Compass Therapeutics (CMPX) 10-K 1 Jul 19 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2019	Jun. 27, 2019	Sep. 30, 2018
Document and Entity Information [Member]
Entity Registrant Name	Olivia Ventures, Inc.
Entity Central Index Key	0001738021
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Type	10-K
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		5,000,000
Entity File Number	000-55939

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Current assets
Cash	$ 4,866
Stock subscription receivable		25
Total current assets	4,866	25
Total assets	4,866	25
Current liabilities
Accrued expenses	3,330	52
Note payable - stockholder	72,125	34,525
Total current liabilities	75,455	34,577
Total liabilities	75,455	34,577
Commitments and contingencies
Stockholders' deficit
Preferred stock, $.0001 par value, 5,000,000 shares authorized; none issued and outstanding
Common stock, $.0001 par value, 50,000,000 authorized shares; 5,000,000 shares issued and outstanding	500	500
Accumulated deficit	(71,089)	(35,052)
Total stockholders' deficit	(70,589)	(34,552)
Total liabilities and stockholders' deficit	$ 4,866	$ 25

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	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
Preferred stock, shares outstanding
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

Statements of Operations

Statements of Operations - USD ($)	Mar. 31, 2018	Mar. 31, 2019
Income Statement [Abstract]
Revenue
General and administrative expenses	35,000	32,759
Loss from operations	(35,000)	(32,759)
Other expenses
Interest expense	52	3,278
Net loss	$ (35,052)	$ (36,037)
Loss per common share - basic and dilutive	$ (0.01)	$ (0.01)
Weighted average common shares outstanding - basic and dilutive	4,166,667	5,000,000

Statements of Changes in Stockh

Statements of Changes in Stockholders’ (deficit) - USD ($)	Preferred Stock	Common Stock	Accumulated Deficit	Total
Balance at Mar. 19, 2018
Balance, Shares at Mar. 19, 2018
Sale of common shares		$ 500		500
Sale of common shares, Shares		5,000,000
Net loss			(35,052)	(35,052)
Balance at Mar. 31, 2018		$ 500	(35,052)	(34,552)
Balance, Shares at Mar. 31, 2018		5,000,000
Net loss			(36,037)	(36,037)
Balance at Mar. 31, 2019		$ 500	$ (71,089)	$ (70,589)
Balance, Shares at Mar. 31, 2019		5,000,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	Mar. 31, 2018	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (35,052)	$ (36,037)
Adjustments to reconcile net loss to net cash (used in) operating activties:
Increase in accrued expenses	52	3,278
Net cash (used in) operating activities	(35,000)	(32,759)
Cash flows from financing activities:
Proceeds from the sale of common stock	475
Collection of stock subscription receiveable		25
Proceeds from note payable - stockholder	34,525	37,600
Net cash provided by financing activities	35,000	37,625
Net increase in cash		4,866
Cash, beginning of year/period
Cash, end of year/period		$ 4,866

Nature of Operations

Nature of Operations	12 Months Ended
	Mar. 31, 2019
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. The Company's management has chosen March 31 st 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.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents are reported in the balance sheets at cost, which approximates fair value. For the purpose of the financial statements cash equivalents include all highly liquid investments with maturity of three months or less. There are no cash equivalents at the balance sheet dates. Income Taxes The Company adopted ASC 740, Income Taxes, at its inception. Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry-forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Loss per Common Share Basic loss per common share has been calculated by dividing the Company’s net loss available to common stockholders by the weighted average number of common shares outstanding during the year/period. The diluted (loss) per share is calculated by dividing the Company’s net loss available to common stockholders by the diluted weighted average number of shares outstanding for the year/period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. 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	12 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 3. Income Taxes As of March 31, 2019 and 2018, the Company has net operating loss carryforwards of approximately $71,000 and $35,000, respectively, to reduce future federal and state taxable income through 2039 subject to the change in ownership provisions under IRC 382. This results in a deferred tax asset as of March 31, 2019 and 2018, of approximately $15,000 and $7,400, respectively, against which a full valuation allowance has been recorded because the Company’s management believes future realization of the related income tax benefit is uncertain. 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. On December 22, 2017, the enactment date, the Tax Cuts and Jobs Act (“Act”) was signed into law. The Act effectively reduces the top corporate tax rate from 35 percent to a flat 21 percent beginning January 1, 2018 and eliminates the corporate Alternative Minimum Tax. The Company has adjusted its deferred tax calculations to reflect this reduction in its tax rate. The benefit from income taxes consists of the following: Year Ended For the Current expense: Federal $ - $ - Deferred tax benefit: Federal (7,600 ) (7,400 ) Valuation allowance 7,600 7,400 Total $ - $ - The difference between the tax provision at the statutory federal income tax rate on March 31, 2019 and 2018 and the tax provision attributable to loss before income taxes is as follows: Year Ended For the Statutory federal income tax rates 21 % 21 % Valuation allowance -21 % -21 % Effective tax rate, net - -

