UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

☒

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2023

 

☐

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

 

For the transition period from ____________ to ______________

 

Commission file number: 000-55512

 

XENOUS HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Nevada

 

87-0363526

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

Identification No.)

 

Room 1120, 11th Floor, Peninsula Centre,

67 Mody Road

Tsim Sha Tsui, East Kowloon

Hong Kong

(Address of principal executive offices)

 

+852 6464-2017

(Registrant’s telephone number)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:

 

Trading Symbol(s)

 

Name of each exchange on which registered:

Common Stock

 

XITO

 

OTC Pink Sheets

 

Indicate by check mark whether the registrant (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 ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 ☐ No ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated Filer

☐

Smaller reporting company

☒

(Do not check if a smaller reporting company)

Emerging growth company

☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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

 

The number of shares of the issuer’s common stock outstanding as of October 30, 2023 was 760,250,000 shares, par value $0.001 per share.

 

 

 

 

XENOUS HOLDINGS, INC.

FORM 10-Q

Quarterly Period Ended September 30, 2023

 

INDEX

 

 

 

Page

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

Financial Statements

 

3

 

 

Balance Sheets as of September 30, 2023 and March 31, 2023 (unaudited)

 

3

 

 

Statements of Operations for the Six Months and Three Months ended September 30, 2023 and 2022 (unaudited)

 

4

 

 

Statements of Changes in Stockholders' Deficit for the Six Months and Three Months ended September 30, 2023 and 2022 (unaudited)

 

5

 

 

Statements of Cash Flows for the Six Months and Three Months ended September 30, 2023 and 2022 (unaudited)

 

6

 

 

Notes to the Unaudited Condensed Financial Statements

 

7

 

Item 2.

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

 

11

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

14

 

Item 4.

Controls and Procedures

 

14

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

15

 

Item 1A.

Risk Factors

 

15

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

15

 

Item 3.

Defaults Upon Senior Securities

 

15

 

Item 4.

Mine Safety Disclosures

 

15

 

Item 5.

Other Information

 

15

 

Item 6.

Exhibits

 

16

 

 

 

 

SIGNATURES

 

17

 

 
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Table of Contents

 

ITEM 1. FINANCIAL STATEMENTS

 

XENOUS HOLDINGS, INC.

Balance Sheets

 

 

 

September 30,

2023

 

 

March 31,

2023

 

 

 

(Unaudited)

 

 

(Audited)

 

ASSET

 

 

 

 

 

 

Current Asset

 

 

 

 

 

 

Prepaid expenses

 

$-

 

 

$-

 

Total Current Asset

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

TOTAL ASSET

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$20,674

 

 

$13,966

 

Due to a related party

 

 

785,285

 

 

 

761,454

 

Total Current Liabilities

 

 

805,959

 

 

 

775,420

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

 

805,959

 

 

 

775,420

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

Preferred stock, par value $0.001 per share, 10,000,000 shares authorized, no shares issued and outstanding

 

 

-

 

 

 

-

 

Common stock, par value $0.001 per share, 10,000,000,000 shares authorized, 760,250,000 shares issued and outstanding

 

 

760,250

 

 

 

760,250

 

Capital deficiency

 

 

(449,450)

 

 

(449,450)

Accumulated deficit

 

 

(1,116,759)

 

 

(1,086,220)

Total Stockholders' Deficit

 

 

(805,959)

 

 

(775,420)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

 

$-

 

 

$-

 

 

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

 

 
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XENOUS HOLDINGS, INC.

Statements of Operations

(unaudited)

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

$351

 

 

$72

 

 

$980

 

 

$217

 

Professional fees

 

 

14,679

 

 

 

13,580

 

 

 

29,559

 

 

 

25,410

 

 

 

 

15,030

 

 

 

13,652

 

 

 

30,539

 

 

 

25,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

$(15,030)

 

$(13,652)

 

$(30,539)

 

$(25,627)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Loss per Common Share

 

$(0.00)

 

$(0.00)

 

$(0.00)

 

$(0.00)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Weighted Average Number of Common Shares

 

 

760,250,000

 

 

 

760,250,000

 

 

 

760,250,000

 

 

 

760,250,000

 

 

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

 

 
4

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XENOUS HOLDINGS, INC.

