0001477932-18-005667.txt : 20181119 0001477932-18-005667.hdr.sgml : 20181119 20181119133810 ACCESSION NUMBER: 0001477932-18-005667 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 43 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181119 DATE AS OF CHANGE: 20181119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Viabuilt Ventures Inc. CENTRAL INDEX KEY: 0001575975 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-188753 FILM NUMBER: 181191995 BUSINESS ADDRESS: STREET 1: 1810 E SAHARA AVE. STREET 2: SUITE 583 CITY: LAS VEGAS STATE: NV ZIP: 89104 BUSINESS PHONE: 866-239-0577 MAIL ADDRESS: STREET 1: 1810 E SAHARA AVE. STREET 2: SUITE 583 CITY: LAS VEGAS STATE: NV ZIP: 89104 FORMER COMPANY: FORMER CONFORMED NAME: Madison Ventures Inc. DATE OF NAME CHANGE: 20130503 10-Q 1 vbvt_10q.htm FORM 10-Q vbvt_10q.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(MARK ONE)

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2018

 

OR

 

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _________ to _________

 

Commission File No. 333-188753

 

VIABUILT VENTURES INC.

(Exact name of registrant as specified in its charter)

 

Nevada

 

None

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

2475 N John Young Pkwy

Orlando, Florida 32804

 (Address of principal executive offices, zip code)

 

1-888-552-7897

 (Registrant’s telephone number, including area code)

 

Indicate by check mark whether the issuer (1) has 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 x No o

 

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 o No x

 

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 the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one):

 

Large accelerated filer

o

Accelerated filer

o

Non-accelerated filer

o

Smaller reporting company

x

(Do not check if a smaller reporting company)

 

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act): Yes x No ¨

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes o No o

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

As of November 16, 2018, there were 1,176,000 shares of common stock, $0.001 par value per share, outstanding.

 

 
 
 

 

VIABUILT VENTURES INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED SEPTEMBER 30, 2018

 

INDEX

 

Index

 

Page

 

Part I. Financial Information

 

Item 1.

Consolidated Financial Statements.

4

 

Condensed Consolidated Balance Sheets as of September 30, and March 31, 2018. (unaudited).

4

 

Condensed Consolidated Statements of Operations for the Three months ended September 30, 2018 and 2017. (unaudited).

5

 

Condensed Consolidated Statements of Operations for the Six months ended September 30, 2018 and 2017. (unaudited).

6

 

Condensed Consolidated Statements of Changes in Stockholders Equity (Deficit) from March 31, 2017 to September 30, 2018. (unaudited).

7

 

Condensed Consolidated Statements of Cash Flows for the Six months ended September 30, 2018 and 2017. (unaudited).

8

 

Notes to the Condensed Consolidated Financial Statements. (unaudited).

9

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

16

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

18

 

Item 4.

Controls and Procedures.

18

 

Part II. Other Information

 

Item 1.

Legal Proceedings.

19

 

Item 1A.

Risk Factors.

19

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

19

 

Item 3.

Defaults Upon Senior Securities.

19

 

Item 4.

Mine Safety Disclosures.

19

 

Item 5.

Other Information.

19

 

Item 6.

Exhibits.

20

 

Signatures

21

 
 
2
 
 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q of Viabuilt Ventures Inc., a Nevada corporation (the “Company”), contains “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors are discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”).

 

Our management has included projections and estimates in this Form 10-Q, which are based primarily on management’s experience in the industry, assessments of our results of operations, discussions and negotiations with third parties and a review of information filed by our competitors with the SEC or otherwise publicly available. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

 
 
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PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS.

 

VIABUILT VENTURES INC.

Condensed Consolidated Balance Sheets (Unaudited)

 

 

 

September 30,

 

 

March 31,

 

 

 

2018

 

 

2018

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$ -

 

 

$ -

 

Total assets

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$ 26,577

 

 

$ 10,781

 

Due to related party

 

 

301,856

 

 

 

272,381

 

Total current liabilities

 

 

328,433

 

 

 

283,162

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term debt due to related party

 

 

110,065

 

 

 

110,065

 

Total long-term liabilities

 

 

110,065

 

 

 

110,065

 

Total Liabilities

 

 

438,498

 

 

 

393,227

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity (deficit):

 

 

 

 

 

 

 

 

Common stock: 300,000,000 shares authorized of $0.001 par value; 1,176,000 shares issued and outstanding as of September 30 and March 31, 2018

 

 

1,176

 

 

 

1,176

 

Additional paid-in capital

 

 

106,324

 

 

 

106,324

 

Accumulated deficit

 

 

(545,998 )

 

 

(500,727 )

Accumulated other comprehensive income (loss)

 

 

-

 

 

 

-

 

Total shareholders’ equity (deficit)

 

 

(438,498 )

 

 

(393,227 )

Total liabilities and shareholders’ equity (deficit)

 

$ -

 

 

$ -

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements

 

 
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VIABUILT VENTURES INC.

Condensed Consolidated Statements of Operations (Unaudited)

 

 

 

Three months Ended

September 30,

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

Operating costs:

 

 

 

 

 

 

Consulting and professional fees

 

$ 30,308

 

 

$ 9,953

 

Other general & administrative expenses

 

 

-

 

 

 

800

 

Total operating costs

 

 

30,308

 

 

 

10,753

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$ (30,308 )

 

$ (10,753 )

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$ (0.03 )

 

$ (0.01 )

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

1,176,000

 

 

 

1,176,000

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements

 

 
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VIABUILT VENTURES INC.

Condensed Consolidated Statements of Operations (Unaudited)

 

 

 

Six months Ended

September 30,

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

Operating costs:

 

 

 

 

 

 

Consulting and professional fees

 

$ 45,271

 

 

$ 13,386

 

Gain on disposition of foreign subsidiary, net of $13,738 foreign translation (loss) from prior periods

 

 

-

 

 

 

(48,911 )

Other general & administrative expenses

 

 

-

 

 

 

800

 

Total operating costs

 

 

45,271

 

 

 

(34,725 )

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$ (45,271 )

 

$ 34,725

 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$ (0.04 )

 

$ 0.03

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

1,176,000

 

 

 

1,176,000

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements

 

 
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VIABUILT VENTURES INC.

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Common

 

 

Additional

 

 

 

 

 

other

 

 

 

 

 

 

Common

 

 

stock

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

 

 

 

 

stock

 

 

amount

 

 

capital

 

 

deficit

 

 

Income (loss)

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, March 31, 2017

 

 

1,176,000

 

 

$ 1,176

 

 

$ 106,324

 

 

$ (515,531 )

 

$ (13,738 )

 

$ (421,769 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disposition of foreign subsidiary

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

13,738

 

 

 

13,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income, March 31, 2018

 

 

-

 

 

 

-

 

 

 

-

 

 

 

14,804

 

 

 

-

 

 

 

14,804

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, March 31, 2018

 

 

1,176,000

 

 

 

1,176

 

 

 

106,324

 

 

 

(500,727 )

 

 

-

 

 

 

(393,227 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss, September 30, 2018

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(45,271 )

 

 

-

 

 

 

(45,271 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2018

 

 

1,176,000

 

 

$ 1,176

 

 

$ 106,324

 

 

$ (545,998 )

 

$ -

 

 

$ (438,498 )

 

Note: All share and per share information has been restated for all periods presented giving retroactive effect of the October 9, 2018 twenty-five for one reverse stock split and the October 10, 2018 increase of the authorized shares to 300,000,000 (see note 8).

 

The accompanying notes are an integral part of these condensed consolidated financial statements

 

 
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VIABUILT VENTURES INC.

