Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 25, 2020 | Jun. 28, 2019 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Monetiva Inc. | ||
Entity Central Index Key | 0001681309 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | true | ||
Entity Small Business | true | ||
Entity Current Reporting Status | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 2,666,000 | ||
Entity Common Stock, Shares Outstanding | 26,644,598 | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 000-55670 | ||
Entity Incorporation State Country Code | DE |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash | $ 253,100 | $ 10,039 |
Prepaid expenses | 1,017,280 | 350,480 |
Rent deposit | 25,000 | 25,136 |
Total Current Assets | 1,295,380 | 385,655 |
Total Assets | 1,295,380 | 385,655 |
Current Liabilities | ||
Accrued liabilities | 77,474 | 137,609 |
Accrued payroll - officer | 291,360 | 78,260 |
Deferred rent | 7,960 | |
Loan payable | 55,000 | |
Payable to officer | 400 | |
Total Current Liabilities | 368,834 | 279,229 |
Total Liabilities | 368,834 | 279,229 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Preferred stock, $0.0001 par value, 20,000,000 shares authorized; none issued and outstanding at December 31, 2019 and 2018, respectively | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 26,611,264 shares 8,000,000 shares issued and outstanding at December 31, 2019 and 2018, respectively | 2,661 | 800 |
Additional paid-in capital | 2,425,902 | 4,312 |
Stock subscriptions received in advance | 690,500 | |
Stock subscriptions receivable | (130,000) | |
Accumulated deficit | (1,372,017) | (589,186) |
Total Stockholders' Equity | 926,546 | 106,426 |
Total Liabilities and Stockholders' Equity | $ 1,295,380 | $ 385,655 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued | ||
Preferred stock,outstanding | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 26,611,264 | 8,000,000 |
Common stock, outstanding | 26,611,264 | 8,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
Revenue | ||
Cost of Revenue | ||
Gross Profit | ||
Operating Expenses | ||
General and administrative | 844,456 | 535,274 |
Total Operating Expenses | (844,456) | (535,274) |
Other Income (Expense) | ||
Rental income | 61,625 | |
Total Other Income (Expense) | 61,625 | |
Loss before Income Taxes | (782,831) | (535,274) |
Provision for Income Tax | ||
Net Loss | $ (782,831) | $ (535,274) |
Loss per Share - Basic and Diluted | $ (0.03) | $ (0.07) |
Weighted Average Shares Outstanding - Basic and Diluted | 23,025,035 | 8,000,000 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Deficit) - USD ($) | Common Stock | Additional Paid-in Capital | Stock Subscriptions Received in Advance | Stock Subscriptions Receivable | Accumulated Deficit | Total |
Balance at beginning at Dec. 31, 2017 | $ 800 | $ 4,312 | $ (53,912) | $ (48,800) | ||
Balance at beginning (in shares) at Dec. 31, 2017 | 8,000,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock subscriptions received in advance | 690,500 | 690,500 | ||||
Net loss | (535,274) | (535,274) | ||||
Balance at ending at Dec. 31, 2018 | $ 800 | 4,312 | 690,500 | (589,186) | 106,426 | |
Balance at ending (in shares) at Dec. 31, 2018 | 8,000,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock issued as compensation to officer | $ 1,200 | 1,200 | ||||
Common stock issued as compensation to officer (in shares) | 12,000,000 | |||||
Common stock issued for stock subscriptions | $ 561 | 1,921,690 | (690,500) | 1,231,751 | ||
Common stock issued for stock subscriptions (in shares) | 5,611,264 | |||||
Common stock subscriptions receivable | $ 100 | 499,900 | (130,000) | 370,000 | ||
Common stock subscriptions receivable (in shares) | 1,000,000 | |||||
Net loss | (782,831) | (782,831) | ||||
Balance at ending at Dec. 31, 2019 | $ 2,661 | $ 2,425,902 | $ (130,000) | $ (1,372,017) | $ 926,546 | |
Balance at ending (in shares) at Dec. 31, 2019 | 26,611,264 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (782,831) | $ (535,274) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Common stock issued for services | 1,200 | |
Changes in Operating Assets and Liabilities: | ||
(Increase) in prepaid expense | (666,800) | (350,480) |
Decrease (increase) in rent deposits | 136 | (25,136) |
(Decrease) increase in accrued liabilities | (60,136) | 112,509 |
Increase in accrued payroll of officer | 213,100 | 54,560 |
(Decrease) increase in deferred rent | (7,960) | 7,960 |
Net Cash Used in Operating Activities | (1,303,291) | (735,861) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net (payments to) proceeds from officer | (400) | 400 |
(Repayments) proceeds on loan payable | (55,000) | 55,000 |
Proceeds from stock subscriptions receivable | 230,000 | |
Proceeds from issuance of common stock | 1,371,752 | |
Proceeds from stock subscriptions received in advance | 690,500 | |
Net Cash Provided by Financing Activities | 1,546,352 | 745,900 |
Net Increase in Cash | 243,061 | 10,039 |
Cash - Beginning of the Period | 10,039 | |
Cash - End of the Period | 253,100 | 10,039 |
Supplemental Disclosures of Cash Flows | ||
Cash paid for Interest | ||
Cash paid for income taxes | ||
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Common stock issued for stock subscriptions received in advance | 690,500 | |
Common stock issued for stock subscriptions receivable | 360,000 | |
Accrued compensation of officer | $ 105,800 |
Nature of Operations, Basis of
Nature of Operations, Basis of Presentation and Going Concern | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN | NOTE 1 – NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN Monetiva Inc. (formerly known as American Standard Wallet, Inc. and Lark Street Acquisition Corporation, or "Monetiva" or the "Company"), a Delaware corporation, was incorporated on July 22, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the developmental stage since inception and its operations to date have been limited to issuing shares to its original shareholders and investors. As of March 25, 2020, the Company has a total of 26,644,598 shares of common stock issued and outstanding. Of all shares issued and outstanding, a total of 20,000,000 common shares have been issued to the Company's Board of Director and Founder of the Company, representing approximately 75.06% of the total shares issued and outstanding as of the date of this Report. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company. The financial statements and accompanying notes are the representations of the Company's management, who is responsible for their integrity and objectivity. In the opinion of the Company's management, the financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Effective January 1, 2019, the Company adopted the requirements of Accounting Standards Update ("ASU") ASU, No. 2016-02, Leases, as discussed in NOTE 2 and NOTE 7. Use of Estimates The preparation of financial statements in conformity with GAAP 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 revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the valuation of accounts payable, accrued liabilities and payable to related party. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Going Concern The Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern. The Company has not yet generated any revenue and has suffered operating losses since July 22, 2016 (Inception Date) to date and allow it to continue as a going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary financing to continue operations, and the attainment of profitable operations. The Company incurred a net loss of $782,831 for the year ended December 31, 2019, used net cash flows in operating activities of $1,303,291, and has an accumulated deficit of $1,372,017 as of December 31, 2019. These factors, among others raise a substantial doubt regarding the Company's ability to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations. The accompanying financial statements do not include any adjustments to reflect the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following summary of significant accounting policies of the Company is presented to assist in the understanding of the Company's financial statements. These accounting policies conform to GAAP in all material respects and have been consistently applied in preparing the accompanying financial statements. Except for the accounting policies for leases that were updated, as set forth below, as a result of adopting ASU No. 2016-02, there have been no changes to the Company's significant accounting policies that have had a material impact on the Company's financial statements and related notes. Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company had a cash balance of $253,100 and $10,039 as of December 31, 2019 and 2018, respectively. Earnings (Loss) Per Common Share The Company computes earnings (loss) per share in accordance with ASC 260, " Earnings per Share" Leases The Company has operating leases for its offices. Management determines if an arrangement is a lease at inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. If the contract provides the Company the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, the Company consider it to be, or contain, a lease. The Company records a right-of-use asset and a corresponding lease liability based on the present value of the minimum lease payments. The lease term used in the calculation of right-of-use assets and lease liabilities include renewal and termination options that are reasonably certain to be exercised. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. Our leases do not provide an implicit borrowing rate, and we estimate the Company's incremental borrowing rate to discount the lease payments based on information available at lease commencement. Fair value of Financial Instruments and Fair Value Measurements ASC 820, " Fair Value Measurements and Disclosures", Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company's financial instruments consist principally of cash, rent deposits and accrued liabilities. The Company believes that the recorded values of all the financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, " Income Taxes" The Company follows the provisions of ASC 740-10, " Accounting for Uncertain Income Tax Positions Concentration of Credit Risk The Company maintains its cash in bank and financial institution deposits with balance in excess of federally insured limits of $250,000 insured by the Federal Deposit Insurance Corporation ("FDIC").The Company has not experienced any losses in such accounts. The amount exceeding FDIC insured limits was $3,100 and nil at December 31, 2019 and 2018, respectively. Recent Accounting Pronouncements New Accounting Pronouncements Effective January 1, 2019 Leases In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." The updated guidance requires lessees to recognize lease assets and lease liabilities for most operating leases. In addition, the updated guidance requires that lessors separate lease and non-lease components in a contract in accordance with the new revenue guidance in ASC 606. The updated guidance is effective for interim and annual periods beginning after December 15, 2018. The Company adopted the new standard on January 1, 2019 using the modified retrospective approach. The Company has elected to apply the transition method that allows companies to continue applying the guidance under the lease standard in effect at that time in the comparative periods presented in the financial statements and recognize a cumulative-effect adjustment to the opening balance of retained earnings on the date of adoption. The Company also elected the "package of practical expedients", which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. Results for reporting periods beginning after January 1, 2019 are presented under the new standard, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. Upon adoption of the new lease standard, on January 1, 2019, the Company capitalized right-of-use ("ROU") assets of $124,524 and $132,485 of lease liabilities, within the Company's balance sheets upon adoption. Additionally, the Company reversed its deferred rent liability of $7,960, which upon adoption became a component of the right-of-use asset. The adoption of this standard did not have an impact on the Company's statement of operations or cash flows and did not result in a cumulative catch-up adjustment to the opening balance of retained earnings. There were other updates recently issued accounting pronouncement. The Company's management does not believe that other than disclosed above, accounting pronouncements that recently issued but not yet adopted will have a material impact on its financial position, results of operations or cash flows. |
Prepaid Expenses
Prepaid Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Prepaid Expenses [Abstract] | |
