Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 29, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Madison Technologies Inc. | ||
Entity Central Index Key | 1,318,268 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 790,473 | ||
Entity Common Stock, Shares Outstanding | 16,757,565 | ||
Trading Symbol | MDEX | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash | $ 3,281 | $ 14,259 |
Total Current Assets | 3,281 | 14,259 |
Intangible asset, at amortized cost License agreement (Note 3) | 17,760 | 42,760 |
Total Assets | 21,041 | 57,019 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 45,394 | 36,510 |
License fee payable (Note 3) | 33,500 | 33,500 |
Demand notes and accrued interest payable (Note 4) | 123,094 | 114,683 |
Convertible notes payable (Note 5) as restated (Note 9) | 196,000 | 241,000 |
Related party advance (Note 6) | 261 | 261 |
TOTAL LIABILITIES – as restated (Note 9) | 398,249 | 425,954 |
STOCKHOLDERS’ DEFICIT | ||
Common Stock (Note 7) Par Value:$0.001 Authorized 500,000,000 shares Issued and outstanding: 12,257,556 shares (Dec 31, 2016 - 11,302,000 shares) | 12,258 | 11,302 |
Additional Paid in Capital – as restated (Note 9) | 88,644 | 44,600 |
Accumulated deficit – as restated (Note (9) | (478,110) | (424,837) |
Total stockholders’ deficit – as restated (Note 9) | (377,208) | (368,935) |
Total liabilities and stockholders’ deficiency | $ 21,041 | $ 57,019 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 12,257,556 | 11,302,000 |
Common stock, shares outstanding | 12,257,556 | 11,302,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | ||
Sales | $ 6,675 | $ 221 |
Cost of sales | (4,511) | (62) |
Gross Margin | 2,164 | 159 |
Operating expenses | ||
Amortization expense | 25,000 | 7,240 |
General and administrative | 24,277 | 31,616 |
Total operating expenses | 49,277 | 38,856 |
Loss before other expense | (47,113) | (38,697) |
Other items | ||
Gain on dissolution of subsidiary | (715) | |
Interest – as restated (Note 9) | (6,160) | (6,135) |
Total operating expenses | (6,160) | (3,462) |
Net loss | (53,273) | (42,159) |
Other Comprehensive income | ||
Translation gain(loss) | (3,109) | |
Total comprehensive loss | $ (53,273) | $ (45,268) |
Net loss per share - Basic and diluted | $ (0.005) | $ (0.004) |
Average number of shares of common stock outstanding | 11,747,053 | 11,302,000 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2015 | $ 11,302 | $ 44,600 | $ 3,109 | $ (382,678) | $ (323,667) |
Balance, shares at Dec. 31, 2015 | 11,302,000 | ||||
Foreign currency adjustments | (3,109) | (3,109) | |||
Net loss | (42,159) | (42,159) | |||
Balance at Dec. 31, 2016 | $ 11,302 | 44,600 | (424,837) | (368,935) | |
Balance, shares at Dec. 31, 2016 | 11,302,000 | ||||
Debt converted to shares, value - Note 7 at 0.05 per share | $ 400 | 19,600 | 20,000 | ||
Debt converted to shares - Note 7 at 0.05 per share | 400,000 | ||||
Debt converted to shares, value - Note 7 at 0.045 per share | $ 556 | 24,444 | 25,000 | ||
Debt converted to shares - Note 7 at 0.045 per share | 555,556 | ||||
Net loss | (53,273) | (53,273) | |||
Balance at Dec. 31, 2017 | $ 12,258 | $ 88,644 | $ (478,110) | $ (377,208) | |
Balance, shares at Dec. 31, 2017 | 12,257,556 |
Statements of Stockholders' De6
Statements of Stockholders' Deficit (Parenthetical) | Dec. 31, 2017$ / shares |
Convertible Debt One [Member] | |
Debt conversion price per share | $ 0.05 |
Convertible Debt Two [Member] | |
Debt conversion price per share | $ 0.045 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from operating activities: | ||
Net loss for the year - as restated (Note 9) | $ (53,273) | $ (42,159) |
Adjustments to reconcile net loss to cash used in operating activities | ||
Amortization of license | 25,000 | 7,240 |
Accrued interest on notes payable | 6,160 | 6,135 |
Foreign exchange on notes payable | 2,252 | |
Gain on dissolution of subsidiary | 715 | |
Changes in assets and liabilities | ||
Accounts payable and accruals | 8,883 | 715 |
Net cash used in operating activities | (10,978) | (30,742) |
Cash Flows from investing activities: | ||
Purchase of Intangible asset | (16,500) | |
Net cash used in investing activities | (16,500) | |
Cash Flows from financing activities: | ||
Proceeds of convertible notes payable | 61,000 | |
Net cash provided by financing activities | 61,000 | |
Net increase (decrease) in cash | (10,978) | 13,758 |
Cash, beginning of period | 14,259 | 501 |
Cash, end of period | 3,281 | 14,259 |
SUPPLEMENTAL DISCLOSURE | ||
Interest | 6,160 | 6,135 |
Taxes paid |
Nature and Continuance of Opera
Nature and Continuance of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature and Continuance of Operations | Note 1 Nature and Continuance of Operations The Company was incorporated on June 15, 1998 in the State of Nevada, USA and the Company’s common shares are publicly traded on the OTC Bulletin Board. Up until fiscal 2014, the Company was in the business of mineral exploration. On May 28, 2014, the Company formalized an agreement whereby it purchased assets associated with a smokeless cannabis delivery system. The Company planned to develop this system for commercial purposes. On December 14, 2014, this asset purchase agreement was terminated. On January 21, 2015, a majority of the Company’s stockholders approved a consolidation of the issued and outstanding shares of common stock, on a 10 for 1 basis, thereby decreasing the issued and outstanding share capital from 113,020,000 to 11,302,000. On March 11, 2015, the Company changed its name from Madison Explorations, Inc. to Madison Technologies Inc. and effected the stock consolidation. These financial statements give retroactive effect to both these changes. On September 16, 2016, the Company entered into an exclusive distribution product license agreement with Tuffy Packs, LLC to distribute products into the United Kingdom and 43 other essentially European countries. The Company will be selling ballistic panels which are personal body armors, that conforms to the National Institute of Justice (NIJ) Level IIIA threat requirements. The Company’s plan of operations and sales strategy include online and social media marketing, as well as attending various tradeshows and conferences. As the Company failed to make specified payments as required, the agreement was amended to a non-exclusive basis. Effective December 31, 2016, the Company dissolved its wholly owned subsidiary, Scout Resources Inc. (“Scout”) and assumed all the debt that Scout owed. These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next twelve months. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At December 31, 2017, the Company had not yet achieved profitable operations, had accumulated losses of $478,110 since its inception and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances. That said, there is no assurance of additional funding being available. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 Summary of Significant Accounting Policies a) Year end The Company has elected a December 31st fiscal year end. b) Cash and cash equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As at December 31, 2017, the Company did not have any cash equivalents in 2017. (2016 – $nil). c) Revenue Recognition The Company recognizes revenue when a contract is in place, goods or services are delivered to the purchaser and collectability is reasonably assured. d) Stock-Based Compensation The Company follows the guideline under FASB ASC Topic 718 “ Compensation-Stock Compensation” e) Basic and Diluted Net Income (Loss) per Share The Company reports basic loss per share in accordance FASB ASC Topic 260, “ Earnings per share f) Comprehensive Income In accordance with FASB ASC Topic 220 “ Comprehensive Income g) 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 amounts reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future, actual results may ultimately differ from the estimates. Management believes such estimates to be reasonable. h) Fair Value Measurements The Company follows FASB ASC Topic 820, “ Fair Value Measurements and Disclosures” Financial Instruments”, i) Financial Instruments and correction of error in previously issued financial statements Fair Value The Company’s financial instruments consisting of cash, account payable and accrued liabilities, notes payable and accrued interest and related party advances are carried at face which approximates fair value because of their short-term nature. During the year, the Company changed the accounting policy by which it accounts for its convertible debt. Previously, the Company based its policy on the fact that the promissory notes have been issued without an interest component and, assuming the reason for investing is the pursuit of profit, the total value of these instruments had been allocated to the equity component as this is the only logical reason for investment. Promissory note issuances were included in additional paid-in capital and were amortized and charged to interest on an effective interest rate basis. During the year, the Company corrected this policy and adopted FASB ASC Topic 470, “ Debt with Conversions and Other Options, Risks: Financial instruments that potentially subject the Company to credit risk consist principally of cash. Management does not believe the Company is exposed to significant credit risk. Management, as well, does not believe the Company is exposed to significant interest rate risks during the period resented in these financial statements. The accompanying financial statements do not include any adjustments that might result from the eventual outcome of the risks and uncertainties described above. j) Income Taxes The Company accounts for income taxes under an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. In estimating future tax consequences, all expected future events other than enactment of changes in the tax laws or rates are considered. Due to the uncertainty regarding the Company’s future profitability, the future tax benefits of its losses have been fully reserved. k) Impairment of Long-Lived Assets Impairment losses on long-lived assets, such as mining claims, are recognized when events or changes in circumstances indicate that the undiscounted cash flows estimated to be generated by such assets are less than their carrying value and, accordingly, all or a portion of such carrying value may not be recoverable. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts. l) Foreign Currency Translation and Transactions The Company’s functional currency is US dollars. Foreign currency balances are translated into US dollars as follows: Monetary assets and liabilities are translated at the period-end exchange rate. Non-monetary assets are translated at the rate of exchange in effect at their acquisition, unless such assets are carried at market or nominal value, in which case they are translated at the period-end exchange rate. Revenue and expense items are translated at the average exchange rate for the period. Foreign exchange gains and losses in the period are included in operations. The functional currency of the now dissolved wholly owned subsidiary was Canadian dollars. The assets and liabilities arising from these operations were translated at current exchange rates and related revenues and expenses at the exchange rates in effect at the time the revenue or expense was incurred. Resulting translation adjustments, if material, were accumulated as a separate component of accumulated other comprehensive income in the statement of stockholders’ deficit. m) Intangible Assets Intangible assets are non-monetary identifiable assets, controlled by the Company that will produce future economic benefits, based on reasonable and supportable assumptions about conditions that will exist over the life of the asset. An intangible asset that does not meet these attributes will be recognized as an expense when it is incurred. Intangible assets that do, are capitalized and initially measured at cost. Those with a determinable life will be amortized on a systematic basis over their future economic life. Those with a indefinite useful life shall not be amortized until its useful life is determined to be longer indefinite. An intangible assets subject to amortization shall be periodically reviewed for impairment. A recoverability test will be performed and, if applicable, unscheduled amortization is considered. A license agreement has been capitalized and recorded at cost. It will be amortized over the life of the contract, which is two years. n) Recent Accounting Pronouncements The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any pronouncement not yet effective but recently issued would, if adopted, have a material effect on the accompanying financial statements. |
License Agreement
License Agreement | 12 Months Ended |
Dec. 31, 2017 | |
License Agreement | |
License Agreement | Note 3 License Agreement The Company entered into an exclusive product license agreement on September 16, 2016 with Tuffy Packs, LLC, a Texas corporation, to sell Ballistic Panels in certain countries, essentially in Europe. The license is for a period of two years unless terminated and may be renewed for successive terms of two years each. The payment terms for the license is as follows: 1. $10,000 payable within seven days after the effective date; 2. An additional $15,000 payable within 30 days after the effective date; and 3. A final payment of $25,000 payable within 90 days of the effective date. At December 31, 2017, the Company had paid $16,500 to the Licensor, leaving an unpaid balance of $33,500.To date, the Company has recorded a total license amortization of $32,240. As a result of the failure to make payments as required under the agreement, the Company was informed on March 20, 2017, that going forward, the agreement would be on a non-exclusive basis. |
Demand Notes and Accrued Intere
Demand Notes and Accrued Interest Payable | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Demand Notes and Accrued Interest Payable | Note 4 Demand Notes and Accrued Interest Payable The Company has three notes payable. Each note is unsecured and payable on demand. December 31, 2017 December 31, 2016 Note payable bearing interest at 8% $ 25,000 $ 25,000 Accrued interest thereon 25,797 23,797 50,797 48,797 Note payable bearing interest at 5% (Debt is Cdn $30,000) 23,809 22,826 Accrued interest thereon 12,798 10,362 36,607 33,188 Note payable bearing interest at 12% 25,000 25,000 Accrued interest thereon 10,690 7,698 35,690 32,698 Total debt and interest payable $ 123,094 $ 114,683 Interest accrued on the note bearing 8% interest was $2,000 in 2017 (2016 - $2,000). Interest accrued on the note bearing 5% interest was $1,190 in 2017 (2016 - $1,143). Interest accrued on the note bearing 12% interest was $2,992 in 2017 (2016 - $2,992). |