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

 

 

Six months Ended

September 30,

 

 

 

2018

 

 

2017

 

Cash flows from operating activities:

 

 

 

 

 

 

Net (loss) income

 

$ (45,271 )

 

$ 34,725

 

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

 

 

 

 

 

 

 

 

(Gain) on disposition of foreign subsidiary, net of $13,738 foreign translation (loss) from prior periods

 

 

-

 

 

 

(55,477 )

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Increase (decrease) in accounts payable

 

 

15,796

 

 

 

(1,548 )

Increase in accrued liabilities

 

 

-

 

 

 

-

 

Net cash (used in) provided by operating activities

 

 

(29,475 )

 

 

(22,300 )

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Net cash (used in) investing activities

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from related parties

 

 

29,475

 

 

 

15,000

 

Proceeds from non-interest bearing term-debt due to related party

 

 

-

 

 

 

65

 

Net cash provided by financing activities

 

 

29,475

 

 

 

15,065

 

 

 

 

 

 

 

 

 

 

Net (decrease) in cash

 

 

-

 

 

 

(7,235 )

Cash, beginning of the year

 

 

-

 

 

 

8,639

 

Cash, end of the year

 

$ -

 

 

$ 1,404

 

 

 

 

 

 

 

 

 

 

Non-cash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplement cash flow disclosure:

 

 

 

 

 

 

 

 

  

The accompanying notes are an integral part of these condensed consolidated financial statements

 

 
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VIABUILT VENTURES INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of September 30, 2018

 

1. Condensed financial statements

 

The accompanying unaudited condensed consolidated financial statements are presented in United States dollars and are prepared using the accrual method of accounting which conforms to generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial reporting and the instructions for Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnote disclosures necessary for a complete presentation of the financial position, results of operations, cash flows, and stockholders equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.

 

The unaudited condensed consolidated balance sheet of the Company as of September 30, 2018, and the related consolidated balance sheet of the Company as of March 31, 2018, which is derived from the Company's audited financial statements, the unaudited condensed consolidated statement of operations and cash flows for the six months ended September 30, 2018 and 2017 and the condensed consolidated statement of stockholders equity for the period of March 31, 2017 to September 30, 2018 are included in this document. These unaudited condensed consolidated financial statements should be read in conjunction with the March 31, 2018 audited financial statements and related notes included in the Company’s most recent Form 10-K as filed with the Securities and Exchange Commission on August 28, 2018.

 

Operating results for the six months ended September 30, 2018 are not necessarily indicative of the results that can be expected for the year ending March 31, 2019.

 

2. Nature of operations

 

Viabuilt Ventures Inc. (“Company”) was incorporated as Madison Ventures Inc. in the State of Nevada as a for-profit company on September 14, 2009 and established a fiscal year end of March 31. The Company initially was engaged in the acquisition, exploration and development of natural resource properties. On February 27, 2015, the Company terminated the acquisition of the mineral claim and entered into a letter of intent with Ocure Ltd. (“Ocure”), pursuant to which the Company agreed to exclusively license certain technology from Ocure related to the development of products and devices for the treatment of anal fissures and on August 5, 2015, entered into an exclusive license agreement to Ocure’s semi-occlusive wound dressing for ambulatory treatment of acute and chronic anal fissures (the “Ocure License”). On July 9, 2015, the Company established the wholly-owned subsidiary Madison-IL Ltd., incorporated under the laws of the country of Israel to address the Company’s requirement for an Israeli company to operate and hold the assets associated with Ocure License. The Company elected January 4, 2017 to terminate the Ocure License and write off the remaining investment. On April 1, 2017, by consent action of a majority of the Company’s shareholders, Viabuilt sold Madison-IL, the wholly owned subsidiary, to a shareholder of the Company. See Note 4. The Company has no revenues, a limited operating history, and no current line of business.

 

The success of the Company is dependent upon the identification of products or services, the ability of the Company to obtain the necessary financing to develop such products or services, and upon future profitable operations.

 

 
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VIABUILT VENTURES INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of September 30, 2018

 

2. Nature of operations (continued)

 

Plan of Reorganization and Agreement of Securities Exchange

 

On April 23, 2018, the Company entered into a Plan of Reorganization and Agreement of Securities Exchange (the “Agreement”) with Firetainment Inc. (“Firetainment”), a Florida Corporation. The Agreement will result in the merger of Firetainment into Viabuilt with the corporation to survive as Firetainment Inc. Pursuant to the Agreement the Company agreed to issue Firetainment eight million (8,000,000) common shares, two-hundred million (200,000,000) prior to the October 9, 2018 twenty-five for one reverse stock split, in exchange for all of the shares of Firetainment. This issuance will result in a change in control of the Company. Under the Agreement, upon execution, Firetainment received the immediate right to the appointment of the directors and officers of the Company by the resignation of the existing sole director and officer of the Company and the simultaneous appointment of its own designee being the newly appointed sole director and officer. The closing of the Agreement will take place upon the delivery and completion of Firetainment audited statements for the period ending March 31, 2018, unless another time or date, or both, are agreed to in writing by the parties.

 

Also on April 23, 2018, the Board of Directors appointed William Shawn Clark as our Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer as well as our Sole Director. Concurrent with Mr. Clarks’ appointment, Eugenio Gregorio resigned as Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer as well as our Sole Director. Mr. Clark is now our sole officer and director.

 

Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and 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 presented. The Company is required to make judgments and estimates about the effect of matters that are inherently uncertain. The Company regularly evaluates estimates and assumptions related to the useful life and recoverability of long-lived assets, deferred income tax asset valuations and loss contingences. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Although, we believe our judgments and estimates are appropriate, actual future results may be different; if different assumptions or conditions were to prevail, the results could be materially different from our reported results.

 

Share-based Compensation

 

Codification topic 718 “Stock Compensation” requires that the cost resulting from all share-based transactions be recorded in the financial statements and establishes fair value as the measurement objective for share-based payment transactions with employees and acquired goods or services from non-employees. The codification also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted the codification upon creation of the company and will expense share based costs in the period incurred. The Company has not adopted a stock option plan or completed a share-based transaction; accordingly no stock-based compensation has been recorded to date.

 

Recent Accounting Pronouncements

 

The Company’s management has evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position and results of operations.

 

 
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VIABUILT VENTURES INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of September 30, 2018

 

3. 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 approximately $546,000 as of September 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 to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company’s operating expenditure plan for the next fiscal year ending March 31, 2019 will require cash. Management intends to finance operating costs over the next twelve months with the issuance of common shares and/or related party borrowings.

 

4. Investment in technology license

 

On January 4, 2017, the Company elected to terminate the Ocure License (as defined below) and write off the remaining investment in the license agreement. In a further step to exit this line of business on April 1, 2017, by consent action of a majority of the Company’s shareholders, Viabuilt sold Madison-IL, Ltd., the wholly owned subsidiary the Company incorporated in Israel on July 9, 2015 pursuant to the license agreement (the “Subsidiary”), to Pompeii Finance, a shareholder of the Company (see Note 5). Pompeii assumed the remaining assets and liabilities of Madison-IL which on March 31, 2017 aggregated 23,844 NIL and 250,996 NIL or approximately $6,566 and $69,115, respectively. On April 1, 2017, the Company recognized a net gain from the sale of Madison-IL of $48,911 ($62,549 of net liabilities eliminated, offset by $13,738 of other comprehensive losses from prior period foreign translation adjustments and $100 of proceeds received).

