Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 07, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | FORGE INNOVATION DEVELOPMENT CORP. | |
Entity Central Index Key | 0001687919 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Code | NV | |
Entity File Number | 333-218248 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,621,868 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash | $ 360,161 | $ 366,270 |
Note receivable | 110,000 | |
Prepaid expense and other current assets | 8,000 | 8,000 |
Total Current Assets | 368,161 | 484,270 |
NONCURRENT ASSET | ||
Operating lease right-of-use assets | 92,855 | 122,122 |
Property and equipment, net | 29,504 | 34,395 |
Rent deposit | 13,953 | 13,953 |
Total Non-Current Assets | 136,312 | 170,470 |
TOTAL ASSETS | 504,473 | 654,740 |
CURRENT LIABILITIES: | ||
Other current liability | 17,731 | 4,774 |
PPP Loan | 19,400 | |
Operating lease liabilities | 62,274 | 59,313 |
Total Current Liabilities | 99,405 | 64,087 |
Long term portion of operating lease liabilities | 33,106 | 65,317 |
TOTAL LIABILITIES | 132,511 | 129,404 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock ($.0001 par value, 50,000,000 shares authorized; no share issued and outstanding as of June 30, 2020 and December 31, 2019) | ||
Common stock ($.0001 par value, 200,000,000 shares authorized, 45,621,868 shares issued and outstanding as of June 30, 2020 and December 31, 2019) | 4,562 | 4,562 |
Additional Paid-in Capital | 1,469,678 | 1,469,678 |
Accumulated Deficit | (1,102,278) | (948,904) |
Total Stockholders' Equity | 371,962 | 525,336 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 504,473 | $ 654,740 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 45,621,868 | 45,621,868 |
Common stock, shares outstanding | 45,621,868 | 45,621,868 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 9,000 | $ 9,000 | $ 18,000 | $ 18,000 |
Cost of revenue | ||||
Gross Profit | 9,000 | 9,000 | 18,000 | 18,000 |
Operating Expenses | ||||
Consulting Expenses | 18,000 | 18,000 | 36,000 | 36,010 |
Other Selling, General and Administrative Expenses | 68,251 | 61,714 | 135,374 | 120,873 |
Total Operating Expenses | 86,251 | 79,714 | 171,374 | 156,883 |
Interest income | 550 | 1,100 | ||
Income taxes | 800 | |||
Net loss | $ (77,251) | $ (70,164) | $ (153,374) | $ (138,583) |
Net loss per common share, basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding, basic and diluted | 45,621,868 | 45,621,868 | 45,621,868 | 45,621,868 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (153,374) | $ (138,583) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of ROU | 17 | 1,254 |
Depreciation expense | 4,891 | 4,014 |
Change in operating assets and liabilities: | ||
Account receivable | 3,000 | |
Other current liability | 12,957 | (1,684) |
Net cash used in operating activities | (135,509) | (131,999) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Note receivable | 110,000 | |
Purchase of property and equipment | (4,781) | |
Net cash provided by (used in) investing activities | 110,000 | (4,781) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
PPP loan | 19,400 | |
Net cash provided by financing activities | 19,400 | |
Net decrease in Cash | (6,109) | (136,780) |
Cash at beginning of period: | 366,270 | 653,142 |
Cash at end of period: | 360,161 | 516,362 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFOR | ||
Interest paid | ||
Income taxes paid | $ 800 |
Statements of Changes in Shareh
Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2018 | $ 4,562 | $ 1,469,678 | $ (665,516) | $ 808,724 |
Balances, shares at Dec. 31, 2018 | 45,621,868 | |||
Net loss | (68,419) | (68,419) | ||
Balance at Mar. 31, 2019 | $ 4,562 | 1,469,678 | (733,935) | 740,305 |
Balance, shares at Mar. 31, 2019 | 45,621,868 | |||
Balance at Dec. 31, 2018 | $ 4,562 | 1,469,678 | (665,516) | 808,724 |
Balances, shares at Dec. 31, 2018 | 45,621,868 | |||
Net loss | (138,583) | |||
Balance at Jun. 30, 2019 | $ 4,562 | 1,469,678 | (804,099) | 670,141 |
Balance, shares at Jun. 30, 2019 | 45,621,868 | |||
Balance at Mar. 31, 2019 | $ 4,562 | 1,469,678 | (733,935) | 740,305 |
Balances, shares at Mar. 31, 2019 | 45,621,868 | |||
Net loss | (70,164) | (70,164) | ||
Balance at Jun. 30, 2019 | $ 4,562 | 1,469,678 | (804,099) | 670,141 |
