Cover
Cover | 9 Months Ended |
May 31, 2023 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | May 31, 2023 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --08-31 |
Entity File Number | 333-259772 |
Entity Registrant Name | PLASMA INNOVATIVE INC. |
Entity Central Index Key | 0001883835 |
Entity Tax Identification Number | 87-1918342 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 523 School House Rd. |
Entity Address, City or Town | Kennett Square |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 19348 |
City Area Code | 267 |
Local Phone Number | 467-5871 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 15,466,668 |
BALANCE SHEET (UNAUDITED)
BALANCE SHEET (UNAUDITED) - USD ($) | May 31, 2023 | Aug. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 5,149 | $ 86,139 |
Certificate of deposit | 60,000 | |
Prepaid expenses | ||
Total Current Assets | 65,149 | 86,139 |
Property, Plant and Equipment, net | 834 | 1,029 |
Total Assets | 65,983 | 87,168 |
Current liabilities | ||
Account payable | 4,098 | 3,366 |
Total Current Liabilities | 4,098 | 3,366 |
Total Liabilities | 4,098 | 3,366 |
Stockholders Equity | ||
Preferred stock, par value $0.001; 10,000,000 shares authorized; 0 shares issued and outstanding | ||
Common stock, par value $0.001; 65,000,000 shares authorized, 15,466,668 shares issued and outstanding | 15,467 | 15,467 |
Additional paid in capital | 124,700 | 124,700 |
Accumulated deficit | (78,282) | (56,365) |
Total Stockholders Equity | 61,885 | 83,802 |
Total Liabilities and Stockholders Equity | $ 65,983 | $ 87,168 |
BALANCE SHEET (UNAUDITED) (Pare
BALANCE SHEET (UNAUDITED) (Parenthetical) - $ / shares | May 31, 2023 | Aug. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 65,000,000 | 65,000,000 |
Common stock, shares issued | 15,466,668 | 15,466,668 |
Common stock, shares outstanding | 15,466,668 | 15,466,668 |
STATEMENT OF OPERATIONS (UNAUDI
STATEMENT OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2023 | May 31, 2022 | May 31, 2023 | May 31, 2022 | |
Operating expenses | ||||
General and administrative expenses | $ 12,363 | $ 565 | $ 21,928 | $ 51,022 |
Total operating expenses | 12,363 | 565 | 21,928 | 51,022 |
Net Loss from operations | (12,363) | (565) | (21,928) | (51,022) |
Interest income | 1 | 9 | 11 | 31 |
Loss before income tax | (12,362) | (556) | (21,917) | (50,991) |
Provision for income taxes | ||||
Net loss | $ (12,362) | $ (556) | $ (21,917) | $ (50,991) |
Net Loss Per Share: Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding: Basic and Diluted | 15,466,668 | 15,411,729 | 15,466,668 | 15,411,729 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Subscription Payable [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Aug. 31, 2021 | $ 15,356 | $ 124,700 | $ (1,452) | $ 138,604 | |
Beginning balance, shares at Aug. 31, 2021 | 15,355,557 | ||||
Net Loss | (50,991) | (50,991) | |||
Shares issued for intangible assets at 0.001 per share on January 16, 2022 | $ 111 | 111 | |||
Shares issued for intangible assets, shares | 111,112 | ||||
Ending balance, value at May. 31, 2022 | $ 15,467 | 124,700 | (52,443) | 87,724 | |
Ending balance, shares at May. 31, 2022 | 15,466,668 | ||||
Beginning balance, value at Feb. 28, 2022 | $ 15,467 | 124,700 | (51,887) | 88,280 | |
Beginning balance, shares at Feb. 28, 2022 | 15,466,668 | ||||
Net Loss | (556) | (556) | |||
Ending balance, value at May. 31, 2022 | $ 15,467 | 124,700 | (52,443) | 87,724 | |
Ending balance, shares at May. 31, 2022 | 15,466,668 | ||||
Beginning balance, value at Aug. 31, 2022 | $ 15,467 | 124,700 | (56,365) | 83,802 | |
Beginning balance, shares at Aug. 31, 2022 | 15,466,668 | ||||
Net Loss | (21,917) | (21,917) | |||
Ending balance, value at May. 31, 2023 | $ 15,467 | 124,700 | (78,282) | 61,885 | |
Ending balance, shares at May. 31, 2023 | 15,466,668 | ||||
Beginning balance, value at Feb. 28, 2023 | $ 15,467 | 124,700 | (65,920) | 74,247 | |
Beginning balance, shares at Feb. 28, 2023 | 15,466,668 | ||||
Net Loss | (12,362) | (12,362) | |||
Ending balance, value at May. 31, 2023 | $ 15,467 | $ 124,700 | $ (78,282) | $ 61,885 | |
Ending balance, shares at May. 31, 2023 | 15,466,668 |
STATEMENT OF CASH FLOWS (UNAUDI
STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
May 31, 2023 | May 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss for the period | $ (21,917) | $ (50,991) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Prepaid expense decrease | 11,000 | |
Account payable increase | 732 | |
Depreciation expense | 195 | 195 |
Net Cash Used in Operating Activities | (20,990) | (39,796) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property, plant, and equipment | (1,289) | |
Net Cash used in Investing Activities | (1,289) | |
NET INCREASE IN CASH | (20,990) | (41,085) |
Cash, beginning of period | 86,139 | 127,604 |
Cash, end of period | 65,149 | 86,630 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income tax | ||
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||
Common stock issued for services | $ 111 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 9 Months Ended |
