Cover
Cover | 3 Months Ended |
Mar. 31, 2023 | |
Cover [Abstract] | |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | Amend no. 2 |
Entity Registrant Name | MONETIVA INC. |
Entity Central Index Key | 0001681309 |
Entity Tax Identification Number | 81-3495101 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 23615 El Toro Rd., Suite X327 |
Entity Address, City or Town | Lake Forest |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92630 |
City Area Code | 310 |
Local Phone Number | 600-0377 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | true |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash | $ 13,485 | $ 10,009 |
Prepaid expenses | 1,471,791 | 1,436,202 |
Rent deposit | 25,000 | 25,000 |
Total current assets | 1,510,276 | 1,471,211 |
Total assets | 1,510,276 | 1,471,211 |
Current liabilities | ||
Accounts payable and accrued liabilities | 330,874 | 337,174 |
Accrued payroll - officer | 1,271,977 | 1,185,879 |
Payable to officer | 49,498 | 104,952 |
Total current liabilities | 1,652,350 | 1,628,005 |
Total Liabilities | 1,652,350 | 1,628,005 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value, 20,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value, 100,000,000 shares authorized; 28,226,264 and 27,699,598 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 2,823 | 2,770 |
Additional paid-in capital | 3,584,990 | 3,330,043 |
Stock subscriptions receivable | (222,000) | (130,000) |
Accumulated deficit | (3,596,887) | (3,448,607) |
Total stockholders' equity | (142,074) | (156,794) |
Total liabilities and stockholders' equity | $ 1,510,276 | $ 1,471,211 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Outstanding | 28,226,264 | 27,699,598 |
Common Stock, Shares, Issued | 28,226,264 | 27,699,598 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 0 | $ 0 |
Cost of Revenue | 0 | 0 |
Gross Profit | 0 | 0 |
Operating Expenses | ||
General and administrative | 148,280 | 138,306 |
Total Operating Expenses | 148,280 | 138,306 |
Other Income (Expense) | ||
Total Other Income (Expense) | 0 | 0 |
Loss before Income Taxes | (148,280) | (138,306) |
Provision for Income Tax | 0 | 0 |
Net Loss | $ (148,280) | $ (138,306) |
Statements of Operations (Una_2
Statements of Operations (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Earnings Per Share, Basic | $ (0.01) | $ (0.01) |
Earnings Per Share, Diluted | $ (0.01) | $ (0.01) |
Weighted Average Number of Shares Outstanding, Basic | 27,738,848 | 27,374,598 |
Weighted Average Number of Shares Outstanding, Diluted | 27,738,848 | 27,374,598 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Stock Subscriptions Received In Advance [Member] | Stock Subscriptions Receivable [Member] | Retained Earnings [Member] | Total |
Balance - December 31, 2021 at Dec. 31, 2021 | $ 2,738 | $ 3,225,825 | $ 89,000 | $ (130,000) | $ (3,003,727) | $ 183,836 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 27,374,598 | |||||
Net loss | (138,306) | (138,306) | ||||
Balance - March 31, 2022 at Mar. 31, 2022 | $ 2,738 | 3,225,825 | 89,000 | (130,000) | (3,142,033) | 45,530 |
Shares, Outstanding, Ending Balance at Mar. 31, 2022 | 27,374,598 | |||||
Balance - December 31, 2021 at Dec. 31, 2022 | $ 2,770 | 3,330,043 | 89,000 | (130,000) | (3,448,607) | (156,794) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 27,699,598 | |||||
Sale of common stock | $ 53 | 264,947 | 265,000 | |||
Stock Issued During Period, Shares, New Issues | 530,000 | |||||
Repurchase of common stock | (10,000) | (10,000) | ||||
Stock Repurchased During Period, Shares | (3,334) | |||||
Repurchase of common stock (shares to be cancelled) | (92,000) | (92,000) | ||||
Net loss | (148,280) | (148,280) | ||||
Balance - March 31, 2022 at Mar. 31, 2023 | $ 2,823 | $ 3,584,990 | $ 89,000 | $ (222,000) | $ (3,596,887) | $ (142,074) |
Shares, Outstanding, Ending Balance at Mar. 31, 2023 | 28,226,264 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (148,280) | $ (138,306) |
Changes in Operating Assets and Liabilities: | ||
(Increase) in prepaid expense | (35,588) | (3,102) |
Increase (Decrease) in accounts payable and accrued liabilities | (6,300) | (23) |
Increase in accrued payroll of officer | 86,098 | 143,203 |
Net Cash from Operating Activities | (104,070) | 1,772 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Cash repayments to the officer | (62,478) | (1,800) |
Cash payments from the officer | 7,024 | 0 |
