# EDGAR Filing Document

**Accession Number:** 0001442999
**File Stem:** 0001663577-23-000080
**Filing Date:** 2023-2
**Character Count:** 62770
**Document Hash:** 60a857282797fc012c4c59d2ca963f19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001663577-23-000080.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001663577-23-000080

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALTEROLA BIOTECH INC.
- **CENTRAL INDEX KEY:** 0001442999
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
- **IRS NUMBER:** 821317032
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-156091
- **FILM NUMBER:** 23628253

**BUSINESS ADDRESS:**
- **STREET 1:** 47 HAMILTON SQUARE
- **CITY:** BIRKENHEAD MERSEYSIDE
- **STATE:** X0
- **ZIP:** CH41 5AR
- **BUSINESS PHONE:** 44 151 601 9477

**MAIL ADDRESS:**
- **STREET 1:** 47 HAMILTON SQUARE
- **CITY:** BIRKENHEAD MERSEYSIDE
- **STATE:** X0
- **ZIP:** CH41 5AR

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JEDEDIAH RESOURCES CORP.
- **DATE OF NAME CHANGE:** 20080813

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, DC 20549

**FORM 10-Q**

---

| | |
|:---|:---|
| ☒ | Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|  | For the quarterly period ended **<u>December 31, 2022</u>** |
| ☐ | Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934 |
|  | For the transition period from __________ to __________ |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission File Number: **<u>333-156091</u>** |

---

**<u>Alterola Biotech, Inc.</u>**

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **<u>Nevada</u>** | **<u>82-1317032</u>** |
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |

---

---

| |
|:---|
| **47 Hamilton Square Birkenhead Merseyside** <br> **CH41 5AR United Kingdom** |
| (Address of principal executive offices) |

---

---

| |
|:---|
| **<u>+44 151 601 9477</u>** |
| (Registrant's telephone number) |
| _______________________________________________________________ |
| (Former name, former address and former fiscal year, if changed since last report) |

---

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 such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days

[X] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). [X] Yes [ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.

☐ Large accelerated Filer ☐ Accelerated Filer <br> ☒ Non-accelerated Filer ☒ Smaller reporting company <br> ☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

[ ] Yes [X] No

State the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 807,047,948 shares as of February 13, 2022.

[**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
|  | ![](image_001.jpg)<br>**TABLE OF CONTENTS** | <br> Page |
| <br> PART I – FINANCIAL INFORMATION | <br> PART I – FINANCIAL INFORMATION | <br> PART I – FINANCIAL INFORMATION |
| Item 1: | [Financial Statements](#a_001) | 3 |
| Item 2: | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_002) | 4 |
| Item 3: | [Quantitative and Qualitative Disclosures About Market Risk](#a_003) | 7 |
| Item 4: | [Controls and Procedures](#a_004) | 7 |
| <br> PART II – OTHER INFORMATION | <br> PART II – OTHER INFORMATION | <br> PART II – OTHER INFORMATION |
| Item 1: | [Legal Proceedings](#a_005) | 8 |
| Item 1A: | [Risk Factors](#a_005) | 8 |
| Item 2: | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_005) | 8 |
| Item 3: | [Defaults Upon Senior Securities](#a_006) | 8 |
| Item 4: | [Mine Safety Disclosure](#a_006) | 8 |
| Item 5: | [Other Information](#a_006) | 8 |
| Item 6: | [Exhibits](#a_007) | 8 |

---

[**Table of Contents**](#toc)

**PART I - FINANCIAL INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements**

Our consolidated financial statements included in this Form 10-Q are as follows:

F-1 Consolidated Balance Sheets as of December 31, 2022 (unaudited) and March 31, 2022;

F-2 Consolidated Statements of Operations for the three and nine months ended December 31, 2022 and 2021 (unaudited); <br>F-3 Consolidated Statement of Stockholders' Deficit for the period from inception to December 31, 2022 (unaudited);

F-4 Consolidated Statements of Cash Flow for the nine months ended December 31, 2022 and 2021 (unaudited);

F-5 Notes to Consolidated Financial Statements.

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the Securities Exchange Commission ("SEC") instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended December 31, 2022 are not necessarily indicative of the results that can be expected for the full year.

