Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | May 24, 2021 | Sep. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | Achison Inc | ||
Entity Central Index Key | 0001672571 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2021 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
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 Public Float | $ 7,170 | ||
Entity Common Stock, Shares Outstanding | 29,995,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 17,496 | $ 61,471 |
Notes receivable | 50,863 | 70,000 |
Total Current Assets | 68,359 | 131,471 |
TOTAL ASSETS | 68,359 | 131,471 |
CURRENT LIABILITIES: | ||
Deferred revenue | 3,400 | |
Shareholder loans | 71,000 | |
Total Current Liabilities | 74,400 | |
NON-CURRENT LIABILITIES: | ||
Shareholder loans | 71,000 | |
Total Noncurrent Liabilities | 71,000 | |
TOTAL LIABILITIES | 74,400 | 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 March 31, 2021 and 2020) | 29,995 | 29,995 |
Additional Paid in Capital | 160,230 | 160,230 |
Accumulated Deficit | (196,266) | (129,754) |
Total Stockholders' Equity | (6,041) | 60,471 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 68,359 | $ 131,471 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | 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 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 3,800 | |
Cost of revenue | 800 | |
Gross Profit | 3,000 | |
Operating Expenses | ||
General and Administrative expenses | 75,939 | 55,448 |
Total Operating Expenses | 75,939 | 55,448 |
Loss from operations | (72,939) | (55,448) |
Other income(expense) | ||
Loss from commodity trading | (2,010) | |
Interest | 5,427 | 1 |
Commission expense and service fees | (1,654) | |
Other income | 1,000 | |
Total other income (expense), net | 6,427 | (3,663) |
Net loss | $ (66,512) | $ (59,111) |
Loss per share, basic and diluted | $ 0 | $ 0 |
Weighted average number of shares outstanding, basic and diluted | 29,995,000 | 29,995,000 |
Statements of Changes in Stockh
Statements of Changes in Stockholder's Equity - USD ($) | 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 | |||
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 | (59,111) | (59,111) | ||
Balance at Mar. 31, 2020 | $ 29,995 | 160,230 | (129,754) | 60,471 |
Balance, shares at Mar. 31, 2020 | 29,995,000 | |||
Net loss | (66,512) | (66,512) | ||
Balance at Mar. 31, 2021 | $ 29,995 | $ 160,230 | $ (196,266) | $ (6,041) |
Balance, shares at Mar. 31, 2021 | 29,995,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (66,512) | $ (59,111) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Accrued interest income on note receivable | (863) | |
Net loss from commodity trading | 2,010 | |
Tax payable | (13,383) | |
Deferred revenue | 3,400 | |
Net cash used in operating activities | (63,975) | (70,484) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Notes receivables | 20,000 | (70,000) |
Note receivables - related party | 18,000 | |
Short-term investments | 8,714 | |
Net cash provided by investing activities | 20,000 | (43,286) |
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 | (43,975) | 57,330 |
Cash at beginning of period: | 61,471 | 4,141 |
Cash at end of period: | 17,496 | 61,471 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Income taxes paid | 13,383 | |
Interest paid |
Organization and Desciption of
Organization and Desciption of Business | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization and Description of Business | NOTE 1 - ORGANIZATION AND DESCIPTION 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles used in the United States of America. The financial statements are presented in US dollar, which is the Company’s functional currency. 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 and collectible of notes receivable. 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. Income Taxes The Company accounts for income taxes in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) codified within Accounting Standards Codification (“ASC”) Topic No. 740-10, Income Taxes. Deferred income taxes are recognized for the temporary differences between the tax basis of assets and liabilities and their financial reporting amounts. The Company assesses, on an annual basis, the realizability of its deferred tax assets. A valuation allowance for deferred tax assets is established if, based upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company made full amount of the allowance against the deferred tax assets as of March 31, 2021 and 2020, respectively. Fair Value Hierarchy The Company has categorized its financial instruments, based on the priority of inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Financial assets and liabilities recorded on the balance sheet are categorized based on the inputs to the valuation techniques as follows: Level 1 Financial assets and liabilities for which values are based on unadjusted quoted prices for identical assets or liabilities in an active market that management has the ability to access. Level 2 Financial assets and liabilities for which values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability (commodity derivatives and interest rate swaps). Level 3 Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. The carrying amounts of cash, notes receivable and loan payable approximate fair value because of the short-term nature of these items. Short-term investments