Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Feb. 21, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Premier Product Group, Inc. | |
Entity Central Index Key | 1,301,838 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-25 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Entity Current Reporting Status | No | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 285,555,605 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Total Cash on hand | $ 84 | |
Total Current Assets | 84 | |
Fixed Assets | ||
TOTAL ASSETS | 84 | |
Liabilities | ||
Accounts payable and accrued expenses | 210,279 | 209,171 |
Contingent liability - legal | 189,783 | 187,283 |
Contingent liability - notes | 225,200 | 225,200 |
Derivative liability - warrants | 11,786 | 6,842 |
Notes payable - related parties | 4,797 | |
Notes payable | 276,708 | 306,445 |
Total Current Liabilities | 918,553 | 934,942 |
Total Liabilities | 918,553 | 934,942 |
Stockholders' Deficit | ||
Common stock, $0.00001 par value, 500,000,000 shares authorized, 285,555,605 and 220,221,936 shares issued and outstanding, respectively | 2,856 | 2,202 |
Preferred stock (Series B), $0.001 par value, 51 shares authorized, and 51 shares Issued and outstanding, respectively | ||
Paid-in Capital | 6,253,949 | 5,228,557 |
Accumulated deficit | (7,175,358) | (6,165,616) |
Total Stockholders' Equity (Deficit) | (918,553) | (934,857) |
TOTAL LIABILITIES AND EQUITY | $ 84 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 285,555,605 | 220,211,936 |
Common stock,shares outstanding | 285,555,605 | 220,211,936 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 51 | 51 |
Preferred stock, shares issued | 51 | 51 |
Preferred stock, shares outstanding | 51 | 51 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
REVENUES | ||
REVENUES | ||
COST OF GOOD | ||
GROSS PROFIT | ||
OPERATING EXPENSES | ||
Administrative expense | 8,045 | |
General and administrative | 1,993 | |
Management expense | ||
Professional Fees | 6,976 | 3,607 |
TOTAL OPERATING EXPENSES | 17,014 | 3,607 |
LOSS FROM OPERATIONS | (17,014) | (3,607) |
OTHER INCOME (EXPENSES) | ||
Gain (loss) on derivative liability | (4,944) | |
Gain on discharge of debt | 130,600 | |
Interest expense | (6,909) | (5,798) |
Loss on issuance of shares for debt | (980,874) | (149,234) |
Total Other Income (Expense) | (992,727) | (24,432) |
GAIN (LOSS) BEFORE INCOME TAXES | (1,009,741) | (28,039) |
Provision for income taxes | ||
NET INCOME (LOSS) | $ (1,009,741) | $ (28,039) |
Basic And Diluted Income (Loss) Per Common Share (in dollars per share) | $ 0 | $ 0 |
Weighted Average Number Of Common Shares Outstanding - Basic And Diluted (in shares) | 277,315,605 | 220,211,936 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net gain (loss) | $ (1,009,741) | $ (28,039) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss (gain) on derivative liability | 4,944 | |
Loss on issuance of shares for debt | 980,874 | 149,234 |
Changes in operating assets and liabilities: | ||
Loss (gain) on discharge of debt | (130,600) | |
Stock issued for settlement agreement | 144,000 | |
Accounts payable and accrued expenses | 3,607 | (165,393) |
Net Cash Used in Operating Activities | (20,316) | (30,798) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Payments for assets | ||
Net Cash Provided by (Used in) Investing Activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of common stock and warrants | ||
Proceeds from notes payable | 20,232 | 30,798 |
Net Cash Provided by Financing Activities | 20,232 | 30,798 |
NET INCREASE (DECREASE) IN CASH | (84) | |
CASH AT BEGINNING OF PERIOD | 84 | 84 |
CASH AT END OF PERIOD | 84 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION CASH PAID FOR: | ||
Interest | ||
Income taxes | ||
NON-CASH FINANCING ACTIVITIES | ||
Common stock issued to retire debt and accrued interest | $ 45,172 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION PREMIER PRODUCTS GROUP, INC. (the Company”) has prepared the accompanying financial statements without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for all periods presented herein, have been made. As filed on Form 8-K with the Securities Exchange Commission on March, 1, 2018, the Company completed a Holding Company Reorganization, whereby On February 22, 2018, the issuer (having been renamed, immediately prior to this Holding Company Reorganization, from “Premier Products Group, Inc.” to “Valley High Mining Company”) completed a corporate reorganization (the “Holding Company Reorganization”) pursuant to which Valley High Mining Company, as previously constituted (the “Predecessor”) became a direct, wholly-owned subsidiary of a newly formed Delaware corporation, Premier Products Group, Inc. (the “Holding Company”), which became the successor issuer. In other words, the Holding Company is now the public entity. The Holding Company Reorganization was effected by a merger conducted pursuant to Section 251(g) of the Delaware General Corporation Law (the “DGCL”), which provides for the formation of a holding company without a vote of the stockholders of the constituent corporations. In accordance with Section 251(g) of the DGCL, Premier Services, Inc. (“Merger Sub”), another newly formed Delaware corporation and, prior to the Holding Company Reorganization, was an indirect, wholly owned subsidiary of the Predecessor, merged with and into the Predecessor, with the Predecessor surviving the merger as a direct, wholly owned subsidiary of the Holding Company (the “Merger”). The Merger was completed pursuant to the terms of an Agreement and Plan of Merger among the Predecessor, the Holding Company and Merger Sub, dated February 22, 2018 (the “Merger Agreement”). As of the effective time of the Merger and in connection with the Holding Company Reorganization, all duly authorized outstanding shares of common stock and preferred stock of the Predecessor were automatically converted into identical shares of common stock or preferred stock, as applicable, of the Holding Company on a one-for-one basis, and the Predecessor’s existing stockholders and other holders of equity instruments, became stockholders and holders of equity instruments, as applicable, of the Holding Company in the same amounts and percentages as they were in the Predecessor prior to the Holding Company Reorganization. The executive officers and board of directors of the Holding Company are the same as those of the Predecessor in effect immediately prior to the Holding Company Reorganization. For purposes of Rule 12g-3(a), the Holding Company is the successor issuer to the Predecessor, now as the sole shareholder of the Predecessor. Accordingly, upon consummation of the Merger, the Holding Company’s common stock was deemed to be registered under Section 12(b) of the Securities Exchange Act of 1934, as amended, pursuant to Rule 12g-3(a) promulgated thereunder. On February 22, 2018, the Predecessor changed its name and then re-domiciled from Wyoming to Delaware. Immediately following such re-domiciliation, the Holding Company adopted a certificate of incorporation (the “Certificate”) and bylaws (the “Bylaws”) that are, in all material respects, identical to the certificate of incorporation and bylaws of the Predecessor immediately prior to the Holding Company Reorganization, with the possible exception of certain amendments that are permissible under Section 251(g)(4) of the DGCL. The Holding Company has the same authorized capital stock and the designations, rights, powers and preferences of such capital stock, and the qualifications, limitations and restrictions thereof are the same as that of the Predecessor’s capital stock immediately prior to the Holding Company Reorganization. The common stock of the Holding Company trades on OTCMarkets under the symbol “PMPG” under which the common stock of the Predecessor was previously listed and traded. As a result of the Holding Company Reorganization, the common stock of the Predecessor will no longer be publicly traded. Based on the preceding action, the Company is presenting the financial statements as consolidated financial statements, but also including exhibits representing the respective income statement and balance sheet items associated with the new parent Holding Company and the wholly-owned Predecessor company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2017 audited financial statements included in the Company’s Annual Report on Form 10-K, as filed with the United States Securities and Exchange Commission (the “SEC”) on February 1, 2019. The results of operations for the period ended March 31, 2018 are not necessarily indicative of the operating results for the full year. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2018 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has a working capital deficit and has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it consummates a business combination. If the Company is unable to obtain adequate capital, it could be forced to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Income Taxes The Company accounts for income taxes in accordance with ASC Topic No. 740, “Accounting for Income Taxes.” This statement requires an asset and liability approach for accounting for income taxes. The Company adopted the provisions of ASC Topic No. 740, “Accounting for Income Taxes,” on January 1, 2007. As a result of the implementation of ASC Topic No. 740, the Company recognized no liability for unrecognized tax liabilities. The Company has no tax positions at December 31, 2017 and 2015 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Interest Accruals The Company recognizes interest accrued related to unrecognized tax liabilities in interest expense and penalties in operating expenses. During the years ended December 31, 2017 and 2016, the Company recognized interest accruals of $45,020 and $35,081, respectively. Loss Per Share The computation of loss per share is based on the weighted average number of shares outstanding during the period presented in accordance with ASC Topic No. 260, “Earnings Per Share.” Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Recently Issued Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. FASB ASU 2018-03 “Fair Value Measurement (ASC 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” – FASB ASU 2016-15 “Statement of Cash Flows (Topic 230)” – Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures. Fair Value of Financial Instruments The Company’s financial instruments consist principally of cash, amounts due to a related party, accounts payable and accrued expenses, and derivative liabilities. ASC 820, Fair Value Measurements and Disclosures, and ASC 825, Financial Instruments, establish a framework for measuring fair value, establish a fair value hierarchy based on the quality of inputs used to measure fair value, and enhance disclosure requirements for fair value measurements. The Company utilizes various types of financing to fund its business needs, including warrants not indexed to the Company’s stock. The Company is required to record its derivative instruments at their fair value. Changes in the fair value of derivatives are recognized in earnings in accordance with ASC 815. The fair value of the derivative instruments are determined based on “Level 3” inputs, which consist of inputs that are both unobservable and significant to the overall fair value measurement. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations. The Company has categorized its financial instruments, based on the priority of inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Financial assets and liabilities recorded on the balance sheet are categorized based on the inputs to the valuation techniques as follows: Level 1 Financial assets and liabilities for which values are based on unadjusted quoted prices for identical assets or liabilities in an active market that management has the ability to access. Level 2 Financial assets and liabilities for which values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability (commodity derivatives and interest rate swaps). Level 3 Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company conducts a review of fair value hierarchy classifications on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Balance Balance forward, January 1, 2017 $ (12,497 ) Total gains (losses) included in earnings, FY 2017 5,649 Balance, December 31, 2017 $ (6,842 ) Total gains (losses) included in earnings, three months ended March 31, 2018 (4,944 ) Ending balance, March 31, 2018 $ (11,786 ) |
Non-Consoldated Financial Infor
Non-Consoldated Financial Information | 3 Months Ended |
Mar. 31, 2018 | |
Non-consoldated Financial Information | |
NON-CONSOLIDATED FINANICAL INFORMATION | NOTE 4 – NON-CONSOLIDATED FINANICAL INFORMATION ASSETS AND LIABILITIES – Quarter Ended March 31, 2018 PARENT SUBSIDIARY ASSETS Current Assets Total Cash on hand $ - $ - Total Current Assets - - Fixed Assets - - TOTAL ASSETS - - Liabilities Accounts payable and accrued expenses $ - $ 210,279 Contingent liability – legal - 189,783 Contingent liability – notes - 225,200 Derivative liability – warrants - 11,786 Notes payable – related parties - 4,797 Notes payable 7,818 268,890 Total Current Liabilities 7,818 910,735 Total Liabilities $ 7,818 $ 910,735 STATEMENTS OF OPERATION – Quarter Ended March 31, 2018 PARENT SUBSIDIARY REVENUES $ $ COST OF GOOD - - GROSS PROFIT - - OPERATING EXPENSES Administrative expense - 8,045 General and administrative 1,909 84 Management expense - - Professional Fees 6,976 - TOTAL OPERATING EXPENSES 8,885 8,129 LOSS FROM OPERATIONS (8,885 ) (8,129 ) OTHER INCOME (EXPENSES) Gain (loss) on derivative liability - (4,944 ) Interest expense (40 ) (6,869 ) Loss on issuance of shares for debt - (980,874 ) Total Other Income (Expense) (40 ) (992,687 ) GAIN (LOSS) BEFORE INCOME TAXES (8,925 ) (1,000,816 ) Provision for income taxes - - NET INCOME (LOSS) $ (8,925 ) $ (1,000,816 ) |