[**Table of Contents**](#toc)

**ALTEROLA BIOTECH, INC.**

**UNAUDITED CONSOLIDATED BALANCE SHEETS** 

**AS OF DECEMBER 31, 2022 AND MARCH 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **March 31, 2022** |
| **ASSETS** |  |  |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;Bank | $12816 | $63816 |
| &nbsp;&nbsp;&nbsp;Funds in attorney trust account | 0 | 12409 |
| &nbsp;&nbsp;&nbsp;VAT Receivable | 35378 | 50686 |
| &nbsp;&nbsp;&nbsp;Inventories | 967 | 1050 |
| &nbsp;&nbsp;&nbsp;Prepaid stock subscription |  | 136721 |
| &nbsp;&nbsp;&nbsp;Deferred tax asset | 142850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 192011 | 264681 |
| Intellectual property | 12018147 | 12000000 |
| TOTAL ASSETS | $12210158 | $12264681 |
| **LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $668672 | $542510 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 12429 | 396486 |
| &nbsp;&nbsp;&nbsp;Advances from related party | 1141595 | 98470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 1822696 | 1037465 |
| Long Term Liabilities |  |  |
| Convertible note payable | 151255 | 164220 |
| Total Liabilities | 1973921 | 1201685 |
| Stockholders' Equity (Deficit) |  |  |
| Preferred Stock, $.001 par value, 10,000,000 shares authorized, -0- shares issued and outstanding |  |  |
| Common Stock, $.001 par value, 2,000,000,000 shares authorized, 807,047,948 and 802,633,333 shares issued and outstanding, respectively | 807048 | 802633 |
| Foreign currency translation adjustment | 57751 | 14599 |
| Additional paid-in capital | 18927919 | 17942833 |
| Stock subscription |  | 136721 |
| Accumulated deficit | (9556481) | (7833790) |
| &nbsp;&nbsp;&nbsp;Total Stockholders' Equity (Deficit) | 10236237 | 11062996 |
| &nbsp;&nbsp;&nbsp;TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $12210158 | $12264681 |

---

*See accompanying notes to financial statements.*

 

[**Table of Contents**](#toc)

**ALTEROLA BIOTECH, INC.**

**UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS**

**FOR THE THREE MONTHS AND NINE MONTHS ENDED DECEMBER 31, 2022 AND 2021** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended December 31, 2022** | **Three months ended December 31, 2021** | **Nine months ended December 31, 2022** | **Nine months ended December 31, 2021** |
| &nbsp;&nbsp;REVENUES | $— | $— | $— | $— |
| &nbsp;&nbsp;OPERATING EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and audit fees | 19001 | 63390 | 86816 | 92525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 249183 |  | 363193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development |  | 61999 | 41086 | 322324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 166699 | 17040 | 174728 | 28054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors fees and expenses | 27931 | 64713 | 546571 | 78587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting fees | 198335 | 2452313 | 481429 | 2545963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and wages | (92638) | 91083 | 101238 | 91083 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | (27890) | 50319 | 28931 | 54779 |
| &nbsp;&nbsp;TOTAL OPERATING EXPENSES | 540621 | 2800677 | 1823992 | 3213315 |
| &nbsp;&nbsp;LOSS FROM OPERATIONS | 540621 | (2800677) | 1823992 | (3213315) |
| &nbsp;&nbsp;OTHER INCOME (EXPENSE) |  |  |  |  |
| &nbsp;&nbsp;TOTAL OTHER INCOME (EXPENSE) |  |  |  |  |
| &nbsp;&nbsp;PROVISION FOR INCOME TAXES | 5832 |  | 101301 |  |
| &nbsp;&nbsp;NET LOSS | $(534789) | $(2800677) | $(1722691) | (3213315) |
| &nbsp;&nbsp;NET LOSS PER SHARE: BASIC AND DILUTED | $(0.00) | $(0.00) | $(0.00) | $(0.00) |
| &nbsp;&nbsp;WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 807047948 | 771132239 | 806766837 | 761483234 |

---

*See accompanying notes to financial statements.*

[**Table of Contents**](#toc)

