Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 14, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Green Planet Bio Engineering Co. Ltd. | |
Entity Central Index Key | 1,392,449 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 20,006,402 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 0 | $ 0 |
TOTAL CURRENT ASSETS/TOTAL ASSETS | 0 | 0 |
Current liabilities | ||
Accounts payable | 0 | 0 |
Accrued liabilities | 5,000 | 11,500 |
Amount due to a related party | 239,877 | 205,762 |
TOTAL CURRENT LIABILITIES/TOTAL LIABILITIES | 244,877 | 217,262 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock: par value of $0.001 per share Authorized: 10,000,000 shares at September 30, 2018 and December 31, 2017 Issued and outstanding: 0 shares at September 30, 2018 and December 31, 2017 | 0 | 0 |
Common stock: par value of $0.001 per share Authorized: 250,000,000 shares at September 30, 2018 and December 31, 2017 Issued and outstanding: 20,006,402 shares at September 30, 2018 and December 31, 2017 | 20,006 | 20,006 |
Additional paid-in capital | 609,614 | 609,614 |
Accumulated deficit | (874,497) | (846,882) |
TOTAL STOCKHOLDERS' DEFICIT | (244,877) | (217,262) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, par value | $ .001 | $ .001 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ .001 | $ .001 |
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 | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Income Statement [Abstract] | |||||
Administrative expenses | $ (11,400) | $ (11,703) | $ (27,615) | $ (23,848) | |
Loss before income taxes | (11,400) | (11,703) | (27,615) | (23,848) | |
Provision for income taxes | 0 | 0 | 0 | 0 | |
Net loss | $ (11,400) | $ (11,703) | $ (27,615) | $ (23,848) | |
Earnings per share | |||||
Basic and diluted | [1] | ||||
Weighted average number of shares outstanding | |||||
Basic and diluted | 20,006,402 | 20,006,402 | 20,006,402 | 20,006,402 | |
[1] | Less than $.01, per share. |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (27,615) | $ (23,848) |
Changes in operating assets and liabilities: | ||
Accounts payable | 0 | 0 |
Accrued liabilities | (6,500) | (5,000) |
Amount due to a related party | 34,115 | 28,848 |
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 | 9 Months Ended |
Sep. 30, 2018 | |
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. (“Global Funds”) an Ontario, Canada corporation. The Company operates as a public reorganized shell corporation with the purpose to acquire or merge with an existing business operation. The Company’s activities are subject to significant risks and uncertainties, as their ability to implement and execute future business plans and generate sufficient business revenue is directly influenced by their ability to secure adequate financing or find profitable business opportunities. |
2. Summary of significant accou
2. Summary of significant accounting policies | 9 Months Ended |
Sep. 30, 2018 | |
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 The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses for the years reported. Actual results could differ from those estimates. Significant items that require estimates were accruals of liabilities. 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. Balances of cash and cash equivalents in financial institutions may at times exceed the government-insured limits. Earnings per share Earnings per share is reported in accordance with FASB ASC Topic 260 “ Earnings per Share Fair Value Measurements FASB ASC Topic 820, “ Fair Value Measurements and Disclosures Level 1 - Quoted prices are available in active markets for identical investments as of the period reporting date. Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Level 3 - Pricing inputs are unobservable for the investment and included situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. Recent Changes in Accounting Standards In June 2018, the FASB issued ASU 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting”, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The changes take effect for public companies for fiscal years starting after December 15, 2018, including the interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption of Topic 606. The Company expects that the adoption of this ASU would not have a material impact on the Company’s financial statements. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. |
3. Going Concern
3. Going Concern | 9 Months Ended |
Sep. 30, 2018 | |
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 | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
4. Amount Due to a Related Company | The Company relies on a related company to advance funds to finance its operating expenses. The amounts advanced are interest-free, unsecured and are repayable upon demand. |
5. Preferred stock _ Common sto
5. Preferred stock / Common stock | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
5. Preferred stock / Common stock | Preferred stock The Company is authorized under its Articles of Incorporation to issue 10,000,000 shares of Series A 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. The company does not have any issued shares of the preferred stock as of September 30, 2018 and 2017. Common stock The Company is authorized to issue 250,000,000 shares of common stock with a par value of $0.001 per share. During the three and nine months ended September 30, 2018, the Company did not issue any shares of common stock or warrants. |
6. Stock-based compensation
6. Stock-based compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
6. Stock-based compensation | There was no non-cash stock-based compensation recognized for the three and nine months ended September 30, 2018 and 2017. |
2. Summary of significant acc_2
2. Summary of significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
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 | The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses for the years reported. Actual results could differ from those estimates. Significant items that require estimates were accruals of liabilities. |
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. Balances of cash and cash equivalents in financial institutions may at times exceed the government-insured limits. |
Earnings per share | Earnings per share is reported in accordance with FASB ASC Topic 260 “ Earnings per Share |
Fair Value Measurements | FASB ASC Topic 820, “ Fair Value Measurements and Disclosures Level 1 - Quoted prices are available in active markets for identical investments as of the period reporting date. Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Level 3 - Pricing inputs are unobservable for the investment and included situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. |
Recent Changes in Accounting Standards | In June 2018, the FASB issued ASU 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting”, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The changes take effect for public companies for fiscal years starting after December 15, 2018, including the interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption of Topic 606. The Company expects that the adoption of this ASU would not have a material impact on the Company’s financial statements. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. |
1. Organization (Details Narrat
1. Organization (Details Narrative) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
State of incorporation | Delaware |
Incorporation Date | Oct. 30, 2006 |
5. Preferred stock _ Common s_2
5. Preferred stock / Common stock (Details Narrative) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Notes to Financial Statements | ||
Preferred stock par value | $ .001 | $ .001 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ .001 | $ .001 |
Common stock, Authorized | 250,000,000 | 250,000,000 |
6. Stock-based compensation (De
6. Stock-based compensation (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock-based Compensation | ||||
Non-cash stock-based compensation | $ 0 | $ 0 | $ 0 | $ 0 |