May 31, 2023 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | ORGANIZATION AND NATURE OF BUSINESS Plasma Innovative Inc. (the Company, we, us or our) was incorporated on July 22, 2021, under the law of the State of Nevada for the purpose of researching, developing, designing, manufacturing, and distributing cold plasma equipment for application in the agriculture industry. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
May 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN The accompanying financial statements were prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. For the three months and nine months ended May 31, 2023, the Company has no revenues. Managements plans are to initially market our technologies to farmers, nurseries, and greenhouses close to our facilities in Pennsylvania and collaborate with agriculture departments at various universities to expand the business. The ability of the Company to continue as a going concern is dependent upon the Companys ability to implement its business plan and generate sufficient revenue. There are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
May 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 date the financial statements and the reported amount of revenues and expenses during the reporting period. Although these estimates are based on managements knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates and such differences may be material to our consolidated financial statements. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company had $ 65,149 86,139 Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Major repairs and improvements that significantly extend original useful lives or improve productivity are capitalized and depreciated over the period benefited. Maintenance and repairs are expensed as incurred. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. The Company had property and equipment of $ 834 1,029 Depreciation, Amortization, and Capitalization The Company records depreciation and amortization when appropriate using the straight-line balance method over the estimated useful life of the assets. The Company establishes a capitalization policy for its assets based on the dollar amount that is more than $1,000 in value or if its estimated useful life exceeds one year. The Company had depreciation expenses of $ 65 195 Fair Value of Financial Instruments ASC Topic 820 Fair Value Measurements and Disclosures establishes a three-tier value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets. Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Impairment of Long-lived Assets In accordance with FASB ASC 360-10, Accounting for the Impairment or Disposal of Long-lived Assets, long-lived assets such as property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, or it is reasonably possible that these assets could become impaired as a result of technological or other changes. The determination of recoverability of assets to be held and used is made by comparing the carrying amount of an asset to future undiscounted cash flow to be generated by the asset. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and law. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Revenue Recognition The Company will recognize revenue in accordance with ASC Topic 606 Revenue Recognition. The Company recognizes revenue when products are fully delivered, or services have been provided and collection is reasonably assured. Comprehensive Income Comprehensive income is defined as all changes in stockholders equity (deficit), exclusive of transactions with owners, such as capital investments. Compressive income includes net income or loss, changes in certain assets, and liabilities that are reported directly in equity such as translation adjustments on investments. In foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of May 31, 2023, there were no differences between our comprehensive loss and net loss. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 Earnings per Share. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effects are anti-dilutive. As of May 31, 2023, there were no potentially dilutive debt or equity instruments issued or outstanding. Stock-Based Compensation Stock-based compensation is accounted for at the grant date fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Recent Accounting Pronouncements As of May 31, 2023, and for the period then ended, there were no recently adopted accounting standards that had a material impact on the Companys financial statements. There were no recently issued accounting standards not yet adopted which would have a material effect on the Companys financial statements. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
May 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 4 – COMMITMENTS AND CONTINGENCIES On August 8, 2021, the Company entered into an Office Space Using Agreement with Pietro Industries Inc. (Pietro) for its office building located at 523 School House Road, Kennett Square, PA 19348. On September 18, 2021, but effective August 28, 2021, the Company and Pietro signed a termination agreement that effectively terminated the Office Space Using Agreement, and Joint Testing and Evaluation Agreement. On that same date, Pietro agreed to allow the Company to use 1,000 square feet at its premises month to month on a rent-free basis. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