PREPAID EXPENSES | NOTE 3 – PREPAID EXPENSES The Company has made prepayments to Endless One Global ("E1G") with regard to E1G's service in providing data processing, transaction processing and related services for the prepaid debit accounts created for the Company's customers. As of December 31, 2019 and 2018, the prepayments to E1G were $959,780 and $350,480 (see NOTE 8 Service Agreement), and prepaid rent was $57,500 and $0, respectively. The Company expects to obtain BINs from the banks by September 30, 2020 and start its business operations within 30 to 45 days thereafter. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES | NOTE 4 – ACCRUED LIABILITIES The Company recorded accrued liabilities primarily consisting of consulting and professional fees, rent, payroll taxes and franchise taxes of $77,474 and $137,609 as of December 31, 2019 and 2018, respectively. |
Accrued Payroll - Officer
Accrued Payroll - Officer | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Accrued Payroll - Officer | NOTE 5 – ACCRUED PAYROLL - OFFICER The Company has recorded accrued payroll liability to its Chief Executive officer ("Officer") of $291,360 and $78,260 as of December 31, 2019 and 2018, respectively. During the year ended December 31, 2019, the Officer received 12,000,000 shares of common stock valued at $1,200 as bonus and $3,500 in cash compensation as compared to $0 for the same comparable period in 2018. The Company has recorded $217,800 and $198,000 as payroll expense of the Officer for the years ended December 31, 2019 and 2018, respectively. (See NOTE 8). |
Loan Payable
Loan Payable | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
LOAN PAYABLE | NOTE 6 – LOAN PAYABLE On December 11, 2018, the Company received from a stockholder $55,000 in cash, a short-term loan bearing no interest, unsecured, and payable on demand but no later than February 28, 2019. The Company paid back the loan to the stockholder in two payments of $25,000 and $30,000 on February 4, 2019 and February 20, 2019, respectively. The Company recorded the loan payable of $0 and $55,000 as a current liability in the accompanying financial statements at December 31, 2019 and 2018, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
LEASES | NOTE 7 – LEASES On February 9, 2018, the Company executed a non-cancellable operating lease for its principal office with the lease commencing March 1, 2018 for a period of 21 months maturing on November 30, 2019. The Company paid a security deposit of $25,136 at the inception of the lease. The base rent of the lease was $12,202 for the first twelve months, increasing to $12,568 from the month thirteen to month twenty-one. The lease had a provision for rent abatement for only one month - April 2018. The Company has recorded rent expense of $129,554 and $117,776 for this non-cancellable lease for its principal office for the year ended December 31, 2019 and 2018, respectively. The Company executed a month-to-month cancellable operating lease, leasing office space in an executive suite, commencing on January 1, 2019 for $169 per month for the nine months and increasing to $203 for the remaining three months ended December 31, 2019. The Company recorded rent expense of $2,130 and $0 for the year ended December 31, 2019 and 2018, respectively. On May 24, 2019, the Company executed a month-to-month rental agreement to lease furnished premises. The lease term commenced June 1, 2019 for a one-year term with a monthly rent of $11,500 per month from June 1, 2019 to May 31, 2020. The landlord required a security deposit of $15,000 on the commencement date of the lease, and an additional $10,000 security deposit on November 1, 2019. On May 30, 2019, the Company paid to the landlord security deposit of $15,000 and prepaid the rent of $69,000 for the six months ended November 30, 2019. On October 1, 2019, pursuant to the terms of the lease agreement, the Company paid to the landlord an additional security deposit of $10,000 and prepaid rent of $69,000 for the six months term starting December 1, 2019 to May 31, 2020. The Company recorded a rent expense of $80,500 for the year ended December 31, 2019. In addition, the Company recorded a rent deposit of $25,000 and prepaid rent of $57,500 as of December 31, 2019. The Company has recorded total rent expense of $212,184 and $117,776 for all its leases for the years ended December 31, 2019 and 2018, respectively. Supplemental Information for Comparative Period As of December 31, 2018, total future minimum annual lease payments under operating leases were as follows: For the year ending December 31, Amount 2019 $ 137,514 Total $ 137,514 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 – COMMITMENTS AND CONTINGENCIES Employment Agreement with Officer On November 1, 2017, the Company entered into an employment agreement with its Officer for a one-year term, which shall be automatically renewed for successive one-year periods unless either party gives ninety (90) calendar days written notice of nonrenewal prior to the expiration of the then-current term. The Company granted 12,000,000 shares of its common stock to the Officer as a sign-on bonus valued at $1,200, and agreed to pay an annual base salary of $180,000 provided that the Officer's base salary may be reduced to the extent that Officer elects to defer any portion thereof under the terms of any deferred compensation or savings plan maintained by the Company. In addition to the eligibility for consideration of merit-based increases in the discretion of the Board of Directors, Officer's base salary will be increased effective January 1, of each year during the term commencing January 1, 2018 by ten percent (10%) (See NOTE 5). Service Agreement On January 15, 2018, the Company entered into an agreement with E1G whereby, E1G agreed to provide data processing, transaction processing and related services for the prepaid debit accounts created for the Company's customers for a period of five years. The agreement required a one-time upfront fee of $250,000 for each of the three (3) countries - USA, Mexico and India, for a total fee of $750,000 to initiate the process to establish three (3) Business Identification Numbers ("BINs"). Thereafter, the term will automatically be renewed for one (1) year period unless terminated by either party upon providing a written notice. On or about September 30, 2019, the Company entered into an oral agreement with E1G to provide data processing, transaction processing and related services for