UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
10-Q
☑ QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2015
☐ TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
ALTAIR
INTERNATIONAL CORP.
(Exact
name of registrant as specified in its charter)
|
|
|
Nevada |
333-190235 |
99-0385465 |
(State
or other jurisdiction |
(Commission
File Number) |
(IRS
Employer |
of
Incorporation) |
|
Identification
Number) |
|
6501
E. Greenway Pkwy #103-412
Scottsdale,
AZ 85254 |
|
(Address
of principal executive offices)
|
(760)
413-3927 |
(Registrant’s
Telephone Number) |
Indicate
by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No
☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Ruble 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
|
|
Non-accelerated filer ☐
(Do not check if a smaller reporting company) |
Smaller reporting
company ☑ |
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☑
No ☐
As
of September 14, 2015, there were 29,820,000 shares of the registrant’s $0.001 par value common stock issued and
outstanding.
ALTAIR
INTERNATIONAL CORP.
QUARTERLY
REPORT
PERIOD
ENDED JUNE 30, 2015
TABLE
OF CONTENTS
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Page No. |
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PART I - FINANCIAL INFORMATION |
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Item 1. |
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Financial Statements |
F1 – F7 |
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Item 2. |
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Management's Discussion and Analysis of Financial Condition and Results of Operations |
8 |
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Item 3. |
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Quantitative and Qualitative Disclosures About Market Risk |
10 |
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Item 4T. |
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Controls and Procedures |
10 |
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PART II - OTHER INFORMATION |
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Item 1. |
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Legal Proceedings |
11 |
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Item1A. |
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Risk Factors |
11 |
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Item 2. |
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Unregistered Sales of Equity Securities and Use of Proceeds |
11 |
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Item 3. |
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Defaults Upon Senior Securities |
11 |
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Item 4. |
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Mine Safety Disclosures |
11 |
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Item 5. |
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Other Information |
11 |
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Item 6. |
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Exhibits |
11 |
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Signatures |
12 |
Special
Note Regarding Forward-Looking Statements
Information
included in this Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange
Act”). This information may involve known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Altair International Corp. (the “Company”), to be materially different from
future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements,
which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by
use of the words “may,” “will,” “should,” “expect,” “anticipate,”
“estimate,” “believe,” “intend,” or “project” or the negative of these words or
other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may
be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass.
Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result
of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking
statements for any reason, even if new information becomes available or other events occur in the future.
*Please note
that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us,"
the "Company," or "ATAO" refers to Altair International Corp.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
INDEX | |
| F-1 | |
Balance Sheets as of June 30, 2015 (Unaudited) and March 31, 2014
(Audited) | |
| F-2 | |
Statements of Operations for the Three Months Ended June
30, 2015 and 2014 (Unaudited) | |
| F-3 | |
Statements of Cash Flows for the Three Months Ended June, 30
2015 and 2014, (Unaudited) | |
| F-4 | |
Notes to the Financial Statements (Unaudited) | |
| F-5 | |
ALTAIR INTERNATIONAL CORP. |
BALANCE SHEETS |
AS OF JUNE 30, 2015 AND MARCH 31, 2015 |
| |
| |
|
| |
June 30, 2015 | |
March 31, 2015 |
| |
(Unaudited) | |
(Audited) |
ASSETS |
|
Current Assets | |
| | | |
| | |
Cash | |
$ | 305 | | |
$ | 200 | |
Total current assets | |
| 305 | | |
| 200 | |
| |
| | | |
| | |
Other Assets | |
| | | |
| | |
Advances and deposits | |
| 340,000 | | |
| 240,000 | |
Sales and distribution licenses | |
| 200,000 | | |
| 200,000 | |
Total assets | |
$ | 540,305 | | |
$ | 440,200 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICT) | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 300 | | |
$ | 14,740 | |
Promissory notes | |
| 150,000 | | |
| 27,778 | |
Interest payable | |
| 21,493 | | |
| 10,000 | |
Derivative liability | |
| 100,000 | | |
| 100,002 | |
Loans from shareholder | |
