Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 30, 2019 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Shentang International, Inc. | ||
Entity Central Index Key | 0001422296 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | true | ||
Entity File Number | 000-55973 | ||
Entity Interactive Data Current | No | ||
Entity Common Stock, Shares Outstanding | 20,000,000 | ||
Entity Public Float | $ 1,700,000 | ||
Entity Incorporation, State or Country Code | NV |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Notes receivable – related party | $ 7,632 | |
Total current assets | 7,632 | |
TOTAL ASSETS | 7,632 | |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 9,244 | 6,250 |
Loan payable – related party | 54,560 | 20,885 |
Notes payable – related | 19,235 | |
Total current liabilities | 83,039 | 27,135 |
Commitments and Contingencies | ||
STOCKHOLDERS' DEFICIT | ||
Series A Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; 10,000,000 shares issued and outstanding | 10,000 | |
Common stock, par value $0.001 per share; 190,000,000 shares authorized; 20,000,000 and 47,000,000 shares issued and outstanding in 2019 and 2018, respectively | 20,000 | 47,000 |
Additional paid in capital | 1,946,664 | 556,833 |
Accumulated deficit | (2,059,703) | (623,336) |
Total stockholders' deficit | (83,039) | (19,503) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 7,632 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares issued | 20,000,000 | 47,000,000 |
Common stock, shares outstanding | 20,000,000 | 47,000,000 |
Series A Preferred Stock Member | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 10,000,000 | 10,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
REVENUES | ||
OPERATING EXPENSES: | ||
Consulting fees – related party | 1,400,000 | |
Legal fees | 19,581 | 20,025 |
Audit and accounting fees | 10,800 | 14,800 |
General and Administrative | 6,288 | 11,810 |
Total operating expenses | 1,436,669 | 46,635 |
LOSS BEFORE OTHER INCOME | (1,436,669) | (46,635) |
Other income (expense) | ||
Interest income | 368 | 132 |
Interest expense | (66) | |
Total other income (expense) | 302 | 132 |
NET LOSS | $ (1,436,367) | $ (46,503) |
Weighted average common shares outstanding - basic and diluted | 43,819,178 | 35,904,110 |
Statement of Stockholders' (Def
Statement of Stockholders' (Deficit) - USD ($) | Series A Preferred Stock | Common Stock | Capital Deficiency | Accumulated Deficit | Total |
Balance at Dec. 31, 2017 | $ 20,000 | $ 556,833 | $ (576,833) | ||
Balance, shares at Dec. 31, 2017 | 20,000,000 | ||||
Shares issued to related party | $ 27,000 | 27,000 | |||
Shares issued to related party, shares | 27,000,000 | ||||
Net loss | (46,503) | (46,503) | |||
Balance at Dec. 31, 2018 | $ 47,000 | 556,833 | (623,336) | (19,503) | |
Balance, shares at Dec. 31, 2018 | 47,000,000 | ||||
Shares issued to related party | $ 10,000 | 1,390,000 | 1,400,000 | ||
Shares issued to related party, shares | 10,000,000 | ||||
Share redemption and retirement | $ (27,000) | (27,000) | |||
Share redemption and retirement, shares | (27,000,000) | ||||
Cancellation of interest receivable | (169) | (169) | |||
Net loss | (1,436,367) | (1,436,367) | |||
Balance at Dec. 31, 2019 | $ 10,000 | $ 20,000 | $ 1,946,664 | $ (2,059,703) | $ (83,039) |
Balance, shares at Dec. 31, 2019 | 10,000,000 | 20,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (1,436,367) | $ (46,503) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ||
Stock issued to related party | 1,400,000 | 27,000 |
Changes in net assets and liabilities - | ||
Interest receivable | (37) | (132) |
Accounts payable and accrued expenses | 3,060 | 6,250 |
Loan payable - related party | 33,675 | |
NET CASH USED IN OPERATING ACTIVITIES | 331 | (13,385) |
INVESTING ACTIVITIES | ||
Note cancellation | 7,500 | |
Note to related party | (7,500) | |
NET CASH USED IN INVESTING ACTIVITIES | 7,500 | (7,500) |
FINANCING ACTIVITIES: | ||
Proceeds from Notes payable - related party | 19,169 | 40,385 |
Redemption of common stock | (27,000) | |
Payments on related party loan payable | (19,500) | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | (7,831) | 20,885 |
NET INCREASE (DECREASE) IN CASH | ||
CASH - BEGINNING OF PERIOD | 0 | 0 |
CASH - END OF PERIOD | 0 | 0 |
Non-cash investing and financing activities: | ||
Proceeds from notes payable related party | 19,169 | |
Cancellation of related party note | 7,500 | |
Redemption of common stock | (27,000) | |
Note issued to related party | (7,500) | |
Payments on related party notes payable | $ (19,500) |
Organization and Basis of Accou