**ALTEROLA BIOTECH, INC.**

**CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT**

**FOR THE PERIOD FROM JANUARY 7, 2021 (INCEPTION) TO MARCH 31 2022 AND DECEMBER 31, 2022**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | | |
|  | **Shares** | **Amount** | <br>**Additional paid in capital** | <br>**Stock Subscriptions** | <br>**Accumulated other comprehensive income (loss)** | <br>**Deficit** | <br>**Total** |
| **Balance, January 7, 2021(inception)** | **100** | $**136** | **—** | **—** | $**—** | $**—** | $**136** |
| Related party interest forgiven |  |  | 1544 |  |  |  | 1544 |
| Recapitalization on reverse merger | 754279900 | 754144 | (1544) |  |  | (1156343) | (403743) |
| Change in foreign currency |  |  |  |  | (14023) |  | (14023) |
| Net loss for the period ended December 31, 2021 |  |  |  |  |  | (343033) | (343033) |
| **Balance, December 31, 2021** | **754280000** | $**754280** | **—** | **—** | $**(14023)** | $**(1499376)** | $**(759119)** |
| Change in foreign currency |  |  |  |  | 28622 |  | 28622 |
| Subscription of shares issued for cash |  |  |  | 136721 |  |  | 136721 |
| Shares issued for cash | 853333 | 853 | 231083 |  |  |  | 231936 |
| C2 Wellness acquisition | 24000000 | 24000 | 11976000 |  |  |  | 12000000 |
| Shares issued related to S-1 Registration | 7500000 | 7500 | 2391750 |  |  |  | 2399250 |
| Shares issued for services REB Consulting | 16000000, | 16000 | 3344000 |  |  |  | 3360000 |
| Net loss for the period ended March 31, 2022 |  |  |  |  |  | (6334414) | (6334414) |
| **Balance, March 31, 2022** | **802633333** | $**802633** | $**17942833** | **136721** | $**14599** | $**(7833790)** | $**11062996** |
| Shares issued for cash<br>| 384615 | 385 | 49615 |  |  |  | 50000 |
| Shares issued for subscription of cash | 280000 | 280 | 136721 | (136721) |  |  | 280 |
| Shares issued for services<br>| 1500000 | 1500 | 319500 |  |  |  | 321000 |
| Shares issued to director | 2250000 | 2250 | 479250 |  |  |  | 481500 |
| Change in foreign currency |  |  |  |  | 43152 |  | 43152 |
| Net loss for the period ended December 31, 2022 |  |  |  |  |  | (1722691) | (1722691) |
| **Balance, December 31, 2022** | **807047948** | $**807048** | $**18927919** | $**(0)** | **57751** | **(9556481)** | $**10236237** |

---

*See accompanying notes to financial statements.*

[**Table of Contents**](#toc)

**ALTEROLA BIOTECH, INC.**

**UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS**

**FOR THE NINE MONTHS ENDED DECEMBER 31, 2022 AND 2021**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss for the period | $(1722691) | (3213315) |
| Adjustments to reconcile net loss to net cash |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax asset | (142850) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for services | 802500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock subscriptions delivered | 136721 |  |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaids |  | (2021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds in attorney trust | 12409 | (12773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | 15308 | (35802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accruals | (384057) | 191506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 126162 | 476324 |
| Net Cash Used by Operating Activities | (1156498) | (2596081) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in intellectual property | 18147 | (12000000) |
| Net Cash Used by Investing Activities | 18147 | (12000000) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from share issuances | 50280 | 266721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible note payable |  | 169038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for services related to S-1 registration |  | 2399250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for C-2 Acquisition |  | 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds of related party payables | 1043125 | (206657) |
| Net Cash Provided by Financing Activities | 1093405 | 14625352 |
| Effect of exchange rate adjustments on cash | 30240 | 10319 |
| Net Increase (Decrease) in Cash and Cash Equivalents | (51000) | 39590 |
| Cash and cash equivalents, beginning of period | 63816 | 519 |
| Cash and cash equivalents, end of period | $12816 | 40109 |
| **SUPPLEMENTAL CASH FLOW INFORMATION** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid | $— | $— |
| **NON-CASH INVESTING AND FINANCING INFORMATION** |  |  |

---

 

*See accompanying notes to financial statements.*

[**Table of Contents**](#toc)

**ALTEROLA BIOTECH, INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**DECEMBER 31, 2022**

**NOTE 1 – NATURE OF BUSINESS**

After formation, the Company was in the business of mineral exploration. On May 3, 2010, the Company sold its mineral exploration business and entered into an Intellectual Property Assignment Agreement ("IP Agreement") with Soren Nielsen pursuant to which Mr. Nielsen transferred his right, title and interest in all intellectual property relating to certain chewing gum compositions having appetite suppressant activity (the "IP") to the Company for the issuance of 55,000,000 shares of the Company's common stock.

Following the acquisition of the IP the Company changed its business direction to pursue the development of chewing gums for the delivery of Nutraceutical/functional ingredients for applications such as appetite suppressant, cholesterol suppressant, vitamin delivery, antioxidant delivery and motion sickness suppressant.

On January 19, 2021, the Company entered into an Stock Purchase Agreement (the "Agreement") with ABTI Pharma Limited, a company registered in England and Wales ("ABTI Pharma"), pursuant to which the Company agreed to acquire all of the outstanding shares of capital stock of ABTI Pharma from its shareholders in exchange for 600,000,000 shares of the Company pro rata to the ABTI Pharma shareholders. The shares were issued on January 29, 2021 in anticipation of the closing and the parties to the transaction agreed in a March 24, 2021 amendment to close upon the ABTI Pharma Limited Shares being transferred to the Company, which was to occur upon the filing by the Company of its outstanding December 31, 2020 quarterly report on Form 10-Q, which was filed on May 28, 2021 with the Securities and Exchange Commission. The transaction closed on May 28, 2021.