Convertible Notes Payable
Convertible Notes Payable | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | Note 5 Convertible Notes Payable In total, there are nine convertible notes payable remaining. Two of the convertible notes payable were converted into shares during the year. All notes are non-interest bearing, unsecured and payable on demand. The notes are convertible into common stock at the discretion of the holder atsixdifferent conversion rates: $0.01 debt to 1 common share, $0.005 to 1 common share; $0.045 to 1 common share; $0.15 to 1 common share;$0.05 to 1 common share; and $0.04 to 1 common share.The effect that conversion would have on earnings per share has not been disclosed due to the anti-dilutive effect. A recap of convertible debt outstanding based on conversion rates is as follow: December 31, 2017 December 31, 2016 Convertible at $0.01 debt to 1 common share $ 110,000 $ 110,000 Convertible at $0.005 debt to 1 common share 20,000 20,000 Convertible at $0.045 debt to 1 common share - 25,000 Convertible at $0.015 debt to 1 common share 25,000 25,000 Convertible at $0.05 debt to 1 common share 21,000 41,000 Convertible at $0.04 debt to 1 common share 20,000 20,000 $ 196,000 $ 241,000 |
Related Party Advance
Related Party Advance | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Advance | Note 6 Related Party Advance In 2008, the current President advanced the Company $561 repayable without interest or any other terms. The unpaid balance as at June 30, 2017 is $261. There were no related party transactions during the year ended December 31, 2017 or 2016. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Common Stock | Note 7 Common Stock On July 14, 2017, two convertible notes were converted into shares. One note for $25,000 was converted into 555,556 shares at $0.045 per share and the other was converted to 400,000 shares at $0.05 per shares. On January 21, 2015, a majority of the Company’s stockholders approved a consolidation of the issued and outstanding shares of common stock, on a 10 for 1 basis, thereby decreasing the issued and outstanding share capital from 113,020,000 to 11,302,000. This was effected on March 11, 2015. This consolidation has been applied retroactively and all references to the number of shares issued reflect this consolidation. On March 30, 2006, the Company entered into a private placement agreement whereby the Company issued 20,000 Regulation-S shares in exchange for $50,000. ($2.50 per share). On June 7, 2004, the Company issued 5,907,000 in consideration of $472 in cash. ($.00008 per share.) On June 14, 2001, the Company approved a forward stock split of 5,000:1. These financial statements have been retroactively adjusted to effect this split. On June 15, 1998, the Company authorized and issued 5,375,000 shares of its common stock in consideration of $430 in cash. ($.00008 per share.) There are no shares subject to warrants or options as of December 31, 2017. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 Income Taxes Income tax recovery differs from that which would be expected from applying the effective tax rates to the net income (loss) as follows: December 31, 2017 December 31, 2016 Net income (loss) for the year – as restated $ (53,273 ) $ (42,159 ) Statutory and effective tax rates 26.0 % 26.0 % Income taxes expenses (recovery) at the effective rate $ (13,851 ) $ (10,961 ) Tax benefit not recognized 13,851 10,961 Income tax expense (recovery) and income tax liability (asset) $ - $ - As at December 31, 2017 the tax effect of the temporary timing differences that give rise to significant components of deferred income tax asset are noted below. A valuation allowance has been recorded as management believes it is more likely than not that the deferred income tax asset will not be realized. December 31, 2017 December 31, 2016 Tax loss carried forward $ 341,791 $ 288,518 Deferred tax assets $ 88,866 $ 75,015 Valuation allowance (88,866 ) (75,015 ) Deferred taxes recognized $ - - The tax losses will expire between 2027 and 2038. |
Correction of Previously Issued
Correction of Previously Issued Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Correction of Previously Issued Financial Statements | Note 9 Correction of Previously Issued Financial Statements As described in Note 2 (i) Financial Instruments, the Company corrected the accounting for convertible debt by adopting the principles in FASB ASC Topic 470, “ Debt with Conversions and Other Options, a) Effect on Balance Sheet – as at December 31, 2016: As Previously As Effect of Stated Adjusted Change Cash $ 14,259 $ 14,259 $ - Intangible assets 42,760 42,760 - Total assets $ 57,019 $ 57,019 $ - Accounts payable and accrued charges $ 36,510 $ 36,510 $ - License fee payable 33,500 33,500 - Notes and accrued interest payable 114,683 114,683 - Convertible notes payable 146,013 241,000 94,987 Related party advance 261 261 - Total liabilities 330,967 425,954 94,987 Common stock 11,302 11,302 - Additional paid in capital 285,600 44,600 (241,000 ) Accumulated deficit (570,850 ) (424,837 ) 146,013 Total stockholders’ deficiency (273,948 ) (368,935 ) (94,987 ) Total liabilities and stockholders’ deficiency $ 57,019 $ 57,019 $ - b) Effect on Statement of Operations – for the Year Ended December 31, 2016: As Previously As Effect of Stated Adjusted Change Sales $ 221 $ 221 $ - Cost of sales 62 62 - Gross margin 159 159 - Operating expenses 38,856 38,856 - Loss before other items (38,697 ) (38,697 ) - Gain on dissolution of subsidiary 2,673 2,673 - Interest expense (30,065 ) (6,135 ) 23,930 Net Loss (66,089 ) (42,159 ) (23,930 ) Translation loss (3,109 ) (3,109 ) - $ (69,198 ) $ (45,268 ) $ 23,930 Net loss per share - basic and diluted $ (0.006 ) $ (0.004 ) $ (0.002 ) c) Effect on Statement of Stockholders’ Deficit – for the Year Ended December 31, 2016: As Previously As Effect of Stated Adjusted Change Stockholders’ deficit Dec 31, 2015 Common shares, Dec 31, 2015 $ 11,302 $ 11,302 $ - Additional paid in capital, Dec 31, 2015 224,600 44,600 (180,000 ) Accumulated other comprehensive income Dec 31, 2015 3,109 3,109 - Accumulated deficit, Dec 31, 2015 (504,761 ) (382,678 ) 122,083 Total stockholders’ deficit Dec 31, 2015 (265,750 ) (323,667 ) (57,917 ) Foreign currency adjustments (3,109 ) (3,109 ) - Net loss for year ended Dec 31, 2016 (66,089 ) (42,159 ) (23,930 ) Convertible debt issued 61,000 - 61,000 Stockholders’ deficit Dec 31, 2016 Common shares, Dec 31, 2016 11,302 11,302 - Additional paid in capital, Dec 31, 2016 285,600 44,600 241,000 Accumulated other comprehensive income Dec 31, 2016 - - - Accumulated deficit, Dec 31, 2016 (570,850 ) (424,837 ) (146,013 ) Total stockholders’ deficit Dec 31, 2016 $ (273,948 ) $ (368,935 ) $ 94,987 