Balance, shares at Jun. 30, 2019 | 45,621,868 | |||
Balance at Dec. 31, 2019 | $ 4,562 | 1,469,678 | (948,904) | 525,336 |
Balances, shares at Dec. 31, 2019 | 45,621,868 | |||
Net loss | (76,123) | (76,123) | ||
Balance at Mar. 31, 2020 | $ 4,562 | 1,469,678 | (1,025,027) | 449,213 |
Balance, shares at Mar. 31, 2020 | 45,621,868 | |||
Balance at Dec. 31, 2019 | $ 4,562 | 1,469,678 | (948,904) | 525,336 |
Balances, shares at Dec. 31, 2019 | 45,621,868 | |||
Net loss | (153,374) | |||
Balance at Jun. 30, 2020 | $ 4,562 | 1,469,678 | (1,102,278) | 371,962 |
Balance, shares at Jun. 30, 2020 | 45,621,868 | |||
Balance at Mar. 31, 2020 | $ 4,562 | 1,469,678 | (1,025,027) | 449,213 |
Balances, shares at Mar. 31, 2020 | 45,621,868 | |||
Net loss | (77,251) | (77,251) | ||
Balance at Jun. 30, 2020 | $ 4,562 | $ 1,469,678 | $ (1,102,278) | $ 371,962 |
Balance, shares at Jun. 30, 2020 | 45,621,868 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Note 1 - Organization and Description of Business Forge Innovation Development Corp., or the "Company", was initially incorporated in the State of Nevada on January 15, 2016 under the name of You-Go Enterprises, LLC (the "Company Predecessor"). On November 3, 2016, the Company filed an amendment to its Articles of Incorporation in the State of Nevada to change the Company's name to Forge Innovation Development Corp. Our current principle executive office is located at 17800 Castleton Street, Suite 583, City of Industry, CA 91748. Tel: 626-986-4566. The Company's main business will be focus on real estate development, land purchasing and selling and property management. The Company's common stock is currently traded on OTCQB under the symbol "FGNV". |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's most recent Annual Financial Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10-K, have been omitted. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, (FASB ASC Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments which amends the current accounting guidance and requires the use of the new forward-looking "expected loss" model, which requires all expected losses to be determined based on historical experience, current conditions and reasonable and supportable forecasts, rather than the "incurred loss" model. This guidance amends the accounting for credit losses for most financial assets and certain other instruments including trade and other receivables, held-to-maturity debt securities, loans and other instruments. In November 2019, the FASB issued ASU No. 2019-10 to postpone the effective date of ASU No. 2016-13 for public business entities eligible to be smaller reporting companies defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company believes the adoption of ASU No. 2016-13 will not have a material impact on its financial position and results of operations. The management does not believe that other than disclosed above, the recently issued but not yet adopted accounting pronouncements will have a material impact on its financial position results of operations or cash flows. Liquidity As of June 30, 2020, the Company's principal sources of liquidity consisted of approximately $360,000 of cash, and future cash generated from operations. The Company believes its current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet its working capital requirements for at least one year from the date of the issuance of the accompanying financial statements. The Company continues to control its cash expenses. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than recently experienced. The Company may need to raise additional capital in the future. However, the Company cannot assure that it will be able to raise additional capital on acceptable terms, or at all. Subject to the foregoing, management believes that the Company has sufficient capital and liquidity to fund its operations for at least one year from the date of issuance of the accompanying financial statements. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 3 - Income Taxes The Company has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the period presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not. For the six months ended June 30, 2020 and 2019, the Company has incurred a net loss of $153,374 and $138,583, respectively, which resulted in a net operating loss for income tax purposes. At June 30, 2020 and December 31, 2019, the loss results in a deferred tax assets of approximately $295,000 and $252,722, respectively at the tax rate of 21%. The deferred tax asset has been off-set by an equal valuation allowance. |