are considered trading securities and measured at fair value, determined by reference to quoted market prices and other relevant information generated by market transactions. Cash Cash and cash equivalents include cash on hand; cash in banks and brokerage accounts and all highly liquid investments with maturity of three months or less at the time purchase. The Company maintains its cash balance at a financial institution located in New York, a trading account in Bullion Vault which is in England and with Alpine Securities, which is a brokerage firm in Salt Lake City, Utah. Cash account at the New York institution is insured by the Federal Deposit Insurance Corporation up to $250,000. As of March 31, 2021, the accounts of Bullion Vault and Alpine Securities have been closed by the Company. Intangible assets, net The Company’s intangible asset with definite useful lives consist of a website. The Company typically amortizes its intangible asset with definite useful lives on a straight-line basis over the shorter of the contractual terms or the estimated useful lives. The Company estimate the useful lives of the website is 10 years. The website was acquired in the form of non-monetary transaction occurred between entities under common control. The carrying amount of the website at the date of transfer was $0. Thus no value recognized on the balance sheet as of March 31, 2021 and 2020, and no amortization expense was recognized for the year ended March 31, 2021 and 2020, respectively. Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share. Basic earnings per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company. The Company does not have any potentially dilutive instruments as of March 31, 2021 and 2020, thus, anti-dilution issues are not applicable. |
Going Concern Assessment
Going Concern Assessment | 12 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern Assessment | NOTE 3 - 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 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 - RELATED PARTY TRANSACTIONS The Company has been provided office space by its President at no cost. The management determined that such cost is immaterial 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 | 12 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Notes Receivable | NOTE 5 – 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 March 31, 2021, the outstanding loan from Northern Ifurniture Inc. was in the amount of $50,863, among which $863 was the interest accrued. For the year ended March 31, 2021, the interest income was in the amount of $5,427, among which $4,564 was received. |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue | NOTE 6 – DEFERRED REVENUE As of March 31, 2021, the Company had deferred revenue in the amount of $3,400, representing the payment received in advance from the customers for our service to be provided. During the year ended March 31, 2021, the Company received payment in advance from the customers and recognized revenue for the service provided were in the amount of $7,200 and $3,800, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7 – INCOME TAXES The Company is subject to the United States federal income tax at a tax rate of 21%. Income tax expense for the years ended March 31, 2021 and 2020 were $nil and $nil, respectively. The Company had net operating loss carryovers for federal income tax purposes totaling $196,266 and $129,754 as of the years ended March 31, 2021 and 2020, respectively. The ultimate realization of such loss carryovers will be dependent on the Company attaining future taxable earnings. Based on the projections of future taxable earnings, management believes that it is more likely than not that the Company will not be able to utilize the benefits of these carryovers. As of March 31, 2020, the Company had deferred tax assets and valuation allowance in the amount of $27,248 and $27,248, respectively. As of March 31, 2021, the Company had deferred tax assets and valuation allowance in the amount of $41,216 and $41,216, respectively. |
Risks and Uncertainties
Risks and Uncertainties | 12 Months Ended |
Mar. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | NOTE 8 – 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 March 31, 2021 and 2020, the Company’s notes receivable were $50,863 and $70,000 outstanding |
Subsequent Event
Subsequent Event | 12 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 9 – SUBSEQUENT EVENT The Company has evaluated all other subsequent events through the date these consolidated financial statements were issued and determine that there were no other subsequent events or transactions that require recognition or disclosures in the consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Preparation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles used in the United States of America. The financial statements are presented in US dollar, which is the Company’s functional currency. |
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 and collectible of notes receivable. 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. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) codified within Accounting Standards Codification (“ASC”) Topic No. 740-10, Income Taxes. Deferred income taxes are recognized for the temporary differences between the tax basis of assets and liabilities and their financial reporting amounts. The Company assesses, on an annual basis, the realizability of its deferred tax assets. A valuation allowance for deferred tax assets is established if, based upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company made full amount of the allowance against the deferred tax assets as of March 31, 2021 and 2020, respectively. |
