SHARE CAPITAL

9 Months Ended

Dec. 31, 2020

Equity [Abstract]

SHARE CAPITAL

NOTE 7-SHARE CAPITAL

The Company is authorized to issue 90,000,000 shares of its $0.001 par value common stock and 10,000,000 shares of its $0.001 par value preferred stock.

Common stock

On March 27, 2017, the Company issued to its founder, 6,000,000 shares of its $0.001 par value common stock at a price of $0.001 per share for services provided. On April 20, 2017, the Company issued to its founder 4,000,000 shares of its $0.001 par value common stock at a price of $0.002 per share for certain intangible assets.

On October 4, 2018 the Company received a notice of effectiveness for our registration statement filed on Form S-1. The Company received total investment of $75,000 at a price of $0.01 per share. A total of 7,500,000 shares of common stock were issued to 61 investors who had participated in the direct public offering.

Deferred offering costs consisted primarily of accounting fees, legal fees and other fees incurred through the balance sheet date that are directly related to the direct public offering. Deferred offering costs were offset against the net proceeds of our direct public offering upon its completion. On November 13, 2018 deferred offering costs of $35,259 was credited towards additional paid in capital. At December 31, 2020 we had no deferred offering costs outstanding.

Holders of the Company’s common stock are entitled to one vote for each share on all matters submitted to a stockholder vote. Holders of common stock do not have cumulative voting rights. Therefore, holders of a majority of the shares of common stock voting for the election of directors can elect all of the directors. Holders of the Company’s common stock representing a majority of the voting power of the Company’s capital stock issued, outstanding and entitled to vote, represented in person or by proxy, are necessary to constitute a quorum at any meeting of stockholders. A vote by the holders of a majority of the Company’s outstanding shares is required to effectuate certain fundamental corporate changes such as liquidation, merger or an amendment to the Company’s certificate of incorporation.

Holders of the Company’s common stock are entitled to share in all dividends that the board of directors, in its discretion, declares from legally available funds. In the event of a liquidation, dissolution or winding up, each outstanding share entitles its holder to participate pro rata in all assets that remain after payment of liabilities and after providing for each class of stock, if any, having preference over the common stock. The Company’s common stock has no pre-emptive rights, no conversion rights and there are no redemption provisions applicable to the Company’s common stock.

Repurchase of common stock. During June 2020, the Company in connection with its failure to list on the exchange available to it at time made an offer to several of its shareholders to repurchase their shares for the same price that they paid for their shares. The Company during the nine-month period ended December 31, 2020 received executed agreements from 45 of the investors to purchase their shares for a total of $13,000 enabling the Company to immediately retire 1,300,000 shares of its common stock.

At December 31, 2020 and March 31, 2020, there were 16,200,000 and 17,500,000 shares of common stock issued and outstanding, respectively. No additional shares have been issued.