Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-218248 | |
Entity Registrant Name | FORGE INNOVATION DEVELOPMENT CORP. | |
Entity Central Index Key | 0001687919 | |
Entity Tax Identification Number | 81-4635390 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 6280 Mission Blvd Unit 205 | |
Entity Address, City or Town | Jurupa Valley | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92509 | |
City Area Code | (626) | |
Local Phone Number | 986-4566 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,621,868 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash | $ 136,382 | $ 236,586 |
Account receivable | 3,000 | |
Other receivable - related party | 1,408 | 1,297 |
Other current assets | 21,359 | 11,500 |
Total Current Assets | 159,149 | 252,383 |
NONCURRENT ASSETS | ||
Operating lease right-of-use assets | 31,834 | 62,773 |
Property and equipment, net | 40,293 | 24,614 |
Rent deposit | 13,953 | 13,953 |
Total Non-Current Assets | 86,086 | 101,340 |
TOTAL ASSETS | 245,235 | 353,723 |
CURRENT LIABILITIES: | ||
Other current liabilities | 54,881 | 27,660 |
Other payable - related party | 60,975 | 24,000 |
SBA loan, current | 187 | 116 |
Operating lease liabilities | 33,106 | 63,456 |
Total Current Liabilities | 149,149 | 134,632 |
Payable to related party, noncurrent | 12,824 | |
SBA Loan, noncurrent | 13,744 | 13,884 |
TOTAL LIABILITIES | 175,717 | 148,516 |
STOCKHOLDERS’ EQUITY: | ||
Preferred stock ($.0001 par value, 50,000,000 shares authorized; no share issued and outstanding as of June 30, 2021 and December 31, 2020) | ||
Common stock ($.0001 par value, 200,000,000 shares authorized, 45,621,868 shares issued and outstanding as of June 30, 2021 and December 31, 2020) | 4,562 | 4,562 |
Additional Paid-in Capital | 1,469,678 | 1,469,678 |
Accumulated Deficit | (1,404,722) | (1,269,033) |
Total Stockholders’ Equity | 69,518 | 205,207 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 245,235 | $ 353,723 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
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 - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 9,000 | $ 9,000 | $ 18,000 | $ 18,000 |
Gross Profit | 9,000 | 9,000 | 18,000 | 18,000 |
Operating Expenses | ||||
Consulting Expenses | 18,000 | 18,000 | 36,000 | 36,000 |
Selling, General and Administrative Expenses | 71,327 | 68,251 | 136,289 | 135,374 |
Total Operating Expenses | 98,327 | 86,251 | 172,289 | 171,374 |
Government grants | 19,400 | |||
Income tax | (800) | (800) | ||
Net loss | $ (81,127) | $ (77,251) | $ (135,689) | $ (153,374) |
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 - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (135,689) | $ (153,374) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of ROU | 30,939 | 17 |
Depreciation expense | 7,177 | 4,891 |
Forgiveness of PPP loan | (19,400) | |
Change in operating assets and liabilities: | ||
Other current assets | (12,990) | |
Accounts receivable | 3,000 | |
Other receivable-Related party | (111) | |
Other current liabilities | 12,957 | |
Other payable - related party | 26,938 | |
Net cash used in operating activities | (100,135) | (135,509) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Note receivable | 110,000 | |
Net cash provided by investing activities | 110,000 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayment of SBA loan | (69) | |
PPP loan | 19,400 | |
Net cash (used in) provided by financing activities | (69) | 19,400 |
Net (decrease) in Cash | (100,204) | (6,109) |
Cash at beginning of period: | 236,586 | 366,270 |
Cash at end of period: | 136,382 | 360,161 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFOR | ||
Interest paid | ||
Income taxes paid | 800 | |
NONCASH TRANSACTION OF INVESTING ACTIVITIES | ||
Loan carried through purchase of vehicle | $ 22,861 |
Statements of Changes in Shareh
Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 4,562 | $ 1,469,678 | $ (948,904) | $ 525,336 |
Beginning balance, shares at Dec. 31, 2019 | 45,621,868 | |||
Net loss | (76,123) | (76,123) | ||
Ending balance, value at Mar. 31, 2020 | $ 4,562 | 1,469,678 | (1,025,027) | 449,213 |
Ending balance, shares at Mar. 31, 2020 | 45,621,868 | |||
Beginning balance, value at Dec. 31, 2019 | $ 4,562 | 1,469,678 | (948,904) | 525,336 |
Beginning balance, shares at Dec. 31, 2019 | 45,621,868 | |||
Net loss | (153,374) | |||
Ending balance, value at Jun. 30, 2020 | $ 4,562 | 1,469,678 | (1,102,278) | 371,962 |
Ending balance, shares at Jun. 30, 2020 | 45,621,868 | |||
Beginning balance, value at Mar. 31, 2020 | $ 4,562 | 1,469,678 | (1,025,027) | 449,213 |
Beginning balance, shares at Mar. 31, 2020 | 45,621,868 | |||
Net loss | (77,251) | (77,251) | ||
Ending balance, value at Jun. 30, 2020 | $ 4,562 | 1,469,678 | (1,102,278) | 371,962 |
Ending balance, shares at Jun. 30, 2020 | 45,621,868 | |||
