Cover
Cover | 3 Months Ended |
Mar. 31, 2021 | |
Cover [Abstract] | |
Entity Registrant Name | RENAVOTIO, INC. |
Entity Central Index Key | 0001574910 |
Document Type | S-1 |
Amendment Flag | false |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Filer Category | Non-accelerated Filer |
Entity Ex Transition Period | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | |||
Cash | $ 419,405 | $ 113,798 | $ 26,962 |
Accounts receivable, net of allowance of $328,118 | 122,420 | 130,301 | 0 |
Inventory | 232,344 | 232,344 | 0 |
Prepayments | 0 | 1,436 | |
Prepaid expenses | 3,466,668 | ||
Other receivables, related party | 253,772 | 147,553 | 10,800 |
Other current assets | 2,165 | 2,165 | 7,060 |
Total current assets | 4,496,774 | 626,161 | 46,258 |
Property and equipment, net of accumulated depreciation of $80,981 | 327,078 | 486,096 | 0 |
Goodwill | 3,553,698 | 3,553,698 | 0 |
Total assets | 8,377,550 | 4,665,955 | 46,258 |
Current liabilities | |||
Accounts payable | 1,388,226 | 75,586 | 38,574 |
Accrued expenses | 74,090 | 71,695 | 271,086 |
Other payables | 1,696,500 | 0 | 6,699 |
Notes payable, related party | 0 | 79,468 | |
Loan payable, related party | 275,000 | 0 | 170,475 |
Convertible notes payable, net of discount of $34,801 | 427,372 | 500,189 | 175,917 |
Notes payable, current portion | 548,384 | 724,910 | 0 |
Advance payable | 275,000 | 0 | |
Income tax payable | 0 | 10,681 | |
Total current liabilities | 4,409,572 | 1,372,380 | 752,900 |
Notes payable, net of current portion | 3,087,318 | 2,603,467 | 0 |
Total liabilities | 7,496,890 | 3,975,847 | 752,900 |
Commitments and contingencies (Note 7) | 0 | 0 | |
Stockholders' equity (deficit) | |||
Common stock, $0.001 par value, 500,000,000 shares authorized, 120,200,005 and 75,135,000 issued and outstanding, respectively | 130,171 | 120,200 | 75,135 |
Additional paid-in capital | 3,827,052 | 3,330,221 | 223,705 |
Accumulated deficit | (3,076,877) | (2,760,627) | (1,008,098) |
Accumulated other comprehensive income (loss) | 0 | 0 | 2,616 |
Total stockholders' equity (deficit) | 880,660 | 690,108 | (706,642) |
Total liabilities and stockholders' equity (deficit) | 8,377,550 | 4,665,955 | 46,258 |
Series A Preferred Stock [Member] | |||
Stockholders' equity (deficit) | |||
Preferred stock value | 200 | 200 | 0 |
Series C Preferred Stock [Member] | |||
Stockholders' equity (deficit) | |||
Preferred stock value | $ 114 | $ 114 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Convertible note payable, discount | $ 0 | $ 34,801 | $ 34,801 |
Accounts receivable, allowance | $ 328,118 | $ 328,118 | $ 0 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Property and equipment, accumulated depreciation | $ 80,981 | $ 0 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares issued | 130,170,804 | 120,200,005 | 75,135,000 |
Common stock, shares outstanding | 130,170,804 | 120,200,005 | 75,135,000 |
Series A Preferred Stock [Member] | |||
Preferred stock, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 20,000,000 | 20,000,000 | 20,000,000 |
Preferred stock, shares outstanding | 20,000,000 | 20,000,000 | 20,000,000 |
Series C Preferred Stock [Member] | |||
Preferred stock, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 11,442,857 | 11,442,857 | 11,442,857 |
Preferred stock, shares issued | 11,442,857 | 11,442,857 | 11,442,857 |
Preferred stock, shares outstanding | 11,442,857 | 11,442,857 | 11,442,857 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||
Revenues | $ 370,636 | $ 4,124,300 | $ 233,249 |
Cost of revenues | 224,986 | 3,468,096 | 117,486 |
Gross profit | 145,650 | 656,204 | 115,763 |
Operating expenses | |||
General and administrative | 511,012 | 2,135,222 | 1,677,002 |
Depreciation | 159,018 | 80,981 | 0 |
Total operating expenses | 670,030 | 2,216,203 | 1,677,002 |
Loss from operations | (524,380) | (1,559,999) | (1,561,239) |
Other income and (expense) | |||
Interest expense | (95,837) | (195,963) | 0 |
Other income | 353,967 | 159,917 | 0 |
Other expense | (50,000) | (156,484) | 0 |
Total other income (expense) | 208,130 | (192,530) | 0 |
Net loss from operations before taxes | (1,752,529) | (1,561,239) | |
Provision for income taxes | 0 | (110,901) | |
Net loss | (316,250) | (1,752,529) | (1,450,338) |
Other comprehensive income (loss) | |||
Foreign currency translation adjustment | 0 | (2,616) | 4,075 |
Comprehensive loss | $ (316,250) | $ (1,755,145) | $ (1,446,263) |
Loss per share | $ 0 | $ (0.02) | $ (0.02) |
Weighted average shares outstanding - basic | 125,871,414 | 94,092,907 | 75,070,205 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT) - USD ($) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balance, shares at Dec. 31, 2018 | 75,000,000 | |||||
Balance, amount at Dec. 31, 2018 | $ 542,121 | $ 0 | $ 75,000 | $ 26,340 | $ 442,240 | $ (1,459) |
Shares issued for compensation, shares | 135,000 | |||||
Shares issued for compensation, amount | 197,500 | $ 0 | $ 135 | 197,365 | 0 | 0 |
Foreign currency adjustment | 4,075 | 0 | 0 | 0 | 0 | 4,075 |
Net income (loss) | (1,450,338) | $ 0 | $ 0 | 0 | (1,450,338) | 0 |
Balance, shares at Dec. 31, 2019 | 75,135,000 | |||||
Balance, amount at Dec. 31, 2019 | (706,642) | $ 0 | $ 75,135 | 223,705 | (1,008,098) | 2,616 |
Foreign currency adjustment | 891 | 0 | 0 | 0 | 0 | 891 |
Net income (loss) | (99,274) | $ 0 | $ 0 | 0 | (99,274) | 0 |
Balance, shares at Mar. 31, 2020 | 75,135,000 | |||||
Balance, amount at Mar. 31, 2020 | (805,025) | $ 0 | $ 75,135 | 223,705 | (1,107,372) | 3,507 |
Balance, shares at Dec. 31, 2019 | 75,135,000 | |||||
Balance, amount at Dec. 31, 2019 | (706,642) | $ 0 | $ 75,135 | 223,705 | (1,008,098) | 2,616 |
Foreign currency adjustment | (2,616) | 0 | 0 | 0 | (2,616) | |
Net income (loss) | (1,752,529) | $ 0 | $ 0 | 0 | (1,752,529) | 0 |
Shares issued for services, shares | 11,442,857 | 14,390,000 | ||||
Shares issued for services, amount | 545,614 | $ 114 | $ 14,390 | 531,110 | 0 | 0 |
Shares issued for conversion of debt, shares | 26,531,813 | |||||
Shares issued for conversion of debt, amount | 193,878 | $ 0 | $ 26,532 | 167,346 | 0 | 0 |
Shares issued for private placements, shares | 8,325,848 | |||||
Shares issued for private placements, amount | 396,297 | $ 0 | $ 8,326 | 387,971 | 0 | 0 |
Shares issued for inventory, shares | 1,245,916 | |||||
Shares issued for inventory, amount | 179,500 | $ 0 | $ 1,246 | 178,254 | 0 | 0 |
Shares exchanged in acquisition, shares | 20,000,000 | (24,000,000) | ||||
Shares exchanged in acquisition, amount | 536,606 | $ 200 | $ (24,000) | 560,406 | 0 | 0 |
Shares issued for acquisition, shares | 18,571,428 | |||||
Shares issued for acquisition, amount | 1,300,000 | $ 0 | $ 18,571 | 1,281,429 | 0 | 0 |
Balance, shares at Dec. 31, 2020 | 31,442,857 | 120,200,005 | ||||
Balance, amount at Dec. 31, 2020 | 690,108 | $ 314 | $ 120,200 | 3,330,221 | (2,760,627) | 0 |
Net income (loss) | (316,250) | $ 0 | $ 0 | 0 | (316,250) | 0 |
Shares issued for services, shares | 4,000,000 | |||||
Shares issued for services, amount | 200,000 | $ 0 | $ 4,000 | 196,000 | 0 | 0 |
Shares issued for private placements, shares | 5,470,799 | |||||
Shares issued for private placements, amount | 269,302 | $ 0 | $ 5,471 | 263,831 | 0 | 0 |
Shares issued for inventory, shares | 500,000 | |||||
Shares issued for inventory, amount | 37,500 | $ 0 | $ 500 | 37,000 | 0 | 0 |
Balance, shares at Mar. 31, 2021 | 31,442,857 | 130,170,804 | ||||
Balance, amount at Mar. 31, 2021 | $ 880,660 | $ 314 | $ 130,171 | $ 3,827,052 | $ (3,076,877) | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Net loss | $ (316,250) | $ (1,752,529) | $ (1,450,338) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Foreign currency translation adjustment | 0 | 0 | 4,075 |
Depreciation expense | 159,018 | 80,981 | 0 |
Amortization of debt discount | 26,749 | 31,678 | 4,417 |
Financing fees and penalties | 50,000 | 100,099 | 0 |
Bad debt expense | 0 | 213,179 | 703,491 |
Gain on forgiveness of note installments | (156,215) | 0 | |
Gain on forgiveness of notes payable | (353,967) | ||
Stock based compensation | 33,332 | 545,614 | 197,500 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 7,881 | (103,516) | 1,143,728 |
Prepaid expenses | (3,300,000) | ||
Inventory | (82,834) | 0 | |
Prepayments | 0 | (1,436) | |
Other receivables | 0 | (132,513) | |
Advance to director | 0 | (248,365) | |
Other current assets | 139 | (7,060) | |
Accounts payable | 1,312,640 | 12,709 | (938,287) |
Accrued expenses | 5,166 | 96,967 | 141,702 |
Other payables | 0 | 0 | 1,554 |
Customer deposits | 1,696,500 | ||
Income tax payable | 0 | (110,928) | |
NET CASH USED IN OPERATING ACTIVITIES | (678,931) | (1,013,728) | (692,460) |
INVESTING ACTIVITIES | |||
Advances to related party, net | (106,219) | (147,553) | 0 |
Cash received in acquisition | 323,429 | 0 | |
NET CASH PROVIDED BY INVESTING ACTIVITIES | (106,219) | 175,876 | 0 |
FINANCING ACTIVITIES | |||
Loans from related parties | 0 | 0 | 27,150 |
Proceeds from notes payable | 713,937 | 150,000 | 0 |
Repayments of notes payable | (78,630) | 0 | 0 |
Proceeds from convertible notes payable | 649,750 | 171,500 | |
Proceeds from advances payable | 275,000 | ||
Repayment of convertible notes payable | (88,852) | (271,359) | 0 |
Proceeds from private placements | 269,302 | 396,297 | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,090,757 | 924,688 | 198,650 |
NET INCREASE (DECREASE) IN CASH | 305,607 | 86,836 | (493,810) |
CASH, BEGINNING OF YEAR | 113,798 | 26,962 | 520,772 |
CASH, END OF YEAR | 419,405 | 113,798 | 26,962 |
CASH PAID FOR INCOME TAXES | 0 | 10,681 | 0 |
CASH PAID FOR INTEREST | 46,112 | 125,379 | 0 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Private placements paid with inventory | 149,510 | 0 | |
Original issuance discount on note payable | 37,500 | ||
Original issuance discount on convertible notes | $ 56,500 | $ 0 | |
Shares issued for prepaid services | $ 200,000 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
ORGANIZATION AND NATURE OF BUSINESS | ||
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS | Renavotio, Inc. (the “Company”) was incorporated under the laws of State of Nevada on January 30, 2013, as Altimo Group Corp. On August 22, 2014, the Company changed its name to Success Entertainment Group International, Inc. On July 29, 2020, the Company changed its name to Renavotio, Inc. On April 3, 2020, the Company entered into an acquisition agreement to acquire Renavotio Infratech, Inc. (“Infratech”), a Delaware corporation, pursuant to which a new business plan was adopted consisting of Infratech, an underground infrastructure installation including fiber optic, 5G, and Medical Infrastructure, including Personal protection equipment sales and production. Prior to the acquisition, Infratech had no operations, assets or liabilities. On April 3, 2020, Steve Chen resigned as the Company’s Chairman, Chris (Chi Jui) Hong resigned as the Company’s Chief Executive Officer/Director, and Brian Kistler resigned as President. Also, on April 3, 2020, William Robinson was appointed as the Company’s Chairman, Chief Executive Officer, and President. Following this appointment, the Company’s Board of Directors consisted of William Robinson, Steve Andrew Chen, and Brian Kistler. On July 15, 2020, the Company completed the purchase of Utility Management Corp. (“UMC”) and its two wholly owned subsidiaries, Utility Management & Construction, LLC (“UMCCO”) and Cross-Bo Construction, LLC (“Cross-Bo). UMCCO, an Oklahoma Limited Liability Company formed on November 29, 2006, provides consulting, operational management and maintenance services to small towns or county CO-OPS that operate their own water and sewer systems. Cross-Bo, an Oklahoma Limited Liability Company formed on December 22, 2004, provides services on infrastructure projects, specializing in utility system installation. The Company issued 18,571,428 shares of common stock valued at $1,300,000 and assumed the assets and liabilities of UMC, as detailed in Note 10. On August 29, 2020 the Company sold its 3 overseas non-core operating subsidiaries, Taiwan Limited, Success Events (Hong Kong) Limited and Double Growth, pursuant to an agreement with Success Holding Group Corp. (“SHGR”). SHGR agreed to assume all of the labilities associated with the overseas operations and to complete its original acquisition of RII, the Company agreed to issue to SHGR 6,000,000 common stock restricted shares of the Company’s stock. On July 29, 2020, the Company filed an application with FINRA for a name change to Renavotio, Inc. (“RI”) and a new trading symbol, RIII, which was approved by FINRA October 11, 2020, to better illustrate its current business operations. On October 21, 2020 the Company entered an agreement to purchase Tritanium Labs USA, Inc., an Oklahoma company and its subsidiaries, Tritanium Labs, LLC, an Illinois Limited Liability Company, TruCleanz Distribution, Inc., an Oklahoma Corporation, and Pro N95 USA, LLC, a New Jersey Limited Liability Company. The purchase price of $6,000,000 is to be paid as follows: (i) an initial payment of $250,000) and (ii) such number of shares of the Parent’s common stock, par value $.0001per share (“Parent Stock”), as shall be equal to (x)$5,750,000 divided by (y) (1) [$.12] (the “Share Consideration”). 75% of the number of shares constituting the Share Consideration is required to be delivered to the Seller as part of the Closing Consideration and 25% of such shares designated as Holdback Shares will be held back by Buyer to secure Seller’s indemnity obligations and will be released to Seller upon the expiration of 1 year from the Closing Date. The agreement has not closed as of the date these financial statements were issued. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: · Double Grown Investment, Ltd. – From November 19, 2015 until August 29, 2020 · Success Events (Hong Kong) Limited – From December 14, 2017 until August 29, 2020 · SEGN Taiwan Limited – From February 27, 2019 until August 29, 2020 · Renavotio Infratech, Inc. – From April 3, 2020 · Utility Management Corp. – From July 16, 2020 o Utility Management and Constriction, LLC – From July 16, 2020 o Cross-Bo Construction, LLC – From July 16, 2020 | Renavotio, Inc. (the “Company”) was incorporated under the laws of State of Nevada on January 30, 2013, as Altimo Group Corp. On August 22, 2014, the Company changed its name to Success Entertainment Group International, Inc. On July 29, 2020, the Company changed its name to Renavotio, Inc. On April 3, 2020, the Company entered into an acquisition agreement to acquire Renavotio Infratech, Inc. (“Infratech”), a Delaware corporation, pursuant to which a new business plan was adopted consisting of Infratech, an underground infrastructure installation including fiber optic, 5G, and Medical Infrastructure, including Personal protection equipment sales and production. Prior to the acquisition, Infratech had no operations, assets or liabilities. On April 3, 2020, Steve Chen resigned as the Company’s Chairman, Chris (Chi Jui) Hong resigned as the Company’s Chief Executive Officer/Director, and Brian Kistler resigned as President. Also, on April 3, 2020, William Robinson was appointed as the Company’s Chairman, Chief Executive Officer, and President. Following this appointment, the Company’s Board of Directors consisted of William Robinson, Steve Andrew Chen, and Brian Kistler. On July 15, 2020, the Company completed the purchase of Utility Manegement Corp. (“UMC”) and its two wholly owned subsidiaries, Utility Management & Construction, LLC (“UMCCO”) and Cross-Bo Construction, LLC (“Cross-Bo). UMCCO, an Oklahoma Limited Liability Company formed on November 29, 2006, provides consulting, operational management and maintenance services to small towns or county CO-OPS that operate their own water and sewer systems. Cross-Bo, an Oklahoma Limited Liability Company formed on December 22, 2004, provides services on infrastructure projects, specializing in utility system installation. The Company issued 18,571,428 shares of common stock valued at $1,300,000 and assumed the assets and liabilities of UMC, as detailed in Note 10. On August 29, 2020 the Company sold its 3 overseas non-core operating subsidiaries, Taiwan Limited, Success Events (Hong Kong) Limited and Double Growth, pursuant to an agreement with Success Holding Group Corp. (“SHGR”). SHGR agreed to assume all of the labilities associated with the overseas operations and to complete its original acquisition of RII, the Company agreed to issue to SHGR 6,000,000 common stock restricted shares of the Company’s stock. On July 29, 2020, the Company filed an application with FINRA for a name change to Renavotio, Inc. (“RI”) and a new trading symbol, RIII, which was approved by FINRA October 11, 2020, to better illustrate its current business operations. On October 21, 2020 the Company entered an agreement to purchase Tritanium Labs USA, Inc., an Oklahoma company and its subsidiaries, Tritanium Labs, LLC, an Illinois Limited Liability Company, TruCleanz Distribution, Inc., an Oklahoma Corporation, and Pro N95 USA, LLC, a New Jersey Limited Liability Company. The purchase price of $6,000,000 is to be paid as follows: (i) an initial payment of $250,000) and (ii) such number of shares of the Parent’s common stock, par value $.0001per share (“Parent Stock”), as shall be equal to (x)$5,750,000 divided by (y) (1) [$.12] (the “Share Consideration”). 75% of the number of shares constituting the Share Consideration is required to be delivered to the Seller as part of the Closing Consideration and 25% of such shares designated as Holdback Shares will be held back by Buyer to secure Seller’s indemnity obligations and will be released to Seller upon the expiration of 1 year from the Closing Date. The agreement has not closed as of the date these financial statements were issued. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: · Double Grown Investment, Ltd. – From November 19, 2015 until August 29, 2020 · Success Events (Hong Kong) Limited – From December 14, 2017 until August 29, 2020 · SEGN Taiwan Limited – From February 27, 2019 until August 29, 2020 · Renavotio Infratech, Inc. – From April 3, 2020 · Utility Management Corp. – From July 16, 2020 o Utility Management and Constriction, LLC – From July 16, 2020 o Cross-Bo Construction, LLC – From July 16, 2020 |
GOING CONCERN
GOING CONCERN | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
GOING CONCERN | ||
NOTE 2 - GOING CONCERN | During the years ended December 31, 2020 and 2019, the Company had a net loss of approximately $1,753,000 and $1,450,000, respectively. For the three months ended March 31, 2021, the Company had a net loss of approximately $279,000. These factors raise substantial doubt about the Company’s ability to continue to operate as a going concern for the next twelve months from the issuance of these financial statements. The Company’s ability to continue in existence is dependent on its ability to develop additional sources of capital, and/or achieve profitable operations and positive cash flows. Management’s plans with respect to operations include raising additional capital through sales of equity or debt securities as may be necessary to pursue its business plans and sustain operations until such time as the Company can achieve profitability. However, there can be no assurance that management will be successful in obtaining additional funding or in attaining profitable operations. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. | At December 31, 2020, the Company’s total current liabilities of approximately $1,372,000 exceeded its current assets of approximately $626,000 by approximately $746,000. During the years ended December 31, 2020 and 2019, the Company had a net loss of approximately $1,753,000 and $1,450,000, respectively. These factors raise substantial doubt about the Company’s ability to continue to operate as a going concern for the next twelve months from the issuance of these financial statements. The Company’s ability to continue in existence is dependent on its ability to develop additional sources of capital, and/or achieve profitable operations and positive cash flows. Management’s plans with respect to operations include raising additional capital through sales of equity or debt securities as may be necessary to pursue its business plans and sustain operations until such time as the Company can achieve profitability. However, there can be no assurance that management will be successful in obtaining additional funding or in attaining profitable operations. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES | ||
NOTE 3 - 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 and are presented in US dollars. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries which require consolidation. Inter-company transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents For purposes of reporting cash flows, the Company has defined cash and cash equivalents as all cash in banks and highly-liquid investments available for current use with an initial maturity of three months or less to be cash equivalents. The Company had no cash equivalents at March 31, 2021 or December 31, 2020. The Company maintains its cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”). The FDIC provides coverage of up to $250,000 per depositor, per financial institution, for the aggregate total of depositors’ interest and non-interest bearing accounts. At March 31, 2021, approximately $29,000 of the Company’s cash balances were in excess of FDIC limits. The Company has not experienced any losses on these accounts and management does not believe that the Company is exposed to any significant risks. Accounts Receivable UMCCO’s accounts receivable are the result of contracts which require monthly billings for services, installations and maintenance provided by the Company up to the respective monthly billing date. Cross-Bo’s accounts receivable are the result of construction activity, consisting of utility system installation, provided by the Company up to the respective billing date. Accounts receivable is recorded at the invoiced amount and do not bear interest. Some billed balances are not paid by customers pursuant to retainage provisions within their respective contracts. The balances billed but not paid by customer pursuant to retainage provisions in these contracts are generally due and paid upon completion of the contracts and acceptance by the customer. Based on contract terms and historical collections, the Company expects the retainage balances to be collected within 12 months of the balance sheet date. The allowance for doubtful accounts is the Company’s best estimate of the probable amount of credit losses in the Company’s existing accounts receivable. A considerable amount of judgment is required in assessing the realization of receivables. Relevant assessment factors include the creditworthiness of the customer and prior collection history. Balances over 90 days past due are reviewed individually for collectability. Account balances are charged off against the allowance after all reasonable means of collection are exhausted and the potential for recovery is considered remote. The allowance requirements are based on the most current facts available and are re-evaluated and adjusted on a regular basis and as additional information is received. During the three months ended March 31, 2021 the Company recorded no bad debt expense. The $328,118 included in the allowance at March 31, 2021 include billed and earned balances which remain unpaid by customers. Inventory Inventory is composed of finished goods inventory, specifically gowns (personal protective equipment), valued using weighted average cost, and includes acquisition cost, product freight in, and packaging costs. Slow moving and obsolete inventories are written down based on a comparison of on-hand quantities to historical and projected usages. The Company utilizes a third-party service to manage and secure the Company’s inventory. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Maintenance and repairs are charged to operations as incurred. Depreciation is based on the straight-line method over the estimated useful lives of the related assets. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in operations in the period realized. Depreciation is computed on the straight-line method with useful lives as follows: Buildings and improvements 15-39 years Machinery and equipment 7 years Vehicles 5 years Office furniture and equipment 5 years Software 3 years Recoverability of Long-Lived Assets The Company reviews its long-lived assets on a periodic basis, whenever events and changes in circumstances have occurred which may indicate a possible impairment. The assessment for potential impairment will be based primarily on the Company’s ability to recover the carrying value of its long-lived assets from expected future cash flows from its operations on an undiscounted basis. If such assets are determined to be impaired, the impairment recognized is the amount by which the carrying value of the assets exceeds the fair value of the assets. Fixed assets to be disposed of by sale will be carried at the lower of the then current carrying value or fair value less estimated costs to sell. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when management assesses that it is probably that a liability has been incurred and the amount can be reasonable estimated. Income Taxes The Company accounts for income taxes utilizing the liability method of accounting. Under the liability method, deferred taxes are determined based on differences between financial statement and tax bases of assets and liabilities at enacted tax rates in effect in years in which differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that are expected to be realized. The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740-10, “Accounting for Uncertainty in Income Taxes.” This interpretation requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. The Company evaluates its tax positions on an annual basis, and as of December 31, 2020, no additional accrual for income taxes is necessary. The Company’s policy is to recognize both interest and penalties related to unrecognized tax benefits expected to result in payment of cash within one year are classified as accrued liabilities, while those expected beyond one year are classified as other liabilities. The Company has not recorded any interest or penalties since its inception. The Company is required to file income tax returns in the U.S. federal tax jurisdiction and in various state tax jurisdictions and the prior three fiscal years remain open for examination by federal and/or state tax jurisdictions. The Company is currently not under examination by any other tax jurisdictions for any tax year. Revenue Recognition UMCCO recognizes consulting and operational management service revenues monthly and recognizes maintenance and repair revenues as services are performed. Cross-Bo and UMCCO recognize construction revenues, which result from utility system installations, monthly as services are performed and materials are used. Renavotio recognizes revenues from training seminars upon completion of the training seminar when services have been provided. The Company’s contracts require monthly billings consisting of services performed and materials used through the billing date. Accordingly, the Company does not incur expenses which are not billed or bill customers for unearned amounts. Performance obligations are satisfied as services are performed and materials used for which control has been transferred to the customer upon installation. At March 31, 2021 and December 31, 2020, the Company had no unsatisfied performance obligations. See Note 9 for disaggregated revenues and customer concentrations. Advertising Costs The costs of advertising are expensed as incurred. Advertising expenses are included in the Company’s operating expenses. During the three months ended March 31, 2021 and 2020, the Company had no advertising expenses. Share Based Compensation The Company accounts for share-based compensation in accordance with the fair value recognition provisions of the FASB ASC No. 718 and No. 505. The Company issues restricted stock to employees for their services. Cost for these transactions are measured at the fair value of the equity instruments issued at the date of grant. These shares are considered fully vested and the fair market value is recognized as expense in the period granted. The Company also issues restricted stock to consultants for various services. Costs for these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment only if there is sufficient disincentive to ensure performance or (ii) the date at which the counterparty’s performance is complete. The Company recognizes consulting expenses and a corresponding increase to additional paid-in-capital related to stock issued for services. For agreements requiring future services, the consulting expense is to be recognized ratably over the requisite service period. Basic and Diluted Loss Per Share Basic net loss/income per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share (EPS) include additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of stock options, warrants and convertible notes. Common stock equivalents are not included in the computation of diluted earnings per share when the Company reports a loss because to do so would be anti-dilutive for periods presented. Recently Issued Accounting Standards During the three months ended March 31, 2021, and subsequently, there were several new accounting pronouncements issued by the FASB. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements. Subsequent Events The Company has evaluated all transactions through the date the consolidated financial statements were issued for subsequent event disclosure consideration. | 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 and are presented in US dollars. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries which require consolidation. Inter-company transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents For purposes of reporting cash flows, the Company has defined cash and cash equivalents as all cash in banks and highly-liquid investments available for current use with an initial maturity of three months or less to be cash equivalents. The Company had no cash equivalents at December 31, 2020 or 2019. The Company maintains its cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”). The FDIC provides coverage of up to $250,000 per depositor, per financial institution, for the aggregate total of depositors’ interest and non-interest bearing accounts. At December 31, 2020 and 2019, none of the Company’s cash balances were in excess of FDIC limits. The Company has not experienced any losses on these accounts and management does not believe that the Company is exposed to any significant risks. Accounts Receivable UMCCO’s accounts receivable are the result of contracts which require monthly billings for services, installations and maintenance provided by the Company up to the respective monthly billing date. Cross-Bo’s accounts receivable are the result of construction activity, consisting of utility system installation, provided by the Company up to the respective billing date. Accounts receivable is recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the probable amount of credit losses in the Company’s existing accounts receivable. A considerable amount of judgment is required in assessing the realization of receivables. Relevant assessment factors include the creditworthiness of the customer and prior collection history. Balances over 90 days past due are reviewed individually for collectability. Account balances are charged off against the allowance after all reasonable means of collection are exhausted and the potential for recovery is considered remote. The allowance requirements are based on the most current facts available and are re-evaluated and adjusted on a regular basis and as additional information is received. During the year ended December 31, 2020, the Company recorded bad debt expense of 213,179. The $328,118 included in the allowance at December 31, 2020 include billed and earned balances which remain unpaid by customers. Inventory Inventory is composed of finished goods inventory, specifically gowns (personal protective equipment), valued using weighted average cost, and includes acquisition cost, product freight in, and packaging costs. Slow moving and obsolete inventories are written down based on a comparison of on-hand quantities to historical and projected usages. The Company utilizes a third-party service to manage and secure the Company’s inventory. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Maintenance and repairs are charged to operations as incurred. Depreciation is based on the straight-line method over the estimated useful lives of the related assets. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in operations in the period realized. Depreciation is computed on the straight-line method with useful lives as follows: Buildings and improvements 15-39 years Machinery and equipment 7 years Vehicles 5 years Office furniture and equipment 5 years Software 3 years Recoverability of Long-Lived Assets The Company reviews its long-lived assets on a periodic basis, whenever events and changes in circumstances have occurred which may indicate a possible impairment. The assessment for potential impairment will be based primarily on the Company’s ability to recover the carrying value of its long-lived assets from expected future cash flows from its operations on an undiscounted basis. If such assets are determined to be impaired, the impairment recognized is the amount by which the carrying value of the assets exceeds the fair value of the assets. Fixed assets to be disposed of by sale will be carried at the lower of the then current carrying value or fair value less estimated costs to sell. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when management assesses that it is probably that a liability has been incurred and the amount can be reasonable estimated. Income Taxes The Company accounts for income taxes utilizing the liability method of accounting. Under the liability method, deferred taxes are determined based on differences between financial statement and tax bases of assets and liabilities at enacted tax rates in effect in years in which differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that are expected to be realized. The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740-10, “Accounting for Uncertainty in Income Taxes.” This interpretation requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. The Company evaluates its tax positions on an annual basis, and as of December 31, 2020, no additional accrual for income taxes is necessary. The Company’s policy is to recognize both interest and penalties related to unrecognized tax benefits expected to result in payment of cash within one year are classified as accrued liabilities, while those expected beyond one year are classified as other liabilities. The Company has not recorded any interest or penalties since its inception. The Company is required to file income tax returns in the U.S. federal tax jurisdiction and in various state tax jurisdictions and the prior three fiscal years remain open for examination by federal and/or state tax jurisdictions. The Company is currently not under examination by any other tax jurisdictions for any tax year. Revenue Recognition UMCCO recognizes consulting and operational management service revenues monthly and recognizes maintenance and repair revenues as services are performed. Cross-Bo and UMCCO recognize construction revenues, which result from utility system installations, monthly as services are performed and materials are used. Infratech recognizes revenues from the sale of personal protective equipment when performance obligations are satisfied, which occurs when materials are shipped to the customer. Renavotio recognizes revenues from training seminars upon completion of the training seminar when services have been provided. The Company’s contracts require monthly billings consisting of services performed and materials used through the billing date. Accordingly, the Company does not incur expenses which are not billed or bill customers for unearned amounts. Performance obligations are satisfied as services are performed and materials used for which control has been transferred to the customer upon installation. At December 31, 2020 and 2019, the Company had no unsatisfied performance obligations. See Note 9 for disaggregated revenues and customer concentrations. Advertising Costs The costs of advertising are expensed as incurred. Advertising expenses are included in the Company’s operating expenses. During the years ended December 31, 2020 and 2019, the Company had no advertising expenses. Share Based Compensation The Company accounts for share-based compensation in accordance with the fair value recognition provisions of the FASB ASC No. 718 and No. 505. The Company issues restricted stock to employees for their services. Cost for these transactions are measured at the fair value of the equity instruments issued at the date of grant. These shares are considered fully vested and the fair market value is recognized as expense in the period granted. The Company also issues restricted stock to consultants for various services. Costs for these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment only if there is sufficient disincentive to ensure performance or (ii) the date at which the counterparty’s performance is complete. The Company recognized consulting expenses and a corresponding increase to additional paid-in-capital related to stock issued for services. For agreements requiring future services, the consulting expense is to be recognized ratably over the requisite service period. Basic and Diluted Loss Per Share Basic net loss/income per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share (EPS) include additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of stock options, warrants and convertible notes. Common stock equivalents are not included in the computation of diluted earnings per share when the Company reports a loss because to do so would be anti-dilutive for periods presented. Recently Adopted Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) The standard requires all leases that have a term of over 12 months to be recognized on the balance sheet with the liability for lease payments and the corresponding right-of-use asset initially measured at the present value of amounts expected to be paid over the term. Recognition of the costs of these leases on the income statement will be dependent upon their classification as either an operating or a financing lease. Costs of an operating lease will continue to be recognized as a single operating expense on a straight-line basis over the lease term. Costs for a financing lease will be disaggregated and recognized as both an operating expense (for the amortization of the right-of-use asset) and interest expense (for interest on the lease liability). The Company adopted ASU 2016-02 as of January 1, 2019. However, the adoption did not have a material impact on the Company’s financial position or results of operations as the Company’s leases were month-to-month. Recently Issued Accounting Standards During the year ended December 31, 2020, and subsequently, there were several new accounting pronouncements issued by the FASB. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements. Subsequent Events The Company has evaluated all transactions through the date the consolidated financial statements were issued for subsequent event disclosure consideration. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
PROPERTY AND EQUIPMENT | ||
NOTE 4 - PROPERTY AND EQUIPMENT | The Company’s property and equipment consisted of the following at the respective balance sheet dates: March 31, 2021 December 31, 2020 Land $ 25,000 $ 25,000 Buildings and improvements 86,473 86,473 Machinery and equipment 376,503 376,503 Vehicles 56,835 56,835 Office furniture and equipment 5,512 5,512 Software 16,754 16,754 567,077 567,077 Less accumulated depreciation (239,999 ) (80,981 ) Property and equipment, net $ 327,078 $ 486,096 Depreciation expense was $159,018 and $-0- for the three months ended March 31, 2021 and 2020, respectively. | The Company’s property and equipment consisted of the following at the respective balance sheet dates: December 31, 2020 December 31, 2019 Land $ 25,000 $ - Buildings and improvements 86,473 - Machinery and equipment 376,503 - Vehicles 56,835 - Office furniture and equipment 5,512 - Software 16,754 - 567,077 - Less accumulated depreciation (80,981 ) - Property and equipment, net $ 486,096 $ - Depreciation expense was $80,981 and $-0- for the years ended December 31, 2020 and 2019, respectively. |
DEBT
DEBT | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
DEBT | ||
NOTE 5 - DEBT | Convertible Notes Payable On October 22, 2019, the Company completed a Securities Purchase Agreement, dated as of September 5, 2019 under which the Company has issued a 5% Convertible Note in the aggregate principal amount of $75,000 for purchase price of $67,500. The Note will mature on September 5, 2020. The Note is convertible into shares of common stock at any time on or after the 180th calendar day after the issue date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date, or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. During the year ended December 31, 2020, this note was fully converted into 8,600,000 shares of the Company’s common stock. On November 15, 2019, the Company completed a Securities Purchase Agreement, under which the Company has issued a 5% Convertible Note in the aggregate principal amount of $75,000 for purchase price of $67,500. The Note will mature on July 31, 2020. The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. During the year ended December 31, 2020, this note was fully converted into 7,750,000 shares of the Company’s common stock. On November 22, 2019, the Company completed a Securities Purchase Agreement, under which the Company has issued a 5% Convertible Note in the aggregate principal amount of $40,500 for purchase price of $36,500. The Note will mature on November 22, 2020. The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) 50% multiplied by the lowest “Trading Price” (defined below) (representing a discount rate of 50% during the prior date of his Note or (ii) the Variable Conversion Price (defined below) (subject to equitable adjustment as further described herein). The “Variable Conversion Price” meaning, 50% multiplied by the Market Price (as defined herein)(representing a discount rate of 50%). “Market Price” means, for any security as of any date, the lowest traded price on the Over-the-Counter Pink Marketplace, OTCQB, or applicable trading market (the “Principal Market”)as reported by a reliable reporting service (“Reporting Service”) designated by Crown Bridge Partners (i.e. Bloomberg) or, if the Principal Market is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foreign manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Company and the holders of a majority in interest of the Notes being converted for which the calculation of the Trading Price is required in order to determine the Conversion Price of such notes. During the year ended December 31, 2020, this note was fully converted into 10,181,813 shares of the Company’s common stock. On May 4, 2020, the Company completed a Securities Purchase Agreement, under which the Company issued a 12% Convertible Note in the aggregate principal amount of $103,000 maturing on May 4, 2021. The Company entered into a settlement agreement and on November 3, 2020, the $103,000 note, plus $48,971 in penalties, was paid in full. On June 8, 2020, the Company completed a Securities Purchase Agreement, under which the Company issued a 12% Convertible Note in the aggregate principal amount of $63,000 maturing on June 8, 2021. The Company entered into a settlement agreement and on December 3, 2020, the $63,000 note, plus $29,878 in penalties, was paid in full. On July 7, 2020, the Company completed a Securities Purchase Agreement, under which the Company issued a 6% Convertible Note in the aggregate principal amount of $112,000 maturing on July 7, 2021. The note has a fixed conversion price of $0.07 per share of common stock. During the quarter ended December 31, 2020, the Company repaid $13,070 of the principal. During the quarter ended March 31, 2021, the Company repaid $39,572 of the principal. At March 31, 2021 and December 31, 2020, the remaining principal balance of the note totaled $59,358 and $98,930, respectively. On July 20, 2020, the Company completed a Securities Purchase Agreement, under which the Company issued a 6% Convertible Note in the aggregate principal amount of $112,000 maturing on July 20, 2021. The note has a fixed conversion price of $0.07 per share of common stock. During the quarter ended December 31, 2020, the Company repaid $13,440 of the principal. During the quarter ended March 31, 2021, the Company repaid $49,280 of the principal. At March 31, 2021 and December 31, 2020, the remaining principal balance of the note totaled $49,280 and $98,560, respectively. On September 18, 2020, the Company completed a Securities Purchase Agreement, under which the Company issued a 10% Convertible Note in the aggregate principal amount of $112,500 maturing on June 18, 2021. The note has a fixed conversion price of $0.12 per share of common stock. At March 31, 2021 and December 31, 2020, the remaining principal balance of the note totaled $112,500, respectively. On March 17, 2021, the Company issued 500,000 to the noteholder in exchange for the noteholder agreeing not to convert the Convertible Note prior to May 20, 2021. On October 28, 2020, the Company completed a Securities Purchase Agreement, under which the Company issued a 10% Convertible Note in the aggregate principal amount of $112,500 maturing on July 28, 2021. The note has a fixed conversion price of $0.12 per share of common stock at maturity. At March 31, 2021 and December 31, 2020, the remaining principal balance of the note totaled $112,500, respectively. The Company plans to repay the note early, preventing conversion. On December 7, 2020, the Company completed a Securities Purchase Agreement, under which the