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ALTAIR INTERNATIONAL CORP. - Annual Report: 2014 (Form 10-K)

10K

  UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-K



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


FOR THE FISCAL YEAR ENDED MARCH 31, 2014


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


For the transition period from ___________ to ___________


COMMISSION FILE NO. 333-190235


ALTAIR INTERNATIONAL CORP.

(Exact name of registrant as specified in its charter)


Nevada

(State or Other Jurisdiction of Incorporation or Organization)


99-0385465

IRS Employer Identification Number

7370

Primary Standard Industrial Classification Code Number



Altair International Corp.

Conjunto Sierra Morena Casa D9

Tumbaco, Ecuador

Tel. (702) 605-0043



 (Address and telephone number of principal executive offices)



Securities registered pursuant to Section 12(b) of the Act: None


Securities registered pursuant to Section 12(g) of the Act: None



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Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]


Indicate by check mark if the registrant is not  required  to file  reports  pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]


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 shorter period that the registrant as required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]


Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K  is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes [ ] No [X]


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer [ ]                                                                Accelerated filer [ ]

Non-accelerated filer [ ]                                                                  Smaller reporting company [X]


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes [ X ] No [ ]


As of May 22, 2014, the registrant had 4,235,000 shares of common stock issued and outstanding. No market value has been computed based upon the fact that no active trading market has been established as of May 22, 2014.



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TABLE OF CONTENTS



 

PART 1

 

ITEM 1

Description of Business

4

ITEM 1A    

Risk Factors

5

ITEM 2   

Description of Property

5

ITEM 3   

Legal Proceedings                                             

5

ITEM 4

Mine Safety Disclosures

5

 

PART II

 

ITEM  5   

Market for Common Equity and Related Stockholder Matters      

6

ITEM  6  

Selected Financial Data                                       

6

ITEM  7 

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

6

ITEM 7A      

Quantitative and Qualitative Disclosures about Market Risk   

8

ITEM 8

Financial Statements and Supplementary Data                  

9

ITEM 9    

Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

17

ITEM 9A (T)

Controls and Procedures

17

 

PART III

 

ITEM 10

Directors, Executive Officers, Promoters and Control Persons of the Company

17

ITEM 11

Executive Compensation

18

ITEM 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

19

ITEM 13

Certain Relationships and Related Transactions

19

ITEM 14

Principal Accountant Fees and Services                       

19

 

PART IV

 

ITEM 15

Exhibits

20




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PART I


ITEM 1. DESCRIPTION OF BUSINESS


FORWARD-LOOKING STATEMENTS


This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.


Our Business


We plan to commence operations in architectural field and to be responsible for the concept architectural vision of future private and public buildings as well as municipal organized public areas. Also, we intend to provide interior design and architectural visualization, 3D rendering and architectural animation services and plan on using advanced computer technology to produce photo realistic 3D rendering, walk-through animation and 360 degree panorama. In the next 12 months after completion of our offering we intend to offer our services to clients in Ecuador. Working from sketches to fully detailed plans, we plan to create high detail, high quality three-dimensional renderings. Our images and animations can be used for design and planning, development, property sales, buildings, and the effective communication of concepts to clientele. Mr. Penaherrera Zavala will perform our design services. We anticipate that our potential clients or client agencies will execute contracts with us regarding our services in architectural field. We are going to work with wide range of clients from usual family which wants to upgrade or renovate their home to city municipalities with appropriate project scale demand. After full payment, our clients will own the copyrights for our renderings and designs.  


Interior design projects


We plan to offer complex projects of interior design of most important living spaces inside the building. By our philosophy, it is very important to suggest our clients the professional vision of living areas where they will spend their daily live. That project usually includes blue-prints, detailed sketches, 3d-visualisation, rendering, finish material and furniture choose and construction process supervising.


Architectural projects


We intend to provide architectural design services like building and structural design, architectural drafting, architectural drawing, architectural lighting, plans, cost estimation, layering, 3D modeling and architectural renderings that will show case single buildings, sites or structures, exterior or interior, color and texture of proposed materials, and the relationship with the surrounding buildings and landscape. Architectural renderings are convincing marketing tools to visualize and demonstrate certain aspects of a future building or apartment to its buyers. We intend to concentrate on concept architectural projects of new private and renovate building projects with further sketches and blue-prints documentation development. Also we plan to be involved in projects of public buildings and areas.




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Landscape architectural projects


As well as working with private clients we also plan to work with more complicated landscape architectural projects. Landscape architecture is the design of outdoor public areas, organized green spaces in the cities, landmarks, and structures to achieve environmental, social-behavioral, or aesthetic outcomes.


