RocketFuel Blockchain (RKFL) 10-Q 14 Aug 20 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2020	Aug. 14, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--03-31
Entity File Number	033-17773-NY
Entity Registrant Name	ROCKETFUEL BLOCKCHAIN, INC.
Entity Central Index Key	0000823546
Entity Tax Identification Number	90-1188745
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	3651 Lindell Road
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89103
City Area Code	424
Local Phone Number	256-8560
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		23,288,416

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2020	Mar. 31, 2020
Current assets:
Cash	$ 389,355	$ 7,838
Total current assets and total assets	389,355	7,838
Current liabilities:
Accounts payable and accrued expenses	70,442	70,315
Total current liabilities and total liabilities	70,442	70,315
Stockholders’ equity (deficit):
Preferred stock; $0.001 par value; 50,000,000 shares authorized; and no shares issued and outstanding as of June 30, 2020 and March 31, 2020, respectively
Common stock; $0.001 par value; 250,000,000 shares authorized; and 23,288,416 and 22,809,666 shares issued and outstanding as of June 30, 2020 and March 31, 2020, respectively	23,288	22,810
Additional paid-in capital	2,013,029	1,534,757
Accumulated deficit	(1,717,404)	(1,620,044)
Total stockholders’ equity (deficit)	318,913	(62,477)
Total liabilities and stockholders’ equity (deficit)	$ 389,355	$ 7,838

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
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	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common Stock, Shares, Outstanding	23,288,416	22,809,666
Common stock, shares issued	23,288,416	22,809,666

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenues
Expenses:
General and administrative expenses	97,360	23,703
Loss from operations	(97,360)	(23,703)
Net loss before provision for income taxes	(97,360)	(23,703)
Provision for income taxes
Net loss	$ (97,360)	$ (23,703)
Net loss per common share:
Basic and diluted	$ 0	$ 0
Weighted average common shares outstanding:
Basic and diluted	23,118,194	22,688,416

Statement of Shareholders' Equi

Statement of Shareholders' Equity Deficit (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Mar. 31, 2019		$ 22,688	$ 1,413,629	$ (1,495,005)	$ (58,688)
Beginning balance, shares at Mar. 31, 2019		22,688,416
Issuance of common stock in connection with private placement
Issuance of common stock in connection with private placement, shares
Net loss				(23,703)	(23,703)
Ending balance, value at Jun. 30, 2019		$ 22,688	1,413,629	(1,518,708)	(82,391)
Ending balance, shares at Jun. 30, 2019		22,688,416
Beginning balance, value at Mar. 31, 2020		$ 22,810	1,534,757	(1,620,044)	(62,477)
Beginning balance, shares at Mar. 31, 2020		22,809,666
Issuance of common stock in connection with private placement		$ 478	478,272		478,750
Issuance of common stock in connection with private placement, shares		478,750
Net loss				(97,360)	(97,360)
Ending balance, value at Jun. 30, 2020		$ 23,288	$ 2,013,029	$ (1,717,404)	$ 318,913
Ending balance, shares at Jun. 30, 2020		23,288,416

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (97,360)	$ (23,703)
Changes in assets and liabilities:
Accounts payable and accrued expenses	127	12,775
Net cash flows used in operating activities	(97,233)	(10,928)
Cash flows from financing activities:
Issuance of common stock	478,750
Net cash flows provided by financing activities	478,750
Net change in cash	381,517	(10,928)
Cash at beginning of period	7,838	19,486
Cash at end of period	389,355	8,558
Supplemental disclosure of non-cash flow information:
Income taxes paid

Business

Business	3 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Business	1. Business Business RocketFuel Blockchain Company, a Nevada corporation (“RocketFuel” or the “Company”) was formed on January 12, 2018 for the purpose of bringing highly efficient check-out systems to eCommerce. These new check-out means based upon blockchain technology are designed to increase speed, security, and ease of use. Using RocketFuel’s technology, merchants can enable new impulse buying schemes that may be unavailable in present day eCommerce sites. On June 27, 2018, we consummated a transaction as contemplated by that certain Contribution Agreement made and entered into as of June 27, 2018 by and among B4MC Gold Mines, Inc. (“B4MC”), a Nevada corporation, and us. Pursuant to the Contribution Agreement, B4MC issued 17,001,312 0.001 100 22,668,416

