Mountain High Acquisitions (MYHI) 10-Q16 Aug 212021 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Aug. 13, 2021
Document And Entity Information
Entity Registrant Name	Mountain High Acquisitions Corp.
Entity Central Index Key	0001507181
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Entity Incorporation, State or Country Code	CO
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity File Number	333-175825
Is Entity's Reporting Status Current?	Yes
Entity Interactive Data Current	Yes
Is Entity Emerging Growth Company?	true
Elected Not To Use the Extended Transition Period	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Common Stock, Shares Outstanding		220,302,547
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2020	Mar. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 3,154	$ 5,542
Prepaids	5,000	7,500
Deposits		5,652
Notes receivable - current	47,341	46,533
TOTAL CURRENT ASSETS	55,495	65,227
OTHER ASSETS
Notes receivable - long term	18,467	26,828
TOTAL OTHER ASSETS	18,467	26,828
FIXED ASSETS (NET)	107,873	115,835
TOTAL ASSETS	181,836	207,890
CURRENT LIABILITIES
Accounts payable	44,369	4,473
Accounts payable - related party	326	305
Accrued liabilities - related party	427
Accrued interest		2,474
Notes payable - related party	50,000
Convertible notes payable, net of discounts $0 and $0 as of June 30, 2020 and March 31, 2020, respectively		90,656
Derivative liability		111,181
TOTAL CURRENT LIABILITIES	95,122	209,089
STOCKHOLDERS' EQUITY (DEFICIT):
Preferred stock, $0.0001 par value; 250,000,000 shares authorized, 100,000 and 100,000 shares issued and outstanding as of June 30, 2020 and March 31, 2020 respectively	10	10
Common stock, $0.0001 par value; 500,000,000 shares authorized, 232,435,605 and 220,685,605 shares issued and outstanding as of June 30, 2020 and March 31, 2020 respectively	23,244	22,069
Additional paid in capital	15,680,470	15,587,645
Accumulated (deficit)	(15,617,010)	(15,610,923)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	86,714	(1,199)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 181,836	$ 207,890

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, authorized	250,000,000	250,000,000
Preferred stock, issued	100,000	100,000
Preferred stock, outstanding	100,000	100,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	500,000,000	500,000,000
Common stock, issued	232,435,605	220,685,605
Common stock, outstanding	232,435,605	220,685,605

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Operating expenses
Depreciation	$ 7,961	$ 19,711
Officer and director fees	33,379	22,500
Professional fees	47,817	33,643
Selling, general and administrative expenses	27,846	11,085
Total operating expenses	117,003	86,939
(Loss) from operations	(117,003)	(86,939)
Interest expense:
Amortization of convertible debt discounts		(12,500)
Interest Expense	(1,050)	(3,135)
Gain on derivative liability	111,181
Other income (expense)	785	1,327
Total other income (expense)	110,916	(14,308)
Net income (loss)	$ (6,087)	$ (101,247)
Net Income (loss) per share - basic - continuing operations	$ 0	$ 0
Net Income (loss) per share - diluted - continuing operations	$ 0	$ 0
Weighted average shares outstanding - basic and diluted	229,336,705	207,314,117

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Series B Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance, shares at Mar. 31, 2019	100,000	203,832,914
Beginning balance, amount at Mar. 31, 2019	$ 10	$ 20,383	$ 15,257,436	$ (15,125,387)	$ 152,442
Note payable conversion, shares		4,686,780
Note payable conversion, amount		$ 469	64,531		65,001
Net (loss)				(101,247)	(101,247)
Ending balance, shares at Jun. 30, 2019	100,000	208,519,694
Ending balance, amount at Jun. 30, 2019	$ 10	$ 20,852	15,321,967	(15,226,634)	116,196
Beginning balance, shares at Mar. 31, 2020	100,000	220,685,605
Beginning balance, amount at Mar. 31, 2020	$ 10	$ 22,069	15,587,645	(15,610,923)	(1,199)
Share purchase agreement, shares		11,750,000
Share purchase agreement, amount		$ 1,175	92,825		94,000
Net (loss)				(6,087)	(6,087)
Ending balance, shares at Jun. 30, 2020	100,000	232,435,605
Ending balance, amount at Jun. 30, 2020	$ 10	$ 23,244	$ 15,680,470	$ (15,617,010)	$ 86,714

