UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

Form 10-Q

 

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended DECEMBER 31, 2015

 

☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

ALTAIR INTERNATIONAL CORP.

(Exact name of registrant as specified in its charter)

 

Nevada	333-190235	99-0385465
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of Incorporation)		Identification Number)
	6501 E. Greenway Pkwy #103-412 Scottsdale, AZ 85254
	(Address of principal executive offices)
	(760) 413-3927
	(Registrant’s Telephone Number)

 

Indicate by check mark whether the issuer (1) 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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Ruble 12b-2 of the Exchange Act.

 

Large accelerated filer  ☐	Accelerated filer  ☐
Non-accelerated filer  ☐ (Do not check if a smaller reporting company)	Smaller reporting company  ☑

 

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

 

As of February 11, 2016, there were 29,947,000 shares of the registrant’s $0.001 par value common stock issued and outstanding.

 

ALTAIR INTERNATIONAL CORP.

QUARTERLY REPORT

PERIOD ENDED DECEMBER 31, 2015

 

TABLE OF CONTENTS

 

			Page No.
		PART I - FINANCIAL INFORMATION
Item 1.		Financial Statements	F1 – F7
Item 2.		Management's Discussion and Analysis of Financial Condition and Results of Operations	10
Item 3.		Quantitative and Qualitative Disclosures About Market Risk	12
Item 4.		Controls and Procedures	12
		PART II - OTHER INFORMATION
Item 1.		Legal Proceedings	13
Item1A.		Risk Factors	13
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds	13
Item 3.		Defaults Upon Senior Securities	13
Item 4.		Mine Safety Disclosures	13
Item 5.		Other Information	13
Item 6.		Exhibits	13
		Signatures	14

 

 

Special Note Regarding Forward-Looking Statements

 

Information included in this Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). This information may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Altair International Corp. (the “Company”), to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.

 

*Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," or "ATAO" refers to Altair International Corp.

 

PART I - FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

 

INDEX		F-1
Balance Sheets as of  December 31, 2015 (Unaudited) and March 31, 2015 (Audited)		F-2
Statements of Operations for the Three and Nine Months Ended December 31, 2015 and 2014 (Unaudited)		F-3
Statements of Cash Flows for the Nine Months Ended December 31, 2015 and 2014, (Unaudited)		F-4
Notes to the Financial Statements (Unaudited)		F-5

 

 

 

 

ALTAIR INTERNATIONAL CORP.
BALANCE SHEETS
AS OF DECEMBER 31, 2015 AND MARCH 31, 2015
		December 31, 2015				March 31, 2015
		(Unaudited)				(Audited)
ASSETS
Current Assets
Cash		$	41			$	200
Total current assets			41				200
Other Assets
Advances and deposits			340,000				240,000
Sales and distribution licenses			200,000				200,000
Total assets		$	540,041			$	440,200
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Accounts payable		$	1,730			$	14,740
Promissory notes			100,000				27,778
Loans payable			29,175				—
Interest payable			21,000				10,000
Derivative liability			100,000				100,002
Loans from shareholder			224,374				353,425
Total current liabilities			476,279				505,945
Total Liabilities			476,279				505,945
Stockholders' Equity (Deficit)
Common Stock, $0.001 par value, 75,000,000 shares authorized; 29,947,000 shares issued and outstanding at December 31, 2015 (29,645,000 at March 31, 2015)			4,537				4,235
Additional paid-in-capital			297,260				32,556
Accumulated deficit			(238,035	)			(102,536	)
Total stockholders' equity (deficit)			63,762				(65,745	)
Total liabilities and stockholders's equity (deficit)		$	540,041			$	440,200
The accompanying notes are an integral part of these financial statements

 

 

