Notes to the Financial Statements
June 30, 2018
(Unaudited)
The results for the three months ended June
30, 2018 are not necessarily indicative of the results of operations for the full year. These financial statements and related
footnotes should be read in conjunction with the financial statements and footnotes thereto included in the Company’s Annual
Report on Form 10K for the year ended March 31, 2018, filed with the Securities and Exchange Commission.
The accompanying financial statements have
been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position, results of operations, and cash flows at June 30, 2018 and for
the related periods presented have been made.
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’s physical address is 18934 N 92
nd
Way,
Scottsdale, AZ 85255. The Company is in the development stage as defined under Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) 915-205 "Development-Stage Entities.”
On November 11, 2014, the Company 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. This alliance was initially comprised of an Exclusive
License and Distribution Agreement for CURE’s Sildenafil Products in defined territories, a joint venture agreement for the
procurement of equipment specific for oral thin film products and further joint ventures and other business relationships for the
purpose of completing the development and marketing of additional products. Altair advanced $560,000 to CURE in this regard.
In September, 2016, the Company and CURE agreed to terminate the
Exclusive License and Distribution Agreement for CURE’s Sildenafil Products. In its place, the Company and CURE entered into
an Exclusive License and Distribution Agreement for a family of sports related nutraceutical products. The Company has been unable
to generate any sales of these products due to a lack of working capital and the human resources required to introduce the products
to market, and accordingly wrote off its $560,000 investment in the agreement in the financial statements for the year ended March
31, 2017.
The Company is currently engaged in identifying and assessing new
business opportunities.
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.
Since inception (December 20, 2012) through June 30, 2018, the Company
has not generated any revenue and has accumulated losses of $850,130.
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 $850,130 as of June 30, 2018 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 obtaining 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, 2018 and 2017 and year ending March 31, 2018.
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, 2018 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.
Reclassifications
Certain reclassifications
have been made to the prior period financial information to conform to the presentation used in the financial statements for the
three month period June 30, 2018.
NOTE 4 –
LOANS PAYABLE
During the fiscal
year ended March 31, 2016, the Company obtained a loan from a third party in the amount of $4,175. A further $9,990 was loaned
to the Company in the six months ended September 30, 2016. This loan is non-interest bearing, is unsecured and has no fixed terms
of repayment.
NOTE 5 –
LOANS ADVANCES
On April
10, 2018, the Company entered into a non-binding Memorandum of Understanding with Dr. Judy Pham wherein Dr. Pham agreed to
provide up to $100,000 in equity financing to assist with a corporate reorganization including bringing the Company current
in its regulatory filings. On completion of the reorganization and the issuance of capital stock in consideration for the
funds advanced, Dr. Pham will be the owner of 85% of the issued and outstanding common shares of the Company. As of August 16,
2018, Dr. Pham had advanced $75,770 to the Company.
NOTE 6 –
COMMON STOCK
The Company
has 75,000,000 common shares authorized with a par value of $0.001 per share.
The Company
had 47,747,245 common shares issued and outstanding at March 31, 2018.
In addition,
the Company had received share subscriptions and Promissory Note conversion notices for the issuance of an additional 26,762,638
common shares. These shares were issued to the subscribers on April 19, 2018. The Company had 74,509,883 issued and outstanding
at June 30, 20
18.
NOTE 7 – RELATED PARTY TRANSACTIONS
From inception through September 29, 2016,
the Directors loaned the Company $84,374 net of repayments to pay for incorporation costs, general and administrative expenses
and professional fees and the acquisition of sales and distribution licenses and advances to Cure Pharmaceutical. On September
29, 2016, this amount was settled through the issuance of a convertible promissory note. On September 29, 2017, the Director converted
$39,373 of principal and $5,062 accrued interest on the promissory note into 4,443,565 shares of common stock. A new non-convertible
unsecured, 6% promissory note for the remaining principal balance of $45,000 was issued. The new note matures in eighteen months.
On June 29, 2018, the Company made a partial repayment of $15,000 on this note.
On September 29, 2016, the Company entered into a consulting agreement
with the Company’s sole officer and director for the provision of management and financial services. This agreement called
for a one time payment of $10,000 on signing of the agreement, and payments of $5,000 per month for six months, terminating on
March 30, 2017. In addition, an amount of $5,000 for services provided in September, 2016 was payable on either the termination
of the contract or completion of a minimum $500,000 financing. As of June 30, 2018, all amounts due to the consultant including
$2,500 in late payment fees pursuant to this contract ($47,500) had been paid.
On April 10, 2018, the Company agreed to pay
the sole officer and director of the company $2,500 per month for a period of 4 months for the provision of management and financial
services. $5,000 has been paid to June 30, 2018 pursuant to this agreement.
NOTE 8 – SUBSEQUENT EVENTS
In accordance with ASC 855-10, the
Company has analyzed its operations from June 30, 2018 to August 17, 2018 and has determined that it has no material subsequent
events to disclose in these financial statements.
END OF NOTES TO FINANCIAL STATEMENTS