Neutra Corp 10-Q for FY2023 Q1

Neutra Corp. (NTRR)

10-Q 2022-06-21 For: 2022-04-30

Added on April 06, 2026

About this 10-Q

Neutra Corp filed this 10-Q on June 21, 2022, covering the quarter ended April 30, 2022 (FY2023 Q1).

Headline figures

Quarter ended April 30, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $9662; down 16.4% from $11.55K a year earlier
Net loss: $107.2K; compared with a net loss of $137.32K a year earlier

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Wyoming		27-4505461
(State or other jurisdiction of Incorporation or organization)		(I.R.S. Employer Identification Number)

54 Sugar Creek Center Blvd., Suite 200 Sugar Land, Texas		77478
(Address of principal executive offices)		(Zip code)

Large accelerated filer	[_]	Accelerated filer	[_]
Non-accelerated filer	[X]	Smaller reporting company	[X]
		Emerging growth company	[_]

PART I — FINANCIAL INFORMATION	4

Item 1. Financial Statements	4

Consolidated Balance Sheets (unaudited)	4

Consolidated Statements of Operations (unaudited)	5

Consolidated Statements of Stockholders’ Deficit (unaudited)	6

Consolidated Statement of Changes in Mezzanine Equity(unaudited)	7

Consolidated Statements of Cash Flows (unaudited)	8

Notes to the Unaudited Consolidated Financial Statements	9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	15

Item 3. Quantitative and Qualitative Disclosures about Market Risk	16

Item 4. Controls and Procedures	17

PART II — OTHER INFORMATION	17

Item 1. Legal Proceedings	17

Item 1A. Risk Factors	17

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	18

Item 3. Defaults upon Senior Securities	18

Item 4. Mine Safety Disclosures	18

Item 5. Other Information	18

Item 6. Exhibits	18

Signatures	19

	April 30,			January 31,
	2022			2022

CURRENT ASSETS
Cash and cash equivalents	$	15,188		$	1,056
Deposits		1,610			1,610
Inventory		21,991			—
Total current assets		38,789			2,666

Property and equipment, net		108,540			128,266

TOTAL ASSETS	$	147,329		$	130,932

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts payable and accrued expenses	$	496,662		$	526,638
Accounts payable to related party		163,089			131,755
Advances payable		3,450			3,450
Advances payable to related party		2,314			2,314
Dividends payable on Series G preferred stock		1,533			7,816
Convertible notes payable, in default		239,711			239,711
Notes payable, related party, current portion		48,845			—
Accrued interest payable		257,715			242,280
Total current liabilities		1,213,319			1,153,964

Notes payable, related party, net of current portion		7,955			—

TOTAL LIABILITIES		1,221,274			1,153,964

COMMITMENTS AND CONTINGENCIES

MEZZANINE EQUITY
Series G preferred stock; $1.00 stated value, 32,200 shares and 250,000 shares issued and outstanding at April 30, 2022 and January 31, 2022, respectively		32,200			250,000

STOCKHOLDERS' DEFICIT
Common stock, $0.001 par value; unlimited shares authorized; 2,207695,949, and 1,782,073,799 shares issued and outstanding at April 30, 2022 and January 31, 2022, respectively		2,207,696			1,782,074
Preferred stock, $0.001 par value; 20,000,000 shares authorized:
Series A convertible preferred stock; 50,000 shares issued and outstanding at April 30, 2022 and January 31, 2022		50			50
Series B convertible preferred stock; 10,000 and 0 shares issued and outstanding at April 30, 2022 and January 31, 2022		10			10
Series C convertible preferred stock; 40,000 and 0 shares issued and outstanding at April 30, 2022 and January 31, 2022		40			40
Series E preferred stock, 1,000,000 shares issued and outstanding at April 30, 2022 and January 31, 2022		1,000			1,000
Series F preferred stock, $0.001 par value; 1,000,000 shares issued and outstanding at April 30, 2022 and January 31, 2022		1,000			1,000
Additional paid-in capital		7,625,872			7,824,982
Preferred stock subscribed but not issued		50,000			—
Accumulated deficit		(10,991,813	)		(10,882,188	)

TOTAL STOCKHOLDERS' DEFICIT		(1,106,145	)		(1,273,032	)

TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT	$	147,329		$	130,932


	Three Months Ended
	April 30,
	2022			2021

REVENUE	$	9,662		$	11,553
Cost of goods sold		4,538			10,261

Gross margin		5,124			1,292

OPERATING EXPENSES
Depreciation		19,726			18,212
Sales commissions		1,359			2,914
General and administrative expenses		75,501			102,869
Total operating expenses		96,586			123,995

LOSS FROM OPERATIONS		(91,462	)		(122,703	)

OTHER INCOME (EXPENSE)
Interest expense		(15,734	)		(14,613	)
Total other income (expense)		(15,734	)		(14,613	)

Net loss	$	(107,196	)	$	(137,316	)

Dividends on Series G convertible preferred stock		(2,429	)		(28,860	)

Net loss available to common shareholders	$	(109,625	)	$	(166,176	)

Net loss per common share	$	(0.00	)	$	(0.00	)

Weighted average shares outstanding - basic and diluted		1,824,868,256			1,503,852,887


				Series A																					Stock
				Convertible			Series B			Series C			Series E			Series F			Additional						subscribed		Total
	Common stock			Preferred Stock			Preferred Stock			Preferred Stock			Preferred Stock			Preferred Stock			paid-in			Accumulated			but not		Equity
	Shares	Par		Shares	Par		Shares	Par		Shares	Par		Shares	Par		Shares	Par		capital			Deficit			issued		(Deficit)