Cash proceeds from sale of common stock | 265,000 | 0 |
Cash paid for reacquisition of common stock | (102,000) | 0 |
Net Cash from Financing Activities | 107,546 | (1,800) |
Net (Decrease) Increase in Cash | 3,476 | (28) |
Cash - Beginning of the Period | 10,009 | 28 |
Cash - End of the Period | 13,485 | |
Supplemental Disclosures of Cash Flows | ||
Cash paid for Interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
NATURE OF OPERATIONS, BASIS OF
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN | 3 Months Ended |
Mar. 31, 2023 | |
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. 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. The accompanying financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022, have been derived from unaudited financial information. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual audited financial statements and in accordance with U.S. GAAP, for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim information. 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 may not 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 $148,280 for the three months ended March 31, 2023, used net cash flows in operating activities of $104,070, and has an accumulated deficit of $3,596,887 as of March 31, 2023. 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 | 3 Months Ended |
Mar. 31, 2023 | |
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. 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 $ 13,485 10,009 Earnings (Loss) Per Common Share The Company computes earnings (loss) per share in accordance with ASC 260, “ Earnings per Share” no 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, prepaid expenses, 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. There were no Recent Accounting Pronouncements In August 2021, the FASB issued ASU 2021-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation in certain areas. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its financial statements. Other accounting standards that have been issued or proposed by FASB and do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
PREPAID EXPENSES
PREPAID EXPENSES | 3 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses | |
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. Prepayments to E1G were $ 1,471,791 1,436,202 25,000 25,000 71,450 74,450 |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES | NOTE 4 – ACCRUED LIABILITIES The Company has recorded accrued liabilities primarily consisting of consulting and professional fees, rent, payroll taxes and franchise taxes of $ 330,874 337,174 |
ACCRUED PAYROLL - OFFICER
ACCRUED PAYROLL - OFFICER | 3 Months Ended |
Mar. 31, 2023 | |
Compensation Related Costs [Abstract] | |
ACCRUED PAYROLL - OFFICER | NOTE 5 – ACCRUED PAYROLL - OFFICER The Company has recorded accrued and unpaid payroll liability to its Chief Executive Officer (the “Officer”) of $ 1,271,977 1,185,879 86,098 71,155 |
PAYABLE TO OFFICER
PAYABLE TO OFFICER | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
PAYABLE TO OFFICER | NOTE 6 – PAYABLE TO OFFICER The Officer has occasionally advanced funds to the Company for its working capital requirements. The funds advanced by the Officer are unsecured, non-interest bearing, and due on demand. The funds advanced during the three months ended March 31, 2023 amounted to $ 7,024 62,478 49,498 104,952 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 7 – 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, 2020, 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 March 31, 2023 and December 31, 2022, respectively. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 8 – STOCKHOLDERS’ EQUITY The Company’s capitalization at March 31, 2023 and December 31, 2022 was 100,000,000 0.0001 20,000,000 0.0001 Common Stock On October 18, 2022, the Company issued 265,000 92,000 On October 18, 2022, the Company issued 50,000 2,250 On December 9, 2022, the Company received a cash investment of $ 10,000 10,000 On January 25, 2023, the Company reacquired 3,334 10,000 On March 24, 2023, the Company received a cash investment of $ 265,000 530,000 As a result of all common stock issuances, the total issued and outstanding shares of common stock were 28,226,264 27,699,598 Preferred Stock No |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS Management has evaluated subsequent events through August 14, 2023, 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. |
