Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Apr. 15, 2021 | Jun. 30, 2020 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | HAHA GENERATION CORP. | ||
Entity Central Index Key | 0001655008 | ||
Entity Current Reporting Status | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 278,368,460 | ||
Entity Public Float | $ 0 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Shell Company | true | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 4,001 | $ 9,972 |
Prepaid expenses | 1,124 | |
Total current assets | 4,001 | 11,096 |
Total Assets | 4,001 | 11,096 |
Current Liabilities | ||
Accrued expense and other liabilities | 12,376 | 24,000 |
Due to shareholders | 56,121 | 20,187 |
Total current liabilities | 68,497 | 44,187 |
Total liabilities | 68,497 | 44,187 |
Stockholders' Equity (Deficit) | ||
Preferred stock, $0.001 par value; 20,000,000 shares authorized, 0 shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; 1,000,000,000 shares authorized, 1,498,280 shares issued and outstanding | 1,498 | 1,498 |
Additional paid-in capital | 588,371 | 588,371 |
Accumulated deficit | (654,365) | (622,960) |
Total stockholders' deficit | (64,496) | (33,091) |
Total Liabilities and Stockholders' Deficit | $ 4,001 | $ 11,096 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 1,498,280 | 1,498,280 |
Common stock, shares outstanding | 1,498,280 | 1,498,280 |
STATEMENTS OF OPERATIONS (UNAUD
STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Net revenue | $ 0 | $ 0 |
General and administrative expenses | 31,416 | 85,750 |
Loss from operations | (31,416) | (85,750) |
Other income (expense) | ||
Interest income | 11 | 115 |
Interest expense - related parties | (1,341) | |
Gain on forgiveness of debt | 60,000 | |
Total other income (expense) | 11 | 58,774 |
Loss before income taxes | (31,405) | (26,976) |
Provision for income taxes | 0 | 0 |
Net loss | $ (31,405) | $ (26,976) |
Net loss per share | ||
Basic and diluted (in dollars per share) | $ (0.02) | $ (0.02) |
Weighted Average Shares Outstanding: | ||
Basic and diluted (in shares) | 1,498,280 | 1,498,280 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2018 | $ 1,498 | $ 311,501 | $ (595,984) | $ (282,985) |
Balance (in shares) at Dec. 31, 2018 | 1,498,280 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Capital contribution by related party through debt conversion | 276,870 | 276,870 | ||
Net loss | (26,976) | (26,976) | ||
Balance at Dec. 31, 2019 | $ 1,498 | 588,371 | (622,960) | (33,091) |
Balance (in shares) at Dec. 31, 2019 | 1,498,280 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | (31,405) | (31,405) | ||
Balance at Dec. 31, 2020 | $ 1,498 | $ 588,371 | $ (654,365) | $ (64,496) |
Balance (in shares) at Dec. 31, 2020 | 1,498,280 |
STATEMENTS OF CASH FLOWS (UNAUD
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities | ||
Net loss | $ (31,405) | $ (26,976) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Gain on forgiveness of debt | (60,000) | |
Changes in assets and liabilities: | ||
Decrease in prepaid expenses | 1,124 | |
(Decrease) increase in accrued expenses | (11,624) | 46,000 |
Increase in due to related parties | 35,934 | 16,490 |
Increase in accrued interest - related parties | 1,341 | |
Net cash used in operating activities | (5,971) | (23,145) |
Net decrease in cash and cash equivalents | (5,971) | (23,145) |
Cash and Cash Equivalents | ||
Beginning | 9,972 | 33,117 |
Ending | 4,001 | 9,972 |
Cash paid during the year for: | ||
Interest | 0 | 0 |
Income taxes | $ 0 | 0 |
Non-cash financing and investing activities | ||
Capital contribution by related party through debt conversion | $ 276,870 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES Basis of Presentation and Organization HAHA Generation Corp. (the ''Company'' ) was incorporated on June 10, 2014 in the State of Nevada. The Company has conducted limited business operations and had no revenues from operations since its inception. The Company's business plan is to distribute fabrics that were made out of silicon crystals. The Company is in the process of evaluating potential business opportunities, although the Company cannot give any assurance that it will be able to acquire or commence profitable operations. The Company's fiscal year-end is December 31. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As of December 31, 2020, the Company has not emerged from the development stage and had limited operations. In view of these matters, the Company's ability to continue as a going concern is dependent upon the Company's ability to begin operations and to achieve a level of profitability. The Company intends on financing its future development activities and its working capital needs largely from the sale of public equity securities with some additional funding from a loan commitment of $100,000 from Fang-Ying Liao, our president and sole director, which commitment is for 24 months, and all amounts lent by Ms. Fang-Ying Liao pursuant to that commitment shall not accrue interest and shall be payable on demand; provided however, such command will not be made prior to the expiration of that 24-month period after the date of that commitment, which date was April 1, 2020. The financial statements of the Company did not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. As shown in the accompanying financial statements, the Company has incurred loss from operations of $31,405 for the year ended December 31, 2020, and had an accumulated deficit of $654,365 as of December 31, 2020. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company faces all the risks common to companies at development stage, including capitalization and uncertainty of funding sources, high initial expenditure levels, uncertain revenue streams, and difficulties in managing growth. The Company's losses raise substantial doubt about its ability to continue as a going concern. The Company's financial statements do not reflect any adjustments that might result from the outcome of this uncertainty. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its planned business. The Company plans to seek additional funds through private placements of its equity securities and/or capital contributions and loans from officer and director. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The financial statements included in the registration statement of which this prospectus is a part do not include any adjustments that might occur from this uncertainty. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America, requires 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Classification Certain classifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net loss or accumulated deficit. Cash and Cash Equivalents Cash and cash equivalents include cash and all highly liquid instruments with original maturities of three months or less. Concentration of Credit Risk The Company's financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in high quality credit institutions in Taiwan, but these investments may be in excess of Taiwan Central Deposit Insurance Corporation's insurance limits. The Company does not enter into financial instruments for hedging, trading, or speculative purposes. Concentration of credit risk with respect to accounts receivables is limited due to the wide variety of customers and markets in which the Company transacts business, as well as their dispersion across many geographical areas. The Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions. Beneficial Conversion Feature From time to time, the Company may issue convertible notes that may contain an imbedded beneficial conversion feature. A beneficial conversion feature exists on the date a convertible note is issued when the fair value of the underlying common stock to which the note is convertible into is in excess of the remaining unallocated proceeds of the note after first considering the allocation of a portion of the note proceeds to the fair value of the warrants, if related warrants have been granted. The intrinsic value of the beneficial conversion feature is recorded as a debt discount with a corresponding amount to additional paid in capital. The debt discount is amortized to interest expense over the life of the note using the effective interest method. Fair Value Measurements FASB ASC 820, ''Fair Value Measurements'' defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows: Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available. Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, prepaid expenses, accrued expenses, and due to shareholders, approximate fair value due to their relatively short maturities. Revenue Recognition Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: identify the contract with a customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to performance obligations in the contract; and recognize revenue as the performance obligation is satisfied. During the years ended December 31, 2020 and 2019, the Company has not realized any revenues from operations. Net Loss per Share Basic income (loss) per share is computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. For the years ended December 31, 2020 and 2019, the Company does not have any outstanding common stock equivalents; therefore, a separate computation of diluted loss per share is not presented. Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some or all of any deferred tax assets will not be realized. Recent Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in accounting standards. The amendments in the ASU are effective for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The Company is currently evaluating the effect, if any, that the ASU will have on its financial statements. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Expenses [Abstract] | |