Interim Financial Statements an

Interim Financial Statements and Basis of Presentation	3 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements and Basis of Presentation	2. Interim Financial Statements and Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information pursuant to Rule 8-03 of Regulation S-X. Accordingly, these unaudited condensed financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments (consisting only of normal recurring adjustments), which we consider necessary, for a fair presentation of those financial statements. The results of operations and cash flows for the three months ended June 30, 2020 may not necessarily be indicative of results that may be expected for any succeeding quarter or for the entire fiscal year. These condensed financial statements should be read in conjunction with our audited financial statements as of March 31, 2020 as filed with the Securities and Exchange Commission (the “SEC”) on June 26, 2020. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments, which are evaluated on an ongoing basis, and that affect the amounts reported in our unaudited condensed financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the amounts of revenues and expenses that are not readily apparent from other sources. Actual results could differ from those estimates and judgments. Our significant accounting policies are described in Note 3 to the audited financial statements as of March 31, 2020 which are included in our Annual Report on Form 10-K as filed with the SEC on June 26, 2020.

Going Concern

Going Concern	3 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	3. Going Concern Our financial statements have been presented on the basis that we are a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the three months ended June 30, 2020, we reported a net loss of $ 97,360 and negative cash flows of $ 97,233 from operating activities. As a result, management believes that there is substantial doubt about our ability to continue as a going concern. During the three months ended June 30, 2020, we sold an additional 478,750 shares of our common stock to a private investor which provided us $ 478,750 of cash. We will require additional financing to continue to develop our product and execute on our business plan. However, there can be no assurances that we will be successful in raising the additional capital necessary to continue operations and execute on our business plan. A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. The Company has instituted some and may take additional temporary precautionary measures intended to help ensure the well-being of its managers and minimize business disruption. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s results of operations and financial position at June 30, 2020. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of the Company to obtain financing to fund the operation and to develop its business plan. ROCKETFUEL BLOCKCHAIN, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS JUNE 30, 2019 (UNAUDITED)

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	4. New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on our accounting and reporting. We believe that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on our accounting or reporting or that such impact will not be material to our financial position, results of operations and cash flows when implemented.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes We are required to file federal and state income tax returns in the United States. The preparation of these tax returns requires us to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by us. In consultation with our tax advisors, we base our tax returns on interpretations that are believed to be reasonable under the circumstances. The tax returns, however, are subject to routine reviews by the various federal and state taxing authorities in the jurisdictions in which we file tax returns. As part of these reviews, a taxing authority may disagree with respect to the income tax positions taken by us (“uncertain tax positions”) and, therefore, may require us to pay additional taxes. As required under applicable accounting rules, we accrue an amount for our estimate of additional income tax liability, including interest and penalties, which we could incur as a result of the ultimate or effective resolution of the uncertain tax positions. We account for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry-forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred tax assets to amounts expected to be realized. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. We had no 21.0 The U.S. Tax Cuts and Jobs Act (Tax Act) was enacted on December 22, 2017 and introduces significant changes to U.S. income tax law. Effective in 2018, the Tax Act reduces the U.S. statutory tax rate from 35% to 21% and creates new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively. 15.5 8

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit)	3 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Stockholders’ Equity (Deficit)	6. Stockholders’ Equity (Deficit) Prior to August 8, 2018, we had 750,000,000 0.001 250,000,000 50,000,000 0.001 17,001,312 0.001 100 22,668,416 ROCKETFUEL BLOCKCHAIN, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS JUNE 30, 2019 (UNAUDITED) On September 3, 2019, a private investor purchased 100,000 shares of our common stock at a price of $ 1.00 per share. On January 9, 2020, we sold 10,000 10,000 11,250 11,250 On April 29, 2020, we entered into a subscription agreement with a private investor for the purchase of 478,750 1.00 478,750 500,000 50,000 1,500,000 1.00 April 30, 2021 1,500,000 1.50 12 All of these transactions were exempt from registration under the Securities Act of 1933 pursuant to Regulation S thereunder. As of June 30, 2020, and March 31, 2019, we had 23,288,416 22,809,666 Stock Option Plans On August 8, 2018, the Board and stockholders holding a majority of our voting power approved the “RocketFuel Blockchain, Inc., 2018 Stock Incentive Plan,” which plan enables us to make awards that qualify as performance-based compensation. We have reserved 2,000,000