ALTAIR INTERNATIONAL CORP.
STATEMENTS OF OPERATIONS
(UNAUDITED)
		Three Month Period Ended December 31, 2015				Three Month Period Ended December 31, 2014				Nine Month Period Ended December 31, 2015				Nine Month Period Ended December 31, 2014
Expenses
Total General and Administrative expenses		$	3,860				2,625				24,771				11,445
Interest expense			(753	)			—				110,728				—
Loss before income taxes			(3,107	)			(2,625	)			(135,499	)			(11,445	)
Income taxes			—				—				—				—
Net loss		$	(3,107	)		$	(2,625	)		$	(135,499	)		$	(11,445	)
Loss per share - Basic and Diluted		$	(0.000	)		$	(0.000	)		$	(0.005	)		$	(0.000	)
Weighted Average Shares - Basic and Diluted			29,862,793				29,645,000				29,748,589				29,645,000
The accompanying notes are an integral part of these financial statements.

 

 

ALTAIR INTERNATIONAL CORP.
STATEMENTS OF CASH FLOWS
(UNAUDITED)
		Nine Month Period Ended December 31, 2015				Nine Month Period Ended December 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)		$	(135,499	)		$	(11,445	)
Adjustments to reconcile net loss to net cash used in operating activities
Changes in:
Accounts payable			(13,010	)			99,300
Interest payable			11,000				—
Debt discount			72,220				—
Cash Used In Operating Activities			(65,289	)			87,855
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of distribution and sales license			—				(200,000	)
Advances and deposits			(100,000	)			—
			(100,000	)			(200,000	)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from loan from shareholder			(129,051	)			104,575
Proceeds from Promissory Note			—				—
Proceeds from loans payable			29,175				—
Share capital issued			265,006				—
			165,130				104,575
NET INCREASE IN CASH AND CASH EQUIVALENTS			(159	)			(7,570	)
CASH AND CASH EQUIVALENTS
Beginning of period			200				7,570
End of period		$	41			$	—
Supplemental disclosures of cash flow information
Taxes paid		$	—			$	—
Interest paid		$	—			$	—
The accompanying notes are an integral part of these financial statements.

 

ALTAIR INTERNATIONAL CORP.

Notes to the Financial Statements

DECEMBER 31, 2015

(Unaudited)

 

NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS

Organization and Description of Business

 

ALTAIR INTERNATIONAL CORP. (the “Company”) was incorporated under the laws of the State of Nevada on December 20, 2012. The Company is in the development stage as defined under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915-205 "Development-Stage Entities.”

 

The Company has entered into a strategic alliance with Cure Pharmaceutical Corporation (“CURE”), a California company engaged in the development of oral thin film (“OTF”) for the delivery of nutraceutical, over-the-counter and prescription products. Currently this alliance is comprised of an Exclusive License and Distribution Agreement for CURE’s Sildenafil (commonly known as Viagra) Products throughout Asia, Brazil, the Middle East and Canada. In addition, Altair and Cure have agreed to enter into further joint ventures or other business relationships for the purpose of completing the development and marketing of additional products, and for license and distribution agreements for additional Cure products such as aspirin, sleep-aid, topical muscle and joint pain relief, and electrolytes delivered through OTF or other methods.

 

The Company had previously planned to commence operations in the architectural field and to be responsible for the concept architectural vision of future private and public buildings as well as municipal organized public areas. This plan was abandoned in the 2015 fiscal year in favor of the business operations described above.

 

In management’s opinion all adjustments necessary for a fair statement of the results for the interim periods have been made, and that all adjustments have been made to maintain the books in accordance with GAAP. Furthermore, sufficient disclosures have been made in order to ensure that the interim financial statements will not be misleading.

 

NOTE 2 - GOING CONCERN

The financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The Company has incurred losses since inception resulting in an accumulated deficit of $238,035 as of December 31, 2015 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern.  The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock. 

 

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

 

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of December 31, 2015 and March 31, 2015 and for the three and nine month periods ending December 31, 2015 and 2014 and year ending March 31, 2015.

 

Cash and Cash Equivalents

 

For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.

 

The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At December 31, 2015 the Company's bank deposits did not exceed the insured amounts.