Since then, the company has re-focused its activities on the development of cannabinoid, cannabinoid-like, and non-cannabinoid pharmaceutical active pharmaceutical ingredients (APIs), pharmaceutical medicines made from cannabinoid, cannabinoid-like, and non-cannabinoid APIs and European novel food approval of cannabinoid-based, cannabinoid-like and non-cannabinoid ingredients and products. In addition, the company plans to develop such bulk ingredients for supply into the cosmetic sector.

The transaction is being accounted for as a reverse acquisition and recapitalization. ABTI Pharma is the acquirer for accounting purposes and the Company is the issuer. The historical financial statements presented are the financial statements of Alterola Biotech Inc. The Agreement was treated as a recapitalization and not as a business combination; at the date of the acquisition, the net liabilities of the legal acquirer, Alterola, were less than $50,000.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

<u>Basis of Presentation</u>

The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United State of America (GAAP accounting) and include the accounts of Alterola and its wholly owned subsidiaries ABTI Pharma Ltd, Phytotherapeutix Ltd, Ferven Ltd., and Nano4M Ltd. All material intercompany transactions and balances have been eliminated.

The Company had a September 30 fiscal year end. Subsequent to the Agreement with ABTI Pharma Ltd, the Company has changed its year end from September 30 to March 31.

<u>Use of Estimates</u>

The preparation of financial statements in conformity with GAAP 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.

[**Table of Contents**](#toc)

**ALTEROLA BIOTECH, INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**DECEMBER 31, 2022**

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

<u>Cash and Equivalents</u>

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

<u>Funds in attorney trust account</u>

The company has a fully operational US Dollar ($) and a Sterling (£) bank account in the United Kingdom with the HSBC Group. Amounts due from attorney represents fund held on behalf of the Company in trust by its legal counsel.

<u>Fair Value of Financial Instruments</u>

Alterola's financial instruments consist of cash and equivalents, accrued expenses, accrued interest and notes payable. The carrying amount of these financial instruments approximates fair value ("FV") due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

FV is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The FV should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the FV of liabilities should include consideration of non-performance risk including our own credit risk.

In addition to defining FV, the disclosure requirements around FV establish a FV hierarchy for valuation inputs which is expanded. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring FV are observable in the market. Each FV measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the FV measurement in its entirety. These levels are:

Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

Level 2 – inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The FV are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

The carrying value of the Company's financial assets and liabilities which consist of cash, accounts payable and accrued liabilities, and notes payable are valued using level 1 inputs. The Company believes that the recorded values approximate their FV due to the short maturity of such instruments. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, exchange or credit risks arising from these financial instruments.

<u>Income Taxes</u>

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

[**Table of Contents**](#toc)

**ALTEROLA BIOTECH, INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**DECEMBER 31, 2022**

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

<u>Foreign Currency Translation</u> 

The financial statements are presented in US Dollars. Transactions with foreign subsidiaries where US dollars are not the functional currency will be recorded in accordance with Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 830 *Foreign Currency Transaction*. According to Topic 830, all assets and liabilities are translated at the exchange rate on the balance sheet date, stockholders' equity is translated at historical rates and statement of operations items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income (loss) in accordance with ASC Topic 220, *Comprehensive Income* . Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the statement of operations and comprehensive income (loss)

<u>Revenue Recognition</u>

On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605. As of and for the period ended December 31, 2022, the financial statements were not materially impacted as a result of the application of Topic 606 compared to Topic 605.

<u>Loss Per Common Share</u>

Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially dilutive instruments. The Company has issued 15 million warrants to EMC2 Capital LLC.

<u>Stock-Based Compensation</u>

Stock-based compensation is accounted for at FV in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options

<u>Risks and Uncertainties</u>

On January 30, 2020, the World Health Organization declared the coronavirus outbreak a "Public Health Emergency of International Concern" and on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel, and quarantines in certain areas, and forced closures for certain types of public places and business. The Coronavirus and actions taken to mitigate it have had and are expected to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company plans to operate.

<u>Recent Accounting Pronouncements</u>

Alterola does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company's results of operations, financial position or cash flow.

[**Table of Contents**](#toc)

**ALTEROLA BIOTECH, INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**DECEMBER 31, 2022**

**NOTE 3 – CAPITAL STOCK**

The Company has 2,000,000,000 shares of $.001 par value common stock authorized and 10,000,000 shares of $.001 par value preferred stock authorized.

On April 5, 2022, the company issued 384,615 shares to an investor for an investment of $50,000 (at a price of $0.13 per share).

On April 29, 2022, the Company issued 1,500,000 shares for services under a consultancy agreement at $0.214 per share, or $321,000.

During September 2021, the Company received an investment for £100,000 Sterling (or $137,627) in exchange for a subscription for 280,000 shares. On May 2, 2022, the Company issued the 280,000 shares to the investor.

On May 4, 2022, the Company issued 2,250,000 shares to a director as part of the employment contract at $0.214 per share, or $481,500.