Statements of Changes in Stockholders’ Deficit

For the six months ended September 30, 2023 and 2022

 (unaudited)

 

Six months ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Capital

 

 

Accumulated

 

 

Stockholders'

 

 

 

Number of Shares

 

 

Amount

 

 

Deficiency

 

 

Deficit

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - March 31, 2023

 

 

760,250,000

 

 

$760,250

 

 

$(449,450)

 

$(1,086,220)

 

$(775,420)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(15,509)

 

 

(15,509)

Balance - June 30, 2023

 

 

760,250,000

 

 

$760,250

 

 

$(449,450)

 

$(1,101,729)

 

$(790,929)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(15,030)

 

 

(15,030)

Balance - September 30, 2023

 

 

760,250,000

 

 

$760,250

 

 

$(449,450)

 

$(1,116,759)

 

$(805,959)

 

Six months ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Capital

 

 

Accumulated

 

 

Stockholders'

 

 

 

Number of Shares

 

 

Amount

 

 

Deficiency

 

 

Deficit

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - March 31, 2022

 

 

760,250,000

 

 

$760,250

 

 

$(449,450)

 

$(1,028,502)

 

$(717,702)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(11,975)

 

 

(11,975)

Balance - June 30, 2022

 

 

760,250,000

 

 

$760,250

 

 

$(449,450)

 

$(1,040,477)

 

$(729,677)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,652)

 

 

(13,652)

Balance - September 30, 2022

 

 

760,250,000

 

 

$760,250

 

 

$(449,450)

 

$(1,054,129)

 

$(743,329)

 

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

 

 
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XENOUS HOLDINGS, INC.

Statements of Cash Flows

(unaudited)

 

 

 

For the Six Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

 

$(30,539)

 

$(25,627)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid expenses

 

 

-

 

 

 

72

 

Accounts payable and accrued liabilities

 

 

6,708

 

 

 

(8,875)

Net cash used in operating activities

 

 

(23,831)

 

 

(34,430)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITY

 

 

 

 

 

 

 

 

Proceeds from related party advances

 

 

23,831

 

 

 

34,430

 

Net cash provided by financing activity

 

 

23,831

 

 

 

34,430

 

 

 

 

 

 

 

 

 

 

Net changes in cash and cash equivalents

 

 

-

 

 

 

-

 

Cash and cash equivalents - beginning of period

 

 

-

 

 

 

-

 

Cash and cash equivalents - end of period

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

Supplemental Cash Flow Disclosures

 

 

 

 

 

 

 

 

Cash paid for interest

 

$-

 

 

$-

 

Cash paid for income taxes

 

$-

 

 

$-

 

 

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

 

 
6

Table of Contents

 

XENOUS HOLDINGS, INC.

Notes to the Unaudited Condensed Financial Statements

September 30, 2023

 

NOTE 1 - NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS

 

Xenous Holdings, Inc. (the “Company”) was incorporated on May 20, 1980 as Dayne Weiss and Associates, Inc. under the laws of the State of Utah.

 

On December 19, 2014, the Company completed a change of domicile merger with Concept Holding Corp., a Nevada corporation, which became the surviving entity.

 

On July 21, 2017, the Board of Directors of the Company elected to file Articles of Merger with the Nevada SOS whereby it would enter into a statutory merger with its wholly-owned subsidiary, M101 Corp., a Nevada corporation, pursuant to Nevada Revised Statutes 92A.200, et seq. The effect of such merger is the Company is the surviving entity and changed its name to “M101 Corp.” The merger took effect on August 14, 2017.

 

On November 2, 2019, a majority of shareholders approved a resolution to change the name of the Company to Xenous Holdings, Inc. On November 19, 2019, the Company received notice that the Secretary of State of Nevada accepted the Company’s Certificate of Amendment to its Articles of Incorporation to change the name of the Company to Xenous Holdings, Inc. The Company currently has no business operations.

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the six months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending March 31, 2024. The notes to the unaudited financial statements are condensed, as disclosures that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2023 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended March 31, 2023 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on June 28, 2023.