d) Effect on Statement of Cash Flows – for the Year Ended December 31, 2016: As Previously As Effect of Stated Adjusted Change Cash flows from operating activities Net loss for the Year $ (66,089 ) $ (42,159 ) $ 23,930 Amortization of convertible debt 23,930 - (23,930 ) Amortization of license 7,240 7,240 - Accrued interest on notes payable 6,135 6,135 - Gain on dissolution of subsidiary (2,673 ) (2,673 ) - Change in accounts payable and accruals 715 715 - Net cash used in operating activities (30,742 ) (30,742 ) - Cash flows from investing activities Purchase of intangible asset (16,500 ) (16,500 ) - Cash flows from financing activities Proceeds of convertible notes 61,000 61,000 - Increase in cash 13,758 13,758 - Cash, beginning of year 501 501 - Cash, end of year $ 14,259 $ 14,259 $ - e) Effect on Specific Convertible Notes Payable – as at December 31, 2016: As Previously As Effect of Stated Adjusted Change Notes convertible on the basis of $0.01 of debt to 1 common share Carrying value, December 31, 2016 $ 101,250 $ 110,000 $ 8,750 Notes convertible on the basis of $0.005 of debt to 1 common share Carrying value, December 31, 2016 20,000 20,000 - Notes convertible on the basis of $0.045 of debt to 1 common share Carrying value, December 31, 2016 13,333 25,000 11,667 Notes convertible on the basis of $0.15 of debt to 1 common share Carrying value, December 31, 2016 8,750 25,000 16,250 Notes convertible on the basis of $0.05 of debt to 1 common share Carrying value, December 31, 2016 2,080 41,000 38,920 Notes convertible on the basis of $0.04 of debt to 1 common share Carrying value, December 31, 2016 600 20,000 19,400 $ 146,013 $ 241,000 $ 94,987 f) Effect on deferred taxes – as at December 31, 2016 As Previously As Effect of Stated Adjusted Change Net loss for the year $ (66,089 ) $ (42,159 ) $ (23,930 ) Statutory and effective tax rate 26.0 % 26.0 % - Recovery at effective rate (17,183 ) (10,961 ) (6,222 ) Tax effect of permanent difference 6,222 - 6,222 Tax benefit not recognized 10,961 10,961 - Income tax recovery and income tax asset $ - $ - $ - |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10 Subsequent events a) On January 25, 2018, the Company issued an aggregate 4,500,000 restricted shares of common stock pursuant to the terms and conditions of two convertible promissory notes. One noted in the principal amount of $25,000 was converted at $0.01 per share and the other in the principal amount of $10,000 was converted at $0.005 per share. b) On February 16, 2018, the Company completed a private placement of 150,000 shares of common stock at a per share price of $0.10 for gross proceeds of $15,000. c) On March 2, 2018, the Company completed a private placement of 150,000 shares of common stock at a per share price of $0.10 for gross proceeds of $15,000. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Year End | a) Year end The Company has elected a December 31st fiscal year end. |
Cash and Cash Equivalents | b) Cash and cash equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As at December 31, 2017, the Company did not have any cash equivalents in 2017. (2016 – $nil). |
Revenue Recognition | c) Revenue Recognition The Company recognizes revenue when a contract is in place, goods or services are delivered to the purchaser and collectability is reasonably assured. |
Stock-Based Compensation | d) Stock-Based Compensation The Company follows the guideline under FASB ASC Topic 718 “ Compensation-Stock Compensation” |
Basic and Diluted Net Income (Loss) Per Share | e) Basic and Diluted Net Income (Loss) per Share The Company reports basic loss per share in accordance FASB ASC Topic 260, “ Earnings per share |
Comprehensive Income | f) Comprehensive Income In accordance with FASB ASC Topic 220 “ Comprehensive Income |
Use of Estimates | g) 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 amounts reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future, actual results may ultimately differ from the estimates. Management believes such estimates to be reasonable. |
Fair Value Measurements | h) Fair Value Measurements The Company follows FASB ASC Topic 820, “ Fair Value Measurements and Disclosures” Financial Instruments”, |
Financial Instruments and Correction of Error in Previously Issued Financial Statements | i) Financial Instruments Fair Value The Company’s financial instruments consisting of cash, account payable and accrued liabilities, notes payable and accrued interest and related party advances are carried at face which approximates fair value because of their short-term nature. FASB ASC Topic 470, “ Debt with Conversions and Other Options, Risks: Financial instruments that potentially subject the Company to credit risk consist principally of cash. Management does not believe the Company is exposed to significant credit risk. Management, as well, does not believe the Company is exposed to significant interest rate risks during the period presented in these financial statements. The accompanying financial statements do not include any adjustments that might result from the eventual outcome of the risks and uncertainties described above. |
Income Taxes | j) Income Taxes The Company accounts for income taxes under an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. In estimating future tax consequences, all expected future events other than enactment of changes in the tax laws or rates are considered. Due to the uncertainty regarding the Company’s future profitability, the future tax benefits of its losses have been fully reserved. |
Impairment of Long-Lived Assets | k) Impairment of Long-Lived Assets Impairment losses on long-lived assets, such as mining claims, are recognized when events or changes in circumstances indicate that the undiscounted cash flows estimated to be generated by such assets are less than their carrying value and, accordingly, all or a portion of such carrying value may not be recoverable. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts. |
Foreign Currency Translation and Transactions | l) Foreign Currency Translation and Transactions The Company’s functional currency is US dollars. Foreign currency balances are translated into US dollars as follows: Monetary assets and liabilities are translated at the period-end exchange rate. Non-monetary assets are translated at the rate of exchange in effect at their acquisition, unless such assets are carried at market or nominal value, in which case they are translated at the period-end exchange rate. Revenue and expense items are translated at the average exchange rate for the period. Foreign exchange gains and losses in the period are included in operations. The functional currency of the now dissolved wholly owned subsidiary was Canadian dollars. The assets and liabilities arising from these operations were translated at current exchange rates and related revenues and expenses at the exchange rates in effect at the time the revenue or expense was incurred. Resulting translation adjustments, if material, were accumulated as a separate component of accumulated other comprehensive income in the statement of stockholders’ deficit. |