3d modeling


Hand-drawings and written explanations of the architectural and design ideas are not enough for fully detailed projects. Therefore, in all steps of our projects we will provide fully detailed 3D-renderings and 3D virtual reality architectural animations (also known as walk-through or fly-through animations), a short architectural movies created on a computer. With 3D walk-through any specific viewpoint can be viewed from any angle or height giving a real photorealistic feeling. Some of the advantages of virtual 3D walk-through are:  


  - Actual structure, architecture and building materials can be shown;

  - It brings a possibility to explore and experiment with colors, textures, and other architectural details;

  - External/Internal lighting such as natural lighting, based upon window direction, time of year and time of day can be previewed;

  - 3D Architectural animation will include exterior features such as landscaping, trees, hedges, fences;

  - Multiple design options can be explored and resolved before building begins.


ITEM 1A.  RISK FACTORS

 

Not applicable to smaller reporting companies.

 


ITEM 2.  DESCRIPTION OF PROPERTY


We do not own any real estate or other properties.  


ITEM 3.  LEGAL PROCEEDINGS


We are not currently involved in any legal proceedings and we are not aware of any pending or potential legal actions.

ITEM 4.  MINE SAFETY DISCLOSURES


None.




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PART II


ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS      


Market Information


There is a limited public market for our common shares.  Our common shares are quoted on the OTC Bulletin Board under the symbol “ATAO”.  Trading in stocks quoted on the OTC Bulletin Board is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a company’s operations or business prospects.  We cannot assure you that there will be a market in the future for our common stock.

 

OTC Bulletin Board securities are not listed or traded on the floor of an organized national or regional stock exchange.  Instead, OTC Bulletin Board securities transactions are conducted through a telephone and computer network connecting dealers in stocks.  OTC Bulletin Board issuers are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.


Number of Holders


As of May 22, 2014, the 4,235,000 issued and outstanding shares of common stock were held by a total of 30 shareholders of record.


Dividends

 

No cash dividends were paid on our shares of common stock during the fiscal years ended March 31, 2014.  We have not paid any cash dividends since our inception and do not foresee declaring any cash dividends on our common stock in the foreseeable future. 


Recent Sales of Unregistered Securities


None.


Purchase of our Equity Securities by Officers and Directors


None.


Other Stockholder Matters


None.



ITEM 6. SELECTED FINANCIAL DATA                                       


Not applicable.


ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs.  Our actual results could differ materially from those discussed in the forward looking statements.   Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.



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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.


FISCAL YEAR ENDED MARCH 31, 2014 COMPARED TO FISCAL YEAR ENDED MARCH 31, 2013


Our net loss for the fiscal year ended March 31, 2014 was $28,449 compared to a net loss of $81 for the fiscal year ended March 31, 2013. During fiscal year ended March 31, 2014, the Company did not generate any revenue.


During the fiscal year ended March 31, 2014, we incurred general and administrative expenses of $28,449 compared to $81 in general and administrative expenses incurred during the fiscal year ended March 31, 2013.  

 

Expenses incurred during fiscal year ended March 31, 2014 compared to the fiscal year ended March 31, 2013 increased primarily due to the increased  scale and scope  of  business  operations.  General and administrative expenses generally include corporate overhead and financial and administrative contracted services.


The weighted average number of shares  outstanding  was  3,385,288  for the fiscal year ended March 31, 2014 compared to 411,765 for the fiscal year ended  March 31, 2013.


LIQUIDITY AND CAPITAL RESOURCES


FISCAL YEAR ENDED MARCH 31, 2014


As of March 31, 2014, our current assets were $7,570 and our total liabilities were $8,400. As of March 31, 2014, current assets were comprised of $7,570 in cash. As of March 31, 2014, total liabilities were comprised of $6,400 in advance from related party and $2,000 in accounts payable. As of March 31, 2014, our total assets were $7,570 comprised entirely of current assets.  Stockholders’ deficit was $830 as of March 31, 2014.  


Cash Flows from Operating Activities


We have not generated positive cash flows from operating activities. For the fiscal year ended March 31, 2014, net cash flows used in operating activities was $26,449 consisting of a net loss of $28,449 and $2,000 in accounts payable. Net cash flows used in operating activities was $26,530 for the period from December 20, 2012 (Date of Inception) to March 31, 2014.