 

Basic and Diluted Income (Loss) Per Share

 

The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

 

Income Taxes

 

The Company follows the liability method of accounting for income taxes.  Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).  The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

Fair Value of Financial Instruments

 

FASB 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 carrying amounts of financial assets and liabilities, such as cash and accrued liabilities approximate their fair values because of the short maturity of these instruments.

 

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires 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 the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

 

NOTE 4 – SALES AND DISTRIBUTION LICENSE

 

On November 26, 2014, the Company entered into a license and distribution agreement with Cure Pharmaceutical Corporation (“Cure”) for the exclusive rights to distribute and sell in certain defined territories any product produced and supplied by Cure that contains Sildenafil and is delivered through an oral thin film. The defined territories include Asia, Brazil, the Middle East and Canada. For the sake of clarity, Asia is further defined as India, China, Malaysia, Indonesia, Taiwan, Japan, Philippines, and those other countries dependent on China’s SDA certification for their approval protocol of the Products. There is no expiry date to this agreement.

 

The agreement required that the Company pay to Cure a fee in the aggregate amount of $200,000, payable in two equal $100,000 instalments. The Company completed the purchase of the license in the 2015 fiscal year. This fee will be amortized over a ten year period commencing on the date of the first sale of product under the license.

 

NOTE 5 – ADVANCES AND DEPOSITS

 

The Company and Cure have agreed to enter into further joint ventures or other business relationships for the purpose of completing the development and marketing of additional products and for license and distribution agreements for additional Cure products such as aspirin, sleep-aid, topical muscle and joint pain relief, and electrolytes delivered through OTF or other methods. To December 31, 2015 the Company has advanced $340,000 to Cure for these purposes ($240,000 as at March 31, 2015).

 

NOTE 6 – PROMISSORY NOTES

 

On March 6, 2015, the Company executed a convertible promissory note for $100,000 with Williams Ten, LLC. The note is due in ninety days, has a $10,000 one-time interest payment due at maturity and requires the issuance of 10,000 shares of common stock. Any unpaid principal and interest at the end of the term is convertible into shares of common stock at 50% of the average closing price for the ten days prior to the end of the term of the note. The fair value of the common stock issued was determined to be $9,091 based on its fair value relative to the fair value of the debt issued. This amount has been recorded as a debt discount and will be amortized utilizing the interest method of accretion over the term of the note. In addition, due to the variable nature of the conversion feature which has no explicit limit on the number of shares that could be required to be issued, the company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $100,004 based on the Black Scholes Merton pricing model and a corresponding debt discount of $90,909 and derivative expense charge of $9,095. As of December 31, 2015, $100,000 of the debt discount has been amortized to interest expense and the Company fair valued the derivative at $100,000. This note is currently past due; however, repayment terms are being renegotiated.

 

On May 26, 2015, the Company executed a Promissory Note for $50,000 with Sareja Holdings, LLC. The note is due in thirty days, has a 10% per annum interest rate and requires the issuance of 50,000 shares of common stock. In the event of default an additional 250,000 shares of common stock is to be paid. The fair value of the 50,000 shares of common stock issued was determined to be $25,000 based on its fair value relative to the fair value of the debt issued. This amount has been recorded as a debt discount and was amortized utilizing the interest method of accretion over the term of the note. As of December 31, 2015, $25,000 of the debt discount has been amortized to interest expense. On November 24, 2015, the company converted the $50,000 principle and $2,506 of accrued interest into 50,000 shares of common stock satisfying the debt in full. The parties have agreed that the 250,000 shares to be issued upon default will be issued through a private transaction and not from the Company treasury.

 

NOTE 7 – LOANS PAYABLE

 

On July 22, 2015, the Company obtained a loan from a third party in the amount of $25,000. This loan is non-interest bearing, is unsecured and has no fixed terms of repayment.

 

On October 23, 2015, the Company obtained a loan from a third party in the amount of $4,175. This loan in non-interest bearing, is unsecured and has no fixed terms of repayment.

 

NOTE 8 – COMMON STOCK

 

The Company has 75,000,000 common shares authorized with a par value of $0.001 per share.