 

Use of Estimates

 

The Company prepares its financial statements in conformity with “GAAP,” which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

 
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Fair Value of Financial Instruments

 

ASC 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

 

These tiers include:

 

Level 1: defined as observable inputs such as quoted prices in active markets;

Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

The Company’s financial instruments consist primarily of accounts payable and debts. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.

 

Basic and Diluted Earnings Per Share

 

The Company has adopted ASC Topic 260, ”Earnings per Share,”(“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period.

 

As of September 30, 2023 and March 31, 2023, the Company did not have any potentially dilutive securities.

 

Related Parties

 

We follow ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. (see Note 4).

 

Recently Issued Accounting Pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

 

 
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In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company has accordingly adopted ASUs 2016-13 and 2019-05 in the preparation of its unaudited condensed consolidated financial statements. The adoption of the accounting standard had no material impact on the unaudited condensed consolidated financial statements for the six months ended and as at September 30, 2023.

 

NOTE 3 - GOING CONCERN

 

The Company has not yet generated any revenue since its inception and has an operating loss and net loss of $30,539 for the six months ended September 30, 2023. As of September 30, 2023, the Company has accumulated deficit of $1,116,759, negative operating cash flow of $23,831 and negative working capital of $805,959. The Company’s continuation as a going concern is dependent on its ability to execute its operation plan to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its Major shareholders or other sources, as may be required. There can be no assurance that the necessary debt or equity financing will be available or will be available on terms acceptable to the Company.

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above conditions raise substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

 

While we believe in the viability of our strategy to generate sufficient revenues in the future and in our ability to raise additional funds, there can be no assurances to that effect.

 

NOTE 4 - RELATED PARTY TRANSACTIONS

 

Due to Related Party

  

During the six months ended September 30, 2023 and 2022, Smartex Investment Ltd., the majority shareholder of the Company which is holding 82% of the Company’s common shares, advanced $23,831 and $34,430, respectively, to the Company for operating expenses. As of September 30, 2023 and March 31, 2023, total amount due to Smartex Investment Ltd. was $785,285 and $761,454 respectively. The loan is non-interest bearing and due on demand.

 

 
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NOTE 5 – SHARE CAPITAL

 

Preferred Stock

 

The Company is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.001 per share. As of September 30, 2023 and March 31, 2023, no preferred shares have been issued.

 

Common Stock

 

The Company is authorized to issue 10,000,000,000 shares of common stock with a par value of $0.001 per share.

  

There were no stock issuances during the six months ended September 30, 2023 and 2022. As of September 30, 2023 and March 31, 2023, the Company had 760,250,000 shares of common stock issued and outstanding.

 

NOTE 6 – SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to September 30, 2023 to the date these financial statements were issued and has determined that it does not have other material subsequent events to disclose in these financial statements except as stated below:

 

In November 2022, the Company previously announced that it was conducting a full financial and legal due diligence of a Malaysia-based company involving the plantations, inoculations, cultivations, manufacturing, marketing, trading and conducting research and development of agricultural commodities in relation to Aquilaria trees and its related products. However, the due diligence process related to the acquisition plan is still in progress as at the date of this filing, and there is no guarantee that the acquisition plan will occur or that all relevant approvals will be obtained.

 

In February 2023, the Company previously announced that it was conducting a full financial and legal due diligence of a US-based company involving renewable energies which have been awarded a solar farm project backed by the US Government. However, the negotiations on the acquisition terms were unsuccessful during financial and legal due diligence as at the date of previous filing.

 

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

 

When used in this Quarterly Report, the words “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “intend,” and similar expressions are intended to identify forward-looking statements regarding events, conditions, and financial trends that may affect our future plans of operations, business strategy, operating results, and financial position. Persons reviewing this Quarterly Report are cautioned that any forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties and actual results may differ materially from those included within the forward-looking statements as a result of various factors. Such factors are discussed further below and also include general economic factors and conditions that may directly or indirectly impact our financial condition or results of operations.

 

Plan of Operation

 

Our plan of operation for the next 12 months is to: (i) consider guidelines of industries in which we may have an interest; (ii) adopt a business plan regarding engaging in the business of any selected industry; and (iii) to commence such operations through funding and/or the acquisition of a “going concern” engaged in any industry selected.