 

On February 27, 2015, we entered into a letter of intent (the “Letter of Intent”) with Ocure Ltd. (“Ocure”), an Israeli corporation, pursuant to which the Company would be obligated to exclusively license certain technology from Ocure under terms of a license agreement to be negotiated between the Company and Ocure. On August 5, 2015, as amended February 26, 2016, the company entered into an exclusive license agreement (the “License Agreement”) with Ocure and the Subsidiary. Pursuant to the License Agreement, Ocure granted to the Subsidiary an exclusive, sub-licensable, worldwide, license (the “License”) to Ocure’s semi-occlusive wound dressing for ambulatory treatment of acute and chronic anal fissure, pursuant to Ocure’s patents and patent applications (the “Licensed Technology”) and to its production, use, import, offer for sale, sell, lease, distribute, or otherwise commercialize the Licensed Technology for uses classified as medical devices, or those otherwise approved ultimately as an OTC (over-the-counter) remedy.

 

Under the License Agreement, the Company was obligated as consideration for the Licensed Technology to provide the Subsidiary $250,000 for the commercialization of the Licensed Technology, payable as four defined amounts over a fourteen month period ending on or before April 8, 2016 (collectively, the “First $250,000 Tranche”).

 

The Effective Date of the License Agreement occurred upon satisfaction of the Condition Precedent, as defined, and approval of the Agreement by the Chief Scientist of the Israeli Ministry of the Economy. The License Agreement Effective Date was November 11, 2015; the date approval of the Chief Scientist of the Israeli Ministry of the Economy was received. Upon the 6-month anniversary of the Effective Date, if the Company had paid the First $250,000 Tranche, then Ocure would have transferred certain assets, as defined, to the Subsidiary, and the Company would be obligated to provide the Subsidiary a second $250,000 tranche, payable as three defined amounts over a two month period.

 

The Company was in default of the First $250,000 Tranche aggregate payment due on April 8, 2016. Upon the six month anniversary of the Effective Date (May 11, 2016) no assets were transferred by Ocure to the Company’s subsidiary. As of March 31, 2017, the Company had advanced funds aggregating $221,850 to the Subsidiary and paid Ocure $10,000 under the License Agreement. As such, the Company was in breach of its obligations under the License Agreement, but had not received notice of termination from Ocure. Madison-IL had not achieved the projected development milestones and the Company elected January 4, 2017 to terminate the Ocure License.  

  

 
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VIABUILT VENTURES INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of September 30, 2018

 

4. Investment in technology license (continued)

 

As of March 31, 2017, the Subsidiary in furtherance of the commercialization of the Licensed Technology had incurred an aggregate of $266,722 of costs recorded as the investment in technology license. At March 31, 2017, the additional costs recorded as the investment in technology license represent vendor obligations payable by Madison-IL

 

Accordingly the investment in the technology license of $266,722, at January 4, 2017, was written off and recognized as an expense during the year ended March 31, 2017. As of September 30, and March 31, 2018, zero technology license costs are capitalized.

 

5. Due to related party

 

Due to related parties at September 30 and March 31, 2018 consisted of the following:

 

 

 

September 30,

 

 

March 31,

 

 

 

2018

 

 

2018

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$ 272,381

 

 

$ 236,942

 

Funds advanced

 

 

29,475

 

 

 

35,539

 

Funds repaid

 

 

-

 

 

 

(100 )

Balance at end of period

 

$ 301,856

 

 

$ 272,381

 

 

On July 3, July 8, July 10, August 12, November 12, November 13, 2014, January 23, February 27, March 5, May 16, June 17, June 30, July 6, August 13, November 17, 2015, February 13, February 20, March 7 and March 17, 2016, Ecogenics Limited, a shareholder of the Company, advanced the Company $2,000, $775, $1,460, $2,000, $2,000, $1,763, $2,000, $10,000, $3,525, $4,093, $2,755, $1,083, $5,000, $3,000, $2,041, $961, $5,000, $3,300, and $50,000, respectively, as a series of unsecured obligations for an aggregate total of $102,756.

 

On August 11 and November 10, 2016, Pompeii Finance, a shareholder of the Company, advanced the Company $6,500 and $5,250, respectively, as a series of unsecured obligations for an aggregate total of $11,750.

 

On April 1, 2017, by consent action of a majority of the Company’s shareholders, Viabuilt negotiated the sale of Madison-IL, following the termination of the Ocure License, to Pompeii Finance for $100 which was deducted from the funds owed to Pompeii for the above advances. See Note 7.

 

The net funds aggregating $114,406 were used to pay operating costs of the Company. The aggregate obligations bears no interest, has no fixed term and is not evidenced by any written agreement. The shareholders are under no obligation to advance additional funds to the Company.

 

On December 3, December 24, 2015, January 4, January 6, January 15, November 10, 2016, February 7, March 30, September 7, 2017, February 7, and June 19, 2018 Morpheus Financial Corporation Limited, a shareholder of the Company, advanced the Company $37,473, $7,500, $7,326, $8,412, $49,975, $3,750, $5,000, $3,000, $15,000, $20,539 (advanced as 25,735 CND), and $1,167, respectively, as a series of unsecured obligations. The funds aggregating $159,142 were used to pay operating costs of the Company.

 

 
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VIABUILT VENTURES INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of September 30, 2018

 

5. Due to related party (continued)

 

On January 8, 2016, the aggregate advances received and future advances from Morpheus were structured as a noninterest bearing unsecured non-recourse loan due January 31, 2017. The shareholder, if requested by the Company, agreed to advance additional funds to the Company up to a maximum of $250,000 subject to certain timing limitation as defined. The Company is currently negotiating an extension of the due date.

 

On June 29, July 24, July 31, August 7, August 17, September 12, and September 14, 2018 Firetainment Inc. advanced the Company $10,000, $1,458, $600, $12,000, $150, $2,200, and $1,900, respectively, as a series of unsecured obligations. The obligation bears no interest, has no fixed term and is not evidenced by any written agreement. Firetainment is under no obligation to advance additional funds to the Company. On October 22, and November 7, 2018 Firetainment advanced the Company $178, and $5,815, respectively, to pay operating costs of the Company.

 

6. Long-term debt due to related party

 

Long term debt due to related party at September 30 and March 31, 2018 consisted of the following:

 

 

 

September 30,

 

 

March 31,

 

 

 

2018

 

 

2018

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$ 110,065

 

 

$ 110,000

 

Funds advanced

 

 

-

 

 

 

65

 

Balance at end of period

 

$ 110,065

 

 

$ 110,065

 

 

On April 18, 2016, the Company entered into a five year non-interest bearing loan agreement for $110,000 with Cronus Overseas Corporation, a shareholder of the Company. Proceeds were used to fund the Technology acquisition and operations. If the loan is not repaid on or before April 15, 2021 the loan amount will be subject to default interest on the amount then outstanding of ten percent (10%) per month during the first 30 days of delinquency, fifteen percent (15%) per month during the 31 to 60 days of delinquency, twenty percent (20%) per month during the 61 to 90 days of delinquency (the “Default Interest”). If the loan amount remains unpaid after 90 days the lender, at its option, will be entitled to a default payment of one hundred fifty-nine percent (159%) of the then outstanding loan amount inclusive of the Default Interest. On September 25, 2017, Cronus paid on behalf of the Company $65 for operating costs of the Company.

 

7. Related party transactions

 

Employment Agreements

 

On April 2, 2014, Mr. Gene Gregorio was appointed the Company’s President, Chief Executive Officer, Chief Financial Officer and sole Director. On April 20, 2014, the Company agreed to issue Mr. Gregorio 40,000 (1,000,000 presplit) restricted shares of the Company’s Common Stock, valued at $25,000, based on the market close, as compensation for his services for an initial term of one year (the “April 20th Agreement”). On March 31, 2015, the Company issued Mr. Gregorio the agreed 40,000 (1,000,000 presplit) restricted shares of the Company’s Common Stock.

 

 
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VIABUILT VENTURES INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of September 30, 2018

 

7. Related party transactions (continued)

 

Employment Agreements (continued)

 

In addition, if during the term of the April 20th Agreement Mr. Gregorio’s direct efforts result in a consummated financing for the Company he shall be paid a 5.0% fee on such financing received by the Company, at his option, as either cash or shares of Company’s Common Stock at the offering price. Additionally, the Company will grant Mr. Gregorio a 2 year stock option priced at the current market trading price equal to 5% of the aggregate shares issued to investors within the financing.