 

During the period December 20, 2012 (inception) to March 31, 2013, the Company sold a total of 3,000,000 shares of common stock for total cash proceeds of $3,000. In November and December 2013, the Company sold a total of 1,235,000 shares of common stock for total cash proceeds of $24,700. During the period December 20, 2012 (inception) to March 31, 2014, the Company sold a total of 4,235,000 shares of common stock for total cash proceeds of $27,700.

 

On February 9, 2015, the Company affected a seven for one forward split of its common stock. As a result of this forward split, the Company had 29,645,000 common shares issued and outstanding at March 31, 2015.

 

The Company sold 175,000 shares of common stock for total proceeds of $150,000 in the three month period ending September 30, 2015 and a further 127,000 shares of common stock for total proceeds of $90,006 in the three month period ending December 31, 2015. As a result of these issuances, the Company had 29,947,000 common shares issued and outstanding at December 31, 2015.

 

NOTE 9 – RELATED PARTY TRANSACTIONS

 

From inception through December 31, 2015 Directors have loaned the Company $429,925 to pay for incorporation costs, general and administrative expenses and professional fees, the acquisition of sales and distribution licenses and advances to Cure Pharmaceutical.  As of December 31, 2015, the total loan amount was $224,374. The loan is non-interest bearing, due upon demand and unsecured.

 

NOTE 10 – SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, the Company has analyzed its operations from December 31, 2015 to February 12, 2015 and has determined that it has no other material subsequent events to disclose in these financial statements.

 

END OF NOTES TO FINANCIAL STATEMENTS

 

 

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN OF OPERATION

 

FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections. We may use words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “foresee,” “estimate” and variations of these words and similar expressions to identify forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted. You should read this report completely and with the understanding that actual future results may be materially different from what we expect. The forward-looking statements included in this report are made as of the date of this report and should be evaluated with consideration of any changes occurring after the date of this Report. We will not update forward-looking statements even though our situation may change in the future and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

 

Our Business

 

The Company was incorporated to operate in the architectural field and to be responsible for the concept architectural vision of future private and public buildings as well as municipal organized public areas. The Company has now changed its focus and plans to enter the pharmaceutical and nutraceutical markets through the distribution and sale of nutraceutical, over-the-counter and prescription products manufactured using patented and proprietary oral thin film technology. To this end, the Company has entered into a license and distribution agreement with Cure Pharmaceutical Corporation of Oxnard, CA for the exclusive rights to distribute and sell in certain defined territories any product produced and supplied by Cure that contains Sildenafil and is delivered through an oral thin film.

 

RESULTS OF OPERATIONS

 

We have incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.

 

We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

 

Working Capital

		As of December 31, 2015				As of March 31, 2015
Total Current Assets		$	41			$	200
Total Current Liabilities			476,279				505,945
Working Capital (Deficit)		$	(476,238	)		$	(505,745	)

 

Cash Flows

		Nine Months Ended December 31, 2015				Nine Months Ended December 31, 2014
Cash Flows from (used in) Operating Activities		$	(65,289	)		$	87,855
Cash Flow from (used in) Investing Activities			(100,000	)			(200,000	)
Cash Flows from (used in) Financing Activities			165,130				104,575
Net Increase (decrease) in Cash during period		$	(159	)		$	(7,570	)

 

Operating Revenues

 

During the nine month period ending December 31, 2015, the Company did not record any revenues. During fiscal year ended March 31, 2015, the Company did not generate any revenue.

 

Operating Expenses and Net Loss

 

Operating expenses during the three month period ended December 31, 2015 were $3,860 consisting of general and administrative expenses which includes corporate overhead and financial and contracted services, as compared to $2,625 for the three month period ended December 31, 2014.

 

Net loss for the nine month period ended December 31, 2015 was $135,499, in comparison to a net loss of $11,445 for the nine months ended December 31, 2014.