NATURE OF OPERATIONS, BASIS O_2
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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. The accompanying financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022, have been derived from unaudited financial information. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual audited financial statements and in accordance with U.S. GAAP, for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim information. |
Use of Estimates | 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 | 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 may not 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 $148,280 for the three months ended March 31, 2023, used net cash flows in operating activities of $104,070, and has an accumulated deficit of $3,596,887 as of March 31, 2023. 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 ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 $ 13,485 10,009 |
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” no |
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, prepaid expenses, 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 $250,000 insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company has not experienced any losses in such accounts. There were no |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2021, the FASB issued ASU 2021-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation in certain areas. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its financial statements. Other accounting standards that have been issued or proposed by FASB and do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | |||
Cash | $ 13,485 | $ 10,009 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | |
Cash, Uninsured Amount | $ 0 | $ 0 |
PREPAID EXPENSES (Details Narra
PREPAID EXPENSES (Details Narrative) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Prepaid Expense and Other Assets, Current | $ 1,471,791 | $ 1,436,202 |
Prepaid Rent | 25,000 | 25,000 |
Deposit Assets | 71,450 | 74,450 |
Endless One Global [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Prepaid Expense and Other Assets, Current | $ 1,471,791 | $ 1,436,202 |
ACCRUED LIABILITIES (Details Na
ACCRUED LIABILITIES (Details Narrative) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued Liabilities | $ 330,874 | $ 337,174 |
ACCRUED PAYROLL - OFFICER (Deta
ACCRUED PAYROLL - OFFICER (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Compensation Related Costs [Abstract] | |||
Employee-related Liabilities | $ 1,271,977 | $ 1,185,879 | |
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 86,098 | $ 71,155 |
PAYABLE TO OFFICER (Details Nar
PAYABLE TO OFFICER (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |||
Proceeds from Related Party Debt | $ 7,024 | $ 0 | |
Repayments of Related Party Debt | 62,478 | $ 1,800 | |
Due to related parties | $ 49,498 | $ 104,952 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | ||||||
Mar. 24, 2023 | Jan. 25, 2023 | Dec. 09, 2022 | Oct. 18, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Offsetting Assets [Line Items] | |||||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |||||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |||||
Proceeds from Issuance of Common Stock | $ 265,000 | $ 0 | |||||
Payments for Repurchase of Common Stock | $ 102,000 | $ 0 | |||||
Common Stock, Shares, Outstanding | 28,226,264 | 27,699,598 | |||||
Common Stock, Shares, Issued | 28,226,264 | 27,699,598 | |||||
Preferred Stock, Shares Outstanding | 0 | 0 | |||||
Preferred Stock, Shares Issued | 0 | 0 | |||||
An Investor [Member] | |||||||
Offsetting Assets [Line Items] | |||||||
Proceeds from Issuance of Common Stock | $ 265,000 | $ 10,000 | |||||
Stock Issued During Period, Shares, New Issues | 530,000 | 10,000 | |||||
Stock Repurchased During Period, Shares | 3,334 | ||||||
Payments for Repurchase of Common Stock | $ 10,000 | ||||||
Stock Issued For Prepaid Asset [Member] | |||||||
Offsetting Assets [Line Items] | |||||||
Stock Issued During Period, Shares, Purchase of Assets | 265,000 | ||||||
Stock Issued During Period, Value, Purchase of Assets | $ 92,000 | ||||||
Stock Issued Services [Member] | |||||||
Offsetting Assets [Line Items] | |||||||
Stock Issued During Period, Shares, Issued for Services | 50,000 | ||||||
Stock Issued During Period, Value, Issued for Services | $ 2,250 |