Fair Value Hierarchy | Fair Value Hierarchy The Company has categorized its financial instruments, based on the priority of inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Financial assets and liabilities recorded on the balance sheet are categorized based on the inputs to the valuation techniques as follows: Level 1 Financial assets and liabilities for which values are based on unadjusted quoted prices for identical assets or liabilities in an active market that management has the ability to access. Level 2 Financial assets and liabilities for which values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability (commodity derivatives and interest rate swaps). Level 3 Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. The carrying amounts of cash, notes receivable and loan payable approximate fair value because of the short-term nature of these items. Short-term investments are considered trading securities and measured at fair value, determined by reference to quoted market prices and other relevant information generated by market transactions. |
Cash | Cash Cash and cash equivalents include cash on hand; cash in banks and brokerage accounts and all highly liquid investments with maturity of three months or less at the time purchase. The Company maintains its cash balance at a financial institution located in New York, a trading account in Bullion Vault which is in England and with Alpine Securities, which is a brokerage firm in Salt Lake City, Utah. Cash account at the New York institution is insured by the Federal Deposit Insurance Corporation up to $250,000. As of March 31, 2021, the accounts of Bullion Vault and Alpine Securities have been closed by the Company. |
Intangible Assets, Net | Intangible assets, net The Company’s intangible asset with definite useful lives consist of a website. The Company typically amortizes its intangible asset with definite useful lives on a straight-line basis over the shorter of the contractual terms or the estimated useful lives. The Company estimate the useful lives of the website is 10 years. The website was acquired in the form of non-monetary transaction occurred between entities under common control. The carrying amount of the website at the date of transfer was $0. Thus no value recognized on the balance sheet as of March 31, 2021 and 2020, and no amortization expense was recognized for the year ended March 31, 2021 and 2020, respectively. |
Basic Earnings (Loss) Per Share | Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share. Basic earnings per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company. The Company does not have any potentially dilutive instruments as of March 31, 2021 and 2020, thus, anti-dilution issues are not applicable. |
Organization and Desciption o_2
Organization and Desciption of Business (Details Narrative) - shares | Jul. 02, 2019 | Mar. 31, 2021 |
Entity incorporation state code | NY | |
Date of incorporation | Dec. 29, 2014 | |
Dazhong 368 Inc [Member] | ||
Share issue for acquisition of common stock | 9,000,000 | |
Ownership percentage by parent | 90.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | May 05, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Cash insured | $ 250,000 | ||
Intangible asset useful life | 10 years | ||
Website development cost | $ 0 | ||
Amortization expenses | |||
CARES Act [Member] | Economic Injury Disaster Loans [Member] | |||
Other income | $ 1,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - President [Member] | 1 Months Ended |
Aug. 31, 2019USD ($) | |
Borrowings | $ 71,000 |
Debt instrument maturity date | Dec. 31, 2021 |
Notes Receivable (Details Narra
Notes Receivable (Details Narrative) - USD ($) | Dec. 02, 2020 | Jun. 26, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Northern Ifurniture Inc [Member] | ||||
Notes receivable | $ 50,863 | $ 70,000 | ||
Notes Receivable [Member] | Dazhong 368 Inc [Member] | ||||
Outstanding loan | 50,863 | |||
Interest accrued | 863 | |||
Notes Receivable [Member] | Northern Ifurniture Inc [Member] | ||||
Notes receivable | $ 70,000 | |||
Interest rate | 7.00% | |||
Maturity date | Dec. 2, 2020 | |||
Proceeds from repayment of note receivable | $ 20,000 | |||
Interest income | 5,427 | |||
Proceeds from interest received | $ 4,564 | |||
Notes Receivable [Member] | Northern Ifurniture Inc [Member] | Extended Maturity [Member] | ||||
Maturity date | Jun. 30, 2021 |
Deferred Revenue (Details Narra
Deferred Revenue (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 3,400 | |
Payment received in advance from the customers | 7,200 | |
Revenue - service | $ 3,800 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax rate | 21.00% | |
Income tax expense | ||
Net operating loss carryover | 196,266 | 129,754 |
Deferred tax assets | 27,248 | 27,248 |
Deferred tax assets valuation allowance | $ 41,216 | $ 41,216 |
Risks and Uncertainties (Detail
Risks and Uncertainties (Details Narrative) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Northern Ifurniture Inc [Member] | ||
Notes receivable | $ 50,863 | $ 70,000 |