On August 1, 2022, the Company issued 2,250,000 shares to note holders in connection with loan agreements. See Note 5. These loans were repaid in full by December 23, 2022.

On August 11, 2021, the Company issued 15,000,000 warrants to purchase common stock at $0.64 per share. The warrants were issued with a 5 year term. The warrants exercise price includes a declining scale with the stock price. As of December 31, 2022, the warrants were exercisable at $0.001 per share and the total potential impact on the financial statements of the exercise of the warrants was approximately $1 million dollars.

The Company has 807,047,948 and 802,633,333 shares of common stock issued and outstanding as of December 31, 2022 and March 31, 2022, respectively. There are no shares of preferred stock issued and outstanding as of December 31, 2022 and March 31, 2022.

**NOTE 4 – ACQUISITION**

On November 9, 2021, the Company entered into an agreement with C2 Wellness Corporation for acquisition of pharmaceutical assets which included patents, molecules, and other intellectual property. The transaction was closed by providing 24,000,000 million shares of the company to the prior owners of C2 Wellness Corporation. At the date of acquisition, the price per share of the company shares was $0.50, and the value of the intangible asset identified was $12,000,000. As part of annual impairment procedures performed, the Company did not find sufficient evidence to write down the asset, and as such the value at December 31, 2022 is $12,000,000.

**NOTE 5 – NOTES PAYABLE**

On August 1, 2022, the company issued a note payable for 90 days, bearing zero interest for the term of the note, for cash received by the Company on June 29, 2022, and July 18, 2022, totaling $75,000. As part of the note the Company committed delivery of 2,250,000 shares to the note holders. The loans totaling $75,000 were repaid in full by December 23, 2022.

**NOTE 6 – RELATED PARTY TRANSACTIONS**

Currently, Alterola neither owns nor leases any real or personal property. We maintain our corporate offices at 47 Hamilton Square Birkenhead Merseyside CH41 5AR United Kingdom. One of the company directors has a beneficial ownership in the property, which is leased on "arm's length" terms. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future.

The Company has received advances from various related parties during the period, totaling $1,141,595. All advances from related parties are unsecured non-interest bearing and payable upon demand.

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**ALTEROLA BIOTECH, INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**DECEMBER 31, 2022**

**NOTE 7 – LIQUIDITY & GOING CONCERN**

Alterola has negative working capital of $1,630,685 has incurred losses since inception of $9,556,481 and has not received revenues from sales of products or services. These factors create substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern.

The ability of Alterola to continue as a going concern is dependent on the Company generating cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations. Management's plans include selling its equity securities and obtaining debt financing to fund its capital requirement and ongoing operations; however, there can be no assurance the Company will be successful in these efforts.

On August 30, 2022, we entered into a letter of intent (the "LOI") dated August 25, 2022 with Bright Green Corporation ("Bright Green"), a Delaware corporation, with a binding provision for Bright Green to acquire a 25% interest (the "Share Purchase") in our company from existing shareholders in exchange for $4,000,000 (the "Purchase Price"). The LOI also has a non-binding option for Bright Green to acquire all of our outstanding capital stock. The Share Purchase was subject to a Share Purchase Agreement which was executed on October 03, 2022.

**NOTE 8 – SUBSEQUENT EVENTS**

In accordance with ASC Topic 855-10, the Company analyzed its operations subsequent to December 31, 2022 to the date these financial statements were issued. The Company has determined there are no subsequent events

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**Item 2.&nbsp;&nbsp;&nbsp;&nbsp; Management's Discussion and Analysis of Financial Condition and Results of Operations**

**Forward-Looking Statements**

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words "believes," "project," "expects," "anticipates," "estimates," "intends," "strategy," "plan," "may," "will," "would," "will be," "will continue," "will likely result," and similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on our operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Further information concerning our business, including additional factors that could materially affect our financial results, is included herein and in our other filings with the SEC.

**Overview**

***Recent Developments***

On August 26, 2022, we entered into a letter of intent (the "LOI") dated August 25, 2022 with Bright Green Corporation ("Bright Green"), a Delaware corporation, with a binding provision for Bright Green to acquire a 25% interest (the "Share Purchase") in our company from existing shareholders in exchange for $4,000,000 (the "Purchase Price"). The LOI also has a non-binding option for Bright Green to acquire all of our outstanding capital stock.

The Share Purchase was subject to a Share Purchase Agreement which was executed on October 03, 2022.

The Purchase Price was divided equally among the following shareholder companies for their shares, controlled by affiliates of our company namely: Phyotherapeutix Holdings Ltd (Colin Stott), Equipped4 Holdings Limited (Dominic Schiller) and TPR Global Limited (Timothy Rogers).

