XENOUS HOLDINGS, INC.
Condensed Balance Sheets
(Unaudited)
|
|
September 30, 2020
|
|
|
March 31, 2020
|
|
ASSETS
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
Total Current Assets
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
10,918
|
|
|
$
|
6,130
|
|
Due to a related party
|
|
|
606,192
|
|
|
|
557,067
|
|
Total Current Liabilities
|
|
|
617,110
|
|
|
|
563,197
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
617,110
|
|
|
|
563,197
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
(927,910
|
)
|
|
|
(873,997
|
)
|
Total Stockholders' Deficit
|
|
|
(617,110
|
)
|
|
|
(563,197
|
)
|
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
|
|
$
|
-
|
|
|
$
|
-
|
|
The accompanying notes are an integral part of these unaudited condensed financial statements.
XENOUS HOLDINGS, INC.
Condensed Statements of Operations
(Unaudited)
|
|
For the Three Months Ended
|
|
|
For the Six Months Ended
|
|
|
|
September30,
|
|
|
September 30,
|
|
|
September30,
|
|
|
September 30,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
$
|
144
|
|
|
$
|
6,145
|
|
|
$
|
11,413
|
|
|
$
|
9,289
|
|
Professional fees
|
|
|
10,500
|
|
|
|
13,750
|
|
|
|
42,500
|
|
|
|
26,250
|
|
|
|
|
10,644
|
|
|
|
19,895
|
|
|
|
53,913
|
|
|
|
35,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING LOSS
|
|
|
(10,644
|
)
|
|
|
(19,895
|
)
|
|
|
(53,913
|
)
|
|
|
(35,539
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
-
|
|
|
|
(2,143
|
)
|
|
|
-
|
|
|
|
(4,263
|
)
|
|
|
|
-
|
|
|
|
(2,143
|
)
|
|
|
-
|
|
|
|
(4,263
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
$
|
(10,644
|
)
|
|
$
|
(22,038
|
)
|
|
$
|
(53,913
|
)
|
|
$
|
(39,802
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
XENOUS HOLDINGS, INC.
Condensed Statements of Changes in Stockholders’ Deficit
For the six months ended September 30, 2020 and 2019
(Unaudited)
|
|
Common Stock
|
|
|
Capital
|
|
|
Accumulated
|
|
|
|
|
|
|
Number of Shares
|
|
|
Amount
|
|
|
Deficiency
|
|
|
Deficit
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance - March 31, 2020
|
|
|
760,250,000
|
|
|
$
|
760,250
|
|
|
$
|
(449,450
|
)
|
|
$
|
(873,997
|
)
|
|
$
|
(563,197
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(43,269
|
)
|
|
|
(43,269
|
)
|
Balance - June 30, 2020
|
|
|
760,250,000
|
|
|
$
|
760,250
|
|
|
$
|
(449,450
|
)
|
|
$
|
(917,266
|
)
|
|
$
|
(606,466
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(10,644
|
)
|
|
|
(10,644
|
)
|
Balance - September 30, 2020
|
|
|
760,250,000
|
|
|
$
|
760,250
|
|
|
$
|
(449,450
|
)
|
|
$
|
(927,910
|
)
|
|
$
|
(617,110
|
)
|
|
|
Common Stock
|
|
|
Capital
|
|
|
Accumulated
|
|
|
|
|
|
|
Number of Shares
|
|
|
Amount
|
|
|
Deficiency
|
|
|
Deficit
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance - March 31, 2019
|
|
|
760,250,000
|
|
|
$
|
760,250
|
|
|
$
|
(449,450
|
)
|
|
$
|
(810,078
|
)
|
|
$
|
(499,278
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(17,764
|
)
|
|
|
(17,764
|
)
|
Balance - June 30, 2019
|
|
|
760,250,000
|
|
|
$
|
760,250
|
|
|
$
|
(449,450
|
)
|
|
$
|
(827,842
|
)
|
|
$
|
(517,042
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(22,038
|
)
|
|
|
(22,038
|
)
|
Balance - September 30, 2019
|
|
|
760,250,000
|
|
|
$
|
760,250
|
|
|
$
|
(449,450
|
)
|
|
$
|
(849,880
|
)
|
|
$
|
(539,080
|
)
|
The accompanying notes are an integral part of these unaudited condensed financial statements.