| 382,975 | | |
| 353,425 | |
Total current liabilities | |
| 654,768 | | |
| 505,945 | |
Total Liabilities | |
| 654,768 | | |
| 505,945 | |
| |
| | | |
| | |
Stockholders' Equity (Deficit) | |
| | | |
| | |
Common Stock, $0.001 par value, 75,000,000 shares authorized; 29,645,000 shares issued and outstanding | |
| 4,235 | | |
| 4,235 | |
Additional paid-in-capital | |
| 57,556 | | |
| 32,556 | |
Share subscriptions received | |
| 50,000 | | |
| — | |
Accumulated deficit | |
| (226,254 | ) | |
| (102,536 | ) |
Total stockholders' equity (deficit) | |
| (114,463 | ) | |
| (65,745 | ) |
Total liabilities and stockholders's equity (deficit) | |
$ | 540,305 | | |
$ | 440,200 | |
| |
| | | |
| | |
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| | | |
| | |
The accompanying notes are an integral part of these financial statements |
ALTAIR INTERNATIONAL CORP. |
STATEMENTS OF OPERATIONS |
(UNAUDITED) |
| |
| |
|
| |
Three Month
Period Ended
June 30, 2015 | |
Three Month
Period Ended
June 30, 2014 |
Expenses | |
| | | |
| | |
Total General and Administrative expenses | |
$ | 15,005 | | |
$ | 6,270 | |
Interest expense | |
| 108,713 | | |
| — | |
| |
| | | |
| | |
Loss before income taxes | |
| (123,718 | ) | |
| (6,270 | ) |
Income taxes | |
| — | | |
| — | |
Net loss | |
$ | (123,718 | ) | |
$ | (6,270 | ) |
| |
| | | |
| | |
Loss per share - Basic and Diluted | |
$ | (0.004 | ) | |
$ | (0.000 | ) |
Weighted Average Shares - Basic and Diluted | |
| 29,645,000 | | |
| 29,645,000 | |
| |
| | | |
| | |
| |
| | | |
| | |
The accompanying notes are an integral part of these financial statements. |
ALTAIR INTERNATIONAL CORP. |
STATEMENTS OF CASH FLOWS |
(UNAUDITED) |
| |
| |
|
| |
Three Month
Period Ended
June 30, 2015 | |
Three Month
Period Ended
June 30, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net (loss) | |
$ | (123,718 | ) | |
$ | (6,270 | ) |
Adjustments to reconcile net loss to net cash used in operating activities | |
| | | |
| | |
Changes in: | |
| | | |
| | |
Accounts payable | |
| (14,440 | ) | |
| (1,300 | ) |
Interest payable | |
| 11,493 | | |
| — | |
Debt discount | |
| 97,220 | | |
| — | |
| |
| (29,445 | ) | |
| (7,570 | ) |
| |
| | | |
| | |
CASH FLOWS FOR INVESTING ACTIVITIES | |
| | | |
| | |
Acquisition of distribution and sales license | |
| — | | |
| — | |
Advances and deposits | |
| (100,000 | ) | |
| — | |
| |
| (100,000 | ) | |
| — | |
| |
| | | |
| | |
CASH FLOW FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from loan from shareholder | |
| 29,550 | | |
| | |
Proceeds from Promissory Note | |
| 50,000 | | |
| — | |
Share subscriptions received | |
| 50,000 | | |
| | |
| |
| 129,550 | | |
| — | |
| |
| | | |
| | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | |
| 105 | | |
| (7,570 | ) |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS | |
| | | |
| | |
Beginning of period | |
| 200 | | |
| 7,570 | |
End of period | |
$ | 305 | | |
$ | — | |
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| | |
Supplemental disclosures of cash flow information | |
| | | |
| | |
Taxes paid | |
$ | — | | |
$ | — | |
Interest paid | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
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| | | |
| | |
The accompanying notes are an integral part of these financial statements. |
ALTAIR
INTERNATIONAL CORP.
Notes
to the Financial Statements
June
30, 2015
(Unaudited)
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
has entered into a strategic alliance with Cure Pharmaceutical Corporation (“CURE”), a California company engaged
in the development of oral thin film (“OTF”) for the delivery of nutraceutical, over-the-counter and prescription
products. Currently this alliance is comprised of an Exclusive License and Distribution Agreement for CURE’s Sildenafil
(commonly known as Viagra) Products throughout Asia, Brazil, the Middle East and Canada while a Joint Venture Agreement for the
procurement of converting and packaging equipment specific for oral thin film products has been proposed through a Letter of Intent.
In addition, Altair and Cure have agreed to enter into further joint ventures or other business relationships for the purpose
of completing the development and marketing of additional products, and for license and distribution agreements for additional
Cure products such as aspirin, sleep-aid, topical muscle and joint pain relief, and electrolytes delivered through OTF or other
methods.
The Company
had previously planned to commence operations in the architectural field and to be responsible for the concept architectural vision
of future private and public buildings as well as municipal organized public areas. This plan was abandoned in the 2015 fiscal
year in favor of the business operations described above.
In
management’s opinion all adjustments necessary for a fair statement of the results for the interim periods have been made,
and that all adjustments have been made to maintain the books in accordance with GAAP. Furthermore, sufficient disclosures have
been made in order to ensure that the interim financial statements will not be misleading.
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 $226,254 as of June 30, 2015 and further losses are anticipated in the
development of its business raising substantial doubt about the Company’s 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 three month periods ending June 30, 2015 and 2014 and year
ending March 31, 2015.
