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, 2020 and 2019 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, 2020 and
2019 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
June 1, 2020
NOTES TO THE FINANCIAL STATEMENTS
MARCH 31, 2020 and MARCH 31, 2019
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 6501 E Greenway
Pkwy #103-412, Scottsdale, AZ 85254. 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, 2020, the Company has not generated any revenue and has accumulated losses of $901,138.
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 $901,138 as of March 31, 2020 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, 2020 and 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 March 31, 2020 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, 2020.
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 – 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 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. The shares were issued
at less than par resulting in a $322,223 decrease in additional paid in capital.
At March 31, 2019 there were 496,732,553 common
shares issued and outstanding.
During the twelve month period ended March
31, 2020, the Company did not issue any shares from Treasury. At March 31, 2020 there were 496,732,553 common shares issued and
outstanding.
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 and with 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 common shares 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 $5,000 remains payable pursuant to this agreement. The agreement was terminated on March 31, 2019.
NOTE 7 –
SUBSEQUENT EVENTS
Subsequent
to March 31, 2020 the Company entered into the following material transactions:
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1)
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The
Company issued three 8% Convertible Promissory Notes as follows:
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Date
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Holder
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Amount
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|
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5/11/2020
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Williams
Ten LLC
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$
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
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|
|
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 the lessor of $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 Mr. Leonard Lovallo as a new independent
member of the Board. Mr. Lovallo received 4,000,000 shares of the Company’s common
stock for his role as an independent member of its Board.
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In
accordance with ASC 855-10, the Company has analyzed its operations from March 31, 2020 to May 31, 2020 and has determined that
it has no other material subsequent events to disclose in these financial statements.
END OF NOTES TO FINANCIAL STATEMENTS