ACCRUED EXPENSES | NOTE 2. ACCRUED EXPENSES Accrued expenses consist of the following: December 31, December 31, 2020 2019 Accrued professional fees $ 12,376 $ 24,000 On May 5, 2017, the Company and ACE Global Advisory, Inc., (the ''Consultant'' ), a California corporation, entered into a consulting agreement (the ''ACE Agreement'' ) expiring on December 31, 2018, pursuant to which the Company agreed to pay an aggregate amount of $250,000 to the Consultant. On April 22, 2019, the Consultant agreed to forgive the remaining balance of $60,000. The Company has recorded the gain on forgiveness of debt as other income in the Statements of Operations during the year ended December 31, 2019. |
DUE TO RELATED PARTIES
DUE TO RELATED PARTIES | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
DUE TO RELATED PARTIES | NOTE 3. DUE TO RELATED PARTIES The Company has advanced funds from its shareholders for working capital purposes. As of December 31, 2020 and 2019, there were $56,121 and $20,187 advances outstanding. The Company has agreed that the outstanding balances bear 0% interest rate and are due upon demand after 30 days written notice by the shareholders. |
CONVERTIBLE NOTES PAYABLE - REL
CONVERTIBLE NOTES PAYABLE - RELATED PARTIES | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES PAYABLE - RELATED PARTIES | NOTE 4. CONVERTIBLE NOTES PAYABLE - RELATED PARTIES 1% Unsecured Convertible Promissory Notes dated September 8, 2017 On September 8, 2017, the Company sold $271,960 in aggregate principal amount of convertible promissory note (the ''Convertible Promissory Notes'' ) to Shiny City Co., Ltd. (the ''Shiny City'' ), a Taiwanese company owned by a major shareholder of the Company. The Convertible Promissory Notes will mature on September 7, 2020 with accrued interest at 1% per annum due upon maturity. On July 24, 2019, the Company and Shiny City entered into an addendum to the Convertible Promissory Notes, pursuant to which the Company agreed to issue 276,870,180 shares of common stock of the Company to Shiny City at a conversion price of $0.001 per share to repay the Convertible Promissory Notes in full, including the principal amount of $271,960 and accrued interest of $4,910 as of June 30, 2019. As of December 31, 2020, these shares have not been issued. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 5. INCOME TAXES The Company files income tax returns in the U.S. federal jurisdiction. The Company is not currently under examination by the Internal Revenue Service or any state income tax authorities. The 2016 through 2018 tax years remain subject to examination by the Internal Revenue Service. On December 22, 2017 H.R. 1, originally known as the Tax Cuts and Jobs Act, (the Tax Act) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Act lowers the U.S. federal corporate income tax rate (the “Federal Tax Rate”) from 35% to 21% effective January 1, 2018. The 21% Federal Tax Rate will apply to earnings reported for the full 2018 fiscal year. In addition, the Company must re-measure its net deferred tax assets and liabilities using the Federal Tax Rate that will apply when these amounts are expected to reverse. As of December 31, 2020 and 2019, the Company can determine a reasonable estimate for certain effects of tax reform and is recording that estimate as a provisional amount. The provisional remeasurement of the deferred tax assets and allowance valuation of deferred tax assets resulted in a net effect of $0 discrete tax expenses (benefit). As of December 31, 2020, the Company had net operating loss carry forwards of approximately $654,365 that may be available to reduce future years’ taxable income. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The provision for federal income tax consists of the following: For the Years Ended December 31, 2020 2019 Federal income tax expenses (benefit) attributable to: Current Operations $ (6,595 ) $ (5,665 ) Less: valuation allowance 6,595 5,665 Net provision for Federal income taxes $ — $ — The significant items comprising the Company’s net deferred tax amount as of December 31, 2020 and 2019 is as follows: 2020 2019 Deferred tax asset attributable to: Net operating loss carryover $ 137,416 $ 130,821 Less: valuation allowance (137,416 ) (130,821 ) Net deferred tax asset $ — $ — The difference between the effective rate reflected in the provision for income taxes on loss before taxes and the amounts determined by applying the applicable statutory U.S. tax rate for the years ended December 31, 2020 and 2019 are analyzed below: For the Years Ended December 31, 2020 2019 Statutory tax benefit (21 %) (21 %) Change in deferred tax asset valuation allowance 21 % 21 % Provision for income taxes — % — % For the year ended December 31, 2020 and 2019, the Company had no unrecognized tax benefits and related interest and penalties expenses. Currently, the Company is not subject to examination by major tax jurisdictions. |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY (DEFICIT) | NOTE 6. STOCKHOLDERS’ EQUITY (DEFICIT) On June 20, 2016, the Company, pursuant to action by a Written Consent of Sole Director, filed a Certificate of Change with the Nevada Secretary of State to increase the authorized number of shares of the Company’s common stock to 25,000,000 5 for 1 basis $0.1, Effective on January 5, 2019, the Company amended its Articles of Incorporation to increase the number of common stock authorized from 25,000,000 to 1,000,000,000, and to change par value of common stock from $0.1 to $0.001, and to increase the number of preferred stock authorized from 0 to 20,000,000, par value of $0.001. On July 24, 2019, the Company and Shiny City entered into an addendum to the Convertible Promissory Notes, pursuant to which the Company agreed to issue 276,870,180 shares of common stock to Shiny City at a conversion price of $0.001 per share to repay the Convertible Promissory Notes in full, including the principal amount of $271,960 and accrued interest of $4,910 as of June 30, 2019. As of December 31, 2020, these shares have not been issued (see Note 4). |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7. SUBSEQUENT EVENTS On February 8, 2021, the Company issued 276,870,180 shares of common stock to Shiny City at a conversion price equal to $0.001 per share to repay the Convertible Promissory Notes in full, including the principal amount of $271,960 and accrued interest of $4,910 as of June 30, 2019 (see Note 4 and 6). Management has evaluated subsequent events through the date which the financial statements are available to be issued. All subsequent events requiring recognition as of December 31, 2020 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, ''Subsequent Events.'' |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Organization | Basis of Presentation and Organization HAHA Generation Corp. (the ''Company'' ) was incorporated on June 10, 2014 in the State of Nevada. The Company has conducted limited business operations and had no revenues from operations since its inception. The Company's business plan is to distribute fabrics that were made out of silicon crystals. The Company is in the process of evaluating potential business opportunities, although the Company cannot give any assurance that it will be able to acquire or commence profitable operations. The Company's fiscal year-end is December 31. |
Going Concern | Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As of December 31, 2020, the Company has not emerged from the development stage and had limited operations. In view of these matters, the Company's ability to continue as a going concern is dependent upon the Company's ability to begin operations and to achieve a level of profitability. The Company intends on financing its future development activities and its working capital needs largely from the sale of public equity securities with some additional funding from a loan commitment of $100,000 from Fang-Ying Liao, our president and sole director, which commitment is for 24 months, and all amounts lent by Ms. Fang-Ying Liao pursuant to that commitment shall not accrue interest and shall be payable on demand; provided however, such command will not be made prior to the expiration of that 24-month period after the date of that commitment, which date was April 1, 2020. The financial statements of the Company did not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. As shown in the accompanying financial statements, the Company has incurred loss from operations of $31,405 for the year ended December 31, 2020, and had an accumulated deficit of $654,365 as of December 31, 2020. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company faces all the risks common to companies at development stage, including capitalization and uncertainty of funding sources, high initial expenditure levels, uncertain revenue streams, and difficulties in managing growth. The Company's losses raise substantial doubt about its ability to continue as a going concern. The Company's financial statements do not reflect any adjustments that might result from the outcome of this uncertainty. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its planned business. The Company plans to seek additional funds through private placements of its equity securities and/or capital contributions and loans from officer and director. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The financial statements included in the registration statement of which this prospectus is a part do not include any adjustments that might occur from this uncertainty. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America, requires 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Classification | Classification Certain classifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net loss or accumulated deficit. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and all highly liquid instruments with original maturities of three months or less. |
Concentration of Credit Risk | Concentration of Credit Risk The Company's financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in high quality credit institutions in Taiwan, but these investments may be in excess of Taiwan Central Deposit Insurance Corporation's insurance limits. The Company does not enter into financial instruments for hedging, trading, or speculative purposes. Concentration of credit risk with respect to accounts receivables is limited due to the wide variety of customers and markets in which the Company transacts business, as well as their dispersion across many geographical areas. The Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions. |
Beneficial Conversion Feature | Beneficial Conversion Feature From time to time, the Company may issue convertible notes that may contain an imbedded beneficial conversion feature. A beneficial conversion feature exists on the date a convertible note is issued when the fair value of the underlying common stock to which the note is convertible into is in excess of the remaining unallocated proceeds of the note after first considering the allocation of a portion of the note proceeds to the fair value of the warrants, if related warrants have been granted. The intrinsic value of the beneficial conversion feature is recorded as a debt discount with a corresponding amount to additional paid in capital. The debt discount is amortized to interest expense over the life of the note using the effective interest method. |
Fair Value Measurements | Fair Value Measurements FASB ASC 820, ''Fair Value Measurements'' defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows: Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available. Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, prepaid expenses, accrued expenses, and due to shareholders, approximate fair value due to their relatively short maturities. |
Revenue Recognition | Revenue Recognition Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: identify the contract with a customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to performance obligations in the contract; and recognize revenue as the performance obligation is satisfied. During the years ended December 31, 2020 and 2019, the Company has not realized any revenues from operations. |
Net Loss per Share | Net Loss per Share Basic income (loss) per share is computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. For the years ended December 31, 2020 and 2019, the Company does not have any outstanding common stock equivalents; therefore, a separate computation of diluted loss per share is not presented. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some or all of any deferred tax assets will not be realized. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in accounting standards. The amendments in the ASU are effective for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The Company is currently evaluating the effect, if any, that the ASU will have on its financial statements. |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Expenses [Abstract] | |
Schedule of accrued expenses | December 31, December 31, 2020 2019 Accrued professional fees $ 12,376 $ 24,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for federal income tax | For the Years Ended December 31, 2020 2019 Federal income tax expenses (benefit) attributable to: Current Operations $ (6,595 ) $ (5,665 ) Less: valuation allowance 6,595 5,665 Net provision for Federal income taxes $ — $ — |
Schedule of cumulative tax effect at net deferred tax | 2020 2019 Deferred tax asset attributable to: Net operating loss carryover $ 137,416 $ 130,821 Less: valuation allowance (137,416 ) (130,821 ) Net deferred tax asset $ — $ — |