Beginning balance, value at Dec. 31, 2020 | $ 4,562 | 1,469,678 | (1,269,033) | 205,207 |
Beginning balance, shares at Dec. 31, 2020 | 45,621,868 | |||
Net loss | (54,562) | (54,562) | ||
Ending balance, value at Mar. 31, 2021 | $ 4,562 | 1,469,678 | (1,323,595) | 150,645 |
Ending balance, shares at Mar. 31, 2021 | 45,621,868 | |||
Beginning balance, value at Dec. 31, 2020 | $ 4,562 | 1,469,678 | (1,269,033) | 205,207 |
Beginning balance, shares at Dec. 31, 2020 | 45,621,868 | |||
Net loss | (135,689) | |||
Ending balance, value at Jun. 30, 2021 | $ 4,562 | 1,469,678 | (1,404,722) | 69,518 |
Ending balance, shares at Jun. 30, 2021 | 45,621,868 | |||
Beginning balance, value at Mar. 31, 2021 | $ 4,562 | 1,469,678 | (1,323,595) | 150,645 |
Beginning balance, shares at Mar. 31, 2021 | 45,621,868 | |||
Net loss | (81,127) | (81,127) | ||
Ending balance, value at Jun. 30, 2021 | $ 4,562 | $ 1,469,678 | $ (1,404,722) | $ 69,518 |
Ending balance, shares at Jun. 30, 2021 | 45,621,868 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Note 1 - Organization and Description of Business Forge Innovation Development Corp. (individually “Forge” and collectively with its subsidiary, 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, Forge filed an amendment to its Articles of Incorporation in the State of Nevada to change the Company Predecessor’s name to Forge Innovation Development Corp. Our current principle executive office is located at 6280 Mission Blvd Unit 205, Jurupa Valley, CA 92509. Tel: 626-986-4566. The Company’s main business focuses 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”. On August 17, 2020, the Company established a wholly owned subsidiary, Forge Network Inc, in the State of California. Forge Network Inc is engaged in online retail under the website: http://www.ez2go.us |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies 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. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the consolidated financial statements not misleading have been included. Actual results could differ from those estimates. Revenue Recognition The Company adopted ASU 2014-09 (ASC 606), Revenue from Contracts with Customers, using the modified retrospective approach on January 1, 2018. Under the standard, revenue is recognized upon transfer of control of promised goods and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods and services. Property management services: the Company deals directly with prospects and tenants for the owners of properties, which mainly includes marketing property, collecting rent, handling maintenance, repairing issues and responding to tenant complaints. The Company recognizes revenue as earned on a monthly basis under ASC 606. Real estate sales: The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete, and the Company does not have significant continuing involvement. 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. The effective date of ASU No. 2016-13 for smaller reporting companies is postponed 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. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 3 - Going Concern The accompanying consolidated financial statements were prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of obligations in the normal course of business. However, the Company has suffered recurring losses from operations since inception, resulting in an accumulated deficit of $ 1,404,722 In view of these matters, continuation as a going concern is dependent upon several factors, including the availability of debt or equity funding upon terms and conditions acceptable to the Company and ultimately achieving profitable operations. Management believes that the Company’s business plan provides it with an opportunity to continue as a going concern. However, management cannot provide assurance that the Company will meet its objectives and be able to continue in operation. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of Forge Innovation Development Corp. to continue as a going concern. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 4 - 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, 2021 and 2020, the Company has incurred a net loss before tax of $ 135,689 and $ 153,374 , respectively. Net operation losses (“NOLs”) will be expired in 2036 . As of June 30, 2021 and December 31, 2020, deferred tax assets resulted from NOLs of approximately $ 391,371 and $ 346,932 , which was fully off-set by valuation allowance reserved. |
Concentration of Risk
Concentration of Risk | 6 Months Ended |