 

On April 14, 2015, the April 20th Agreement with Mr. Gene Gregorio was extended for a second year under the same terms and conditions. Mr. Gregorio will be issued 40,000 (1,000,000 presplit) restricted shares of the Company’s Common Stock, valued at $25,000, based on the market close, as compensation for his services for the second year the extended April 20th Agreement. On August 9, 2016, the Company issued Mr. Gregorio the agreed 40,000 (1,000,000 presplit) restricted shares of the Company’s Common Stock for services rendered during the period April 21, 2015 to April 20, 2016.

 

On April 23, 2018, Mr. Gregorio resigned as the Company’s President, Chief Executive Officer, Chief Financial Officer and as the sole Director.

 

Madison-IL

 

On March 31, 2017, the Company forgave the intercompany debt between Viabuilt Ventures, Inc. and Madison-IL Ltd which aggregated $231,850. The Company established Madison-IL on July 9, 2015 as a wholly-owned subsidiary, incorporated under the laws of the country of Israel to address the Company’s requirement for an Israeli company to operate and hold the assets associated with Ocure License. Following the Company’s January 4, 2017 discussion to terminate the Ocure License and to dissolve or liquidate Madison-IL, by consent action of a majority of the Company’s shareholders, Viabuilt negotiated the sale of Madison-IL to Pompeii Finance, a shareholder of the Company, on April 1, 2017 for $100 which was deducted from the funds owed to Pompeii for related party advances. See Note 4. Pompeii assumed the remaining assets and liabilities of Madison-IL which on March 31, 2017 aggregated 23,844 NIL and 250,996 NIL or approximately $6,566 and $69,115, respectively. On April 1, 2017, the Company recognized a net gain from the sale of Madison-IL of $48,911 ($62,549 of net liabilities eliminated, offset by $13,738 of other comprehensive losses from prior period foreign translation adjustments and $100 of proceeds received).

 

8. Capital stock

 

The Company’s capitalization is 300,000,000 shares of common stock, with a par value of $0.001 per share, with 1,176,000 shares issued and outstanding at September 30 and March 31, 2018. On April 11, 2016, the Company effected a four for one forward stock split of our i) authorized and ii) issued and outstanding shares of common stock. Prior to the forward stock split the Company had 75,000,000 authorized shares of common stock, with a par value of $0.001 per share and 7,100,000 shares issued and outstanding at March 31, 2016. On October 9, 2018, the Company effected a twenty-five for one reserve stock split of our i) authorized and ii) issued and outstanding shares of common stock. Prior to the reverse stock split the Company had 300,000,000 authorized shares of common stock, with a par value of $0.001 per share and 29,400,000 shares issued and outstanding at September 30, 2018. Additional on October 10, 2018, the Company increased the number of authorized shares of common stock from 12,000,000 to 300,000,000.

 

As of September 30 and March 31, 2018, the Company has not granted any stock options or stock warrants.

 

 
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VIABUILT VENTURES INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of September 30, 2018

 

9. Subsequent Events

 

On October 9, 2018, the Company changed its name from “Madison Ventures Inc.” to “Viabuilt Ventures Inc.” following regulatory approval. This was approved by action by holders of 15,820,000 shares of the Company’s outstanding common stock on July 5, 2018, representing approximately 53.8% of the outstanding shares. There were no written votes received by the Company representing a vote against, abstention or broker non-vote with respect to the proposal to change the name.

 

On October 10, 2018, holders of 632,800 shares of the Company’s outstanding common stock, representing approximately 53.8% of the outstanding shares, approved, by written consents, an amendment to the articles of incorporation of the Company to increase the number of authorized shares of common stock from 12,000,000 to 300,000,000. On October 10, 2018, there were no written consents received by our company representing a vote against, abstention or broker non-vote with respect to the proposal to increase the number of authorized shares of the Company’s common stock. On October 11, 2018, the Company amended the articles of incorporation to increase the number of authorized shares of our common stock from 12,000,000 to 300,000,000 by filing a certificate of amendment to articles of incorporation with the Secretary of State of the State of Nevada.

 

On October 22, 2018, Firetainment Inc. advanced the Company $178 to pay operating costs.

 

On November 7, 2018, Firetainment Inc. advanced the Company $5,815 to pay operating costs.

 

 
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 

The following information should be read in conjunction with (i) the financial statements of Viabuilt Ventures Inc., a Nevada corporation (the “Company”) and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and the March 31, 2018 audited financial statements and related notes included in the Company’s Form 10-K (File No. 333-188753; the “Form 10-K”), as filed with the Securities and Exchange Commission on August 28, 2018. Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute “forward-looking” statements

 

OVERVIEW

 

The Company was incorporated in the State of Nevada on September 14, 2009 and established a fiscal year end of March 31. From inception until early 2015, we were engaged in the mineral exploration business.

 

During early 2015, we decided to abandon our mineral exploration properties and on February 27, 2015, we entered into a letter of intent with Ocure, pursuant to which we agreed to exclusively license certain technology (“Licensed Technology”) from Ocure related to the development of products and devices for the treatment of anal fissures under terms of a License Agreement.

 

Effective January 4, 2017, the Company determined to terminate all aspects of the License Agreement and to write off any investment made. On April 1, 2017, the Company sold all the shares of its Israeli subsidiary and obtained majority shareholder consent to do so, as the Israeli subsidiary comprised substantially all of the assets of the Company.

 

On April 23, 2018, the Company entered into a Plan of Reorganization and Agreement of Securities Exchange (the “Agreement”) with Firetainment Inc. (“Firetainment”), a Florida Corporation. The Agreement will result in the merger of Firetainment into the Company with the corporation to survive as Firetainment Inc. Pursuant to the Agreement the Company agreed to issue Firetainment two hundred million (200,000,000) common shares in exchange for all of the shares of Firetainment. This issuance will result in a change in control of the Company. The closing of the Agreement will take place upon the delivery and completion of Firetainment audited statements for the period ending March 31, 2018, unless another time or date, or both, are agreed to in writing by the parties.

 

GOING CONCERN

 

To date the Company has little operations or revenues and consequently has incurred recurring losses from operations. No revenues are anticipated until we complete the financing we endeavor to obtain, as described in this Form 10-Q, and implement our business plan. The ability of the Company to continue as a going concern is dependent on raising capital to fund our business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern.

 

The Company plans to raise additional funds through debt or equity offerings. There is no guarantee that the Company will be able to raise any capital through this or any other offerings.

 

 
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PLAN OF OPERATION

 

The Agreement entered into with Firetainment will result in the merger of Firetainment into the Company with the corporation to survive as Firetainment Inc. Pursuant to, and at the time of the Agreement the Company agreed to issue Firetainment two hundred million shares (200,000,000) at Closing, or such other equivalent number of shares as is required in the event of any restructuring of the Company prior to Closing, such that as of the date of this filing, the Company will now need to issue eight million (8,000,000) common shares in exchange for all of the shares of Firetainment at the Closing of the transaction. This issuance will result in a change in control of the Company.

 

Firetainment makes and markets fire pit tables, an outdoor living product which combines the utility of a grill, the entertaining space of a table, and the charm of a fire pit. The closing of the Agreement will take place upon the delivery and completion of Firetainment audited statements for the period ending March 31, 2018, unless another time or date, or both, are agreed to in writing by the parties. When and if the agreement with Firetainment closes, we will have to raise substantial funds in order to operate the Firetainment business, as it is expected to produce losses in the first few months after closing, and possibly for a longer period.