Related Party Transaction
Related Party Transaction | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS Management Compensation For the three months ended March 31, 2018, the Company paid its CEO, President, and CFO an aggregate of $0 as compensation. For the three months ended March 31, 2017, the Company paid its CEO/President/CFO an aggregate of $0 as compensation. Office Space Effective January 12, 2016, the Company subleased approximately 200 square feet of executive office space in Silver Spring MD at a rate of $250 per month on a month-to-month basis. The lease was terminated in 2016. |
Advances and Notes Payable to R
Advances and Notes Payable to Related Parties | 3 Months Ended |
Mar. 31, 2018 | |
Advances and Notes Payable to Related Parties [Abstract] | |
ADVANCES AND NOTES PAYABLE TO RELATED PARTIES | NOTE 6 – ADVANCES AND NOTES PAYABLE TO RELATED PARTIES Advances and notes payable to related parties at March 31, 2018 and 2017 had an outstanding balance of $4,797 and $0, respectively. During the quarter ended March 31, 2016, the prior CEO, Richard Johnson, converted $273,774 in Accounts Payable to himself, and other payables he was responsible for, into a note payable. Following this event and Mr. Johnson’s departure, the Company took over control of the note and subsequently retired the debt in the amount of $273,774, resulting in a gain on discharge of debt on the Statement of Operations. |
Notes Payable and Derivative Li
Notes Payable and Derivative Liability | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
NOTES PAYABLE AND DERIVATIVE LIABILITY | NOTE 7 – NOTES PAYABLE AND DERIVATIVE LIABILITY Notes Payable At the period ended March 31, 2018, the Company had third party notes payable and accrued interest in the amount of $276,708 compared to $342,878 in the prior fiscal year. The notes included notes to four unaffiliated parties at interest rates of between 6% and 8% per year. The notes expire during the 2016 fiscal year and are not secured by collateral of the Company. Several of these notes are in default and the Company is in communication with the holders to resolve these outstanding issues. The notes are convertible into common stock, at the election of the holder, at discounts of between 40% and 50%. Two additional notes, totaling $11,250 are convertible into common stock of the Company at $0.001. Additionally, the Company is carrying $225,200 in notes payable contingent liability representing three (3) prior notes that are either in dispute or the Company is unable to substantiate. Derivative Liability The Company entered into an agreement, which has been accounted for as a derivative. The Company has recorded a loss contingency associated with this agreement because it is both probable that a liability had been incurred and the amount of the loss can reasonably be estimated. The main factors that will affect the fair value of the derivative are the number of the Company’s shares outstanding post acquisition or post offering and the resulting market capitalization. ASC Topic 815 (“ASC 815”) requires that all derivative financial instruments be recorded on the balance sheet at fair value. Fair values for exchange traded securities and derivatives are based on quoted market prices. Where market prices are not readily available, fair values are determined using market based pricing models incorporating readily observable market data and requiring judgment and estimates. The Company issued warrants and has evaluated the terms and conditions of the conversion features contained in the warrants to determine whether they represent embedded or freestanding derivative instruments under the provisions of ASC 815. The Company determined that the conversion features contained in the warrants represent freestanding derivative instruments that meet the requirements for liability classification under ASC 815. As a result, the fair value of the derivative financial instruments in the warrants is reflected in the Company’s balance sheet as a liability. The fair value of the derivative financial instruments of the warrants was measured at the inception date of the warrants and each subsequent balance sheet date. Any changes in the fair value of the derivative financial instruments are recorded as non-operating, non-cash income, or expense at each balance sheet date. The Company valued the conversion features in its warrants using the Black-Scholes model. The