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)	$ (6,087)	$ (101,247)
Adjustment to reconcile net loss to net Cash used in operating activities:
Depreciation and amortization	7,961	19,711
Original issue discount		12,500
Changes in operating assets and liabilities:
Increase/(decrease) in accounts payable	39,895	(17,412)
(Increase)/decrease in accounts payable related party	21
(Increase)/decrease in accrued liability related party	427
Decrease in derivative liability	(111,181)
Change in prepaid	2,500
Decrease in other assets - deposits	5,652
Change in other receivables	7,553	11,179
Increase/(decrease) in accrued liabilities
Interest expense	870	3,135
Net cash provided (used) by operating activities	(52,388)	(72,134)
CASH FLOWS FROM INVESTING ACTIVITIES
Fixed Assets
Deposit on sale of equipment		50,000
Net cash provided by investing activities		50,000
CASH FLOWS FROM FINANCING ACTIVITIES
Note conversions
Proceeds from notes payable	50,000
Proceeds from borrowings		100,000
Net cash (used) provided by financing activities	50,000	100,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(2,388)	77,866
CASH AND CASH EQUIVALENTS, Beginning of the period	5,542	767
CASH AND CASH EQUIVALENTS, End of the period	3,154	78,633
Supplemental disclosures of cash flow information
Taxes paid
Interest paid