XENOUS HOLDINGS, INC.
Condensed Statements of Cash Flows
(Unaudited)
|
|
For the Six Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
Net loss
|
|
$
|
(53,913
|
)
|
|
$
|
(39,802
|
)
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Prepaid expenses
|
|
|
-
|
|
|
|
6,000
|
|
Accounts payable and accrued liabilities
|
|
|
4,788
|
|
|
|
(4,233
|
)
|
Accrued interest, related party
|
|
|
-
|
|
|
|
4,264
|
|
Net cash used in operating activities
|
|
|
(49,125
|
)
|
|
|
(33,771
|
)
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Proceeds from related party advances
|
|
|
49,125
|
|
|
|
33,771
|
|
Net cash provided by financing activities
|
|
|
49,125
|
|
|
|
33,771
|
|
|
|
|
|
|
|
|
|
|
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
XENOUS HOLDINGS, INC.
Notes to the Unaudited Condensed Financial Statements
September 30, 2020
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, 2020 are not necessarily indicative of the results that may be expected for the year ending March 31, 2021. 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 2020 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, 2020 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on July 14, 2020.
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.
Financial Instruments
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.
Related Parties
We follow ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions (see Note 4).
COVID-19
In early 2020, the World Health Organization declared the rapidly spreading coronavirus disease (COVID-19) outbreak a pandemic. This pandemic has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s results of operations and financial position at September 30, 2020. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company in the future. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of November 10, 2020, the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur and additional information is obtained.
Recently Issued Accounting Pronouncements
Management has considered all recent accounting pronouncements issued and believes that these recent pronouncements will not have a material effect on the Company’s financial statements
NOTE 3 - GOING CONCERN
The Company has not yet generated any revenue since its inception and has an operating loss and net loss of $53,913 for the six months ended September 30, 2020. As of September 30, 2020, the Company has accumulated deficit of $927,910, and negative working capital of $617,110. 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 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 six months ended September 30, 2020 and 2019, Smartex Investment Ltd., the majority shareholder of the Company which is holding 82% of the Company’s common shares, advanced $49,125 and $33,771, respectively, to the Company for operating expenses. As of September 30, 2020 and March 31, 2020, total amount due to Smartex Investment Ltd. was $606,192 and $557,067, respectively. The loan is non-interest bearing and due on demand.
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, 2020 and March 31, 2020, 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, 2020 or 2019. As of September 30, 2020 and March 31, 2020, the Company had 760,250,000 shares of common stock issued and outstanding.
NOTE 6 – SUBSEQUENT EVENTS
Management has evaluated subsequent events through the date these financial statements were issued. Based on our evaluation, no events have occurred that require disclosure.
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 Queerly 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 under “Trends and Uncertainties,” 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, 2020 and 2019
|
|
Three Months
|
|
|
Three Months
|
|
|
|
|
|
|
Ended
|
|
|
Ended
|
|
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Changes
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
$
|
10,644
|
|
|
$
|
19,895
|
|
|
$
|
(9,251
|
)
|
Other Expenses
|
|
$
|
-
|
|
|
$
|
2,143
|
|
|
$
|
(2,143
|
)
|
Net Loss
|
|
$
|
(10,644
|
)
|
|
$
|
(22,038
|
)
|
|
$
|
11,394
|
|
We had no operations during the three months ended September 30, 2020 or 2019, nor do we have operations as of the date of this filing. We had a net loss of $10,644 and $22,038 for the three months ended September 30, 2020 and 2019, respectively. The decrease was mainly attributable to the decrease in professional fees incurred during the three months ended September 30, 2020. Professional fees were $10,500 and $13,750 for the three months ended September 30, 2020 and 2019, respectively. General and administrative expenses were $144 and $6,145 for the three months ended September 30, 2020 and 2019, respectively. The decrease in general and administrative expenses was mainly attributable to the decrease in filing fees.
Other expenses during three months ended September 30, 2019 are accrued interest payable on the convertible note that was repaid during the year ended March 31, 2020.
