Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2020shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Empire Global Gaming, Inc. |
Entity Central Index Key | 0001501862 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Entity Filer Category | Non-accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity File Number | 000-54908 |
Entity Interactive Data Current | Yes |
Entity Incorporation State Country Code | NV |
Entity Common Stock, Shares Outstanding | 257,301,000 |
Unaudited Condensed Balance She
Unaudited Condensed Balance Sheets - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash | $ 285 | $ 3,113 |
TOTAL CURRENT ASSETS AND TOTAL ASSETS | 285 | 3,113 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 90 | 2,130 |
Accrued interest | 3,828 | 2,701 |
Accrued interest - related parties | 26,623 | 24,972 |
Notes payable - related parties | 167,393 | 167,393 |
Notes payable - other | 51,973 | 43,973 |
TOTAL CURRENT LIABILITIES AND TOTAL LIABILITIES | 249,907 | 241,169 |
STOCKHOLDERS' DEFICIT: | ||
Common stock: $0.001 par value; 980,000,000 authorized, 257,301,000 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively | 257,301 | 257,301 |
Additional paid-in capital | 664,099 | 664,099 |
Accumulated deficit | (1,171,022) | (1,159,456) |
TOTAL STOCKHOLDERS' DEFICIT | (249,622) | (238,056) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 285 | $ 3,113 |
Unaudited Condensed Balance S_2
Unaudited Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 980,000,000 | 980,000,000 |
Common stock, shares issued | 257,301,000 | 257,301,000 |
Common stock, shares outstanding | 257,301,000 | 257,301,000 |
Unaudited Condensed Statements
Unaudited Condensed Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
REVENUES | ||
OPERATING EXPENSES: | ||
General and administrative expenses | 8,788 | 1,467 |
TOTAL OPERATING EXPENSES | 8,788 | 1,467 |
LOSS FROM OPERATIONS | (8,788) | (1,467) |
OTHER EXPENSE: | ||
Interest expense | (1,127) | (332) |
Interest expense - related parties | (1,651) | (1,580) |
TOTAL OTHER EXPENSE | (2,778) | (1,912) |
NET LOSS | $ (11,566) | $ (3,379) |
NET LOSS PER COMMON SHARE: | ||
Basic and diluted | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||
Basic and diluted | 257,301,000 | 257,301,000 |
Unaudited Condensed Statement_2
Unaudited Condensed Statements of Stockholders' Deficit - USD ($) | Common Stock | Additional Paid in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2018 | $ 257,301 | $ 664,099 | $ (1,116,586) | $ (195,186) |
Balance, shares at Dec. 31, 2018 | 257,301,000 | |||
Net loss | (3,379) | (3,379) | ||
Balance at Mar. 31, 2019 | $ 257,301 | 664,099 | (1,119,965) | (198,565) |
Balance, shares at Mar. 31, 2019 | 257,301,000 | |||
Balance at Dec. 31, 2019 | $ 257,301 | 664,099 | (1,159,456) | (238,056) |
Balance, shares at Dec. 31, 2019 | 257,301,000 | |||
Net loss | (11,566) | (11,566) | ||
Balance at Mar. 31, 2020 | $ 257,301 | $ 664,099 | $ (1,171,022) | $ (249,622) |
Balance, shares at Mar. 31, 2020 | 257,301,000 |
Unaudited Condensed Statement_3
Unaudited Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (11,566) | $ (3,379) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | (2,040) | |
Accrued interest | 1,127 | 332 |
Accrued interest - related parties | 1,651 | 1,580 |
NET CASH USED IN OPERATING ACTIVITIES | (10,828) | (1,467) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from related party notes payable | 2,000 | |
Proceeds from notes payable - other | 8,000 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 8,000 | 2,000 |
Net (decrease) increase in cash | (2,828) | 533 |
Cash, beginning of period | 3,113 | 10 |
Cash, end of period | 285 | 543 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for taxes |
Organization
Organization | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | NOTE 1 – ORGANIZATION Empire Global Gaming, Inc. (the "Company") was incorporated in the State of Nevada on May 11, 2010 in order to acquire certain U.S Patent license agreements pertaining to roulette and actively engage in the gaming business worldwide and commenced operations in June, 2010. The Company was founded to develop, manufacture and sell Class II & Class III Casino electronic and table games for the general public and casinos worldwide. The Company owns exclusive rights through license agreements to four U.S. Patents consisting of 14 roulette games patents. We also sells a complete line of public and casino grade gaming products for roulette, blackjack, craps, baccarat, mini baccarat, pinwheels, Sic Bo, slot machines, poker tables and bingo games. These patents are certified by Gaming Laboratories International to minimize any unfairness in the multi-number bets in roulette (American double 0 & European single 0) to both players and casinos. One of the patents controlled by the Company is for a "new number pattern and board layout" that will insure, the various gaming control boards and commissions in the United States and eventually worldwide, that the highest standards of security and integrity are met. The Company developed a website (www.lottopick3.com) which provides analytical data to consumers on several different lottery type games. This program is not a gambling/consulting program. It is strictly an analysis program. The website does not offer any advice one way or the other. It offers an in depth breakdown of all the previous numbers that have been drawn in all states that have the pick 3 games. The software breaks things down into all the possible categories and shows any types of trends that may occur. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included, operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or any other period. For further information, refer to the financial statements and footnotes thereto, included in the Company's Annual Report on Form 10-K for the year ending December 31, 2019. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions which affect the reporting of assets and liabilities as of the dates of the financial statements and revenues and expenses during the reporting period. These estimates primarily relate to the sales recognition, allowance for doubtful accounts, inventory obsolescence and asset valuations. Actual results could differ from these estimates. Management's estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the unaudited condensed financial statements in the periods they are determined to be necessary. FAIR VALUE OF FINANCIAL INSTRUMENTS Generally Accepted Accounting Principles ("GAAP") requires certain disclosures regarding the fair value of financial instruments. The fair value of financial instruments is made as of a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values. GAAP defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal, or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. GAAP establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the degree of subjectivity that is necessary to estimate the fair value of a financial instrument. GAAP establishes three levels of inputs that may be used to measure fair value: Level 1 – Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 – Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 – Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. NEW ACCOUNTING PRONOUNCEMENTS There are various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows. CASH AND CASH EQUIVALENTS The Company considers highly liquid investments with original maturities of three months or less when purchased as cash equivalents. The Company had no cash equivalents as of March 31, 2020 and December 31, 2019. At times throughout the year, the Company might maintain bank balances that may exceed Federal Deposit Insurance Corporation insured limits. Periodically, the Company evaluates the credit worthiness of the financial institutions, and has not experienced any losses in such accounts. At March 31, 2020 and December 31, 2019, the Company had $0 over the insurable limit. CONVERTIBLE INSTRUMENTS The Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with professional standards for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 815, Derivatives and Hedging Professional standards generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Professional standards also provide an exception to this rule when the host instrument is deemed to be conventional as defined under professional standards as "The Meaning of Conventional Convertible Debt Instrument". The Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with professional standards when "Accounting for Convertible Securities with Beneficial Conversion Features," as those professional standards pertain to "Certain Convertible Instruments." Accordingly, the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. ASC 815 provides that, among other things, generally, if an event is not within the entity's control could or require net cash settlement, then the contract shall be classified as an asset or a liability. INCOME TAXES The Company is deemed a corporation and thus is a taxable entity. No provision for income taxes was reflected in the accompanying unaudited condensed financial statements, as the Company did not have income through March 31, 2020. There were no uncertain tax positions that would require recognition in the unaudited condensed financial statements through March 31, 2020. Generally, federal, state and local authorities may examine the Company's tax returns for three years from the date of filing, and the current and prior three years remain subject to examination as of December 31, 2019. The Company's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analyses of tax laws, regulations and interpretations thereof as well as other factors. The Company accounts for income taxes under ASC 740-10-30, Income Taxes RECOGNITION OF REVENUE The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers ASC 606 prescribes a five step process to achieve its core principle. The Company recognizes revenue from product sales as follows: I. Identify the contract with the customer. II. Identify the contractual performance obligations. III. Determine the amount of consideration/price for the transaction. IV. Allocate the determined amount of consideration/price to the contractual obligations. V. Recognize revenue when or as the performing party satisfies performance obligations. The consideration/price for the transaction (performance obligation(s)) is determined as per the invoice for the products. The Company derives its revenue from sale of gaming products and from fees earned for the use of its online lottery number selecting application. The Company recognizes revenue from product sales only when there is persuasive evidence of an arrangement, delivery has occurred, the sale price is determinable and collectability is reasonably assured and from fees as paid for in an online transaction. STOCK BASED COMPENSATION The Company follows FASB ASC 718, Compensation – Stock Compensation The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of FASB ASC 505-50, Equity–based Payments to Non-Employees For the three months ended March 31, 2020 and 2019, the Company had no stock based compensation. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2020 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The Company's unaudited condensed financial statements have been prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred net losses of $11,566 during the three months ended March 31, 2020. Cash on hand will not be sufficient to cover debt repayments, operating expenses and capital expenditure requirements for at least twelve months from the unaudited condensed balance sheet date. As of March 31, 2020, the Company had a working capital deficit of $249,622. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to seek equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placements, public offerings and/or bank financing necessary to support the Company's working capital requirements. To the extent that funds generated from operations, any private placements, public offerings and/or bank financing are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2020 | |
NET LOSS PER COMMON SHARE: | |
LOSS PER SHARE | NOTE 4 –LOSS PER SHARE The Company utilizes the guidance per ASC 260, Earnings Per Share |
Notes Payable _ Related Parties
Notes Payable – Related Parties | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
NOTES PAYABLE – RELATED PARTIES | NOTE 5 – NOTES PAYABLE – RELATED PARTIES The Company had notes payable to stockholders who are our chief executive officer and chief financial officer. The notes bear interest at 4% per annum and are due on December 31, 2018. One of these notes was paid in full in June 2019 (see Note 8), and the other note was extended to December 31, 2020. The note payable had an unpaid balance of $167,393 as of March 31, 2020 and December 31, 2019. The Company borrowed $0 and $2,000 from stockholders during the three months ended March 31, 2020 and 2019, respectively. On June 6, 2019, the president of the Company assumed the debt of the former chief financial officer's note totaling $29,273, of which $25,100 was principal and $4,173 was accrued interest. The former chief financial officer's note was paid in full by the president and was added to his note balance. The Company recorded interest expense of $1,651 and $1,580 for the three months ended March 31, 2020 and 2019, respectively, for these notes payable. Accrued interest related to the remaining note payable was $26,623 and $24,972 as of March 31, 2020 and December 31, 2019, respectively. |
Notes Payable - Other
Notes Payable - Other | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE - OTHER | NOTE 6 – NOTES PAYABLE - OTHER On December 1, 2018, the Company issued a grid note payable to a third party for $13,500 which was used for audit and legal fees. The note bears interest at 10% per annum and is due on December 31, 2019. This note has been extended to December 31, 2020. On April 23, 2019 the Company received additional proceeds of $1,956 which the Company used for filing fees. On August 5, 2019 the Company received additional proceeds of $8,799 which the Company used for filing fees. On September 10, 2019 the Company received additional proceeds of $2,000 which the Company used for working capital. On November 15, 2019 the Company received additional proceeds of $7,500 which the Company used for filing fees and working capital. On March 4, 2020 the Company received additional proceeds of $3,500 which the Company used for audit fees. On March 19, 2020 the Company received additional proceeds of $4,500 which the Company used for audit fees. The note payable had an unpaid principal balance of $41,755 and $33,755, and accrued interest of $2,990 and $2,115 as of March 31, 2020 and December 31, 2019, respectively. On June 1, 2019, the Company issued a grid note payable to a third party for $10,118 which was used for audit and filing fees. The note bears interest at 10% per annum and is due on December 31, 2019. This note has been extended to December 31, 2020. On December 4, 2019 the Company received additional proceeds of $100 which the Company used to open a new bank account. The note payable had an unpaid principal balance of $10,218 and $10,218, and accrued interest of $838 and $586 as of March 31, 2020 and December 31, 2019, respectively. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