Cash Flows from Financing Activities


We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the fiscal year ended March 31, 2014 net cash provided by financing activities was $31,000, received from proceeds from issuance of common stock and proceeds from related party.  For the period from December 20, 2012  (Date of Inception) to March 31, 2014, net cash provided by financing activities was $34,100  received from proceeds from issuance of common stock and  proceeds from related party.



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PLAN OF OPERATION AND FUNDING


We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.


Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next six months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.


MATERIAL COMMITMENTS


As of the date of this Annual Report, we do not have any material commitments.


PURCHASE OF SIGNIFICANT EQUIPMENT


We do not intend to purchase any significant equipment during the next twelve months.


OFF-BALANCE SHEET ARRANGEMENTS


As of the date of this Annual Report, 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 are material to investors.


GOING CONCERN


The independent auditors' report accompanying our Maarch 31, 2014 and March 31, 2013 financial statements contains an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. 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.


ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   


Not applicable to smaller reporting companies.




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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA                




REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

F–1


Balance Sheets

F–2


Statements of Operations

F–3


Statement of Stockholders’ Equity

F–4


Statements of Cash Flows

F–5


Notes to the Financial Statements

F–6




 





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HARRIS & GILLESPIE CPA’S, PLLC

CERTIFIED PUBLIC ACCOUNTANT’S

3901 STONE WAY N., SUITE 202

SEATTLE, WA  98103

206.547.6050


INDEPENDENT AUDITOR’ REPORT ON FINANCIAL STATEMENTS


To the Board of Directors

Altair International, Inc.


 

We have audited the accompanying balance sheets of Altair International, Inc. (A Development Stage Company) as of March 31, 2014 and 2013, and the related statements of operations, stockholders’ deficit and cash flows for the periods then ended and for the period December 20, 2012 (inception) to March 31, 2014. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.


We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.


In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Altair International, Inc. (A Development Stage Company) as of March 31, 2014 and 2013 and the results of its operations and cash flows for the periods then ended and for the period December 20, 2012 (inception), to March 31, 2014 in conformity with generally accepted accounting principles in the United States of America.


The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note #2 to the financial statements, the company has had significant operating losses; a working capital deficiency and its need for new capital raise substantial doubt about its ability to continue as a going concern. Management’s plan in regard to these matters is also described in Note #2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.



/S/ HARRIS & GILLESPIE CPA’S, PLLC


Seattle, Washington

April 17, 2014

F-1



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ALTAIR INTERNATIONAL CORP.

(A DEVELOPMENT STAGE COMPANY)

BALANCE SHEETS

AUDITED

 

March 31, 2014

March 31, 2013

ASSETS

 

 

Current Assets

 

 

 

Cash

$                7,570

$                3,019

 

Total current assets

7,570

3,019

Total assets                                                         

$               7,570

$               3,019

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

Current  Liabilities

 

 Loan from shareholder

$              6,400

$                  100

 

Accounts payable

2,000

 

 

Total current liabilities

8,400

100

Total liabilities

8,400

100

 

Stockholders’ Equity (Deficit)

  

Common stock, $0.001 par value, 75,000,000 shares authorized;

 

 

     4,235,000 shares issued and outstanding (3,000,000 shares issued and outstanding as of March 31, 2013)

4,235

3,000

 

Additional paid-in-capital

23,465

-

 

Deficit accumulated during the development stage

(28,530)

(81)

Total stockholders’ equity (deficit)

(830)

2,919

Total liabilities and stockholders’ equity (deficit)

 $              7,570

$           3,019         



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




F-2



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ALTAIR INTERNATIONAL CORP.

(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF OPERATIONS

AUDITED

 

Year ended March 31, 2014

Year ended March 31, 2013

For the period from inception (December 20, 2012) to March 31, 2014

Expense:

 

 

 

Total General & Admin. Expenses

$                        28,449 

$                  81

$                       28,530

Loss before income tax

(28,449) 

(81)

(28,530)

Income taxes                

-

 

-

Net loss

$                       (28,449) 

$                (81)

$                     (28,530)

Loss per share – Basic and Diluted

$                       (0.00)

$                  (0.00)

 

Weighted Average Shares-Basic and Diluted

3,385,288

411,765

 


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


F-3



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ALTAIR INTERNATIONAL CORP.