Company issued a 10% Convertible Note in the aggregate principal amount of $112,500 maturing on September 7, 2021. The note has a fixed conversion price of $0.12 per share of common stock. At March 31, 2021 and December 31, 2020, the remaining principal balance of the note totaled $112,500, respectively. The debt discounts for these convertible notes are amortized over the term of the notes. For the three months ended March 31, 2021, amortization of debt discounts on these convertible notes totaled $16,035. At March 31, 2021 and December 31, 2020, the unamortized discounts on the convertible notes totaled $18,766 and $34,801, respectively. Notes Payable On March 27, 2018, UMCCO entered a SBA Note Payable agreement for cash proceeds totaling $1,021,000. The note, which is secured by all UMCCO’s assets, requires monthly principal and interest payments of $10,125 until maturity on March 27, 2031 with interest at prime plus 2.75%. During the year ended December 31, 2020, UMCCO repaid $26,532 of the principal and received principal and interest relief from the SBA under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) totaling $27,457 and $21,979, respectively. At March 31, 2021 and December 31, 2020, the unpaid principal balance of the note totaled $891,062, respectively. On March 27, 2018, UMCCO entered into a SBA note payable agreement for cash proceeds totaling $50,000 which was funded in August 2019. The note required monthly interest only payments at prime plus 3.25% with unpaid principal due at maturity on March 21, 2020. During the year ended December 31, 2020, UMCCO repaid $477 of the principal. During the three months ended March 31, 2021, UMCCO repaid $12,375 of the principal. At March 31, 2021 and December 31, 2020, the unpaid principal balance of the note totaled $37,148 and $49,523, respectively. Due to the ongoing COVID-19 pandemic, the lender has not held UMCCO in default. On November 12, 2020, the maturity date of the note was extended to May 12, 2021. On April 14, 2020, pursuant to the Paycheck Protection Program under the CARES Act, UMCCO received a two-year loan for $211,518. Interest is deferred for six months, then is at 1% until maturity in April 2022. At December 31, 2020, the unpaid principal balance of the note totaled $211,518. The loan and related interest of $1,569 were forgiven on January 6, 2021. On March 1, 2021, pursuant to the Paycheck Protection Program, UMCCO received a five-year loan for $340,412. Interest is deferred until the loan forgiveness amount is determined, then is at 1% until maturity in March 2026. At March 31, 2021, the unpaid principal balance of the note totaled $340,412. UMCCO plans to use the loan proceeds for payroll and expects the loan to be forgiven. On November 1, 2018, Cross-Bo entered a SBA Note payable agreement for $1,569,800. The note, which is secured by all Cross-Bo’s assets, requires monthly principal and interest payments of $19,049 until maturity on November 1, 2028 with interest at prime plus 2.75%. During the year ended December 31, 2020, Cross-Bo repaid $38,268 of the principal and received principal and interest relief from the SBA under the CARES Act totaling $57,617 and $51,992, respectively. During the three months ended March 31, 2021, Cross-Bo repaid $50,547 of the principal. At March 31, 2021 and December 31, 2020, the unpaid principal balance of the note totaled $1,309,534 and $1,359,961, respectively. On November 16, 2018, Cross-Bo entered a zero interest $84,200 Note Payable agreement. The note, which is unsecured, requires monthly principal payments of $1,403 beginning on December 15, 2028 until maturity on November 14, 2033. At March 31, 2021 and December 31, 2020, the unpaid principal balance of the note totaled $84,200, respectively. On December 7, 2018, Cross-Bo entered into a SBA note payable agreement for cash proceeds totaling $50,000 which was funded in January 2019. The note requires monthly interest only payments at prime plus 3.25% with unpaid principal due at maturity on December 7, 2028. During the year ended December 31, 2020, Cross-Bo repaid $1,000 of the principal. At March 31, 2021 and December 31, 2020, the unpaid principal balance of the note totaled $49,000, respectively. On January 16, 2019, Cross-Bo entered into a note payable agreement with a financial institution to purchase equipment totaling $14,988. The note, which is secured by the purchased equipment, requires monthly principal and interest payments of $664 until maturity on January 16, 2021 with interest at 5.99%. During the year ended December 31, 2020, Cross-Bo repaid $7,021 of the principal. At March 31, 2021 and December 31, 2020, the unpaid principal balance of the note totaled $1,322, respectively. The note was repaid during the second quarter of 2021. On September 26, 2019, Cross-Bo entered into a note payable agreement with a financial institution for cash proceeds totaling $75,000. The note required monthly interest only payments at 8.50% with unpaid principal due at maturity on December 25, 2019. The maturity of the note was subsequently extended to August 19, 2020. During the year ended December 31, 2020, Cross-Bo repaid $7,415 of the principal. At March 31, 2021 and December 31, 2020, the unpaid principal balance of the note totaled $67,585, respectively. Due to the ongoing COVID-19 pandemic, the lender has not held UMCCO in default. On November 12, 2020, the maturity date of the note was extended to May 12, 2021. On April 14, 2020, pursuant to the Paycheck Protection Program under the CARES Act, Cross-Bo received a two-year loan for $139,677. Interest is deferred for six months, then is at 1% until maturity in April 2022. At December 31, 2020, the unpaid principal balance of the note totaled $139,677. The loan and related interest of $1,203 were forgiven on February 18, 2021. On May 6, 2020, Cross-Bo entered into a note payable agreement with a former owner for $355,484. The note, which is unsecured, requires monthly principal and interest payments of $6,873 until maturity on May 6, 2025 with interest at 6.00%. During the year ended December 31, 2020, Cross-Bo repaid $30,955 of the principal. During the three months ended March 31, 2021, Cross-Bo repaid $15,828 of the principal. At March 31, 2021 and December 31, 2020, the unpaid principal balance of the note totaled $308,701 and $324,529, respectively. On March 1, 2021, pursuant to the Paycheck Protection Program, Cross-Bo received a five-year loan for $136,025. Interest is deferred until the loan forgiveness amount is determined, then is at 1% until maturity in March 2026. At March 31, 2021, the unpaid principal balance of the note totaled $136,025. Cross-Bo plans to use the loan proceeds for payroll and expects the loan to be forgiven. On June 18, 2020, the Company entered into a note payable agreement for $150,000. The note, which is unsecured, requires monthly interest payments at 6.00% until maturity, with the principal due at maturity on June 18, 2050. At December 31, 2020, the unpaid principal balance of the note totaled $150,000. On January 27, 2021, the Company entered into a note payable agreement for $287,500, including a discount of $37,500 and fees of $12,500. The note, which is unsecured, requires a lump interest payment of $78,343.75 at maturity on August 27, 2021. The principal is to be repaid in four equal monthly installments beginning on May 27, 2021. At March 31, 2021, the unpaid principal balance of the note totaled $287,500. The debt discounts for these notes are amortized over the term of the notes. For the three months ended March 31, 2021, amortization of debt discounts on these notes totaled $10,714. At March 31, 2021 and December 31, 2020, the unamortized discounts on the notes totaled $26,786 and $-0-, respectively. During the three months ended March 31, 2021, the Company incurred interest expenses related to debt totaling $95,837. Future Maturities The Company’s future maturities of convertible notes payable and notes payable are as follows: Years ending December 31, Amount 2021 $ 1,021.308 2022 358,714 2023 405,802 2024 427,353 2025 409,105 Thereafter 1,486,344 $ 4,108,626 Advances Payable On March 23, 2021, the Company received an advance from a third party totaling $275,000. Subsequent to March 31, 2021, the Company and the third party agreed the advance was for the purchase of stock, as further detailed in Note 10. | Convertible Notes Payable On October 22, 2019, the Company completed a Securities Purchase Agreement, dated as of September 5, 2019 under which the Company has issued a 5% Convertible Note in the aggregate principal amount of $75,000 for purchase price of $67,500. The Note will mature on September 5, 2020. The Note is convertible into shares of common stock at any time on or after the 180th calendar day after the issue date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date, or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. During the year ended December 31, 2020, this note was fully converted into 8,600,000 shares of the Company’s common stock. On November 15, 2019, the Company completed a Securities Purchase Agreement, under which the Company has issued a 5% Convertible Note in the aggregate principal amount of $75,000 for purchase price of $67,500. The Note will mature on July 31, 2020. The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. During the year ended December 31, 2020, this note was fully converted into 10,181,813 shares of the Company’s common stock. On November 22, 2019, the Company completed a Securities Purchase Agreement, under which the Company has issued a 5% Convertible Note in the aggregate principal amount of $40,500 for purchase price of $36,500. The Note will mature on November 22, 2020. The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) 50% multiplied by the lowest “Trading Price” (defined below) (representing a discount rate of 50% during the prior date of his Note or (ii) the Variable Conversion Price (defined below) (subject to equitable adjustment as further described herein). The “Variable Conversion Price” meaning, 50% multiplied by the Market Price (as defined herein)(representing a discount rate of 50%). “Market Price” means, for any security as of any date, the lowest traded price on the Over-the-Counter Pink Marketplace, OTCQB, or applicable trading market (the “Principal Market”)as reported by a reliable reporting service (“Reporting Service”) designated by Crown Bridge Partners (i.e. Bloomberg) or, if the Principal Market is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foreign manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Company and the holders of a majority in interest of the Notes being converted for which the calculation of the Trading Price is required in order to determine the Conversion Price of such notes. During the year ended December 31, 2020, this note was fully converted into 7,750,000 shares of the Company’s common stock. On May 4, 2020, the Company completed a Securities Purchase Agreement, under which the Company issued a 12% Convertible Note in the aggregate principal amount of $103,000 maturing on May 4, 2021. The Company entered into a settlement agreement and on November 3, 2020, the $103,000 note, plus $48,971 in penalties, was paid in full. On June 8, 2020, the Company completed a Securities Purchase Agreement, under which the Company issued a 12% Convertible Note in the aggregate principal amount of $63,000 maturing on June 8, 2021. The Company entered into a settlement agreement and on December 3, 2020, the $63,000 note, plus $29,878 in penalties, was paid in full. On July 7, 2020, the Company completed a Securities Purchase Agreement, under which the Company issued a 6% Convertible Note in the aggregate principal amount of $112,000 maturing on July 7, 2021. The note has a fixed conversion price of $0.07 per share of common stock. During the quarter ended December 31, 2020, the Company repaid $13,070 of the principal. At December 31, the remaining principal balance of the note totaled $98,930. On July 20, 2020, the Company completed a Securities Purchase Agreement, under which the Company issued a 6% Convertible Note in the aggregate principal amount of $112,000 maturing on July 20, 2021. The note has a fixed conversion price of $0.07 per share of common stock. During the quarter ended December 31, 2020, the Company repaid $13,440 of the principal. At December 31, the remaining principal balance of the note totaled $98,560. On September 16, 2020, the Company completed a Securities Purchase Agreement, under which the Company issued a 10% Convertible Note in the aggregate principal amount of $112,500 maturing on June 16, 2021. The note has a fixed conversion price of $0.12 per share of common stock. At December 31, the remaining principal balance of the note totaled $112,500. On October 28, 2020, the Company completed a Securities Purchase Agreement, under which the Company issued a 10% Convertible Note in the aggregate principal amount of $112,500 maturing on July 28, 2021. The note has a fixed conversion price of $0.12 per share of common stock. At December 31, the remaining principal balance of the note totaled $112,500. On December 7, 2020, the Company completed a Securities Purchase Agreement, under which the Company issued a 10% Convertible Note in the aggregate principal amount of $112,500 maturing on September 7, 2021. The note has a fixed conversion price of $0.12 per share of common stock. At December 31, the remaining principal balance of the note totaled $112,500. The debt discounts for these convertible notes are amortized over the term of the notes. For the years ended December 31, 2020 and 2019, amortization of debt discounts on these convertible notes totaled $31,678 and $4,417, respectively. Notes Payable On March 27, 2018, UMCCO entered a SBA Note Payable agreement for cash proceeds totaling $1,021,000. The note, which is secured by all UMCCO’s assets, requires monthly principal and interest payments of $10,125 until maturity on March 27, 2031 with interest at prime plus 2.75%. During the year ended December 31, 2020, UMCCO repaid $26,532 of the principal and received principal and interest relief from the SBA under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") totaling $27,457 and $21,979, respectively. At December 31, 2020, the unpaid principal balance of the note totaled $891,062. On March 27, 2018, UMCCO entered into a SBA note payable agreement for cash proceeds totaling $50,000 which was funded in August 2019. The note required monthly interest only payments at prime plus 3.25% with unpaid principal due at maturity on March 21, 2020. During the year ended December 31, 2020, UMCCO repaid $477 of the principal. At December 31, 2020, the unpaid principal balance of the note totaled $49,523. Due to the ongoing COVID-19 pandemic, the lender has not held UMCCO in default. On November 12, 2020, the maturity date of the note was extended to May 12, 2021. On April 14, 2020, pursuant to the Paycheck Protection Program under the CARES Act, UMCCO received a two-year loan for $211,518. Interest is deferred for six months, then is at 1% until maturity in April 2022. At December 31, 2020, the unpaid principal balance of the note totaled $211,518. The loan and related interest were forgiven on January 6, 2021. On November 1, 2018, Cross-Bo entered a SBA Note payable agreement for $1,569,800. The note, which is secured by all Cross-Bo’s assets, requires monthly principal and interest payments of $19,049 until maturity on November 1, 2028 with