the prepaid debit accounts created for the Company's customers in four additional countries China, Pakistan, Philippines and United Arab Emirates. All other terms and conditions to remain the same as per the January 15, 2018 agreement with E1G. The Company will pay E1G the processing fees as forth in the Agreement, any special fees, new products and technologies introduced by E1G (See NOTE 3). Legal Costs and Contingencies In the normal course of business, the Company incurs costs to hire and retain external legal counsel to advise it on regulatory, litigation and other matters. The Company expenses these costs as the related services are received. If a loss is considered probable and the amount can be reasonable estimated, the Company recognizes an expense for the estimated loss. If the Company has the potential to recover a portion of the estimated loss from a third party, the Company makes a separate assessment of recoverability and reduces the estimated loss if recovery is also deemed probable. The Company was not aware of any loss contingencies as of December 31, 2019 and 2018, respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 9 – STOCKHOLDERS' EQUITY The Company's capitalization at December 31, 2019 was 100,000,000 authorized common shares with a par value of $0.0001 per share, and 20,000,000 authorized preferred shares with a par value of $0.0001 per share. Common Stock On January 14, 2019, the Company issued 12,000,000 shares of its common stock to its Officer as a sign-on bonus. On January 14, 2019, the Company issued 1,616,000 shares of its common stock to investors and business promotors who had subscribed for the Company's common stock during the year ended December 31, 2018. On January 14, 2019, the Company issued 1,000,000 shares of its common stock to an investor who had subscribed for the Company's common stock on September 24, 2018 for the purchase price of $0.50 per share. The Company has received from the subscriber $370,000 in cash consideration as of December 31, 2019 and $140,000 as stock subscriptions received in advance as of December 31, 2018. As a result, the Company has recorded $130,000 and $0 as subscriptions receivable as of December 31, 2019 and December 31, 2018, respectively. On February 25, 2019, the Company issued 50,000 shares of its common stock to two investors who had subscribed for the Company's common stock in November 2018. On February 27, 2019, an investor executed a stock subscription agreement to purchase 5,264 shares of common stock of the Company at $1.90 per share. The investor paid $10,002 to the Company on February 27, 2019. On October 10, 2019, the Company issued to the investor 5,264 shares of common stock for the stock subscriptions. On March 14, 2019, a former stockholder executed a stock subscription agreement to purchase 3,155,000 shares of common stock for $0.25 per share. The Company received a cash consideration of $788,750 from the shareholder between March 14, 2019 and June 17, 2019. On October 10, 2019, the Company issued 2,030,000 shares of common stock to the stockholder and the remaining 1,125,000 shares of common stock were distributed between the seventeen (17) family members pursuant to the stockholder's instructions. On March 20, 2019, an investor executed a stock subscription agreement to purchase 50,000 shares of common stock of the Company at $2.00 per share. On March 27, 2019, the subscriber paid $100,000 to the Company for the stock subscriptions. On October 10, 2019, the Company issued to the investor 50,000 shares of common stock for the stock subscriptions. On April 3, 2019, an investor executed a stock subscription agreement to purchase 8,000 shares of common stock of the Company at $2.00 per share. The investor paid $16,000 to the Company on April 3, 2019. The Company issued the 8,000 shares of common stock to the investor on October 10, 2019. On April 9, 2019, an investor advanced the Company $4,000 towards the purchase of 16,000 shares of common stock. The Company has recorded $4,000 as stock subscriptions received in advance as of June 30, 2019. On October 10, 2019, the Company issued to the stockholder 16,000 shares of common stock for these stock subscriptions. On May 16, 2019, an investor executed a stock subscription agreement to purchase 200,000 shares of common stock of the Company at $0.50 per share. The Company received cash consideration of $100,000 from the investor on May 16, 2019. The Company issued the 200,000 shares of common stock to the investor on October 10, 2019. On June 14, 2019, an investor executed a stock subscription agreement to purchase 5,000 shares of common stock of the Company at $2.00 per share. The Company received the cash consideration of $10,000 from an investor on July 10, 2019. On October 10, 2019, the Company issued to the investor 5,000 shares of its common stock for stock subscriptions. On June 17, 2019, an investor executed a stock subscription agreement to purchase 240,000 shares of common stock of the Company at $0.25 per share. The subscriber had paid $60,000 to the Company on July 16, 2019 for the purchase of the common stock. The Company issued 240,000 shares of common stock to the investor on October 10, 2019. On June 18, 2019, an investor executed a stock subscription agreement to purchase 200,000 shares of common stock of the Company at $1.00 per share. The subscriber paid $200,000 to the Company on July 16, 2019 for the purchase of the common stock. The Company issued 200,000 shares of common stock to the investor on July 24, 2019. On September 17, 2019, two investors executed two separate subscription agreements to purchase 17,500 shares of the Company's common stock at $2.00 per share. The Company received cash consideration of $35,000 from the investors on September 27, 2019. On October 24, 2019, the Company issued to the investors 17,500 shares of its common stock for stock subscriptions. On September 19, 2019, an investor executed a stock subscription agreement to purchase 28,000 shares of the Company's common stock at $0.25 per share. The Company received $7,000 for the stock subscriptions from the investor on August 30, 2019. On October 10, 2019, the Company issued to the investor 28,000 shares of common stock for these stock subscriptions. On September 25, 2019, an investor executed a stock subscription agreement to purchase 12,500 shares of the Company's common stock at $2.00 per share. The Company received cash consideration of $25,000 from the investor on September 27, 2019. On October 24, 2019, the Company issued to the investor 12,500 shares of its common stock for stock subscriptions. As a result of all common stock issuances, the total issued and outstanding shares of common stock were 26,611,264 and 8,000,000 shares, at December 31, 2019 and 2018, respectively. Preferred stock No preferred stock was issued and outstanding as of December 31, 2019 and 2018, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 10 – INCOME TAXES Income tax expense for the year ended December 31, 2019 and 2018 is summarized as follows. December 31, December 31, Deferred: Federal $ (128,682 ) $ (87,011 ) State — — Change in valuation allowance 128,682 87,011 Income tax expense (benefit) $ — $ — The following is a reconciliation of the provision for income taxes at the U.S. federal income tax rate to the income taxes reflected in the Statement of Operations: December 31, December 31, Tax at statutory tax rate 21 % 21 % State taxes — — Other permanent items — -5 % Valuation allowance -21 % -16 % Income tax expense — — The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities at December 31, 2019 and 2018 are as follows: December 31, December 31, Deferred tax assets: Net operating loss carry forward $ 227,015 $ 98,333 Total gross deferred tax assets 227,015 98,333 Less: valuation allowance (227,015 ) (98,333 ) Net deferred tax assets $ — $ — Deferred income taxes are provided for the tax effects of transactions reported in the financial statements and consist of deferred taxes related primarily to differences between the bases of certain assets and liabilities for financial and tax reporting. The deferred taxes represent the future tax return consequences of those differences, which will either be deductible or taxable when the assets and liabilities are recovered or settled. On December 22, 2017, the 2017 Tax Cuts and Jobs Act (the "Tax Reform Act") was enacted into law and the new legislation contains several key tax provisions that impact the Company, including a reduction of the corporate income tax rate to 21% effective for tax years beginning after December 31, 2017 and the Transition Tax, among others. The staff of the US Securities and Exchange Commission (SEC) has recognized the complexity of reflecting the impacts of the Tax Reform Act, and issued guidance in Staff Accounting Bulletin 118 ("SAB 118") in December 2017, which clarifies accounting for income taxes under ASC 740 if information is not yet available or complete and provides for up to a one year period in which to complete the required analyses and accounting (the measurement period). Adjustments to incomplete and unknown amounts will be recorded and disclosed prospectively during the measurement period. The Company has completed the required analysis and accounting for substantially all the effects. Except for the reduction of the income tax rate from 34% to 21%, there were no material impact on the Company's financial statements. At December 31, 2019 and 2018, the Company had accumulated net operating losses of approximately $1,073,000 and $460,000, respectively, for U.S. federal and Delaware income tax purposes available to offset future taxable incomes. The net operating losses generated in tax years prior to December 31, 2017, can be carry forward for twenty years, whereas the net operating losses generated after December 31, 2017 can be carry forward indefinitely. Management determined that it was unlikely that the Company's deferred tax assets would be realized and have provided for a full valuation allowance associated with the net deferred tax assets. As of December 31, 2019 and 2018, the Company's deferred income tax assets and valuation allowance were $227,015 and $98,333, respectively. In the ordinary course of business, the Company's income tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessment by these taxing authorities. Accordingly, the Company believes that it is more likely than not that it will realize the benefits of tax positions it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with FASB ASC 740. Differences between the estimated and actual amounts determined upon ultimate resolution, individually or in the aggregate, are not expected to have a material adverse effect on the Company's financial position. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for unrecognized tax benefits. As of December 31, 2019, tax years 2018, 2017 and 2016 remain open for examination by the Internal Revenue Service and the Delaware Division of Revenue. The Company has received no notice of audit from the Internal Revenue Service or the Delaware Division of Revenue for any of the open tax years. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 – SUBSEQUENT EVENTS Management has evaluated subsequent events through March 25, 2020, the date the financial statements were available to be issued, noting the following items would impact the accounting for events or transactions in the current period or require additional disclosure. On January 5, 2020, an investor executed a stock subscription agreement to purchase 10,000 shares of common stock of the Company at $2.00 per share. The investor paid $20,000 to the Company in three instalments between January 21, 2020 and February 20, 2020. The Company issued 10,000 shares of common stock to the investor on March 18, 2020. On January 20, 2020, an investor executed a stock subscription agreement to purchase 3,334 shares of common stock of the Company at $3.00 per share. The investor paid $10,000 to the Company on February 18, 2020. The Company issued 3,334 shares of common stock to the investor on March 18, 2020. On February 20, 2020, an investor executed a stock subscription agreement to purchase 20,000 shares of common stock of the Company at $2.00 per share. The investor paid $40,000 to the Company on February 20, 2020. The Company issued the 20,000 shares of common stock to the investor on March 18, 2020. Service Agreement with E1G Since December 31, 2019 to March 25, 2020, the Company has paid to E1G an additional cash consideration of $65,000 as the processing fees to initiate and establish BINs in selected countries. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company had a cash balance of $253,100 and $10,039 as of December 31, 2019 and 2018, respectively. |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share The Company computes earnings (loss) per share in accordance with ASC 260, " Earnings per Share" |