EQUITY | NOTE 7 – EQUITY Common Stock On December 6, 2018, the Company approved the issuance of 200,000,000 shares of its common stock, par value $0.001, for the appointment of the Company's Chief Executive Officer. The Company has recorded this transaction as Stock Compensation Expense at a value of $200,000, or $0.001 per share. As of March 31, 2020 and December 31, 2019, the Company has 980,000,000 authorized shares of common stock, par value $0.001, of which 257,301,000 and 257,301,000 shares are issued and outstanding, respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS Management has evaluated all transactions and events after the balance sheet date through the date on which these financials were available to be issued, and except as already included in the notes to these unaudited condensed financial statements, has determined that no additional disclosures are required. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included, operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or any other period. For further information, refer to the financial statements and footnotes thereto, included in the Company's Annual Report on Form 10-K for the year ending December 31, 2019. |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions which affect the reporting of assets and liabilities as of the dates of the financial statements and revenues and expenses during the reporting period. These estimates primarily relate to the sales recognition, allowance for doubtful accounts, inventory obsolescence and asset valuations. Actual results could differ from these estimates. Management's estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the unaudited condensed financial statements in the periods they are determined to be necessary. |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS Generally Accepted Accounting Principles ("GAAP") requires certain disclosures regarding the fair value of financial instruments. The fair value of financial instruments is made as of a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values. GAAP defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal, or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. GAAP establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the degree of subjectivity that is necessary to estimate the fair value of a financial instrument. GAAP establishes three levels of inputs that may be used to measure fair value: Level 1 – Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 – Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 – Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS There are various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS The Company considers highly liquid investments with original maturities of three months or less when purchased as cash equivalents. The Company had no cash equivalents as of March 31, 2020 and December 31, 2019. At times throughout the year, the Company might maintain bank balances that may exceed Federal Deposit Insurance Corporation insured limits. Periodically, the Company evaluates the credit worthiness of the financial institutions, and has not experienced any losses in such accounts. At March 31, 2020 and December 31, 2019, the Company had $0 over the insurable limit. |
CONVERTIBLE INSTRUMENTS | CONVERTIBLE INSTRUMENTS The Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with professional standards for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 815, Derivatives and Hedging Professional standards generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Professional standards also provide an exception to this rule when the host instrument is deemed to be conventional as defined under professional standards as "The Meaning of Conventional Convertible Debt Instrument". The Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with professional standards when "Accounting for Convertible Securities with Beneficial Conversion Features," as those professional standards pertain to "Certain Convertible Instruments." Accordingly, the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. ASC 815 provides that, among other things, generally, if an event is not within the entity's control could or require net cash settlement, then the contract shall be classified as an asset or a liability. |