Organization and Basis of Accounting | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and basis of accounting | Note 1 – Organization and basis of accounting Basis of Presentation and Organization Shentang International, Inc. ("we" or the "Company") was incorporated in the State of Nevada on June 29, 2007. We were an exploration-stage company engaged in the exploration of mineral resource properties. On July 22, 2009, Shentang International conducted a 1-to-10 stock split (the "Stock Split") of the issued and outstanding common stock, so the Company's issued and outstanding shares increased from 1,670,000 to 16,700,000 with par value of $0.001. Immediately after the Stock Split on July 22, 2009, Shentang International entered into a Share Exchange Agreement (the "Exchange Agreement") with Boom Spring, the shareholders of Boom Spring, and Shengtang. Pursuant to the terms of the Exchange Agreement, the shareholders of Boom Spring transferred to Shentang International all of the equity interest of Boom Spring in exchange for 12,000,000 outstanding shares of Shentang International and 33,300,000 newly issued shares of Shentang International (the "Share Exchange"). As a result of the Share Exchange, Boom Spring became a wholly owned subsidiary of Shentang International and Shentang International became a holding company with issued and outstanding common stock of 50,000,000 with par value of $0.001. Pursuant to a board resolution dated October 21, 2009, the Company increased its authorized number of common stock from 50,000,000 to 190,000,000, and conducted a 2-for-5 reverse stock split (the "Reverse Stock Split") of the issued and outstanding common stock. After the Reverse Stock Split, the Company's issued and outstanding shares changed from 50,000,000 to 20,000,000 with par value of $0.001 effective on October 21, 2009. This reverse stock split also give retroactive effect in the balance sheet as of December 31, 2008 and the computation of basic and diluted EPS is adjusted retroactively for all period presented accordingly. Hereinafter, Shentang International, Boom Spring and Shengtang are collectively referred to as the "Company". The Company had exclusive use of the core technologies, including hollow/solid glass processing technology, pure manual glass rod processing technology, wire processing technology and painting processing technology. It developed "Yi Fan Feng Shun" liquor vessel with the brand of Wu Liang Ye. The Company was engaged in expanding in the international market. The Company also planned to build or acquire its own production capacity to meet the demand in the domestic Chinese market by purchasing or acquiring new equipment of machine-made glass producing. The objective of the Company was to become a large-scaled glass craftwork supplier and further develop its innovational technology. On May 11, 2018, the eight judicial District Court of Nevada appointed Custodian Ventures, LLC as custodian for Shentang International Inc., proper notice having been given to the officers and directors of Shentang International, Inc. There was no opposition. On May 16, 2018, the Company filed a certificate of revival with the state of Nevada, appointing David Lazar as, President, Secretary, Treasurer and Director. On July 2, 2018, the Company terminated its registration with the Securities and Exchange Commission. On August 2, 2018, the Company filed a Form 10-12G, which went effective on October 1, 2018. On November 19, 2019, the Company board of directors determined that it is their best interest to redeem the 27,000,000 shares of common stock, held by David Lazar in exchange for services valued at $1,400,000. In addition, the company elected to cancel and return to the shareholder the promissory note dated May 31, 2018 in the amount of $7,500 including interest. The company shall also pay the additional amount of $19,168.97 by issuance of a promissory note. The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America ("GAAP"). The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company's product portfolio. The Company has not realized significant sales through since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant. The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital, or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Note 2 – Summary of significant accounting policies Cash and Cash Equivalents For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. Property and equipment Property and equipment are stated at historical cost less accumulated depreciation and impairment. The historical cost of acquiring an item of property and equipment includes the costs necessarily incurred to bring it to the condition and location necessary for its intended use. Income Taxes The Company accounts for income taxes pursuant to FASB ASC Topic 740, Income Taxes The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company's financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the reliability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. Fair Value Measurement The Company values its convertible notes and amounts due to related partings and short term loans payable under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. Level 2 - Valuations for assets and liabilities that can be obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company's principal markets for these securities are the secondary institutional markets, and valuations are based on observable market data in those markets. Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. The Company uses Level 3 to value its derivative instruments. Employee Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation ("ASC 718"). ASC 718 addresses all forms of share-based payment ("SBP") awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards' grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations. Estimates The financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of December 31, 2018 and 2017, and expenses for the years ended December 31, 2017 and 2016, and cumulative from inception. Actual results could differ from those estimates made by management. Subsequent Event The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration. Adoption of Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. Recent Accounting Pronouncements In February 2016, the FASB issued an accounting standards update for leases. The ASU introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in the current accounting guidance as well as the FASB's new revenue recognition standard. However, the ASU eliminates the use of bright-line tests in determining lease classification as required in the current guidance. The ASU also requires additional qualitative disclosures along with specific quantitative disclosures to better enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The pronouncement is effective for annual reporting periods beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for nonpublic entities using a modified retrospective approach. Early adoption is permitted. The Company is still evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures and has not yet determined the method by which it will adopt the standard. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 3 – Going Concern The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 4 – Discontinued Operations The Company has fully impaired all assets since the shutdown of its operations in 2009 and has recorded the effects of this impairment as part of its discontinued operations. With the absence of a substantial amount of the old records and the passage of the statute of limitations the company has recorded a discontinued operations expense in 2017 the most current year since operations shutdown based on the accumulated records obtained to date through the second quarter 2018. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 – Related Party Transactions On May 31, 2018, the Company obtained a promissory note in amount of $7,500 from its custodian, Custodian Ventures, LLC, the managing member being David Lazar. The note bears an interest of 3% and all unpaid interest and principal is due within 180 days following written demand. On May 31, 2018, the Company issued 27,000,000 shares of common stock to Custodian Ventures, LLC at par for shares valued at $27,000 in exchange for settlement of a portion of a related party loan for amounts advanced to the Company in the amount of $19,500, and the promissory note issued to the Company in the amount $7,500. On November 19, 2019, the Company board of directors determined that it is their best interest to redeem the 27,000,000 shares of common stock, held by David Lazar. In addition, the company elected to cancel and return to the shareholder the promissory note dated May 31, 2018 in the amount of $7,500 including interest. The company shall also pay the additional amount of $19,168.97 by issuance of a promissory note and cancel all interest due on the May 31, 2018 note. The promissory note dated November 19 , 2019, in the amount of $19, 168.97 is due and payable in full within one hundred eight (180) days following written demand by the holder and bears an interest rate of 3% per annum. As of December 31, 2019, a total of 19,168.97 remained outstanding. In addition there was $66 in accrued interest expense. During the year ended December 31, 2019, Custodian Ventures, LLC advanced a total of $39,278 to the Company for payment of registration, legal and accounting fees. As of December 31, 2019, the company had a loan payable remaining of $54,560 to Custodian Ventures, LLC. This loan is unsecured, non-interest bearing, and has no specific terms for repayment. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Common Stock | Note 6 – Common Stock On May 31, 2018, the Company issued 27,000,000 shares of common stock, with par value $0.001 for par value for services valued at $27,000 to the Company's Chief Executive Officer, David Lazar in exchange for settlement of a portion of the related party loan in the amount of $19,500 and a promissory note issued to the Company in the amount $7,500. On November 19, 2019, the Company board of directors determined that it is their best interest to redeem the 27,000,000 shares of common stock, held by David Lazar. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Preferred stock | Note 7 – Preferred stock On November 07, 2019 the board of directors approved the issuance of 10,000,000 shares of Series A preferred stock to David Lazar, with a par value of $0.001 per share for a total of $1,400,000 for consulting services to the company. As of December 30, 2019, 10,000,000 shares of preferred stock valued at $1,400,000 remains outstanding. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 – Income Taxes The Company provides for income taxes under FASB ASC 740, Accounting for Income Taxes. FASB ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect currently. FASB ASC 740 requires the reduction of deferred tax assets by a valuation allowance, if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In the Company's opinion, it is uncertain whether they will generate sufficient taxable income in the future to fully utilize the net deferred tax asset. Accordingly, a valuation allowance equal to the deferred tax asset has been recorded. The total deferred tax asset is $2,473 which is calculated by multiplying a 21% estimated tax rate by the cumulative net operating loss (NOL) adjusted for the following items: For the period ended December 31, 2019 Book loss for the year $ (1,436,367 ) Adjustments: Accrued expenses 8,300 Stock based compensation 1,400,000 Tax loss for the year (28,067 ) Estimated effective tax rate 21 % Deferred tax asset $ (5,894 ) Details for the last period are as follows: For the period ended December 31, 2019 Deferred tax asset $ 5,894 Valuation allowance (5,894 ) Current taxes payable - Income tax expense $ - Below is a chart showing the estimated corporate federal net operating loss (NOL) and the year in which it will expire. The total NOL carry forward as of December 31, 2018 was $8,481 as itemized below: Year Amount Expiration 2019 $ 5,894 2038 2018 2,575 2037 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9 – Subsequent Events The Company evaluates events that occur after the year-end date through the date the financial statements are available to be issued. Accordingly, management has evaluated subsequent events through February 12, 2020, and has determined that there were no subsequent events, requiring adjustment to, or disclosure in, the financial statements. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. |
Property and equipment | Property and equipment Property and equipment are stated at historical cost less accumulated depreciation and impairment. The historical cost of acquiring an item of property and equipment includes the costs necessarily incurred to bring it to the condition and location necessary for its intended use. |
Income Taxes | Income Taxes The Company accounts for income taxes pursuant to FASB ASC Topic 740, Income Taxes The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company's financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the reliability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. |
Fair Value Measurement | Fair Value Measurement The Company values its convertible notes and amounts due to related partings and short term loans payable under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. Level 2 - Valuations for assets and liabilities that can be obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company's principal markets for these securities are the secondary institutional markets, and valuations are based on observable market data in those markets. Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. The Company uses Level 3 to value its derivative instruments. |
Employee Stock-Based Compensation | Employee Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation ("ASC 718"). ASC 718 addresses all forms of share-based payment ("SBP") awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards' grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations. |
Estimates | Estimates The financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of December 31, 2018 and 2017, and expenses for the years ended December 31, 2017 and 2016, and cumulative from inception. Actual results could differ from those estimates made by management. |
Subsequent Event | Subsequent Event The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration. |
Adoption of Recent Accounting Pronouncements | Adoption of Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued an accounting standards update for leases. The ASU introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in the current accounting guidance as well as the FASB's new revenue recognition standard. However, the ASU eliminates the use of bright-line tests in determining lease classification as required in the current guidance. The ASU also requires additional qualitative disclosures along with specific quantitative disclosures to better enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The pronouncement is effective for annual reporting periods beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for nonpublic entities using a modified retrospective approach. Early adoption is permitted. The Company is still evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures and has not yet determined the method by which it will adopt the standard. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of estimated tax rate by the cumulative net operating loss adjusted | For the period ended December 31, 2019 Book loss for the year $ (1,436,367 ) Adjustments: Accrued expenses 8,300 Stock based compensation 1,400,000 Tax loss for the year (28,067 ) Estimated effective tax rate 21 % Deferred tax asset $ (5,894 ) |