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Jun. 30, 2020
Accounting Policies [Abstract]
Organization and Basis of Presentation	Note 1 - Organization and Basis of Presentation Organization and Line of Business Prior to January 1, 2020, the Company was in the business of providing infrastructure assets to licensed producers, processors and retailers engaged in the cannabis industry. Due to the restrictive regulatory and operational challenges the Company faced in that business it was decided to pivot entirely away from cannabis and instead focus on opportunities in the Personal protective equipment industry. On May 22, 2016, the Company completed the acquisition of Greenlife Botanix ("Greenlife") a Colorado corporation. The Company issued 10,000,000 restricted shares of its common stock to the shareholders of Greenlife in exchange for their 100% interest in Greenlife. The shares were valued at the market value on the date of issuance, $0.23, for a total consideration of $2,300,000. The amount paid for Greenlife was recorded as Goodwill due to the start up nature of Greenlife and the minimal net assets of Greenlife at the time of acquisition. Subsequent to the purchase of Greenlife the Company executed a rescission agreement with Freedom Seed and Feed, "FSF", which prevented Greenlife from becoming a fully integrated cosmetic company. Due to the rescission of FSF and the remarketing of the Greenlife product line the Company evaluated the book value of the asset and elected to impair the goodwill value of Greenlife and expensed the $2,300,000 book value in the year ended March 31, 2017. On March 31, 2020, the Company sold its 100% interest in GreenLife to Evolution Equities Corporation, a Nevada Corporation for the sum of $1.00. At the time of the sale, GreenLife had no assets and had liabilities in the amount of $201,445. Of the liabilities that were in GreenLife, $138,945 were owed to Brent McMahon, a related party. The gain on deconsolidation has been reflected as an increase in Additional Paid in Capital of $201,445 as the transaction was with a related party controlled by a stockholder in the company, resulting in the effective treatment of the gain as a stockholder contribution. The company assesses its joint ventures and partnerships at inception to determine if any meet the qualifications of a variable interest entity ("VIE") in accordance with Accounting Standards Codification ("ASC") 810, "Consolidation." If a joint venture or partnership is a VIE and the company is the primary beneficiary, the joint venture or partnership is fully consolidated. Management has determined GreenLife does not meet the definition of a business under ASC 805 and is therefore not subject to VIE guidance and should remain deconsolidated after the sale date. Furthermore, the Company forgave the balance of $50,000 due from Greenlife on the transaction date, resulting in at $50,000 loss. In May 2017, the Company formed MYHI-AZ , an Arizona Corporation to acquire equipment to service the growing cannabis industry. In September 2017, the Company entered into a consulting agreement with D9 Manufacturing, "D9," to provide D9 customers with infrastructure equipment. Also, in September 2017, MYHI-AZ purchased 2 intermodal grow containers from D9 to be used in a grow operation in Arizona. MYHI-AZ leased the grow containers to D9 for 3 years with the right to extend the lease for an additional 2 years. The lease began August 15, 2017. The lease provided for a monthly lease rate of $20,000 a month and required advance payment for operating supplies and expenses. The monthly lease rate was recorded as Revenue and an Account Receivable while the advances were recorded as Other Receivable. The monthly lease payments were to commence on harvesting of the first crop. The containers were planted in October 2017 with an expected harvest in January 2018. The initial grow operation encountered a power failure which ultimately resulted in the loss of the crop. The loss of this crop resulted in a deferral of collection of the lease rental payments and the operating cost payments. The power failure highlighted electrical issues with the facility where the containers were being used and improvements to the containers that could be made. The container improvements and facility power requirement issue took a few months to resolve. Effective June 5, 2018, MYHI-AZ and D9 agreed to convert the current amount due under the operating lease, representing $150,000 in lease payments and $22,294 in operating expenses, into a $135,000 note payable, (the "Note"), with a term of 3 years and interest rate of 7% per annum, and to capitalize $35,000 for improvements to the containers. The first payment on the Note was due October 3, 2018. The Parties also agreed to terminate the current lease effective March 31, 2018 and replace it with a new lease beginning July 1, 2018 with lease payments of $5,000 per month beginning November 1, 2018. This replacement lease was terminated on March 31, 2019 as D9 was unable to successfully complete a harvest. due to the ongoing power problems and a shift in the focus of their company to extraction only. The Note however remains in full force and effect. During the three month period ended June 30, 2019, the Company decided to sell the containers to generate capital to finance its own change in focus to extraction. On August 20, 2019, the Company completed the sale of the containers for proceeds of $100,000 (see note 5). On August 18, 2018, the Company entered into an Exchange Agreement (the “Exchange Agreement”) with Alchemy Capital LLC (“Alchemy”) pursuant to which Alchemy, the sole shareholder of One Lab Co (“Labco ”), a Nevada Corporation agreed to exchange 100% of the capital stock of Labco for 88,000,000 restricted shares of the Company (the “MYHI Shares”). The Exchange Agreement called for the issuance of 20,000,000 MYHI Shares at Closing and 68,000,000 MYHI Shares after certain equipment under order by Labco at the time (the “Equipment”) was delivered pursuant to a Lease Agreement (the “Lease”) between Labco and Workforce Labor Solutions, LLC (“the Lessee”). The Equipment consists of a state-of-the-art intermodal extraction laboratory, engineered and designed specifically for processing cannabis. The Lease calls for monthly payments of $25,000 and has a five year term commencing November 1, 2018 with an option to renew for a second five year term. As of March 31, 2020, the Lessee was in arrears on the lease. The Company has been in constant discussion with the Lessee regarding this delinquency but has been unable to come to a resolution of the matter. The Company intends to terminate the lease agreement immediately and to relocate the equipment at the earliest opportunity. In conjunction with the acquisition of One Lab Co and its tangible assets including the Equipment and the Lease, the Company also acquired intangible assets such as industry relationships, access to capital resources and acquisition opportunities. These intangible assets were classified as Goodwill. MYHI issued the 88,000,000 shares of restricted common stock in accordance with the terms of the Exchange Agreement and recorded the acquisition of the Equipment at a cost value of $159,666 and Goodwill of $4,605,134. As of March 31, 2019, the intangible asset was fully impaired.