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 June 30, 2015 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.
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 –
SALES AND DISTRIBUTION LICENSE
On November
26, 2014, the Company entered into a license and distribution agreement with Cure Pharmaceutical Corporation (“Cure”)
for the exclusive rights to distribute and sell in certain defined territories any product produced and supplied by Cure that
contains Sildenafil and is delivered through an oral thin film. The defined territories include Asia, Brazil, the Middle East
and Canada. For the sake of clarity, Asia is further defined as India, China, Malaysia, Indonesia, Taiwan, Japan, Philippines,
and those other countries dependent on China’s SDA certification for their approval protocol of the Products. There is no
expiry date to this agreement.
The agreement
required that the Company pay to Cure a fee in the aggregate amount of $200,000, payable in two equal $100,000 instalments. The
Company completed the purchase of the license in the 2015 fiscal year. This fee will be amortized over a ten year period commencing
on the date of the first sale of product under the license.
NOTE 5 –
PROMISSORY NOTES
On March 6,
2015, the Company executed a convertible promissory note for $100,000 with Williams Ten, LLC. The note was due in ninety days,
has a $10,000 one-time interest payment due at maturity and requires the issuance of 10,000 shares of common stock. This note
is currently past due and a late penalty charge of $11,000 has been incurred. The unpaid principal and interest at the end of
the term is convertible into shares of common stock at 50% of the average closing price for the ten days prior to the end of the
term of the note. The fair value of the common stock to be issued was determined to be $9,091 based on its fair value relative
to the fair value of the debt issued. This amount was recorded as a debt discount and has been amortized utilizing the interest
method of accretion over the term of the note. In addition, due to the variable nature of the conversion feature which has no
explicit limit on the number of shares that could be required to be issued, the company bifurcated the conversion feature and
accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $100,004 based
on the Black Scholes Merton pricing model and a corresponding debt discount of $90,909 and derivative expense charge of $9,095.
As of June 30, 2015, the debt discount has been amortized to interest expense and the Company fair valued the derivative at $100,000.
On May 26, 2015,
the Company executed a convertible promissory note for $50,000 with Sareja Holdings, LLC. The note is due in thirty days, has
a 10% per annum interest rate and requires the issuance of 50,000 shares of common stock. In the event of default an additional
250,000 shares of common stock is to be paid. The fair value of the 50,000 shares of common stock issued was determined to be
$25,000 based on its fair value relative to the fair value of the debt issued. This amount has been recorded as a debt discount
and was amortized utilizing the interest method of accretion over the term of the note. As of June 30, 2015, $25,000 of the debt
discount has been amortized to interest expense. This note is currently past due; however, repayment terms are being renegotiated.
NOTE 6 –
COMMON STOCK
The Company
has 75,000,000 common shares authorized with a par value of $0.001 per share.
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.
On February 9, 2015, the Company
affected a seven for one forward split of its common stock. As a result of this forward split, the Company had 29,645,000 common
shares issued and outstanding at June 30, 2015.
The Company received a subscription
agreement for the issuance of 50,000 common shares at an issue price of $1.00 per share on June 4, 2015. These shares were issued
from Treasury subsequent to June 30, 2015.
NOTE 7 –
RELATED PARTY TRANSACTIONS
From inception through June 30, 2015
Directors have loaned the Company $382,975 to pay for incorporation costs, general and administrative expenses and professional
fees, the acquisition of sales and distribution licenses and advances to Cure Pharmaceutical. As of June 30, 2015, the total
loan amount was $382,975. The loan is non-interest bearing, due upon demand and unsecured.
NOTE 8 –
SUBSEQUENT EVENTS
In
accordance with ASC 855-10, the Company has analyzed its operations from June 30, 2015 to August 4, 2015 and has determined that
it has no other material subsequent events to disclose in these financial statements.
END OF
NOTES TO FINANCIAL STATEMENTS
ITEM 2. |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR
PLAN OF OPERATION |
FORWARD-LOOKING
STATEMENTS
This Quarterly
Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended
(the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
These forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections.
We may use words such as “anticipate,” “expect,” “intend,” “plan,” “believe,”
“foresee,” “estimate” and variations of these words and similar expressions to identify forward-looking
statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other
factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from
those expressed or forecasted. You should read this report completely and with the understanding that actual future results may
be materially different from what we expect. The forward-looking statements included in this report are made as of the date of
this report and should be evaluated with consideration of any changes occurring after the date of this Report. We will not update
forward-looking statements even though our situation may change in the future and we assume no obligation to update any forward-looking
statements, whether as a result of new information, future events or otherwise.