interest at prime plus 2.75%. During the year ended December 31, 2020, Cross-Bo repaid $38,268 of the principal and received principal and interest relief from the SBA under the CARES Act totaling $57,617 and $51,992, respectively. At December 31, 2020, the unpaid principal balance of the note totaled $1,359,961. On November 16, 2018, Cross-Bo entered a zero interest $84,200 Note Payable agreement. The note, which is unsecured, requires monthly principal payments of $1,403 beginning on December 15, 2028 until maturity on November 14, 2033. At December 31, 2020, the unpaid principal balance of the note totaled $84,200. On December 7, 2018, Cross-Bo entered into a SBA note payable agreement for cash proceeds totaling $50,000 which was funded in January 2019. The note requires monthly interest only payments at prime plus 3.25% with unpaid principal due at maturity on December 7, 2028. During the year ended December 31, 2020, Cross-Bo repaid $1,000 of the principal. At December 31, 2020, the unpaid principal balance of the note totaled $49,000. On January 16, 2019, Cross-Bo entered into a note payable agreement with a financial institution to purchase equipment totaling $14,988. The note, which is secured by the purchased equipment, requires monthly principal and interest payments of $664 until maturity on January 16, 2021 with interest at 5.99%. During the year ended December 31, 2020, Cross-Bo repaid $7,021 of the principal. At December 31, 2020, the unpaid principal balance of the note totaled $1,322. The note was repaid during the first quarter of 2021. On September 26, 2019, Cross-Bo entered into a note payable agreement with a financial institution for cash proceeds totaling $75,000. The note required monthly interest only payments at 8.50% with unpaid principal due at maturity on December 25, 2019. The maturity of the note was subsequently extended to August 19, 2020. During the year ended December 31, 2020, Cross-Bo repaid $7,415 of the principal. At December 31, 2020, the unpaid principal balance of the note totaled $67,585. Due to the ongoing COVID-19 pandemic, the lender has not held UMCCO in default. On November 12, 2020, the maturity date of the note was extended to May 12, 2021. On April 14, 2020, pursuant to the Paycheck Protection Program under the CARES Act, Cross-Bo received a two-year loan for $139,677. Interest is deferred for six months, then is at 1% until maturity in April 2022. At December 31, 2020, the unpaid principal balance of the note totaled $139,677. The loan and related interest were forgiven on February 18, 2021. On May 6, 2020, Cross-Bo entered into a note payable agreement with a former owner for $355,484. The note, which is unsecured, requires monthly principal and interest payments of $6,873 until maturity on May 6, 2025 with interest at 6.00%. During the year ended December 31, 2020, Cross-Bo repaid $30,955 of the principal. At December 31, 2020, the unpaid principal balance of the note totaled $324,529. On June 18 2020, the Company entered into a note payable agreement for $150,000. The note, which is unsecured, requires monthly interest payments at 6.00% until maturity, with the principal due at maturity on June 18, 2050. At December 31, 2020, the unpaid principal balance of the note totaled $150,000. During the year ended December 31, 2020, the Company incurred interest expenses related to debt totaling $195,963. Future Maturities The Company’s future maturities of convertible notes payable and notes payable are as follows: For the year ended December 31, Amount 2021 $ 1,259,900 2022 266,589 2023 286,742 2024 308,293 2025 290,033 Thereafter 1,451,810 $ 2,863,367 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
RELATED PARTY TRANSACTIONS | ||
NOTE 6 - RELATED PARTY TRANSACTIONS | As of March 31, 2021 and December 31, 2020, the Company has $253,772 and $147,553, respectively, of other receivables from companies under the control of William Robinson, the Company’s Chairman and CEO. | As of December 31, 2020, the Company has $147,553 of other receivables from companies under the control of William Robinson, the Company’s Chairman and CEO. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES | ||
NOTE 7 - COMMITMENTS AND CONTINGENCIES | From time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in any litigation that we believe could have a material adverse effect on its financial condition or results of operations. | From time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in any litigation that we believe could have a material adverse effect on its financial condition or results of operations. |
COMMON AND PREFERRED STOCK
COMMON AND PREFERRED STOCK | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
COMMON AND PREFERRED STOCK | ||
NOTE 8 - COMMON AND PREFERRED STOCK | Common Stock The Company has 500,000,000 common shares authorized, $0.001 par value. At March 31, 2021 and December 31, 2020, there were 130,170,804 and 120,200,005 common shares issued and outstanding, respectively. On January 19, 2021, the Company issued 1,470,799 shares of common stock for cash proceeds totaling $49,301. On February 1, 2021, the Company issued 4,000,000 shares of common stock valued at $200,000 for prepaid consulting. The prepaid expense is being amortized over the twelve months of consulting services to be provided beginning February 2021. On February 17, 2021, the Company issued 4,000,000 shares of common stock for cash proceeds totaling $220,000. On March 19, 2021, the Company issued 500,000 shares of common stock to a noteholder as discussed in Note 5. Preferred Stock The Company has 20,000,000 Series A Preferred shares authorized, $0.0001 par value. At March 31, 2021 and December 31, 2020, there were 20,000,000 Series A Preferred shares issued and outstanding, respectively. The Company has 1,000,000 Series B Preferred shares authorized, $0.0001 par value. At March 31, 2021 and December 31, 2020, there were no Series B Preferred shares issued and outstanding. The Company has 11,442,857 Series C Preferred shares authorized, $0.0001 par value. At March 31, 2021 and December 31, 2020, there were 11,442,857 Series C Preferred shares issued and outstanding, respectively. | Common Stock The Company has 500,000,000 common shares authorized, $0.001 par value. At December 31, 2020 and 2019, there were 120,200,005 and 75,135,000 common shares issued and outstanding, respectively. Preferred Stock The Company has 20,000,000 Series A Preferred shares authorized, $0.0001 par value. At December 31, 2020 and 2019, there were 20,000,000 and -0- Series A Preferred shares issued and outstanding, respectively. The Company has 1,000,000 Series B Preferred shares authorized, $0.0001 par value. At December 31, 2020 and 2019, there were no Series B Preferred shares issued and outstanding. The Company has 11,442,857 Series C Preferred shares authorized, $0.0001 par value. At December 31, 2020 and 2019, there were 11,442,857 and -0- Series C Preferred shares issued and outstanding, respectively. |
DISAGGREGATED REVENUES
DISAGGREGATED REVENUES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
DISAGGREGATED REVENUES | ||
NOTE 9 - DISAGGREGATED REVENUES | Substantially all of the Company’s 2020 revenues are generated in the state of Oklahoma. The Company has a concentration of customers in the water and utilities industries which expose the Company to a concentration of credit risk within a single industry. The customers in these industries are usually owned by local government authorities, reducing the Company’s credit risk. Revenue by type for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 Personal Protective Equipment $ 19,494 $ - Construction 77,350 - Management 244,002 - Repair & Maintenance 29,790 - Training Seminars - - $ 370,636 $ - Three Months Ended March 31, 2021 2020 Personal Protective Equipment 5.3 % * Construction 20.9 % * Management 65.8 % * Repair & Maintenance 8.0 % * Training Seminars * * | Substantially all of the Company’s 2020 revenues were generated in the state of Oklahoma. The Company has a concentration of customers in the water and utilities industries which expose the Company to a concentration of credit risk within a single industry. The customers in these industries are usually owned by local government authorities, reducing the Company’s credit risk. Revenue by type for the years ended December 31, 2020 and 2019 were as follows: 2020 2019 Personal Protective Equipment 76.2 % * Construction 9.8 % * Management 12.5 % * Repair & Maintenance 1.5 % * Training Seminars * 100 % Revenue concentrations by customer for the year ended December 31, 2020 was as follows: Personal Protective Equipment Construction Management Repair & Maintenance Total Customer A 44.4 % * * * 33.8 % Customer B 39.7 % * * * 30.2 % Customer C * * 52.9 % * * Customer D * * 14.3 % 35.2 % * Customer E * 31.1 % * * * Customer F * 28.4 % * * * Customer G * 18.5 % * * * Customer H * * * 24.9 % * Customer I * * * 13.7 % * Customer J * * * 12.3 % * Accounts receivable concentrations by customer as of December 31, 2020 and 2019 were as follows: 2020 2019 Customer E 38.9 % * Customer K 18.2 % * Customer C 13.0 % * * = Less than 10% |
UMC ACQUISITION
UMC ACQUISITION | 12 Months Ended |
Dec. 31, 2020 | |
UMC ACQUISITION | |
NOTE 10 - UMC ACQUISITION | On July 15, 2020 (the “Closing Date”), Utility Management Corp.’s securities were acquired by Renavotio, Inc., through its wholly owned subsidiary, Renavotio Infratech, Inc., under the terms of a Securities Purchase Agreement (“SPA”) by and between Company and the shareholder of UMC. Pursuant to the SPA, Infratech acquired 100% of the ownership of UMC from the shareholder of UMC for newly issued shares of the Company’s common stock. In connection with Infratech’s acquiring UMC, consummated on July 15, 2020 the Company issued common shares of the Company preliminarily valued at $1,300,000 to the shareholder of UMC. Based on the terms of the purchase, the Company has concluded the transaction represents a business combination pursuant to FASB ASC Topic 805, “Business Combinations.” The allocation of the purchase price to the tangible assets and liabilities acquired is based on the values of the assets and liabilities of UMC as of the Closing Date and are as follows: Cash 317,136 Accounts receivable, net of allowances 239,964 Other current assets 2,165 Property and equipment 567,216 Goodwill 3,553,698 Accounts payable (62,877 ) Accrued expenses (57,553 ) Notes payable (3,259,749 ) Total 1,300,000 The total purchase price is allocated to the acquired tangible and intangible assets and liabilities of UMC based on their fair values as of July 15, 2020. The excess of the purchase price over the fair value of assets and liabilities acquired, totaling $3,553,698, was allocated to goodwill. The following table summarizes the unaudited pro forma combined statement of operations for the year ended December 31, 2019 and assumes the common shares issued in the acquisition were issued on January 1, 2019. Pro Forma Pro Forma Renavotio UMC Adjustment Combined Revenues $ 233,249 $ 3,690,530 $ - $ 3,923,779 Cost of revenues 117,486 2,408,090 - 2,515,576 Gross profit 115,763 1,282,440 - 1,398,203 Operating expenses General and administrative 1,677,002 1,151,330 - 2,828,332 Depreciation - 194,068 - 194,068 Gain on disposition of assets - (49,436 ) - (49,436 ) Total operating expenses 1,677,002 1,295,962 - 2,972,964 Loss from operations (1,561,239 ) (13,522 ) - (1,574,761 ) Other income and (expense) Interest expense - (202,362 ) - (202,362 ) Total other expense - (202,362 ) - (202,362 ) Income tax benefit (110,901 ) - - (110,901 ) Net loss $ (1,450,338 ) $ (215,884 ) $ - $ (1,666,222 ) Other comprehensive income Foreign currency translation adjustment 4,075 - - 4,075 Comprehensive loss $ (1,446,263 ) $ (215,884 ) $ - $ (1,662,147 ) Loss per common share – basic and diluted $ (0.02 ) $ - $ - $ (0.02 ) Weighted average shares outstanding basic and diluted 75,070,205 - 18,571,428 93,641,633 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
INCOME TAXES | |
NOTE 11 - INCOME TAXES | The components of income tax expense for the years ended December 31, 2020 and 2019 consist of the following: 2020 2019 Federal tax statutory rate 21 % 21 % Effect of Hong Kong statutory rate 0 % 7 % Effect of PRC statutory rate 0 % 0 % Valuation allowance -21 % -21 % Effective rate 0 % 7 % Significant components of the Company’s deferred tax assets as of December 31, 2020 and 2019 are summarized below. 2020 2019 Deferred tax asset Net operating loss carryforwards $ 632,000 $ 264,000 Valuation allowance (632,000 ) (264,000 ) As of December 31, 2020 and 2019, the Company had approximately $3,077,000 and $1,324,000, respectively, of federal net operating loss carry forwards. Future utilization of the net operating loss carry forwards is subject to certain limitations under Section 382 of the Internal Revenue Code. The Company believes that there has not been any transaction to warrant any limitation of any previous operating losses. To the extent that the tax deduction is included in a net operating loss carry forward and is in excess of amounts recognized for book purposes, no benefit will be recognized until the loss carry forward is recognized. Upon utilization and realization of the carry forward, the corresponding change in the deferred asset and valuation allowance will be recorded as additional paid-in capital. The Company provides for a valuation allowance when it is more likely than not that it will not realize a portion of the deferred tax assets. The Company has established a valuation allowance against the net deferred tax asset due to the uncertainty that enough taxable income will be generated in those taxing jurisdictions to utilize the assets. Therefore, we have not reflected any benefit of such deferred tax assets in the accompanying financial statements. Our net deferred tax asset and valuation allowance increased by $368,000 and $125,000 during the years ended December 31, 2020 and 2019, respectively. The Company reviewed all income tax positions taken or that we expect to be taken for all open years and determined that our income tax positions are appropriately stated and supported for all open years. The Company is subject to U.S. federal income tax examinations by tax authorities for years after 2013 due to unexpired net operating loss carryforwards originating in and subsequent to that year. The Company may be subject to income tax examinations for the various taxing authorities which vary by jurisdiction. The Company has filed its tax returns through 2019. The Company estimates that the amount of penalties, if any, will not have a material effect on the results of operations, cash flows or financial position. No provisions have been made in the financial statements for such penalties, if any. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2021 | |
SUBSEQUENT EVENTS | |
NOTE 12 - SUBSEQUENT EVENTS | During April 2021, the Company received $220,000 from a third party. The third party had previously advanced the Company $275,000, as detailed in Note 5. The Company and the third party agreed that the total amount advanced, $495,000, was to be used to purchase common stock and on May 5, 2021, the Company and the third party entered into a securities purchase agreement whereby the $495,000 was to be used to purchase 9,250,000 common shares to be issued by the Company. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
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 and are presented in US dollars. | The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. |