These shareholder affiliates, through their respective companies, have committed to enter into loan agreements with our company to provide up to $4,000,000 USD of working capital.

With respect to the non-binding option for Bright Green to acquire all of our shares, we and Bright Green have agreed to work in good faith and in a reasonable time-frame to reach a binding agreement to be executed in a final set of definitive documents ("Definitive Agreement") governing the option for a price equal to $0.06 per share.

As part of the strategic partnership and pursuant to the terms and subject to the conditions of the arrangement, we plan to gain access to Bright Green's planned cannabis and cannabis extracts, derivatives, products and research services, and Bright Green will in turn benefit from our established industry relationships and sector expertise. The parties believe a successful collaboration will create a strong pathway to secure, provide and supply cannabis and derivative products to the pharmaceutical industry.

On October 7, 2022, we appointed David Hitchcock as our CEO, and Terry Rafih as a member of our board of directors.

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***Our Business***

Our goal is to provide better medicines for patients around the world. We believe in harnessing the therapeutic potential of cannabinoids and cannabinoid- like compounds, which can be developed into valuable treatments to seriously ill patients. Rather than just focusing on one method of identifying, researching and developing such medicines, we are interested in developing new medicines from all sources including botanical, traditional chemical synthesis and biosynthetic methodologies.

On May 28, 2021, we acquired ABTI Pharma Limited, a company registered in England and Wales ("ABTI Pharma"), with the purchase of all of its capital stock in exchange for 600,000,000 shares of our common stock pro rata to the ABTI Pharma shareholders.

As a result of the acquisition, we are a pharmaceutical company working with cannabinoid and cannabinoid like molecules. We have three areas of focus:

1) Development of regulated pharmaceuticals (human and animal health) and regulated food products. This has been achieved via the strategic acquisition of Phytotherapeutix Ltd.;

2) Production of low cost of goods Active Pharmaceutical Ingredient (API) and food-grade ingredients (supported by the strategic acquisition of Ferven Ltd); and

3) Formulation, and drug delivery, providing improved bioavailability, solubility and stability (supported by the exclusive licensing of IP and technology from Nano4M Ltd).

Phytotherapeutix Ltd, a subsidiary of ABTI Pharma Ltd, has generated a number of molecules with patents pending, some of which have demonstrable pharmacological activity, similar to that of CBD. This means that some of these molecules are anticipated to have a similar market potential to CBD across a range of therapeutic areas.

Ferven Ltd, another subsidiary of ABTI Pharma Ltd, is looking to produce cannabinoids by fermentation. The exclusively licensed organism has the potential to be genetically modified to produce multiple cannabinoids at an anticipated very low cost of goods. It is anticipated that the selected genetically modified organisms will grow very quickly, which in turn, reduces the cost of production.

Nano4M Ltd is a company which has exclusively licensed its nano-formulation patents and know-how to ABTI Pharma Ltd.

As a result of the acquisition of assets and intellectual property from C2 Wellness Corp. on December 2, 2021, Alterola now has the following assets and intellectual property:

* Novel cannabinoid molecules and their associated
intellectual property;

* Novel cannabinoid pro-drugs, and their associated
intellectual property;

* Novel proprietary cannabinoid formulations, designed
to target lymphatic delivery, and their associated intellectual property;

* Novel proprietary nano-encapsulated cannabinoid formulations,
in self-dissolving polymers, and their associated intellectual property; and

* Cannabinoids and cannabinoid pro-drug formulations
for topical ocular delivery, and their associated intellectual property.

Additionally, we may consider entering into Joint Venture Partnerships, or acquire companies with complimentary portfolios or enter into Licensing Agreements to enhance the product portfolio. These are strategies the Company may implement and any such opportunities will be assessed on a case by case basis and on their merit at the time.

At present, the Company is waiting to hear whether Bright Green Corporation will exercise its option to acquire the remaining 75% of the Company's common stock.

Alterola and ABTI Pharma Ltd management have extensive experience, know-how and connections in the cannabinoid medicines sector, and are looking to utilize this knowledge and experience for the development of such medicines from existing cannabinoids and cannabinoid-like molecules.

Our address is 47 Hamilton Square Birkenhead Merseyside CH41 5AR United Kingdom. Our telephone number is +44 151 601 9477. Our website is www.alterolabio.com. The company has a fully operational US$ and a £ sterling bank account in the United Kingdom with the HSBC Group.

We do not incorporate the information on or accessible through our websites into this Quarterly Report, and you should not consider any information on, or that can be accessed through, our websites a part of this Quarterly Report.

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**Results of Operations for the Three and Nine Months Ended December 31, 2022 and 2021**

We have generated no revenues since inception and we do not anticipate earning revenues until such time that we are able to market and sell our ingredients and / or products / medicines.