Our Business
The Company
was incorporated to operate in the architectural field and to be responsible for the concept architectural vision of future private
and public buildings as well as municipal organized public areas. The Company has now changed its focus and plans to enter the
pharmaceutical and nutraceutical markets through the distribution and sale of nutraceutical, over-the-counter and prescription
products manufactured using patented and proprietary oral thin film technology. To this end, the Company has entered into a license
and distribution agreement with Cure Pharmaceutical Corporation of Oxnard, CA for the exclusive rights to distribute and sell
in certain defined territories any product produced and supplied by Cure that contains Sildenafil and is delivered through an
oral thin film.
RESULTS OF OPERATIONS
We have
incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern
and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification
of liabilities that might be necessary should we be unable to continue in operation.
We expect
we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through,
among other things, the sale of equity or debt securities.
Working Capital
| |
As of June 30,
2015 | |
As of March 31,
2015 |
Total Current Assets | |
$ | 305 | | |
$ | 200 | |
Total Current Liabilities | |
| 654,768 | | |
| 505,945 | |
Working Capital (Deficit) | |
$ | (654,463 | ) | |
$ | (505,745 | ) |
Cash Flows
| |
Three Months Ended June 30, 2015 | |
Three Months Ended June 30, 2014 |
Cash Flows from (used in) Operating Activities | |
$ | (29,445 | ) | |
$ | (7,570 | ) |
Cash Flow from (used in) Investing Activities | |
| (100,000 | ) | |
| — | |
Cash Flows from (used in) Financing Activities | |
| 129,550 | | |
| — | |
Net Increase (decrease) in Cash during period | |
$ | 105 | | |
$ | 7,570 | |
Operating Revenues
During
the three month period ending June 30, 2015, the Company did not record any revenues. During fiscal year ended March 31, 2015,
the Company did not generate any revenue.
Operating Expenses and Net
Loss
Operating
expenses during the three month period ended June 30, 2015 were $15,005 consisting of general and administrative expenses which
includes corporate overhead and financial and contracted services, as compared to $6,270 for the three month period ended June
30, 2014.
Net
loss for the three month period ended June 30, 2015 was $123,718, in comparison to a net loss of $6,270 for the three months ended
June 30, 2014.
Liquidity and Capital Resources
As
at June 30, 2015, the Company’s current assets were $305 and at March 31, 2015 were $200. As at June 30, 2015, the Company
had total liabilities of $654,768, consisting of $300 in accounts payable, $150,000 in Promissory Notes payable, $21,493 in interest
payable, a $100,000 derivative liability and $382,975 in loans from a stockholder. As at June 30, 2015, the Company had
a working capital deficiency of $654,463.
Cash flow from/used in Operating
Activities
We
have not generated positive cash flows from operating activities. During the three month period ended June 30, 2015, the Company
used $29,445 of cash for operating activities. For the three month period ended June 30 2014, the Company used $7,570 of cash
for operating activities.
Cash flow from Financing Activities
We
have financed our operations primarily from either advancements or the issuance of equity and debt instruments. During the three
month period ended June 30, 2015, the Company received $129,550 of cash from financing activities. For the three month period
ended June 30, 2014 net cash provided by financing activities was $0.
Going
Concern
We
have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive acquisitions and activities.
For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that
we will be able to continue as a going concern without further financing. The financial statements have been prepared "assuming
that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities
and commitments in the ordinary course of business.
Off-Balance
Sheet Arrangements
We
have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our
financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures
or capital resources that are material to stockholders.
Future
Financings
We
will continue to rely on equity sales of our common shares and advances from related parties in order to continue to fund our
business operations. Issuances of additional shares will result in dilution to existing stockholders. There is no assurance that
we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and
other activities.
Critical
Accounting Policies
Our
financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting
principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting periods.
We
regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. A complete summary of
these policies is included in the notes to our financial statements. In general, management's estimates are based on historical
experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable
under the facts and circumstances. Actual results could differ from those estimates made by management.
Contractual
Obligations
We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide
the information under this item.
Recently
Issued Accounting Pronouncements
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact
on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK |
We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide
the information under this item.
ITEM 4. |
Controls and Procedures
|
Disclosure Controls and Procedures
Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed
in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods
specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures
designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated
to management, including our Chief Executive Officer and our Chief Financial Officer, to allow timely decisions regarding required
disclosure.
An
evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design
and operation of our disclosure controls and procedures, as required by Exchange Act Rule 13a-15. Based on that evaluation, our
management concluded that our disclosure controls and procedures were effective as of June 30, 2015 to ensure that information
required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized
and reported within the time periods specified by the SEC’s rules and forms.
