Cover
Cover - shares | 9 Months Ended | |
Dec. 31, 2022 | Feb. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-56396 | |
Entity Registrant Name | KING RESOURCES, INC. | |
Entity Central Index Key | 0000774415 | |
Entity Tax Identification Number | 13-3784149 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | Unit 1813, 18/F, | |
Entity Address, Address Line Two | Fo Tan Industrial Centre | |
Entity Address, Address Line Three | 26-28 Au Pui Wan Street | |
Entity Address, City or Town | Fo Tan | |
Entity Address, Country | HK | |
Entity Address, Postal Zip Code | 00000 | |
City Area Code | 852 | |
Local Phone Number | 3585 8905 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,484,167,213 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 76,937 | $ 14,864 |
Accounts receivable | 1,516 | 0 |
Inventories | 34,229 | 17,617 |
Deferred financing cost, net | 434,097 | 0 |
Prepayment for goods | 80,788 | 0 |
Deposits, prepayments and other receivables | 42,270 | 58,788 |
Amount due from related parties | 48,712 | 0 |
Total current assets | 718,549 | 91,269 |
Non-current assets: | ||
Property and equipment, net | 5,771 | 5,208 |
Right-of-use assets, net | 42,744 | 72,129 |
Intangible assets | 16,144 | 19,469 |
Total non-current assets | 64,659 | 96,806 |
TOTAL ASSETS | 783,208 | 188,075 |
Current liabilities: | ||
Accounts payables | 243 | 0 |
Accrued liabilities and other payables | 456,037 | 165,392 |
Accrued consulting and service fees | 300,000 | 0 |
Amounts due to related parties | 1,954,287 | 1,683,063 |
Lease liabilities | 40,255 | 38,697 |
Total current liabilities | 2,750,822 | 1,887,152 |
Non-current liability: | ||
Lease liabilities | 3,444 | 33,721 |
TOTAL LIABILITIES | 2,754,266 | 1,920,873 |
Commitments and contingencies | ||
STOCKHOLDERS’ DEFICIT | ||
Common stock, par value $0.001, 6,000,000,000 shares authorized, 5,484,167,213 and 4,807,802,061 shares issued and outstanding as of December 31, 2022 and March 31, 2022, respectively | 5,484,167 | 4,807,802 |
Additional paid-in capital | 48,635 | 0 |
Accumulated other comprehensive income (loss) | (5,373) | (2,107) |
Accumulated deficit | (7,528,487) | (6,568,493) |
Stockholders’ deficit | (1,971,058) | (1,732,798) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 783,208 | 188,075 |
Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIT | ||
Preferred Stock, Value, Issued | 0 | 0 |
Series C Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIT | ||
Preferred Stock, Value, Issued | $ 30,000 | $ 30,000 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Mar. 31, 2022 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 85,000,000 | 85,000,000 |
Preferred Stock, Shares Undesignated | 35,000,000 | 35,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 6,000,000,000 | 6,000,000,000 |
Common Stock, Shares, Issued | 5,484,167,213 | 4,807,802,061 |
Common Stock, Shares, Outstanding | 5,484,167,213 | 4,807,802,061 |
Series C Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 30,000,000 | 30,000,000 |
Preferred Stock, Shares Outstanding | 30,000,000 | 30,000,000 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||||
Revenue, net | $ 7,391 | $ 192,996 | $ 169,580 | $ 257,328 |
Cost of revenue | (5,709) | (184,272) | (24,829) | (219,136) |
Gross profit | 1,682 | 8,724 | 144,751 | 38,192 |
Operating expenses: | ||||
Research and development expenses | 26,443 | 4,575 | 260,599 | 43,084 |
Sales and marketing expenses | 5,141 | 0 | 353,049 | 0 |
General and administrative expenses | 113,233 | 41,238 | 408,630 | 89,786 |
Total operating expenses | 144,817 | 45,813 | 1,022,278 | 132,870 |
Loss from operation | (143,135) | (37,089) | (877,527) | (94,678) |
Other income (expense): | ||||
Government subsidy | 927 | 0 | 9,185 | 0 |
Interest income | 1 | 0 | 1 | 0 |
Interest expense | (43,750) | 0 | (90,903) | 0 |
Loss on impairment of inventories | 0 | 0 | (750) | 0 |
Total other expense, net | (42,822) | 0 | (82,467) | 0 |
LOSS BEFORE INCOME TAXES | (185,957) | (37,089) | (959,994) | (94,678) |
Income tax expense | 0 | 0 | 0 | 0 |
NET LOSS | (185,957) | (37,089) | (959,994) | (94,678) |
Other comprehensive (loss) income: | ||||
– Foreign currency adjustment (loss) gain | (10,210) | (239) | (3,266) | 2,538 |
COMPREHENSIVE LOSS | $ (196,167) | $ (37,328) | $ (963,260) | $ (92,140) |
Net loss per share – Basic and Diluted* | ||||
– Basic | $ 0 | $ 0 | $ 0 | $ 0 |
– Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average outstanding shares | ||||
– Basic | 5,484,167,213 | 4,807,802,061 | 5,248,165,102 | 4,807,802,061 |
– Diluted | 5,484,167,213 | 4,807,802,061 | 5,248,165,102 | 4,807,802,061 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (959,994) | $ (94,678) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 31,150 | 28,623 |
Amortization | 3,368 | 4,298 |
Non-cash lease expenses | 2,186 | 1,432 |
Amortization of deferred financing cost | 90,903 | 0 |
Share issued for services rendered | 200,000 | 0 |
Change in operating assets and liabilities: | ||
Accounts receivable | (1,516) | (155,391) |
Inventories | (16,561) | 4,579 |
Prepayment for goods | (80,788) | 0 |
Deposit, prepayments and other receivables | 16,688 | 3,046 |
Accrued liabilities and other payables | 290,408 | (1,092) |
Accrued consulting and service fees | 300,000 | 0 |
Accounts payables | 243 | 0 |
Net cash used in operating activities | (123,913) | (209,183) |
Cash flows from investing activity: | ||
Purchase of property and equipment | (2,228) | 0 |
Net cash used in investing activity | (2,228) | 0 |
Cash flows from financing activity: | ||
Repayment of lease liabilities | (28,928) | (30,812) |
Advances from related parties | 217,764 | 215,939 |
Net cash provided by financing activity | 188,836 | 185,127 |
Foreign currency translation adjustment | (622) | 2,538 |
Net change in cash and cash equivalents | 62,073 | (21,518) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 14,864 | 42,463 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 76,937 | 20,945 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Mar. 31, 2021 | $ 30,000 | $ 4,807,802 | $ (13,411) | $ (6,508,327) | $ (1,683,936) | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2021 | 30,000,000 | 4,807,802,061 | ||||
Foreign currency translation adjustment | (1,991) | (1,991) | ||||
Net loss for the period | (51,984) | (51,984) | ||||
Ending balance, value at Jun. 30, 2021 | $ 30,000 | $ 4,807,802 | (15,402) | (6,560,311) | (1,737,911) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 30,000,000 | 4,807,802,061 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 30,000 | $ 4,807,802 | (13,411) | (6,508,327) | (1,683,936) | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2021 | 30,000,000 | 4,807,802,061 | ||||
Foreign currency translation adjustment | 2,538 | |||||