We incurred operating expenses of $540,621 for the three months ended December 31, 2022, as compared with $2,800,677 for the same period ended 2021. We incurred operating expenses of $1,823,992 for the nine months ended December 31, 2022, as compared with $3,213,315 for the same period ended 2021.

Our operating expenses for the nine months ended December 31, 2022 were mainly the result of $546,571 in directors fees and expenses, $481,429 in consulting fees, $363,193 in professional fees, $101,238 in salaries and wages, $86,816 in accounting and audit fees and $41,086 in research and development. By contrast, our operating expenses for the nine months ended December 31, 2021 were mainly the result of $2,545,963 in consulting fees, $322,324 in research and development, $92,525 in accounting and audit fees and $91,083 in salaries and wages.

Our operating expenses in 2022 increased as a result of human resource expenditures for employees, consultants and directors, as well as expenditures for information technology support, intellectual property submissions and maintenance, transfer agent services legal fees and accounting and audit fees. With more staff and the lack of financing, we have not been able to ramp up research and development activities for the nine months ended December 31, 2022, with only $41,086 spent as compared to $124,034 spent for the same period in 2021.

If we are able to obtain financing, we expect that our operational expenses will increase significantly for the balance of the fiscal year ended March 31, 2023 and beyond. This would be the result of increased research and development expenses associated with our product candidates, the development of those candidates in compliance with regulatory processes, laws and regulations, increased payroll as we take on more help, as well as the expenses associated with our reporting obligations with the Securities and Exchange Commission.

We recorded a net loss of $534,789 for the three months ended December 31, 2022, as compared with $2,800,677 for the same period ended 2021. We recorded a net loss of $1,722,691 for the nine months ended December 31, 2022, as compared with $3,213,315 for the same period ended 2021.

As a relatively recently formed pharmaceutical company, the company has limited operations to date, and expects to have reoccurring losses, as is typical with companies in the pharmaceutical industry, for the foreseeable future. As explained above, the company intends to raise capital and ramp up its efforts to bring its product candidates to market. This will require significant capital, product development to continue and complete and momentum on those product candidates through the regulatory process. There are no assurances that we will be able to generate revenues and achieve profitable operations.

**Liquidity and Capital Resources**

As of December 31, 2022, we had $192,011 in current assets, consisting mostly of a deferred tax credit, and current liabilities of $1,822,696. We had a working capital deficit of $1,630,685 as of December 31, 2022, compared with a working capital deficit of $1,187,515 as of September 30, 2022.

We used cash for operating activities of $1,156,498 for the nine months ended December 31, 2022, as compared with cash used of $2,596,081 for the same period ended 2021. Our negative operating cash flow for 2022 was mainly the result of a net loss, net changes in operating assets and liabilities and deferred tax credit offset by shares issued for services. Our negative operating cash flow for 2021 was the result of our net loss, offset by net changes in operating assets and liabilities.

We used cash for investing activities of $18,147 for the nine months ended December 31, 2022, as compared with $12,000,000 used in investing activities for the same period ended 2021 for investments in intellectual property from C2 Wellness Corp. on December 2, 2021.

Financing activities provided $1,093,405 for the nine months ended December 31, 2022, as a result of related party notes, as compared with $14,625,352 provided for the same period ended 2021, as a result of proceeds from share issuances and convertible notes.

On August 1, 2022, we entered into loan agreements for a total of US $75,000.. We issued 2,250,000 shares to note holders in connection with the loan agreements. The sum of 75,000 was repaid fully by December 23, 2022.

As part of the SPA, executed on October 03, 2022, the shareholder affiliates, through their respective companies, have committed to enter into loan agreements with our company to provide up to $4,000,000 USD of working capital.

Based upon our current financial condition, we do not have sufficient cash to operate our business at the current level for the next 12 months. We intend to fund operations through short-term or long-term debt and/or equity financing arrangements, however this may be insufficient to fund expenditures or other cash requirements. If Bright Green exercises its option, we will have sufficient cash from the exercise price and proceeds therefrom. Without it, we plan to seek additional financing in a private equity offering to secure funding for operations. There can be no assurance that we will be successful in raising additional funding. If we are not able to secure additional funding, the implementation of our business plan will be impaired. There can be no assurance that such additional financing will be available to us on acceptable terms or at all.

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**Off Balance Sheet Arrangements**

As of December 31, 2022, we had no off-balance sheet arrangements.