Black-Scholes model values the embedded derivatives based on a risk-free rate of return of 0.0131%, grant dates at March 31, 2018 and December 31, 2017, the term of the warrant extending 3 years from the date of a “reverse merger”, conversion of warrant shares is equal to 0.005% of the then outstanding common stock of the company, the conversion price is $0.001, current stock prices on the measurement date ranging from $0.0065 to $0.032, and the computed measure of the Company’s stock volatility, ranging from 220% to 382%. Included in the March 31, 2018 and December 31, 2017 financial statements is a derivative liability in the amount of $11,786 and $6,842, respectively, to account for this transaction. It is revalued quarterly henceforth and adjusted as a gain or loss to the consolidated statements of operations depending on its value at that time. Included in our Consolidated Statements of Operations for the three months ended March 31, 2018 and year-end December 31, 2017 are $(4,944) and $5,649 in change of fair value of derivative in non-cash charges pertaining to the derivative liability as it pertains to the gain (loss) on derivative liability and debt discount, respectively. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | NOTE 8 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES For the three months ended March 31, 2018, the Company recorded accounts payable and accrued expenses in the amount of $210,279, compared to the year ended December 31, 2017 of $209,171. The accounts payable and accrued expenses include $210,279 in legal and professional fees. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9 – COMMITMENTS AND CONTINGENCIES Contingent Liabilities The Company recorded contingent liabilities for the three months ended March 31, 2018 in the amount of $414,983. The contingent liability includes $189,783 for settlement of an arbitration plus accrued interest. Additional contingent liabilities has been accounted for in the amount of $150,200 and $75,000 for notes payable. These notes date back to the purchase of the mineral properties with a related party. The Company believes that these notes are to be discharged, however, until additional research and agreements have been reached, the Company is treating the amount as a contingent liability. Legal proceedings In March 2014, the Company entered into a settlement agreement with a third party. A dispute arose with respect to the Company’s performance under such settlement agreement and, in accordance with the terms of such agreement, such party moved for arbitration to resolve such dispute. The matter has been closed as of September 2016, with the Company recording a legal liability in the amount of $125,000, plus $64,783 in accrued penalties and fees, to account for liability they have incurred. On February 24, 2015, the Company was named a defendant in a complaint filed by John Michael Coombs in the Third Judicial District Court in and For Salt Lake County, State of Utah, alleging, among other things, Breach of Contract, in connection with a Warrant Agreement issued by the Company to Mr. Coombs in 2010. Management has informed Mr. Coombs that it fully intends to honor the Warrant Agreement and is in discussions to settle this matter. |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | NOTE 10 – CAPITAL STOCK The Company has authorized 500,000,000 number of shares of common stock with a par value of $0.00001. At March 31, 2018, the Company had 285,555,605 shares issued and outstanding. The Company has authorized 51 shares of preferred stock (Series B) with a par value of $0.001. At March 31, 2018, the Company had 51 shares issued and outstanding. During the three months ended March 31, 2018, a total of 65,343,669 shares of common stock for issued the retirement of $45,172 in debt and accrued interest. The Company recognized a combined loss of $980,874 on the conversions. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 – SUBSEQUENT EVENTS On January 5, 2018, the Company issued a press release announcing it had executed a non-binding letter of intent that it was to acquire a crypto mining company. The two parties were unable to clear satisfactory due diligence and close in a timely manner and the agreement was cancelled. On September 17, 2018, the Company filed Form 15 in an effort to temporarily suspend its duty to file reports under Sections 13 and 15(d) of the Securities Exchange Act of 1934. Due to the Company’s number of shareholders exceeding the limit of 300 shareholders for the form to be effective (the company has 1,204 shareholders of record), the Company filed a Form 15/A Cancellation Notice on September 28, 2018 and will continue with its reporting obligations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC Topic No. 740, “Accounting for Income Taxes.” This statement requires an asset and liability approach for accounting for income taxes. The Company adopted the provisions of ASC Topic No. 740, “Accounting for Income Taxes,” on January 1, 2007. As a result of the implementation of ASC Topic No. 740, the Company recognized no liability for unrecognized tax liabilities. The Company has no tax positions at December 31, 2017 and 2015 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. |