Net loss for the period | (94,678) | |||||
Ending balance, value at Dec. 31, 2021 | $ 30,000 | $ 4,807,802 | (10,873) | (6,603,005) | (1,776,076) | |
Shares, Outstanding, Ending Balance at Dec. 31, 2021 | 30,000,000 | 4,807,802,061 | ||||
Beginning balance, value at Jun. 30, 2021 | $ 30,000 | $ 4,807,802 | (15,402) | (6,560,311) | (1,737,911) | |
Shares, Outstanding, Beginning Balance at Jun. 30, 2021 | 30,000,000 | 4,807,802,061 | ||||
Foreign currency translation adjustment | 4,768 | 4,768 | ||||
Net loss for the period | (5,605) | (5,605) | ||||
Ending balance, value at Sep. 30, 2021 | $ 30,000 | $ 4,807,802 | (10,634) | (6,565,916) | (1,738,748) | |
Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 30,000,000 | 4,807,802,061 | ||||
Foreign currency translation adjustment | (239) | (239) | ||||
Net loss for the period | (37,089) | (37,089) | ||||
Ending balance, value at Dec. 31, 2021 | $ 30,000 | $ 4,807,802 | (10,873) | (6,603,005) | (1,776,076) | |
Shares, Outstanding, Ending Balance at Dec. 31, 2021 | 30,000,000 | 4,807,802,061 | ||||
Beginning balance, value at Mar. 31, 2022 | $ 30,000 | $ 4,807,802 | (2,107) | (6,568,493) | (1,732,798) | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2022 | 30,000,000 | 4,807,802,061 | ||||
Foreign currency translation adjustment | 4,831 | 4,831 | ||||
Commitment shares issued for private placement | $ 525,000 | 525,000 | ||||
Commitment shares issued for private placement, shares | 525,000,000 | |||||
Net loss for the period | (181,959) | (181,959) | ||||
Ending balance, value at Jun. 30, 2022 | $ 30,000 | $ 5,332,802 | 2,724 | (6,750,452) | (1,384,926) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2022 | 30,000,000 | 5,332,802,061 | ||||
Beginning balance, value at Mar. 31, 2022 | $ 30,000 | $ 4,807,802 | (2,107) | (6,568,493) | (1,732,798) | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2022 | 30,000,000 | 4,807,802,061 | ||||
Foreign currency translation adjustment | (3,266) | |||||
Net loss for the period | (959,994) | |||||
Ending balance, value at Dec. 31, 2022 | $ 30,000 | $ 5,484,167 | 48,635 | (5,373) | (7,528,487) | (1,971,058) |
Shares, Outstanding, Ending Balance at Dec. 31, 2022 | 30,000,000 | 5,484,167,213 | ||||
Beginning balance, value at Jun. 30, 2022 | $ 30,000 | $ 5,332,802 | 2,724 | (6,750,452) | (1,384,926) | |
Shares, Outstanding, Beginning Balance at Jun. 30, 2022 | 30,000,000 | 5,332,802,061 | ||||
Share issued for services rendered | $ 151,515 | 48,485 | 200,000 | |||
Share issued for services rendered , shares | 151,515,152 | |||||
Cancellation of shares | $ (150) | 150 | ||||
Cancellation of shares , shares | (150,000) | |||||
Foreign currency translation adjustment | 2,113 | 2,113 | ||||
Net loss for the period | (592,078) | (592,078) | ||||
Ending balance, value at Sep. 30, 2022 | $ 30,000 | $ 5,484,167 | 48,635 | 4,837 | (7,342,530) | (1,774,891) |
Shares, Outstanding, Ending Balance at Sep. 30, 2022 | 30,000,000 | 5,484,167,213 | ||||
Foreign currency translation adjustment | (10,210) | (10,210) | ||||
Net loss for the period | (185,957) | (185,957) | ||||
Ending balance, value at Dec. 31, 2022 | $ 30,000 | $ 5,484,167 | $ 48,635 | $ (5,373) | $ (7,528,487) | $ (1,971,058) |
Shares, Outstanding, Ending Balance at Dec. 31, 2022 | 30,000,000 | 5,484,167,213 |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 9 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND ORGANIZATION | NOTE –1 DESCRIPTION OF BUSINESS AND ORGANIZATION King Resources, Inc. (the “Company”) was incorporated in the State of Delaware on September 8, 1995 under the name of ARXA International Energy, Inc. On June 4, 2001, the Company changed its name to King Resources, Inc. Currently, the Company through its subsidiaries, is engaged primarily in the development of smart power supply solutions and products in Hong Kong. The Company is currently preparing to launch own brand products on online store and acting as distributor to sell several brands in Hong Kong. Description of subsidiaries Description of subsidiaries Name Place of incorporation and kind of legal entity Principal activities Particulars of registered/paid up share capital Effective interest Powertech Management Limited British Virgin Islands Investment holding 50,000 ordinary shares at par value of US$1 100 Powertech Corporation Limited Hong Kong Provision of information technology services 10,000 ordinary shares for HK$10,000 100 OneSolution Holdings Limited British Virgin Islands Investment holding 50,000 ordinary shares at par value of US$1 100 OneSolution Management Limited British Virgin Islands Investment holding 50,000 ordinary shares at par value of US$1 100 OneSolution Innotech Limited Hong Kong Product development and trading 10,000 ordinary shares for HK$10,000 100 The Company and its subsidiaries are hereinafter referred to as the “Company”. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE – 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying unaudited condensed consolidated financial statements and notes. · Basis of presentation These accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). · Use of estimates and assumptions In preparing these unaudited condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates. If actual results significantly differ from the Company’s estimates, the Company’s financial condition and results of operations could be materially impacted. Significant estimates in the period include the valuation and useful lives of intangible assets and deferred tax valuation allowance. · Basis of consolidation The unaudited condensed consolidated financial statements include the accounts of KRFG and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. · Segment reporting ASC Topic 280, “ Segment Reporting · Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. · Accounts receivables Accounts receivables are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer's financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. At the end of fiscal year, the Company specifically evaluates individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. During the three and nine months ended December 31, 2022 and 2021, there was no · Inventories Inventories are stated at the lower of cost or market value (net realizable value), cost being determined on a first-in-first-out method. Costs include material costs. The Company provides inventory allowances based on excess and obsolete inventories determined principally by customer demand. During the three and nine months ended December 31, 2022 and 2021, the Company recorded an impairment loss of $ 750 0 · Intangible assets Intangible assets consist of trademarks and trade names. The intangible assets are stated at the purchase cost and are amortized based