Jun. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Note 5 - Concentration of Risk The Company maintains cash in two accounts within two local commercial banks located in Southern California. The standard insurance amount is $ 250,000 no For the three months and six months ended June 30, 2021 and 2020, the Company’s revenue generated from one customer in the amount of $ 9,000 and $ 18,000 , respectively. As of June 30, 2021 and December 31, 2020, the Company had $ Nil and $ 3,000 accounts receivable from the customer, respectively. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6 - Related Party Transactions During the six months ended June 30, 2021 and 2020, Mr. Liang, the Company’s CEO, paid operating expenses on behalf of the Company in the amount of $ 1,038 284 On January 4, 2021, the Company purchased a vehicle from Patrick Liang, the President of the Company, for daily business operation, in the amount of $ 22,861 , which equaled to the remaining vehicle loan balance with 7.11 % interest rate annum for a period of 41 months and monthly installment of $ 558 . As of June 30, 2021, the loan payments due within the next 12 months is $ 6,691 . The title of the car is under the process of transferring as of June 30, 2021 and car loan balance was $ 19,515 as of June 30, 2021. During the six months ended June 30, 2021 and 2020 6,000 36,000 and $ 36,000 respectively. On June 30, 2021 and December 31, 2020, the Company had balance of due to Speedlight Consulting Services Inc. in the amount of $ 39,000 and $ 24,000 , respectively. On June 30, 2021 and December 31, 2020, Forge Network Inc. had balance of receivable due from Mr. Liang in the amount of $ Nil 1,297 . |
Notes Receivable
Notes Receivable | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Notes Receivable | Note 7 - 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 $ 283,333 310,000 March 17, 2018 2 517 March 17, 2019 June 30, 2019 September 30, 2019 110,000 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, 110,000 December 31, 2019 110,000 |
Lease
Lease | 6 Months Ended |
Jun. 30, 2021 | |
Lease | |
Lease | Note 8 - Lease The Company has operating lease for its lease’s office space from a third party, Puente Hills Business Center II, L.P. (“PHBC-II”) the Company vacated the premises on or about September 29, 2020 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 Our leases do not contain any residual value guarantees or material restrictive covenants. Leases with a lease term of 12 During the six months ended June 30, 2021 and 2020, cash paid for amounts included in the measurement of lease liabilities- operating cash flows from operating lease were $ Nil 32,196 , respectively. As of June 30, 2021 and December 31, 2020, $ 33,106 and $ 63,456 lease liability were outstanding under the lease agreement, respectively. On October 22, 2020, PHBC-II filed a lawsuit against the Company and its guarantor, Mr. Liang. No judgment has been rendered as of June 30, 2021, and the litigation is in its infancy stage. The Company has retained legal counsel to address the matter. As of June 30, 2021 and December 31, 2020, the lease payable under the lease agreement amounted $ 49,584 16,098 The components of lease expense consist of the following: Schedule of Lease Expense Three Months Ended June 30, Classification 2021 2020 Operating lease cost G&A expense $ 16,107 $ 16,107 Net lease cost $ 16,107 $ 16,107 Six Months Ended June 30, Classification 2021 2020 Operating lease cost G&A expense $ 32,214 $ 32,214 Net lease cost $ 32,214 $ 32,214 Balance sheet information related to leases consists of the following: Schedule of Balance Sheet Information Related to Leases Classification June 30, 2021 December 31, 2020 Assets Operating lease ROU assets Right-of-use assets $ 31,834 $ 62,773 Total leased assets $ 31,834 $ 62,773 Liabilities Current portion Operating lease liabilities Current maturities of operating lease liabilities $ 33,106 $ 63,456 Non-current portion Operating lease liabilities Long-term portion of operating lease liabilities - - Total lease liabilities $ 33,106 $ 63,456 Weighted average remaining lease term Operating leases 0.5 1.0 Weighted average discount rate Operating leases 5.5 % 5.5 % Cash flow information related to leases consists of the following: Schedule of Cash Flow Information Related to Leases 2021 2020 Six Months Ended June 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ - $ 29,250 Right-of-use assets obtained in exchange for lease obligations: Operating leases 30,938 29,267 Future minimum lease payment under non-cancellable lease as of June 30, 2021 are as follows: Schedule of Future Minimum Lease Payment Under Non-cancellable Lease Ending December 31, Operating Leases 2021 $ 33,486 Less: Interest (380 ) Present value of lease liabilities $ 33,106 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Loans | Note 9 – Loans On April 16, 2020, the Company received a Promissory Note (the “Note”) in the amount of $ 19,400 1.00 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 The Company submit its application for the forgiveness of the full amount $ 19,400 19,400 On July 14, 2020, the