Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Sep. 09, 2019 | |
Cover [Abstract] | ||
Entity Registrant Name | CannAssist International Corp | |
Entity Central Index Key | 0001709542 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-55809 | |
Entity Incorporation State Country Code | DE | |
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 | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 17,760,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash | $ 25,855 | $ 67,351 |
Accounts receivable | 2,113 | 56,160 |
Prepaid expenses | 10,487 | 62,173 |
Inventory | 37,039 | 19,764 |
Total assets | 75,494 | 205,448 |
Current liabilities: | ||
Accounts payable | 144,843 | 89,565 |
Accounts payable - related party | 12,747 | 4,373 |
Customer deposits | 59,671 | |
Due to a related party | 18,162 | 8,666 |
Loan payable | 1,000 | 1,000 |
Accrual for income taxes | 6,748 | |
Total current liabilities | 176,752 | 170,023 |
Commitments and contingencies | ||
Stockholders' Equity (Deficit): | ||
Preferred stock, $0.0001 par value 20,000,000 shares authorized; none issued and outstanding | ||
Common Stock, $0.0001 par value, 100,000,000 shares authorized; 17,410,000 and 12,410,000 issued and outstanding, respectively | 1,741 | 1,241 |
Stock subscription receivable | (30) | |
Additional paid in capital | 163,420 | 13,920 |
(Accumulated deficit) retained earnings | (266,419) | 20,294 |
Total Stockholders' (deficit) equity | (101,258) | 35,425 |
Total Liabilities and Stockholders' Deficit | $ 75,494 | $ 205,448 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock,authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock,outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock,authorized | 100,000,000 | 100,000,000 |
Common stock,issued | 17,410,000 | 12,410,000 |
Common stock,outstanding | 17,410,000 | 12,410,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 165,865 | $ 200 | $ 438,678 | $ 353 |
Cost of revenue | 118,698 | 57 | 328,568 | 57 |
Gross margin | 47,167 | 143 | 110,110 | 296 |
Operating expenses: | ||||
General and administrative | 73,484 | 808 | 124,608 | 856 |
General and administrative - related party | 153,600 | 154,100 | ||
Commissions - related party | 314 | 12,567 | ||
Professional fees | 69,816 | 6,258 | 105,032 | 6,708 |
Total operating expenses | 297,214 | 7,066 | 396,307 | 7,564 |
Loss from operations | (250,047) | (6,923) | (286,197) | (7,268) |
Other expense: | ||||
Interest expense | (516) | (516) | ||
Total other expense | (516) | (516) | ||
Loss before provision for income taxes | (250,563) | (6,923) | (286,713) | (7,268) |
Provision for income taxes | ||||
Net loss | $ (250,563) | $ (6,923) | $ (286,713) | $ (7,268) |
Loss per share, basic and diluted (in dollars per share) | $ (0.02) | $ 0 | $ (0.02) | $ 0 |
Weighted average shares outstanding, basic and diluted (in shares) | 15,871,538 | 17,916,484 | 14,150,331 | 18,952,486 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Common Stock To Be Issued [Member] | Additional Paid-in Capital [Member[ | Stock Subscription Receivable [Member] | Retained Earnings [Member] | Total |
Balance at the beginning at Dec. 31, 2017 | $ 2,000 | $ 471 | $ (5,091) | $ (2,620) | ||
Balance at the beginning (in shares) at Dec. 31, 2017 | 20,000,000 | |||||
Net loss | (345) | (345) | ||||
Balance at the end at Mar. 31, 2018 | $ 2,000 | 471 | (5,436) | (2,965) | ||
Balance at the end (in shares) at Mar. 31, 2018 | 20,000,000 | |||||
Balance at the beginning at Dec. 31, 2017 | $ 2,000 | 471 | (5,091) | (2,620) | ||
Balance at the beginning (in shares) at Dec. 31, 2017 | 20,000,000 | |||||
Net loss | (7,268) | |||||
Balance at the end at Jun. 30, 2018 | $ 4,200,000 | 1 | 4,221 | (12,359) | (7,717) | |
Balance at the end (in shares) at Jun. 30, 2018 | 420 | |||||
Balance at the beginning at Dec. 31, 2017 | $ 2,000 | 471 | (5,091) | $ (2,620) | ||
Balance at the beginning (in shares) at Dec. 31, 2017 | 20,000,000 | |||||
Common stock issued for cash (in shares) | 5,005,000 | |||||
Balance at the end at Dec. 31, 2018 | $ 1,241 | 13,920 | $ (30) | 20,294 | $ 35,425 | |
Balance at the end (in shares) at Dec. 31, 2018 | 12,410,000 | |||||
Balance at the beginning at Mar. 31, 2018 | $ 2,000 | 471 | (5,436) | (2,965) | ||
Balance at the beginning (in shares) at Mar. 31, 2018 | 20,000,000 | |||||
Contributed capital | 2,400 | 2,400 | ||||
Common stock cancelled | $ (2,000) | 2,000 | ||||
Common stock cancelled (in shares) | (20,000,000) | |||||
Common stock issued for cash | $ 90 | 1 | 91 | |||
Common stock issued for cash (in shares) | 900,000 | |||||
Common stock issued for cash - related party | $ 330 | 330 | ||||
Common stock issued for cash - related party (in shares) | 3,300,000 | |||||
Recapitalization of reverse merger | (650) | (650) | ||||
Net loss | (6,923) | (6,923) | (6,923) | |||
Balance at the end at Jun. 30, 2018 | $ 4,200,000 | $ 1 | 4,221 | (12,359) | (7,717) | |
Balance at the end (in shares) at Jun. 30, 2018 | 420 | |||||
Balance at the beginning at Dec. 31, 2018 | $ 1,241 | 13,920 | (30) | 20,294 | 35,425 | |