on their economic benefits expected to be realized and assessed for impairment annually. There was no ten years · Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Schedule of estimated useful lives Expected useful lives Office equipment 3 Furniture and fixtures 3 Computer equipment 3 Expenditures for repair and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. · Website development costs The Company accounts for its website development costs in accordance with ASC 350-50, Website Development Costs · Impairment of long-lived assets In accordance with the provisions of ASC Topic 360, Impairment or Disposal of Long-Lived Assets no · Revenue recognition The Company adopted Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers Under ASU 2014-09, the Company recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. The Company’s services revenue is derived from performing the research and development and technology development for the customers under fixed-price contracts. On fixed-price contracts that are expected not more than one year in duration, revenue is recognized pursuant to the proportional performance method based upon the proportion of actual costs incurred to the total estimated costs for the contract. The Company receives periodic progress payments. Costs incurred in connection with the research and development, are included in cost of revenue. Product development costs charged to billable projects are recorded as cost of revenue, which consist primarily of costs associated with personnel, supplies and materials. The Company’s trading revenue is recognized when the Company satisfies its performance obligation under the contract by transferring the promised product to its customer that obtains control of the product and collection is reasonably assured. A performance obligation is a promise in a contract to transfer a distinct product to a customer. · Government subsidy A government subsidy is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions attached to the grant; and (b) the grant will be received. When the Company receives government subsidies but the conditions attached to the grants have not been fulfilled, such government subsidies are deferred and recorded under other payables and accrued expenses, and other long-term liability. The classification of short-term or long-term liabilities is depended on the management’s expectation of when the conditions attached to the grant can be fulfilled. For the three months ended December 31, 2022 and 2021, the Company received government subsidies of $ 927 0 9,185 0 · Income taxes The Company adopted the ASC 740 Income tax The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. · Uncertain tax positions The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the three and nine months ended December 31, 2022 and 2021. · Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, “ Earnings per Share · Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the unaudited condensed consolidated statement of operations. The reporting currency of the Company is United States Dollar ("US$") and the accompanying unaudited condensed consolidated financial statements have been expressed in US$. In addition, the Company is operating in Hong Kong and maintains its books and record in its local currency, Hong Kong Dollars (“HKD”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from HKD into US$ has been made at the following exchange rates for the period ended December 31, 2022 and 2021: Schedule of translation rates December 31, 2022 December 31, 2021 Period-end HKD:US$ exchange rate 0.1281 0.1284 Annualized average HKD:US$ exchange rate 0.1276 0.1287 · Comprehensive income ASC Topic 220, “ Comprehensive Income · Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use assets may be required for items such as prepaid or accrued lease payments. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In accordance with the guidance in ASC Topic 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). Subsequently, the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components. The Company made the policy election to not separate lease and non-lease components. Each lease component and the related non-lease components are accounted for together as a single component. · Related parties The Company follows the ASC 850-10, Related Party Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The unaudited condensed consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of unaudited condensed consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. · Commitments and contingencies The Company follows the ASC 450-20, Commitments If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s unaudited condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. · Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, approximate their fair values because of the short maturity of these instruments. · Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 9 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTAINTIES | NOTE – 3 GOING CONCERN UNCERTAINTIES The accompanying unaudited condensed consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company incurred recurring losses from prior years and suffered from an accumulated deficit of $ 7,528,487 The continuation of the Company as a going concern in the next twelve months is dependent upon the continued financial support from its stockholders. The Company is currently pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These unaudited condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. |
DEPOSITS, PREPAYMENTS AND OTHER
DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES | 9 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES | NOTE – 4 DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES Deposits, prepayments and other receivables consisted of the following: Schedule of deposits, prepayments and other receivables December 31, March 31, 2022 2022 Prepaid expenses $ 33,727 $ 50,226 Rental and utilities deposit 8,543 8,518 Other receivables – 44 Deposits, prepayments and other receivables $ 42,270 $ 58,788 Prepaid expenses represent the administrative and operational expenses that are prepaid for the next twelve months. |
DEFERRED FINANCING COST, NET
DEFERRED FINANCING COST, NET | 9 Months Ended |
Dec. 31, 2022 | |
Deferred Financing Cost Net | |