 

During the next 12 months, our only foreseeable cash requirements will relate to maintaining our good standing or the payment of expenses associated with legal fees, accounting fees and reviewing or investigating any potential business venture, which may be advanced by management or principal stockholders as loans to us. Because we have not determined any business or industry in which our operations will be commenced, and we have not identified any prospective venture as of the date of this Annual Report, it is impossible to predict the amount of any such loan. Any such loan will be on terms no less favorable to us than would be available from a commercial lender in an arm’s length transaction. No advance or loan from any affiliate will be required to be repaid as a condition to any agreement with future acquisition partners.

 

Results of Operations

 

Three Months Ended September 30, 2023 and 2022

 

 

 

Three Months

 

 

Three Months

 

 

 

 

 

 

Ended

 

 

Ended

 

 

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

 

 

2023

 

 

2022

 

 

Changes

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

$15,030

 

 

$13,652

 

 

$1,378

 

Net Loss

 

$(15,030)

 

$(13,652)

 

$(1,378)

 

 
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We had no operations during the three months ended September 30, 2023 or 2022, nor do we have operations as of the date of this filing. We had a net loss of $15,030 and $13,652 for the three months ended September 30, 2023 and 2022, respectively.

 

Six Months Ended September 30, 2023 and 2022

 

 

 

Six Months

 

 

Six Months

 

 

 

 

 

 

Ended

 

 

Ended

 

 

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

 

 

2023

 

 

2022

 

 

Changes

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

$30,539

 

 

$25,627

 

 

$4,912

 

Net Loss

 

$(30,539)

 

$(25,627)

 

$(4,912)

 

We had no operations during the six months ended September 30, 2023 or 2022, nor do we have operations as of the date of this filing. We had a net loss of $30,539 and $25,627 for the six months ended September 30, 2023 and 2022, respectively. The increase in net loss was mainly attributable by the increase in professional fees.

 

Liquidity and Capital Resources

 

 

 

As of

 

 

As of

 

 

 

 

 

 

September 30,

 

 

March 31,

 

 

 

 

 

 

2023

 

 

2023

 

 

Changes

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

$-

 

 

$-

 

 

$-

 

Current Liabilities

 

$805,959

 

 

$775,420

 

 

$30,539

 

Working Capital (Deficiency)

 

$(805,959)

 

$(775,420)

 

$(30,539)

 

As of September 30, 2023 and March 31, 2023, we had no current asset.

 

As of September 30, 2023 and March 31, 2023, our total liabilities were $805,959 and $775,420, respectively, which were current liabilities comprised of accounts payable, accrued liabilities, and related party advances.

 

Stockholders’ deficit was at $805,959 as of September 30, 2023, compared to deficit of $775,420 as of March 31, 2023.

 

We had no cash on hand as of September 30, 2023 or March 31, 2023 to meet ongoing expenses and debts that may accumulate. Accumulated deficit was at $1,116,759 as of September 30, 2023, compared to accumulated deficit of $1,086,220 as of March 31, 2023.

 

 
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As of September 30, 2023, we had a working capital deficit of $805,959 compared with a working capital deficit of $775,420 as of March 31, 2023. The increase in working capital deficit was attributed to an increase in due to related party for advancement from the Company’s majority shareholder paying off vendors on behalf of the Company.

 

 

 

Six Months

 

 

Six Months

 

 

 

 

 

 

Ended

 

 

Ended

 

 

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

 

 

2023

 

 

2022

 

 

Changes

 

 

 

 

 

 

 

 

 

 

 

Net cash used in operating activities

 

$(23,831)

 

$(34,430)

 

$10,599

 

Net cash provided by financing activities

 

$23,831

 

 

$34,430

 

 

$(10,599)

Net changes in cash and cash equivalents

 

$-

 

 

$-

 

 

$-

 

  

Cash Flow from Operating Activities

 

We have not generated any positive cash flow from operating activities.

 

For the six months ended September 30, 2023, net cash flows used in operating activities was $23,831. The net cash used in operating activities for the six months ended September 30, 2023 was attributed by a net loss of 30,539, decreased by an increase in accounts payable and accrued liabilities of $6,708.

