Notes to the Financial Statements
December 31, 2019
(Unaudited)
The results for the nine months ended December
31, 2019 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, 2019, 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 December 31, 2019 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 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 had previously planned to enter into license and distribution
agreements for oral thin film nutraceutical products. This plan was abandoned in the 2017 fiscal year as the Company was unable
to obtain the working capital required to bring the products to market.
Since inception (December 20, 2012) through December 31, 2019, the
Company has not generated any revenue and has accumulated losses of $898,273.
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 $898,273 as of December 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 nine month periods ending December 31, 2019 and 2018 and year ending March 31,
2019.
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 December 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
nine month period December 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 September 26, 2018 Dr. Pham completed her commitment to advance the Company $100,000. On September 27, 2018, the Company
entered into a Securities Purchase Agreement with Dr. Pham whereby she acquired 422,222,670 common shares of the Company for the
$100,000 in loan advances.
NOTE 5 – COMMON STOCK
On August 24, 2018, the Company increased its authorized share capital
from 75,000,000 common shares to 2,000,000,000 common shares with a par value of $0.001.
The Company had 496,732,553 common shares issued and outstanding
at December 31, 2019.
NOTE 6 –
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 was unsecured, with interest at 6% per annum. The
Note matured March 31, 2018. On June 29, 2018, the Company made a partial payment of $15,000 on the Note. At December 31, 2019
the Note’s principal balance was $30,000 with interest of $3,176 accrued. The Note has subsequently 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. On September 1, 2018, the Company agreed to extend this contract on a month-to-month
basis at the existing rate of $2,500 per month. $22,500 was paid and $5,000 accrued as payable to February 28, 2018 when the agreement
was terminated. The payable has subsequently been paid. See Subsequent Events note 7.
NOTE 7 –
SUBSEQUENT EVENTS
Subsequent to
September 30, 2019 the Company entered into the following material transactions:
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1)
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The
Company issued three 8% Convertible Promissory Notes as follows:
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Date
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Holder
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Amount
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|
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5/11/2020
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Williams
Ten LLC
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$
15,000
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5/13/2020
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EROP
Capital LLC
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$
20,000
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5/18/2020
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Thirty
05 LLC
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$
17,500
|
|
|
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.
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|
|
|
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2)
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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.
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|
|
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Under
the terms of the Agreement, Alan Smith will receive the following compensation:
|
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i)
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A
monthly fee of $2,500;
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ii)
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Payment
of past fee accruals in cash in the amount $5,000; and,
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iii)
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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.
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3)
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On
May 5, 2020, the Board of Directors appointed Leonard Lovallo as a new member of the
Board. Mr. Lovallo received 4,000,000 shares of the Company’s common stock
for his role as a member of its Board.
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In
accordance with ASC 855-10, the Company has analyzed its operations from December 31, 2019 to May 27, 2020 and has determined
that it has no other material subsequent events to disclose in these financial statements.
END OF NOTES TO FINANCIAL STATEMENTS