Metaterra (MTRC) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 04, 2023
Cover [Abstract]
Entity Registrant Name	Metaterra Corp.
Entity Central Index Key	0001918884
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		2,787,000
Entity File Number	333-263777
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	98-1611421
Entity Address Address Line 1	Calle Principal 54
Entity Address Address Line 2	Munoz
Entity Address City Or Town	Puerto Plata
Entity Address Country	DO
Entity Address Postal Zip Code	57000
City Area Code	346
Local Phone Number	308-4967
Entity Interactive Data Current	Yes
Document Transition Report	false
Document Quarterly Report	true

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash & cash equivalents	$ 12,090	$ 9,059
Total current assets	12,090	9,059
Inventory	17,304	17,304
Non-Current Assets	502	558
Total Assets	29,896	26,921
Current Liabilities
Loans from related parties	14,044	14,044
Prepaid Deposit	9,663	0
Accounts Payable	10,500	10,000
Total current liabilities	34,207	24,044
Total Liabilities	34,207	24,044
Stockholders' Equity (Deficit)
Common stock, $0.001 par value, 75,000,000 shares authorized: 2,787,000 shares issued and outstanding	2,787	2,787
Additional Paid-In-Capital	38,563	38,563
Accumulated Deficit	(45,661)	(38,473)
Total Stockholders' equity (deficit)	(4,311)	2,877
Total Liabilities and Stockholders' equity (deficit)	$ 29,896	$ 26,921

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
BALANCE SHEETS
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares Issued	2,787,000	2,787,000
Common Stock, Shares Outstanding	2,787,000	2,787,000

STATEMENT OF OPERATIONS (UNAUDI

STATEMENT OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
STATEMENT OF OPERATIONS (UNAUDITED)
Revenue	$ 0	$ 0
OPERATING EXPENSES
Cost of goods sold	0	0
General and administrative expenses	7,188	3,308
Net loss from operations	(7,188)	(3,308)
Loss before provision for income taxes	(7,188)	(3,308)
Provision for income taxes	0	0
Net income (loss)	$ (7,188)	$ (3,308)
Income (loss) per common share:
Basic and Diluted	$ 0	$ 0
Weighted Average Number of Common Shares Outstanding:
Basic and Diluted	2,787,000	2,000,000

STATEMENT OF STOCKHOLDERS EQUIT

STATEMENT OF STOCKHOLDERS EQUITY (UNAUDITED) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance, shares at Dec. 31, 2021		2,000,000
Balance, amount at Dec. 31, 2021	$ 1,259	$ 2,000	$ 0	$ (741)
Net income (loss)	(3,308)			(3,308)
Balance, shares at Mar. 31, 2022		2,000,000
Balance, amount at Mar. 31, 2022	(2,049)	$ 2,000	0	(4,049)
Balance, shares at Dec. 31, 2022		2,787,000
Balance, amount at Dec. 31, 2022	2,877	$ 2,787	38,563	(38,473)
Net income (loss)	(7,188)			(7,188)
Balance, shares at Mar. 31, 2023		2,787,000
Balance, amount at Mar. 31, 2023	$ (4,311)	$ 2,787	$ 38,563	$ (45,661)

STATEMENTS OF CASH FLOWS (UNAUD

STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (7,188)	$ (3,308)
Decrease (Increase) in Assets:
Amortization expense	56	0
Prepaid deposit	9,663	0
Accounts payable	500	610
Net cash provided by (used in) operating activities	3,031	(2,698)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of loan from shareholder	0	850
Net cash provided by financing activities	0	850
Net decrease in cash and equivalents	3,031	(1,848)
Cash and equivalents at beginning of the period	9,059	2,084
Cash and equivalents at end of the year/ period	12,090	236
Supplemental cash flow information:
Cash paid for: Interest	0	0
Cash paid for: Taxes	$ 0	$ 0