Six Months Ended September 30, 2020 and 2019
|
|
Six Months
|
|
|
Six Months
|
|
|
|
|
|
|
Ended
|
|
|
Ended
|
|
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Changes
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
$
|
53,913
|
|
|
$
|
35,539
|
|
|
$
|
18,374
|
|
Other Expenses
|
|
$
|
-
|
|
|
$
|
4,263
|
|
|
$
|
(4,263
|
)
|
Net Loss
|
|
$
|
(53,913
|
)
|
|
$
|
(39,802
|
)
|
|
$
|
(14,111
|
)
|
We had no operations during the six months ended September 30, 2020 or 2019, nor do we have operations as of the date of this filing. We had a net loss of $53,913 and $39,802 for the six months ended September 30, 2020 and 2019, respectively. The increase was mainly attributable to the increase in professional fees incurred during the six months ended September 30, 2020. Professional fees were $42,500 and $26,250 for the six months ended September 30, 2020 and 2019, respectively. The increase in professional expenses was mainly attributable to the increase in legal fees, accounting and audit fees. General and administrative expenses were $11,413 and $9,289 for the six months ended September 30, 2020 and 2019, respectively. The increase in general and administrative expenses was mainly attributable to the increase in filing fees.
Other expenses during six months ended September 30, 2019 are accrued interest payable on the convertible note that was repaid during the year ended March 31, 2020.
Liquidity and Capital Resources
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As of
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As of
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|
|
|
|
|
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September 30,
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|
|
March 31,
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|
|
|
|
|
|
2020
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|
|
2020
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|
|
Changes
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|
|
|
|
|
|
|
|
|
|
|
Current Assets
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|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Current Liabilities
|
|
$
|
617,110
|
|
|
$
|
563,197
|
|
|
$
|
53,913
|
|
Working Capital (Deficiency)
|
|
$
|
(617,110
|
)
|
|
$
|
(563,197
|
)
|
|
$
|
(53,913
|
)
|
As of September 30, 2020 and March 31, 2020, we had no current assets.
As of September 30, 2020 and March 31, 2020, our total liabilities were $617,110 and 563,197, respectively, which were current liabilities comprised of accounts payable, accrued liabilities, and related party advances.
Stockholders’ deficit was at $617,110 as of September 30, 2020 compared to deficit of $563,197 as of March 31, 2020.
We had no cash on hand as of September 30, 2020 or March 31, 2020 to meet ongoing expenses and debts that may accumulate. Accumulated deficit was at $927,910 as of September 30, 2020, compared to accumulated deficit of $873,997 as of March 31, 2020.
As of September 30, 2020, we had a working capital deficit of $617,110 compared with a working capital deficit of $563,197 as of March 31, 2020. The increase in working capital deficit was primarily attributed to the increase in amount due to related party for advancement from the Company’s majority shareholder paying off vendors on behalf of the Company.
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Six Months
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Six Months
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|
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Ended
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|
|
Ended
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September 30,
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|
September 30,
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|
|
|
|
|
|
2020
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|
|
2019
|
|
|
Changes
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|
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities
|
|
$
|
(49,125
|
)
|
|
$
|
(33,771
|
)
|
|
$
|
(15,354
|
)
|
Net cash provided by financing activities
|
|
$
|
49,125
|
|
|
$
|
33,771
|
|
|
$
|
15,354
|
|
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, 2020, net cash flows used in operating activities was $49,125. The net cash used in operating activities for the six months ended September 30, 2020 was attributed to a net loss of $53,913, decreased by an increase in accounts payable and accrued liabilities of $4,788.
For the six months ended September 30, 2019, net cash flows used in operating activities was $33,771. The net cash used in operating activities for the six months ended September 30, 2019 was attributed to a net loss of $39,802, increased by a decrease in accounts payable and accrued liabilities of $4,233 and decreased by a decrease in prepaid expense of $6,000 and an increase in accrued interest of $4,264.
Cash Flow from Investing Activities
During the six months ended September 2020 and 2019, 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, 2020 and 2019, net cash from financing activities was $49,125 and $33,771, 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, 2020, relative to our ability to continue as a going concern. The Company, which has not generated any revenues, has incurred net losses, has nominal assets 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
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.