Company entered into a loan agreement with The U.S. Small Business Administration (SBA), pursuant to which the Company obtain 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 . The Company received the loan amount of $ 14,000 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 10 – Contingencies On December 8, 2017, the Company entered into a lease agreement with Puente Hills Business Center II, L.P. (“PHBC-II”) for a lease term of forty-eight January 14, 2022 4,962 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 11 - Subsequent Event The Company has evaluated all other subsequent events through the date these consolidated financial statements were issued and determine that there were no other subsequent events or transactions that require recognition or disclosures in the consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the consolidated financial statements not misleading have been included. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition The Company adopted ASU 2014-09 (ASC 606), Revenue from Contracts with Customers, using the modified retrospective approach on January 1, 2018. Under the standard, revenue is recognized upon transfer of control of promised goods and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods and services. Property management services: the Company deals directly with prospects and tenants for the owners of properties, which mainly includes marketing property, collecting rent, handling maintenance, repairing issues and responding to tenant complaints. The Company recognizes revenue as earned on a monthly basis under ASC 606. Real estate sales: The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete, and the Company does not have significant continuing involvement. |
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. The effective date of ASU No. 2016-13 for smaller reporting companies is postponed 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. |
Lease (Tables)
Lease (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Lease | |
Schedule of Lease Expense | The components of lease expense consist of the following: Schedule of Lease Expense Three Months Ended June 30, Classification 2021 2020 Operating lease cost G&A expense $ 16,107 $ 16,107 Net lease cost $ 16,107 $ 16,107 Six Months Ended June 30, Classification 2021 2020 Operating lease cost G&A expense $ 32,214 $ 32,214 Net lease cost $ 32,214 $ 32,214 |
Schedule of Balance Sheet Information Related to Leases | Balance sheet information related to leases consists of the following: Schedule of Balance Sheet Information Related to Leases Classification June 30, 2021 December 31, 2020 Assets Operating lease ROU assets Right-of-use assets $ 31,834 $ 62,773 Total leased assets $ 31,834 $ 62,773 Liabilities Current portion Operating lease liabilities Current maturities of operating lease liabilities $ 33,106 $ 63,456 Non-current portion Operating lease liabilities Long-term portion of operating lease liabilities - - Total lease liabilities $ 33,106 $ 63,456 Weighted average remaining lease term Operating leases 0.5 1.0 Weighted average discount rate Operating leases 5.5 % 5.5 % |
Schedule of Cash Flow Information Related to Leases | Cash flow information related to leases consists of the following: Schedule of Cash Flow Information Related to Leases 2021 2020 Six Months Ended June 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ - $ 29,250 Right-of-use assets obtained in exchange for lease obligations: Operating leases 30,938 29,267 |
Schedule of Future Minimum Lease Payment Under Non-cancellable Lease | Future minimum lease payment under non-cancellable lease as of June 30, 2021 are as follows: Schedule of Future Minimum Lease Payment Under Non-cancellable Lease Ending December 31, Operating Leases 2021 $ 33,486 Less: Interest (380 ) Present value of lease liabilities $ 33,106 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 1,404,722 | $ 1,269,033 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 135,689 | $ 153,374 | |
Operating Loss Carryforwards, Limitations on Use | 2036 | ||
Deferred Tax Assets, Net of Valuation Allowance | $ 391,371 | $ 346,932 |
Concentration of Risk (Details
Concentration of Risk (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | ||||||
FDIC's standard insurance amount | $ 250,000 | |||||
Uninsured cash balances | $ 0 | $ 0 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 9,000 | $ 9,000 | 18,000 | $ 18,000 | ||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 3,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jan. 04, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||||||
Operating expense | $ 98,327 | $ 86,251 | $ 172,289 | $ 171,374 | ||
Due to related party | 60,975 | 60,975 | $ 24,000 | |||
Professional fees | 18,000 | $ 18,000 | 36,000 | 36,000 | ||
Due from Related Parties, Current | 1,408 | 1,408 | 1,297 | |||