Leases | Leases The Company has operating leases for its offices. Management determines if an arrangement is a lease at inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. If the contract provides the Company the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, the Company consider it to be, or contain, a lease. The Company records a right-of-use asset and a corresponding lease liability based on the present value of the minimum lease payments. The lease term used in the calculation of right-of-use assets and lease liabilities include renewal and termination options that are reasonably certain to be exercised. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. Our leases do not provide an implicit borrowing rate, and we estimate the Company's incremental borrowing rate to discount the lease payments based on information available at lease commencement. |
Fair value of Financial Instruments and Fair Value Measurements | Fair value of Financial Instruments and Fair Value Measurements ASC 820, " Fair Value Measurements and Disclosures", Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company's financial instruments consist principally of cash, rent deposits and accrued liabilities. The Company believes that the recorded values of all the financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, " Income Taxes" The Company follows the provisions of ASC 740-10, " Accounting for Uncertain Income Tax Positions |
Concentration of Credit Risk | Concentration of Credit Risk The Company maintains its cash in bank and financial institution deposits with balance in excess of federally insured limits of $250,000 insured by the Federal Deposit Insurance Corporation ("FDIC").The Company has not experienced any losses in such accounts. The amount exceeding FDIC insured limits was $3,100 and nil at December 31, 2019 and 2018, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements New Accounting Pronouncements Effective January 1, 2019 Leases In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." The updated guidance requires lessees to recognize lease assets and lease liabilities for most operating leases. In addition, the updated guidance requires that lessors separate lease and non-lease components in a contract in accordance with the new revenue guidance in ASC 606. The updated guidance is effective for interim and annual periods beginning after December 15, 2018. The Company adopted the new standard on January 1, 2019 using the modified retrospective approach. The Company has elected to apply the transition method that allows companies to continue applying the guidance under the lease standard in effect at that time in the comparative periods presented in the financial statements and recognize a cumulative-effect adjustment to the opening balance of retained earnings on the date of adoption. The Company also elected the "package of practical expedients", which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. Results for reporting periods beginning after January 1, 2019 are presented under the new standard, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. Upon adoption of the new lease standard, on January 1, 2019, the Company capitalized right-of-use ("ROU") assets of $124,524 and $132,485 of lease liabilities, within the Company's balance sheets upon adoption. Additionally, the Company reversed its deferred rent liability of $7,960, which upon adoption became a component of the right-of-use asset. The adoption of this standard did not have an impact on the Company's statement of operations or cash flows and did not result in a cumulative catch-up adjustment to the opening balance of retained earnings. There were other updates recently issued accounting pronouncement. The Company's management does not believe that other than disclosed above, accounting pronouncements that recently issued but not yet adopted will have a material impact on its financial position, results of operations or cash flows. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of future minimum lease payments | For the year ending December 31, Amount 2019 $ 137,514 Total $ 137,514 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Shedule of Income tax expense | December 31, December 31, Deferred: Federal $ (128,682 ) $ (87,011 ) State — — Change in valuation allowance 128,682 87,011 Income tax expense (benefit) $ — $ — |
Schedule of reconciliation of provision for income taxes | December 31, December 31, Tax at statutory tax rate 21 % 21 % State taxes — — Other permanent items — -5 % Valuation allowance -21 % -16 % Income tax expense — — |
Schedule of deferred tax assets and liabilities | December 31, December 31, Deferred tax assets: Net operating loss carry forward $ 227,015 $ 98,333 Total gross deferred tax assets 227,015 98,333 Less: valuation allowance (227,015 ) (98,333 ) Net deferred tax assets $ — $ — |
Nature of Operations, Basis o_2
Nature of Operations, Basis of Presentation and Going Concern (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 25, 2020 | Feb. 29, 2020 | |
Nature of Operations, Basis of Presentation and Going Concern (Textual) | ||||
Accumulated deficit | $ (1,372,017) | $ (589,186) | ||
Net loss | (782,831) | (535,274) | ||
Net cash used in operating activities | $ (1,303,291) | $ (735,861) | ||
Common stock, shares issued | 26,611,264 | 8,000,000 | ||
Common stock, shares outstanding | 26,611,264 | 8,000,000 | ||
Subsequent Event [Member] | Common Stock [Member] | ||||
Nature of Operations, Basis of Presentation and Going Concern (Textual) | ||||
Common stock, shares issued | 26,611,264 | |||
Common stock, shares outstanding | 26,611,264 | |||
Director [Member] | Subsequent Event [Member] | ||||
Nature of Operations, Basis of Presentation and Going Concern (Textual) | ||||
Common stock, shares issued | 20,000,000 | |||
Common stock, shares outstanding | 20,000,000 | |||
Percentage of issued and outstanding | 75.06% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | Dec. 31, 2019 | Jan. 02, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Summary of Significant Accounting Policies (Textual) | ||||
Cash balance | $ 253,100 | $ 10,039 | ||
Operating lease right-of-use asset | 1,295,381 | $ 124,524 | 385,655 | |
Operating lease liabilities | 132,485 | |||
Deferred rent liability | $ 7,960 | 7,960 | ||
Cash insured by the Federal Deposit Insurance Corporation | 250,000 | |||
Amount exceeding FDIC insured limits | $ 3,100 |