 

RESULTS OF OPERATIONS

 

Three-Months Ended September 30, 2018 and 2017

 

We had no operations and recorded no revenues for the three months ended September 30, 2018 and 2017. For the three months ended September 30, 2018, total operating costs were $30,308, consisting of consulting and professional fees of $30,308. By comparison, for the three months ended September 30, 2017, total operating costs were $10,753, consisting of consulting and professional fees of $9,953 and $800 of other general & administrative expenses.

 

We had net (loss) of $(30,308) and $(10,753) during the three months ended September 30, 2018 and September 30, 2017, respectively.

 

Six-Months Ended September 30, 2018 and 2017

 

We had no operations and recorded no revenues for the three months ended September 30, 2018 and 2017. However, in 2017 we recorded a gain on the sale of a foreign subsidiary of $48,911 offset by $13,386 of consulting and professional fees and $800 of other general & administrative expenses during the six months ended September 30, 2017. The net gain from the sale of Madison-IL was a result of net liabilities eliminated. By comparison, for the six months ended September 30, 2018, total operating costs were $45,271, consisting of consulting and professional fees of $45,271.

 

We had net (loss) income of $(45,271) and $34,725 during the six months ended September 30, 2018 and September 30, 2017, respectively. The net income during the six months ended September 30, 2017 was primarily due to the sale of our foreign subsidiary.

 

 
17
 
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Liquidity and Capital Resources

 

At September 30, 2018, we had a cash balance of zero, total current liabilities of approximately $328,433 and working capital deficit of $328,433 and a stockholders’ deficit of approximately $438,498. We do not have sufficient cash on hand to fund our ongoing operational expenses. We will need to raise funds to commence fund our ongoing operational expenses. Additional funding will likely come from equity financing from the sale of our common stock. We expect that we will need to raise funds to operate the Firetainment business if and when that transaction closes. If we are successful in completing an equity financing, existing shareholders will experience dilution of their interest in our Company. We do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund ongoing operational expenses. In the absence of such financing, our business will likely fail. There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing. If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue our operations and our business will fail.

 

Off balance sheet arrangements

 

We have no off-balance sheet arrangements.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 3.

 

ITEM 4. CONTROLS AND PROCEDURES.

 

DISCLOSURE CONTROLS AND PROCEDURES

 

Under the supervision and with the participation of our management, our principal executive officer and principal financial officer, who are the same person, are responsible for conducting an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the fiscal quarter covered by this report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of September 30, 2018.

 

There were no changes in the Company’s internal controls over financial reporting during the most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

 
 
18
 
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PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS.

 

The Company is not currently subject to any legal proceedings. From time to time, the Company may become subject to litigation or proceedings in connection with its business, as either a plaintiff or defendant. There are no such pending legal proceedings to which the Company is a party that, in the opinion of management, is likely to have a material adverse effect on the Company’s business, financial condition or results of operations.

 

ITEM 1A. RISK FACTORS

 

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 1A.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

 

None.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES.

 

None.

 

ITEM 5. OTHER INFORMATION.

 

None.

   

 
19
 
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ITEM 6. EXHIBITS.

 

(a) Exhibits required by Item 601 of Regulation SK.

 

Number

 

Description

 

3.1

 

Articles of Incorporation (1)

 

3.2

 

Bylaws (1)

 

31.1

 

Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

31.2

 

Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

32.1

 

Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

101.INS *

 

XBRL Instance Document

 

101.SCH *

 

XBRL Taxonomy Extension Schema Document

 

101.CAL *

 

XBRL Taxonomy Extension Calculation Linkbase Document

 

101.DEF *

 

XBRL Taxonomy Extension Definition Linkbase Document

 

101.LAB *

 

XBRL Taxonomy Extension Label Linkbase Document

 

101.PRE *

 

XBRL Taxonomy Extension Presentation Linkbase Document

___________

(1) Filed and incorporated by reference to the Company’s Registration Statement on Form S-1 (File No. 333 - 188753), as filed with the Securities and Exchange Commission on May 22, 2013.

 

* XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 
 
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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

 

 

VIABUILT VENTURES INC.

 

(Name of Registrant)

 

Date: November 19, 2018

By:

/s/ William Shawn Clark

 

Name:

William Shawn Clark

 

Title:

President, Secretary, and Treasurer 

(principal executive officer, principal financial officer, 

and principal accounting officer)

 
 
21
 
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EXHIBIT INDEX

 

Number

 

Description

 

3.1

 

Articles of Incorporation (1)

 

3.2

 

Bylaws (1)

 

31.1

 

Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

31.2

 

Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

32.1

 

Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

101.INS *

 

XBRL Instance Document

 

101.SCH *

 

XBRL Taxonomy Extension Schema Document

 

101.CAL *

 

XBRL Taxonomy Extension Calculation Linkbase Document

 

101.DEF *

 

XBRL Taxonomy Extension Definition Linkbase Document

 

101.LAB *

 

XBRL Taxonomy Extension Label Linkbase Document

 

101.PRE *

 

XBRL Taxonomy Extension Presentation Linkbase Document

______________

(1) Filed and incorporated by reference to the Company’s Registration Statement on Form S-1 (File No. 333-188753), as filed with the Securities and Exchange Commission on May 22, 2013.

 

* XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

 

22

 

EX-31.1 2 vbvt_ex311.htm CERTIFICATION mdsv_ex311.htm

EXHIBIT 31.1

 

SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER OF VIABUILT VENTURES INC.

 

I, William Shawn Clark, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Viabuilt Ventures Inc.;

 

 

2. Based on my knowledge, this quarterly 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 quarterly report;

 

 

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

 

 

4. The registrant’s other certifying officer(s) and I are 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 registrant 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 registrant, 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 registrant’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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’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 registrant’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 registrant’s internal control over financial reporting.

 

 

Date:  November 19, 2018

 

/s/ William Shawn Clark

 

 

 

William Shawn Clark

 

 

 

President, Secretary, and Treasurer

 

 

 

(principal executive officer, principal financial officer, and principal accounting officer)

 

 

EX-31.2 3 vbvt_ex312.htm CERTIFICATION mdsv_ex312.htm

EXHIBIT 31.2

 

SECTION 302 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER OF VIABUILT VENTURES INC.

 

I, William Shawn Clark, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Viabuilt Ventures Inc.;

 

 

2. Based on my knowledge, this quarterly 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 quarterly report;

 

 

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

 

 

4. The registrant’s other certifying officer(s) and I are 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 registrant 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 registrant, 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 registrant’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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’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 registrant’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 registrant’s internal control over financial reporting.

 

 

Date: November 19, 2018

 

/s/ William Shawn Clark

 

 

 

William Shawn Clark

 

 

 

President, Secretary, and Treasurer

 

 

 

(principal executive officer, principal financial officer, and principal accounting officer)

 

 

EX-32.1 4 vbvt_ex321.htm CERTIFICATION vbvt_ex321.htm

EXHIBIT 32.1

 

SECTION 906 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER OF VIABUILT VENTURES INC.

 

In connection with the accompanying Quarterly Report on Form 10-Q of Viabuilt Ventures Inc. for the quarter ended September 30, 2018, the undersigned, William Shawn Clark, President of Viabuilt Ventures Inc., does hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

 

(1) such Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

 

 

 

(2) the information contained in such Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 fairly presents, in all material respects, the financial condition and results of operations of Viabuilt Ventures Inc.

 

 

Date: November 19, 2018

 

/s/ William Shawn Clark

 

 

 

William Shawn Clark

 

 

 

President, Secretary, and Treasurer

 

 

 

(principal executive officer, principal financial officer, and principal accounting officer)

 

 

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Document And Entity Information    
Entity Registrant Name VIABUILT VENTURES INC.  
Entity Central Index Key 0001575975  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
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Is Entity's Reporting Status Current? Yes  
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Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2019  
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Condensed financial statements
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Notes to Financial Statements  
1. Condensed financial statements

The accompanying unaudited condensed consolidated financial statements are presented in United States dollars and are prepared using the accrual method of accounting which conforms to generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial reporting and the instructions for Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnote disclosures necessary for a complete presentation of the financial position, results of operations, cash flows, and stockholders equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.