Car Loan [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Face Amount | 19,515 | 19,515 | ||||
Mr Liang [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Operating expense | 1,038 | |||||
Due to related party | $ 22,861 | 284 | 284 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.11% | |||||
Debt Instrument, Frequency of Periodic Payment | 41 months | |||||
Debt Instrument, Periodic Payment | $ 558 | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 6,691 | 6,691 | ||||
Due from Related Parties, Current | 1,297 | |||||
Speedlight Consulting Services Inc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Professional fees | 6,000 | |||||
Director [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Professional fees | 36,000 | $ 36,000 | ||||
Mr Hengjiang Pang [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related party | $ 39,000 | $ 39,000 | $ 24,000 |
Notes Receivable (Details Narra
Notes Receivable (Details Narrative) - USD ($) | Mar. 12, 2020 | Sep. 30, 2019 | Mar. 12, 2019 | Mar. 06, 2018 | Mar. 17, 2017 | Jun. 26, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Promissory note maturity date | Mar. 17, 2019 | |||||
Schedule of cash flow information related to leases | Steven Zhi Qin [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Sold undeveloped land located in Desert Hot Spring | $ 283,333 | |||||
Promissory note amount | $ 310,000 | |||||
Promissory note interest rate | 2.00% | |||||
Promissory note monthly installment of interest amount | $ 517 | |||||
Promissory note maturity date | Dec. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | |||
Promissory note remaining amount | $ 110,000 | $ 110,000 | ||||
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, | |||||
Proceeds from promissory note | $ 110,000 |
Schedule of Lease Expense (Deta
Schedule of Lease Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lease | ||||
Operating lease cost | $ 16,107 | $ 16,107 | $ 32,214 | $ 32,214 |
Net lease cost | $ 16,107 | $ 16,107 | $ 32,214 | $ 32,214 |
Schedule of Balance Sheet Infor
Schedule of Balance Sheet Information Related to Leases (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Lease | ||
Operating lease ROU assets | $ 31,834 | $ 62,773 |
Total leased assets | 31,834 | 62,773 |
Current portion Operating lease liabilities | 33,106 | 63,456 |
Non-current portion Operating lease liabilities | ||
Total lease liabilities | $ 33,106 | $ 63,456 |
Weighted average remaining lease term Operating leases | 6 months | 1 year |
Weighted average discount rate Operating leases | 5.50% | 5.50% |
Schedule of Cash Flow Informati
Schedule of Cash Flow Information Related to Leases (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Lease | ||
Operating cash flows from operating leases | $ 29,250 | |
Operating leases | $ 30,938 | $ 29,267 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payment Under Non-cancellable Lease (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Lease | ||
2021 | $ 33,486 | |
Less: Interest | (380) | |
Present value of lease liabilities | $ 33,106 | $ 63,456 |
Lease (Details Narrative)
Lease (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Lease | |||
Lease interest rate | 5.50% | 5.50% | |
Lease term, description | 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. | ||
Remaining operating lease term | 12 months | ||
Measurement of lease liabilities- operating cash flows from operating lease | $ 32,196 | ||
[custom:OperatingLeaseLiabilityOutstanding-0] | 33,106 | $ 63,456 | |
Lease payable | $ 49,584 | $ 16,098 |
Loans (Details Narrative)
Loans (Details Narrative) - USD ($) | Jul. 20, 2020 | Jul. 14, 2020 | Apr. 16, 2020 | Jun. 30, 2021 |
Short-term Debt [Line Items] | ||||
Government grant | $ 19,400 | |||
Pay Check Protection Program Loan [Member] | ||||
Short-term Debt [Line Items] | ||||
Promissory note amount | $ 19,400 | |||
Debt fixed percentage | 1.00% | |||
Debt instrument description | at least 75% of the forgiven amount must have been used for payroll | |||
Loan amount forgiven | $ 19,400 | |||
DeferredTaxAssetsDepreciationExpense | ||||
Short-term Debt [Line Items] | ||||
Promissory note amount | $ 14,000 | |||
Debt instrument description | The Company received the loan amount of $14,000 from SBA on July 20, 2020. | |||
Debt Instrument, Term | 30 years | |||
Debt Instrument, Interest Rate During Period | 3.75% | |||
Debt Instrument, Periodic Payment | $ 69 | |||
Proceeds from Loans | $ 14,000 |
Contingencies (Details Narrativ
Contingencies (Details Narrative) - USD ($) | Dec. 08, 2017 | Jun. 30, 2021 |
Entity Listings [Line Items] | ||
Lease term | 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. | |
Puente Hills Business Center Two L P [Member] | ||
Entity Listings [Line Items] | ||
Lease term | forty-eight | |
Lease expire date | Jan. 14, 2022 | |
Monthly rent | $ 4,962 |