Prepaid Expenses (Details)
Prepaid Expenses (Details) - Endless One Global, Inc. [Member] - Prepaid Debit Cards Commitment [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Prepaid Expenses (Textual) | ||
Prepaid expense | $ 959,780 | $ 350,480 |
Prepaid rent | $ 57,500 | $ 0 |
Prepaid expenses, description | The Company expects to obtain BINs from the banks by September 30, 2020 and start its business operations within 30 to 45 days thereafter. |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities (Textual) | ||
Accrued professional fees, rent, payroll and franchise taxes | $ 77,474 | $ 137,609 |
Accrued Payroll - Officer (Deta
Accrued Payroll - Officer (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accrued Payroll - Officer (Textual) | ||
Accrued payroll | $ 213,100 | $ 54,560 |
Common stock issued as compensation to officer | 1,200 | |
Officer [Member] | ||
Accrued Payroll - Officer (Textual) | ||
Payable of accrued payroll to chief executive officer | 291,360 | 78,260 |
Accrued payroll | 217,800 | 198,000 |
Addition to receivable against payroll compensation | $ 3,500 | $ 0 |
Common stock issued as compensation to officer, shares | 12,000,000 | |
Common stock issued as compensation to officer | $ 1,200 |
Loan Payable (Details)
Loan Payable (Details) - USD ($) | Feb. 04, 2019 | Feb. 20, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 11, 2018 |
Loan Payable (Textual) | |||||
Loan payable | $ 55,000 | ||||
Shareholder [Member] | |||||
Loan Payable (Textual) | |||||
Received from stockholder | $ 55,000 | ||||
Paid back loan to stockholder | $ 25,000 | $ 30,000 |
Leases (Details)
Leases (Details) | Dec. 31, 2018USD ($) |
For the years ending December 31, | |
2019 | $ 137,514 |
Total | $ 137,514 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) | May 24, 2019 | Feb. 09, 2018 | Dec. 31, 2019 | Nov. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 01, 2019 | Oct. 02, 2019 | May 30, 2019 |
Leases (Textual) | ||||||||||
Operating lease, description | The Company executed a non-cancellable operating lease for its principal office with the lease commencing March 1, 2018 for a period of 21 months maturing on November 30, 2019. The Company paid a security deposit of $25,136 at the inception of the lease. The base rent of the lease was $12,202 for the first twelve months, increasing to $12,568 from the month thirteen to month twenty-one. The lease had a provision for rent abatement for only one month - April 2018. | |||||||||
Rent expense | $ 129,554 | $ 117,776 | ||||||||
Rental Agreement [Member] | ||||||||||
Leases (Textual) | ||||||||||
Operating lease, description | The Company executed a month-to-month rental agreement to lease furnished premises. The lease term commenced June 1, 2019 for a one-year term with a monthly rent of $11,500 per month from June 1, 2019 to May 31, 2020. | |||||||||
Rent expense | $ 69,000 | |||||||||
Rent per month | $ 11,500 | |||||||||
Rent agreement maturity terms | 1 year | |||||||||
Prepaid rent, description | Prepaid rent of $69,000 for the six months term starting December 1, 2019 to May 31, 2020. | |||||||||
Security deposit | $ 15,000 | $ 10,000 | $ 10,000 | $ 15,000 | ||||||
Rental Agreement [Member] | ||||||||||
Leases (Textual) | ||||||||||
Rent expense | 80,500 | |||||||||
Prepaid rent | $ 57,500 | 57,500 | ||||||||
Rent deposit | 25,000 | 25,000 | ||||||||
Office Space [Member] | ||||||||||
Leases (Textual) | ||||||||||
Rent expense | 2,130 | 0 | ||||||||
Cancellable operating lease per month | $ 203 | $ 169 | ||||||||
Leases [Member] | ||||||||||
Leases (Textual) | ||||||||||
Rent expense | $ 212,184 | $ 117,776 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Jan. 15, 2018 | Nov. 01, 2017 | Dec. 31, 2019 |
Commitments and Contingencies (Textual) | |||
Issuance of common stock value | $ 1,231,751 | ||
Employment Agreement with Officer [Member] | |||
Commitments and Contingencies (Textual) | |||
Number of shares granted | 12,000,000 | ||
Issuance of common stock value | $ 1,200 | ||
Annual base salary | $ 180,000 | ||
Employment agreement term | 1 year | ||
Percent of commencing | 10.00% | ||
Endless One Global, Inc. [Member] | |||
Commitments and Contingencies (Textual) | |||
Employment agreement term | 5 years | ||
One time upfront fee | $ 250,000 | ||
Endless One Global, Inc. [Member] | Prepaid Debit Cards Commitment [Member] | |||
Commitments and Contingencies (Textual) | |||
One time upfront fee | $ 750,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Oct. 24, 2019 | Oct. 10, 2019 | Sep. 27, 2019 | Sep. 25, 2019 | Sep. 19, 2019 | Sep. 17, 2019 | Aug. 14, 2019 | Jul. 24, 2019 | Jul. 16, 2019 | Jul. 10, 2019 | Jun. 14, 2019 | May 16, 2019 | Apr. 09, 2019 | Apr. 03, 2019 | Mar. 27, 2019 | Mar. 20, 2019 | Mar. 14, 2019 | Feb. 27, 2019 | Feb. 25, 2019 | Jan. 14, 2019 | Jan. 14, 2019 | Jun. 18, 2019 | Jun. 17, 2019 | Dec. 31, 2019 | Aug. 30, 2019 | Dec. 31, 2018 |
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued, value | $ 1,231,751 | |||||||||||||||||||||||||
Number of common stock issued | 12,000,000 | |||||||||||||||||||||||||
Stock subscriptions received in advance | $ 690,500 | |||||||||||||||||||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||||||||||||||||||
Common stock, shares issued | 26,611,264 | 8,000,000 | ||||||||||||||||||||||||
Common stock, shares outstanding | 26,611,264 | 8,000,000 | ||||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||||||||||||||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | ||||||||||||||||||||||||
Preferred stock, shares issued | ||||||||||||||||||||||||||
Preferred stock, shares outstanding | ||||||||||||||||||||||||||
Investor [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued, value | $ 140,000 | |||||||||||||||||||||||||
Cash consideration | $ 370,000 | |||||||||||||||||||||||||
Stock subscriptions received in advance | $ 140,000 | |||||||||||||||||||||||||
Stock subscriptions receivable | 130,000 | $ 0 | ||||||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued, value | $ 10,002 | $ 200,000 | ||||||||||||||||||||||||
Number of common stock issued | 5,264 | 200,000 | 5,264 | 200,000 | ||||||||||||||||||||||
Share price (in dollars per share) | $ 1.90 | |||||||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Stock subscriptions received in advance | $ 7,000 | |||||||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 2,030,000 | 3,155,000 | 240,000 | |||||||||||||||||||||||