 

The unaudited condensed consolidated balance sheet of the Company as of September 30, 2018, and the related consolidated balance sheet of the Company as of March 31, 2018, which is derived from the Company's audited financial statements, the unaudited condensed consolidated statement of operations and cash flows for the six months ended September 30, 2018 and 2017 and the condensed consolidated statement of stockholders equity for the period of March 31, 2017 to September 30, 2018 are included in this document. These unaudited condensed consolidated financial statements should be read in conjunction with the March 31, 2018 audited financial statements and related notes included in the Company’s most recent Form 10-K as filed with the Securities and Exchange Commission on August 28, 2018.

 

Operating results for the six months ended September 30, 2018 are not necessarily indicative of the results that can be expected for the year ending March 31, 2019.

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Nature of operations
6 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
2. Nature of operations

Viabuilt Ventures Inc. (“Company”) was incorporated as Madison Ventures Inc. in the State of Nevada as a for-profit company on September 14, 2009 and established a fiscal year end of March 31. The Company initially was engaged in the acquisition, exploration and development of natural resource properties. On February 27, 2015, the Company terminated the acquisition of the mineral claim and entered into a letter of intent with Ocure Ltd. (“Ocure”), pursuant to which the Company agreed to exclusively license certain technology from Ocure related to the development of products and devices for the treatment of anal fissures and on August 5, 2015, entered into an exclusive license agreement to Ocure’s semi-occlusive wound dressing for ambulatory treatment of acute and chronic anal fissures (the “Ocure License”). On July 9, 2015, the Company established the wholly-owned subsidiary Madison-IL Ltd., incorporated under the laws of the country of Israel to address the Company’s requirement for an Israeli company to operate and hold the assets associated with Ocure License. The Company elected January 4, 2017 to terminate the Ocure License and write off the remaining investment. On April 1, 2017, by consent action of a majority of the Company’s shareholders, Viabuilt sold Madison-IL, the wholly owned subsidiary, to a shareholder of the Company. See Note 4. The Company has no revenues, a limited operating history, and no current line of business.

 

The success of the Company is dependent upon the identification of products or services, the ability of the Company to obtain the necessary financing to develop such products or services, and upon future profitable operations.

  

Plan of Reorganization and Agreement of Securities Exchange

 

On April 23, 2018, the Company entered into a Plan of Reorganization and Agreement of Securities Exchange (the “Agreement”) with Firetainment Inc. (“Firetainment”), a Florida Corporation. The Agreement will result in the merger of Firetainment into Viabuilt with the corporation to survive as Firetainment Inc. Pursuant to the Agreement the Company agreed to issue Firetainment eight million (8,000,000) common shares, two-hundred million (200,000,000) prior to the October 9, 2018 twenty-five for one reverse stock split, in exchange for all of the shares of Firetainment. This issuance will result in a change in control of the Company. Under the Agreement, upon execution, Firetainment received the immediate right to the appointment of the directors and officers of the Company by the resignation of the existing sole director and officer of the Company and the simultaneous appointment of its own designee being the newly appointed sole director and officer. The closing of the Agreement will take place upon the delivery and completion of Firetainment audited statements for the period ending March 31, 2018, unless another time or date, or both, are agreed to in writing by the parties.

 

Also on April 23, 2018, the Board of Directors appointed William Shawn Clark as our Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer as well as our Sole Director. Concurrent with Mr. Clarks’ appointment, Eugenio Gregorio resigned as Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer as well as our Sole Director. Mr. Clark is now our sole officer and director.

 

Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and 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 presented. The Company is required to make judgments and estimates about the effect of matters that are inherently uncertain. The Company regularly evaluates estimates and assumptions related to the useful life and recoverability of long-lived assets, deferred income tax asset valuations and loss contingences. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Although, we believe our judgments and estimates are appropriate, actual future results may be different; if different assumptions or conditions were to prevail, the results could be materially different from our reported results.

 

Share-based Compensation

 

Codification topic 718 “Stock Compensation” requires that the cost resulting from all share-based transactions be recorded in the financial statements and establishes fair value as the measurement objective for share-based payment transactions with employees and acquired goods or services from non-employees. The codification also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted the codification upon creation of the company and will expense share based costs in the period incurred. The Company has not adopted a stock option plan or completed a share-based transaction; accordingly no stock-based compensation has been recorded to date.

 

Recent Accounting Pronouncements

 

The Company’s management has evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position and results of operations.

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Going concern
6 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
3. 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 approximately $546,000 as of September 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 to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company’s operating expenditure plan for the next fiscal year ending March 31, 2019 will require cash. Management intends to finance operating costs over the next twelve months with the issuance of common shares and/or related party borrowings.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investment in technology license
6 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
4. Investment in technology license

On January 4, 2017, the Company elected to terminate the Ocure License (as defined below) and write off the remaining investment in the license agreement. In a further step to exit this line of business on April 1, 2017, by consent action of a majority of the Company’s shareholders, Viabuilt sold Madison-IL, Ltd., the wholly owned subsidiary the Company incorporated in Israel on July 9, 2015 pursuant to the license agreement (the “Subsidiary”), to Pompeii Finance, a shareholder of the Company (see Note 5). Pompeii assumed the remaining assets and liabilities of Madison-IL which on March 31, 2017 aggregated 23,844 NIL and 250,996 NIL or approximately $6,566 and $69,115, respectively. On April 1, 2017, the Company recognized a net gain from the sale of Madison-IL of $48,911 ($62,549 of net liabilities eliminated, offset by $13,738 of other comprehensive losses from prior period foreign translation adjustments and $100 of proceeds received).

 

On February 27, 2015, we entered into a letter of intent (the “Letter of Intent”) with Ocure Ltd. (“Ocure”), an Israeli corporation, pursuant to which the Company would be obligated to exclusively license certain technology from Ocure under terms of a license agreement to be negotiated between the Company and Ocure. On August 5, 2015, as amended February 26, 2016, the company entered into an exclusive license agreement (the “License Agreement”) with Ocure and the Subsidiary. Pursuant to the License Agreement, Ocure granted to the Subsidiary an exclusive, sub-licensable, worldwide, license (the “License”) to Ocure’s semi-occlusive wound dressing for ambulatory treatment of acute and chronic anal fissure, pursuant to Ocure’s patents and patent applications (the “Licensed Technology”) and to its production, use, import, offer for sale, sell, lease, distribute, or otherwise commercialize the Licensed Technology for uses classified as medical devices, or those otherwise approved ultimately as an OTC (over-the-counter) remedy.

 

Under the License Agreement, the Company was obligated as consideration for the Licensed Technology to provide the Subsidiary $250,000 for the commercialization of the Licensed Technology, payable as four defined amounts over a fourteen month period ending on or before April 8, 2016 (collectively, the “First $250,000 Tranche”).

 

The Effective Date of the License Agreement occurred upon satisfaction of the Condition Precedent, as defined, and approval of the Agreement by the Chief Scientist of the Israeli Ministry of the Economy. The License Agreement Effective Date was November 11, 2015; the date approval of the Chief Scientist of the Israeli Ministry of the Economy was received. Upon the 6-month anniversary of the Effective Date, if the Company had paid the First $250,000 Tranche, then Ocure would have transferred certain assets, as defined, to the Subsidiary, and the Company would be obligated to provide the Subsidiary a second $250,000 tranche, payable as three defined amounts over a two month period.

