Neutra Corp 10-Q, filed Jul 14, 2020

Neutra Corp. (NTRR)

10-Q 2020-07-14 For: 2020-04-30

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Added on April 06, 2026

About this 10-Q

Neutra Corp filed this 10-Q on July 14, 2020, covering the quarter ended April 30, 2020.

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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 Statements of Cash Flows (unaudited)	7

Notes to the Unaudited Consolidated Financial Statements	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	13

Item 3. Quantitative and Qualitative Disclosures about Market Risk	14

Item 4. Controls and Procedures	15

PART II — OTHER INFORMATION	15

Item 1. Legal Proceedings	15

Item 1A. Risk Factors	15

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	16

Item 3. Defaults upon Senior Securities	16

Item 4. Mine Safety Disclosures	16

Item 5. Other Information	16

Item 6. Exhibits	16


	April 30, 2020			January 31, 2020
ASSETS

CURRENT ASSETS
Cash	$	49,511		$	177,176
Deposits		1,658			1,658
Inventory		2,495			3,500
Total current assets		53,644			182,334

Property and equipment, net		80,254			—

TOTAL ASSETS	$	133,918		$	182,334

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES
Accounts payable and accrued expenses	$	410,721		$	410,620
Accounts payable to related party		131,755			131,755
Advances payable		3,450			3,450
Convertible notes payable, in default		288,997			288,997
Convertible notes payable, net of discount of $30,082 and $72,621, respectively		20,418			23,379
Accrued interest payable		192,940			173,623
Total current liabilities		1,048,281			1,031,824

TOTAL LIABILITIES		1,048,281			1,031,824

COMMITMENTS AND CONTINGENCIES		—			—

STOCKHOLDERS’ DEFICIT
Common stock, $0.001 par value; unlimited shares authorized; 930,732,086 and 616,198,035 shares issued and outstanding at April 30, 2020 and January 31, 2020, respectively		930,732			616,198
Preferred stock, $0.001 par value; 20,000,000 shares authorized:
Convertible preferred stock; 50,000 shares issued and outstanding at April 30, 2020 and January 31, 2020		50			50
Series E preferred stock, 1,000,000 shares issued and outstanding at April 30, 2020 and January 31, 2020		1,000			1,000
Series F preferred stock, $0.001 par value; 1,000,000 shares issued and outstanding at April 30, 2020 and January 31, 2020		1,000			1,000
Additional paid-in capital		7,822,536			8,091,570
Accumulated deficit		(9,669,681	)		(9,559,308	)
Total stockholders’ deficit		(914,363	)		(849,490	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	133,918		$	177,176


	Three months ended April 30,
	2020			2019

REVENUE	$	3,036		$	—
COST OF GOODS SOLD		1,023			—
GROSS PROFIT		2,013			—

OPERATING EXPENSES
General and administrative		50,531			66,951

LOSS FROM OPERATIONS		(48,518	)		(66,951	)

OTHER INCOME (EXPENSE)
Interest expense		(61,855	)		(61,261	)
Total other income (expense)		(61,855	)		(61,261	)

NET LOSS	$	(110,373	)	$	(128,212	)


NET LOSS PER COMMON SHARE – Basic and fully diluted	$	(0.00	)	$	(0.00	)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic and fully diluted		684,755,781			36,183,408


[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


[_]	TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


	Common Stock			Convertible Preferred Stock			Series E Preferred Stock			Series F Preferred Stock			Additional Paid-In			Accumulated
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Capital			Deficit			Total

BALANCE, January 31, 2020	616,198,035	$	616,198	50,000	$	50	1,000,000	$	1,000	1,000,000	$	1,000	$	8,091,570		$	(9,559,308	)	$	(849,490	)

Common stock issued for debt conversion	314,534,051		314,534	—		—	—		—	—		—		(269,034	)		—			45,500
Net loss	—		—	—		—	—		—	—		—		—			(110,373	)		(110,373	)

BALANCE, April 30, 2020	930,732,086	$	930,732	50,000	$	50	1,000,000	$	1,000	1,000,000	$	1,000	$	7,822,536		$	(9,669,681	)	$	(914,363	)


	April 30, 2020		January 31, 2020
Equipment	$	80,254	$	—
Total property and equipment		80,254		—
Less: accumulated depreciation		—		—
Property and equipment, net	$	80,254	$	—


	April 30, 2020			January 31, 2020
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		$	156,976
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
Convertible note, dated May 26, 2016, bearing interest at 10% per annum, bearing default interest at 25% per annum, matured on May 26, 2017, and convertible into shares of common stock at a 45% discount to the market price, in default		49,286			49,286
Convertible note, dated August 6, 2019, bearing interest at 8% per annum, bearing default interest at 22% per annum, maturing July 31, 2020, and convertible into shares of common stock at a 39% discount to the lowest trading price in the 15 days prior to the conversion with a floor on the conversion price of $0.00005		7,500			53,000
Convertible note, dated November 4, 2019, bearing interest at 8% per annum, bearing default interest at 22% per annum, maturing November 4, 2020, and convertible into shares of common stock at a 39% discount to the lowest trading price in the 15 days prior to the conversion with a floor on the conversion price of $0.00005		43,000			43,000
Total convertible notes payable	$	339,497		$	384,997
Less: discount on current convertible notes payable		(30,082	)		(71,621	)
Less: convertible notes payable, in default		(288,997	)		(288,997	)
Current convertible notes payable, net of discount	$	20,418		$	24,379


Date	Amount Converted		Number of Shares Issued
March 3, 2020	$	9,500	30,645,161
March 20, 2020		5,800	32,222,222
April 1, 2020		3,800	31,666,667
April 3, 2020		3,800	31,666,667
April 13, 2020		3,800	31,666,667
April 16, 2020		4,400	36,666,667
April 20, 2020		4,800	40,000,000
April 24, 2020		4,800	40,000,000
April 27, 2020		4,800	40,000,000
Total	$	45,500	314,534,051


1.	As of April 30, 2020, 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, 2020, 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, 2020, 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. Management has determined that this control deficiency constitutes a material weakness.


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	XBRL data files of Financial Statement and Notes contained in this Quarterly Report on Form 10-Q. (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)	To be submitted by amendment.


	Neutra Corp.


Date: July 14, 2020	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.