Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Apr. 16, 2019 | Jun. 30, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | Deseo Swimwear Inc. | ||
Entity Central Index Key | 0001670196 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 64,242,500 | ||
Entity Public Float | $ 0 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Ex Transition Period | false | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | true |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash | $ 2,481 | $ 2,481 |
TOTAL ASSETS | 2,481 | 2,481 |
CURRENT LIABILITIES | ||
Accounts payable | 6,600 | 4,500 |
Due to related party | 50,563 | 32,194 |
TOTAL LIABILITIES | 57,163 | 36,694 |
STOCKHOLDERS' DEFICIT | ||
Common stock, $0.001 par value, 75,000,000 shares authorized, 64,242,500 shares issued and outstanding | 64,242 | 64,242 |
Additional paid-in capital (deficiency) | (45,887) | (45,887) |
Accumulated deficit | (73,037) | (52,568) |
TOTAL STOCKHOLDERS' DEFICIT | (54,682) | (34,213) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 2,481 | $ 2,481 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
STOCKHOLDERS' DEFICIT | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 75,000,000 | 75,000,000 |
Common Stock, shares issued | 64,242,500 | 64,242,500 |
Common Stock, shares outstanding | 64,242,500 | 64,242,500 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING EXPENSES | ||
General and administrative | $ 20,469 | $ 17,912 |
TOTAL OPERATING EXPENSES | (20,469) | (17,912) |
NET LOSS | $ (20,469) | $ (17,912) |
LOSS PER COMMON SHARE - BASIC AND DILUTED | $ .00 | $ .00 |
WEIGHTED AVERAGE NUMBERS OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 64,242,500 | 64,242,500 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Shares at Dec. 31, 2016 | 64,242,500 | |||
Beginning Balance, Amount at Dec. 31, 2016 | $ 64,242 | $ (45,887) | $ (34,656) | $ (16,301) |
Net loss | (17,912) | (17,912) | ||
Ending Balance, Shares at Dec. 31, 2017 | 64,242,500 | |||
Ending Balance, Amount at Dec. 31, 2017 | $ 64,242 | (45,887) | (52,568) | (34,213) |
Net loss | (20,469) | (20,469) | ||
Ending Balance, Shares at Dec. 31, 2018 | 64,242,500 | |||
Ending Balance, Amount at Dec. 31, 2018 | $ 64,242 | $ (45,887) | $ (73,037) | $ (54,682) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (20,469) | $ (17,912) |
Changes in operating assets and liabilities: | ||
Accounts payable | 2,100 | 3,000 |
NET CASH USED IN OPERATING ACTIVITIES | (18,369) | (14,912) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances from related party | 18,369 | 14,910 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 18,369 | 14,910 |
NET CHANGE IN CASH | (2) | |
CASH, BEGINNING OF PERIOD | 2,481 | 2,483 |
CASH, END OF PERIOD | $ 2,481 | $ 2,481 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Note 1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The Company Deseo Swimwear Inc. (the “Company”) was incorporated in the State of Nevada on April 20, 2015 and established a fiscal year end of December 31. The Company is organized to design, manufacture and sell Dominican Republic inspired swimwear. Basis of Presentation These financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. Use of Estimates and Assumptions Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain 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 period. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Earnings (Loss) per Common Share The basic earnings (loss) per common share is calculated by dividing the Company’s net income (loss) available to common shareholders by the weighted average number of common shares during the period. The diluted earnings (loss) per share is calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. As of December 31, 2018, there were no common stock equivalents outstanding. Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Stock-based Compensation The Company estimates the fair value of each stock-based compensation award at the grant date by using Black-Scholes Option Pricing Model. The fair value determined represents the cost of the award and is recognized over the vesting period during which an employee is required to provide service in exchange for the award. As stock-based compensation expense is recognized based on awards ultimately expected to vest. Excess tax benefits, if any, are recognized as additional paid in capital. Recent Accounting Standards The Company does not expect the adoption of any recent accounting standards to have a material impact on its financial statements. Subsequent Events The Company has evaluated subsequent events through the date the financial statements were issued for disclosure purposes. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Note 2 - GOING CONCERN | To date the Company has generated no revenues from its business operations and has incurred operating losses since inception. As at December 31, 2018, the Company has a working capital deficit of $54,682 and has reported an accumulated deficit of $73,037. The Company requires additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Note 3 - RELATED PARTY TRANSACTIONS | During the years ended December 31, 2018 and 2017, the Company’s CEO paid $18,369 and $14,910, respectively, of expenses on behalf of the Company. The total amount owing to the Company’s CEO was $50,563 as of December 31, 2018. The balance due is unsecured and non-interest-bearing with no set terms of repayment. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 4 - INCOME TAXES | The significant components of deferred income tax assets at December 31, 2018 and 2017 are as follows: December 31, 2018 December 31, 2017 Net operating loss carry-forward $ 15,337 11,039 Less: valuation allowance (15,337 ) (11,039 ) Net deferred income tax asset $ – - The amount taken into income as deferred income tax assets must reflect that portion of the income tax loss carry forwards that is more likely-than-not to be realized from future operations. The Company has chosen to provide a full valuation allowance against all available income tax loss carry forwards. The Company has recognized a valuation allowance for the deferred income tax asset since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years. The valuation allowance is reviewed annually. When circumstances change and which cause a change in management’s judgment about the realizability of deferred income tax assets, the impact of the change on the valuation allowance is generally reflected in current income. On December 22, 2017, new federal tax reform legislation was enacted in the United States (the “2017 Tax Act”), resulting in significant changes from previous tax law. The 2017 Tax Act reduces the federal corporate income tax rate to 21% from 35% effective January 1, 2018. The rate change, along with certain immaterial changes in tax basis resulting from the 2017 Tax Act, resulted in a reduction of the Company’s deferred tax assets of $6,834 and a corresponding reduction in the valuation allowance. As of December 31, 2018, and 2017, the Company has no unrecognized income tax benefits. The Company’s policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded during the year ended December 31, 2018 and December 31, 2017 and no interest or penalties have been accrued as of December 31, 2018 and 2017. As of December 31, 2018, and 2017, the Company did not have any amounts recorded pertaining to uncertain tax positions. A reconciliation of the provision for income taxes at the United States federal statutory rate for the years ended December 31, 2018 and 2017 is as follows: December 31, 2018 December 31, 2017 Net loss before income taxes per financial statements $ (20,469 ) (17,912 ) Income tax rate 21 % 34 % Income tax benefit at statutory rate (4,298 ) (6,090 ) Impact of change in tax rates 4,298 6,834 Change in valuation allowance - (744 ) Provision for income taxes $ – - |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Note 5 - EQUITY | The Company has 75,000,000 common shares authorized with a par value of $0.001 per share. |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Nature Of Operations And Summary Of Significant Accounting Policies | |
The Company | Deseo Swimwear Inc. (the “Company”) was incorporated in the State of Nevada on April 20, 2015 and established a fiscal year end of December 31. The Company is organized to design, manufacture and sell Dominican Republic inspired swimwear. |
Basis of Presentation | These financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. |
Use of Estimates and Assumptions | Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain 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 period. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Earnings (Loss) per Common Share | The basic earnings (loss) per common share is calculated by dividing the Company’s net income (loss) available to common shareholders by the weighted average number of common shares during the period. The diluted earnings (loss) per share is calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. As of December 31, 2018, there were no common stock equivalents outstanding. |
Income Taxes | The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. |
Stock-based Compensation | The Company estimates the fair value of each stock-based compensation award at the grant date by using Black-Scholes Option Pricing Model. The fair value determined represents the cost of the award and is recognized over the vesting period during which an employee is required to provide service in exchange for the award. As stock-based compensation expense is recognized based on awards ultimately expected to vest. Excess tax benefits, if any, are recognized as additional paid in capital. |
Recent Accounting Standards | The Company does not expect the adoption of any recent accounting standards to have a material impact on its financial statements. |
Subsequent Events | The Company has evaluated subsequent events through the date the financial statements were issued for disclosure purposes. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes Tables Abstract | |
Schedule of deferred income tax assets | December 31, 2018 December 31, 2017 Net operating loss carry-forward $ 15,337 11,039 Less: valuation allowance (15,337 ) (11,039 ) Net deferred income tax asset $ – - |
Schedule of provision for income taxes | December 31, 2018 December 31, 2017 Net loss before income taxes per financial statements $ (20,469 ) (17,912 ) Income tax rate 21 % 34 % Income tax benefit at statutory rate (4,298 ) (6,090 ) Impact of change in tax rates 4,298 6,834 Change in valuation allowance - (744 ) Provision for income taxes $ – - |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended |
Dec. 31, 2018 | |
Nature Of Operations And Summary Of Significant Accounting Policies Details Narrative Abstract | |
State of incorporation | Nevada |
Date of incorporation | Apr. 20, 2015 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Going Concern | ||
Working capital deficit | $ (54,682) | |
Accumulated deficit | $ (73,037) | $ (52,568) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Advances from related party | $ 18,369 | $ 14,910 |
Due to related party | 50,563 | 32,194 |
CEO [Member] | ||
Advances from related party | 18,369 | $ 14,910 |
Due to related party | $ 50,563 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Income Taxes Details Abstract | ||
Net operating loss carry-forward | $ 15,337 | $ 11,039 |
Less: valuation allowance | (15,337) | (11,039) |
Net deferred income tax asset |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes Details 1Abstract | ||
Net loss before income taxes per financial statements | $ (20,469) | $ (17,912) |
Income tax rate | 21.00% | 34.00% |
Income tax benefit at statutory rate | $ (4,298) | $ (6,090) |
Impact of change in tax rates | 4,298 | 6,834 |
Change in valuation allowance | (744) | |
Provision for income taxes |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes Details Narrative Abstract | ||
Impact of change in tax rates | $ 4,298 | $ 6,834 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Equity | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 75,000,000 | 75,000,000 |