Principles of Consolidation | The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries which require consolidation. Inter-company transactions have been eliminated in consolidation. | The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries which require consolidation. Inter-company transactions have been eliminated in consolidation. |
Use of Estimates | The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | For purposes of reporting cash flows, the Company has defined cash and cash equivalents as all cash in banks and highly-liquid investments available for current use with an initial maturity of three months or less to be cash equivalents. The Company had no cash equivalents at March 31, 2021 or December 31, 2020. The Company maintains its cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”). The FDIC provides coverage of up to $250,000 per depositor, per financial institution, for the aggregate total of depositors’ interest and non-interest bearing accounts. At March 31, 2021, approximately $29,000 of the Company’s cash balances were in excess of FDIC limits. The Company has not experienced any losses on these accounts and management does not believe that the Company is exposed to any significant risks. | For purposes of reporting cash flows, the Company has defined cash and cash equivalents as all cash in banks and highly-liquid investments available for current use with an initial maturity of three months or less to be cash equivalents. The Company had no cash equivalents at March 31, 2021 or December 31, 2020. The Company maintains its cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”). The FDIC provides coverage of up to $250,000 per depositor, per financial institution, for the aggregate total of depositors’ interest and non-interest bearing accounts. At March 31, 2021, approximately $29,000 of the Company’s cash balances were in excess of FDIC limits. The Company has not experienced any losses on these accounts and management does not believe that the Company is exposed to any significant risks. |
Accounts Receivable | UMCCO’s accounts receivable are the result of contracts which require monthly billings for services, installations and maintenance provided by the Company up to the respective monthly billing date. Cross-Bo’s accounts receivable are the result of construction activity, consisting of utility system installation, provided by the Company up to the respective billing date. Accounts receivable is recorded at the invoiced amount and do not bear interest. Some billed balances are not paid by customers pursuant to retainage provisions within their respective contracts. The balances billed but not paid by customer pursuant to retainage provisions in these contracts are generally due and paid upon completion of the contracts and acceptance by the customer. Based on contract terms and historical collections, the Company expects the retainage balances to be collected within 12 months of the balance sheet date. The allowance for doubtful accounts is the Company’s best estimate of the probable amount of credit losses in the Company’s existing accounts receivable. A considerable amount of judgment is required in assessing the realization of receivables. Relevant assessment factors include the creditworthiness of the customer and prior collection history. Balances over 90 days past due are reviewed individually for collectability. Account balances are charged off against the allowance after all reasonable means of collection are exhausted and the potential for recovery is considered remote. The allowance requirements are based on the most current facts available and are re-evaluated and adjusted on a regular basis and as additional information is received. During the three months ended March 31, 2021 the Company recorded no bad debt expense. The $328,118 included in the allowance at March 31, 2021 include billed and earned balances which remain unpaid by customers. | UMCCO’s accounts receivable are the result of contracts which require monthly billings for services, installations and maintenance provided by the Company up to the respective monthly billing date. Cross-Bo’s accounts receivable are the result of construction activity, consisting of utility system installation, provided by the Company up to the respective billing date. Accounts receivable is recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the probable amount of credit losses in the Company’s existing accounts receivable. A considerable amount of judgment is required in assessing the realization of receivables. Relevant assessment factors include the creditworthiness of the customer and prior collection history. Balances over 90 days past due are reviewed individually for collectability. Account balances are charged off against the allowance after all reasonable means of collection are exhausted and the potential for recovery is considered remote. The allowance requirements are based on the most current facts available and are re-evaluated and adjusted on a regular basis and as additional information is received. During the year ended December 31, 2020, the Company recorded bad debt expense of 213,179. The $328,118 included in the allowance at December 31, 2020 include billed and earned balances which remain unpaid by customers. |
Inventory | Inventory is composed of finished goods inventory, specifically gowns (personal protective equipment), valued using weighted average cost, and includes acquisition cost, product freight in, and packaging costs. Slow moving and obsolete inventories are written down based on a comparison of on-hand quantities to historical and projected usages. The Company utilizes a third-party service to manage and secure the Company’s inventory. | Inventory is composed of finished goods inventory, specifically gowns (personal protective equipment), valued using weighted average cost, and includes acquisition cost, product freight in, and packaging costs. Slow moving and obsolete inventories are written down based on a comparison of on-hand quantities to historical and projected usages. The Company utilizes a third-party service to manage and secure the Company’s inventory. |
Property and Equipment | Property and equipment are stated at cost less accumulated depreciation. Maintenance and repairs are charged to operations as incurred. Depreciation is based on the straight-line method over the estimated useful lives of the related assets. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in operations in the period realized. Depreciation is computed on the straight-line method with useful lives as follows: Buildings and improvements 15-39 years Machinery and equipment 7 years Vehicles 5 years Office furniture and equipment 5 years Software 3 years | Property and equipment are stated at cost less accumulated depreciation. Maintenance and repairs are charged to operations as incurred. Depreciation is based on the straight-line method over the estimated useful lives of the related assets. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in operations in the period realized. Depreciation is computed on the straight-line method with useful lives as follows: Buildings and improvements 15-39 years Machinery and equipment 7 years Vehicles 5 years Office furniture and equipment 5 years Software 3 years |
Recoverability of Long-Lived Assets | The Company reviews its long-lived assets on a periodic basis, whenever events and changes in circumstances have occurred which may indicate a possible impairment. The assessment for potential impairment will be based primarily on the Company’s ability to recover the carrying value of its long-lived assets from expected future cash flows from its operations on an undiscounted basis. If such assets are determined to be impaired, the impairment recognized is the amount by which the carrying value of the assets exceeds the fair value of the assets. Fixed assets to be disposed of by sale will be carried at the lower of the then current carrying value or fair value less estimated costs to sell. | The Company reviews its long-lived assets on a periodic basis, whenever events and changes in circumstances have occurred which may indicate a possible impairment. The assessment for potential impairment will be based primarily on the Company’s ability to recover the carrying value of its long-lived assets from expected future cash flows from its operations on an undiscounted basis. If such assets are determined to be impaired, the impairment recognized is the amount by which the carrying value of the assets exceeds the fair value of the assets. Fixed assets to be disposed of by sale will be carried at the lower of the then current carrying value or fair value less estimated costs to sell. |
Commitments and Contingencies | From time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in any litigation that we believe could have a material adverse effect on its financial condition or results of operations. | From time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in any litigation that we believe could have a material adverse effect on its financial condition or results of operations. |
Income Taxes | The Company accounts for income taxes utilizing the liability method of accounting. Under the liability method, deferred taxes are determined based on differences between financial statement and tax bases of assets and liabilities at enacted tax rates in effect in years in which differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that are expected to be realized. The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740-10, “Accounting for Uncertainty in Income Taxes.” This interpretation requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. The Company evaluates its tax positions on an annual basis, and as of December 31, 2020, no additional accrual for income taxes is necessary. The Company’s policy is to recognize both interest and penalties related to unrecognized tax benefits expected to result in payment of cash within one year are classified as accrued liabilities, while those expected beyond one year are classified as other liabilities. The Company has not recorded any interest or penalties since its inception. The Company is required to file income tax returns in the U.S. federal tax jurisdiction and in various state tax jurisdictions and the prior three fiscal years remain open for examination by federal and/or state tax jurisdictions. The Company is currently not under examination by any other tax jurisdictions for any tax year. | The Company accounts for income taxes utilizing the liability method of accounting. Under the liability method, deferred taxes are determined based on differences between financial statement and tax bases of assets and liabilities at enacted tax rates in effect in years in which differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that are expected to be realized. The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740-10, “Accounting for Uncertainty in Income Taxes.” This interpretation requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. The Company evaluates its tax positions on an annual basis, and as of December 31, 2020, no additional accrual for income taxes is necessary. The Company’s policy is to recognize both interest and penalties related to unrecognized tax benefits expected to result in payment of cash within one year are classified as accrued liabilities, while those expected beyond one year are classified as other liabilities. The Company has not recorded any interest or penalties since its inception. The Company is required to file income tax returns in the U.S. federal tax jurisdiction and in various state tax jurisdictions and the prior three fiscal years remain open for examination by federal and/or state tax jurisdictions. The Company is currently not under examination by any other tax jurisdictions for any tax year. |
Revenue Recognition | UMCCO recognizes consulting and operational management service revenues monthly and recognizes maintenance and repair revenues as services are performed. Cross-Bo and UMCCO recognize construction revenues, which result from utility system installations, monthly as services are performed and materials are used. Renavotio recognizes revenues from training seminars upon completion of the training seminar when services have been provided. The Company’s contracts require monthly billings consisting of services performed and materials used through the billing date. Accordingly, the Company does not incur expenses which are not billed or bill customers for unearned amounts. Performance obligations are satisfied as services are performed and materials used for which control has been transferred to the customer upon installation. At March 31, 2021 and December 31, 2020, the Company had no unsatisfied performance obligations. See Note 9 for disaggregated revenues and customer concentrations. | UMCCO recognizes consulting and operational management service revenues monthly and recognizes maintenance and repair revenues as services are performed. Cross-Bo and UMCCO recognize construction revenues, which result from utility system installations, monthly as services are performed and materials are used. Infratech recognizes revenues from the sale of personal protective equipment when performance obligations are satisfied, which occurs when materials are shipped to the customer. Renavotio recognizes revenues from training seminars upon completion of the training seminar when services have been provided. The Company’s contracts require monthly billings consisting of services performed and materials used through the billing date. Accordingly, the Company does not incur expenses which are not billed or bill customers for unearned amounts. Performance obligations are satisfied as services are performed and materials used for which control has been transferred to the customer upon installation. At December 31, 2020 and 2019, the Company had no unsatisfied performance obligations. See Note 9 for disaggregated revenues and customer concentrations. |
Advertising Costs | The costs of advertising are expensed as incurred. Advertising expenses are included in the Company’s operating expenses. During the three months ended March 31, 2021 and 2020, the Company had no advertising expenses. | The costs of advertising are expensed as incurred. Advertising expenses are included in the Company’s operating expenses. During the years ended December 31, 2020 and 2019, the Company had no advertising expenses. |