DEFERRED FINANCING COST, NET | NOTE – 5 DEFERRED FINANCING COST, NET Deferred financing cost, net is as follows: Deferred Financing Cost December 31, March 31, Deferred financing cost $ 525,000 $ – Less: amortization (90,903 ) – Deferred financing cost, net $ 434,097 $ – On June 24, 2022, the Company issued 525,000,000 shares of its common stock as Commitment Shares to Williamsburg Venture Holdings, LLC (the “Investor”), under an Equity Purchase Agreement dated June 21, 2022 (the “Agreement”), in consideration for the Investor’s execution and delivery of, and performance under the Agreement, which was deferred to be amortized over the financing period of 3 years. |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 9 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | NOTE – 6 PROPERTY AND EQUIPMENT, NET Property and equipment consisted of the following: Schedule of property and equipment December 31, March 31, 2022 2022 Office equipment $ 15,706 $ 15,779 Furniture and fixtures 12,037 12,123 Computer equipment 27,011 24,961 Foreign translation difference 151 (337 ) 54,905 52,526 Less: accumulated depreciation (48,991 ) (47,659 ) Less: foreign translation difference (143 ) 341 $ 5,771 $ 5,208 Depreciation expense for the three months ended December 31, 2022 and 2021 were $ 647 20 Depreciation expense for the nine months ended December 31, 2022 and 2021 were $ 1,674 20 |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 9 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS, NET | NOTE – 7 INTANGIBLE ASSETS, NET As of December 31, 2022 and March 31, 2022, intangible assets consisted of the following: Schedule of intangible assets Useful life December 31, 2022 March 31, 2022 At cost: Website development cost 5 $ 21,200 $ 21,352 Trademarks 10 2,552 2,552 Less: accumulated amortization (7,651 ) (4,308 ) Foreign translation adjustment 43 (127 ) $ 16,144 $ 19,469 Amortization of intangible assets for the three months ended December 31, 2022 and 2021 were $ 1,125 2,126 Amortization of intangible assets for the nine months ended December 31, 2022 and 2021 were $ 3,368 4,298 As of December 31, 2022, the estimated amortization expense for intangible assets for each of the succeeding five years and thereafter is as follows: Schedule of intangible assets future amortization expense Year ending December 31: Amount 2023 $ 4,508 2024 4,508 2025 4,508 2026 1,319 2027 256 Thereafter 1,045 Total $ 16,144 |
AMOUNTS DUE TO RELATED PARTIES
AMOUNTS DUE TO RELATED PARTIES | 9 Months Ended |
Dec. 31, 2022 | |
Amounts Due To Related Parties | |
AMOUNTS DUE TO RELATED PARTIES | NOTE – 8 AMOUNTS DUE TO RELATED PARTIES The amounts represented temporary advances for working capital purpose. The amounts are from the Company’s shareholders and companies they control, which were unsecured, interest-free are repayable on demand. The related parties balance was $ 1,954,287 1,683,063 |
LEASE
LEASE | 9 Months Ended |
Dec. 31, 2022 | |
Lease | |
LEASE | NOTE –9 LEASE As of December 31, 2022, the Company had entered into an operating lease with a lease term of 2 Right of use assets and lease liability – right of use are as follows: Lease information December 31, March 31, Right-of-use assets $ 110,484 $ 110,484 Accumulated depreciation (67,831 ) (38,355 ) Exchange realignment 91 – Total $ 42,744 $ 72,129 The lease liability – right of use is as follows: December 31, March 31, Current portion $ 40,255 $ 38,697 Non-current portion 3,444 33,721 Total $ 43,699 $ 72,418 The weighted average discount rate for the operating lease is 5 As of December 31, 2022, the operating lease payment of $ 38,039 |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 9 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE – 10 STOCKHOLDERS’ DEFICIT The Company is authorized to issue two classes of capital stock, up to 6,085,000,000 shares. The Company is authorized to issue 85,000,000 0.001 50,000,000 0.001 The Company is authorized to issue 6,000,000,000 0.001 Series C Preferred Stock The Company has designated 50,000,000 As of December 31, 2022 and March 31, 2022, the Company had 30,000,000 Common Stock On June 24, 2022, the Company issued 525,000,000 On August 12, 2022, the Company issued 151,515,152 On September 30, 2022, the Company cancelled 150,000 As of December 31, 2022 and March 31, 2022, the Company had a total of 5,484,167,213 4,807,802,061 |
NET LOSS PER SHARE
NET LOSS PER SHARE | 9 Months Ended |
Dec. 31, 2022 | |
Net loss per share – Basic and Diluted* | |
NET LOSS PER SHARE | NOTE – 11 NET LOSS PER SHARE The following table sets forth the computation of basic and diluted net loss per share for the nine months ended December 31, 2022 and 2021: Computation of basic and diluted net loss per share Nine months ended December 31, 2022 2021 Net loss attributable to common shareholders $ (959,994 ) $ (94,678 ) Weighted average common shares outstanding: – Basic 5,248,165,102 4,807,802,061 – Diluted 5,248,165,102 4,807,802,061 Net loss per share:* – Basic $ (0.00 ) $ (0.00 ) – Diluted $ (0.00 ) $ (0.00 ) ____________________ * For the nine months ended December 31, 2022 and 2021, diluted weighted-average common shares outstanding is equal to basic weighted-average common shares, due to the Company’s net loss position. Hence, no common stock equivalents were included in the computation of diluted net loss per share since such inclusion would have been antidilutive. |
INCOME TAX EXPENSE
INCOME TAX EXPENSE | 9 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX EXPENSE | NOTE – 12 INCOME TAX EXPENSE For the nine months ended December 31, 2022 and 2021, the local (“United States of America”) and foreign components of income (loss) before income taxes were comprised of the following: Schedule of Income before Income Tax, Domestic and Foreign Nine months ended December 31, 2022 2021 Tax jurisdiction from: - Local $ (274,229 ) $ – - Foreign, including British Virgin Islands (506,202 ) – Hong Kong (179,563 ) (94,678 ) Loss before income taxes $ (959,994 ) $ (94,678 ) The provision for income taxes consisted of the following: Provision for income taxes Nine months ended December 31, 2022 2021 Current tax: - Local $ – $ – - Foreign – – Deferred tax - Local – – - Foreign – – Income tax expense $ – $ – The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company mainly operates in Hong Kong that is subject to taxes in the jurisdictions in which they operate, as follows: United States of America KRFG is registered in the State of Delaware and is subject to tax laws of the United States of America. The U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in its income tax provision. The Company has not accrued or paid interest or penalties which were not material to its results of operations for the periods presented. The Company has provided for a full valuation allowance against the deferred tax assets of $ 95,342 For the nine months ended December 31, 2022 and 2021, there were no operating income in the U.S. tax regime. BVI Under the current BVI law, the Company is not subject to tax on income. Hong Kong The Company’s subsidiary operating in Hong Kong is subject to the Hong Kong Profits Tax at the two-tiered profits tax rates from 8.25% to 