INCOME TAXES | INCOME TAXES The Company is deemed a corporation and thus is a taxable entity. No provision for income taxes was reflected in the accompanying unaudited condensed financial statements, as the Company did not have income through March 31, 2020. There were no uncertain tax positions that would require recognition in the unaudited condensed financial statements through March 31, 2020. Generally, federal, state and local authorities may examine the Company's tax returns for three years from the date of filing, and the current and prior three years remain subject to examination as of December 31, 2019. The Company's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analyses of tax laws, regulations and interpretations thereof as well as other factors. The Company accounts for income taxes under ASC 740-10-30, Income Taxes |
RECOGNITION OF REVENUE | RECOGNITION OF REVENUE The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers ASC 606 prescribes a five step process to achieve its core principle. The Company recognizes revenue from product sales as follows: I. Identify the contract with the customer. II. Identify the contractual performance obligations. III. Determine the amount of consideration/price for the transaction. IV. Allocate the determined amount of consideration/price to the contractual obligations. V. Recognize revenue when or as the performing party satisfies performance obligations. The consideration/price for the transaction (performance obligation(s)) is determined as per the invoice for the products. The Company derives its revenue from sale of gaming products and from fees earned for the use of its online lottery number selecting application. The Company recognizes revenue from product sales only when there is persuasive evidence of an arrangement, delivery has occurred, the sale price is determinable and collectability is reasonably assured and from fees as paid for in an online transaction. |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION The Company follows FASB ASC 718, Compensation – Stock Compensation The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of FASB ASC 505-50, Equity–based Payments to Non-Employees For the three months ended March 31, 2020 and 2019, the Company had no stock based compensation. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Summary of Significant Accounting Policies (Textual) | ||
Cash equivalents | ||
Federal Deposit Insurance Corporation | $ 0 | $ 0 |
Going Concern (Details)
Going Concern (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Going Concern (Textual) | ||
Incurred net losses | $ (11,566) | $ (3,379) |
Working capital deficit | $ 249,622 |
Notes Payable - Related Party (
Notes Payable - Related Party (Details) - USD ($) | Jun. 06, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Notes Payable - Related Parties (Textual) | |||||
Notes payable bear interest rate | 4.00% | ||||
Notes payable to stockholder | $ 167,393 | ||||
Company borrowed from shareholders debt | $ 2,000 | ||||
Interest expense - notes payable | 1,651 | $ 1,580 | |||
Accrued interest | 3,828 | $ 2,701 | |||
Accrued interest - related parties | $ 26,623 | $ 24,972 | |||
President [Member] | |||||
Notes Payable - Related Parties (Textual) | |||||
Company borrowed from shareholders debt | $ 29,273 | ||||
Principle amount | 25,100 | ||||
Accrued interest | $ 4,173 |
Notes Payable - Other (Details)
Notes Payable - Other (Details) - USD ($) | Mar. 19, 2020 | Mar. 04, 2020 | Sep. 10, 2019 | Aug. 05, 2019 | Dec. 01, 2018 | Nov. 15, 2019 | Apr. 23, 2019 | Dec. 31, 2019 | Mar. 31, 2020 | Jun. 01, 2019 |
Notes Payble (Textual) | ||||||||||
Issued grid note payable to third party | $ 13,500 | |||||||||
Interest rate | 10.00% | 10.00% | ||||||||
Notes due date | Dec. 31, 2019 | |||||||||
Accrued interest | $ 2,115 | $ 2,990 | ||||||||
Note payable, unpaid principal balance | 33,755 | 41,755 | $ 10,118 | |||||||
Received additional proceeds | $ 4,500 | $ 3,500 | $ 2,000 | $ 8,799 | $ 7,500 | $ 1,956 | 100 | |||
Notes Payable, Other [Member] | ||||||||||
Notes Payble (Textual) | ||||||||||
Accrued interest | 586 | 838 | ||||||||
Note payable, unpaid principal balance | $ 10,118 | $ 10,118 |
Equity (Details)
Equity (Details) - $ / shares | 1 Months Ended | ||
Dec. 06, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | |
Stockholders’ Deficit (Textual) | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 980,000,000 | 980,000,000 | |
Common stock, shares issued | 257,301,000 | 257,301,000 | |
Common stock, shares outstanding | 257,301,000 | 257,301,000 | |
Chief Executive Officer [Member] | |||
Stockholders’ Deficit (Textual) | |||
Common stock, description | The Company approved the issuance of 200,000,000 shares of its common stock, par value $0.001, for the appointment of the Company's Chief Executive Officer. The Company has recorded this transaction as Stock Compensation Expense at a value of $200,000, or $0.001 per share. |