Share Based Compensation | The Company accounts for share-based compensation in accordance with the fair value recognition provisions of the FASB ASC No. 718 and No. 505. The Company issues restricted stock to employees for their services. Cost for these transactions are measured at the fair value of the equity instruments issued at the date of grant. These shares are considered fully vested and the fair market value is recognized as expense in the period granted. The Company also issues restricted stock to consultants for various services. Costs for these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment only if there is sufficient disincentive to ensure performance or (ii) the date at which the counterparty’s performance is complete. The Company recognizes consulting expenses and a corresponding increase to additional paid-in-capital related to stock issued for services. For agreements requiring future services, the consulting expense is to be recognized ratably over the requisite service period. | The Company accounts for share-based compensation in accordance with the fair value recognition provisions of the FASB ASC No. 718 and No. 505. The Company issues restricted stock to employees for their services. Cost for these transactions are measured at the fair value of the equity instruments issued at the date of grant. These shares are considered fully vested and the fair market value is recognized as expense in the period granted. The Company also issues restricted stock to consultants for various services. Costs for these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment only if there is sufficient disincentive to ensure performance or (ii) the date at which the counterparty’s performance is complete. The Company recognizes consulting expenses and a corresponding increase to additional paid-in-capital related to stock issued for services. For agreements requiring future services, the consulting expense is to be recognized ratably over the requisite service period. |
Basic and Diluted Income Loss per Share | Basic net loss/income per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share (EPS) include additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of stock options, warrants and convertible notes. Common stock equivalents are not included in the computation of diluted earnings per share when the Company reports a loss because to do so would be anti-dilutive for periods presented. | Basic net loss/income per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share (EPS) include additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of stock options, warrants and convertible notes. Common stock equivalents are not included in the computation of diluted earnings per share when the Company reports a loss because to do so would be anti-dilutive for periods presented. |
Recently Adopted Accounting Standards | In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) The standard requires all leases that have a term of over 12 months to be recognized on the balance sheet with the liability for lease payments and the corresponding right-of-use asset initially measured at the present value of amounts expected to be paid over the term. Recognition of the costs of these leases on the income statement will be dependent upon their classification as either an operating or a financing lease. Costs of an operating lease will continue to be recognized as a single operating expense on a straight-line basis over the lease term. Costs for a financing lease will be disaggregated and recognized as both an operating expense (for the amortization of the right-of-use asset) and interest expense (for interest on the lease liability). The Company adopted ASU 2016-02 as of January 1, 2019. However, the adoption did not have a material impact on the Company’s financial position or results of operations as the Company’s leases were month-to-month. | |
Recently Issued Accounting Standards | During the three months ended March 31, 2021, and subsequently, there were several new accounting pronouncements issued by the FASB. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements. | During the year ended December 31, 2020, and subsequently, there were several new accounting pronouncements issued by the FASB. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements. |
Subsequent Events | The Company has evaluated all transactions through the date the consolidated financial statements were issued for subsequent event disclosure consideration. | The Company has evaluated all transactions through the date the consolidated financial statements were issued for subsequent event disclosure consideration. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES | ||
Summary of depreciation compution | Buildings and improvements 15-39 years Machinery and equipment 7 years Vehicles 5 years Office furniture and equipment 5 years Software 3 years | Buildings and improvements 15-39 years Machinery and equipment 7 years Vehicles 5 years Office furniture and equipment 5 years Software 3 years |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
PROPERTY AND EQUIPMENT | ||
Schedule of property and equipment | March 31, 2021 December 31, 2020 Land $ 25,000 $ 25,000 Buildings and improvements 86,473 86,473 Machinery and equipment 376,503 376,503 Vehicles 56,835 56,835 Office furniture and equipment 5,512 5,512 Software 16,754 16,754 567,077 567,077 Less accumulated depreciation (239,999 ) (80,981 ) Property and equipment, net $ 327,078 $ 486,096 | December 31, 2020 December 31, 2019 Land $ 25,000 $ - Buildings and improvements 86,473 - Machinery and equipment 376,503 - Vehicles 56,835 - Office furniture and equipment 5,512 - Software 16,754 - 567,077 - Less accumulated depreciation (80,981 ) - Property and equipment, net $ 486,096 $ - |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
DEBT | ||
Summary of future maturities of convertible notes payable and notes payable | Years ending December 31, Amount 2021 $ 1,021.308 2022 358,714 2023 405,802 2024 427,353 2025 409,105 Thereafter 1,486,344 $ 4,108,626 | For the year ended December 31, Amount 2021 $ 1,259,900 2022 266,589 2023 286,742 2024 308,293 2025 290,033 Thereafter 1,451,810 $ 2,863,367 |
DISAGGREGATED REVENUES (Tables)
DISAGGREGATED REVENUES (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
DISAGGREGATED REVENUES | ||
Schedule of revenue | 2020 2019 Personal Protective Equipment 76.2 % * Construction 9.8 % * Management 12.5 % * Repair & Maintenance 1.5 % * Training Seminars * 100 % | |
Schedule of revenue concentrations | Three Months Ended March 31, 2021 2020 Personal Protective Equipment $ 19,494 $ - Construction 77,350 - Management 244,002 - Repair & Maintenance 29,790 - Training Seminars - - $ 370,636 $ - Three Months Ended March 31, 2021 2020 Personal Protective Equipment 5.3 % * Construction 20.9 % * Management 65.8 % * Repair & Maintenance 8.0 % * Training Seminars * * | Personal Protective Equipment Construction Management Repair & Maintenance Total Customer A 44.4 % * * * 33.8 % Customer B 39.7 % * * * 30.2 % Customer C * * 52.9 % * * Customer D * * 14.3 % 35.2 % * Customer E * 31.1 % * * * Customer F * 28.4 % * * * Customer G * 18.5 % * * * Customer H * * * 24.9 % * Customer I * * * 13.7 % * Customer J * * * 12.3 % * |
Schedule of accounts receivable concentrations | 2020 2019 Customer E 38.9 % * Customer K 18.2 % * Customer C 13.0 % * |
UMC ACQUISITION (Tables)
UMC ACQUISITION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
UMC ACQUISITION | |
Schedule of assets and liabilities | Cash 317,136 Accounts receivable, net of allowances 239,964 Other current assets 2,165 Property and equipment 567,216 Goodwill 3,553,698 Accounts payable (62,877 ) Accrued expenses (57,553 ) Notes payable (3,259,749 ) Total 1,300,000 |
Schedule of statement of operations | Pro Forma Pro Forma Renavotio UMC Adjustment Combined Revenues $ 233,249 $ 3,690,530 $ - $ 3,923,779 Cost of revenues 117,486 2,408,090 - 2,515,576 Gross profit 115,763 1,282,440 - 1,398,203 Operating expenses General and administrative 1,677,002 1,151,330 - 2,828,332 Depreciation - 194,068 - 194,068 Gain on disposition of assets - (49,436 ) - (49,436 ) Total operating expenses 1,677,002 1,295,962 - 2,972,964 Loss from operations (1,561,239 ) (13,522 ) - (1,574,761 ) Other income and (expense) Interest expense - (202,362 ) - (202,362 ) Total other expense - (202,362 ) - (202,362 ) Income tax benefit (110,901 ) - - (110,901 ) Net loss $ (1,450,338 ) $ (215,884 ) $ - $ (1,666,222 ) Other comprehensive income Foreign currency translation adjustment 4,075 - - 4,075 Comprehensive loss $ (1,446,263 ) $ (215,884 ) $ - $ (1,662,147 ) Loss per common share – basic and diluted $ (0.02 ) $ - $ - $ (0.02 ) Weighted average shares outstanding basic and diluted 75,070,205 - 18,571,428 93,641,633 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INCOME TAXES | |
Schedule of components of income tax expense benefit | 2020 2019 Federal tax statutory rate 21 % 21 % Effect of Hong Kong statutory rate 0 % 7 % Effect of PRC statutory rate 0 % 0 % Valuation allowance -21 % -21 % Effective rate 0 % 7 % |
Schedule of deferred tax | 2020 2019 Deferred tax asset Net operating loss carryforwards $ 632,000 $ 264,000 Valuation allowance (632,000 ) (264,000 ) |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($) | 1 Months Ended | ||||||
Oct. 31, 2020 | Aug. 29, 2020 | Mar. 19, 2021 | Feb. 17, 2021 | Feb. 01, 2021 | Jan. 19, 2021 | Jul. 15, 2020 | |
Common stock issued | 500,000 | 4,000,000 | 4,000,000 | 1,470,799 | |||
SHGR [Member] | |||||||
Business Combination, Consideration Transferred | $ 6,000,000 | ||||||
Tritanium Labs USA, Inc. [Member] | |||||||
Business Combination, Consideration Transferred | $ 6,000,000 | ||||||
Business acquired payments term, description | (i) an initial payment of $250,000) and (ii) such number of shares of the Parent’s common stock, par value $.0001per share (“Parent Stock”), as shall be equal to (x)$5,750,000 divided by (y) (1) [$.12] (the “Share Consideration”). 75% of the number of shares constituting the Share Consideration is required to be delivered to the Seller as part of the Closing Consideration and 25% of such shares designated as Holdback Shares will be held back by Buyer to secure Seller’s indemnity obligations and will be released to Seller upon the expiration of 1 year from the Closing Date | ||||||
Utility Management Corp [Member] | |||||||
Common stock value | $ 1,300,000 | ||||||
Common stock issued | 18,571,428 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
GOING CONCERN | ||||
Net loss | $ (316,250) | $ (99,274) | $ (1,752,529) | $ (1,450,338) |
Total current assets | 4,496,774 | 626,161 | 46,258 | |
Total current liabilities | $ 4,409,572 | 1,372,380 | $ 752,900 | |
Working capital deficit | $ (746,000) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Buildings and improvements [Member] | Minimum [Member] | ||
Estimated useful life of asset | 15 years | 15 years |
Buildings and improvements [Member] | Maximum [Member] | ||
Estimated useful life of asset | 39 years | 39 years |
Machinery and equipment [Member] | ||
Estimated useful life of asset | 7 years | 7 years |
Vehicles [Member] | ||
Estimated useful life of asset | 5 years | 5 years |
Office furniture and equipment [Member] | ||
Estimated useful life of asset | 5 years | 5 years |
Software [Member] | ||
Estimated useful life of asset | 3 years | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | |||
Bad debt expense | $ 0 | $ 213,179 | $ 703,491 |
Cash in excess of FDIC limits | 29,000 | ||
FDIC Cash | 250,000 | ||
Accounts receivable, net | $ 328,118 | $ 328,118 | $ 0 |
Collection period of accounts receivable | 12 months |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
PROPERTY AND EQUIPMENT | |||
Land | $ 25,000 | $ 25,000 | $ 0 |
Buildings and improvements | 86,473 | 86,473 | 0 |
Machinery and equipment | 376,503 | 376,503 | 0 |
Vehicles | 56,835 | 56,835 | 0 |
Office furniture and equipment | 5,512 | 5,512 | 0 |
Software | 16,754 | 16,754 | 0 |
Property and equipment, gross | 567,077 | 567,077 | 0 |
Less accumulated depreciation | (239,999) | (80,981) | 0 |
Property and equipment, net | $ 327,078 | $ 486,096 | $ 0 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
PROPERTY AND EQUIPMENT | |||
Depreciation expense | $ 159,018 | $ 80,981 | $ 0 |
DEBT (Details)
DEBT (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
SIGNIFICANT ACCOUNTING POLICIES | ||
2021 | $ 1,021,308 | $ 1,259,900 |
2022 | 358,714 | 266,589 |
2023 | 405,802 | 286,742 |
2024 | 427,353 | 308,293 |
2025 | 409,105 | 290,033 |
Thereafter | 1,486,344 | 1,451,810 |
Total | $ 410,626 | $ 2,863,367 |
DEBT (Details Narrative)
DEBT (Details Narrative) - USD ($) | Jan. 06, 2021 | Dec. 07, 2020 | Dec. 03, 2020 | Nov. 03, 2020 | Jul. 07, 2020 | May 06, 2020 | Apr. 14, 2020 | Dec. 07, 2018 | Feb. 18, 2021 | Oct. 28, 2020 | Sep. 18, 2020 | Sep. 16, 2020 | Jul. 20, 2020 | Jun. 18, 2020 | Jun. 08, 2020 | May 04, 2020 | Nov. 22, 2019 | Nov. 15, 2019 | Oct. 22, 2019 | Sep. 26, 2019 | Jan. 16, 2019 | Nov. 16, 2018 | Mar. 27, 2018 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 17, 2021 |
Repayment of principal amount | $ 88,852 | $ 271,359 | $ 0 | |||||||||||||||||||||||||
Remaninig balance paid | 112,500 | |||||||||||||||||||||||||||
Principal and interest , total | 51,992 | |||||||||||||||||||||||||||
Note payable | $ 84,000 | 84,000 | ||||||||||||||||||||||||||
Interest expenses related to debt | 95,837 | 195,963 | ||||||||||||||||||||||||||
Remaining principal balance outstanding | 112,500 | 112,500 | ||||||||||||||||||||||||||
Unamortized discounts convertible notes | 18,766 | 34,801 | 34,801 | |||||||||||||||||||||||||
Amortization of debt discounts | 26,749 | 31,678 | 4,417 | |||||||||||||||||||||||||
Net cash proceeds | 275,000 | |||||||||||||||||||||||||||
Proceeds from loan | 0 | 0 | 27,150 | |||||||||||||||||||||||||
Convertible note payable | 427,372 | 500,189 | 500,189 | $ 175,917 | ||||||||||||||||||||||||
Note Payable Agreement [Member] | ||||||||||||||||||||||||||||
Note payable | $ 150,000 | |||||||||||||||||||||||||||
Default interest rate | 6.00% | |||||||||||||||||||||||||||
Principal amount | $ 150,000 | |||||||||||||||||||||||||||
Cross-Bo [Member] | ||||||||||||||||||||||||||||
Repayment of principal amount | 1,000 | |||||||||||||||||||||||||||
Note payable | 49,000 | 49,000 | 49,000 | |||||||||||||||||||||||||
Paycheck Protection Program [Member] | ||||||||||||||||||||||||||||
Note payable | $ 211,518 | |||||||||||||||||||||||||||
Proceeds from loan | $ 211,518 | |||||||||||||||||||||||||||
Deferred interest rate | 1.00% | |||||||||||||||||||||||||||
Maturity date , description | maturity in April 2022 | |||||||||||||||||||||||||||
Loan and interest forgiven | $ 1,569 | |||||||||||||||||||||||||||
Paycheck Protection Program [Member] | Cross-Bo [Member] | ||||||||||||||||||||||||||||
Note payable | $ 139,677 | |||||||||||||||||||||||||||
Proceeds from loan | $ 139,677 | |||||||||||||||||||||||||||
Deferred interest rate | 1.00% | |||||||||||||||||||||||||||
Maturity date , description | maturity in April 2022 | |||||||||||||||||||||||||||
Loan and interest forgiven | $ 1,203 | |||||||||||||||||||||||||||
Economic Security Act [Member] | ||||||||||||||||||||||||||||
Principal and interest , total | 21,979 | |||||||||||||||||||||||||||
Note payable | 891,062 | 891,062 | 891,062 | |||||||||||||||||||||||||
Note Payable one [Member] | ||||||||||||||||||||||||||||
Repayment of principal amount | 12,375 | 477 | ||||||||||||||||||||||||||
Note payable | $ 49,523 | 37,148 | ||||||||||||||||||||||||||
Net cash proceeds | $ 50,000 | |||||||||||||||||||||||||||
Default interest rate | 3.25% | |||||||||||||||||||||||||||
Maturity date | Mar. 21, 2020 | |||||||||||||||||||||||||||
SBA Note Payable [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||
Repayment of principal amount | 39,572 | $ 13,070 | 26,532 | |||||||||||||||||||||||||
Remaninig balance paid | 59,358 | 98,930 | ||||||||||||||||||||||||||
Principal and interest , total | 27,457 | |||||||||||||||||||||||||||
Amortization of debt discounts | 16,035 | |||||||||||||||||||||||||||
Net cash proceeds | $ 1,021,000 | |||||||||||||||||||||||||||
Default interest rate | 2.75% | |||||||||||||||||||||||||||
Maturity date | Jul. 9, 2021 | Jul. 7, 2021 | Jul. 28, 2021 | Jun. 18, 2021 | Jun. 16, 2021 | Jul. 20, 2021 | Mar. 27, 2031 | |||||||||||||||||||||
Periodic payment , monthly | $ 10,125 | |||||||||||||||||||||||||||