16.5% on the estimated assessable profits arising in Hong Kong during the current period after deducting a tax concession for the tax year. The reconciliation of income tax rate to the effective income tax rate for the nine months ended December 31, 2022 and 2021 is as follows: Reconciliation of tax effective rate Nine months ended December 31, 2022 2021 Income (Loss) before income taxes $ (179,563 ) $ (94,678 ) Statutory income tax rate 16.5 16.5 Income tax expense at statutory rate (29,628 ) (15,622 ) Tax effect of non-deductible items 937 – Tax effect of non-taxable items (2,126 ) – Net operating income (loss) (30,817 ) (15,622 ) Valuation allowance 30,817 15,622 Income tax expense (benefit) $ – $ – The following table sets forth the significant components of the deferred tax assets and liabilities of the Company as of December 31, 2022 and March 31, 2022: Schedule of deferred income taxes December 31, March 31, 2022 2022 Deferred tax assets: Net operating loss carryforward, from US tax regime $ 95,342 $ – Hong Kong tax regime 290,955 285,609 Less: valuation allowance (386,297 ) (285,609 ) Deferred tax assets, net $ – $ – As of December 31, 2022, the operations in the United States of America incurred $ 454,011 95,342 As of December 31, 2022, the operations in Hong Kong incurred $ 1,763,360 290,955 The Company filed income tax returns in the United States federal tax jurisdiction and the Delaware state tax jurisdiction. Since the Company is in a loss carryforward position, it is generally subject to examination by federal and state tax authority for all tax years in which a loss carryforward is available. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE – 13 RELATED PARTY TRANSACTIONS From time to time, the Company’s related parties and director advanced working capital funds to the Company for working capital purpose. Those advances are unsecured, non-interest bearing and are repayable on demand. Apart from the transactions and balances detailed elsewhere in these accompanying unaudited condensed consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE – 14 COMMITMENTS AND CONTINGENCIES As of December 31, 2022, the Company is committed to the below contractual arrangement. On June 21, 2022, the Company entered into an Equity Purchase Agreement with Williamsburg Venture Holdings, LLC (“Investor”), a Nevada limited liability company, pursuant to which the Investor has committed to invest up to Twenty Million Dollars ($20,000,000) in the Company’s common stock over a 36-month period in accordance with the terms and conditions of that certain Equity Purchase Agreement dated June 21, 2022. During the term, the Company shall be entitled to put to the Investor, and the Investor shall be obligated to purchase, such number of shares of the Company’s common stock and at such prices as are determined in accordance with the Equity Purchase Agreement. The per share purchase price for the Williamsburg Put Shares will be equal to 88% of the lowest traded price of the Common Stock on the principal market during the five (5) consecutive trading days immediately preceding the date which Williamsburg received the Williamsburg Put Shares as DWAC Shares in its brokerage account (as reported by Bloomberg Finance L.P., Quotestream, or other reputable source). In connection with the Equity Purchase Agreement, both parties also entered into a Registration Rights Agreement (the “Registration Rights Agreement”) pursuant to which the Company agreed to register with the SEC the common stock issuable under the Equity Purchase Agreement, among other securities. As of December 31,2022, the remaining balance for Equity Purchase by the Investor was $ 20,000,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE – 15 SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | · Basis of presentation These accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). |
Use of estimates and assumptions | · Use of estimates and assumptions In preparing these unaudited condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates. If actual results significantly differ from the Company’s estimates, the Company’s financial condition and results of operations could be materially impacted. Significant estimates in the period include the valuation and useful lives of intangible assets and deferred tax valuation allowance. |
Basis of consolidation | · Basis of consolidation The unaudited condensed consolidated financial statements include the accounts of KRFG and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. |
Segment reporting | · Segment reporting ASC Topic 280, “ Segment Reporting |
Cash and cash equivalents | · Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Accounts receivables | · Accounts receivables Accounts receivables are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer's financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. At the end of fiscal year, the Company specifically evaluates individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. During the three and nine months ended December 31, 2022 and 2021, there was no |
Inventories | · Inventories Inventories are stated at the lower of cost or market value (net realizable value), cost being determined on a first-in-first-out method. Costs include material costs. The Company provides inventory allowances based on excess and obsolete inventories determined principally by customer demand. During the three and nine months ended December 31, 2022 and 2021, the Company recorded an impairment loss of $ 750 0 |
Intangible assets | · Intangible assets Intangible assets consist of trademarks and trade names. The intangible assets are stated at the purchase cost and are amortized based on their economic benefits expected to be realized and assessed for impairment annually. There was no ten years |
Property and equipment | · Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Schedule of estimated useful lives Expected useful lives Office equipment 3 Furniture and fixtures 3 Computer equipment 3 Expenditures for repair and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. |
Website development costs | · Website development costs The Company accounts for its website development costs in accordance with ASC 350-50, Website Development Costs |
Impairment of long-lived assets | · Impairment of long-lived assets In accordance with the provisions of ASC Topic 360, Impairment or Disposal of Long-Lived Assets no |
