| 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, inventory write-down, 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. 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,
account payable, tax payable and loans 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. Inventories Inventories are stated at
the lower of cost and net realizable value. Cost of inventory is determined using the weighted average cost method. Adjustments are recorded
to write down the cost of inventory to the estimated net realizable value due to slow-moving and obsolete inventory, which is dependent
upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards
of the products purchased. During the years ended March 31, 2021 and 2020, the Company recorded inventory write-down in the amount of
$133,229 and $nil, respectively, due to the impact of COVID-19 pandemic. As of March 31, 2021 and 2020, the Company’s inventory
consisted of merchandise in the amount of $11,360 and $146,993, respectively. Property and equipment Property and equipment are
carried at cost. Equipment is depreciated on a straight-line basis (after taking into account their respective estimated residual value)
over 5 years, the estimated useful lives of the assets. The cost of repairs and maintenance is expensed as incurred; major replacements
and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts,
and any resulting gains or losses are included in income in the year of disposition. The Company examines the possibility of decreases
in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable. During the years ended March
31, 2021 and 2020, the depreciation expenses were $10,205 and $5,102, respectively. 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. Impairment of long-lived
assets Long-lived assets are tested
for impairment in accordance with ASC 360-10-45 “Impairment or Disposal of Long-Lived Assets”. The Company periodically evaluates
potential impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.
If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted
cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset
or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value
exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market
values and third-party independent appraisals, as considered necessary. No impairment of long-lived assets was recognized for the years
ended March 31, 2021 and 2020. 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. Revenue Recognition The Company accounts for
revenue arising from contracts and customers in accordance with Revenue from Contracts with Customers (“ASC 606”) Cost of Goods Sold Cost of goods sold consists
primarily of inventory cost. Write-down of inventories to lower of cost or net realizable value and write-down of potentially obsolete
or slow-moving inventories are also recorded in cost of goods sold, if any. Recent Accounting Pronouncements
Not Adopted In June 2016, the FASB issued
ASU 2016-13, “Financial Instruments—Credit Losses”. The standard, including subsequently issued amendments (ASU 2018-19,
ASU 2019-04, ASU 2019-05, ASU 2019-10 and ASU 2019-11), requires a financial asset measured at amortized cost basis, such as accounts
receivable and certain other financial assets, to be presented at the net amount expected to be collected based on relevant information
about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability
of the reported amount. In November 2019, the FASB issued ASU No. 2019-10 to postpone the effective date of ASU No. 2016-13 for public
business entities eligible to be smaller reporting companies defined by the SEC to fiscal years beginning after December 15, 2022, including
interim periods within those fiscal years. The Company is evaluating the impact of this guidance on its financial statements. In December 2019, the FASB
issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes which is intended to simplify various aspects
related to accounting for income taxes. The standard is effective for fiscal years, and interim periods within those years, beginning
after December 15, 2020, with early adoption permitted. The standard will be adopted upon the effective date for us beginning April 1,
2021. The Company is currently evaluating the effects of the standard on our financial statements and related disclosures. The management does not believe
that other than disclosed above, accounting pronouncements the recently issued but not yet adopted will have a material impact on its
financial position, results of operations or cash flows. |