(A DEVELOPMENT STAGE COMPANY)

STATEMENT OF STOCKHOLDERS’ EQUITY

 

Number of

Common

Shares


Amount

Additional

Paid-in-

Capital

Deficit

accumulated

during  development stage



Total



Balance at inception

-

$      -  

$     -  

$          -  

$         -  

Common shares issued for cash  at $0.001 on March 18, 2013

3,000,000

3,000

-

-

3,000

Net loss                                                                  

 

 

 

(81)

(81)

Balance as of  March 31, 2013

3,000,000

3,000

      -

  (81)

$    2,919

Common shares issued for cash  at $0.02 on

1,235,000

1,235

23,465

-

24,700

Net loss                                                                  

 

 

 

(28,449)

(28,449)

Balance as of  March 31, 2014

4,235,000

$ 4,235

$ 23,465

$  (28,530)

(830)


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


F-4



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ALTAIR INTERNATIONAL CORP.

(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF CASH FLOWS

AUDITED

 

Year ended March 31, 2014

Year ended March 31, 2013

For the period from inception (December 20, 2012) to March 31, 2014

Operating Activities

 

 

 

 

Net loss

$                   (28,449)

$                   (81)

$                      (28,530)

 

Accounts payable

2,000

-

2,000

 

Net cash used in operating activities

(26,449)

(81)

(26,530)


Financing Activities

 

 

 

 

Proceeds from issuance of common stock

24,700

3,000

27,700

 

Proceeds from loan from shareholder

6,300

100

6,400

 

Net cash provided by financing activities

31,000

3,100

34,100


Net increase (decrease) in cash

4,551

3,019


7,570

Cash at beginning of the period

3,019

-

-

Cash at end of the period

$                   7,570

$                 3,019

$                      7,570

 

Supplemental cash flow information:

 

 

 

 

Cash paid for:

 

 

 

 

Interest                                                                                               

$                           -

$                        -

$                             -

 

Taxes                                                                                           

$                           -

$                        -

$                             -


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


F-5



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ALTAIR INTERNATIONAL CORP.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

MARCH 31, 2014

AUDITED



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 intends to commence operations in the field of concept architectural, interior design projects and related areas. Since inception (December 20, 2012) through March 31, 2014 the Company has not generated any revenue and has accumulated losses of $28,530.


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 $28,530 as of March 31, 2014 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 and for the years ending March 31, 2014 and 2013 and for the period from (Inception) December 20, 2012 through March 31, 2014.


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 March 31, 2014 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.


F-6



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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 – COMMON STOCK


The Company has 75,000,000 common shares authorized with a par value of $0.001 per share. On March 18, 2013 the Company issued 3,000,000 shares of its common stock at $0.001 per share for total proceeds of $3,000.


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.




NOTE 5 – RELATED PARTY TRANSACTIONS


Since inception through March 31, 2014 the Director loaned the Company $6,400 to pay for incorporation costs, general and administrative expenses and professional fees.  As of March 31, 2014, total loan amount was $6,400. The loan is non-interest bearing, due upon demand and unsecured.


NOTE 6 – SUBSEQUENT EVENTS


In accordance with ASC 855-10, the Company has analyzed its operations from March 31, 2014 to April 17, 2014 and has determined that it does not have any material subsequent events to disclose in these financial statements.

F-7



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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE


None.


ITEM 9A(T). CONTROLS AND PROCEDURES


Management’s Report on Disclosure Controls and Procedures


Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed 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 in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate 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 of March 31, 2014. Based on that evaluation, our management concluded that our disclosure controls and procedures were effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the fiscal year period ended March 31, 2014 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.



PART III


Item 10. Directors, Executive Officers, Promoters and Control Persons of the Company


DIRECTORS AND EXECUTIVE OFFICERS



The name, age and titles of our executive officer and director is as follows:


Name and Address of Executive

   Officer and/or Director

 

Age

 

Position

 

 

 

 

 

Homero Giovanni Penaherrera Zavala

Conjunto Sierra Morena Casa D9, Tumbaco, Ecuador

 

51

 

President, Treasurer, Secretary and Director

(Principal Executive, Financial and Accounting Officer)


Homero Giovanni Penaherrera Zavala has acted as our President, Treasurer, Secretary and sole Director since our incorporation on March 20, 2012. Mr. Penaherrera Zavala owns 70.83% of the outstanding shares of our common stock. Mr. Penaherrera Zavala graduated from University of the Pacific in 1995. His specialty is architectural design. From June 2004 to May 2011 he worked at SECTOR COMERCIAL CONJUNTO MULTICENTRO (Quito, Ecuador) as an IT administrator. From June 2011 to present he has been working at RIO COCA CATERING INSTITUCIONAL (Quito, Ecuador) as an IT administrator. Mr. Penaherrera Zavala intends to devote 20 hours a week of his time to planning and organizing activities of Altair International Corp.