Going Concern

Going Concern	3 Months Ended
Going Concern	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Going Concern The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has incurred a net loss of $6,087 for the three months ended June 30, 2020 and has an accumulated deficit of $15,617,010. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management plans to continue to raise capital to fund the Company’s operations and believes that it can continue to raise equity or debt financing to support its operations until the Company is able to generate positive cash flow from operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). The accompanying consolidated financial statements have been presented in United States Dollars ($ or “USD”). The fiscal year end is March 31. Principles of Consolidation The accounts of the Company and its wholly–owned subsidiaries MYHI-AZ and One Lab Co are included in the accompanying consolidated financial statements. All intercompany balances and transactions were eliminated on consolidation. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is possible that accounting estimates and assumptions may be material to the Company due to the levels of subjectivity and judgment involved. Fair Value of Financial Instruments Fair value is the price that would be received from selling an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides a hierarchy for inputs used in measuring fair value that prioritize the use of observable inputs over the use of unobservable inputs, when such observable inputs are available. The three levels of inputs that may be used to measure fair value are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data. Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by the Company. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the observable inputs may result in a reclassification of assets and liabilities within the three levels of the hierarchy outlined above. The carrying amounts of certain financial instruments, such as cash equivalents, short term investments, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. Concentrations For the quarter ended June 30, 2020 and 2019, one customer accounted for nil% and 100%, respectively, of the Company’s revenues. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and cash in time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At June 30, 2020 and March 31, 2020, the Company had $0 and $0 in excess of the FDIC insured limit, respectively. Revenue Recognition As of January 1, 2018, we adopted ASU No. 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09). Leasing revenue recognition is specifically excluded and therefore the new standard is only applicable to service fee and consulting revenue. A five-step model has been introduced for an entity to apply when recognizing revenue. The new guidance also includes enhanced disclosure requirements. The guidance was effective January 1, 2018. The adoption did not have an impact on our financial statements. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine the appropriate amount of revenue to be recognized for arrangements determined to be within the scope of ASC 606, the Company performs the following five steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect consideration it is entitled to in exchange for the goods or services it transfers to the customer. Revenue represents lease revenue for the grow containers pursuant to the Company's lease with D9 and extraction equipment lease pursuant to the Labco share exchange agreement. For the three months ended June 30, 2020 the Company recorded no revenue. Fixed Assets Fixed Assets are stated at cost. Depreciation is provided on fixed assets using the straight-line method over an estimated service life of five years for equipment. The cost of normal maintenance and repairs is charged to operating expenses as incurred. Material expenditures which increase the life of an asset are capitalized and depreciated over the estimated remaining useful life of the asset. Long-lived assets, which include property, equipment, goodwill and identifiable intangible assets, are reviewed for impairment whenever events or changes in business circumstances indicate impairment may exist. If the Company determines that the carrying value of a long-lived asset may not be recoverable, a permanent impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. If an initial assessment indicates it is more likely than not an impairment may exist, it is evaluated by comparing the unit’s estimated fair value to its carrying value. Fair value is generally estimated using an income approach that discounts estimated future cash flows using discount rates judged by management to be commensurate with the applicable risk. Estimates of future sales, operating results, cash flows and discount rates are subject to changes in the economic environment, including such factors as the general level of market interest rates, expected equity market returns and the volatility of markets served, particularly when recessionary economic circumstances continue for an extended period of time. Management believes the estimates of future cash flows and fair values are reasonable; however, changes in estimates due to variance from assumptions could materially affect the evaluations. Fixed assets as of June 30, 2020, have not been impaired. Intangible Assets The Company accounts for intangibles in accordance with ASC 350, Intangible-Goodwill and Other. The Company evaluates intangibles, at a minimum, on an annual basis and whenever events and changes in circumstances suggest that the carrying amount may not be recoverable. Impairment of intangibles is tested by comparing the carrying amount to the fair value. The fair values are estimated using undiscounted projected net cash flows. If the carrying amount exceeds its fair value, intangibles are considered impaired and a second step is performed to measure the amount of impairment loss, if any. The Company evaluates the impairment of intangibles as of the end of each fiscal year or whenever events or changes in circumstan ces indicate that an intangible asset’s carrying amount may not be recoverable. These circumstances include: a significant decrease in the market value of an asset; a significant adverse change in the extent or manner in which an asset is used; or an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Applicable interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of operations. The open tax years are 2013, 2014, 2015, 2016, 2017, 2018 and 2019. The Company has no tax positions at June 30, 2020 and 2019, for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Basic and Diluted Loss Per Share Earnings per share is calculated in accordance with the ASC Topic 260, Earnings Per Share Recent Accounting Pronouncements Recent authoritative guidance issued by the FASB (including technical corrections to the FASB Accounting Standards Codification), the American Institute of Certified Public Accountants, and the SEC, did not, or are not expected to have a material effect on the Company’s consolidated financial statements.

