Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Apr. 11, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Entity Registrant Name | DESEO SWIMWEAR INC. | ||
Entity Central Index Key | 0001670196 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | true | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | No | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Entity Common Stock Shares Outstanding | 64,242,500 | ||
Entity Public Float | $ 0 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 333-210419 | ||
Entity Incorporation State Country Code | NV | ||
Entity Tax Identification Number | 47-3812711 | ||
Entity Address Address Line 1 | 1001 Yamato Road | ||
Entity Address Address Line 2 | Suite 100A | ||
Entity Address City Or Town | Boca Raton | ||
Entity Address State Or Province | FL | ||
Entity Address Postal Zip Code | 33496 | ||
City Area Code | 800 | ||
Auditor Firm Id | 5036 | ||
Local Phone Number | 390-3013 | ||
Security 12b Title | Common | ||
Trading Symbol | DSWR | ||
Entity Interactive Data Current | No | ||
Auditor Location | Margate, Florida | ||
Auditor Name | ASSURANCE DIMENSIONS |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash | $ 0 | $ 1,611 |
TOTAL ASSETS | 0 | 1,611 |
CURRENT LIABILITIES | ||
Accounts payable | 24,312 | 37,552 |
Due to related party | 139,864 | 101,041 |
TOTAL LIABILITIES | 164,176 | 138,593 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, $0.001 par value, 1,000,000 shares authorized None issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized, 64,242,500 shares issued and outstanding | 64,242 | 64,242 |
Additional paid-in capital (deficiency) | (45,887) | (45,887) |
Accumulated deficit | (182,531) | (155,337) |
TOTAL STOCKHOLDERS' DEFICIT | (164,176) | (136,982) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 1,611 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
BALANCE SHEETS | ||
Preferred stock, shares par vale | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 64,242,500 | 64,242,500 |
Common stock, shares outstanding | 64,242,500 | 64,242,500 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING EXPENSES | ||
General and administrative | $ 36,444 | $ 41,180 |
TOTAL OPERATING EXPENSES | (36,444) | (41,180) |
Forgiveness of accounts payable | 9,250 | 0 |
NET LOSS | $ (27,194) | $ (41,180) |
LOSS PER COMMON SHARE - BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER 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 ($) | Total | Common Stock [Member] | Additional Paid-in Capital (deficiency) | Accumulated Deficit |
Balance, shares at Dec. 31, 2019 | 64,242,500 | |||
Balance, amount at Dec. 31, 2019 | $ (95,802) | $ 64,242 | $ (45,887) | $ (114,157) |
Net loss | (41,180) | $ 0 | 0 | (41,180) |
Balance, shares at Dec. 31, 2020 | 64,242,500 | |||
Balance, amount at Dec. 31, 2020 | (136,982) | $ 64,242 | (45,887) | (155,337) |
Net loss | (27,194) | $ 0 | 0 | (27,194) |
Balance, shares at Dec. 31, 2021 | 64,242,500 | |||
Balance, amount at Dec. 31, 2021 | $ (164,176) | $ 64,242 | $ (45,887) | $ (182,531) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (27,194) | $ (41,180) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Forgiveness of accounts payable | (9,250) | |
Changes in operating assets and liabilities: | ||
Accounts payable | (3,990) | 14,685 |
NET CASH USED IN OPERATING ACTIVITIES | (40,434) | (26,495) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances from related party | 38,823 | 26,495 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 38,823 | 26,495 |
NET CHANGE IN CASH | (1,611) | 0 |
CASH, BEGINNING OF PERIOD | 1,611 | 1,611 |
CASH, END OF PERIOD | $ 0 | $ 1,611 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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. As of September 16, 2021, Suzanne Cope resigned as the Corporations director, President; concurrent with Suzanne Cope’s resignation as director, President, Secretary and Treasurer. Concurrent with Ms. Cope’s resignation, the Corporation appointed Michael Rosen, as President, Secretary and Treasurer and as a member of the Board of Directors of the Corporation. 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. Risks and Uncertainties The pandemic caused by an outbreak of a new strain of coronavirus (“COVID-19”) has resulted, and is likely to continue to result, in significant national and global economic disruption and may adversely affect our business. Based on the Company’s current assessment, the Company does not expect some material impact on its long-term operation due to the worldwide spread of the COVID-19 virus. However, the Company is actively monitoring this situation and the possible effects on its financial condition, operations, suppliers, industry, and workforce. 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 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 (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 (loss) per share are the same as basic (loss) per share due to the lack of dilutive items in the Company. As of December 31, 2021 and 2020, 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 or substantially 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. Recent Accounting Standards The Company does not expect the adoption of any recent accounting pronouncements 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, 2021 | |