Balance, January 31, 2021	1,492,765,422	$	1,492,765	50,000	$	50	—	$	—	—	$	—	1,000,000	$	1,000	1,000,000	$	1,000	$	7,427,709		$	(10,140,000	)	$	250,000	$	(967,476	)
Common stock issued for preferred stock conversions	26,184,589		26,185	—		—	—		—	—		—	—		—	—		—		61,941			—			—		88,126
Dividends on Series G preferred stock	—		—	—		—	—		—	—		—	—		—	—		—		—			(4,260	)		—		(4,260	)
Deemed dividend on Series G convertible preferred stock	—		—	—		—	—		—	—		—	—		—	—		—		—			(24,600	)		—		(24,600	)
Net loss	—		—	—		—	—		—	—		—	—		—	—		—		—			(137,316	)		—		(137,316	)
Balance, April 30, 2021	1,518,950,011	$	1,518,950	50,000	$	50	—	$	—	—	$	—	1,000,000	$	1,000	1,000,000	$	1,000	$	7,489,650		$	(10,306,176	)	$	250,000	$	(1,045,526	)


Balance, January 31, 2022	1,782,073,799	$	1,782,074	50,000	$	50	10,000	$	10	40,000	$	40	1,000,000	$	1,000	1,000,000	$	1,000	$	7,824,982		$	(10,882,188	)	$	—	$	(1,273,032	)
Common stock issued for preferred stock conversions	425,622,150		425,622	—		—	—		—	—		—	—		—	—		—		(199,110	)		—			—		226,512
Preferred stock subscribed but not issued	—		—	—		—	—		—	—		—	—		—	—		—		—			—			50,000		50,000
Dividends on Series G preferred stock	—		—	—		—	—		—	—		—	—		—	—		—		—			(2,429	)		—		(2,429	)
Net loss	—		—	—		—	—		—	—		—	—		—	—		—		—			(107,196	)		—		(107,196	)
Balance, April 30, 2022	2,207,695,949	$	2,207,696	50,000	$	50	10,000	$	10	40,000	$	40	1,000,000	$	1,000	1,000,000	$	1,000	$	7,625,872		$	(10,991,813	)	$	50,000	$	(1,106,145	)


	Series G Preferred Stock
	Shares			Amount

Balance, January 31, 2022		250,000		$	250,000

Series G preferred stock converted to common stock		(217,800	)		(217,800	)

Balance, April 30, 2022		32,200		$	32,200

•	Identification of the contract with a customer

•	Identification of the performance obligations in the contract

•	Determination of the transaction price

•	Allocation of the transaction price to the performance obligations in the contract

•	Recognition of revenue when, or as, the Company satisfies a performance obligation

	April 30, 2022			January 31, 2022
Equipment	$	236,717		$	236,717
Total property and equipment		236,717			236,717
Less: accumulated depreciation		(128,177	)		(108,451	)
Property and equipment, net	$	108,540		$	128,266

	April 30, 2022			January 31, 2021
Convertible note, dated October 31, 2015, bearing interest at 10% per annum, bearing default interest at 25% per annum, matured on October 31, 2018 and convertible into shares of common stock at $0.50 per share, in default	$	156,976		$	159,976
Convertible note, dated January 31, 2016, bearing interest at 10% per annum, bearing default interest at 25% per annum, matured on January 31, 2019 and convertible into shares of common stock at a 60% discount to the market price, in default		82,735			82,735
Total convertible notes payable	$	239,711		$	239,711
Less: convertible notes payable, in default		(239,711	)		(239,711	)
Current convertible notes payable, net of discount	$	—		$	—

1.	As of April 30, 2022, we did not maintain effective controls over the control environment. Specifically, we have not developed and effectively communicated to our employees our accounting policies and procedures. This has resulted in inconsistent practices. Further, the Board of Directors does not currently have any independent members and no director qualifies as an audit committee financial expert as defined in Item 407(d)(5)(ii) of Regulation S-K. Since these entity level programs have a pervasive effect across the organization, management has determined that these circumstances constitute a material weakness.

2.	As of April 30, 2022, we did not maintain effective controls over financial statement disclosure. Specifically, controls were not designed and in place to ensure that all disclosures required were originally addressed in our financial statements. Accordingly, management has determined that this control deficiency constitutes a material weakness.

3.	As of April 30, 2022, we did not maintain effective controls over transactions with related parties. Specifically, controls were not designed and in place to ensure that all transactions with related parties were captured and tracked in our financial statements. The Company has no formal process related to the identification and approval of related party transactions. Management has determined that this control deficiency constitutes a material weakness.

Date	Preferred Shares Converted		Number of Shares Issued
February 3, 2022		30,000	43,943,662
February 10, 2022		29,600	48,100,000
February 22, 2022		49,000	79,625,000
March 18, 2022		40,200	97,227,907
March 22, 2022		20,000	48,372,093
April 25, 2022		30,000	62,400,000
April 26, 2022		19,000	45,953,488
Total		217,800	425,622,150

Exhibit No.	Description
3.1	Articles of Incorporation (1)
3.2	Bylaws (1)
14.1	Code of Ethics (1)
21	Subsidiaries of the Registrant (2)
31.1	Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer and principal financial and accounting officer. (2)
32.1	Section 1350 Certification of principal executive officer and principal financial accounting officer. (2)
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. (3)
101.SCH	Inline XBRL Taxonomy Extension Schema Document (3)
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document (3)
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document (3)
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document (3)
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document (3)
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). (3)

(1)	Incorporated by reference to our Form S-1 filed with the Securities and Exchange Commission on February 24, 2011.
(2)	Filed or furnished herewith.
(3)	In accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed.”

	Neutra Corp.


Date: June 21, 2022	BY: /s/ Sydney Jim
	Sydney Jim
	President, Secretary, Treasurer, Principal Executive Officer, Principal Financial and Accounting Officer, and Sole Director

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.