Note Receivable

Note Receivable	3 Months Ended
Note Receivable	Jun. 30, 2020
Credit Loss [Abstract]
Note Receivable	Note 3 – Note Receivable In May 2017, the Company formed MYHI-AZ to acquire equipment to service the growing cannabis industry. In September 2017, the Company entered into a consulting agreement with D9 Manufacturing, "D9," to provide D9 customers with infrastructure equipment. Also in September 2017, MYHI-AZ purchased 2 intermodal grow containers from D9 to be used in a grow operation in Arizona. MYHI-AZ leased the grow containers to D9 for 3 years with the right to extend the lease for an additional 2 years. The lease began August 15, 2017. The lease provided for a monthly lease rate of $20,000 a month and required advance payment for operating supplies and expenses. The monthly lease rate was recorded as Revenue and an Account Receivable while the advances were recorded as Other Receivable. The monthly lease payments were to commence on harvesting of the first crop. The containers were planted in October 2017 with an expected harvest in January 2018. The initial grow operation encountered a power failure which ultimately resulted in the loss of the crop. The loss of this crop resulted in a deferral of collection of the lease rental payments and the operating cost payments. The power failure highlighted electrical issues with the facility where the containers were being used and improvements to the containers that could be made. While the container improvements were made, the facility power requirement issues were never fully resolved. Effective September 11, 2018, MYHI-AZ and D9 agreed to convert the current amount due under the operating lease, representing $150,000 in lease payments and $22,294 in operating expenses, into a $135,000 note payable, (the "Note"), with a term of 3 years and interest rate of 7% per annum, and to capitalize $35,000 for improvements to the containers. The first payment on the Note was due October 3, 2018. In addition, and in anticipation of the resolution of the power issues at the grow facility, the Parties agreed to terminate the current lease effective March 31, 2018 and replace it with a new lease beginning July 1, 2018 with lease payments of $5,000 per month beginning November 1, 2018. This replacement lease was terminated on March 31, 2019 as D9 was unable to successfully complete a harvest due to the ongoing power problems and a shift in the focus of their company to extraction only. The Note however remained in full force and effect. As of , the Company evaluated the collectability of the note and believes the balance of $65,808 is collectible. D9 is current in its required Note payments.

Prepaids

Prepaids	3 Months Ended
Prepaids	Jun. 30, 2020
Notes to Financial Statements
Prepaids	Note 4 – Prepaids Prepaids as of June 30, 2020 and March 31, 2020, were $5,000 and $0, respectively. These include a $5,000 prepayment to our director and officer for future services.

Fixed Assets

Fixed Assets	3 Months Ended
Fixed Assets	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Fixed Assets	Note 5 – Fixed Assets Fixed assets consist of the following at June 30, 2020: Extraction Equipment $ 159,667 Less: accumulated depreciation and amortization (51,793 ) Total $ 107,873 Total depreciation expense for the three months ended June 30, 2020 and 2019 was $7,961 and $19,711, respectively.

Accrued liabilities

Accrued liabilities	3 Months Ended
Accrued liabilities	Jun. 30, 2020
Payables and Accruals [Abstract]
Accrued liabilities	Note 6 – Accrued liabilities As of June 30, 2020, total accrued liabilities consisted of $427.

Equity

Equity	3 Months Ended
Equity	Jun. 30, 2020
Equity [Abstract]
Equity	Note 7 – Equity Preferred Stock The Company has 250,000,000 shares of Series B preferred stock with a par value of $0.0001 per share. On June 9, 2017, the Company authorized up to 200,000 shares of Series B stock issuable. The shares have liquidation preference as well as 20:1 voting rights. The stated value of the shares are $0.75 per share and are redeemable by the Company, at the Company’s option, at any point after June 9, 2020 with 30 days notice for the $0.75 per share. The shares are convertible by the Holder at $0.075 per share at any point up until the day before they are redeemed. On June 12, 2017, the Company issued 100,000 shares of Series B Convertible Preferred stock, par value $0.0001, to an outside consulting firm for consulting services, valued at $109,700, which was recorded as consulting fees in the three months ended June 30, 2017. Due to the super voting provision of the Series B Convertible Preferred stock the Company recorded a loss on valuation of the shares of $2,084,300, the equivalent of 20,000,000 shares less the associated consulting expense of $109,700. These are the only shares of Series B Preferred Stock outstanding as of June 30, 2020 and March 31, 2020. Common Stock During the three months ended June 30, 2020, the Company issued 11,750,000 shares of common stock for total proceeds of $94,000.