**Going Concern**

Our financial statements were prepared assuming we will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. We have negative working capital of $1,630,685 as of December 31, 2022, and have incurred losses since inception of $9,556,419. We expect to incur further losses in the development of our business and have been dependent on funding operations from inception. These conditions raise substantial doubt about our ability to continue as a going concern. Management's plans include continuing to finance operations through the private or public placement of debt and/or equity securities and the reduction of expenditures. At present, the Company is waiting to hear whether Bright Green Corporation will exercise its option to acquire the remaining 75% of the Company's common stock. However, no assurance can be given at this time as to whether we will be able to achieve these objectives. The financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp; Quantitative and Qualitative Disclosures About Market Risk**

A smaller reporting company is not required to provide the information required by this Item.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures**

**Disclosure Controls and Procedures**

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2022. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2022, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that, as of December 31, 2022, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

**Remediation Plan to Address the Material Weaknesses in Internal Control over Financial Reporting**

Our company plans to take steps to enhance and improve the design of internal controls over financial reporting. During the period covered by this quarterly report on Form 10-Q, we have not been able to remediate the material weaknesses identified above. To remediate such weaknesses, we plan to implement the following changes during our fiscal year ending March 31, 2023: (i) appoint additional qualified personnel to address inadequate segregation of duties and ineffective risk management; and (ii) adopt sufficient written policies and procedures for accounting and financial reporting. The remediation efforts set out are largely dependent upon our securing additional financing to cover the costs of implementing the changes required. If we are unsuccessful in securing such funds, remediation efforts may be adversely affected in a material manner.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting during the three months ended December 31, 2022 that have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.

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**PART II – OTHER INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp; Legal Proceedings**

We are not a party to any pending legal proceeding. We are not aware of any pending legal proceeding to which any of our officers, directors, or any beneficial holders of 5% or more of our voting securities are adverse to us or have a material interest adverse to us.

**Item 1A: Risk Factors**

Please see the Risk Factors contained in our Annual Report on Form 10-K/A filed with the SEC on September 14, 2022, which are incorporated herein by reference.

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp; Unregistered Sales of Equity Securities and Use of Proceeds**

On August 1, 2022, the Company signed loan agreements with note holders for the sum of $75,000. A total of 2,250,000 shares were issued to the note holders in connection with loan agreements.

These securities were issued pursuant to Section 4(2) of the Securities Act and/or Rule 506 promulgated thereunder. The holders represented their intention to acquire the securities for investment only and not with a view towards distribution. The investors were given adequate information about us to make an informed investment decision. We did not engage in any general solicitation or advertising. We directed our transfer agent to issue the stock certificates with the appropriate restrictive legend affixed to the restricted stock.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp; Defaults upon Senior Securities**

None

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp; Mine Safety Disclosures**

Not applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp; Other Information**

None

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp; Exhibits**

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| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description of Exhibit</u>** |
| 31.1\*\* | [Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31_1.htm) |
| 31.2\*\* | [Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31_2.htm) |
| 32.1\*\* | [Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex32_1.htm) |
| 101\*\* | The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2022 formatted in Extensible Business Reporting Language (XBRL). |
| \*\*Provided herewith |  |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
|  | **Alterola Biotech, Inc.** |
| Date: | February 14, 2023 |
|  | By: <u>/s/ David Hitchcock</u><br> David Hitchcock<br> Title: Chief Executive Officer (Principal Executive Officer) and Director |

---

---

| | |
|:---|:---|
| Date: | February 14, 2023 |
|  | By: <u>/s/ Timothy Rogers</u><br> Timothy Rogers<br> Title: Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer), Chairman, and Director |

---

## Exhibit 31.1

**CERTIFICATIONS**

I, David Hitchcock, certify that;

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this Quarterly Report on Form 10-Q for the period ended December 31, 2022 of Alterola Biotech, Inc. (the
 "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 14, 2023

<u>/s/ David Hitchcock</u>

By: David Hitchcock

Title: Chief Executive Officer

## Exhibit 31.2

**CERTIFICATIONS**

I, Tim Rogers, certify that;

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this Quarterly Report on Form 10-Q for the period ended December 31, 2022 of Alterola Biotech, Inc. (the
 "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 14, 2023

<u>/s/ Tim Rogers</u>

By: Tim Rogers

Title: Chief Financial Officer, Chairman and Director

## Exhibit 32.1

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND** 

**CHIEF FINANCIAL OFFICER**

**PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Alterola Biotech, Inc. (the "Company") on Form 10-Q for the quarter ended December 31, 2022 filed with the Securities and Exchange Commission (the "Report"), I, David Hitchcock, Chief Executive Officer and I, Tim Rogers, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a)
of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material
respects, the consolidated financial condition of the Company as of the dates presented and the consolidated result of operations
of the Company for the periods presented.

---

| | |
|:---|:---|
| By: | <u>/s/ David Hitchcock</u> |
| Name: | David Hitchcock |
| Title: | Chief Executive Officer and Director |
| Date: | February 14, 2023 |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Tim Rogers</u> |
| Name: | Tim Rogers |
| Title: | Chief Financial Officer, Chairman and Director |
| Date: | February 14, 2023 |

---

This certification has been furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.