Concentration of Risk
Concentration of Risk | 6 Months Ended |
Jun. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Note 4 - Concentration of Risk The Company maintains cash in one account within one local commercial bank located in Southern California. The standard insurance amount is $250,000 per depositors under the FDIC's general deposit insurance rules. At June 30, 2020 and December 31, 2019, uninsured cash balances were $120,539 and $116,174, respectively. For the six months ended June 30, 2020 and 2019, the Company's revenue generated from one customer in the amount of $18,000 and $18,000, respectively. At June 30, 2020 and December 31, 2019, the Company had $Nil and $Nil accounts receivable from the customer, respectively. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 - Related Party Transactions During the six months ended June 30, 2020 and 2019, Mr. Liang, the Company's CEO, paid operating expenses on behalf of the Company in the amount of $1,535 and $8,028, respectively. At June 30, 2020 and December 31, 2019, the Company had balance of due to Mr. Liang in the amount of $Nil. |
Notes Receivable
Notes Receivable | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Notes Receivable | Note 6 - Notes Receivable On March 17, 2017, the Company entered into a Land Transaction Agreement with Steven Zhi Qin, a third party individual. Pursuant to the agreement, the Company sold the undeveloped land located in Desert Hot Spring with value of $283,333, to Steven Zhi Qin in exchange for a Promissory Note in the amount of $310,000. The Promissory Note is secured by a Deed of Trust to Chicago Title Company, a California corporation and an independent institution insuring the Company's collection right, and was due on March 17, 2018, with interest at the rate of 2% per annum, payable in monthly installment of interest only, in the amount of $517. The Promissory Note also applies to Steven Zhi Qin's personal property located at 1715 East Cortez Street, West Covina, CA 91791 as additional collateral, of which a lien will be recorded against said property. On March 6, 2018, the Company reached an agreement with Steven Zhi Qin, pursuant to which the Company agreed and approved the amendment of the Promissory Note to extend maturity date to March 17, 2019. On March 12, 2019, the Company reached another agreement with Steven Zhi Qin, pursuant to which the Company agreed and approved amendment of the Promissory Note to extend maturity date to June 30, 2019. On June 26, 2019, the Company reached the third amendment with Steven Zhi Qi, pursuant to which the Company agreed and approved amendment of the Promissory Note to extend maturity date to September 30, 2019, and the remaining $110,000 will be due on September 30, 2019. On September 30, 2019, the Company reached the fourth amendment with Steven Zhi Qi, pursuant to which the Company agreed and approved amendment of the Promissory Note to extend maturity date to December 31, 2019, and the remaining $110,000 was due on December 31, 2019. On March 12, 2020, the Company received the note in the amount of $110,000. For the six months ended June 30, 2020 and 2019, total interest income was $Nil and $1,100, respectively. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | Note 7 - Leases The Company has operating lease for its lease's office space from a third party. We determined if an arrangement is a lease 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 identified asset for a period of time. The contract provides us the right to obtain substantially all the economic benefits from the use of the identified asset and the right to direct use of the identified asset, we consider it to be, or contain, a lease. Leases is classified as operating at inception of the lease. Operating leases result in the recognition of ROU assets and lease liabilities on the balance sheet. ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term as of the commencement date. Because our leases do not provide an explicit or implicit rate of return, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments on an individual lease basis. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments for the asset under similar term, which is 5.5%. Lease expense for these leases is recognized on a straight-line basis over the lease term. Our leases do not contain any residual value guarantees or material restrictive covenants. Leases with a lease term of 12 months or less are not recorded on the balance sheet and lease expense is recognized on a straight-line basis over the lease term. The remaining term as of June 30, 2020 is 18 months. We currently have no finance leases. During the six months ended June 30, 2020 and 2019, cash paid for amounts included in the measurement of lease liabilities- operating cash flows from operating lease were $32,196 and 30,960, respectively. The components of lease expense consist of the following: Six Months Ended 2020 2019 $ 32,214 $ 32,214 $ 32,214 $ 32,214 Three Months Ended Classification 2020 2019 Operating lease cost G&A expense $ 16,107 $ 16,107 Net lease cost $ 16,107 $ 16,107 Balance sheet information related to leases consists of the following: Classification June 30, December 31, 2019 Assets Operating lease ROU assets Right-of-use assets $ 92,855 $ 122,122 Total leased assets $ 92,855 $ 122,112 Liabilities Current portion Operating lease liabilities Current maturities of operating lease liabilities $ 62,274 $ 59,313 Non-current portion Operating lease liabilities Long-term portion of operating lease liabilities 33,106 65,317 Total lease liabilities $ 95,380 $ 124,630 Weighted average remaining lease term Operating leases 1.5 2.0 Weighted average discount rate Operating leases 5.5 % 5.5 % Cash flow information related to leases consists of the following: Six Months Ended 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 29,250 $ 26,499 Right-of-use assets obtained in exchange for lease obligations: Operating leases 29,267 27,752 Future minimum lease payment under non-cancellable lease as of June 30, 2020 are as follows: Ending December 31, Operating Leases 2020 $ 32,196 2021 66,972 2022 - Total lease payments 99,168 Less: Interest (3,788 ) Present value of lease liabilities $ 95,380 |
PPP Loan
PPP Loan | 6 Months Ended |
Jun. 30, 2020 | |
PPP Loan [Abstract] | |
PPP Loan | Note 8 – PPP Loan On April 15, 2020, the Company got a Promissory Note (the "Note") in the amount of $19,400 approved from the Paycheck Protection Program (the "PPP Loan") through East West Bank (the "Lender"). The PPP is a loan program of U.S. Small Business Administration (the "SBA") designated to provide a direct incentive for small business to keep their workers on the payroll due to the Covid-19 crisis. The interest rate on this Note is a fixed rate of 1.00% per annum. The Company will pay this loan in one payment of all outstanding principal plus all accrued unpaid interest on that date that is two years after the date of this Note ("Maturity Date"). In addition, the Company will pay regular monthly payments in an amount equal to one month's accrued interest commencing on that date that is seven months after the date of this Note, with all subsequent interest payments to be due on the same day of each month after that. All interest which accrues during the initial six months of the loan period will be deferred to and payable on the Maturity Date. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal. According to SBA's PPP description, the PPP loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. The Company received the amount of $19,400 from East West Bank on April 16, 2020. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 9 - Subsequent Event On July 14, 2020, the Company entered into a loan agreement with SBA, pursuant to which the Company obtained a loan in the amount of $14,000 with the term of 30 years and at the interest rate of 3.75%, payable monthly including principal and interest in the amount $69. Pursuant to the loan agreement, the proceeds of the principal amount will be solely as working capital. The Company received the amount of $14,000 on July 20, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's most recent Annual Financial Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10-K, have been omitted. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, (FASB ASC Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments which amends the current accounting guidance and requires the use of the new forward-looking "expected loss" model, which requires all expected losses to be determined based on historical experience, current conditions and reasonable and supportable forecasts, rather than the "incurred loss" model. This guidance amends the accounting for credit losses for most financial assets and certain other instruments including trade and other receivables, held-to-maturity debt securities, loans and other instruments. In November 2019, the FASB issued ASU No. 2019-10 to postpone the effective date of ASU No. 2016-13 for public business entities eligible to be smaller reporting companies defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company believes the adoption of ASU No. 2016-13 will not have a material impact on its financial position and results of operations. The management does not believe that other than disclosed above, the recently issued but not yet adopted accounting pronouncements will have a material impact on its financial position results of operations or cash flows. |
Liquidity | Liquidity As of June 30, 2020, the Company's principal sources of liquidity consisted of approximately $360,000 of cash, and future cash generated from operations. The Company believes its current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet its working capital requirements for at least one year from the date of the issuance of the accompanying financial statements. The Company continues to control its cash expenses. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than recently experienced. The Company may need to raise additional capital in the future. However, the Company cannot assure that it will be able to raise additional capital on acceptable terms, or at all. Subject to the foregoing, management believes that the Company has sufficient capital and liquidity to fund its operations for at least one year from the date of issuance of the accompanying financial statements. |
Lease (Tables)
Lease (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of lease expense | Six Months Ended 2020 2019 $ 32,214 $ 32,214 $ 32,214 $ 32,214 Three Months Ended Classification 2020 2019 Operating lease cost G&A expense $ 16,107 $ 16,107 Net lease cost $ 16,107 $ 16,107 |
Schedule of balance sheet information related to leases | Classification June 30, December 31, 2019 Assets Operating lease ROU assets Right-of-use assets $ 92,855 $ 122,122 Total leased assets $ 92,855 $ 122,112 Liabilities Current portion Operating lease liabilities Current maturities of operating lease liabilities $ 62,274 $ 59,313 Non-current portion Operating lease liabilities Long-term portion of operating lease liabilities 33,106 65,317 Total lease liabilities $ 95,380 $ 124,630 Weighted average remaining lease term Operating leases 1.5 2.0 Weighted average discount rate Operating leases 5.5 % 5.5 % |
Schedule of cash flow information related to leases | Six Months Ended 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 29,250 $ 26,499 Right-of-use assets obtained in exchange for lease obligations: Operating leases 29,267 27,752 |
Schedule of future minimum lease payment under non-cancellable lease | Ending December 31, Operating Leases 2020 $ 32,196 2021 66,972 2022 - Total lease payments 99,168 Less: Interest (3,788 ) Present value of lease liabilities $ 95,380 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | Jun. 30, 2020USD ($) |
Summary of Significant Accounting Policies (Textual) | |
Liquidity amount | $ 360,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Income Taxes (Textual) | |||||
Net loss | $ (77,251) | $ (70,164) | $ (153,374) | $ (138,583) | |
Deferred tax assets | $ 395,000 | 395,000 | $ 252,722 | ||
Net operating loss [Member] | |||||
Income Taxes (Textual) | |||||
Net loss | $ 153,374 | $ 138,583 | |||
Expiration date for tax operating loss carryforwards | Dec. 31, 2036 | ||||
Effective tax rate | 21.00% |
Concentration of Risk (Details)
Concentration of Risk (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Concentration of Risk (Textual) | ||||||
FDIC's standard insurance amount | $ 250,000 | |||||