Notes Payable

Notes Payable	3 Months Ended
Notes Payable	Jun. 30, 2020
Debt Disclosure [Abstract]
Notes Payable	Note 8 - Notes Payable On April 24, 2019, the Company entered in a convertible note payable in the amount of $112,500. The Company recorded discounts of $2,500 of debt offering costs and an original issue discount of $10,000 on issuance. During the year ended March 31, 2020, the Company fully amortized these discounts, resulting in $12,500 of interest expense. The Company determined there to be an embedded derivative liability present per the criteria of ASC 815, which requires the elements of the instrument to be bifurcated. The note had conversion provisions allowing the holder to convert the note into shares of the Company at a discount, as described in the table below. The Company recorded a derivative liability of $121,053 which was calculated at issuance (April 24, 2019) based on the amount the note could be converted into at that time, over and above the note payable. On April 24, 2020, the convertible note payable with interest accrued in the amount of $94,000 was settled and paid in full . As of June 30, 2020, the value of the derivative liability was $111,181, and the company recognized a gain on the settlement in other income section of the income statement. On April 13, 2020, the Company had an outstanding note payable of $50,000 due to Trilogy Capital, LLC. The note accrues 4% interest monthly and is due October 13, 2020.

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 9 - Related Party Transactions Effective April 1, 2017, Alan Smith assigned his consulting agreements and all future amounts due under the agreements to Evolution Equities Corp, "Evolution". Evolution is a related party due to Mr. Smith's ownership interest and positions in the company. Evolution was paid $33,379 for the three months ended June 30, 2020. Additionally, the Company has retained KWPR Group, “KWPR”, a public relations company to assist with web site maintenance, press release preparation and social network posts. KWPR is a related party as the owner Kelly Wood is wife to the CEO Mr. Alan Smith. As of June 30, 2020, the total fees paid to KWPR was $7,500.

Officer fees

Officer fees	3 Months Ended
Officer fees	Jun. 30, 2020
Compensation Related Costs [Abstract]
Officer fees	Note 10 – Officer fees As of June 30, 2020, total officer fees paid were $33,379 to the Company’s CEO and Director.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11 – Commitments and Contingencies None

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 12 – Subsequent Events On September 8, 2020, Alan Smith resigned as a member of the Board of Directors of the Company and as President, Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer of the Company, together with any positions with any subsidiary of the Company. There were no disagreements between the Company and Mr. Smith relative to his resignation. On September 9, 2020 Raymond Watt assumed the position of Chief Executive Officer and President of the company. On March 8, 2021, the Company entered into an Exchange Agreement with David and Gwen Aquino On May 8, 2020, Mountain High Acquisitions Corp, (“MYHI”) and Trilogy Capital LLC ("Trilogy") entered into an Exchange Agreement (the “Exchange Agreement”) pursuant to which MYHI agreed to purchase from Trilogy all of the capital stock of GPS Associates, Inc., a Delaware corporation ("GPS") in exchange (the "Exchange") for 215,250,000 restricted shares of MYHI (the “MYHI Shares"). Dr. Judy Pham is the sole member and manager of Trilogy. Dr Pham is also the sole member and manager of Alchemy Capital, LLC ("Alchemy") which owns 53,727,273 shares of the MYHI's Common Stock . GPS is a California based company engaged in the formulation, manufacturing, branding, fulfillment and distribution of hemp-derived CBD products at its cGMP, FDA-registered facility in Santa Ana, California. GPS's team of professionals includes physiologists, chemists, herbalists and botanists committed to combining high-quality organic CBD with synergistic organic, raw herbs to produce pure, premium consumer products. All products manufactured by GPS are tested at independent, third party laboratories to prove potency and purity. Effective May 17, 2021, Mountain High Acquisitions Corp, (the “Company”), GPS Associates, Inc. (“GPS”) and Trilogy Capital (Trilogy”) entered into a Rescission Agreement (the “Rescission Agreement”) pursuant to which the parties thereto agreed to rescind and cancel that certain Exchange Agreement dated May 8,2020. Pursuant to the Rescission Agreement Trilogy surrendered or caused the surrender for cancellation of the Company Shares, and the Company returned to Trilogy and/or its designee the GPS Shares. The Rescission Agreement was entered into because the books and records of GPS were so deficient that the Company was unable to generate financial statements of GPS with the result that the Company in turn was unable to comply with its reporting obligations under the Securities Exchange Act of 1934 and became delinquent in its filings with the Securities and Exchange Commission. Under the Exchange Agreement, Trilogy agreed to convert an aggregate amount of $194,000 representing advances to the Company by Trilogy into 19,400,000 restricted shares (the “Conversion Shares”).