Revenue recognition | · Revenue recognition The Company adopted Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers Under ASU 2014-09, the Company recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. The Company’s services revenue is derived from performing the research and development and technology development for the customers under fixed-price contracts. On fixed-price contracts that are expected not more than one year in duration, revenue is recognized pursuant to the proportional performance method based upon the proportion of actual costs incurred to the total estimated costs for the contract. The Company receives periodic progress payments. Costs incurred in connection with the research and development, are included in cost of revenue. Product development costs charged to billable projects are recorded as cost of revenue, which consist primarily of costs associated with personnel, supplies and materials. The Company’s trading revenue is recognized when the Company satisfies its performance obligation under the contract by transferring the promised product to its customer that obtains control of the product and collection is reasonably assured. A performance obligation is a promise in a contract to transfer a distinct product to a customer. |
Government subsidy | · Government subsidy A government subsidy is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions attached to the grant; and (b) the grant will be received. When the Company receives government subsidies but the conditions attached to the grants have not been fulfilled, such government subsidies are deferred and recorded under other payables and accrued expenses, and other long-term liability. The classification of short-term or long-term liabilities is depended on the management’s expectation of when the conditions attached to the grant can be fulfilled. For the three months ended December 31, 2022 and 2021, the Company received government subsidies of $ 927 0 9,185 0 |
Income taxes | · Income taxes The Company adopted the ASC 740 Income tax The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. |
Uncertain tax positions | · Uncertain tax positions The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the three and nine months ended December 31, 2022 and 2021. |
Net loss per share | · Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, “ Earnings per Share |
Foreign currencies translation | · Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the unaudited condensed consolidated statement of operations. The reporting currency of the Company is United States Dollar ("US$") and the accompanying unaudited condensed consolidated financial statements have been expressed in US$. In addition, the Company is operating in Hong Kong and maintains its books and record in its local currency, Hong Kong Dollars (“HKD”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from HKD into US$ has been made at the following exchange rates for the period ended December 31, 2022 and 2021: Schedule of translation rates December 31, 2022 December 31, 2021 Period-end HKD:US$ exchange rate 0.1281 0.1284 Annualized average HKD:US$ exchange rate 0.1276 0.1287 |
Comprehensive income | · Comprehensive income ASC Topic 220, “ Comprehensive Income |
Leases | · Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use assets may be required for items such as prepaid or accrued lease payments. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In accordance with the guidance in ASC Topic 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). Subsequently, the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components. The Company made the policy election to not separate lease and non-lease components. Each lease component and the related non-lease components are accounted for together as a single component. |
Related parties | · Related parties The Company follows the ASC 850-10, Related Party Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The unaudited condensed consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of unaudited condensed consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. |
Commitments and contingencies | · Commitments and contingencies The Company follows the ASC 450-20, Commitments If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s unaudited condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. |
Fair value of financial instruments | · Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, approximate their fair values because of the short maturity of these instruments. |
Recent accounting pronouncements | · Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
DESCRIPTION OF BUSINESS AND O_2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of subsidiaries | Description of subsidiaries Name Place of incorporation and kind of legal entity Principal activities Particulars of registered/paid up share capital Effective interest Powertech Management Limited British Virgin Islands Investment holding 50,000 ordinary shares at par value of US$1 100 Powertech Corporation Limited Hong Kong Provision of information technology services 10,000 ordinary shares for HK$10,000 100 OneSolution Holdings Limited British Virgin Islands Investment holding 50,000 ordinary shares at par value of US$1 100 OneSolution Management Limited British Virgin Islands Investment holding 50,000 ordinary shares at par value of US$1 100 OneSolution Innotech Limited Hong Kong Product development and trading 10,000 ordinary shares for HK$10,000 100 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives | Schedule of estimated useful lives Expected useful lives Office equipment 3 Furniture and fixtures 3 Computer equipment 3 |
Schedule of translation rates | Schedule of translation rates December 31, 2022 December 31, 2021 Period-end HKD:US$ exchange rate 0.1281 0.1284 Annualized average HKD:US$ exchange rate 0.1276 0.1287 |
DEPOSITS, PREPAYMENTS AND OTH_2
DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of deposits, prepayments and other receivables | Schedule of deposits, prepayments and other receivables December 31, March 31, 2022 2022 Prepaid expenses $ 33,727 $ 50,226 Rental and utilities deposit 8,543 8,518 Other receivables – 44 Deposits, prepayments and other receivables $ 42,270 $ 58,788 |
DEFERRED FINANCING COST, NET (T
DEFERRED FINANCING COST, NET (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Deferred Financing Cost Net | |
Deferred Financing Cost | Deferred Financing Cost December 31, March 31, Deferred financing cost $ 525,000 $ – Less: amortization (90,903 ) – Deferred financing cost, net $ 434,097 $ – |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Schedule of property and equipment December 31, March 31, 2022 2022 Office equipment $ 15,706 $ 15,779 Furniture and fixtures 12,037 12,123 Computer equipment 27,011 24,961 Foreign translation difference 151 (337 ) 54,905 52,526 Less: accumulated depreciation (48,991 ) (47,659 ) Less: foreign translation difference (143 ) 341 $ 5,771 $ 5,208 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Schedule of intangible assets Useful life December 31, 2022 March 31, 2022 At cost: Website development cost 5 $ 21,200 $ 21,352 Trademarks 10 2,552 2,552 Less: accumulated amortization (7,651 ) (4,308 ) Foreign translation adjustment 43 (127 ) $ 16,144 $ 19,469 |