Schedule of income tax expense | For the period ended December 31, 2019 Deferred tax asset $ 5,894 Valuation allowance (5,894 ) Current taxes payable - Income tax expense $ - |
Schedule of total NOL carry forward | Year Amount Expiration 2019 $ 5,894 2038 2018 2,575 2037 |
Organization and basis of acc_2
Organization and basis of accounting (Details) - USD ($) | 1 Months Ended | |||||
Nov. 19, 2019 | May 31, 2018 | Oct. 21, 2009 | Jul. 22, 2009 | Dec. 31, 2019 | Dec. 31, 2018 | |
Organization and basis of accounting (Textual) | ||||||
Stock split, description | The Company increased its authorized number of common stock from 50,000,000 to 190,000,000, and conducted a 2-for-5 reverse stock split (the "Reverse Stock Split") of the issued and outstanding common stock. After the Reverse Stock Split, the Company's issued and outstanding shares changed from 50,000,000 to 20,000,000 with par value of $0.001 effective on October 21, 2009. | Shentang International conducted a 1-to-10 stock split (the “Stock Split”) of the issued and outstanding common stock, so the Company’s issued and outstanding shares increased from 1,670,000 to 16,700,000 with par value of $0.001. | ||||
Outstanding shares | 12,000,000 | |||||
New shares issued | 33,300,000 | |||||
Issued common stock | 20,000,000 | 47,000,000 | ||||
Outstanding common stock | 20,000,000 | 47,000,000 | ||||
Par value | $ 0.001 | $ 0.001 | ||||
Value of common stock for services | $ 27,000 | |||||
Settlement of related party loan | 19,500 | |||||
Promissory note amount | $ 7,500 | |||||
David Lazar [Member] | ||||||
Organization and basis of accounting (Textual) | ||||||
Redemption of common stock | 27,000,000 | |||||
Value of common stock for services | $ 1,400,000 | |||||
Promissory note amount | $ 19,169 | |||||
Promissory note, description | The company elected to cancel and return to the shareholder the promissory note dated May 31, 2018 in the amount of $7,500 including interest. | |||||
Share Exchange [Member] | ||||||
Organization and basis of accounting (Textual) | ||||||
Issued common stock | 50,000,000 | |||||
Outstanding common stock | 50,000,000 | |||||
Par value | $ 0.001 |
Related party transactions (Det
Related party transactions (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 19, 2019 | May 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions (Textual) | ||||
Promissory note amount | $ 7,500 | |||
Issue of common stock to relates party | 27,000,000 | |||
Shares value | $ 27,000 | |||
Settlement of related party loan | 19,500 | |||
Total notes receivable | $ 7,632 | |||
Custodian Ventures, LLC [Member] | ||||
Related Party Transactions (Textual) | ||||
Promissory note amount | $ 7,500 | |||
Interest rate | 3.00% | |||
Issue of common stock to relates party | 27,000,000 | 27,000,000 | ||
Shares value | $ 27,000 | |||
Settlement of related party loan | $ 19,169 | $ 19,500 | ||
Total notes receivable | 19,169 | |||
Accrued interest | 66 | |||
Advance from related party | 39,278 | |||
Loan payable remaining | $ 54,560 | |||
Maturity date, Description | All unpaid interest and principal is due within 180 days following written demand. |
Common Stock (Details)
Common Stock (Details) - USD ($) | 1 Months Ended | |
Nov. 19, 2019 | May 31, 2018 | |
Common Stock (Textual) | ||
Shares of common stock issued | 27,000,000 | |
Par value | $ 0.001 | |
Value of services | $ 27,000 | |
Settlement of related party loan | 19,500 | |
Promissory note amount | $ 7,500 | |
David Lazar [Member] | ||
Common Stock (Textual) | ||
Value of services | $ 1,400,000 | |
Promissory note amount | $ 19,169 | |
Redemption of common stock | 27,000,000 |
Preferred stock (Details)
Preferred stock (Details) - USD ($) | Dec. 31, 2019 | Nov. 07, 2019 |
Preferred stock (Textual) | ||
Preferred stock outstanding | $ 1,400,000 | |
Preferred Class A [Member] | ||
Preferred stock (Textual) | ||
Issueance of shares | 10,000,000 | 10,000,000 |
Par value | $ 0.001 | |
Consulting services | $ 1,400,000 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Tax Disclosure [Abstract] | |
Book loss for the year | $ (1,436,367) |
Adjustments: | |
Accrued expenses | 8,300 |
Stock based compensation | 1,400,000 |
Tax loss for the year | $ (28,067) |
Estimated effective tax rate | 21.00% |
Deferred tax asset | $ (5,894) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Deferred tax asset | $ 5,894 | $ 2,575 |
Valuation allowance | (5,894) | |
Current taxes payable | ||
Income tax expense |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Total NOL carry forward, Amount | $ 5,894 | $ 2,575 |
Total NOL carry forward, Expiration | 2038 | 2037 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes (Textual) | ||
Deferred tax asset | $ 2,473 | |
Estimated tax rate | 21.00% | |
Total NOL carry forward | $ 8,481 |