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). The accompanying consolidated financial statements have been presented in United States Dollars ($ or “USD”). The fiscal year end is March 31.
Principles of Consolidation	Principles of Consolidation The accounts of the Company and its wholly–owned subsidiaries MYHI-AZ and One Lab Co are included in the accompanying consolidated financial statements. All intercompany balances and transactions were eliminated on consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is possible that accounting estimates and assumptions may be material to the Company due to the levels of subjectivity and judgment involved.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is the price that would be received from selling an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides a hierarchy for inputs used in measuring fair value that prioritize the use of observable inputs over the use of unobservable inputs, when such observable inputs are available. The three levels of inputs that may be used to measure fair value are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data. Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by the Company. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the observable inputs may result in a reclassification of assets and liabilities within the three levels of the hierarchy outlined above. The carrying amounts of certain financial instruments, such as cash equivalents, short term investments, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities.
Concentrations	Concentrations For the quarter ended June 30, 2020 and 2019, one customer accounted for nil% and 100%, respectively, of the Company’s revenues.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and cash in time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At June 30, 2020 and March 31, 2020, the Company had $0 and $0 in excess of the FDIC insured limit, respectively.
Revenue Recognition	Revenue Recognition As of January 1, 2018, we adopted ASU No. 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09). Leasing revenue recognition is specifically excluded and therefore the new standard is only applicable to service fee and consulting revenue. A five-step model has been introduced for an entity to apply when recognizing revenue. The new guidance also includes enhanced disclosure requirements. The guidance was effective January 1, 2018. The adoption did not have an impact on our financial statements. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine the appropriate amount of revenue to be recognized for arrangements determined to be within the scope of ASC 606, the Company performs the following five steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect consideration it is entitled to in exchange for the goods or services it transfers to the customer. Revenue represents lease revenue for the grow containers pursuant to the Company's lease with D9 and extraction equipment lease pursuant to the Labco share exchange agreement. For the three months ended June 30, 2020 the Company recorded no revenue.
Fixed Assets	Fixed Assets Fixed Assets are stated at cost. Depreciation is provided on fixed assets using the straight-line method over an estimated service life of five years for equipment. The cost of normal maintenance and repairs is charged to operating expenses as incurred. Material expenditures which increase the life of an asset are capitalized and depreciated over the estimated remaining useful life of the asset. Long-lived assets, which include property, equipment, goodwill and identifiable intangible assets, are reviewed for impairment whenever events or changes in business circumstances indicate impairment may exist. If the Company determines that the carrying value of a long-lived asset may not be recoverable, a permanent impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. If an initial assessment indicates it is more likely than not an impairment may exist, it is evaluated by comparing the unit’s estimated fair value to its carrying value. Fair value is generally estimated using an income approach that discounts estimated future cash flows using discount rates judged by management to be commensurate with the applicable risk. Estimates of future sales, operating results, cash flows and discount rates are subject to changes in the economic environment, including such factors as the general level of market interest rates, expected equity market returns and the volatility of markets served, particularly when recessionary economic circumstances continue for an extended period of time. Management believes the estimates of future cash flows and fair values are reasonable; however, changes in estimates due to variance from assumptions could materially affect the evaluations. Fixed assets as of June 30, 2020, have not been impaired.
Intangible Assets	Intangible Assets The Company accounts for intangibles in accordance with ASC 350, Intangible-Goodwill and Other. The Company evaluates intangibles, at a minimum, on an annual basis and whenever events and changes in circumstances suggest that the carrying amount may not be recoverable. Impairment of intangibles is tested by comparing the carrying amount to the fair value. The fair values are estimated using undiscounted projected net cash flows. If the carrying amount exceeds its fair value, intangibles are considered impaired and a second step is performed to measure the amount of impairment loss, if any. The Company evaluates the impairment of intangibles as of the end of each fiscal year or whenever events or changes in circumstan ces indicate that an intangible asset’s carrying amount may not be recoverable. These circumstances include: a significant decrease in the market value of an asset; a significant adverse change in the extent or manner in which an asset is used; or an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Applicable interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of operations. The open tax years are 2013, 2014, 2015, 2016, 2017, 2018 and 2019. The Company has no tax positions at June 30, 2020 and 2019, for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.
Basic and Diluted Loss Per Share	Basic and Diluted Loss Per Share Earnings per share is calculated in accordance with the ASC Topic 260, Earnings Per Share
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent authoritative guidance issued by the FASB (including technical corrections to the FASB Accounting Standards Codification), the American Institute of Certified Public Accountants, and the SEC, did not, or are not expected to have a material effect on the Company’s consolidated financial statements.

