Notes to the Financial Statements
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HARRIS & GILLESPIE CPAS, PLLC
CERTIFIED PUBLIC ACCOUNTANTS
3901 STONE WAY N., SUITE 202
SEATTLE, WA 98103
206.547.6050
INDEPENDENT AUDITOR REPORT ON FINANCIAL STATEMENTS
To the Board of Directors
Altair International, Inc.
We have audited the accompanying balance sheets of Altair International, Inc. (A Development Stage Company) as of March 31, 2014 and 2013, and the related statements of operations, stockholders deficit and cash flows for the periods then ended and for the period December 20, 2012 (inception) to March 31, 2014. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Altair International, Inc. (A Development Stage Company) as of March 31, 2014 and 2013 and the results of its operations and cash flows for the periods then ended and for the period December 20, 2012 (inception), to March 31, 2014 in conformity with generally accepted accounting principles in the United States of America.
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note #2 to the financial statements, the company has had significant operating losses; a working capital deficiency and its need for new capital raise substantial doubt about its ability to continue as a going concern. Managements plan in regard to these matters is also described in Note #2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/S/ HARRIS & GILLESPIE CPAS, PLLC
Seattle, Washington
April 17, 2014
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ALTAIR INTERNATIONAL CORP.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
AUDITED
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March 31, 2014
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March 31, 2013
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ASSETS
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Current Assets
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Cash
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$ 7,570
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$ 3,019
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Total current assets
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7,570
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3,019
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Total assets
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$ 7,570
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$ 3,019
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LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)
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Current Liabilities
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Loan from shareholder
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$ 6,400
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$ 100
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Accounts payable
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2,000
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Total current liabilities
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8,400
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100
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Total liabilities
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8,400
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100
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Stockholders Equity (Deficit)
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Common stock, $0.001 par value, 75,000,000 shares authorized;
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4,235,000 shares issued and outstanding (3,000,000 shares issued and outstanding as of March 31, 2013)
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4,235
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3,000
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Additional paid-in-capital
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23,465
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-
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Deficit accumulated during the development stage
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(28,530)
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(81)
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Total stockholders equity (deficit)
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(830)
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2,919
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Total liabilities and stockholders equity (deficit)
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$ 7,570
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$ 3,019
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The accompanying notes are an integral part of these financial statements.
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ALTAIR INTERNATIONAL CORP.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS
AUDITED
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Year ended March 31, 2014
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Year ended March 31, 2013
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For the period from inception (December 20, 2012) to March 31, 2014
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Expense:
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Total General & Admin. Expenses
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$ 28,449
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$ 81
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$ 28,530
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Loss before income tax
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(28,449)
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(81)
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(28,530)
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Income taxes
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-
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-
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Net loss
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$ (28,449)
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$ (81)
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$ (28,530)
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Loss per share Basic and Diluted
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$ (0.00)
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$ (0.00)
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Weighted Average Shares-Basic and Diluted
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3,385,288
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411,765
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The accompanying notes are an integral part of these financial statements.
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ALTAIR INTERNATIONAL CORP.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF STOCKHOLDERS EQUITY
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Number of
Common
Shares
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Amount
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Additional
Paid-in-
Capital
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Deficit
accumulated
during development stage
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Total
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Balance at inception
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-
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$ -
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$ -
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$ -
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$ -
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Common shares issued for cash at $0.001 on March 18, 2013
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3,000,000
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3,000
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-
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-
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3,000
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Net loss
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(81)
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(81)
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Balance as of March 31, 2013
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3,000,000
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3,000
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-
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(81)
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$ 2,919
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Common shares issued for cash at $0.02 on
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1,235,000
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1,235
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23,465
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-
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24,700
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Net loss
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(28,449)
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(28,449)
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Balance as of March 31, 2014
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4,235,000
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$ 4,235
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$ 23,465
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$ (28,530)
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(830)
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The accompanying notes are an integral part of these financial statements.
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ALTAIR INTERNATIONAL CORP.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
AUDITED
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Year ended March 31, 2014
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Year ended March 31, 2013
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For the period from inception (December 20, 2012) to March 31, 2014
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Operating Activities
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Net loss
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$ (28,449)
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$ (81)
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$ (28,530)
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Accounts payable
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2,000
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-
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2,000
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Net cash used in operating activities
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(26,449)
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(81)
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(26,530)
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Financing Activities
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Proceeds from issuance of common stock
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24,700
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3,000
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27,700
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Proceeds from loan from shareholder
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6,300
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100
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6,400
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Net cash provided by financing activities
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31,000
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3,100
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34,100
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Net increase (decrease) in cash
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4,551
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3,019
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7,570
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Cash at beginning of the period
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3,019
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-
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-
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Cash at end of the period
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$ 7,570
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$ 3,019
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$ 7,570
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Supplemental cash flow information:
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Cash paid for:
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Interest
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$ -
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$ -
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$ -
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Taxes
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$ -
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$ -
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$ -
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The accompanying notes are an integral part of these financial statements.
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ALTAIR INTERNATIONAL CORP.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE FINANCIAL STATEMENTS
MARCH 31, 2014
AUDITED
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS
Organization and Description of Business
ALTAIR INTERNATIONAL CORP. (the Company) was incorporated under the laws of the State of Nevada on December 20, 2012. The Company is in the development stage as defined under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 915-205 "Development-Stage Entities. The company intends to commence operations in the field of concept architectural, interior design projects and related areas. Since inception (December 20, 2012) through March 31, 2014 the Company has not generated any revenue and has accumulated losses of $28,530.
NOTE 2 - GOING CONCERN
The financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $28,530 as of March 31, 2014 and further losses are anticipated in the development of its business raising substantial doubt about the Companys ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock.
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the years ending March 31, 2014 and 2013 and for the period from (Inception) December 20, 2012 through March 31, 2014.
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.
The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At March 31, 2014 the Company's bank deposits did not exceed the insured amounts.
Basic and Diluted Income (Loss) Per Share
The Company computes loss per share in accordance with ASC-260, Earnings
per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.
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Income Taxes
The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
Fair Value of Financial Instruments
FASB ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
These tiers include:
Level 1: defined as observable inputs such as quoted prices in active markets;
Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
The carrying amounts of financial assets and liabilities, such as cash and accrued liabilities approximate their fair values because of the short maturity of these instruments.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
NOTE 4 COMMON STOCK
The Company has 75,000,000 common shares authorized with a par value of $0.001 per share. On March 18, 2013 the Company issued 3,000,000 shares of its common stock at $0.001 per share for total proceeds of $3,000.
During the period December 20, 2012 (inception) to March 31, 2013, the Company sold a total of 3,000,000 shares of common stock for total cash proceeds of $3,000. In November and December 2013, the Company sold a total of 1,235,000 shares of common stock for total cash proceeds of $24,700. During the period December 20, 2012 (inception) to March 31, 2014, the Company sold a total of 4,235,000 shares of common stock for total cash proceeds of $27,700.
NOTE 5 RELATED PARTY TRANSACTIONS
Since inception through March 31, 2014 the Director loaned the Company $6,400 to pay for incorporation costs, general and administrative expenses and professional fees. As of March 31, 2014, total loan amount was $6,400. The loan is non-interest bearing, due upon demand and unsecured.
NOTE 6 SUBSEQUENT EVENTS
In accordance with ASC 855-10, the Company has analyzed its operations from March 31, 2014 to April 17, 2014 and has determined that it does not have any material subsequent events to disclose in these financial statements.
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