 

For the six months ended September 30, 2022, net cash flows used in operating activities was $34,430. The net cash used in operating activities for the six months ended September 30, 2022 was attributed by a net loss of $25,627, decreased by a decrease in prepaid expenses of $72, and increased by a decrease in accounts payable and accrued liabilities of $8,875.

 

Cash Flow from Investing Activities

 

During the six months ended September 30, 2023 and 2022, we had no investing activities.

 

Cash Flow from Financing Activities

 

We have financed our operations primarily from advances and loans from Smartex Investment Ltd., majority shareholder of the Company.

 

For the six months ended September 30, 2023 and 2022, net cash from financing activities was $23,831 and $34,430, respectively.

 

Going Concern

 

Our independent auditors have added an explanatory paragraph to their audit issued in connection with the financial statements for the year ended March 31, 2023, relative to our ability to continue as a going concern. The Company, which has not generated any revenues, has incurred net losses, has net current liabilities and a stockholders’ deficit. These conditions, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

 
13

Table of Contents

 

The Company is dependent on advances from its principal shareholders or other affiliated parties for continued funding. There are no commitments or guarantees from any third party to provide such funding nor is there any guarantee that the Company will be able to access the funding it requires to continue its operations.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to an investor in our securities.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Pursuant to Item 305(e) of Regulation of S-K (§229.305(e)), the Company is not required to provide the information required by this Item as it is a “smaller reporting company,” as defined by Rule 229.10(f)(1).

 

ITEM 4. CONTROLS AND PROCEDURES

 

Disclosure Controls and Procedures

 

Disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in rules and forms adopted by the Securities and Exchange Commission, and that such information is accumulated and communicated to management, including the Chief Executive Officer and Secretary, to allow timely decisions regarding required disclosures.

 

Under the supervision and with the participation of our management, including our Chief Executive Officer and Secretary, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report. Based upon that evaluation, our Chief Executive Officer and Secretary concluded that, as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were not effective.

 

Changes in Internal Control Over Financial Reporting

 

During the fiscal quarter covered by this Quarterly Report, there has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 
14

Table of Contents

 

PART II – OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us.

 

ITEM 1A. RISK FACTORS

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide this information.

 

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

 

There were no unregistered sales of our equity securities during the period covered by this quarterly report.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

 
15

Table of Contents

 

ITEM 6. EXHIBITS

 

Exhibits:

 

31.1

Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer

31.2

Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer

32.1

Section 1350 Certification by Chief Executive Officer

32.1

Section 1350 Certification by Chief Financial Officer

 

 
16

Table of Contents

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

XENOUS HOLDINGS, INC.

 

 

 

 

DATED: November 1, 2023

By:

/s/ Jonathan Chan Ye Earn

 

 

 

Jonathan Chan Ye Earn

 

 

 

Chief Executive Officer (Principal Executive Officer)

 

 

 

 

By:

/s/ Stephanie Mak

 

 

 

Stephanie Mak

 

 

 

Chief Financial Officer (Principal Financial Officer)

 

 

 
17

 