Intangible Assets | m) Intangible Assets Intangible assets are non-monetary identifiable assets, controlled by the Company that will produce future economic benefits, based on reasonable and supportable assumptions about conditions that will exist over the life of the asset. An intangible asset that does not meet these attributes will be recognized as an expense when it is incurred. Intangible assets that do, are capitalized and initially measured at cost. Those with a determinable life will be amortized on a systematic basis over their future economic life. Those with a indefinite useful life shall not be amortized until its useful life is determined to be longer indefinite. An intangible assets subject to amortization shall be periodically reviewed for impairment. A recoverability test will be performed and, if applicable, unscheduled amortization is considered. A license agreement has been capitalized and recorded at cost. It will be amortized over the life of the contract, which is two years. |
Recent Accounting Pronouncements | n) Recent Accounting Pronouncements The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any pronouncement not yet effective but recently issued would, if adopted, have a material effect on the accompanying financial statements. |
Demand Notes and Accrued Inte19
Demand Notes and Accrued Interest Payable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | The Company has three notes payable. Each note is unsecured and payable on demand. December 31, 2017 December 31, 2016 Note payable bearing interest at 8% $ 25,000 $ 25,000 Accrued interest thereon 25,797 23,797 50,797 48,797 Note payable bearing interest at 5% (Debt is Cdn $30,000) 23,809 22,826 Accrued interest thereon 12,798 10,362 36,607 33,188 Note payable bearing interest at 12% 25,000 25,000 Accrued interest thereon 10,690 7,698 35,690 32,698 Total debt and interest payable $ 123,094 $ 114,683 |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes Payable | A recap of convertible debt outstanding based on conversion rates is as follow: December 31, 2017 December 31, 2016 Convertible at $0.01 debt to 1 common share $ 110,000 $ 110,000 Convertible at $0.005 debt to 1 common share 20,000 20,000 Convertible at $0.045 debt to 1 common share - 25,000 Convertible at $0.015 debt to 1 common share 25,000 25,000 Convertible at $0.05 debt to 1 common share 21,000 41,000 Convertible at $0.04 debt to 1 common share 20,000 20,000 $ 196,000 $ 241,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income tax recovery differs from that which would be expected from applying the effective tax rates to the net income (loss) as follows: December 31, 2017 December 31, 2016 Net income (loss) for the year – as restated $ (53,273 ) $ (42,159 ) Statutory and effective tax rates 26.0 % 26.0 % Income taxes expenses (recovery) at the effective rate $ (13,851 ) $ (10,961 ) Tax benefit not recognized 13,851 10,961 Income tax expense (recovery) and income tax liability (asset) $ - $ - |
Schedule of Deferred Income Tax Asset | As at December 31, 2017 the tax effect of the temporary timing differences that give rise to significant components of deferred income tax asset are noted below. A valuation allowance has been recorded as management believes it is more likely than not that the deferred income tax asset will not be realized. December 31, 2017 December 31, 2016 Tax loss carried forward $ 341,791 $ 288,518 Deferred tax assets $ 88,866 $ 75,015 Valuation allowance (88,866 ) (75,015 ) Deferred taxes recognized $ - - |
Correction of Previously Issu22
Correction of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Effect On Financial Statements | a) Effect on Balance Sheet – as at December 31, 2016: As Previously As Effect of Stated Adjusted Change Cash $ 14,259 $ 14,259 $ - Intangible assets 42,760 42,760 - Total assets $ 57,019 $ 57,019 $ - Accounts payable and accrued charges $ 36,510 $ 36,510 $ - License fee payable 33,500 33,500 - Notes and accrued interest payable 114,683 114,683 - Convertible notes payable 146,013 241,000 94,987 Related party advance 261 261 - Total liabilities 330,967 425,954 94,987 Common stock 11,302 11,302 - Additional paid in capital 285,600 44,600 (241,000 ) Accumulated deficit (570,850 ) (424,837 ) 146,013 Total stockholders’ deficiency (273,948 ) (368,935 ) (94,987 ) Total liabilities and stockholders’ deficiency $ 57,019 $ 57,019 $ - b) Effect on Statement of Operations – for the Year Ended December 31, 2016: As Previously As Effect of Stated Adjusted Change Sales $ 221 $ 221 $ - Cost of sales 62 62 - Gross margin 159 159 - Operating expenses 38,856 38,856 - Loss before other items (38,697 ) (38,697 ) - Gain on dissolution of subsidiary 2,673 2,673 - Interest expense (30,065 ) (6,135 ) 23,930 Net Loss (66,089 ) (42,159 ) (23,930 ) Translation loss (3,109 ) (3,109 ) - $ (69,198 ) $ (45,268 ) $ 23,930 Net loss per share - basic and diluted $ (0.006 ) $ (0.004 ) $ (0.002 ) c) Effect on Statement of Stockholders’ Deficit – for the Year Ended December 31, 2016: As Previously As Effect of Stated Adjusted Change Stockholders’ deficit Dec 31, 2015 Common shares, Dec 31, 2015 $ 11,302 $ 11,302 $ - Additional paid in capital, Dec 31, 2015 224,600 44,600 (180,000 ) Accumulated other comprehensive income Dec 31, 2015 3,109 3,109 - Accumulated deficit, Dec 31, 2015 (504,761 ) (382,678 ) 122,083 Total stockholders’ deficit Dec 31, 2015 (265,750 ) (323,667 ) (57,917 ) Foreign currency adjustments (3,109 ) (3,109 ) - Net loss for year ended Dec 31, 2016 (66,089 ) (42,159 ) (23,930 ) Convertible debt issued 61,000 - 61,000 Stockholders’ deficit Dec 31, 2016 Common shares, Dec 31, 2016 11,302 11,302 - Additional paid in capital, Dec 31, 2016 285,600 44,600 241,000 Accumulated other comprehensive income Dec 31, 2016 - - - Accumulated deficit, Dec 31, 2016 (570,850 ) (424,837 ) (146,013 ) Total stockholders’ deficit Dec 31, 2016 $ (273,948 ) $ (368,935 ) $ 94,987 d) Effect on Statement of Cash Flows – for the Year Ended December 31, 2016: As Previously As Effect of Stated Adjusted Change Cash flows from operating activities Net loss for the Year $ (66,089 ) $ (42,159 ) $ 23,930 Amortization of convertible debt 23,930 - (23,930 ) Amortization of license 7,240 7,240 - Accrued interest on notes payable 6,135 6,135 - Gain on dissolution of subsidiary (2,673 ) (2,673 ) - Change in accounts payable and accruals 715 715 - Net cash used in operating activities (30,742 ) (30,742 ) - Cash flows from investing activities Purchase of intangible asset (16,500 ) (16,500 ) - Cash flows from financing activities Proceeds of convertible notes 61,000 61,000 - Increase in cash 13,758 13,758 - Cash, beginning of year 501 501 - Cash, end of year $ 14,259 $ 14,259 $ - e) Effect on Specific Convertible Notes Payable – as at December 31, 2016: As Previously As Effect of Stated Adjusted Change Notes convertible on the basis of $0.01 of debt to 1 common share Carrying value, December 31, 2016 $ 101,250 $ 110,000 $ 8,750 Notes convertible on the basis of $0.005 of debt to 1 common share Carrying value, December 31, 2016 20,000 20,000 - Notes convertible on the basis of $0.045 of debt to 1 common share Carrying value, December 31, 2016 13,333 25,000 11,667 Notes convertible on the basis of $0.15 of debt to 1 common share Carrying value, December 31, 2016 8,750 25,000 16,250 Notes convertible on the basis of $0.05 of debt to 1 common share Carrying value, December 31, 2016 2,080 41,000 38,920 Notes convertible on the basis of $0.04 of debt to 1 common share Carrying value, December 31, 2016 600 20,000 19,400 $ 146,013 $ 241,000 $ 94,987 f) Effect on deferred taxes – as at December 31, 2016 As Previously As Effect of Stated Adjusted Change Net loss for the year $ (66,089 ) $ (42,159 ) $ (23,930 ) Statutory and effective tax rate 26.0 % 26.0 % - Recovery at effective rate (17,183 ) (10,961 ) (6,222 ) Tax effect of permanent difference 6,222 - 6,222 Tax benefit not recognized 10,961 10,961 - Income tax recovery and income tax asset $ - $ - $ - |
