REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
To the Board of Directors & Stockholders’
Altair International Corp.
Opinion on the Financial Statements
We have audited the accompanying balance sheets of Altair International
Corp. as of March 31, 2019 and 2018 and the related statements of operations, changes in stockholder’s deficit, cash flows,
and the related notes (collectively referred to as “financial statements”) for the periods then ended. In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2019 and
2018 and the results of its operations and its cash flows for the periods then ended, in conformity with accounting principles
generally accepted in the United States of America.
Going Concern
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, although
the Company has limited operations it has yet to attain profitability. This raises substantial doubt about its ability to continue
as a going concern. Management’s 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.
Basis for Opinion
These financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are
a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have,
nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required
to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable
basis for our opinion.
/S/ MICHAEL GILLESPIE & ASSOCIATES, PLLC
We have served as the Company’s auditor since 2017.
Seattle, Washington
May 20, 2020
NOTES TO THE FINANCIAL STATEMENTS
MARCH 31, 2019 and MARCH 31, 2018
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’s
physical address is 18934 N 92nd 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.”
The Company
is currently engaged in identifying and assessing new business opportunities.
The Company
previously planned to engage in the distribution of oral thin film nutraceutical products.
This plan was
abandoned in the 2017 fiscal year due to a lack of working capital required to introduce the products to market.
Since inception
(December 20, 2012) through March 31, 2019, the Company has not generated any revenue and has accumulated losses of $895,882.
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
These
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 $895,882 as of March 31, 2019 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 years ending March 31, 2019 and 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 March 31, 2019 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
year ended March 31, 2019.
NOTE
4 - LOAN 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 became the owner of 85% of the issued and outstanding common shares of the Company.
NOTE 5 –
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 2017 fiscal year. This loan is non-interest bearing, is unsecured and has no fixed terms of repayment.
NOTE 6 –
COMMON STOCK
On August 24,
2018 the Company filed an amendment to its Articles of Incorporation increasing the number of authorized common shares from 75,000,000
to 2,000,000,000 with a par value of $0.001 per share.
The Company
had 31,957,000 common shares issued and outstanding at March 31, 2017.
During the twelve
month period ended March 31, 2018, the Company received a notice for the conversion of $157,902 of a convertible note and issued
15,790,245 common shares to the note holder. The Company received further notices for the conversion of $237,627 of convertible
Promissory Notes into 26,762,638 common shares. These shares were not issued from Treasury until April 19, 2018. The Company had
47,747,245 common shares issued and outstanding at March 31, 2018.
During the twelve
month period ended March 31, 2019, the Company converted $100,000 in cash advances from a third party into 422,222,670 common
shares. At March 31, 2019 there were 496,732,553 common shares issued and outstanding.
NOTE 7 –
RELATED PARTY TRANSACTIONS
On September
29, 2017, a Promissory Note (the ‘Note’) in the principal amount of $45,000 was issued to the Company’s sole
officer and director for loans made to the Company in prior periods. The Note is unsecured, and bears interest at 6% per annum.
The Note matured on March 31, 2018. On June 29, 2018, the Company made a partial repayment of $15,000 on the Note. The balance
of the Note was repaid through a cash payment of $20,000 and the issuance of 11,000,000 valued at $0.001 per share subsequent
to the year end.
On
April 10, 2018, the Company agreed to pay the sole officer and director of the company $2,500 per month for the provision of management
and financial services. $22,500 has been paid and $5,000 remains payable pursuant to this agreement.
NOTE 8 –
SUBSEQUENT EVENTS
Subsequent
to March 31, 2019 the Company entered into the following material transactions:
|
1)
|
The
Company issued three 8% Convertible Promissory Notes as follows:
|
Date
|
Holder
|
Amount
|
5/11/2020
|
Williams
Ten LLC
|
$
15,000
|
5/13/2020
|
EROP
Capital LLC
|
$
20,000
|
5/18/2020
|
Thirty
05 LLC
|
$
15,000
|
|
|
The
Notes bear interest at the rate of 8% per annum and have terms of one year. The Notes
have conversion rights allowing for the conversion of amounts due at $0.25 per share
or 80% of the lowest closing bid price of the Company’s common stock in the 15
days prior to conversion.
|
|
|
|
|
2)
|
On
April 29, 2020 the Company entered into a General Services Agreement with Alan Smith,
a director and the Company’s sole officer for the performance of duties of a CEO
including the provision of management and financial services. The Agreement commenced
May 1, 2020 and will remain in full force and effect until December 31, 2020.
|
|
|
|
|
|
Under
the terms of the Agreement, Alan Smith will receive the following compensation:
|
|
i)
|
A
monthly fee of $2,500;
|
|
ii)
|
Payment
of past fee accruals in cash in the amount $5,000; and
|
|
iii)
|
Settlement
of the of the outstanding balance of the Promissory Note due to Alan Smith in the amount
of $30,000 plus accrued interest through the payment of $20,000 in cash and the issuance
of 11,000,000 common shares at $0.001 per share.
|
In
accordance with ASC 855-10, the Company has analyzed its operations from March 31, 2019 to May 20, 2020 and has determined that
it has no other material subsequent events to disclose in these financial statements.
END OF
NOTES TO FINANCIAL STATEMENTS