nullnullnullnullv3.23.3
Cover - shares
 6 Months Ended
Sep. 30, 2023
Oct. 30, 2023
Cover [Abstract]    
Entity Registrant Name XENOUS HOLDINGS, INC.  
Entity Central Index Key 0001651932  
Document Type 10-Q  
Amendment Flag false  
Current Fiscal Year End Date --03-31  
Entity Small Business true  
Entity Shell Company true  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Document Period End Date Sep. 30, 2023  
Entity Filer Category Non-accelerated Filer  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2023  
Entity Common Stock Shares Outstanding   760,250,000
Document Quarterly Report true  
Document Transition Report false  
Entity File Number 000-55512  
Entity Incorporation State Country Code NV  
Entity Tax Identification Number 87-0363526  
Entity Address Address Line 1 Room 1120, 11th Floor, Peninsula Centre  
Entity Address Address Line 2 67 Mody Road  
Entity Address Address Line 3 Tsim Sha Tsui  
Entity Address City Or Town East Kowloon  
Entity Address Country HK  
City Area Code 852  
Local Phone Number 6464-2017  
Security 12b Title Common Stock  
Trading Symbol XITO  
Entity Interactive Data Current No  
v3.23.3
Balance Sheets - USD ($)
Sep. 30, 2023
Mar. 31, 2023
Current Asset    
Prepaid expenses $ 0 $ 0
Total Current Asset 0 0
TOTAL ASSET 0 0
Current Liabilities    
Accounts payable and accrued liabilities 20,674 13,966
Due to a related party 785,285 761,454
Total Current Liabilities 805,959 775,420
TOTAL LIABILITIES 805,959 775,420
STOCKHOLDERS' DEFICIT    
Preferred stock, par value $0.001 per share, 10,000,000 shares authorized, no shares issued and outstanding 0 0
Common stock, par value $0.001 per share, 10,000,000,000 shares authorized, 760,250,000 shares issued and outstanding 760,250 760,250
Capital deficiency (449,450) (449,450)
Accumulated deficit (1,116,759) (1,086,220)
Total Stockholders' Deficit (805,959) (775,420)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 0 $ 0
v3.23.3
Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2023
Mar. 31, 2023
STOCKHOLDERS' DEFICIT    
Preferred stock, shares par value $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, shares par value $ 0.001 $ 0.001
Common stock, shares authorized 10,000,000,000 10,000,000,000
Common stock, shares issued 760,250,000 760,250,000
Common stock, shares outstanding 760,250,000 760,250,000
v3.23.3
Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
OPERATING EXPENSES        
General and administrative $ 351 $ 72 $ 980 $ 217
Professional fees 14,679 13,580 29,559 25,410
Operating Expenses 15,030 13,652 30,539 25,627
NET LOSS $ (15,030) $ (13,652) $ (30,539) $ (25,627)
Basic and Diluted Loss per Common Share $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Basic and Diluted Weighted Average Number of Common Shares 760,250,000 760,250,000 760,250,000 760,250,000
v3.23.3
Statements of Changes in Stockholders Deficit (Unaudited) - USD ($)
Total
Common Stock
Capital Deficiency
Accumulated Deficit
Balance, shares at Mar. 31, 2022   760,250,000    
Balance, amount at Mar. 31, 2022 $ (717,702) $ 760,250 $ (449,450) $ (1,028,502)
Net loss (11,975) $ 0 0 (11,975)
Balance, shares at Jun. 30, 2022   760,250,000    
Balance, amount at Jun. 30, 2022 (729,677) $ 760,250 (449,450) (1,040,477)
Balance, shares at Mar. 31, 2022   760,250,000    
Balance, amount at Mar. 31, 2022 (717,702) $ 760,250 (449,450) (1,028,502)
Net loss (25,627)      
Balance, shares at Sep. 30, 2022   760,250,000    
Balance, amount at Sep. 30, 2022 (743,329) $ 760,250 (449,450) (1,054,129)
Balance, shares at Jun. 30, 2022   760,250,000    
Balance, amount at Jun. 30, 2022 (729,677) $ 760,250 (449,450) (1,040,477)
Net loss (13,652) $ 0 0 (13,652)
Balance, shares at Sep. 30, 2022   760,250,000    
Balance, amount at Sep. 30, 2022 (743,329) $ 760,250 (449,450) (1,054,129)
Balance, shares at Mar. 31, 2023   760,250,000    
Balance, amount at Mar. 31, 2023 (775,420) $ 760,250 (449,450) (1,086,220)
Net loss (15,509) $ 0 0 (15,509)
Balance, shares at Jun. 30, 2023   760,250,000    
Balance, amount at Jun. 30, 2023 (790,929) $ 760,250 (449,450) (1,101,729)
Balance, shares at Mar. 31, 2023   760,250,000    
Balance, amount at Mar. 31, 2023 (775,420) $ 760,250 (449,450) (1,086,220)
Net loss (30,539)      
Balance, shares at Sep. 30, 2023   760,250,000    
Balance, amount at Sep. 30, 2023 (805,959) $ 760,250 (449,450) (1,116,759)
Balance, shares at Jun. 30, 2023   760,250,000    
Balance, amount at Jun. 30, 2023 (790,929) $ 760,250 (449,450) (1,101,729)
Net loss (15,030) $ 0 0 (15,030)
Balance, shares at Sep. 30, 2023   760,250,000    
Balance, amount at Sep. 30, 2023 $ (805,959) $ 760,250 $ (449,450) $ (1,116,759)
v3.23.3
Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (30,539) $ (25,627)
Changes in operating assets and liabilities:    
Prepaid expenses 0 72
Accounts payable and accrued liabilities 6,708 (8,875)
Net cash used in operating activities (23,831) (34,430)
CASH FLOWS FROM FINANCING ACTIVITY    
Proceeds from related party advances 23,831 34,430
Net cash provided by financing activity 23,831 34,430
Net changes in cash and cash equivalents 0 0
Cash and cash equivalents - beginning of period 0 0
Cash and cash equivalents - end of period 0 0
Supplemental Cash Flow Disclosures    
Cash paid for interest 0 0
Cash paid for income taxes $ 0 $ 0
v3.23.3
NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS
 6 Months Ended
Sep. 30, 2023
NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS  
NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS

NOTE 1 - NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS

 

Xenous Holdings, Inc. (the “Company”) was incorporated on May 20, 1980 as Dayne Weiss and Associates, Inc. under the laws of the State of Utah.

 

On December 19, 2014, the Company completed a change of domicile merger with Concept Holding Corp., a Nevada corporation, which became the surviving entity.

 

On July 21, 2017, the Board of Directors of the Company elected to file Articles of Merger with the Nevada SOS whereby it would enter into a statutory merger with its wholly-owned subsidiary, M101 Corp., a Nevada corporation, pursuant to Nevada Revised Statutes 92A.200, et seq. The effect of such merger is the Company is the surviving entity and changed its name to “M101 Corp.” The merger took effect on August 14, 2017.

 

On November 2, 2019, a majority of shareholders approved a resolution to change the name of the Company to Xenous Holdings, Inc. On November 19, 2019, the Company received notice that the Secretary of State of Nevada accepted the Company’s Certificate of Amendment to its Articles of Incorporation to change the name of the Company to Xenous Holdings, Inc. The Company currently has no business operations.
v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the six months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending March 31, 2024. The notes to the unaudited financial statements are condensed, as disclosures that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2023 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended March 31, 2023 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on June 28, 2023.

 

Use of Estimates

 

The Company prepares its financial statements in conformity with “GAAP,” which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value of Financial Instruments

 

ASC 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

 

These tiers include:

 

Level 1: defined as observable inputs such as quoted prices in active markets;

Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

The Company’s financial instruments consist primarily of accounts payable and debts. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.

 

Basic and Diluted Earnings Per Share

 

The Company has adopted ASC Topic 260, ”Earnings per Share,”(“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period.

 

As of September 30, 2023 and March 31, 2023, the Company did not have any potentially dilutive securities.

 

Related Parties

 

We follow ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. (see Note 4).

 

Recently Issued Accounting Pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company has accordingly adopted ASUs 2016-13 and 2019-05 in the preparation of its unaudited condensed consolidated financial statements. The adoption of the accounting standard had no material impact on the unaudited condensed consolidated financial statements for the six months ended and as at September 30, 2023.
v3.23.3
GOING CONCERN
 6 Months Ended
Sep. 30, 2023
GOING CONCERN  
GOING CONCERN

NOTE 3 - GOING CONCERN

 

The Company has not yet generated any revenue since its inception and has an operating loss and net loss of $30,539 for the six months ended September 30, 2023. As of September 30, 2023, the Company has accumulated deficit of $1,116,759, negative operating cash flow of $23,831 and negative working capital of $805,959. The Company’s continuation as a going concern is dependent on its ability to execute its operation plan to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its Major shareholders or other sources, as may be required. There can be no assurance that the necessary debt or equity financing will be available or will be available on terms acceptable to the Company.