During the past ten years, Mr. Penaherrera Zavala has not been the subject to any of the following events:


    1. Any bankruptcy petition filed by or against any business of which Mr. Penaherrera Zavala was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time.

    2. Any conviction in a criminal proceeding or being subject to a pending criminal proceeding.

     3. An order, judgment, or decree, not subsequently reversed, suspended or vacated, or any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting Mr. Penaherrera Zavala’s involvement in any type of business, securities or banking activities.

     4. Found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Future Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.

5.  Was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right to engage in any activity described in paragraph (f)(3)(i) of this section, or to be associated with persons engaged in any such activity;

6.  Was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;

7.  Was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:

i.

Any Federal or State securities or commodities law or regulation; or

ii.

Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or

iii.

Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

8.  Was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.




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AUDIT COMMITTEE

We do not have an audit committee financial expert. We do not have an audit committee financial expert because we believe the cost related to retaining a financial expert at this time is prohibitive. Further, because we have no operations, at the present time, we believe the services of a financial expert are not warranted.



ITEM 11. EXECUTIVE COMPENSATION


The table below summarizes all compensation awarded to, earned by, or paid to our executive officers by any person for all services rendered in all capacities to us for the fiscal period from our incorporation on December 20, 2012   to March 31, 2014.



SUMMARY COMPENSATION TABLE


Summary Compensation Table


Name and

Principal

Position

Year

Salary

($)

Bonus

($)

Stock

Awards

($)

Option

Awards

($)

Non-Equity

Incentive Plan

Compensation

($)

All Other

Compensation

($)

All Other

Compensation

($)

Total

($)

Homero Giovanni Penaherrera Zavala, President, Secretary and Treasurer

2012

2013

2014


-0-


-0-


-0-


-0-


-0-


-0-


-0-


-0-


There are no current employment agreements between the company and its officer.


CHANGE OF CONTROL


As of March 31, 2014, we had no pension plans or compensatory plans or other arrangements which provide compensation in the event of a termination of employment or a change in our control.





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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS


The following table provides certain information regarding the ownership of our common stock, as of May 22, 2014 and as of the date of the filing of this annual report by:

 

 

 

each of our executive officers;

 

 

each director;

 

 

each person known to us to own more than 5% of our outstanding common stock; and

 

 

all of our executive officers and directors and as a group.


Title of Class

 

Name and Address of

Beneficial Owner

 

Amount and Nature of 

Beneficial Ownership

 

Percentage

 

 

 

 

 

 

 

 

 

Common Stock

 

Homero Giovanni Penaherrera Zavala

Conjunto Sierra Morena Casa D9, Tumbaco, Ecuador

 

3,000,000 shares of common stock (direct)

 

 

70.83

%

All officers and directors (1 person)

 

 

 

3,000,000 shares of common stock

 

 

70.83

%



The percent of class is based on 4,235,000 shares of common stock issued and outstanding as of the date of this annual report.



ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS


During the year ended March 31, 2014, we had not entered into any transactions with our sole officer or director, or persons nominated for these positions, beneficial owners of 5% or more of our common stock, or family members of these persons wherein the amount involved in the transaction or a series of similar transactions exceeded the lesser of $120,000 or 1% of the average of our total assets for the last three fiscal years.

On March 19, 2013, the Company issued 10,000,000 shares of common stock, to the sole officer and director, for $10,000 ($0.001/share).  

During the period since December 20, 2012 to March 31, 2014, a director loaned the Company $6,400.  The loan is non-interest bearing, due upon demand and unsecured.




ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 


During  fiscal year ended March 31, 2014, we incurred  approximately  $9,500 in fees to our principal independent accountants for professional services rendered in connection  with the audit of our financial statements and for the  quarterly reviews of our financial  statements. 




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ITEM 15. EXHIBITS


The following exhibits are filed as part of this Annual Report.



Exhibits:



Number

Description

 

 

31.1

Certification of Principal Executive Officer and Principal Financial Officer, pursuant to SEC Rules 13a-14(a) and 15d-14(a), adopted pursuant Section 302 of the Sarbanes Oxley Act of 2002

32.1

Certification of Chief Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

XBRL Instance Document

101.SCH

XBRL Taxonomy Extension Schema Document

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

XBRL Taxonomy Extension Label Linkbase Document

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document



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.


 

ALTAIR INTERNATIONAL CORP.

Dated: May 22, 2014

By: /s/ Homero Giovanni Penaherrera Zavala

 

Homero Giovanni Penaherrera Zavala, President, Principal Executive and Financial and Accounting Officer


                                       







          





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