v3.26.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The Condensed Consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”). As the Company’s liquidation was considered imminent on March 30, 2025, the Company has presented its financial statements under the liquidation basis of accounting as of June 25, 2026 and March 31, 2025 and for the periods ended June 25, 2026 and June 30, 2025. Further, as a result of the intellectual property agreement with Hydrenesis and Mr. Antelo, the Company believes that it transitioned from liquidation basis to a going concern as of June 25, 2026 ( i.e. the date that the perpetual license was transferred). Thus, the Company has also presented a going concern balance sheet as of June 30, 2026 and a going concern statement of operations, cash flow statement and statement of changes in shareholders equity for the period of June 26, 2026 through June 30, 2026.

 

Extinguishment of Liabilities

Extinguishment of Liabilities

 

The Company determines whether a liability has been extinguished in accordance ASC 405-20, Extinguishment of liabilities. Specifically, a liability has been extinguished if either i) the debtor pays the creditor and is relieved of its obligation for the liability or ii) the debtor is legally released from being the primary obligor under the liability, either judicially or by the creditor.

 

Liquidation Basis of Accounting

Liquidation Basis of Accounting

 

In accordance with ASC 205-30, Liquidation Basis of Accounting, the Company prepares its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is considered imminent when either of the following occurs-i) A plan for liquidation has been approved by the person or persons with the authority to make such a plan effective, and the likelihood is remote that either execution of the plan will be blocked by other parties or the entity will return from liquidation and ii) A plan for liquidation is imposed by other forces, and the likelihood is remote that the entity will return from liquidation.

 

When using the liquidation basis of accounting, the Company will i) recognize other items that it previously had not recognized but it expects to sell in liquidation or use to settle liabilities ii) accrue costs and income that it expects to incur or earn through the end of its liquidation if and when it has a reasonable basis for estimation iii) measure its assets to reflect the estimated amount of cash or other consideration that it expects to collect in settling or disposing of those assets in carrying out its plan for liquidation and iv) measure its liabilities in accordance with the measurement provision of other topics that it would otherwise apply to those liabilities.

 

Transactions under Common Control

Transactions under Common Control

 

The Company recognizes transactions under common control in accordance with ASC 805-50. Specifically, when accounting for a transfer of assets or exchange of shares between entities under common control, the Company will initially measure the recognized assets and liabilities transferred at their carrying amounts in the accounts of the transferring entity at the date of transfer.

 

 

Going Concern

Going Concern

 

Due to its limited operations, limited cash and significant net liabilities as of June 30, 2026 the Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year after its financial statements were issued. The Company hopes to raise funds in the private markets to fund its business operations. However, no plans were finalized as of the time of this filing.

 

Preferred Share Issuances

Preferred Share Issuances

 

Upon the issuance of preferred shares, the Company will determine if the shares should be classified as a liability in accordance with ASC 480, Distinguishing Liabilities from Equity. If the Company determines that the preferred shares should not be classified as a liability, it will then assess whether the shares should be classified as permanent or temporary equity. If classified as temporary equity, the Company will re-measure the shares at the end of each reporting period (if required) in accordance with 480-10-S99. If classified as permanent equity, the shares will not be re-measured at the end of each reporting period.

 

Recently Issued Accounting Standards

Recently Issued Accounting Standards

 

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses at each interim and annual reporting period. The amendments are effective for annual periods beginning after December 15, 2026, and reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the new ASU to its financial statements.