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above conditions raise substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

 

While we believe in the viability of our strategy to generate sufficient revenues in the future and in our ability to raise additional funds, there can be no assurances to that effect.

v3.23.3
RELATED PARTY TRANSACTIONS
 6 Months Ended
Sep. 30, 2023
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

 

Due to Related Party

  

During the six months ended September 30, 2023 and 2022, Smartex Investment Ltd., the majority shareholder of the Company which is holding 82% of the Company’s common shares, advanced $23,831 and $34,430, respectively, to the Company for operating expenses. As of September 30, 2023 and March 31, 2023, total amount due to Smartex Investment Ltd. was $785,285 and $761,454 respectively. The loan is non-interest bearing and due on demand.
v3.23.3
SHARE CAPITAL
 6 Months Ended
Sep. 30, 2023
SHARE CAPITAL  
SHARE CAPITAL

NOTE 5 – SHARE CAPITAL

 

Preferred Stock

 

The Company is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.001 per share. As of September 30, 2023 and March 31, 2023, no preferred shares have been issued.

 

Common Stock

 

The Company is authorized to issue 10,000,000,000 shares of common stock with a par value of $0.001 per share.

  

There were no stock issuances during the six months ended September 30, 2023 and 2022. As of September 30, 2023 and March 31, 2023, the Company had 760,250,000 shares of common stock issued and outstanding.
v3.23.3
SUBSEQUENT EVENTS
 6 Months Ended
Sep. 30, 2023
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 6 – SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to September 30, 2023 to the date these financial statements were issued and has determined that it does not have other material subsequent events to disclose in these financial statements except as stated below:

 

In November 2022, the Company previously announced that it was conducting a full financial and legal due diligence of a Malaysia-based company involving the plantations, inoculations, cultivations, manufacturing, marketing, trading and conducting research and development of agricultural commodities in relation to Aquilaria trees and its related products. However, the due diligence process related to the acquisition plan is still in progress as at the date of this filing, and there is no guarantee that the acquisition plan will occur or that all relevant approvals will be obtained.

 

In February 2023, the Company previously announced that it was conducting a full financial and legal due diligence of a US-based company involving renewable energies which have been awarded a solar farm project backed by the US Government. However, the negotiations on the acquisition terms were unsuccessful during financial and legal due diligence as at the date of previous filing.
v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the six months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending March 31, 2024. The notes to the unaudited financial statements are condensed, as disclosures that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2023 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended March 31, 2023 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on June 28, 2023.
Use of Estimates

The Company prepares its financial statements in conformity with “GAAP,” which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments

ASC 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

 

These tiers include:

 

Level 1: defined as observable inputs such as quoted prices in active markets;

Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

The Company’s financial instruments consist primarily of accounts payable and debts. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.
Basic and Diluted Earnings Per Share

The Company has adopted ASC Topic 260, ”Earnings per Share,”(“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period.

 

As of September 30, 2023 and March 31, 2023, the Company did not have any potentially dilutive securities.

Related Parties

We follow ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. (see Note 4).
Recently Issued Accounting Pronouncements

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company has accordingly adopted ASUs 2016-13 and 2019-05 in the preparation of its unaudited condensed consolidated financial statements. The adoption of the accounting standard had no material impact on the unaudited condensed consolidated financial statements for the six months ended and as at September 30, 2023.
v3.23.3
GOING CONCERN (Detail Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Sep. 30, 2022
Jun. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Mar. 31, 2023
GOING CONCERN              
Cash Flow From Operating Activities         $ (23,831)    
Net loss $ (15,030) $ (15,509) $ (13,652) $ (11,975) (30,539) $ (25,627)  
Accumulated deficit $ (1,116,759)       (1,116,759)   $ (1,086,220)
Working capital         $ (805,959)    
v3.23.3
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Mar. 31, 2023
Due to a related party $ 785,285   $ 761,454
Proceeds from related party advances 23,831 $ 34,430  
Smartex Investment Ltd [Member]      
Due to a related party $ 785,285   $ 761,454
Ownership percentage 82.00%    
Proceeds from related party advances $ 23,831 $ 34,430  
v3.23.3
SHARE CAPITAL (Details Narrative) - $ / shares
Sep. 30, 2023
Mar. 31, 2023
SHARE CAPITAL    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 10,000,000,000 10,000,000,000
Common stock, shares issued 760,250,000 760,250,000
Common stock, shares outstanding 760,250,000 760,250,000
Xenous (PK) (USOTC:XITO)
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Xenous (PK) (USOTC:XITO)
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From Dec 2023 to Dec 2024 Click Here for more Xenous (PK) Charts.