Compass Therapeutics (CMPX) 10-Q 14 Nov 18 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2018	Nov. 14, 2018
Document And Entity Information
Entity Registrant Name	Olivia Ventures, Inc.
Entity Central Index Key	1,738,021
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Entity Filer Category	Non-accelerated Filer
Entity Ex Transition Period	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Common Stock, Shares Outstanding		5,000,000

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Current assets
Cash	$ 2,446
Stock subscription receivable		25
Total current assets	2,446	25
Total assets	2,446	25
Current liabilities
Accounts payable and accrued expenses	4,403	52
Note payable - stockholder	49,625	34,525
Total current liabilities	54,028	34,577
Total liabilities	54,028	34,577
Commitments and contingencies
Stockholders' deficit
Preferred stock, $.0001 par value, authorized 5,000,000 shares, none issued
Common stock, $.0001 par value, authorized 50,000,000 shares; 5,000,000 shares issued and outstanding	500	500
Accumulated deficit	(52,082)	(35,052)
Total stockholders' deficit	(51,582)	(34,552)
Total liabilities and stockholders' deficit	$ 2,446	$ 25

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2018	Mar. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value	$ .0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Common stock, par value	$ .0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	5,000,000	5,000,000
Common stock, shares outstanding	5,000,000	5,000,000

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Income Statement [Abstract]
Revenue
General and administrative expenses	7,785	15,679
Loss from operations	(7,785)	(15,679)
Other expenses
Interest expense	771	1,351
Net loss	$ (8,556)	$ (17,030)
Loss per common share - basic and dilutive	$ 0	$ 0
Weighted average common shares outstanding - basic and dilutive	5,000,000	5,000,000

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows (Unaudited)	6 Months Ended
	Sep. 30, 2018USD ($)
Cash flows from operating activities:
Net loss	$ (17,030)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Increase in accounts payable and accrued expenses	4,351
Net cash (used in) operating activities	(12,679)
Cash flows from financing activities:
Collection of stock subscription receivable	25
Proceeds from note payable - stockholder	15,100
Net cash provided by financing activities	15,125
Net increase in cash	2,446
Cash, beginning of period
Cash, end of period	$ 2,446

Nature of Operations

Nature of Operations	6 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Note 1 - Nature of Operations Olivia Ventures, Inc. (the “Company”) was incorporated in the State of Delaware on March 20, 2018 with the objective to acquire, or merge with, an operating business. The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly traded corporation. The Company’s principal business objective is to achieve long-term growth potential through a combination with a business, rather than immediate short-term earnings. The Company will not restrict its potential target companies to any specific business, industry, or geographical location. The analysis of business opportunities will be undertaken by, or under the supervision of, the officer and directors of the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in our Registration Statement on Form 10-12G filed with the SEC on May 30, 2018. The CONDENSED Emerging Growth Company The Company is an “emerging growth company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 3 - Income Taxes As of September 30, 2018, the Company had net operating loss carryforwards of approximately $52,000, to reduce future federal and state taxable income, which results in a deferred tax asset of approximately $11,000 against which a full valuation allowance has been recorded. The provision for income taxes is as follows for the six months ended September 30, 2018: Six Months Ended September 30, 2018 Income tax expense (benefit) at statutory federal rate Current: Federal $ - State - Total current - Deferred: Federal (4,000 ) State - Valuation allowance 4,000 Total deferred - Provision (benefit) for income taxes $ - As of September 30, 2018, there is no provision for federal income taxes because we have historically incurred operating losses and we maintain a full valuation allowance against our net deferred tax asset The differences between our effective income tax rate and the U.S. federal income tax rate for the six months ended September 30, 2018 are: Six Months Ended September 30, 2018 Expected income tax provision at the federal statutory rate 21 % Valuation allowance -21 % Effective tax rate 0 % Pursuant to Section 382 of the Internal Revenue Code of 1986, the annual utilization of a company’s net operating loss carryforwards could be limited if the Company experiences a change in ownership of more than 50 percentage points within a three-year period. An ownership change occurs with respect to a corporation if it is a loss corporation on a testing date and, immediately after the close of the testing date, the percentage of stock of the corporation owned by one or more five-percent stockholders has increased by more than 50 percentage points over the lowest percentage of stock of such corporation owned by such stockholders at any time during the testing period. As of September 30, 2018, the Company has not had any ownership changes that may limit the use of the Company’s net operating loss carryforwards. The Company currently has no federal or state tax examinations in progress nor has it had any federal or state examinations since its inception. All of the Company’s tax years are subject to federal and state tax examination.

Common Stock

Common Stock	6 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Common Stock	Note 4 - Common Stock As of September 30, 2018, the Company had 50,000,000 shares of common stock, par value of $.0001, authorized and has issued 5,000,000 shares of its $0.0001 par value common stock for $500 to the founders of the Company.

Preferred Stock

Preferred Stock	6 Months Ended
	Sep. 30, 2018
Preferred Stock [Abstract]
Preferred Stock	Note 5 - Preferred Stock As of September 30, 2018, the Company had 5,000,000 shares of preferred stock, par value of $.0001, authorized; none issued or outstanding.

