Interest and dividends | 882 | 4,564 | 1 | |
Other income | 1,000 | |||
Total other income (expense), net | 882 | 5,564 | (2,009) | |
Net loss | $ (11,838) | $ (24,627) | $ (59,675) | $ (38,898) |
Loss per share, basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding, basic and diluted | 29,995,000 | 29,995,000 | 29,995,000 | 11,529,890 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholder's Equity (Unaudited) - USD ($) | Class A Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Mar. 31, 2019 | $ 9,985 | $ 80,140 | $ (70,643) | $ 19,482 |
Balance, shares at Mar. 31, 2019 | 9,985,000 | |||
Net loss | (6,008) | (6,008) | ||
Balance at Jun. 30, 2019 | $ 9,985 | 80,140 | (76,651) | 13,474 |
Balance, shares at Jun. 30, 2019 | 9,985,000 | |||
Balance at Mar. 31, 2019 | $ 9,985 | 80,140 | (70,643) | 19,482 |
Balance, shares at Mar. 31, 2019 | 9,985,000 | |||
Net loss | (38,898) | |||
Balance at Dec. 31, 2019 | $ 29,995 | 160,230 | (109,541) | 80,684 |
Balance, shares at Dec. 31, 2019 | 29,995,000 | |||
Balance at Jun. 30, 2019 | $ 9,985 | 80,140 | (76,651) | 13,474 |
Balance, shares at Jun. 30, 2019 | 9,985,000 | |||
Shares issued for cash | $ 10,010 | 90,090 | 100,100 | |
Shares issued for cash, shares | 10,010,000 | |||
Shares issued for inventory and fixed asset | $ 10,000 | (10,000) | ||
Shares issued for inventory and fixed asset, shares | 10,000,000 | |||
Net loss | (8,263) | (8,263) | ||
Balance at Sep. 30, 2019 | $ 29,995 | 160,230 | (84,914) | 105,311 |
Balance, shares at Sep. 30, 2019 | 29,995,000 | |||
Net loss | (24,627) | (24,627) | ||
Balance at Dec. 31, 2019 | $ 29,995 | 160,230 | (109,541) | 80,684 |
Balance, shares at Dec. 31, 2019 | 29,995,000 | |||
Balance at Mar. 31, 2020 | $ 29,995 | 160,230 | (129,754) | 60,471 |
Balance, shares at Mar. 31, 2020 | 29,995,000 | |||
Net loss | (27,770) | (27,770) | ||
Balance at Jun. 30, 2020 | $ 29,995 | 160,230 | (157,524) | 32,701 |
Balance, shares at Jun. 30, 2020 | 29,995,000 | |||
Balance at Mar. 31, 2020 | $ 29,995 | 160,230 | (129,754) | 60,471 |
Balance, shares at Mar. 31, 2020 | 29,995,000 | |||
Net loss | (59,675) | |||
Balance at Dec. 31, 2020 | $ 29,995 | 160,230 | (189,429) | 796 |
Balance, shares at Dec. 31, 2020 | 29,995,000 | |||
Balance at Jun. 30, 2020 | $ 29,995 | 160,230 | (157,524) | 32,701 |
Balance, shares at Jun. 30, 2020 | 29,995,000 | |||
Net loss | (20,067) | (20,067) | ||
Balance at Sep. 30, 2020 | $ 29,995 | 160,230 | (177,591) | 12,634 |
Balance, shares at Sep. 30, 2020 | 29,995,000 | |||
Net loss | (11,838) | (11,838) | ||
Balance at Dec. 31, 2020 | $ 29,995 | $ 160,230 | $ (189,429) | $ 796 |
Balance, shares at Dec. 31, 2020 | 29,995,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | $ (59,675) | $ (38,898) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Tax payable | (13,383) | ||
Deferred revenue | 5,200 | ||
Net cash used in operating activities | (54,475) | (52,281) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from (advance of) notes receivables | 20,000 | (52,000) | |
Disposal of short-term investment | 10,724 | ||
Net cash provided by investing activities | 20,000 | (41,276) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from shareholder loans | 71,000 | ||
Proceeds from issuance of shares | 100,100 | ||
Net cash provided by financing activities | 171,100 | ||
Net increase (decrease) in Cash | (34,475) | 77,543 | |
Cash at beginning of period: | 61,471 | 4,141 | [1] |
Cash at end of period: | 26,996 | 81,684 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Interest expense | |||
Tax expense | |||
[1] | The balance is different with the audited financial statements filed in the 10K due to the fact that the Company restated its financial statements for the year ended March 31, 2019. The number presented here agreed with the restated financial statements. |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