 

Liquidity and Capital Resources

 

As at December 31, 2015, the Company’s current assets were $41 and at March 31, 2015 were $200. As at December 31, 2015, the Company had total liabilities of $476,279, consisting of $1,730 in accounts payable, $100,000 in Promissory Notes payable, $29,175 in loans payable, $21,000 in interest payable, a $100,000 derivative liability and $224,374 in loans from a stockholder.  As at December 31, 2015, the Company had a working capital deficit of $476,238.

 

As at December 31, 2014, the Company had no current assets. As at December 31, 2014, the Company had total liabilities of $212,275, consisting of $101,300 in accounts payable, $6,400 in loans from a stockholder and $104,575 in loans from a related party.  As at December 31, 2014, the Company had a working capital deficit of $212,275.   

 

Cash flow from/used in Operating Activities

 

We have not generated positive cash flows from operating activities. During the nine month period ended December 31, 2015, the Company used $65,289 of cash for operating activities. For the nine month period ended December 31 2014, the Company used $87,855 of cash for operating activities.

 

Cash flow from Financing Activities

 

We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. During the nine month period ended December 31, 2015, the Company received $165,130 of cash from financing activities. For the nine month period ended December 31, 2014 net cash provided by financing activities was $104,575.  

 

Going Concern

 

We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive acquisitions and activities. For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will be able to continue as a going concern without further financing. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

 

Off-Balance Sheet Arrangements

 

We have no significant 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 are material to stockholders.

 

Future Financings

 

We will continue to rely on equity sales of our common shares and advances from related parties in order to continue to fund our business operations. Issuances of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities.

 

Critical Accounting Policies

 

Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.

 

We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. A complete summary of these policies is included in the notes to our financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.

 

Contractual Obligations

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

Recently Issued Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

ITEM 4.

Controls and Procedures

 

Disclosure Controls and Procedures

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and our Chief Financial Officer, to allow timely decisions regarding required disclosure.

 

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures, as required by Exchange Act Rule 13a-15. Based on that evaluation, our management concluded that our disclosure controls and procedures were effective as of December 31, 2015 to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms.

 

Changes in Internal Control and Financial Reporting

 

There has been no change in our internal control over financial reporting identified in connection with our evaluation we conducted of the effectiveness of our internal control over financial reporting as of December 31, 2015, that occurred during our second fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.  

 

This quarterly report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only management’s report in this quarterly report.

 

PART II—OTHER INFORMATION

 

ITEM 1.

LEGAL PROCEEDINGS

 

We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which our director, officer or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

 

ITEM 1A.

RISK FACTORS

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

 

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

 

Quarterly Issuances:

 

None

 

Subsequent Issuances:

 

None

 

ITEM 3.

Defaults Upon Senior Securities

 

None.

 

ITEM 4.

MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5.

OTHER INFORMATION

 

None.

 

ITEM 6.

EXHIBITS

 

Exhibit Number	Description of Exhibit	Filing
3.01	Articles of Incorporation	Filed with the SEC on July 29, 2013 as part of our Registration Statement on Form S-1.
3.02	Bylaws	Filed with the SEC on July 29, 2013 as part of our Registration Statement on Form S-1.
31.01	CEO and CFO Certification Pursuant to Rule 13a-14	Filed herewith.
32.01	CEO and CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act	Filed herewith.
101.INS*	XBRL Instance Document	Filed herewith.
101.SCH*	XBRL Taxonomy Extension Schema Document	Filed herewith.
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document	Filed herewith.
101.LAB*	XBRL Taxonomy Extension Labels Linkbase Document	Filed herewith.
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document	Filed herewith.
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document	Filed herewith.

 

(i)

*Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

	ALTAIR INTERNATIONAL CORP.
Dated: February 16, 2016	/s/ Alan M. Smith
	By: Alan M. Smith
	Its: President, CEO, CFO, Secretary, Treasurer and Director

 

 

 

Pursuant to the requirement of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Company and in the capacities and on the dates indicated:

 

 

Dated: February 16, 2016	/s/ Alan M. Smith
	By: Alan M. Smith
	Its: President, CEO, CFO, Secretary, Treasurer and Director

 

 

14