Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 10-May-14 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Green Planet Bio Engineering Co. Ltd. | ' |
Entity Central Index Key | '0001392449 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 20,006,402 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash and cash equivalents | $0 | $0 |
TOTAL ASSETS | 0 | 0 |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ' | ' |
Accounts payable | 1,459 | 1,459 |
Accrued liabilities | 21,299 | 21,281 |
Amount due to a related party | 64,592 | 54,493 |
TOTAL LIABILITIES | 87,350 | 77,233 |
STOCKHOLDERS' DEFICIT | ' | ' |
Preferred stock: par value of $0.001 per share Authorized: 10,000,000 shares at March 31, 2014 and December 31, 2013 Issued and outstanding: 0 shares at March 31, 2014 and December 31, 2013 | 0 | 0 |
Common stock: par value of $0.001 per share Authorized: 250,000,000 shares at March 31, 2014 and December 31, 2013 Issued and outstanding: 20,006,402 shares at March 31, 2014 and December 31, 2013 | 20,006 | 20,006 |
Additional paid-in capital | 609,614 | 609,614 |
Accumulated deficit | -716,970 | -706,853 |
TOTAL STOCKHOLDERS' DEFICIT | -87,350 | -77,233 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $0 | $0 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
STOCKHOLDERS' DEFICIT | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, Authorized | 250,000,000 | 250,000,000 |
Common stock, Issued | 20,006,402 | 20,006,402 |
Common stock, outstanding | 20,006,402 | 20,006,402 |
Statements_of_Income_Unaudited
Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Statement [Abstract] | ' | ' |
Administrative expenses | ($10,117) | ($4,559) |
Loss before taxes | -10,117 | -4,559 |
Provision for income taxes | ' | ' |
Net loss | ($10,117) | ($4,559) |
Earnings per share | ' | ' |
Basic and diluted | $0 | $0 |
Weighted average number of shares outstanding : | ' | ' |
Basic and diluted | 20,006,402 | 20,006,402 |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities | ' | ' |
Net loss | ($10,117) | ($4,559) |
Changes in operating assets and liabilities : | ' | ' |
Accounts payable | 0 | 0 |
Accrued liabilities | 18 | 4,559 |
Amount due to a related party | 10,099 | 0 |
Net cash flows used by operating activities | 0 | 0 |
Cash flows from investing activities | 0 | 0 |
Cash flows from financing activities | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Supplemental disclosures for cash flow information: | ' | ' |
Cash paid for interest | 0 | 0 |
Cash paid for Income taxes | $0 | $0 |
1_Organization
1. Organization | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
1. Organization | ' |
Mondo Acquisition II, Inc. was incorporated in the State of Delaware on October 30, 2006 and changed the name to Green Planet Bioengineering Co., Ltd. (“Company”) on October 2, 2008. In October 2008, the Company acquired Elevated Throne Overseas Ltd, incorporated in British Virgin Islands, and its subsidiaries which was subsequently divested to One Bio, Corp (“ONE”) on April 14, 2010. | |
In March 2012, the Company became a subsidiary of Global Fund Holdings Corp. an Ontario, Canada corporation. | |
2_Summary_of_significant_accou
2. Summary of significant accounting policies | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
2. Summary of significant accounting policies | ' |
Basis of Presentation | |
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position as of the period reporting date, and the results of its operations and cash flows for the fiscal period end. The results of operations for the fiscal period end are not necessarily indicative of the results to be expected for future quarters or the full fiscal year. | |
Use of estimates | |
In preparing the financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods reported. Actual results could differ from those estimates. | |
Cash and cash equivalents | |
Cash and cash equivalents include all cash, deposits in banks and other highly liquid investments with initial maturities of three months or less to be cash equivalents. | |
Earnings per share | |
Earnings (loss) per common share is reported in accordance with ASC Topic 260 “Earnings per Share” which requires dual presentation of basic earnings per share (“EPS”) and diluted EPS on the face of all statements of earnings for all entities with complex capital structures. Diluted EPS reflects the potential dilution that could occur from common shares issuable through the exercise or conversion of stock options, restricted stock awards, warrants and convertible securities. In certain circumstances, the conversion of these options, warrants and convertible securities are excluded from diluted EPS if the effect of such inclusion would be anti-dilutive. | |
Recent Changes in Accounting Standards | |
The Financial Accounting Standards Board has codified a single source of U.S. GAAP, the Accounting Standards Codification™. Unless needed to clarify a point to readers, we will refrain from citing specific section references when discussing application of accounting principles or addressing new or pending accounting rule changes. There are no recently issued accounting standards that are expected to have a material effect on our financial condition, results of operations or cash flows. | |
A variety of proposed or otherwise potential accounting standards are currently under study by standard-setting organizations and various regulatory agencies. Because of the tentative and preliminary nature of these proposed standards, management has not determined whether implementation of such proposed standards would be material to the Company’s financial statements. | |