Uninsured cash balances | $ 157,795 | 157,795 | $ 116,174 | |||
Revenue | 9,000 | $ 9,000 | $ 9,000 | 18,000 | $ 18,000 | |
Receivable from customer | $ 3,000 | $ 3,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - Mr. Liang [Member] - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Related Party Transactions (Textual) | |||
Balance of due to related party amount | |||
Operating expense | $ 5,805 |
Notes Receivable (Details)
Notes Receivable (Details) - USD ($) | Mar. 12, 2019 | Mar. 06, 2018 | Sep. 30, 2019 | Jun. 26, 2019 | Mar. 17, 2017 | Mar. 31, 2019 | Jun. 30, 2020 | Apr. 15, 2020 | Mar. 12, 2020 |
Notes Receivable (Textual) | |||||||||
Promissory note amount | $ 19,400 | $ 110,000 | |||||||
Promissory note due date | Mar. 17, 2019 | ||||||||
Total interest income | $ 550 | $ 0 | |||||||
Land Transaction Agreement [Member] | Steven Zhi Qin [Member] | |||||||||
Notes Receivable (Textual) | |||||||||
Sold undeveloped land located in Desert Hot Spring | $ 283,333 | ||||||||
Promissory note amount | $ 310,000 | $ 110,000 | |||||||
Promissory note due date | Jun. 30, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | ||||||
Promissory note interest rate | 2.00% | ||||||||
Promissory note monthly installment of interest amount | $ 517 | ||||||||
Promissory note description | The Company reached the fourth amendment with Steven Zhi Qi, pursuant to which the Company agreed and approved amendment of the Promissory Note to extend maturity date to December 31, 2019, and the remaining $110,000 was due on December 31, 2019 |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 16,107 | $ 16,107 | $ 32,214 | $ 32,214 |
Net lease cost | $ 16,107 | $ 16,107 | $ 32,214 | $ 32,214 |
Leases (Details 1)
Leases (Details 1) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Operating lease ROU assets | $ 92,855 | $ 122,122 |
Total leased assets | 92,855 | 122,112 |
Current portion | ||
Operating lease liabilities | 62,274 | 59,313 |
Non-current portion | ||
Operating lease liabilities | 33,106 | 65,317 |
Total lease liabilities | $ 95,380 | $ 124,630 |
Weighted average remaining lease term Operating leases | 1 year 6 months | 2 years |
Weighted average discount rate Operating leases | 550.00% | 550.00% |
Leases (Details 2)
Leases (Details 2) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 29,250 | $ 26,499 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 29,267 | $ 27,752 |
Leases (Details 3)
Leases (Details 3) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Ending December 31, | ||
2020 | $ 48,294 | |
2021 | 66,972 | |
2022 | ||
Total lease payments | 115,266 | |
Less: Interest | (5,161) | |
Present value of lease liabilities | $ 95,380 | $ 124,630 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Measurement of lease liabilities- operating cash flows from operating lease | $ 15,480 | $ 16,098 | |
Lease interest rate | 550.00% | 550.00% | |
Lease term, description | Lease term of 12 months or less are not recorded on the balance sheet and lease expense is recognized on a straight-line basis over the lease term. |
PPP Loan (Details)
PPP Loan (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2020 | Apr. 16, 2020 | Apr. 15, 2020 | Mar. 12, 2020 | |
Disclosure - Subsequent Event (Details) (USD $) | ||||
Promissory note amount | $ 19,400 | $ 110,000 | ||
Fixed rate | 1.00% | |||
Amount received | $ 19,400 | |||
Promisorry note, description | At least 75% of the forgiven amount must have been used for payroll). |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | Jul. 14, 2020 | Jun. 30, 2020 | Apr. 16, 2020 | Apr. 15, 2020 | Mar. 12, 2020 |
Disclosure - Subsequent Event (Details) (USD $) | |||||
Promissory note amount | $ 19,400 | $ 110,000 | |||
Fixed rate | 1.00% | ||||
Amount received | $ 19,400 | ||||
Promisorry note, description | At least 75% of the forgiven amount must have been used for payroll). | ||||
Subsequent Event [Member] | |||||
Disclosure - Subsequent Event (Details) (USD $) | |||||
Promissory note amount | $ 14,000 | ||||
Fixed rate | 375.00% | ||||
Amount received | $ 69 | ||||
Promisorry note, description | Pursuant to the loan agreement, the proceeds of the principal amount will be solely as working capital. The Company received the amount of $14,000 on July 20, 2020. |