Fixed Assets (Tables)

Fixed Assets (Tables)	3 Months Ended
Fixed Assets (Tables)	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Fixed assets	Extraction Equipment $ 159,667 Less: accumulated depreciation and amortization (51,793 ) Total $ 107,873

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details Narrative)	3 Months Ended
Organization and Basis of Presentation (Details Narrative)	Jun. 30, 2020USD ($)
Accounting Policies [Abstract]
Loss resulting from forgiveness of debt	$ (50,000)

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	3 Months Ended
Going Concern (Details Narrative) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (6,087)	$ (101,247)
Accumulated deficit	$ (15,617,010)		$ (15,610,923)

Note Receivable (Details Narrat

Note Receivable (Details Narrative)	22 Months Ended
Note Receivable (Details Narrative)	Jun. 30, 2020USD ($)
Credit Loss [Abstract]
Note receivable from D9 Manufacturing, amount	$ 135,000
Note receivable from D9 Manufacturing, term	3 years
Note receivable from D9 Manufacturing, interest rate per annum	7.00%
Capitalized amount for improvements to equipment	$ 35,000
Operating lease amount, monthly payment	$ 5,000

Prepaids (Details Narrative)

Prepaids (Details Narrative) - USD ($)	Jun. 30, 2020	Mar. 31, 2020
Notes to Financial Statements
Prepaids	$ 5,000

Fixed Assets - Fixed assets (De

Fixed Assets - Fixed assets (Details)	Jun. 30, 2020USD ($)
Property, Plant and Equipment [Abstract]
Extraction Equipment	$ 159,667
Less: accumulated depreciation and amortization	(51,793)
Total	$ 107,873

Fixed Assets (Details Narrative

Fixed Assets (Details Narrative) - USD ($)	3 Months Ended
Fixed Assets (Details Narrative) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 7,961	$ 19,711

Accrued liabilities (Details Na

Accrued liabilities (Details Narrative) - USD ($)	Jun. 30, 2020	Mar. 31, 2020
Payables and Accruals [Abstract]
Accrued liabilities	$ 427

Equity (Details Narrative)

Equity (Details Narrative) - USD ($)	3 Months Ended
Equity (Details Narrative) - USD ($)	Jun. 30, 2020	Jun. 30, 2017
Equity [Abstract]
Series B Convertible Preferred stock issued for consulting services, shares		100,000
Series B Convertible Preferred stock issued for consulting services, value		$ 109,700
Series B Convertible Preferred stock issued for consulting services, loss on valuation of shares recorded		$ (2,084,300)
Common stock issued for proceeds, shares	11,750,000
Common stock issued for proceeds, amount	$ 94,000

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
Notes Payable (Details Narrative) - USD ($)	Jun. 30, 2020	Mar. 31, 2020	Apr. 24, 2019
Notes Payable Details Narrative Abstract
Convertible note payable, amount			$ 112,500
Discounts of debt offering costs recorded		$ 2,500
Original issue discount recorded			10,000
Interest expense		$ 12,500
Derivative liability value	$ 111,181		$ 121,053
Convertible note payable with interest accrued, settled and paid in full	(94,000)
Outstanding note payable due	$ 50,000

Related Party Transactions (Det

Related Party Transactions (Details Narrative)	3 Months Ended
Related Party Transactions (Details Narrative)	Jun. 30, 2020USD ($)
Evolution
Consulting agreements with officers assigned to companies with related party interest, amounts paid	$ 33,379
KWPR
Consulting agreements with officers assigned to companies with related party interest, amounts paid	$ 7,500

Officer and Director fees (Deta

Officer and Director fees (Details Narrative)	3 Months Ended
Officer and Director fees (Details Narrative)	Jun. 30, 2020USD ($)
CEO
Total officer fees paid	$ 33,379