Interest Accuals | Interest Accruals The Company recognizes interest accrued related to unrecognized tax liabilities in interest expense and penalties in operating expenses. During the years ended December 31, 2017 and 2016, the Company recognized interest accruals of $45,020 and $35,081, respectively. |
Loss Per Share | Loss Per Share The computation of loss per share is based on the weighted average number of shares outstanding during the period presented in accordance with ASC Topic No. 260, “Earnings Per Share.” |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. FASB ASU 2018-03 “Fair Value Measurement (ASC 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” – FASB ASU 2016-15 “Statement of Cash Flows (Topic 230)” – Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments consist principally of cash, amounts due to a related party, accounts payable and accrued expenses, and derivative liabilities. ASC 820, Fair Value Measurements and Disclosures, and ASC 825, Financial Instruments, establish a framework for measuring fair value, establish a fair value hierarchy based on the quality of inputs used to measure fair value, and enhance disclosure requirements for fair value measurements. The Company utilizes various types of financing to fund its business needs, including warrants not indexed to the Company’s stock. The Company is required to record its derivative instruments at their fair value. Changes in the fair value of derivatives are recognized in earnings in accordance with ASC 815. The fair value of the derivative instruments are determined based on “Level 3” inputs, which consist of inputs that are both unobservable and significant to the overall fair value measurement. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations. The Company has categorized its financial instruments, based on the priority of inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Financial assets and liabilities recorded on the balance sheet are categorized based on the inputs to the valuation techniques as follows: Level 1 Financial assets and liabilities for which values are based on unadjusted quoted prices for identical assets or liabilities in an active market that management has the ability to access. Level 2 Financial assets and liabilities for which values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability (commodity derivatives and interest rate swaps). Level 3 Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company conducts a review of fair value hierarchy classifications on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Balance Balance forward, January 1, 2017 $ (12,497 ) Total gains (losses) included in earnings, FY 2017 5,649 Balance, December 31, 2017 $ (6,842 ) Total gains (losses) included in earnings, three months ended March 31, 2018 (4,944 ) Ending balance, March 31, 2018 $ (11,786 ) |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of fair value hierarchy classifications | Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Balance Balance forward, January 1, 2017 $ (12,497 ) Total gains (losses) included in earnings, FY 2017 5,649 Balance, December 31, 2017 $ (6,842 ) Total gains (losses) included in earnings, three months ended March 31, 2018 (4,944 ) Ending balance, March 31, 2018 $ (11,786 ) |
NON-CONSOLIDATED FINANICAL INFO
NON-CONSOLIDATED FINANICAL INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Non-consoldated Financial Information | |
Schedule of assets and liabilities | PARENT SUBSIDIARY ASSETS Current Assets Total Cash on hand $ - $ - Total Current Assets - - Fixed Assets - - TOTAL ASSETS - - Liabilities Accounts payable and accrued expenses $ - $ 210,279 Contingent liability – legal - 189,783 Contingent liability – notes - 225,200 Derivative liability – warrants - 11,786 Notes payable – related parties - 4,797 Notes payable 7,818 268,890 Total Current Liabilities 7,818 910,735 Total Liabilities $ 7,818 $ 910,735 |