 

The Company was in default of the First $250,000 Tranche aggregate payment due on April 8, 2016. Upon the six month anniversary of the Effective Date (May 11, 2016) no assets were transferred by Ocure to the Company’s subsidiary. As of March 31, 2017, the Company had advanced funds aggregating $221,850 to the Subsidiary and paid Ocure $10,000 under the License Agreement. As such, the Company was in breach of its obligations under the License Agreement, but had not received notice of termination from Ocure. Madison-IL had not achieved the projected development milestones and the Company elected January 4, 2017 to terminate the Ocure License.  

 

As of March 31, 2017, the Subsidiary in furtherance of the commercialization of the Licensed Technology had incurred an aggregate of $266,722 of costs recorded as the investment in technology license. At March 31, 2017, the additional costs recorded as the investment in technology license represent vendor obligations payable by Madison-IL

 

Accordingly the investment in the technology license of $266,722, at January 4, 2017, was written off and recognized as an expense during the year ended March 31, 2017. As of September 30, and March 31, 2018, zero technology license costs are capitalized.

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Due to related parties
6 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
5. Due to related parties

Due to related parties at September 30 and March 31, 2018 consisted of the following:

 

    September 30,     March 31,  
    2018     2018  
             
Balance at beginning of period   $ 272,381     $ 236,942  
Funds advanced     29,475       35,539  
Funds repaid     -       (100 )
Balance at end of period   $ 301,856     $ 272,381  

 

On July 3, July 8, July 10, August 12, November 12, November 13, 2014, January 23, February 27, March 5, May 16, June 17, June 30, July 6, August 13, November 17, 2015, February 13, February 20, March 7 and March 17, 2016, Ecogenics Limited, a shareholder of the Company, advanced the Company $2,000, $775, $1,460, $2,000, $2,000, $1,763, $2,000, $10,000, $3,525, $4,093, $2,755, $1,083, $5,000, $3,000, $2,041, $961, $5,000, $3,300, and $50,000, respectively, as a series of unsecured obligations for an aggregate total of $102,756.

 

On August 11 and November 10, 2016, Pompeii Finance, a shareholder of the Company, advanced the Company $6,500 and $5,250, respectively, as a series of unsecured obligations for an aggregate total of $11,750.

 

On April 1, 2017, by consent action of a majority of the Company’s shareholders, Viabuilt negotiated the sale of Madison-IL, following the termination of the Ocure License, to Pompeii Finance for $100 which was deducted from the funds owed to Pompeii for the above advances. See Note 7.

 

The net funds aggregating $114,406 were used to pay operating costs of the Company. The aggregate obligations bears no interest, has no fixed term and is not evidenced by any written agreement. The shareholders are under no obligation to advance additional funds to the Company.

 

On December 3, December 24, 2015, January 4, January 6, January 15, November 10, 2016, February 7, March 30, September 7, 2017, February 7, and June 19, 2018 Morpheus Financial Corporation Limited, a shareholder of the Company, advanced the Company $37,473, $7,500, $7,326, $8,412, $49,975, $3,750, $5,000, $3,000, $15,000, $20,539 (advanced as 25,735 CND), and $1,167, respectively, as a series of unsecured obligations. The funds aggregating $159,142 were used to pay operating costs of the Company.

 

On January 8, 2016, the aggregate advances received and future advances from Morpheus were structured as a noninterest bearing unsecured non-recourse loan due January 31, 2017. The shareholder, if requested by the Company, agreed to advance additional funds to the Company up to a maximum of $250,000 subject to certain timing limitation as defined. The Company is currently negotiating an extension of the due date.

 

On June 29, July 24, July 31, August 7, August 17, September 12, and September 14, 2018 Firetainment Inc. advanced the Company $10,000, $1,458, $600, $12,000, $150, $2,200, and $1,900, respectively, as a series of unsecured obligations. The obligation bears no interest, has no fixed term and is not evidenced by any written agreement. Firetainment is under no obligation to advance additional funds to the Company. On October 22, and November 7, 2018 Firetainment advanced the Company $178, and $5,815, respectively, to pay operating costs of the Company.

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-term debt due to related party
6 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
6. Long-term debt due to related party

Long term debt due to related party at September 30 and March 31, 2018 consisted of the following:

 

    September 30,     March 31,  
    2018     2018  
             
Balance at beginning of period   $ 110,065     $ 110,000  
Funds advanced     -       65  
Balance at end of period   $ 110,065     $ 110,065  

 

On April 18, 2016, the Company entered into a five year non-interest bearing loan agreement for $110,000 with Cronus Overseas Corporation, a shareholder of the Company. Proceeds were used to fund the Technology acquisition and operations. If the loan is not repaid on or before April 15, 2021 the loan amount will be subject to default interest on the amount then outstanding of ten percent (10%) per month during the first 30 days of delinquency, fifteen percent (15%) per month during the 31 to 60 days of delinquency, twenty percent (20%) per month during the 61 to 90 days of delinquency (the “Default Interest”). If the loan amount remains unpaid after 90 days the lender, at its option, will be entitled to a default payment of one hundred fifty-nine percent (159%) of the then outstanding loan amount inclusive of the Default Interest. On September 25, 2017, Cronus paid on behalf of the Company $65 for operating costs of the Company.

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related party transactions
6 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
7. Related party transactions

Employment Agreements

 

On April 2, 2014, Mr. Gene Gregorio was appointed the Company’s President, Chief Executive Officer, Chief Financial Officer and sole Director. On April 20, 2014, the Company agreed to issue Mr. Gregorio 40,000 (1,000,000 presplit) restricted shares of the Company’s Common Stock, valued at $25,000, based on the market close, as compensation for his services for an initial term of one year (the “April 20th Agreement”). On March 31, 2015, the Company issued Mr. Gregorio the agreed 40,000 (1,000,000 presplit) restricted shares of the Company’s Common Stock.

 

In addition, if during the term of the April 20th Agreement Mr. Gregorio’s direct efforts result in a consummated financing for the Company he shall be paid a 5.0% fee on such financing received by the Company, at his option, as either cash or shares of Company’s Common Stock at the offering price. Additionally, the Company will grant Mr. Gregorio a 2 year stock option priced at the current market trading price equal to 5% of the aggregate shares issued to investors within the financing.

 

On April 14, 2015, the April 20th Agreement with Mr. Gene Gregorio was extended for a second year under the same terms and conditions. Mr. Gregorio will be issued 40,000 (1,000,000 presplit) restricted shares of the Company’s Common Stock, valued at $25,000, based on the market close, as compensation for his services for the second year the extended April 20th Agreement. On August 9, 2016, the Company issued Mr. Gregorio the agreed 40,000 (1,000,000 presplit) restricted shares of the Company’s Common Stock for services rendered during the period April 21, 2015 to April 20, 2016.

 

On April 23, 2018, Mr. Gregorio resigned as the Company’s President, Chief Executive Officer, Chief Financial Officer and as the sole Director.

 

Madison-IL

 

On March 31, 2017, the Company forgave the intercompany debt between Viabuilt Ventures, Inc. and Madison-IL Ltd which aggregated $231,850. The Company established Madison-IL on July 9, 2015 as a wholly-owned subsidiary, incorporated under the laws of the country of Israel to address the Company’s requirement for an Israeli company to operate and hold the assets associated with Ocure License. Following the Company’s January 4, 2017 discussion to terminate the Ocure License and to dissolve or liquidate Madison-IL, by consent action of a majority of the Company’s shareholders, Viabuilt negotiated the sale of Madison-IL to Pompeii Finance, a shareholder of the Company, on April 1, 2017 for $100 which was deducted from the funds owed to Pompeii for related party advances. See Note 4. Pompeii assumed the remaining assets and liabilities of Madison-IL which on March 31, 2017 aggregated 23,844 NIL and 250,996 NIL or approximately $6,566 and $69,115, respectively. On April 1, 2017, the Company recognized a net gain from the sale of Madison-IL of $48,911 ($62,549 of net liabilities eliminated, offset by $13,738 of other comprehensive losses from prior period foreign translation adjustments and $100 of proceeds received).