Schedule of intangible assets future amortization expense | Schedule of intangible assets future amortization expense Year ending December 31: Amount 2023 $ 4,508 2024 4,508 2025 4,508 2026 1,319 2027 256 Thereafter 1,045 Total $ 16,144 |
LEASE (Tables)
LEASE (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Lease | |
Lease information | Lease information December 31, March 31, Right-of-use assets $ 110,484 $ 110,484 Accumulated depreciation (67,831 ) (38,355 ) Exchange realignment 91 – Total $ 42,744 $ 72,129 The lease liability – right of use is as follows: December 31, March 31, Current portion $ 40,255 $ 38,697 Non-current portion 3,444 33,721 Total $ 43,699 $ 72,418 |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Net loss per share – Basic and Diluted* | |
Computation of basic and diluted net loss per share | Computation of basic and diluted net loss per share Nine months ended December 31, 2022 2021 Net loss attributable to common shareholders $ (959,994 ) $ (94,678 ) Weighted average common shares outstanding: – Basic 5,248,165,102 4,807,802,061 – Diluted 5,248,165,102 4,807,802,061 Net loss per share:* – Basic $ (0.00 ) $ (0.00 ) – Diluted $ (0.00 ) $ (0.00 ) |
INCOME TAX EXPENSE (Tables)
INCOME TAX EXPENSE (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Schedule of Income before Income Tax, Domestic and Foreign Nine months ended December 31, 2022 2021 Tax jurisdiction from: - Local $ (274,229 ) $ – - Foreign, including British Virgin Islands (506,202 ) – Hong Kong (179,563 ) (94,678 ) Loss before income taxes $ (959,994 ) $ (94,678 ) |
Provision for income taxes | Provision for income taxes Nine months ended December 31, 2022 2021 Current tax: - Local $ – $ – - Foreign – – Deferred tax - Local – – - Foreign – – Income tax expense $ – $ – |
Reconciliation of tax effective rate | Reconciliation of tax effective rate Nine months ended December 31, 2022 2021 Income (Loss) before income taxes $ (179,563 ) $ (94,678 ) Statutory income tax rate 16.5 16.5 Income tax expense at statutory rate (29,628 ) (15,622 ) Tax effect of non-deductible items 937 – Tax effect of non-taxable items (2,126 ) – Net operating income (loss) (30,817 ) (15,622 ) Valuation allowance 30,817 15,622 Income tax expense (benefit) $ – $ – |
Schedule of deferred income taxes | Schedule of deferred income taxes December 31, March 31, 2022 2022 Deferred tax assets: Net operating loss carryforward, from US tax regime $ 95,342 $ – Hong Kong tax regime 290,955 285,609 Less: valuation allowance (386,297 ) (285,609 ) Deferred tax assets, net $ – $ – |
DESCRIPTION OF BUSINESS AND O_3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details- Subsidiaries) | 9 Months Ended |
Dec. 31, 2022 | |
Powertech Management Limited [Member] | |
Equity Method Investment, Ownership Percentage | 100% |
Powertech Corporation Limited [Member] | |
Equity Method Investment, Ownership Percentage | 100% |
One Solution Holdings Limited [Member] | |
Equity Method Investment, Ownership Percentage | 100% |
One Solution Management Limited [Member] | |
Equity Method Investment, Ownership Percentage | 100% |
One Solution Innotech Limited [Member] | |
Equity Method Investment, Ownership Percentage | 100% |
Powertech Management Limited [Member] | |
Name of Subsidiary | Powertech Management Limited |
Place of incorportion | British Virgin Islands |
Principal activities | Investment holding |
Share Capital | 50,000 ordinary shares at par value of US$1 |
Powertech Corporation Limited [Member] | |
Name of Subsidiary | Powertech Corporation Limited |
Place of incorportion | Hong Kong |
Principal activities | Provision of information technology services |
Share Capital | 10,000 ordinary shares for HK$10,000 |
One Solution Holdings Limited [Member] | |
Name of Subsidiary | OneSolution Holdings Limited |
Place of incorportion | British Virgin Islands |
Principal activities | Investment holding |
Share Capital | 50,000 ordinary shares at par value of US$1 |
One Solution Management Limited [Member] | |
Name of Subsidiary | OneSolution Management Limited |
Place of incorportion | British Virgin Islands |
Principal activities | Investment holding |
Share Capital | 50,000 ordinary shares at par value of US$1 |
One Solution Innotech Limited [Member] | |
Name of Subsidiary | OneSolution Innotech Limited |
Place of incorportion | Hong Kong |
Principal activities | Product development and trading |
Share Capital | 10,000 ordinary shares for HK$10,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Useful lives) | 9 Months Ended |
Dec. 31, 2022 | |
Office Equipment [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer Equipment [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Translation rates) - HONG KONG | Dec. 31, 2022 | Dec. 31, 2021 |
Period Average [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Foreign Currency Exchange Rate, Translation | 0.1281 | 0.1284 |
Year End [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Foreign Currency Exchange Rate, Translation | 0.1276 | 0.1287 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Product Information [Line Items] | ||||
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 0 | $ 0 | $ 0 | $ 0 |
Impairment loss inventories | 750 | 0 | 750 | 0 |
Impairment of intangible assets | 0 | 0 | $ 0 | 0 |
Estimated economic useful life | 10 years | |||
Impairment charge | 0 | 0 | $ 0 | 0 |
Other Nonoperating Income | 927 | 0 | 9,185 | 0 |
Government Subsidies [Member] | ||||
Product Information [Line Items] | ||||
Other Nonoperating Income | $ 927 | $ 0 | $ 9,185 | $ 0 |
GOING CONCERN UNCERTAINTIES (De
GOING CONCERN UNCERTAINTIES (Details Narrative) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Retained Earnings (Accumulated Deficit) | $ 7,528,487 | $ 6,568,493 |
DEPOSITS, PREPAYMENTS AND OTH_3
DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES (Details) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 33,727 | $ 50,226 |
Rental and utilities deposit | 8,543 | 8,518 |
Other receivables | 0 | 44 |
Deposits, prepayments and other receivables | $ 42,270 | $ 58,788 |
DEFERRED FINANCING COST, NET (D
DEFERRED FINANCING COST, NET (Details) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Deferred Financing Cost Net | ||
Deferred financing cost | $ 525,000 | $ 0 |
Less: amortization | (90,903) | 0 |
Deferred financing cost, net | $ 434,097 | $ 0 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment plus construction in progress | $ 54,905 | $ 52,526 |
Less: Accumulated depreciation and amortization | (48,991) | (47,659) |
Less: foreign translation difference | (143) | 341 |