Schedule of provision for income taxes on loss before taxes | For the Years Ended December 31, 2020 2019 Statutory tax benefit (21 %) (21 %) Change in deferred tax asset valuation allowance 21 % 21 % Provision for income taxes — % — % |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Detail Textuals) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Nature of operations and Summary of Accounting Policies [Line Items] | ||
Net loss | $ (31,405) | $ (26,976) |
Accumulated deficit | (654,365) | $ (622,960) |
Fang-Ying Liao | ||
Nature of operations and Summary of Accounting Policies [Line Items] | ||
Additional funding from loan commitment | $ 100,000 | |
Period for loan commitment | 24 months |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Expenses [Abstract] | ||
Accrued professional fees | $ 12,376 | $ 24,000 |
ACCRUED EXPENSES (Detail Textua
ACCRUED EXPENSES (Detail Textuals) - USD ($) | May 05, 2017 | Apr. 22, 2019 | Dec. 31, 2019 |
Accrued Expenses [Line Items] | |||
Gain on forgiveness of debt | $ 60,000 | ||
ACE Global Advisory, Inc | |||
Accrued Expenses [Line Items] | |||
Consultant aggregate amount | $ 250,000 | ||
Gain on forgiveness of debt | $ 60,000 |
DUE TO RELATED PARTIES (Detail
DUE TO RELATED PARTIES (Detail Textuals) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions [Abstract] | ||
Due to shareholders | $ 56,121 | $ 20,187 |
Percentage of outstanding balances interest rate | 0.00% | |
Written notice by the shareholder | 30 days |
CONVERTIBLE NOTES PAYABLE - R_2
CONVERTIBLE NOTES PAYABLE - RELATED PARTIES (Detail Textuals) - Convertible promissory note (the Convertible Notes) - Shiny City Co., Ltd. (the Shiny City) - USD ($) | Sep. 08, 2017 | Jul. 24, 2019 |
Debt Instrument [Line Items] | ||
Convertible notes payable - related parties | $ 271,960 | |
Convertible notes, maturity date | Sep. 7, 2020 | |
Percentage of accrued interest per annum (in percent) | 1.00% | |
Capital contribution by related party through debt conversion (in shares) | 276,870,180 | |
Conversion price of notes converted into common stock (in dollars per share) | $ 0.001 | |
Convertible promissory notes principal amount | $ 271,960 | |
Accrued interest - related parties | $ 4,910 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal income tax expenses (benefit) attributable to: | ||
Current operations | $ (6,595) | $ (5,665) |
Less: valuation allowance | 6,595 | 5,665 |
Net provision for Federal income taxes | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 137,416 | $ 130,821 |
Less: valuation allowance | (137,416) | (130,821) |
Net deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Statutory tax benefit | (21.00%) | (21.00%) |
Change in deferred tax asset valuation allowance | 21.00% | 21.00% |
Provision for income taxes | 0.00% | 0.00% |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | ||
U.S. federal corporate income tax rate | 21.00% | 21.00% |
Discrete tax expenses (benefit) | $ 0 | $ 0 |
Net operating loss carryforwards | $ 654,365 | |
Earliest | ||
Operating Loss Carryforwards [Line Items] | ||
U.S. federal corporate income tax rate | 35.00% | |
Latest | ||
Operating Loss Carryforwards [Line Items] | ||
U.S. federal corporate income tax rate | 21.00% |
STOCKHOLDERS EQUITY (DEFICIT) (
STOCKHOLDERS EQUITY (DEFICIT) (Detail Textuals) - USD ($) | 1 Months Ended | |||
Jul. 24, 2019 | Jun. 20, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders Equity [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.1 | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 25,000,000 | 1,000,000,000 | 1,000,000,000 | |
Forward stock split | 5 for 1 basis | |||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Shiny City Co., Ltd | Convertible promissory note (the Convertible Notes) | ||||
Stockholders Equity [Line Items] | ||||
Capital contribution by related party through debt conversion (in shares) | 276,870,180 | |||
Conversion price of notes converted into common stock (in dollars per share) | $ 0.001 | |||
Principal amount of convertible promissory debt | $ 271,960 | |||
Accrued interest - related parties | $ 4,910 |
SUBSEQUENT EVENTS (Detail Textu
SUBSEQUENT EVENTS (Detail Textuals) - Convertible Notes Payable [Member] - Shiny City Co Ltd [Member] - USD ($) | Feb. 08, 2021 | Jul. 24, 2019 |
Subsequent Event [Line Items] | ||
Common stock issued to related parties through debt conversion (in shares) | 276,870,180 | |
Conversion price of notes converted into common stock | $ 0.001 | |
Debt Conversion, Converted Instrument, Amount | $ 271,960 | |
Accrued interest - related parties | $ 4,910 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Common stock issued to related parties through debt conversion (in shares) | 276,870,180 | |
Conversion price of notes converted into common stock | $ 0.001 |