Principal amount | $ 112,500 | $ 112,000 | $ 112,500 | $ 112,500 | $ 112,500 | $ 112,000 | ||||||||||||||||||||||
Conversion price | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.07 | |||||||||||||||||||||||
Convertible note, rate of interest | 6.00% | 10.00% | 10.00% | 10.00% | 6.00% | |||||||||||||||||||||||
Convertible note issued | $ 500,000 | |||||||||||||||||||||||||||
Notes Payable Two [Member] | Cross-Bo [Member] | ||||||||||||||||||||||||||||
Repayment of principal amount | 7,415 | |||||||||||||||||||||||||||
Note payable | 1,322 | $ 1,322 | 1,322 | |||||||||||||||||||||||||
Notes Payable Three [Member] | Cross-Bo [Member] | ||||||||||||||||||||||||||||
Note payable | 67,585 | 67,585 | 67,585 | |||||||||||||||||||||||||
Notes Payable Four [Member] | Cross-Bo [Member] | ||||||||||||||||||||||||||||
Repayment of principal amount | 15,828 | 30,955 | ||||||||||||||||||||||||||
Note payable | 308,701 | 324,529 | 324,529 | |||||||||||||||||||||||||
Convertible Note [Member] | ||||||||||||||||||||||||||||
Repayment of principal amount | 49,280 | $ 13,440 | ||||||||||||||||||||||||||
Remaninig balance paid | 49,280 | $ 98,560 | ||||||||||||||||||||||||||
Conversion price | $ 0.07 | |||||||||||||||||||||||||||
Convertible Note [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||
Maturity date | Sep. 5, 2020 | |||||||||||||||||||||||||||
Principal amount | $ 75,000 | |||||||||||||||||||||||||||
Conversion description | The Note will mature on September 5, 2020. The Note is convertible into shares of common stock at any time on or after the 180th calendar day after the issue date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. | |||||||||||||||||||||||||||
Purchase price | $ 67,500 | |||||||||||||||||||||||||||
Converted shares | 8,600,000 | |||||||||||||||||||||||||||
Convertible note, rate of interest | 5.00% | |||||||||||||||||||||||||||
Convertible Note One [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||
Maturity date | Jul. 31, 2020 | |||||||||||||||||||||||||||
Principal amount | $ 75,000 | |||||||||||||||||||||||||||
Conversion description | The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. | |||||||||||||||||||||||||||
Purchase price | $ 67,500 | |||||||||||||||||||||||||||
Converted shares | 10,181,813 | |||||||||||||||||||||||||||
Convertible note, rate of interest | 5.00% | |||||||||||||||||||||||||||
Convertible Note Two [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||
Maturity date | Jun. 8, 2021 | May 4, 2021 | Nov. 22, 2020 | |||||||||||||||||||||||||
Principal amount | $ 63,000 | $ 103,000 | $ 40,500 | |||||||||||||||||||||||||
Conversion description | The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) 50% multiplied by the lowest “Trading Price” (defined below) (representing a discount rate of 50% during the prior date of his Note or (ii) the Variable Conversion Price (defined below) (subject to equitable adjustment as further described herein). | |||||||||||||||||||||||||||
Purchase price | $ 36,500 | |||||||||||||||||||||||||||
Converted shares | 7,750,000 | |||||||||||||||||||||||||||
Convertible note, rate of interest | 12.00% | 12.00% | 50.00% | |||||||||||||||||||||||||
Variable conversion price | 50% multiplied by the Market Price | |||||||||||||||||||||||||||
Discount rate | 50.00% | |||||||||||||||||||||||||||
Convertable note | $ 63,000 | $ 103,000 | ||||||||||||||||||||||||||
Penalties | $ 29,878 | $ 48,971 | ||||||||||||||||||||||||||
October 28, 2020 [Member] | ||||||||||||||||||||||||||||
Remaninig balance paid | $ 112,500 | |||||||||||||||||||||||||||
November 1, 2018 [Member] | SBA Note Payable [Member] | Cross-Bo [Member] | ||||||||||||||||||||||||||||
Repayment of principal amount | 50,547 | 38,268 | ||||||||||||||||||||||||||
Principal and interest , total | 57,617 | |||||||||||||||||||||||||||
Note payable | 1,309,534 | $ 1,359,961 | $ 1,359,961 | |||||||||||||||||||||||||
Net cash proceeds | $ 50,000 | $ 75,000 | ||||||||||||||||||||||||||
Default interest rate | 6.00% | 8.50% | 5.99% | 2.75% | ||||||||||||||||||||||||
Maturity date | May 6, 2025 | Dec. 7, 2028 | Dec. 25, 2019 | Jan. 16, 2021 | Nov. 14, 2033 | Nov. 1, 2028 | ||||||||||||||||||||||
Periodic payment , monthly | $ 6,873 | $ 664 | $ 1,403 | $ 19,049 | ||||||||||||||||||||||||
Principal amount | $ 355,484 | $ 84,200 | $ 1,569,800 | $ 1,569,800 | ||||||||||||||||||||||||
Equipment purchased | $ 14,988 | |||||||||||||||||||||||||||
March 1, 2021 [Member] | Paycheck Protection Program [Member] | ||||||||||||||||||||||||||||
Note payable | $ 340,412 | |||||||||||||||||||||||||||
Default interest rate | 1.00% | |||||||||||||||||||||||||||
Proceeds from loan | $ 340,412 | |||||||||||||||||||||||||||
Maturity date , description | Maturity in march 2026 | |||||||||||||||||||||||||||
March 1, 2021 [Member] | Paycheck Protection Program [Member] | Cross-Bo [Member] | ||||||||||||||||||||||||||||
Note payable | $ 136,025 | |||||||||||||||||||||||||||
Default interest rate | 1.00% | |||||||||||||||||||||||||||
Proceeds from loan | $ 136,025 | |||||||||||||||||||||||||||
Maturity date , description | Maturity in march 2026 | |||||||||||||||||||||||||||
January 27, 2021 [Member] | ||||||||||||||||||||||||||||
Note payable | $ 287,500 | |||||||||||||||||||||||||||
Unamortized discounts convertible notes | 26,786 | |||||||||||||||||||||||||||
Amortization of debt discounts | $ 10,714 | |||||||||||||||||||||||||||
Maturity date | Aug. 27, 2021 | |||||||||||||||||||||||||||
Convertible note payable | $ 287,500 | |||||||||||||||||||||||||||
Convertible Note discount | 37,500 | |||||||||||||||||||||||||||
Fees | 12,500 | |||||||||||||||||||||||||||
Interest paid | $ 78,344 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other receivables, related party | $ 253,772 | $ 147,553 | $ 10,800 |
William Robinson [Member] | |||
Other receivables, related party | $ 253,772 | $ 147,553 |
COMMON AND PREFERRED STOCK (Det
COMMON AND PREFERRED STOCK (Details Narrative) - USD ($) | Mar. 31, 2021 | Mar. 19, 2021 | Feb. 17, 2021 | Feb. 01, 2021 | Jan. 19, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | ||||
Common stock, shares issued | 130,170,804 | 120,200,005 | 75,135,000 | ||||
Common stock, shares outstanding | 130,170,804 | 120,200,005 | 75,135,000 | ||||
Common stock issued | 500,000 | 4,000,000 | 4,000,000 | 1,470,799 | |||
Cash proceeds | $ 220,000 | $ 49,301 | |||||
Common stock shares issued, amount | $ 130,171 | $ 200,000 | $ 120,200 | ||||
Series A Preferred Stock [Member] | |||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||||
Preferred stock, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||
Preferred stock, shares issued | 20,000,000 | 20,000,000 | 20,000,000 | ||||
Preferred stock, shares outstanding | 20,000,000 | 20,000,000 | 20,000,000 | ||||
Series C Preferred Stock [Member] | |||||||
Preferred stock, shares authorized | 11,442,857 | 11,442,857 | 11,442,857 | ||||
Preferred stock, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||
Preferred stock, shares issued | 11,442,857 | 11,442,857 | 11,442,857 | ||||
Preferred stock, shares outstanding | 11,442,857 | 11,442,857 | 11,442,857 | ||||
Series B Preferred Stock [Member] | |||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | ||||
Preferred stock, par value | $ 0.0001 | $ 0.00001 | $ 0.0001 | ||||
Preferred stock, shares issued | 0 | 0 | 0 | ||||
Preferred stock, shares outstanding | 0 | 0 | 0 |
DISAGGREGATED REVENUES (Details
DISAGGREGATED REVENUES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 370,636 | $ 4,124,300 | $ 233,249 |
Concentration of credit risk | 0.00% | 0.00% | 100.00% |
Training Seminars [Member] | |||
Revenue | $ 0 | ||
Concentration of credit risk | 0.00% | 0.00% | 100.00% |
Personal Protective Equipment [Member] | |||
Revenue | $ 19,494 | ||
Concentration of credit risk | 5.30% | 76.20% | 0.00% |
Constructions [Member] | |||
Revenue | $ 77,350 | ||
Concentration of credit risk | 20.90% | 9.80% | 0.00% |
Managements [Member] | |||
Revenue | $ 244,002 | ||
Concentration of credit risk | 65.80% | 12.50% | 0.00% |
Repair & Maintenance [Member] | |||
Revenue | $ 29,790 | ||
Concentration of credit risk | 8.00% | 1.50% | 0.00% |
DISAGGREGATED REVENUES (Detai_2
DISAGGREGATED REVENUES (Details 1) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration of credit risk, Total | 0.00% | 0.00% | 100.00% |
Customer F [Member] | |||
Construction, concentration of credit risk | 28.40% | ||
Customer C [Member] | |||
Construction, concentration of credit risk | 52.90% | ||
Customer D [Member] | |||
Construction, concentration of credit risk | 14.30% | ||
Repair and Maintanence, concentration of credit risk | 35.20% | ||
Customer G [Member] | |||
Construction, concentration of credit risk | 18.50% | ||
Customer H [Member] | |||
Repair and Maintanence, concentration of credit risk | 24.90% | ||
Customer I [Member] | |||
Repair and Maintanence, concentration of credit risk | 13.70% | ||
Customer J [Member] | |||
Repair and Maintanence, concentration of credit risk | 12.30% | ||
Customer E [Member] | |||
Construction, concentration of credit risk | 31.10% | ||
Customer B [Member] | |||
Construction, concentration of credit risk | 39.70% | ||
Concentration of credit risk, Total | 30.20% | ||
Customer A [Member] | |||
Construction, concentration of credit risk | 44.40% | ||
Concentration of credit risk, Total | 33.80% |
DISAGGREGATED REVENUES (Detai_3
DISAGGREGATED REVENUES (Details 2) | 12 Months Ended |
Dec. 31, 2020 | |
Customer C [Member] | |
Accounts receivable concentration, percentage | 13.00% |
Customer K [Member] | |
Accounts receivable concentration, percentage | 18.20% |
Customer E [Member] | |
Accounts receivable concentration, percentage | 38.90% |
UMC ACQUISITION (Details)
UMC ACQUISITION (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
INCOME TAXES | |||
Cash | $ 317,136 | ||
Accounts receivables, net of allowances | 239,964 | ||
Other current assets | $ 2,165 | 2,165 | $ 7,060 |
Property and equipments | 567,216 | ||
Goodwill | $ 3,553,698 | 3,553,698 | $ 0 |
Accounts payables | (62,877) | ||
Accrued expenses, net | (57,553) | ||
Notes payables | (3,259,749) | ||
Total assets and liabilities | $ 1,300,000 |
UMC ACQUISITION (Details 1 )
UMC ACQUISITION (Details 1 ) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 370,636 | $ 4,124,300 | $ 233,249 | |
Cost of Revenues | 224,986 | 3,468,096 | 117,486 | |
Gross Profit | 145,650 | 656,204 | 115,763 | |
Operating Expenses | ||||
General and administrative | 511,012 | 2,135,222 | 1,677,002 | |
Depreciation | 159,018 | 80,981 | 0 | |
Total operating expenses | 670,030 | 2,216,203 | 1,677,002 | |
Other income and (expense) | ||||
Interest expense | (95,837) | (195,963) | 0 | |
Income tax benefit | 0 | (110,901) | ||
Net loss | (316,250) | $ (99,274) | (1,752,529) | (1,450,338) |
Other Comprehensive Income | ||||
Foreign currency translation adjustment | $ 0 | $ (2,616) | $ 4,075 | |
Weighted Average Number of Common - basic and diluted | 125,871,414 | 94,092,907 | 75,070,205 | |
UMC [Member] | ||||
Revenues | $ 3,690,530 | |||
Cost of Revenues | 2,408,090 | |||
Gross Profit | 1,282,440 | |||
Operating Expenses | ||||
General and administrative | 1,151,330 | |||
Depreciation | 194,068 | |||
Gain on disposition of assets | (49,436) | |||
Total operating expenses | 1,295,962 | |||
Loss from operations | (13,522) | |||
Other income and (expense) | ||||
Interest expense | (202,362) | |||
Total other expense | (202,362) | |||
Income tax benefit | 0 | |||
Net loss | (215,884) | |||
Other Comprehensive Income | ||||
Foreign currency translation adjustment | 0 | |||
Comprehensive loss | $ (215,884) | |||
Loss per common share - basic and diluted | $ 0 | |||
Weighted Average Number of Common - basic and diluted | ||||
Renavotio [Member] | ||||
Revenues | $ 233,249 | |||
Cost of Revenues | 117,486 | |||
Gross Profit | 115,763 | |||
Operating Expenses | ||||
General and administrative | 1,677,002 | |||
Depreciation | 0 | |||
Gain on disposition of assets | 0 | |||
Total operating expenses | 1,677,002 | |||
Loss from operations | (1,561,239) | |||
Other income and (expense) | ||||
Interest expense | 0 | |||
Total other expense | 0 | |||
Income tax benefit | (110,901) | |||
Net loss | (1,450,338) | |||
Other Comprehensive Income | ||||
Foreign currency translation adjustment | 4,075 | |||
Comprehensive loss | $ (1,446,263) | |||
Loss per common share - basic and diluted | $ (0.02) | |||
Weighted Average Number of Common - basic and diluted | 75,070,205 | |||
Pro Forma Combined [Member] | ||||
Revenues | $ 3,923,779 | |||
Cost of Revenues | 2,515,576 | |||
Gross Profit | 1,398,203 | |||
Operating Expenses | ||||
General and administrative | 2,828,332 | |||
Depreciation | 194,068 | |||
Gain on disposition of assets | (49,436) | |||
Total operating expenses | 2,972,964 | |||
Loss from operations | (1,574,761) | |||
Other income and (expense) | ||||
Interest expense | (202,362) | |||
Total other expense | (202,362) | |||
Income tax benefit | (110,901) | |||
Net loss | (1,666,222) | |||
Other Comprehensive Income | ||||
Foreign currency translation adjustment | 4,075 | |||
Comprehensive loss | $ (1,662,147) | |||
Loss per common share - basic and diluted | $ (0.02) | |||
Weighted Average Number of Common - basic and diluted | 93,641,633 | |||
Pro Forma Adjustment [Member] | ||||
Revenues | $ 0 | |||
Cost of Revenues | 0 | |||
Gross Profit | 0 | |||
Operating Expenses | ||||
General and administrative | 0 | |||
Depreciation | 0 | |||
Gain on disposition of assets | 0 | |||
Total operating expenses | 0 | |||
Loss from operations | 0 | |||
Other income and (expense) | ||||
Interest expense | 0 | |||
Total other expense | 0 | |||
Income tax benefit | 0 | |||
Net loss | 0 | |||
Other Comprehensive Income | ||||
Foreign currency translation adjustment | 0 | |||
Comprehensive loss | $ 0 | |||
Loss per common share - basic and diluted | $ 0 | |||
Weighted Average Number of Common - basic and diluted | 18,571,428 |
UMC ACQUISITION (Details Narrat
UMC ACQUISITION (Details Narrative) - UMC [Member] | Jul. 15, 2020USD ($) |
Infratech acquired ownership | 100.00% |
Common stock share value | $ 1,300,000 |
Goodwill | $ 3,553,698 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME TAXES | ||
Federal tax statutory rate | 21.00% | 21.00% |
Effect of Hong Kong statutory tax rate | 0.00% | 7.00% |
Effect of PRC statutory tax rate | 0.00% | 0.00% |
Valuation allowance | (21.00%) | (21.00%) |
Effective rate | 0.00% | 7.00% |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax asset | ||
Net operating loss carryforwards | $ 632,000 | $ 264,000 |
Valuation allowance | $ (632,000) | $ (264,000) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME TAXES | ||
Increase in net deferred tax asset and valuation allowance | $ 368,000 | $ 125,000 |
Net operating loss carry forwards | $ (3,077,000) | $ (1,324,000) |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | |||||||
Apr. 30, 2021 | May 05, 2021 | Mar. 31, 2021 | Mar. 19, 2021 | Feb. 17, 2021 | Feb. 01, 2021 | Jan. 19, 2021 | Dec. 31, 2020 | |
Common stock issued | 500,000 | 4,000,000 | 4,000,000 | 1,470,799 | ||||
Common stock shares issued, amount | $ 130,171 | $ 200,000 | $ 120,200 | |||||
Third Party [Member] | Securities Purchase Agreement [Member] | Subsequent Event [Member] | ||||||||
Advanced received from related party | $ 220,000 | |||||||
Advanced from related party | 275,000 | |||||||
Total amount | $ 495,000 | |||||||
Common stock issued | 9,250,000 | |||||||
Common stock shares issued, amount | $ 495,000 |