Changes
in Internal Control and Financial Reporting
There
has been no change in our internal control over financial reporting identified in connection with our evaluation we conducted
of the effectiveness of our internal control over financial reporting as of June 30, 2015, that occurred during our third fiscal
quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
This
quarterly report does not include an attestation report of the Company’s registered public accounting firm regarding internal
control over financial reporting. Management’s report was not subject to attestation by the Company’s registered
public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only management’s report
in this quarterly report.
PART II—OTHER INFORMATION
ITEM 1. |
LEGAL PROCEEDINGS
|
We
know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material
proceeding or pending litigation. There are no proceedings in which our director, officer or any affiliates, or any registered
or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.
We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required
under this item.
ITEM 2. |
Unregistered Sales of
Equity Securities and Use of Proceeds. |
Quarterly
Issuances:
None.
Subsequent
Issuances:
None.
ITEM 3. |
Defaults Upon Senior Securities
|
None.
ITEM 4. |
MINE SAFETY DISCLOSURES |
Not applicable.
ITEM 5. |
OTHER INFORMATION |
None.
Exhibit
Number |
Description of Exhibit |
Filing |
3.01 |
Articles of Incorporation |
Filed with the SEC on July 29, 2013 as part of our Registration
Statement on Form S-1. |
3.02 |
Bylaws |
Filed with the SEC on July 29, 2013 as part of our Registration
Statement on Form S-1. |
31.01 |
CEO and CFO Certification Pursuant to Rule 13a-14 |
Filed herewith. |
32.01 |
CEO and CFO Certification Pursuant to
Section 906 of the Sarbanes-Oxley Act |
Filed herewith. |
|
|
|
101.INS* |
XBRL Instance Document |
Filed herewith. |
101.SCH* |
XBRL Taxonomy Extension Schema Document |
Filed herewith. |
101.CAL* |
XBRL Taxonomy Extension Calculation Linkbase Document |
Filed herewith. |
101.LAB* |
XBRL Taxonomy Extension Labels Linkbase Document |
Filed herewith. |
101.PRE* |
XBRL Taxonomy Extension Presentation Linkbase Document |
Filed herewith. |
101.DEF* |
XBRL Taxonomy Extension Definition Linkbase Document |
Filed herewith. |
(i) *Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration
statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section
18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
|
|
ALTAIR
INTERNATIONAL CORP. |
|
|
|
|
|
|
Date: September 14, 2015 |
|
/s/ Alan M. Smith |
|
|
|
By: Alan M. Smith |
|
|
Its: President, CEO, CFO, Secretary, Treasurer and Director |
Pursuant
to the requirement of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf
of the Company and in the capacities and on the dates indicated:
Date: September 14, 2015 |
|
/s/ Alan M. Smith |
|
|
|
By: Alan M. Smith |
|
|
Its: President, CEO, CFO, Secretary, Treasurer and Director |
12
EXHIBIT 31.1
CERTIFICATION
I, Alan M. Smith, certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q of Altair International
Corp. (the “Company”); |
2. |
Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the Company as of, and for, the periods presented in this report; |
4. |
I am responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have: |
|
a. |
Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; |
|
b. |
Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles; |
|
c. |
Evaluated the effectiveness of the Company’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
d. |
Disclosed in this report any change in the Company’s
internal control over financial reporting that occurred during the Company’s most recent fiscal quarter (the Company’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially
affect, the Company’s internal control over financial reporting; and |
5. |
I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors
(or persons performing the equivalent functions): |
|
a. |
All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
Company’s ability to record, process, summarize and report financial information; and |
|
b. |
Any fraud, whether or not material, that involves
management or other employees who have a significant role in the Company’s internal control over financial reporting. |
Date: September 14, 2015 |
|
/s/ Alan M. Smith |
|
|
|
Alan M. Smith |
|
|
Chief Executive Officer |
EXHIBIT 31.2
CERTIFICATION
I, Alan M. Smith, certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q of Altair International
Corp. (the “Company”); |
2. |
Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the Company as of, and for, the periods presented in this report; |
4. |
I am responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have: |
|
a. |
Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; |
|
b. |
Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles; |
|
c. |
Evaluated the effectiveness of the Company’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
d. |
Disclosed in this report any change in the Company’s
internal control over financial reporting that occurred during the Company’s most recent fiscal quarter (the Company’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially
affect, the Company’s internal control over financial reporting; and |
5. |
I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors
(or persons performing the equivalent functions): |
|
a. |
All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
Company’s ability to record, process, summarize and report financial information; and |
|
b. |
Any fraud, whether or not material, that involves
management or other employees who have a significant role in the Company’s internal control over financial reporting. |