3_Going_Concern
3. Going Concern | 3 Months Ended |
Mar. 31, 2014 | |
Text Block [Abstract] | ' |
3. Going Concern | ' |
The financial statements have been prepared assuming that the Company will continue as a going concern. The Company is currently a public shell corporation and has no current business activity. The Company’s ability to continue as a going concern is dependent on continued support from Global Funds, the majority stockholder. |
4_Amount_Due_to_a_Related_Comp
4. Amount Due to a Related Company | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
4. Amount Due to a Related Company | ' |
The Company relies on a related company to advance funds to fund its operating expenses. The amounts advanced are interest-free, unsecured and are repayable upon demand. |
5_Preferred_stock_Common_stock
5. Preferred stock / Common stock | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
5. Preferred stock / Common stock | ' |
Preferred stock | |
The Company is authorized under its Articles of Incorporation to issue 10 million shares of preferred stock with a par value of $0.001 per share. Each share of the Company’s preferred stock provides the holder with the right to vote 1,000 votes on all matters submitted to a vote of the stockholders of the Company and is convertible into 1,000 shares of the Company’s common stock. The preferred stock is non-participating and carries no dividend. | |
Common stock | |
The Company is authorized to issue 250 million shares of common stock with a par value of $0.001 per share. During the three months ended March 31, 2014, the Company did not issue any shares of common stock or warrants. |
6_Stockbased_compensation
6. Stock-based compensation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
6. Stock-based compensation | ' |
There were no non-cash stock-based compensation recognized for the three months ended March 31, 2014 and 2013. | |
The value of the warrants at the date of grant in October 2008 was determined using the Black-Scholes valuation model with the following assumptions: risk-free interest rate of 3.61%, volatility of 60%, zero expected dividends and expected life of 5 years. The warrants expired in October, 2013 |
2_Summary_of_significant_accou1
2. Summary of significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Basis of Presentation | ' |
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position as of the period reporting date, and the results of its operations and cash flows for the fiscal period end. The results of operations for the fiscal period end are not necessarily indicative of the results to be expected for future quarters or the full fiscal year. | |
Use of estimates | ' |
In preparing the financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods reported. Actual results could differ from those estimates. | |
Cash and cash equivalents | ' |
Cash and cash equivalents include all cash, deposits in banks and other highly liquid investments with initial maturities of three months or less to be cash equivalents. | |
Earnings per share | ' |
Earnings (loss) per common share is reported in accordance with ASC Topic 260 “Earnings per Share” which requires dual presentation of basic earnings per share (“EPS”) and diluted EPS on the face of all statements of earnings for all entities with complex capital structures. Diluted EPS reflects the potential dilution that could occur from common shares issuable through the exercise or conversion of stock options, restricted stock awards, warrants and convertible securities. In certain circumstances, the conversion of these options, warrants and convertible securities are excluded from diluted EPS if the effect of such inclusion would be anti-dilutive. | |
Recent Changes in Accounting Standards | ' |
The Financial Accounting Standards Board has codified a single source of U.S. GAAP, the Accounting Standards Codification™. Unless needed to clarify a point to readers, we will refrain from citing specific section references when discussing application of accounting principles or addressing new or pending accounting rule changes. There are no recently issued accounting standards that are expected to have a material effect on our financial condition, results of operations or cash flows. | |
A variety of proposed or otherwise potential accounting standards are currently under study by standard-setting organizations and various regulatory agencies. Because of the tentative and preliminary nature of these proposed standards, management has not determined whether implementation of such proposed standards would be material to the Company’s financial statements. | |
1_Organization_Details_Narrati
1. Organization (Details Narrative) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
State of incorporation | 'State of Deleware |
Incorporation Date | 30-Oct-06 |
5_Preferred_stock_Common_stock1
5. Preferred stock / Common stock (Details Narrative) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Notes to Financial Statements | ' | ' |
Preferred stock par value | $0.00 | $0.00 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, Authorized | 250,000,000 | 250,000,000 |
6_Stockbased_compensation_Deta
6. Stock-based compensation (Details Narrative) | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Risk free interest rate | 3.61% |
Expected volatility | 60.00% |
Expected dividend yield | 0.00% |
Expected life | '5 years |