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 Class A common stock of the Company were transferred to the Buyer, representing approximately 90% of the Company’s issued and outstanding shares of Class A 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 December 31, 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. The Company is developing its business, thus our business is impacted by the outbreak of the COVID-19 in New York for the nine months ended December 31, 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. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
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. |
Notes Receivable
Notes Receivable | 9 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
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. On December 1, 2020, the Company approved to extend the maturity date to June 30, 2021. As of December 31, 2020, the outstanding loan from Dazhong 368 Inc. was in the amount of $50,000. For the nine months ended December 31, 2020, the interest income was in the amount of $4,564, which was received in full. |
Deferred Revenue
Deferred Revenue | 9 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue | NOTE 4 – DEFERRED REVENUE As of December 31, 2020, the Company had deferred revenue in the amount of $5,200, representing the payment received in advance from the customers for our service to be provided. During the three months and nine months ended December 31, 2020, the Company received payment in advance from the customers in the amount of $2,400 and $7,200, respectively. During the three months and nine months ended December 31, 2020, the Company recognized revenue for the service provided in the amount of $1,600 and $2,000, respectively. |
Risks and Uncertainties
Risks and Uncertainties | 9 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
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 December 31, 2020 and March 31, 2020, the Company’s notes receivable were $50,000 and $70,000 outstanding from Northern Ifurniture Inc. |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 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 Class A common stock of the Company were transferred to the Buyer, representing approximately 90% of the Company’s issued and outstanding shares of Class A 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 December 31, 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. The Company is developing its business, thus our business is impacted by the outbreak of the COVID-19 in New York for the nine months ended December 31, 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. |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | May 05, 2020 | Jul. 02, 2019 | Dec. 31, 2020 |
Entity incorporation state code | NY | ||
Date of incorporation | Dec. 29, 2014 | ||
CARES Act [Member] | Economic Injury Disaster Loans [Member] | |||
Other income | $ 1,000 | ||
Dazhong 368 Inc [Member] | |||
Share issue for acqusition of Class A common stock | 9,000,000 | ||
Ownership percentage by parent | 90.00% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 1 Months Ended | ||
Aug. 31, 2019 | Dec. 31, 2020 | Mar. 31, 2020 | |
Borrowings | $ 71,000 | $ 71,000 | |
President [Member] | |||
Borrowings | $ 71,000 | ||
Debt instrument matuirty date | Dec. 31, 2021 |
Notes Receivable (Details Narra
Notes Receivable (Details Narrative) - USD ($) | Dec. 01, 2020 | Jun. 26, 2020 | Dec. 31, 2020 | Mar. 31, 2020 |
Maturity date | Jun. 30, 2021 | |||
Dazhong 368 Inc [Member] | ||||
Outstanding loan | $ 50,000 | |||
Northern Ifurniture Inc [Member] | ||||
Notes receivable | 50,000 | $ 70,000 | ||
Interest rate | 7.00% | |||
Maturity date | Dec. 2, 2020 | |||
Proceeds from repayment of note receviable | $ 20,000 | |||
Interest income | $ 4,564 |
Deferred Revenue (Details Narra
Deferred Revenue (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||||
Deferred revenue | $ 5,200 | $ 5,200 | |||
Payment received in advance from the customers | 2,400 | 7,200 | |||
Revenue - service | $ 1,600 | $ 2,000 |
Risks and Uncertainties (Detail
Risks and Uncertainties (Details Narrative) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Northern Ifurniture Inc [Member] | ||
Notes receivable | $ 50,000 | $ 70,000 |