Total property and equipment, net | 5,771 | 5,208 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment plus construction in progress | 15,706 | 15,779 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment plus construction in progress | 12,037 | 12,123 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment plus construction in progress | 27,011 | 24,961 |
Foreign Translation Difference [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Foreign translation difference | $ 151 | $ (337) |
PROPERTY AND EQUIPMENT, NET (_2
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 647 | $ 20 | $ 1,674 | $ 20 |
INTANGIBLE ASSETS, NET (Details
INTANGIBLE ASSETS, NET (Details - Schedule of intangible assets) - USD ($) | 9 Months Ended | |
Dec. 31, 2022 | Mar. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 10 years | |
Less: accumulated depreciation | $ (7,651) | $ (4,308) |
Foreign translation adjustment | 43 | (127) |
Intangible assets net | $ 16,144 | 19,469 |
Website Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 5 years | |
Intangible asset | $ 21,200 | 21,352 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 10 years | |
Intangible asset | $ 2,552 | $ 2,552 |
INTANGIBLE ASSETS, NET (Detai_2
INTANGIBLE ASSETS, NET (Details - Future amortization expense) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 4,508 | |
2024 | 4,508 | |
2025 | 4,508 | |
2026 | 1,319 | |
2027 | 256 | |
Thereafter | 1,045 | |
Total | $ 16,144 | $ 19,469 |
INTANGIBLE ASSETS, NET (Detai_3
INTANGIBLE ASSETS, NET (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 1,125 | $ 2,126 | $ 3,368 | $ 4,298 |
AMOUNTS DUE TO RELATED PARTIES
AMOUNTS DUE TO RELATED PARTIES (Details Narrative) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Amounts Due To Related Parties | ||
Amount due to related parties | $ 1,954,287 | $ 1,683,063 |
LEASE - Lease information (Deta
LEASE - Lease information (Details) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Lease | ||
Right-of-use assets | $ 110,484 | $ 110,484 |
Accumulated depreciation | (67,831) | (38,355) |
Exchange realignment | 91 | 0 |
Total | 42,744 | 72,129 |
Current portion | 40,255 | 38,697 |
Non-current portion | 3,444 | 33,721 |
Total | $ 43,699 | $ 72,418 |
LEASE (Details Narrative)
LEASE (Details Narrative) | Dec. 31, 2022 USD ($) |
Lease | |
Operating lease term | 2 years |
Operating Lease, Weighted Average Discount Rate, Percent | 5% |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 38,039 |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - $ / shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 12, 2022 | Jun. 24, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Mar. 31, 2022 | |
Class of Stock [Line Items] | ||||||
Preferred Stock, Shares Authorized | 85,000,000 | 85,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||
Common Stock, Shares Authorized | 6,000,000,000 | 6,000,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||
Common Stock, Shares, Outstanding | 5,484,167,213 | 4,807,802,061 | ||||
Common Stock, Shares, Outstanding | 5,484,167,213 | 4,807,802,061 | ||||
Transfer Agent Error [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of shares cancelled | 150,000 | |||||
Consultants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of shares issued for services | 151,515,152 | |||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Commitment shares issued for private placement, shares | 525,000,000 | 525,000,000 | ||||
Number of shares issued for services | 151,515,152 | |||||
Series C Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||
Preferred Stock, Shares Issued | 30,000,000 | 30,000,000 | ||||
Preferred Stock, Shares Outstanding | 30,000,000 | 30,000,000 |
NET LOSS PER SHARE (Details)
NET LOSS PER SHARE (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net loss per share – Basic and Diluted* | ||||
Net loss attributable to common shareholders | $ (959,994) | $ (94,678) | ||
Weighted average common shares outstanding: | ||||
– Basic | 5,484,167,213 | 4,807,802,061 | 5,248,165,102 | 4,807,802,061 |
– Diluted | 5,484,167,213 | 4,807,802,061 | 5,248,165,102 | 4,807,802,061 |
Net loss per share:* | ||||
– Basic | $ 0 | $ 0 | $ 0 | $ 0 |
– Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
INCOME TAX EXPENSE (Details -
INCOME TAX EXPENSE (Details - Loss before income taxes) - USD ($) | 9 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | ||
Income (loss) before income taxes | $ (959,994) | $ (94,678) |
VIRGIN ISLANDS, BRITISH | ||
Operating Loss Carryforwards [Line Items] | ||
Income (loss) before income taxes | (506,202) | 0 |
HONG KONG | ||
Operating Loss Carryforwards [Line Items] | ||
Income (loss) before income taxes | (179,563) | (94,678) |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income (loss) before income taxes | $ (274,229) | $ 0 |
INCOME TAX EXPENSE (Details -
INCOME TAX EXPENSE (Details - Provision for income taxes) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax: | ||||
- Local | $ 0 | $ 0 | ||
- Foreign | 0 | 0 | ||
Deferred tax | ||||
- Local | 0 | 0 | ||
- Foreign | 0 | 0 | ||
Income tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
INCOME TAX EXPENSE (Details _2
INCOME TAX EXPENSE (Details - Tax effective rate) - USD ($) | 9 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | ||
Income (Loss) before income taxes | $ (959,994) | $ (94,678) |
Income tax expense (benefit) | 0 | 0 |
HONG KONG | ||
Operating Loss Carryforwards [Line Items] | ||
Income (Loss) before income taxes | $ (179,563) | $ (94,678) |
Statutory income tax rate | 16.50% | 16.50% |
Income tax expense at statutory rate | $ (29,628) | $ (15,622) |
Tax effect of non-deductible items | 937 | 0 |
Tax effect of non-taxable items | (2,126) | 0 |
Net operating income (loss) | (30,817) | (15,622) |
Tax effect of tax loss utilized | 30,817 | 15,622 |
Income tax expense (benefit) | $ 0 | $ 0 |
INCOME TAX - Schedule of deferr
INCOME TAX - Schedule of deferred taxes (Details)Disclosure - INCOME TAX EXPENSE (Details - Deferred taxes) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Net operating loss carryforward, from | ||
US tax regime | $ 95,342 | $ 0 |
Hong Kong tax regime | 290,955 | 285,609 |
Less: valuation allowance | (386,297) | (285,609) |
Deferred tax assets, net | $ 0 | $ 0 |
INCOME TAX EXPENSE (Details Nar
INCOME TAX EXPENSE (Details Narrative) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Deferred tax assets | $ 95,342 | |
Cumulative net operating losses | 454,011 | |
Deferred Tax Assets, Valuation Allowance | 386,297 | $ 285,609 |
HONG KONG | ||
Cumulative net operating losses | 1,763,360 | |
Deferred Tax Assets, Valuation Allowance | $ 290,955 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Equity Purchase from Investor | $ 20,000,000 |