Capital Stock

Capital Stock	12 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Capital Stock	Note 4. Capital Stock Preferred Stock As of March 31, 2019 and 2018, the Company has 5,000,000 shares of preferred stock, par value of $.0001, authorized and none issued or outstanding. Common Stock As of March 31, 2019 and 2018, the Company has 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.

Commitments and Related Party T

Commitments and Related Party Transactions	12 Months Ended
	Mar. 31, 2019
Commitments and Related Party Transactions [Abstract]
Commitments and Related Party Transactions	Note 5. Commitments and Related Party Transactions Office Space The Company utilizes the office space and equipment of its management at no cost. 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 March 31, 2019 and 2018, the total amount due under the Note was $75,455 and $34,577 including accrued interest of $3,330 and $52, respectively, which is reported as accrued expenses in the accompanying balance sheet.

Going Concern

Going Concern	12 Months Ended
	Mar. 31, 2019
Going Concern [Abstract]
Going Concern	Note 6. Going Concern The accompanying 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. The Company has incurred losses from inception of approximately $71,000, has negative working capital of approximately $71,000, and has a stockholders' deficit of approximately $71,000 as of March 31, 2019. 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 financial statements are issued. Management intends to finance operations over the next twelve months through additional borrowings from the existing Note. The accompanying financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are reported in the balance sheets at cost, which approximates fair value. For the purpose of the financial statements cash equivalents include all highly liquid investments with maturity of three months or less. There are no cash equivalents at the balance sheet dates.
Income Taxes	Income Taxes The Company adopted ASC 740, Income Taxes, at its inception. Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry-forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Loss per Common Share	Loss per Common Share Basic loss per common share has been calculated by dividing the Company’s net loss available to common stockholders by the weighted average number of common shares outstanding during the year/period. The diluted (loss) per share is calculated by dividing the Company’s net loss available to common stockholders by the diluted weighted average number of shares outstanding for the year/period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity.
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)	12 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	Year Ended For the Current expense: Federal $ - $ - Deferred tax benefit: Federal (7,600 ) (7,400 ) Valuation allowance 7,600 7,400 Total $ - $ -
Schedule of effective income tax rate and the U.S. federal income tax rate	Year Ended For the Statutory federal income tax rates 21 % 21 % Valuation allowance -21 % -21 % Effective tax rate, net - -

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2019
Current expense:
Federal
Deferred tax benefit:
Federal	(7,400)	(7,600)
Valuation allowance	7,400	7,600
Total

Income Taxes (Details 1)

Income Taxes (Details 1)	Mar. 31, 2018	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Statutory federal income tax rates	21.00%	21.00%
Valuation allowance	(21.00%)	(21.00%)
Effective tax rate

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	1 Months Ended
	Dec. 22, 2017	Mar. 31, 2019	Mar. 31, 2018
Income Taxes (Textual)
Net operating loss carryforwards		$ 71,000	$ 35,000
Deferred tax asset valuation allowance		$ 15,000	$ 7,400
Net operating loss carryforwards, description	The enactment date, the Tax Cuts and Jobs Act ("Act") was signed into law. The Act effectively reduces the top corporate tax rate from 35 percent to a flat 21 percent beginning January 1, 2018 and eliminates the corporate Alternative Minimum Tax.

Capital Stock (Details)

Capital Stock (Details) - $ / shares	Mar. 31, 2019	Mar. 31, 2018
Capital 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
Common stock, shares authorized	50,000,000	50,000,000
Common stock, par value	$ .0001	$ 0.0001
Common stock, shares issued	5,000,000	5,000,000

Commitments and Related Party_2

Commitments and Related Party Transactions (Details) - USD ($)	1 Months Ended
	Mar. 22, 2018	Mar. 31, 2019	Mar. 31, 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		$ 75,455	$ 34,577
Accrued interest		$ 3,330	$ 52

Going Concern (Details)

Going Concern (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 19, 2018
Going Concern (Textual)
Negative working capital	$ 71,000
Stockholders' deficit	(70,589)	$ (34,552)
Incurred losses from inception	$ (71,089)	$ (35,052)