Schedule of statements of operations | PARENT SUBSIDIARY REVENUES $ $ COST OF GOOD - - GROSS PROFIT - - OPERATING EXPENSES Administrative expense - 8,045 General and administrative 1,909 84 Management expense - - Professional Fees 6,976 - TOTAL OPERATING EXPENSES 8,885 8,129 LOSS FROM OPERATIONS (8,885 ) (8,129 ) OTHER INCOME (EXPENSES) Gain (loss) on derivative liability - (4,944 ) Interest expense (40 ) (6,869 ) Loss on issuance of shares for debt - (980,874 ) Total Other Income (Expense) (40 ) (992,687 ) GAIN (LOSS) BEFORE INCOME TAXES (8,925 ) (1,000,816 ) Provision for income taxes - - NET INCOME (LOSS) $ (8,925 ) $ (1,000,816 ) |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | ||
Beginning balance | $ (6,842) | $ (12,497) |
Total gains (losses) included in earnings | (4,944) | 5,649 |
Ending balance | $ (11,786) | $ (6,842) |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Summary of significant accounting policies (Textual) | ||
Interest expense and penalties accruals | $ 45,020 | $ 35,081 |
NON-CONSOLIDATED FINANICAL IN_2
NON-CONSOLIDATED FINANICAL INFORMATION (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||||
Total Cash on hand | $ 84 | $ 84 | $ 84 | |
Total Current Assets | 84 | |||
Fixed Assets | ||||
TOTAL ASSETS | 84 | |||
Liabilities | ||||
Accounts payable and accrued expenses | 210,279 | 209,171 | ||
Contingent liability - legal | 189,783 | 187,283 | ||
Contingent liability - notes | 225,200 | 225,200 | ||
Derivative liability - warrants | 11,786 | 6,842 | ||
Notes payable | 276,708 | 306,445 | ||
Total Current Liabilities | 918,553 | 934,942 | ||
Total Liabilities | 918,553 | $ 934,942 | ||
Parent [Member] | ||||
Current Assets | ||||
Total Cash on hand | ||||
Total Current Assets | ||||
Fixed Assets | ||||
TOTAL ASSETS | ||||
Liabilities | ||||
Accounts payable and accrued expenses | ||||
Contingent liability - legal | ||||
Contingent liability - notes | ||||
Derivative liability - warrants | ||||
Notes payable - related parties | ||||
Notes payable | 7,818 | |||
Total Current Liabilities | 7,818 | |||
Total Liabilities | 7,818 | |||
Subsidiary [Member] | ||||
Current Assets | ||||
Total Cash on hand | ||||
Total Current Assets | ||||
Fixed Assets | ||||
TOTAL ASSETS | ||||
Liabilities | ||||
Accounts payable and accrued expenses | 210,279 | |||
Contingent liability - legal | 189,783 | |||
Contingent liability - notes | 225,200 | |||
Derivative liability - warrants | 11,786 | |||
Notes payable - related parties | 4,797 | |||
Notes payable | 268,890 | |||
Total Current Liabilities | 910,735 | |||
Total Liabilities | $ 910,735 |
NON-CONSOLIDATED FINANICAL IN_3
NON-CONSOLIDATED FINANICAL INFORMATION (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
COST OF GOOD | |||
GROSS PROFIT | |||
OPERATING EXPENSES | |||
Administrative expense | 8,045 | ||
General and administrative | 1,993 | ||
Management expense | |||
Professional Fees | 6,976 | 3,607 | |
TOTAL OPERATING EXPENSES | 17,014 | 3,607 | |
LOSS FROM OPERATIONS | (17,014) | (3,607) | |
OTHER INCOME (EXPENSES) | |||
Gain (loss) on derivative liability | 4,944 | $ (5,649) | |
Interest expense | 6,909 | 5,798 | |
Loss on issuance of shares for debt | 980,874 | 149,234 | |
Total Other Income (Expense) | 992,727 | 24,432 | |
GAIN (LOSS) BEFORE INCOME TAXES | (1,009,741) | (28,039) | |
Provision for income taxes | |||
NET INCOME (LOSS) | (1,009,741) | $ (28,039) | |
Parent [Member] | |||
REVENUES | |||
COST OF GOOD | |||
GROSS PROFIT | |||
OPERATING EXPENSES | |||
Administrative expense | |||
General and administrative | 1,909 | ||
Management expense | |||
Professional Fees | 6,976 | ||
TOTAL OPERATING EXPENSES | 8,885 | ||
LOSS FROM OPERATIONS | (8,885) | ||
OTHER INCOME (EXPENSES) | |||
Gain (loss) on derivative liability | |||
Interest expense | (40) | ||
Loss on issuance of shares for debt | |||
Total Other Income (Expense) | (40) | ||
GAIN (LOSS) BEFORE INCOME TAXES | (8,925) | ||
Provision for income taxes | |||
NET INCOME (LOSS) | (8,925) | ||
Subsidiary [Member] | |||
REVENUES | |||
COST OF GOOD | |||
GROSS PROFIT | |||
OPERATING EXPENSES | |||
Administrative expense | 8,045 | ||
General and administrative | 84 | ||
Management expense | |||
Professional Fees | |||
TOTAL OPERATING EXPENSES | 8,129 | ||
LOSS FROM OPERATIONS | (8,129) | ||
OTHER INCOME (EXPENSES) | |||
Gain (loss) on derivative liability | (4,944) | ||
Interest expense | (6,869) | ||
Loss on issuance of shares for debt | (980,874) | ||
Total Other Income (Expense) | (992,687) | ||
GAIN (LOSS) BEFORE INCOME TAXES | (1,000,816) | ||
Provision for income taxes | |||
NET INCOME (LOSS) | $ (1,000,816) |