Date: September 14, 2015 |
|
/s/ Alan M. Smith |
|
|
|
Alan M. Smith |
|
|
Chief Financial Officer |
EXHIBIT
32.1
CERTIFICATION
PURSUANT TO
18 U.S.C.
SECTION 1350,
AS ADOPTED
PURSUANT TO
SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly
Report of Altair International Corp. (the “Company”) on Form 10-Q for the period ended June 30, 2015, as filed with
the Securities and Exchange Commission on the date hereof (the “Report”), I, Alan M. Smith, Principal Executive Officer
of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that:
1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and |
2. |
The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
Date: September 14, 2015 |
|
/s/ Alan M. Smith |
|
|
|
Alan M. Smith |
|
|
Chief Executive Officer |
EXHIBIT
32.2
CERTIFICATION
PURSUANT TO
18 U.S.C.
SECTION 1350,
AS ADOPTED
PURSUANT TO
SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly
Report of Altair International Corp. (the “Company”) on Form 10-Q for the period ended June 30, 2015, as filed with
the Securities and Exchange Commission on the date hereof (the “Report”), I, Alan M. Smith, Principal Financial Officer
of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that:
1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and |
2. |
The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
Date: September 14, 2015 |
|
/s/ Alan M. Smith |
|
|
|
Alan M. Smith |
|
|
Chief Financial Officer |
v3.3.0.814
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v3.3.0.814
BALANCE SHEET (Unaudited) - USD ($)
|
Jun. 30, 2015 |
Mar. 31, 2015 |
Current Assets |
|
|
Cash and cash equivalents |
$ 305
|
$ 200
|
Total current assets |
305
|
200
|
Other Assets |
|
|
Advances and deposits |
340,000
|
240,000
|
Sales and distrubtion licenses |
200,000
|
200,000
|
Total assets |
540,305
|
440,200
|
Current Liabilities |
|
|
Accounts payable |
300
|
14,740
|
Promissory note |
150,000
|
27,778
|
Interest payable |
21,493
|
10,000
|
Derivative liability |
100,000
|
100,002
|
Loan from shareholder |
382,975
|
353,425
|
Total current liabilities |
654,768
|
505,945
|
Total Liabilities |
654,768
|
505,945
|
Stockholders' Equity (Deficit) |
|
|
Common stock, $0.001 par value; 75,000,000 shares authorized, 29,645,000 shares issued and outstanding |
4,235
|
4,235
|
Additional paid in capital |
57,556
|
$ 32,556
|
Share subscriptions received |
50,000
|
|
Accumulated deficit |
(226,254)
|
$ (102,536)
|
Total stockholders' equity (deficit) |
(114,463)
|
(65,745)
|
Total liabilities and stockholders' equity (deficit) |
$ 540,305
|
$ 440,200
|
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v3.3.0.814
BALANCE SHEET (Parenthetical) - $ / shares
|
Jun. 30, 2015 |
Mar. 31, 2015 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, authorized |
75,000,000
|
75,000,000
|
Common stock, issued |
29,645,000
|
29,645,000
|
Common stock, outstanding |
29,645,000
|
29,645,000
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v3.3.0.814
STATEMENT OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
Jun. 30, 2015 |
Jun. 30, 2014 |
Expenses |
|
|
Total General and Administrative expenses |
$ 15,005
|
$ 6,270
|
Interest expense |
108,713
|
|
Loss before income taxes |
$ (123,718)
|
$ (6,270)
|
Income taxes |
|
|
Net loss |
$ (123,718)
|
$ (6,270)
|
Loss per shares - Basic and Diluted |
$ (0.004)
|
$ 0.000
|
Weighted Average Shares - Basic and Diluted |
29,645,000
|
29,645,000
|
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v3.3.0.814
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2015 |
Jun. 30, 2014 |
Jun. 30, 2015 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
Net (loss) |
$ (123,718)
|
$ (6,270)
|
|
Adjustment to reconcile net loss to net cash used in operating activities: |
|
|
|
Changes in Accounts payable |
(14,440)
|
$ (1,300)
|
|
Changes in Interest payable |
11,493
|
|
|
Changes in Debt discount |
97,220
|
|
|
Net cash used in operating activities |
$ (29,445)
|
$ (7,570)
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
Acquisition of distribution and sales license |
|
|
$ 200,000
|
Advances and deposits |
$ (100,000)
|
|
|
Net cash used in investing activities |
(100,000)
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
Proceeds from loans from stockholder |
29,550
|
|
|
Proceeds from Promissory Note |
50,000
|
|
|
Share subscriptions received |
50,000
|
|
|
Net cash provided by financing activities |
129,550
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
105
|
$ (7,570)
|
|
CASH AND CASH EQUIVALENTS |
|
|
|
Beginning of year |
200
|
$ 7,570
|
|
End of year |
$ 305
|
|
$ 305
|
Supplemental disclosures of cash flow information |
|
|
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|
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|
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v3.3.0.814
ORGANIZATION AND BUSINESS OPERATIONS
|
3 Months Ended |
Jun. 30, 2015 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND BUSINESS OPERATIONS |
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
has entered into a strategic alliance with Cure Pharmaceutical Corporation (CURE), a California company engaged
in the development of oral thin film (OTF) for the delivery of nutraceutical, over-the-counter and prescription
products. Currently this alliance is comprised of an Exclusive License and Distribution Agreement for CUREs Sildenafil
(commonly known as Viagra) Products throughout Asia, Brazil, the Middle East and Canada while a Joint Venture Agreement for the
procurement of converting and packaging equipment specific for oral thin film products has been proposed through a Letter of Intent.