GOING CONCERN | |
GOING CONCERN | 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, 2021, the Company has a working capital deficit of $164,176 and has reported an accumulated deficit of $182,531. 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. On December 31, 2021, ONE vendors of the Company forgave outstanding accounts payable to the Company totaling $9,250. The Company recognized $9,250 of gain on forgiveness of accounts payable in other income on the statement of operations during the current period. 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, 2021 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 3 – RELATED PARTY TRANSACTIONS During the year ended December 31, 2021 and 2020, the Company’s former CEO paid $26,263 and $19,000, respectively, of expenses on behalf of the Company. The total amount owing to the Company’s former CEO was $127,304 as of December 31, 2021. The Company’s current CEO paid $12,560 of expenses on behalf of the Company the total amount owing to the Company’s current CEO is owed $12,560 as of December 31, 2021. The balances due are unsecured and non-interest-bearing with no set terms of repayment. During the period ending December 31, 2021 the former CEO sold/assigned their shareholder loan of $127,304 to a separate shareholder of the Company. The balance due is unsecured and non-interest-bearing with no set terms of repayment. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
EQUITY | |
EQUITY | NOTE 4 – EQUITY The Company has 1,000,000 preferred shares authorized with a par value of $0.001. The Company has 200,000,000 common shares authorized with a par value of $0.001 per share. On October 23, 2021, a Special Meeting of the Shareholders of the Company and the Board of Directors approved an Amendment to its Articles of Incorporation to authorize 1,000,000 shares of preferred stock, par value $0.001 per share. No shares have been issued to date. Preferred Shares Designation. The designation of said series of preferred stock shall be Series A Super Voting Preferred Stock, $0.001 par value per share (the “Series A Super Voting Preferred Stock”); Number of Shares. The number of shares of Series A Super Voting Preferred Stock authorized shall be ten thousand (10,000) shares. Each share of Series A Super Voting Preferred Stock shall have a stated value equal to $0.001 (as may be adjusted for any stock dividends, combinations or splits with respect to such shares) (the “Series A Stated Value”); Dividends. Initially, there will be no dividends due or payable on the Series A Super Voting Preferred Stock. Any future terms with respect to dividends shall be determined by the Board consistent with the Corporation’s Certificate of Incorporation. Any and all such future terms concerning dividends shall be reflected in an amendment to this Certificate, which the Board shall promptly file or cause to be filed. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES | |
INCOME TAXES | NOTE 5 – INCOME TAXES The significant components of deferred income tax assets at December 31, 2021 and 2020 are as follows: December 31, 2021 December 31, 2020 Net operating loss carry-forward $ 38,439 $ 32,618 Less: valuation allowance (38,329 ) (32,618 ) 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. As of December 31, 2021, and 2020, 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, 2021 and December 31, 2020 and no interest or penalties have been accrued as of December 31, 2021 and 2020. As of December 31, 2021, and 2020, 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, 2021 and 2020 is as follows: December 31, 2021 December 31, 2020 Net loss before income taxes per financial statements $ (27,194 ) (41,170 ) Income tax rate 21 % 21 % Income tax benefit at statutory rate (5,711 ) (8,646 ) Valuation allowance 5,711 8,646 Provision for income taxes $ - - The Company has not filed its federal and state tax returns for the years ended December 31, 2021, The Net operating losses (“NOLs”) for these years will not be available to reduce future taxable income until the returns are filed. Assuming these returns are filed, as of December 31, 2021, the Company had approximately $172,000 of federal net operating losses that may be available to offset future taxable income. The net operating loss carry-forward arising in taxable years beginning before December 31, 2017 will begin to expire in the year 2035. For losses arising