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	3 Months Ended
	Mar. 31, 2023
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS	NOTE 1 – ORGANIZATION AND BUSINESS METATERRA CORP. (the “Company”) is a corporation established under the corporation laws in the State of Nevada on January 20, 2021. The Company sells auto parts in the Dominican Republic. The Company has adopted December 31 fiscal year end. The results for the three months ended March 31, 2023 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form S-1 for the year ended December 31, 2021, filed with the Securities and Exchange Commission. The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at March 31, 2023 and for the related periods presented.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Mar. 31, 2023
GOING CONCERN
GOING CONCERN	NOTE 2 – GOING CONCERN The Company’s financial statements as of March 31, 2023 been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has accumulated loss from inception (January 20, 2021) to March 31, 2023, of $45,661. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Further to above, In December 2019, a novel strain of coronavirus surfaced in China, which initially been declared as a “Public Health Emergency of International Concern” and subsequently as “Pandemic” by the World Health Organization. The Company is not able to predict the ultimate impact that COVID -19 will have on its business; however, if the current economic conditions continue, the Company will be forced to significantly scale back its business operations and its growth plans, and could ultimately have a significant negative impact on the Company.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Company’ functional and operational currency is US Dollar. New Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows. Stock-Based Compensation As of March 31, 2023, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options. Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company’s bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At March 31, 2023 the Company’s bank deposits did not exceed the insured amounts. Fair Value of Financial Instruments ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2023. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. Basic and Diluted Loss Per Share The Company computes earnings (loss) per share in accordance with ASC 1,880-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal. Revenue Recognition The Company recognizes revenue in accordance with ASC Topic 606, “ Revenue from Contracts with Customers” Revenue is recognized when the following criteria are met: - Identification of the contract, or contracts, with customer; - Identification of the performance obligations in the contract; - Determination of the transaction price; - Allocation of the transaction price to the performance obligations in the contract; and - Recognition of revenue when, or as, the performance obligation is satisfied. Inventory valuation policy Inventories are valued at the lower of cost or net realizable value. The Company’s inventories are valued under the first in, first out (FIFO) method or average cost method. Net realizable value is estimated based on current selling prices. As of March 31, 2023, the Company total inventory was $17,304. The inventory comprised of an automobile. On March 22, 2023 we received $9,663 prepayment for the car we have in inventory.

CAPITAL STOCK

CAPITAL STOCK	3 Months Ended
	Mar. 31, 2023
CAPITAL STOCK
CAPITAL STOCK	NOTE 4 – CAPITAL STOCK The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. As of March 31, 2023, the Company had 2,787,000 shares issued and outstanding.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 5 – RELATED PARTY TRANSACTIONS In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. Since January 20, 2021 (Inception) through March 31, 2023, the Company’s sole officer and director loaned the Company $14,044 to pay for incorporation costs, operating expenses and to pay for inventory. As of March 31, 2023, the amount outstanding was $14,044. The loan is non-interest bearing, due upon demand and unsecured.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 6. SUBSEQUENT EVENTS On April 5, 2025, the director loaned $5,000 to the company. The loan is non-interest bearing, due upon demand and unsecured. On April 13, 2023, the Company received prepayment in the amount of $4,000 for the car in inventory.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Company’ functional and operational currency is US Dollar.
New Accounting Pronouncements	There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.
Stock-Based Compensation	As of March 31, 2023, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Use of Estimates	Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions.
Cash and Cash Equivalents	For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company’s bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At March 31, 2023 the Company’s bank deposits did not exceed the insured amounts.
Fair Value of Financial Instruments	ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2023. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.
Basic and Diluted Loss Per Share	The Company computes earnings (loss) per share in accordance with ASC 1,880-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal.
Revenue Recognition	The Company recognizes revenue in accordance with ASC Topic 606, “ Revenue from Contracts with Customers” Revenue is recognized when the following criteria are met: - Identification of the contract, or contracts, with customer; - Identification of the performance obligations in the contract; - Determination of the transaction price; - Allocation of the transaction price to the performance obligations in the contract; and - Recognition of revenue when, or as, the performance obligation is satisfied.
Inventory valuation policy	Inventories are valued at the lower of cost or net realizable value. The Company’s inventories are valued under the first in, first out (FIFO) method or average cost method. Net realizable value is estimated based on current selling prices. As of March 31, 2023, the Company total inventory was $17,304. The inventory comprised of an automobile. On March 22, 2023 we received $9,663 prepayment for the car we have in inventory.

GOING CONCERN (Detail Narrative

GOING CONCERN (Detail Narrative) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
GOING CONCERN
Accumulated Deficit	$ (45,661)	$ (38,473)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Narrative) - USD ($)	Mar. 31, 2023	Mar. 22, 2023	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
FDIC insured limit	$ 250,000
Prepayment on inventory		$ 9,663
Inventory	$ 17,304		$ 17,304

CAPITAL STOCK (Detail Narrative

CAPITAL STOCK (Detail Narrative) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
CAPITAL STOCK
Common stock authorized	75,000,000	75,000,000
Common stock par value	$ 0.001	$ 0.001
Common stock shares issued	2,787,000	2,787,000
Common stock outstanding	2,787,000	2,787,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Detail Narrative) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Loans from related parties	$ 14,044	$ 14,044
Officer and Director [Member]
Loans from related parties	$ 14,044

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Apr. 13, 2023	Apr. 05, 2023	Mar. 22, 2023
Prepayment on inventory			$ 9,663
Subsequent Event [Member]
Loan amount		$ 5,000
Prepayment on inventory	$ 4,000