May 31, 2023 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 5 - COMMON STOCK The Company has 75,000,000 shares of stock authorized, including 65,000,000 0.001 10,000,000 0.001 15,466,668 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
May 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 - SUBSEQUENT EVENTS In accordance with SFAS 165 (ASSC 855-10) the Company has analyzed its operations subsequent to May 31, 2023 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
May 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 date the financial statements and the reported amount of revenues and expenses during the reporting period. Although these estimates are based on managements knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates and such differences may be material to our consolidated financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company had $ 65,149 86,139 |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Major repairs and improvements that significantly extend original useful lives or improve productivity are capitalized and depreciated over the period benefited. Maintenance and repairs are expensed as incurred. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. The Company had property and equipment of $ 834 1,029 |
Depreciation, Amortization, and Capitalization | Depreciation, Amortization, and Capitalization The Company records depreciation and amortization when appropriate using the straight-line balance method over the estimated useful life of the assets. The Company establishes a capitalization policy for its assets based on the dollar amount that is more than $1,000 in value or if its estimated useful life exceeds one year. The Company had depreciation expenses of $ 65 195 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC Topic 820 Fair Value Measurements and Disclosures establishes a three-tier value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets. Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets In accordance with FASB ASC 360-10, Accounting for the Impairment or Disposal of Long-lived Assets, long-lived assets such as property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, or it is reasonably possible that these assets could become impaired as a result of technological or other changes. The determination of recoverability of assets to be held and used is made by comparing the carrying amount of an asset to future undiscounted cash flow to be generated by the asset. |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and law. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. |
Revenue Recognition | Revenue Recognition The Company will recognize revenue in accordance with ASC Topic 606 Revenue Recognition. The Company recognizes revenue when products are fully delivered, or services have been provided and collection is reasonably assured. |
Comprehensive Income | Comprehensive Income Comprehensive income is defined as all changes in stockholders equity (deficit), exclusive of transactions with owners, such as capital investments. Compressive income includes net income or loss, changes in certain assets, and liabilities that are reported directly in equity such as translation adjustments on investments. In foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of May 31, 2023, there were no differences between our comprehensive loss and net loss. |
Basic Income (Loss) Per Share | Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 Earnings per Share. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effects are anti-dilutive. As of May 31, 2023, there were no potentially dilutive debt or equity instruments issued or outstanding. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is accounted for at the grant date fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements As of May 31, 2023, and for the period then ended, there were no recently adopted accounting standards that had a material impact on the Companys financial statements. There were no recently issued accounting standards not yet adopted which would have a material effect on the Companys financial statements. |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
May 31, 2023 | May 31, 2022 | May 31, 2023 | May 31, 2022 | Aug. 31, 2022 | |
Accounting Policies [Abstract] | |||||
Cash | $ 65,149 | $ 65,149 | $ 86,139 | ||
Property, Plant and Equipment, Net | 834 | 834 | $ 1,029 | ||
Depreciation | $ 65 | $ 65 | $ 195 | $ 195 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | May 31, 2023 | Aug. 31, 2022 |
Equity [Abstract] | ||
Common stock, shares authorized | 65,000,000 | 65,000,000 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares issued | 15,466,668 | 15,466,668 |
Common stock, shares outstanding | 15,466,668 | 15,466,668 |