Commitments and Related Party T

Commitments and Related Party Transactions	6 Months Ended
	Sep. 30, 2018
Commitments and Related Party Transactions [Abstract]
Commitments and Related Party Transactions	Note 6 - Commitments and Related Party Transactions Office Space As of September 30, 2018, the Company’s office facilities are located in Boca Raton, Florida. Such facilities are leased by the sole officer and a stockholder of the Company and used by the Company at no charge. Note Payable - Stockholder On March 22, 2018, the Company issued a promissory note (the “Note”) to a stockholder of the Company pursuant to which the Company agreed to repay the sum of any and all amounts advanced to the Company, on or before the date that the Company consummates a business combination with a private company or reverse takeover transaction or other transaction after which the Company would cease to be a shell company. Interest shall accrue on the outstanding principal amount of the Note on the basis of a 360-day year from the date of borrowing until paid in full at the rate of six percent (6%) per annum. As of September 30, 2018, the total amount due was $51,028 including accrued interest of $1,403, which is reported as a component of accounts payable and accrued expenses on the accompanying condensed balance sheets. During October 2018, the Company received additional advances totaling approximately $7,500 under the terms of the Note.

Going Concern

Going Concern	6 Months Ended
	Sep. 30, 2018
Going Concern [Abstract]
Going Concern	<b>Note 7 - Going Concern</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying condensed financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has incurred losses from inception of approximately $52,000, has negative working capital of approximately $52,000 and has a stockholders’ deficit of approximately $52,000 as of September 30, 2018. Management believes these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the date these condensed financial statements are issued. Management intends to finance operations over the next twelve months through additional borrowings from the existing promissory note.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying condensed financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.</p>" id="sjs-B4">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&lt;b>Note 7 - Going Concern&lt;/b>&lt;/p> &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&lt;/p> &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying condensed financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business.&lt;/p> &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&lt;/p> &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has incurred losses from inception of approximately $52,000, has negative working capital of approximately $52,000 and has a stockholders&#8217; deficit of approximately $52,000 as of September 30, 2018. Management believes these conditions raise substantial doubt about the Company&#8217;s ability to continue as a going concern for the twelve months following the date these condensed financial statements are issued. Management intends to finance operations over the next twelve months through additional borrowings from the existing promissory note.&lt;/p> &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&lt;/p> &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying condensed financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.&lt;/p>

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in our Registration Statement on Form 10-12G filed with the SEC on May 30, 2018. The CONDENSED
Emerging Growth Company	Emerging Growth Company The Company is an “emerging growth company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	Six Months Ended September 30, 2018 Income tax expense (benefit) at statutory federal rate Current: Federal $ - State - Total current - Deferred: Federal (4,000 ) State - Valuation allowance 4,000 Total deferred - Provision (benefit) for income taxes $ -
Schedule of effective income tax rate and the U.S. federal income tax rate	Six Months Ended September 30, 2018 Expected income tax provision at the federal statutory rate 21 % Valuation allowance -21 % Effective tax rate 0 %

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Sep. 30, 2018USD ($)
Current:
Federal
State
Total current
Deferred:
Federal	(4,000)
State
Valuation allowance	4,000
Total deferred
Provision (benefit) for income taxes

Income Taxes (Details 1)

Income Taxes (Details 1)	6 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Expected income tax provision at the federal statutory rate	21.00%
Valuation allowance	(21.00%)
Effective tax rate	0.00%

Income Taxes (Details Textual)

Income Taxes (Details Textual)	6 Months Ended
	Sep. 30, 2018USD ($)
Income Taxes (Textual)
Net operating loss carryforwards	$ 52,000
Deferred tax asset valuation allowance	$ 11,000
Net operating loss carryforwards, description	The annual utilization of a company’s net operating loss carryforwards could be limited if the Company experiences a change in ownership of more than 50 percentage points within a three-year period. An ownership change occurs with respect to a corporation if it is a loss corporation on a testing date and, immediately after the close of the testing date, the percentage of stock of the corporation owned by one or more five-percent stockholders has increased by more than 50 percentage points over the lowest percentage of stock of such corporation owned by such stockholders at any time during the testing period.

Common Stock (Details)

Common Stock (Details) - USD ($)	6 Months Ended
	Sep. 30, 2018	Mar. 31, 2018
Common Stock (Textual)
Common stock authorized	50,000,000	50,000,000
Common stock issued	5,000,000	5,000,000
Common stock par value	$ .0001	$ 0.0001
Founders [Member]
Common Stock (Textual)
Common stock authorized	50,000,000
Common stock issued	5,000,000
Common stock par value	$ 0.0001
Common stock value to founders	$ 500

Preferred Stock (Details)

Preferred Stock (Details) - $ / shares	Sep. 30, 2018	Mar. 31, 2018
Preferred Stock (Textual)
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ .0001	$ 0.0001
Preferred stock, shares issued
Preferred stock, shares outstanding

Commitments and Related Party_2

Commitments and Related Party Transactions (Details) - USD ($)	1 Months Ended
	Oct. 31, 2018	Mar. 22, 2018	Sep. 30, 2018
Commitments and Related Party Transactions (Textual)
Interest rate, description		Interest shall accrue on the outstanding principal amount of the Note on the basis of a 360-day year from the date of borrowing until paid in full at the rate of six percent (6%) per annum.
Total amount due			$ 51,028
Accrued interest			$ 1,403
Subsequent Event [Member]
Commitments and Related Party Transactions (Textual)
Additional advances received	$ 7,500

Going Concern (Details)

Going Concern (Details) - USD ($)	6 Months Ended
	Sep. 30, 2018	Mar. 31, 2018
Going Concern (Textual)
Negative working capital	$ 52,000
Stockholders' deficit	(51,582)	$ (34,552)
Incurred losses from inception	$ (52,082)	$ (35,052)