Nature and Continuance of Ope23
Nature and Continuance of Operations (Details Narrative) - USD ($) | Jan. 21, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock conversion basis | Issued and outstanding shares of common stock, on a 10 for 1 basis. | ||
Common stock, shares issued | 12,257,556 | 11,302,000 | |
Common stock, shares outstanding | 12,257,556 | 11,302,000 | |
Accumulated losses | $ 478,110 | $ 424,837 | |
Maximum [Member] | |||
Common stock, shares issued | 113,020,000 | ||
Common stock, shares outstanding | 113,020,000 | ||
Minimum [Member] | |||
Common stock, shares issued | 11,302,000 | ||
Common stock, shares outstanding | 11,302,000 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | ||
Cash equivalents | ||
Amortization period of intangible assets | 2 years |
License Agreement (Details Narr
License Agreement (Details Narrative) - USD ($) | Sep. 16, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Payment to intangible assets | $ 16,500 | ||
Unpaid balance on license | 33,500 | 33,500 | |
Amortization of license | 25,000 | $ 7,240 | |
Licensor [Member] | |||
Payment to intangible assets | 16,500 | ||
Unpaid balance on license | 33,500 | ||
Amortization of license | $ 32,240 | ||
License Agreement [Member] | |||
License agreement term | 2 years | 7 days | |
License agreement cost | $ 10,000 | ||
License Agreement [Member] | Additional Payment [Member] | |||
License agreement term | 30 days | ||
License agreement cost | $ 15,000 | ||
License Agreement [Member] | Final Payment [Member] | |||
License agreement term | 90 days | ||
License agreement cost | $ 25,000 |
Demand Notes and Accrued Inte26
Demand Notes and Accrued Interest Payable (Details Narrative) | 12 Months Ended | |
Dec. 31, 2017USD ($)Notes | Dec. 31, 2016USD ($) | |
Number of notes payable | Notes | 3 | |
Accrued interest on note | $ 6,160 | $ 6,135 |
Note Payable Bearing Interest at 8% [Member] | ||
Debt interest rate | 8.00% | 8.00% |
Accrued interest on note | $ 2,000 | $ 2,000 |
Note Payable Bearing Interest at 5% [Member] | ||
Debt interest rate | 5.00% | 5.00% |
Accrued interest on note | $ 1,190 | $ 1,143 |
Note Payable Bearing Interest at 12% [Member] | ||
Debt interest rate | 12.00% | 12.00% |
Accrued interest on note | $ 2,992 | $ 2,992 |
Demand Notes and Accrued Inte27
Demand Notes and Accrued Interest Payable - Schedule of Notes Payable (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Total debt and interest payable | $ 123,094 | $ 114,683 |
Note Payable Bearing Interest at 8% [Member] | ||
Notes payable | 25,000 | 25,000 |
Accrued interest | 25,797 | 23,797 |
Total debt and interest payable | 50,797 | 48,797 |
Note Payable Bearing Interest at 5% [Member] | ||
Notes payable | 23,809 | 22,826 |
Accrued interest | 12,798 | 10,362 |
Total debt and interest payable | 36,607 | 33,188 |
Note Payable Bearing Interest at 12% [Member] | ||
Notes payable | 25,000 | 25,000 |
Accrued interest | 10,690 | 7,698 |
Total debt and interest payable | $ 35,690 | $ 32,698 |
Demand Notes and Accrued Inte28
Demand Notes and Accrued Interest Payable - Schedule of Notes Payable (Details) (Parenthetical) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Note Payable Bearing Interest at 8% [Member] | ||
Debt interest rate | 8.00% | 8.00% |
Note Payable Bearing Interest at 5% [Member] | ||
Debt interest rate | 5.00% | 5.00% |
Note Payable Bearing Interest at 5% [Member] | CDN [Member] | ||
Debt | $ 30,000 | |
Note Payable Bearing Interest at 12% [Member] | ||
Debt interest rate | 12.00% | 12.00% |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Narrative) | 12 Months Ended |
Dec. 31, 2017Notes | |
Debt Disclosure [Abstract] | |
Number of convertible notes payable | 9 |
Number of convertible notes payable settled | 2 |
Convertible notes descriptions | The notes are convertible into common stock at the discretion of the holder at six different conversion rates: $0.01 debt to 1 common share, $0.005 to 1 common share; $0.045 to 1 common share; $0.15 to 1 common share; $0.05 to 1 common share; and $0.04 to 1 common share. |
Convertible Notes Payable - Sch
Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Convertible note payable | $ 196,000 | $ 241,000 |
Convertible Notes Payable Convertible on Basis of $0.01 of Debt to 1 Common Share [Member] | ||
Convertible note payable | 110,000 | 110,000 |
Convertible Notes Payable Convertible on Basis of $0.005 of Debt to 1 Common Share [Member] | ||
Convertible note payable | 20,000 | 20,000 |
Convertible Notes Payable Convertible on Basis of $0.045 of Debt to 1 Common Share [Member] | ||
Convertible note payable | 25,000 | |
Convertible Notes Payable Convertible on Basis of $0.015 of Debt to 1 Common Share [Member] | ||
Convertible note payable | 25,000 | 25,000 |
Convertible Notes Payable Convertible on Basis of $0.05 of Debt to 1 Common Share [Member] | ||
Convertible note payable | 21,000 | 41,000 |
Convertible Notes Payable Convertible on Basis of $0.04 of Debt to 1 Common Share [Member] | ||
Convertible note payable | $ 20,000 | $ 20,000 |
Convertible Notes Payable - S31
Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Convertible Notes Payable Convertible on Basis of $0.01 of Debt to 1 Common Share [Member] | ||
Debt conversion price per share | $ 0.01 | $ 0.01 |
Convertible Notes Payable Convertible on Basis of $0.005 of Debt to 1 Common Share [Member] | ||
Debt conversion price per share | 0.005 | 0.005 |
Convertible Notes Payable Convertible on Basis of $0.045 of Debt to 1 Common Share [Member] | ||
Debt conversion price per share | 0.045 | |
Convertible Notes Payable Convertible on Basis of $0.015 of Debt to 1 Common Share [Member] | ||
Debt conversion price per share | 0.015 | 0.015 |
Convertible Notes Payable Convertible on Basis of $0.05 of Debt to 1 Common Share [Member] | ||
Debt conversion price per share | 0.05 | 0.05 |
Convertible Notes Payable Convertible on Basis of $0.04 of Debt to 1 Common Share [Member] | ||
Debt conversion price per share | $ 0.04 | $ 0.04 |
Related Party Advance (Details
Related Party Advance (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | Dec. 31, 2008 | |
Related party transaction | ||||
President [Member] | ||||
Related party advance due | $ 561 | |||
Related party unpaid balance | $ 261 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | Jul. 14, 2017 | Jan. 21, 2015 | Mar. 30, 2006 | Jun. 07, 2004 | Jun. 14, 2001 | Jun. 15, 1998 | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock conversion basis | Issued and outstanding shares of common stock, on a 10 for 1 basis. | |||||||