In addition, Altair and Cure have agreed to enter into further joint ventures or other business relationships for the purpose
of completing the development and marketing of additional products, and for license and distribution agreements for additional
Cure products such as aspirin, sleep-aid, topical muscle and joint pain relief, and electrolytes delivered through OTF or other
methods.
The Company
had previously planned to commence operations in the architectural field and to be responsible for the concept architectural vision
of future private and public buildings as well as municipal organized public areas. This plan was abandoned in the 2015 fiscal
year in favor of the business operations described above.
In
managements opinion all adjustments necessary for a fair statement of the results for the interim periods have been made,
and that all adjustments have been made to maintain the books in accordance with GAAP. Furthermore, sufficient disclosures have
been made in order to ensure that the interim financial statements will not be misleading.
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v3.3.0.814
GOING CONCERN
|
3 Months Ended |
Jun. 30, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
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 $226,254 as of June 30, 2015 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.
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v3.3.0.814
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Jun. 30, 2015 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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 three month periods ending June 30, 2015 and 2014 and year
ending March 31, 2015.
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 June 30, 2015 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.
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.
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v3.3.0.814
SALES AND DISTRIBUTION LICENSE
|
3 Months Ended |
Jun. 30, 2015 |
Other Income and Expenses [Abstract] |
|
SALES AND DISTRIBUTION LICENSE |
NOTE 4
SALES AND DISTRIBUTION LICENSE
On November
26, 2014, the Company entered into a license and distribution agreement with Cure Pharmaceutical Corporation (Cure)
for the exclusive rights to distribute and sell in certain defined territories any product produced and supplied by Cure that
contains Sildenafil and is delivered through an oral thin film. The defined territories include Asia, Brazil, the Middle East
and Canada. For the sake of clarity, Asia is further defined as India, China, Malaysia, Indonesia, Taiwan, Japan, Philippines,
and those other countries dependent on Chinas SDA certification for their approval protocol of the Products. There is no
expiry date to this agreement.
The agreement
required that the Company pay to Cure a fee in the aggregate amount of $200,000, payable in two equal $100,000 instalments. The
Company completed the purchase of the license in the 2015 fiscal year. This fee will be amortized over a ten year period commencing
on the date of the first sale of product under the license.
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v3.3.0.814
PROMISSORY NOTES
|
3 Months Ended |
Jun. 30, 2015 |
Debt Disclosure [Abstract] |
|
PROMISSORY NOTES |
NOTE 5
PROMISSORY NOTES
On March 6,
2015, the Company executed a convertible promissory note for $100,000 with Williams Ten, LLC. The note was due in ninety days,
has a $10,000 one-time interest payment due at maturity and requires the issuance of 10,000 shares of common stock. This note
is currently past due and a late penalty charge of $11,000 has been incurred. The unpaid principal and interest at the end of
the term is convertible into shares of common stock at 50% of the average closing price for the ten days prior to the end of the
term of the note. The fair value of the common stock to be issued was determined to be $9,091 based on its fair value relative
to the fair value of the debt issued. This amount was recorded as a debt discount and has been amortized utilizing the interest
method of accretion over the term of the note. In addition, due to the variable nature of the conversion feature which has no
explicit limit on the number of shares that could be required to be issued, the company bifurcated the conversion feature and
accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $100,004 based
on the Black Scholes Merton pricing model and a corresponding debt discount of $90,909 and derivative expense charge of $9,095.
As of June 30, 2015, the debt discount has been amortized to interest expense and the Company fair valued the derivative at $100,000.
On May 26, 2015,
the Company executed a convertible promissory note for $50,000 with Sareja Holdings, LLC. The note is due in thirty days, has
a 10% per annum interest rate and requires the issuance of 50,000 shares of common stock. In the event of default an additional
250,000 shares of common stock is to be paid. The fair value of the 50,000 shares of common stock issued was determined to be
$25,000 based on its fair value relative to the fair value of the debt issued. This amount has been recorded as a debt discount
and was amortized utilizing the interest method of accretion over the term of the note. As of June 30, 2015, $25,000 of the debt
discount has been amortized to interest expense. This note is currently past due; however, repayment terms are being renegotiated.