Legal Proceedings

Legal Proceedings	3 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	7. Legal Proceedings We are not the subject of any pending legal proceedings; and to the knowledge of management, no proceedings are presently contemplated against us by any federal, state or local governmental agency. Further, to the knowledge of management, no director or executive officer is party to any action in which any has an interest adverse to us.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events We evaluated all events or transactions that occurred after the balance sheet date through the date when we issued these financial statements and we did not have any material recognizable subsequent events during this period.

Business (Details Narrative)

Business (Details Narrative) - $ / shares	Jun. 30, 2020	Mar. 31, 2020	Aug. 07, 2018	Jun. 27, 2018
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares issued	23,288,416	22,809,666
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares outstanding	23,288,416	22,809,666
Contribution Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares issued				22,668,416
Ownership interest				100.00%
Common stock, shares outstanding				22,668,416
Contribution Agreement [Member] | B Four M C Gold Mines Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares issued				17,001,312
Common stock, par value				$ 0.001

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net loss	$ 97,360	$ 23,703
Net cash flows provided by (used in) operating activities	97,233	$ 10,928
Private Placement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sale of Stock, Consideration Received on Transaction	$ 478,750
Common Stock [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock Issued During Period, Shares, New Issues	478,750

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax credits	$ 0	$ 0
Effective tax rates	21.00%
Income tax rate, description	Effective in 2018, the Tax Act reduces the U.S. statutory tax rate from 35% to 21% and creates new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively.
Income taxes percentage on accumulated foreign subsidiary earnings	15.50%
Income taxes percentage on accumulated foreign subsidiary remaining earnings	8.00%

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit) (Details Narrative) - USD ($)	Apr. 29, 2020	Feb. 13, 2020	Jan. 09, 2020	Sep. 03, 2019	Jun. 30, 2020	Jun. 30, 2019	May 01, 2020	Mar. 31, 2020	Aug. 08, 2018	Aug. 07, 2018	Jun. 27, 2018
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized					250,000,000			250,000,000	250,000,000	750,000,000
Common stock, par value					$ 0.001			$ 0.001		$ 0.001
Preferred stock, shares authorized					50,000,000			50,000,000	50,000,000
Preferred stock, par value					$ 0.001			$ 0.001	$ 0.001
Common stock, shares issued					23,288,416			22,809,666
Common stock, shares outstanding					23,288,416			22,809,666
Proceeds from Issuance of Common Stock					$ 478,750
Warrant to purchase shares of common stock							1,500,000
Warrant purchase price per share							$ 1
Warrant expires							Apr. 30, 2021
Second Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Warrant to purchase shares of common stock							1,500,000
Warrant purchase price per share							$ 1.50
Warrant term							12 months
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Cash proceeds from sale of stock					$ 478,750
Private Investor [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued for services				100,000
Share price, per share				$ 1
Number of common stock shares issued		11,250	10,000
Proceeds from Issuance of Common Stock		$ 11,250	$ 10,000
Contribution Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued											22,668,416
Ownership interest exchange, percentage											100.00%
Common stock, shares outstanding											22,668,416
Contribution Agreement [Member] | B Four M C Gold Mines Inc [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, par value											$ 0.001
Common stock, shares issued											17,001,312
Subscription Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock shares issued	478,750
Sale of stock, price per share	$ 1
Cash proceeds from sale of stock	$ 478,750
Subscription Agreement [Member] | Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock shares issued	500,000
Private placement fee amount paid	$ 50,000
Two Thousand Eighteen Stock Incentive Plan [Member]
Subsidiary, Sale of Stock [Line Items]
Shares reserved for future issuance									2,000,000