in taxable years beginning after December 31, 2017, the net operating loss carryforward has an indefinite life. However, the utilization of the net operating loss carryforward is limited to 80% of taxable income. Management will be taking on a project to file delinquent tax returns in the upcoming reporting periods and updated values will be disclosed in the following reporting periods. |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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. As of September 16, 2021, Suzanne Cope resigned as the Corporations director, President; concurrent with Suzanne Cope’s resignation as director, President, Secretary and Treasurer. Concurrent with Ms. Cope’s resignation, the Corporation appointed Michael Rosen, as President, Secretary and Treasurer and as a member of the Board of Directors of the Corporation. |
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. |
Risks and Uncertainties | The pandemic caused by an outbreak of a new strain of coronavirus (“COVID-19”) has resulted, and is likely to continue to result, in significant national and global economic disruption and may adversely affect our business. Based on the Company’s current assessment, the Company does not expect some material impact on its long-term operation due to the worldwide spread of the COVID-19 virus. However, the Company is actively monitoring this situation and the possible effects on its financial condition, operations, suppliers, industry, and workforce. |
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 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 (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 (loss) per share are the same as basic (loss) per share due to the lack of dilutive items in the Company. As of December 31, 2021 and 2020, 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 or substantially 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. |
Recent Accounting Standards | The Company does not expect the adoption of any recent accounting pronouncements 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, 2021 | |
INCOME TAXES | |
Schedule of deferred income tax assets | December 31, 2021 December 31, 2020 Net operating loss carry-forward $ 38,439 $ 32,618 Less: valuation allowance (38,329 ) (32,618 ) Net deferred income tax asset $ - $ - |
Schedule of components of provision for income taxes | December 31, 2021 December 31, 2020 Net loss before income taxes per financial statements $ (27,194 ) (41,170 ) Income tax rate 21 % 21 % Income tax benefit at statutory rate (5,711 ) (8,646 ) Valuation allowance 5,711 8,646 Provision for income taxes $ - - |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | ||
Common stock equivalents outstanding | $ 0 | $ 0 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
GOING CONCERN | |||
Working capital deficit | $ (164,176) | $ (136,982) | $ (95,802) |
Outstanding accounts payable forgiven | 9,250 | ||
Accumulated deficit | (182,531) | $ (155,337) | |
Gain on forgiveness of accounts payable | $ 9,250 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Due to related party | $ 139,864 | $ 101,041 |
Advances from related party | 38,823 | 26,495 |
Chief Executive Officer [Member] | ||
Due to related party | 12,560 | |
Former Chief Executive Officer [Member] | ||
Due to related party | 127,304 | |
Advances from related party | 26,263 | $ 19,000 |
Shareholder loan | $ 127,304 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - $ / shares | Dec. 31, 2021 | Oct. 23, 2021 | Mar. 13, 2021 | Dec. 31, 2020 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 200,000,000 | 200,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | ||
State of Nevada [Member] | ||||
Common stock, shares authorized | 200,000,000 | |||
Common stock, par value | $ 0.001 | |||
Series A Super Voting Preferred Stock [Member] | ||||
Preferred stock, shares authorized | 10,000 | |||
Preferred stock, par value | $ 0.001 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
INCOME TAXES | ||
Net operating loss carry-forward | $ 38,439 | $ 32,618 |
Less: valuation allowance | (38,329) | (32,618) |
Net deferred income tax asset | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME TAXES | ||
Net loss before income taxes per financial statements | $ (27,194) | $ (41,170) |
Income tax rate | 21.00% | 21.00% |
Income tax benefit at statutory rate | $ (5,711) | $ (8,646) |
Non-utilized net operating losses | 5,711 | 8,646 |
Provision for income taxes | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
INCOME TAXES | |
Operating loss carryforward, Description | The net operating loss carry-forward arising in taxable years beginning before December 31, 2017 will begin to expire in the year 2035. |
Net operating loss to be charged against future taxable income | $ 172,000 |
Operating loss carryforward usable against taxable income, Percentage | 80.00% |