Common stock, shares issued | 12,257,556 | 11,302,000 | ||||||
Common stock, shares outstanding | 12,257,556 | 11,302,000 | ||||||
Number of shares issued in private placement agreement | 20,000 | |||||||
Number of shares issued in private placement agreement exchange value | $ 50,000 | |||||||
Issuance of stock, price per share | $ 2.50 | $ 0.00008 | $ 0.00008 | |||||
Common shares issued for cash, shares | 5,907,000 | 5,375,000 | ||||||
Common shares issued for cash | $ 472 | $ 430 | ||||||
Forward stock split ratio | Forward stock split of 5,000:1 | |||||||
Convertible Notes Payable [Member] | ||||||||
Convertible notes payable common shares value | $ 25,000 | |||||||
Convertible notes payable common shares converted | 555,556 | |||||||
Conversion price per share | $ 0.045 | |||||||
Other Convertible Notes Payable [Member] | ||||||||
Convertible notes payable common shares value | $ 20,000 | |||||||
Convertible notes payable common shares converted | 400,000 | |||||||
Conversion price per share | $ 0.05 | |||||||
Maximum [Member] | ||||||||
Common stock, shares issued | 113,020,000 | |||||||
Common stock, shares outstanding | 113,020,000 | |||||||
Minimum [Member] | ||||||||
Common stock, shares issued | 11,302,000 | |||||||
Common stock, shares outstanding | 11,302,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Tax losses expiration period | expire between 2027 and 2038 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Net income (loss) for the year - as restated | $ (53,273) | $ (42,159) |
Statutory and effective tax rates | 26.00% | 26.00% |
Income taxes expenses (recovery) at the effective rate | $ (13,851) | $ (10,961) |
Tax benefit not recognized | 13,851 | 10,961 |
Income tax expense (recovery) and income tax liability (asset) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Income Tax Asset (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Tax loss carried forward | $ 341,791 | $ 288,518 |
Deferred tax assets | 88,866 | 75,015 |
Valuation allowance | (88,866) | (75,015) |
Deferred taxes recognized |
Correction of Previously Issu37
Correction of Previously Issued Financial Statements - Schedule Effect on Balance Sheet (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash | $ 3,281 | $ 14,259 | $ 501 |
Intangible assets | 17,760 | 42,760 | |
Total assets | 21,041 | 57,019 | |
Accounts payable and accrued charges | 45,394 | 36,510 | |
License fee payable | 33,500 | 33,500 | |
Notes and accrued interest payable | 123,094 | 114,683 | |
Convertible notes payable | 196,000 | 241,000 | |
Related party advance | 261 | 261 | |
Total liabilities | 398,249 | 425,954 | |
Common stock | 12,258 | 11,302 | |
Additional paid in capital | 88,644 | 44,600 | |
Accumulated deficit | (478,110) | (424,837) | |
Total stockholders' deficiency | (377,208) | (368,935) | (323,667) |
Total liabilities and stockholders' deficiency | $ 21,041 | 57,019 | |
As Previously Stated [Member] | |||
Cash | 14,259 | ||
Intangible assets | 42,760 | ||
Total assets | 57,019 | ||
Accounts payable and accrued charges | 36,510 | ||
License fee payable | 33,500 | ||
Notes and accrued interest payable | 114,683 | ||
Convertible notes payable | 146,013 | ||
Related party advance | 261 | ||
Total liabilities | 330,967 | ||
Common stock | 11,302 | ||
Additional paid in capital | 285,600 | ||
Accumulated deficit | (570,850) | ||
Total stockholders' deficiency | (273,948) | (265,750) | |
Total liabilities and stockholders' deficiency | 57,019 | ||
Effect of Change [Member] | |||
Cash | |||
Intangible assets | |||
Total assets | |||
Accounts payable and accrued charges | |||
License fee payable | |||
Notes and accrued interest payable | |||
Convertible notes payable | 94,987 | ||
Related party advance | |||
Total liabilities | 94,987 | ||
Common stock | |||
Additional paid in capital | (241,000) | ||
Accumulated deficit | 146,013 | ||
Total stockholders' deficiency | (94,987) | $ (57,917) | |
Total liabilities and stockholders' deficiency |
Correction of Previously Issu38
Correction of Previously Issued Financial Statements - Schedule of Effect on Statement of Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Sales | $ 6,675 | $ 221 |
Cost of sales | 4,511 | 62 |
Gross margin | 2,164 | 159 |
Operating expenses | 49,277 | 38,856 |
Loss before other items | (47,113) | (38,697) |
Gain on dissolution of subsidiary | (715) | |
Interest expense | (6,160) | (6,135) |
Net loss | (53,273) | (42,159) |
Translation loss | (3,109) | |
Total comprehensive loss | $ (53,273) | $ (45,268) |
Net loss per share - basic and diluted | $ (0.005) | $ (0.004) |
As Previously Stated [Member] | ||
Sales | $ 221 | |
Cost of sales | 62 | |
Gross margin | 159 | |
Operating expenses | 38,856 | |
Loss before other items | (38,697) | |
Gain on dissolution of subsidiary | (715) | |
Interest expense | (30,065) | |
Net loss | (66,089) | |
Translation loss | (3,109) | |
Total comprehensive loss | $ (69,198) | |
Net loss per share - basic and diluted | $ (0.006) | |
Effect of Change [Member] | ||
Sales | ||
Cost of sales | ||
Gross margin | ||
Operating expenses | ||
Loss before other items | ||
Gain on dissolution of subsidiary | ||
Interest expense | (23,930) | |
Net loss | (23,930) | |
Translation loss | ||
Total comprehensive loss | $ 23,930 | |
Net loss per share - basic and diluted | $ (0.002) |
Correction of Previously Issu39
Correction of Previously Issued Financial Statements - Schedule of Effect on Statement of Stockholders’ Deficit (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total stockholders' deficit | $ (377,208) | $ (368,935) | $ (323,667) |
Foreign currency adjustments | (3,109) | ||
Net loss | (53,273) | (42,159) | |
Convertible debt issued | |||
As Previously Stated [Member] | |||
Total stockholders' deficit | (273,948) | (265,750) | |
Foreign currency adjustments | (3,109) | ||
Net loss | (66,089) | ||
Convertible debt issued | 61,000 | ||
Effect of Change [Member] | |||
Total stockholders' deficit | (94,987) | (57,917) | |
Foreign currency adjustments | |||
Net loss | (23,930) | ||
Convertible debt issued | 61,000 | ||
Common Stock [Member] | |||
Total stockholders' deficit | 12,258 | 11,302 | 11,302 |
Foreign currency adjustments | |||
Net loss | |||
Common Stock [Member] | As Previously Stated [Member] | |||
Total stockholders' deficit | 11,302 | 11,302 | |
Common Stock [Member] | Effect of Change [Member] | |||
Total stockholders' deficit | |||
Additional Paid-in Capital [Member] | |||
Total stockholders' deficit | 88,644 | 44,600 | 44,600 |
Foreign currency adjustments | |||
Net loss | |||
Additional Paid-in Capital [Member] | As Previously Stated [Member] | |||
Total stockholders' deficit | 285,600 | 224,600 | |
Additional Paid-in Capital [Member] | Effect of Change [Member] | |||
Total stockholders' deficit | 241,000 | (180,000) | |
Accumulated Other Comprehensive Income [Member] | |||
Total stockholders' deficit | 3,109 | ||
Foreign currency adjustments | (3,109) | ||
Net loss | |||
Accumulated Other Comprehensive Income [Member] | As Previously Stated [Member] | |||
Total stockholders' deficit | 3,109 | ||