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Capital stock
6 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
8. Capital stock

The Company’s capitalization is 300,000,000 shares of common stock, with a par value of $0.001 per share, with 1,176,000 shares issued and outstanding at September 30 and March 31, 2018. On April 11, 2016, the Company effected a four for one forward stock split of our i) authorized and ii) issued and outstanding shares of common stock. Prior to the forward stock split the Company had 75,000,000 authorized shares of common stock, with a par value of $0.001 per share and 7,100,000 shares issued and outstanding at March 31, 2016. On October 9, 2018, the Company effected a twenty-five for one reserve stock split of our i) authorized and ii) issued and outstanding shares of common stock. Prior to the reverse stock split the Company had 300,000,000 authorized shares of common stock, with a par value of $0.001 per share and 29,400,000 shares issued and outstanding at September 30, 2018. Additional on October 10, 2018, the Company increased the number of authorized shares of common stock from 12,000,000 to 300,000,000.

 

As of September 30 and March 31, 2018, the Company has not granted any stock options or stock warrants.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events
6 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
9. Subsequent Events

On October 9, 2018, the Company changed its name from “Madison Ventures Inc.” to “Viabuilt Ventures Inc.” following regulatory approval. This was approved by action by holders of 15,820,000 shares of the Company’s outstanding common stock on July 5, 2018, representing approximately 53.8% of the outstanding shares. There were no written votes received by the Company representing a vote against, abstention or broker non-vote with respect to the proposal to change the name.

 

On October 10, 2018, holders of 632,800 shares of the Company’s outstanding common stock, representing approximately 53.8% of the outstanding shares, approved, by written consents, an amendment to the articles of incorporation of the Company to increase the number of authorized shares of common stock from 12,000,000 to 300,000,000. On October 10, 2018, there were no written consents received by our company representing a vote against, abstention or broker non-vote with respect to the proposal to increase the number of authorized shares of the Company’s common stock. On October 11, 2018, the Company amended the articles of incorporation to increase the number of authorized shares of our common stock from 12,000,000 to 300,000,000 by filing a certificate of amendment to articles of incorporation with the Secretary of State of the State of Nevada.

 

On October 22, 2018, Firetainment Inc. advanced the Company $178 to pay operating costs.

 

On November 7, 2018, Firetainment Inc. advanced the Company $5,815 to pay operating costs.

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature of operations (Policies)
6 Months Ended
Sep. 30, 2018
Nature Of Operations  
Plan of Reorganization and Agreement of Securities Exchange

On April 23, 2018, the Company entered into a Plan of Reorganization and Agreement of Securities Exchange (the “Agreement”) with Firetainment Inc. (“Firetainment”), a Florida Corporation. The Agreement will result in the merger of Firetainment into Viabuilt with the corporation to survive as Firetainment Inc. Pursuant to the Agreement the Company agreed to issue Firetainment eight million (8,000,000) common shares, two-hundred million (200,000,000) prior to the October 9, 2018 twenty-five for one reverse stock split, in exchange for all of the shares of Firetainment. This issuance will result in a change in control of the Company. Under the Agreement, upon execution, Firetainment received the immediate right to the appointment of the directors and officers of the Company by the resignation of the existing sole director and officer of the Company and the simultaneous appointment of its own designee being the newly appointed sole director and officer. The closing of the Agreement will take place upon the delivery and completion of Firetainment audited statements for the period ending March 31, 2018, unless another time or date, or both, are agreed to in writing by the parties.

 

Also on April 23, 2018, the Board of Directors appointed William Shawn Clark as our Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer as well as our Sole Director. Concurrent with Mr. Clarks’ appointment, Eugenio Gregorio resigned as Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer as well as our Sole Director. Mr. Clark is now our sole officer and director.

Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and 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 presented. The Company is required to make judgments and estimates about the effect of matters that are inherently uncertain. The Company regularly evaluates estimates and assumptions related to the useful life and recoverability of long-lived assets, deferred income tax asset valuations and loss contingences. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Although, we believe our judgments and estimates are appropriate, actual future results may be different; if different assumptions or conditions were to prevail, the results could be materially different from our reported results.

Share-based Compensation

Codification topic 718 “Stock Compensation” requires that the cost resulting from all share-based transactions be recorded in the financial statements and establishes fair value as the measurement objective for share-based payment transactions with employees and acquired goods or services from non-employees. The codification also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted the codification upon creation of the company and will expense share based costs in the period incurred. The Company has not adopted a stock option plan or completed a share-based transaction; accordingly no stock-based compensation has been recorded to date.

Recent Accounting Pronouncements

The Company’s management has evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position and results of operations.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Due to related parties (Tables)
6 Months Ended
Sep. 30, 2018
Due To Related Parties  
Due to related parties
    September 30,     March 31,  
    2018     2018  
             
Balance at beginning of period   $ 272,381     $ 236,942  
Funds advanced     29,475       35,539  
Funds repaid     -       (100 )
Balance at end of period   $ 301,856     $ 272,381  
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-term debt due to related party (Tables)
6 Months Ended
Sep. 30, 2018
Long-term Debt Due To Related Party  
Long term debt
    September 30,     March 31,  
    2018     2018  
             
Balance at beginning of period   $ 110,065     $ 110,000  
Funds advanced     -       65  
Balance at end of period   $ 110,065     $ 110,065  
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature of operations (Details Narrative) - shares
1 Months Ended 6 Months Ended
Apr. 23, 2018
Sep. 30, 2018
State of incorporation   Nevada
Date of incorporation   Sep. 14, 2009
Plan of Reorganization and Agreement of Securities Exchange [Member] | Firetainment Inc [Member]    
Common stock, shares issuable under aggrement 8,000,000  
Common stock, shares issuable under aggrement description <p style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant to the Agreement the Company agreed to issue Firetainment eight million (8,000,000) common shares, two-hundred million (200,000,000) prior to the October 9, 2018 twenty-five for one reverse stock split, in exchange for all of the shares of Firetainment.</font></p>  
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Going concern (Details Narrative) - USD ($)
Sep. 30, 2018
Mar. 31, 2018
Going Concern    
Accumulated deficit $ (545,998) $ (500,727)
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investment in technology license (Details Narrative) - USD ($)
6 Months Ended 12 Months Ended
Sep. 30, 2018
Mar. 31, 2017
Mar. 31, 2018
Advance for commercialization of the licensed technology   $ 221,850  
Fees paid for commercialization licensed technology   10,000  
Net liabilities $ 438,498   $ 393,227
Accumulated other comprehensive income (loss)  
License Agreement [Member]      
Advance for commercialization of the licensed technology 250,000    
Investment in technology license   266,722  
Impairment of technology license   $ 266,722  
Madison-IL [Member]      
Assets and liabilities description   <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Pompeii assumed the remaining assets and liabilities of Madison-IL which on March 31, 2017 aggregated 23,844 NIL and 250,996 NIL or approximately $6,566 and $69,115, respectively.</font></p>  
Pompeii Finance [Member] | April 1, 2017 [Member]      
Net liabilities 62,549    
Pompeii Finance [Member] | Madison-IL Ltd [Member]      
Business acquisition remaining assets   $ 6,566  
Business acquisition remaining liabilities   $ 69,115  
Pompeii Finance [Member] | Madison-IL Ltd [Member] | April 1, 2017 [Member]      
Business combination net gain from sale 48,911    
Accumulated other comprehensive income (loss) 13,738    
Investment sold, proceeds received $ 100