Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | May 14, 2018 | Jun. 30, 2016 | |
Document and Entity Information: | |||
Entity Registrant Name | Pacific Webworks Inc | ||
Document Type | 10-Q | ||
Document Period End Date | Mar. 31, 2018 | ||
Trading Symbol | pacw | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,086,303 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 49,713,895 | ||
Entity Public Float | $ 490,713 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | Q1 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 0 | $ 0 |
Assets, Current | 0 | 0 |
Assets, Noncurrent | ||
Assets | 0 | 0 |
Liabilities, Current | ||
AccountsPayableAndAccruedLiabilities | 8,573 | 12,813 |
AccountsPayableRelatedPartiesCurrent | 54,450 | 41,300 |
Liabilities, Current | 63,023 | 54,113 |
Liabilities | 63,023 | 54,113 |
Common Stock, Value, Issued | 323 | 323 |
AdditionalPaidInCapital | 18,119,106 | 18,119,106 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (18,182,452) | (18,173,542) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (63,023) | (54,113) |
Liabilities and Equity | $ 0 | $ 0 |
Statement of Financial Positio3
Statement of Financial Position - Parenthetical - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Balance Sheets | ||
Common Stock, Par Value | $ 0.0010 | $ 0.0010 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares Issued | 149,713,895 | 49,713,895 |
Common Stock, Shares Outstanding | 149,713,895 | 49,713,895 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Expenses | ||
General and Administrative Expense | $ 8,910 | |
Operating Expenses | 8,910 | |
Operating Income (Loss) | (8,910) | |
Interest and Debt Expense | ||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (8,910) | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (8,910) | |
Net Income (Loss) Attributable to Parent | $ (8,910) | |
Earnings Per Share | ||
Earnings Per Share, Basic | $ (0.03) | |
Weighted Average Number of Shares Outstanding, Basic | 322,660 | 221,691 |
Earnings Per Share, Diluted | $ (0.03) | |
Weighted Average Number of Shares Outstanding, Diluted | 322,660 | 221,691 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss) Attributable to Parent | $ (8,910) | |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (4,240) | |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | (4,240) | |
Net Cash Provided by (Used in) Operating Activities | (13,150) | $ (308,030) |
Net Cash Provided by (Used in) Investing Activities | ||
Net Cash Provided by (Used in) Investing Activities | 179,105 | |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from (Repayments of) Related Party Debt | 13,150 | |
Net Cash Provided by (Used in) Financing Activities | 13,150 | (49,262) |
Cash and Cash Equivalents, Period Increase (Decrease) | (178,187) | |
Cash and Cash Equivalents, at Carrying Value | $ 0 | $ 178,187 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Nature of Operations | NOTE 1 THE COMPANY Pacific WebWorks, Inc. (the Company) was incorporated in the state of Nevada on May 18, 1987, as Asphalt Associates, Inc. and changed its name to Pacific WebWorks, Inc. in January 1999. From 1999 to 2016 the Company engaged in the development and distribution of web tools software, electronic business storefront hosting, and Internet payment systems for individuals and small to mid-sized businesses. On February 23, 2016 the Company filed a voluntary petition for bankruptcy in the U.S. Bankruptcy Court for the District of Utah, and soon afterwards ceased its business activities. On August 19, 2016 the Company proposed a Plan of Liquidation and on November 28, 2016 the Court entered an order confirming the Plan of Liquidation and establishing a Liquidating Trust. On December 28, 2016 all assets and liabilities of the Company were transferred to the Liquidating Trust. All assets, liabilities, and operations have been presented as discontinued operations prior to the December 28, 2016 transfer (see Note 4). The Company currently has no business operations. |
Basis of Accounting
Basis of Accounting | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Basis of Accounting | NOTE 2 BASIS OF FINANCIAL STATEMENT PRESENTATION The accompanying unaudited condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the U. S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented adequately ensure that the information is not misleading, it is suggested that these interim condensed financial statements be read in conjunction with the Companys December 31, 2017 audited financial statements and notes thereto. |
Substantial Doubt about Going C
Substantial Doubt about Going Concern | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Substantial Doubt about Going Concern | NOTE 3 GOING CONCERN The Companys financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. The Company filed bankruptcy in February 2016 and in December of 2016 all assets and liabilities of the Company were transferred to the Liquidating Trust. Furthermore, the Company has an accumulated deficit of $18,182,452 as of March 31, 2018. These factors, among others, raise substantial doubt about the Companys ability to continue as a going concern. Managements plans to continue as a going concern include seeking a merger or an acquisition with a larger, better capitalized entity that will benefit current shareholders. Because the Company has no capital with which to pay current expenses the Companys sole officer and director has agreed to pay these charges with his personal funds, as interest free loans to the Company or as capital contributions. Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Subsequent Events | NOTE 4 SUBSEQUENT EVENTS On March 12, 2018 the Board of Directors, with the consent of our majority shareholder, voted to reverse split our outstanding shares, 464 old shares for 1 new share, resulting in a reduction of shares to 322,660. Any fractional shares which results from the reverse stock split will be rounded up to the next whole share. All common share amounts and per share amounts in the financial statements reflect the one-for-four hundred and sixty-four reverse stock split. A Form 14C was filed with the SEC and mailed to shareholders and notice was given to FINRA. On April 11, 2018 the reverse split became effective. On April 13, 2018 the Company issued 10,000,000 shares of our common stock to our President for $10,000 in debt forgiveness. On April 18, 2018, the Company entered into a Share Purchase Agreement (the SPA) with Mr. Ban Siong Ang (the Purchaser) and Mr. Dan Masters (the Seller), pursuant to which the Purchaser acquired 10,210,517 shares, representing 98.91% of the issued and outstanding shares of common stock of the Company (the Shares) from Seller for an aggregate purchase price of $335,000 (Share Purchase). As a result of the SPA, the Company accepted the resignation of Dan Masters, as the Companys President, Chief Executive Officer, Chief Financial Officer, Secretary and Chairman of the Board of Directors. This resignation was given in connection with the consummation of the Agreement with the Purchaser and were not the result of any disagreement with Company on any matter relating to Company's operations, policies or practices. This resignation will become effective 10 days after the filing of this Information Statement. Additionally, all debt due to Mr. Masters from the Company was cancelled as of the effective date of the SPA. On the same date, to fill the vacancies created by Mr. Masterss resignations, Ban Siong Ang and Hung Seng Tan were elected as the directors of the Company. Mr. Ang was appointed as President, Chief Executive Officer, and Chairman of the Board of Directors of the Company. Mr. Tan was appointed as Executive Director of the Company. Ms. Wendy, Wei Li was appointed as Chief Financial Officer. These appointments will become effective 10 days after filing of this Information Statement. The Company has evaluated subsequent events in accordance with the provisions of ASC 855 and has identified that there are no additional subsequent events that require disclosure. |
Basis of Accounting_ Basis of A
Basis of Accounting: Basis of Accounting, Policy (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Policies | |
Basis of Accounting, Policy | NOTE 2 BASIS OF FINANCIAL STATEMENT PRESENTATION The accompanying unaudited condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the U. S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented adequately ensure that the information is not misleading, it is suggested that these interim condensed financial statements be read in conjunction with the Companys December 31, 2017 audited financial statements and notes thereto. |