Accumulated Other Comprehensive Income [Member] | Effect of Change [Member] | |||
Total stockholders' deficit | |||
Accumulated Deficit [Member] | |||
Total stockholders' deficit | (478,110) | (424,837) | (382,678) |
Foreign currency adjustments | |||
Net loss | $ (53,273) | (42,159) | |
Accumulated Deficit [Member] | As Previously Stated [Member] | |||
Total stockholders' deficit | (570,850) | (504,761) | |
Accumulated Deficit [Member] | Effect of Change [Member] | |||
Total stockholders' deficit | $ (146,013) | $ 122,083 |
Correction of Previously Issu40
Correction of Previously Issued Financial Statements - Schedule of Effect on Statement of Cash Flows (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net loss | $ (53,273) | $ (42,159) |
Amortization of convertible debt | ||
Amortization of license | 25,000 | 7,240 |
Accrued interest on notes payable | 6,135 | |
Gain on dissolution of subsidiary | (2,673) | |
Change in accounts payable and accruals | 715 | |
Net cash used in operating activities | (10,978) | (30,742) |
Purchase of intagible asset | (16,500) | |
Proceeds of convertible notes | 61,000 | |
Increase in cash | 13,758 | |
Cash, beginning of period | 14,259 | 501 |
Cash, end of period | 14,259 | |
As Previously Stated [Member] | ||
Net loss | (66,089) | |
Amortization of convertible debt | 23,930 | |
Amortization of license | 7,240 | |
Accrued interest on notes payable | 6,135 | |
Gain on dissolution of subsidiary | (2,673) | |
Change in accounts payable and accruals | 715 | |
Net cash used in operating activities | (30,742) | |
Purchase of intagible asset | (16,500) | |
Proceeds of convertible notes | 61,000 | |
Increase in cash | 13,758 | |
Cash, beginning of period | 14,259 | 501 |
Cash, end of period | 14,259 | |
Effect of Change [Member] | ||
Net loss | (23,930) | |
Amortization of convertible debt | (23,930) | |
Amortization of license | ||
Accrued interest on notes payable | ||
Gain on dissolution of subsidiary | ||
Change in accounts payable and accruals | ||
Net cash used in operating activities | ||
Purchase of intagible asset | ||
Proceeds of convertible notes | ||
Increase in cash | ||
Cash, beginning of period | ||
Cash, end of period |
Correction of Previously Issu41
Correction of Previously Issued Financial Statements - Schedule of Effect on Specific Convertible Notes Payable (Details) | Dec. 31, 2016USD ($) |
Convertible note payable | $ 241,000 |
As Previously Stated [Member] | |
Convertible note payable | 146,013 |
Effect of Change [Member] | |
Convertible note payable | 94,987 |
Convertible Notes Payable Convertible on Basis of $0.01 of Debt to 1 Common Share [Member] | |
Convertible note payable | 110,000 |
Convertible Notes Payable Convertible on Basis of $0.01 of Debt to 1 Common Share [Member] | As Previously Stated [Member] | |
Convertible note payable | 101,250 |
Convertible Notes Payable Convertible on Basis of $0.01 of Debt to 1 Common Share [Member] | Effect of Change [Member] | |
Convertible note payable | 8,750 |
Convertible Notes Payable Convertible on Basis of $0.005 of Debt to 1 Common Share [Member] | |
Convertible note payable | 20,000 |
Convertible Notes Payable Convertible on Basis of $0.005 of Debt to 1 Common Share [Member] | As Previously Stated [Member] | |
Convertible note payable | 20,000 |
Convertible Notes Payable Convertible on Basis of $0.005 of Debt to 1 Common Share [Member] | Effect of Change [Member] | |
Convertible note payable | |
Convertible Notes Payable Convertible on Basis of $0.045 of Debt to 1 Common Share [Member] | |
Convertible note payable | 25,000 |
Convertible Notes Payable Convertible on Basis of $0.045 of Debt to 1 Common Share [Member] | As Previously Stated [Member] | |
Convertible note payable | 13,333 |
Convertible Notes Payable Convertible on Basis of $0.045 of Debt to 1 Common Share [Member] | Effect of Change [Member] | |
Convertible note payable | 11,667 |
Convertible Notes Payable Convertible on Basis of $0.15 of Debt to 1 Common Share [Member] | |
Convertible note payable | 25,000 |
Convertible Notes Payable Convertible on Basis of $0.15 of Debt to 1 Common Share [Member] | As Previously Stated [Member] | |
Convertible note payable | 8,750 |
Convertible Notes Payable Convertible on Basis of $0.15 of Debt to 1 Common Share [Member] | Effect of Change [Member] | |
Convertible note payable | 16,250 |
Convertible Notes Payable Convertible on Basis of $0.05 of Debt to 1 Common Share [Member] | |
Convertible note payable | 41,000 |
Convertible Notes Payable Convertible on Basis of $0.05 of Debt to 1 Common Share [Member] | As Previously Stated [Member] | |
Convertible note payable | 2,080 |
Convertible Notes Payable Convertible on Basis of $0.05 of Debt to 1 Common Share [Member] | Effect of Change [Member] | |
Convertible note payable | 38,920 |
Convertible Notes Payable Convertible on Basis of $0.04 of Debt to 1 Common Share [Member] | |
Convertible note payable | 20,000 |
Convertible Notes Payable Convertible on Basis of $0.04 of Debt to 1 Common Share [Member] | As Previously Stated [Member] | |
Convertible note payable | 600 |
Convertible Notes Payable Convertible on Basis of $0.04 of Debt to 1 Common Share [Member] | Effect of Change [Member] | |
Convertible note payable | $ 19,400 |
Correction of Previously Issu42
Correction of Previously Issued Financial Statements - Schedule of Deferred Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net loss | $ (53,273) | $ (42,159) |
Statutory and effective tax rate | 26.00% | 26.00% |
Recovery at effective rate | $ (13,851) | $ (10,961) |
Tax effect of permanent difference | ||
Tax benefit not recognized | 13,851 | 10,961 |
Income tax recovery and income tax asset | ||
As Previously Stated [Member] | ||
Net loss | $ (66,089) | |
Statutory and effective tax rate | 26.00% | |
Recovery at effective rate | $ (17,183) | |
Tax effect of permanent difference | 6,222 | |
Tax benefit not recognized | 10,961 | |
Income tax recovery and income tax asset | ||
Effect of Change [Member] | ||
Net loss | $ (23,930) | |
Statutory and effective tax rate | ||
Recovery at effective rate | $ (6,222) | |
Tax effect of permanent difference | 6,222 | |
Tax benefit not recognized | ||
Income tax recovery and income tax asset |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Mar. 02, 2018 | Feb. 16, 2018 | Jan. 25, 2018 | Jun. 07, 2004 | Jun. 15, 1998 | Mar. 30, 2006 |
Stock issued during period, shares | 5,907,000 | 5,375,000 | ||||
Share issued price per share | $ 0.00008 | $ 0.00008 | $ 2.50 | |||
Stock issued during period, value | $ 472 | $ 430 | ||||
Subsequent Event [Member] | ||||||
Number of restricted stock issued during period | 4,500,000 | |||||
Subsequent Event [Member] | Private Placement [Member] | ||||||
Stock issued during period, shares | 150,000 | 150,000 | ||||
Share issued price per share | $ 0.10 | $ 0.10 | ||||
Stock issued during period, value | $ 15,000 | $ 15,000 | ||||
Subsequent Event [Member] | Notes Payable One [Member] | ||||||
Debt principal amount | $ 25,000 | |||||
Debt conversion price per share | $ 0.01 | |||||
Subsequent Event [Member] | Notes Payable Two [Member] | ||||||
Debt principal amount | $ 10,000 | |||||
Debt conversion price per share | $ 0.005 |