
ALTAIR INTERNATIONAL CORP. (1570937) 10-K published on Jun 04, 2020 at 2:57 pm
Our net loss for the fiscal year ended March 31, 2020 was $5,256 compared to $70,064 for the fiscal year ended March 31, 2019. During fiscal years ended March 31, 2020 and March 31, 2019, the Company did not generate any revenue.
During the twelve month period ended March 31, 2019, the Company converted $100,000 in cash advances from a third party into 422,222,670 common shares. The shares were issued at less than par resulting in a $322,223 decrease in additional paid in capital.
At March 31, 2019 there were 496,732,553 common shares issued and outstanding.
On May 5, 2020, the Board of Directors appointed Leonard Lovallo (“Mr. Lovallo”) as a new independent member of the Board. Mr. Lovallo received 4,000,000 shares of the Company’s common stock for his role as an independent member of the Board.
Mr. Lovallo, 38, is Managing Member of Millennial Investments, LLC, a consulting firm that he controls, through which he has, since 2014, assisted public and private companies in the areas of mergers, acquisitions, debt restructuring, equity investments and corporate governance. Mr. Lovallo graduated from the State University of New York (Buffalo) with a BA in psychology. The Company believes that the business experience of Mr. Lovallo with the growth and financial structuring of public and private companies qualifies him to be a valuable member of the Board
On April 29, 2020 the Company entered into a General Services Agreement with Alan Smith, a director and the Company’s sole officer, for the performance of duties of a CEO including the provision of management and financial services. The Agreement commenced May 1, 2020 and will remain in full force and effect until December 31, 2020.
There are no other current employment or consulting agreements between the Company and its officer.