Cash consideration | $ 788,750 | $ 788,750 | ||||||||||||||||||||||||
Share price (in dollars per share) | $ 0.25 | |||||||||||||||||||||||||
Seventeen Family Members of Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 1,125,000 | |||||||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued, value | $ 100,000 | |||||||||||||||||||||||||
Number of common stock issued | 50,000 | 50,000 | ||||||||||||||||||||||||
Share price (in dollars per share) | $ 2 | |||||||||||||||||||||||||
Two Investors [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 16,000 | |||||||||||||||||||||||||
Investor [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 1,000,000 | |||||||||||||||||||||||||
Share price (in dollars per share) | $ 0.50 | $ 0.50 | ||||||||||||||||||||||||
Investor [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 8,000 | |||||||||||||||||||||||||
Cash consideration | $ 16,000 | |||||||||||||||||||||||||
Common stock, shares outstanding | 8,000 | |||||||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 16,000 | |||||||||||||||||||||||||
Share price (in dollars per share) | $ 2 | $ 2 | ||||||||||||||||||||||||
Stock subscriptions received in advance | $ 4,000 | $ 16,000 | ||||||||||||||||||||||||
Stock subscriptions receivable | $ 8,000 | |||||||||||||||||||||||||
Common stock, investor advanced | $ 4,000 | |||||||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 200,000 | 200,000 | ||||||||||||||||||||||||
Cash consideration | $ 100,000 | |||||||||||||||||||||||||
Share price (in dollars per share) | $ 0.50 | |||||||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 5,000 | 5,000 | ||||||||||||||||||||||||
Cash consideration | $ 10,000 | |||||||||||||||||||||||||
Share price (in dollars per share) | $ 2 | |||||||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued, value | $ 60,000 | |||||||||||||||||||||||||
Number of common stock issued | 240,000 | |||||||||||||||||||||||||
Share price (in dollars per share) | $ 0.25 | |||||||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued, value | $ 200,000 | |||||||||||||||||||||||||
Number of common stock issued | 200,000 | 200,000 | ||||||||||||||||||||||||
Share price (in dollars per share) | $ 1 | |||||||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 8,000 | 8,000 | ||||||||||||||||||||||||
Cash consideration | $ 16,000 | |||||||||||||||||||||||||
Share price (in dollars per share) | $ 2 | |||||||||||||||||||||||||
Two Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 17,500 | 17,500 | ||||||||||||||||||||||||
Cash consideration | $ 35,000 | |||||||||||||||||||||||||
Share price (in dollars per share) | $ 2 | |||||||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 28,000 | |||||||||||||||||||||||||
Share price (in dollars per share) | $ 0.25 | |||||||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 28,000 | |||||||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 12,500 | 12,500 | ||||||||||||||||||||||||
Cash consideration | $ 25,000 | |||||||||||||||||||||||||
Share price (in dollars per share) | $ 2 | |||||||||||||||||||||||||
Investors and Business Promotors [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 1,616,000 | |||||||||||||||||||||||||
Two Investors [Member] | ||||||||||||||||||||||||||
Stockholders' Equity (Textual) | ||||||||||||||||||||||||||
Number of common stock issued | 50,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred: | ||
Federal | $ (128,682) | $ (87,011) |
State | ||
Change in valuation allowance | 128,682 | 87,011 |
Income tax expense (benefit) |
Income Taxes (Details 1)
Income Taxes (Details 1) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Tax at statutory tax rate | 21.00% | 21.00% |
State taxes | ||
Other permanent items | (5.00%) | |
Valuation allowance | (21.00%) | (16.00%) |
Income tax expense |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carry forward | $ 227,015 | $ 98,333 |
Total gross deferred tax assets | 227,015 | 98,333 |
Less: valuation allowance | (227,015) | (98,333) |
Net deferred tax assets |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes (Textual) | ||
Net operating losses | $ 1,073,000 | $ 460,000 |
Corporate tax rate, description | Including a reduction of the corporate income tax rate to 21% effective for tax years beginning after December 31, 2017 and the Transition Tax, among others. The staff of the US Securities and Exchange Commission (SEC) has recognized the complexity of reflecting the impacts of the Tax Reform Act, and issued guidance in Staff Accounting Bulletin 118 ("SAB 118") in December 2017, which clarifies accounting for income taxes under ASC 740 if information is not yet available or complete and provides for up to a one year period in which to complete the required analyses and accounting (the measurement period). Adjustments to incomplete and unknown amounts will be recorded and disclosed prospectively during the measurement period. The Company has completed the required analysis and accounting for substantially all the effects. Except for the reduction of the income tax rate from 34% to 21%, there were no material impact on the Company's financial statements. | |
Valuation allowance | $ 227,015 | $ 98,333 |
Net operating losses carryforward, description | The net operating losses generated in tax years prior to December 31, 2017, can be carryforward for twenty years, whereas the net operating losses generated after December 31, 2017 can be carryforward indefinitely. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 05, 2020 | Feb. 20, 2020 | Feb. 20, 2020 | Jan. 31, 2020 | Mar. 25, 2020 | Mar. 18, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Events (Textual) | ||||||||
Common stock, per share | $ 0.0001 | $ 0.0001 | ||||||
Subsequent Event [Member] | ||||||||
Subsequent Events (Textual) | ||||||||
Stock subscription agreement to purchase shares | 10,000 | 20,000 | 3,334 | |||||
Common stock, per share | $ 2 | $ 2 | $ 2 | $ 3 | ||||
Investor paid | $ 40,000 | $ 20,000 | $ 10,000 | |||||
Cash consideration | $ 65,000 | |||||||
Subsequent Event [Member] | Investor One [Member] | ||||||||
Subsequent Events (Textual) | ||||||||
Company has issued shares to investors | 10,000 | |||||||
Subsequent Event [Member] | Investor Two [Member] | ||||||||
Subsequent Events (Textual) | ||||||||
Company has issued shares to investors | 3,334 | |||||||
Subsequent Event [Member] | Investor Three [Member] | ||||||||
Subsequent Events (Textual) | ||||||||
Company has issued shares to investors | 20,000 |