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v3.3.0.814
COMMON STOCK
|
3 Months Ended |
Jun. 30, 2015 |
Equity [Abstract] |
|
COMMON STOCK |
NOTE 6
COMMON STOCK
The Company
has 75,000,000 common shares authorized with a par value of $0.001 per share.
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.
On February 9, 2015, the Company
affected a seven for one forward split of its common stock. As a result of this forward split, the Company had 29,645,000 common
shares issued and outstanding at June 30, 2015.
The Company received a subscription
agreement for the issuance of 50,000 common shares at an issue price of $1.00 per share on June 4, 2015. These shares were issued
from Treasury subsequent to June 30, 2015.
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v3.3.0.814
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Jun. 30, 2015 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE 7
RELATED PARTY TRANSACTIONS
From inception through June 30, 2015
Directors have loaned the Company $382,975 to pay for incorporation costs, general and administrative expenses and professional
fees, the acquisition of sales and distribution licenses and advances to Cure Pharmaceutical. As of June 30, 2015, the total
loan amount was $382,975. The loan is non-interest bearing, due upon demand and unsecured.
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v3.3.0.814
SUBSEQUENT EVENTS
|
3 Months Ended |
Jun. 30, 2015 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 8
SUBSEQUENT EVENTS
In
accordance with ASC 855-10, the Company has analyzed its operations from June 30, 2015 to August 4, 2015 and has determined that
it has no other material subsequent events to disclose in these financial statements.
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v3.3.0.814
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Jun. 30, 2015 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of
Presentation
The accompanying
financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America,
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 three month periods ending June 30, 2015 and 2014 and year
ending March 31, 2015.
|
Cash and Cash Equivalents |
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 June 30, 2015 the Company's bank
deposits did not exceed the insured amounts.
|
Basic and Diluted Income (Loss) Per Share |
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.
|
Income Taxes |
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 |
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 |
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.
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v3.3.0.814
PROMISSORY NOTES (Details Narrative) - USD ($)
|
3 Months Ended |
|
|
|
Jun. 30, 2015 |
May. 26, 2015 |
Mar. 31, 2015 |
Mar. 06, 2015 |
Derivative liability at fair value |
$ 100,000
|
|
$ 100,002
|
|
Williams Ten, LLC note |
|
|
|
|
Convertible promissory note |
|
|
|
$ 100,000
|
One-time interest payment due at maturity |
$ 10,000
|
|
|
|
Required issuance of common stock, shares |
10,000
|
|
|
|
Late penalty charge incurred |
$ 11,000
|
|
|
|
Conversion rate |
50.00%
|
|
|
|
Fair value of common stock issued |
|
|
|
9,091
|
Derivative liability at fair value |
$ 100,000
|
|
|
100,004
|
Debt discount |
|
|
|
$ 90,909
|
Derivative expense charge |
9,095
|
|
|
|
Debt discount amortized to interest expense |
$ 90,909
|
|
|
|
Sareja Holdings, LLC note |
|
|
|
|
Convertible promissory note |
|
$ 50,000
|
|
|
Interest rate |
10.00%
|
|
|
|
Required issuance of common stock, shares |
50,000
|
|
|
|
Required issuance of stock in event of default |
250,000
|
|
|
|
Fair value of common stock issued |
|
25,000
|
|
|
Debt discount |
|
$ 25,000
|
|
|
Debt discount amortized to interest expense |
$ 25,000
|
|
|
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v3.3.0.814
COMMON STOCK (Details Narrative) - USD ($)
|
|
2 Months Ended |
3 Months Ended |
15 Months Ended |
|
|
Feb. 10, 2015 |
Dec. 31, 2013 |
Mar. 31, 2013 |
Mar. 31, 2014 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Equity [Abstract] |
|
|
|
|
|
|
Common stock, authorized |
|
|
|
|
75,000,000
|
75,000,000
|
Common stock, par value |
|
|
|
|
$ 0.001
|
$ 0.001
|
Sale of the common stock, shares |
|
1,235,000
|
3,000,000
|
4,235,000
|
|
|
Cash proceeds from sale of common stock |
|
$ 24,700
|
$ 3,000
|
$ 27,700
|
|
|
Forward stock split |
7 for 1
|
|
|
|
|
|
Common stock, shares issued as result of split |
|
|
|
|
29,645,000
|
29,645,000
|
Common stock, shares outstanding as result of split |
|
|
|
|
29,645,000
|
29,645,000
|
Common stock subscriptions, shares |
|
|
|
|
50,000
|
|
Common stock subscriptions, price per share |
|
|
|
|
$ 1.00
|
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v3.3.0.814
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