Balance at the beginning (in shares) at Dec. 31, 2018 | 12,410,000 | |||||
Cash received on subscription receivable | 30 | 30 | ||||
Net loss | (36,150) | (36,150) | ||||
Balance at the end at Mar. 31, 2019 | $ 1,241 | 13,920 | (15,856) | (695) | ||
Balance at the end (in shares) at Mar. 31, 2019 | 12,410,000 | |||||
Balance at the beginning at Dec. 31, 2018 | $ 1,241 | 13,920 | (30) | 20,294 | 35,425 | |
Balance at the beginning (in shares) at Dec. 31, 2018 | 12,410,000 | |||||
Net loss | (286,713) | |||||
Balance at the end at Jun. 30, 2019 | $ 1,741 | 163,420 | (266,419) | (101,258) | ||
Balance at the end (in shares) at Jun. 30, 2019 | 17,410,000 | |||||
Balance at the beginning at Mar. 31, 2019 | $ 1,241 | 13,920 | (15,856) | (695) | ||
Balance at the beginning (in shares) at Mar. 31, 2019 | 12,410,000 | |||||
Common stock issued for license agreement - related party | $ 5,000,000 | 149,500 | 150,000 | |||
Common stock issued for license agreement - related party (in shares) | 500 | |||||
Net loss | (250,563) | (250,563) | (250,563) | |||
Balance at the end at Jun. 30, 2019 | $ 1,741 | $ 163,420 | $ (266,419) | $ (101,258) | ||
Balance at the end (in shares) at Jun. 30, 2019 | 17,410,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||||||
Net loss | $ (250,563) | $ (36,150) | $ (6,923) | $ (345) | $ (286,713) | $ (7,268) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Expenses paid for by stockholder and contributed as capital | 1,750 | ||||||
Common stock issued to licensing expense - related party | 150,000 | ||||||
Changes in Operating Assets and Liabilities: | |||||||
Accounts receivable | 54,047 | ||||||
Inventory | (17,275) | ||||||
Prepaid expenses | 51,687 | (81,940) | |||||
Accounts payable and accrued liabilities | 56,903 | 25 | |||||
Customer deposits | (59,671) | 81,940 | |||||
Net cash (used) provided by operating activities | (51,022) | (5,493) | |||||
Cash flows from Investing activities: | |||||||
Cash flows from Financing activities: | |||||||
Proceeds from loans - related party | 9,496 | 6,000 | |||||
Proceeds from sale of common stock | 421 | $ 10,500 | |||||
Proceeds from stock subscription receivable | 30 | ||||||
Net cash provided by financing activities | 9,526 | 6,421 | |||||
Net (decrease) increase in cash | (41,496) | 928 | |||||
Cash, beginning of period | $ 67,351 | $ 380 | 67,351 | 380 | 380 | ||
Cash, end of period | $ 25,855 | $ 1,308 | 25,855 | 1,308 | $ 67,351 | ||
Supplemental Disclosure of Cash Flow Information: | |||||||
Cash paid for interest | |||||||
Cash paid for taxes |
DESCRIPTION OF BUSINESS AND HIS
DESCRIPTION OF BUSINESS AND HISTORY | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND HISTORY | NOTE 1 - DESCRIPTION OF BUSINESS AND HISTORY Description of business CannAssist International Corp. (the “Company” or “CannAssist”) was incorporated on May 17, 2017 under the laws of the state of Delaware under the name Iris Grove Acquisition Corporation to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. On May 23, 2018 the Company changed its name to CannAssist International Corporation. On June 18, 2018, the Company cancelled all 20,000,000 shares of its issued and outstanding stock and issued 4,200,000, shares of common stock pursuant to Section 4(a)(2) of the Securities Act of 1933 at par representing 100% of the total outstanding common stock. With the issuance of the stock and the redemption of the 20,000,000 shares of stock, the Company effected a change in its control and the new majority shareholder(s) elected new management of the Company. The Company intends to develop its business plan by acquiring Xceptor, LLC, a Wyoming corporation. On July 12, 2018, the “Company, entered into a share exchange acquisition agreement with Xceptor LLC, a private company organized under the laws of Wyoming (“Xceptor”). The Acquisition was effected by the Company through the exchange of all the outstanding membership interests of Xceptor for 3,000,000 shares of common stock of the Company, valued at $0.0001 per share. At the time of the Acquisition, there was one shareholder of the Company who is also a shareholder and manager of Xceptor. Xceptor has become a wholly owned subsidiary of the Company and the Company has taken over its operations and business plan. Prior to the Acquisition, the Company had no ongoing business or operations. Since the Company and Xceptor were entities under common control prior to the Acquisition, the transaction is accounted for as a restructuring transaction. The Company has recast prior period financial statements to reflect the conveyance of Xceptor’s common shares as if the restructuring transaction had occurred as of the earliest date of the financial statements. CannAssist produces and sells its cannabidiol ("CBD") product, “Cibidinol,” which is formulated based on a process developed by its founder Mark Palumbo. CBD is a non-psychoactive compound found in hemp and cannabis. CannAssist’s initial research and development work, aimed at enhancing the bioavailability of desired molecular structures, resulted in the creation of a line of CBD products, most notably its CBD product, Cibidinol. Cibidinol will be available in a line of consumable and topical products that the Company believes will make enhanced CBD products more available and accessible to consumers. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and footnotes for the year ended December 31, 2018 included on the Company’s Form 10-K. The results of the six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the full year ending December 31, 2019. In the opinion of management, all adjustments necessary to present fairly the financial position as of June 30, 2019 and the results of operations and cash flows presented herein have been included in the financial statements. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results of operations for the full year. Use of Estimates The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Accounts Receivable Revenues that have been recognized but not yet received are recorded as accounts receivable. Losses on receivables will be recognized when it is more likely than not that a receivable will not be collected. An allowance for estimated uncollectible amounts will be recognized to reduce the amount of receivables to its net realizable value when needed. The allowance for uncollectible amounts is evaluated quarterly. Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company's performance obligations are transferred to customers at a point in time, typically upon delivery. The Company recognizes revenue when product is shipped. The Company will often receive payment and/or pay for the cost of goods prior to shipping. When this occurs, the result is both a prepaid for the supplies to be used in their product and a customer deposit. As of June 30, 2019, the Company has neither a prepaid or customer deposits for orders. As of December 31, 2018, the Company has a prepaid expense of $62,173 and customer deposits of $59,671, for orders to be shipped in Q1, 2019. Cost of Sales Cost of sales is determined on the basis of the cost of production or the purchase of goods, adjusted for the variation of inventory Cost of sale is recognized as the direct cost of products or services sold during the period. Recent Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 - GOING CONCERN The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has generated revenues of $438,678 during the six months ended June 30, 2019 and had a net loss of $286,713 for the six months ended June 30, 2019. The Company has an accumulated deficit of $266,419 as of June 30, 2019. The Company requires capital for its contemplated operational and marketing activities. The obtainment of additional financing, through an initial capital raise, the successful development of the Company’s contemplated plan of operations, and its transition to the attainment of continued profitable operations are necessary for the Company to continue operations. There is no guarantee that the Company will be able to obtain the necessary financing or profitable operations. These conditions and the ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties. |
LOAN PAYABLE
LOAN PAYABLE | 6 Months Ended |
Jun. 30, 2019 | |
Loan Payable | |
LOAN PAYABLE | NOTE 4 – LOAN PAYABLE On October 11, 2017, the Company received a $1,000 loan from a third party. The loan is unsecured, due on demand and non-interest bearing. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS Marla Palumbo has advanced the Company a limited amount of funds to cover some general operating expenses and travel costs. These advances are unsecured, due on demand and non-interest bearing. As of June 30, 2019, and December 31, 2018, the balance due to Ms. Palumbo for cash advances is $9,796 and $300, respectively. Ms. Palumbo is the President of the Company and wife of the CEO, Mark Palumbo. On June 29, 2018, Ms. Palumbo advanced the Company $6,000 for general operating expenses. The advance is unsecured, due on demand and non-interest bearing. During the year ended December 31, 2018, EME, Ltd. advanced the Company $2,366 to pay for certain operating expenses. EME, Ltd. is owned by Mark Palumbo, CEO. The advances are unsecured, non-interest bearing and due on demand. In addition, there is $9,347 and $4,373 of accounts payable due to EME, Ltd as of June 30, 2019 and December 31, 2018. During the six months ended June 30, 2019, the Company paid sales commissions of $12,567 to EME Ltd. During the six months ended June 30, 2019, the Company incurred $4,100 of expense for Matthew Palumbo for product design services. Matthew Palumbo is the son of Mark Palumbo, CEO. In addition, there is $3,400 and $0 of accounts payable due to Matthew Palumbo as of June 30, 2019 and December 31, 2018. On April 29, 2019, the Company entered into a Technology License Agreement with Mark Palumbo (“Licensor”) whereby the Licensor granted to the Company an exclusive worldwide license (the “License”) to use, market, promote and distribute certain technology related to a provisional patent application for a “Process for creating Carbohydrate Complexes with Cannabinoids and other Hydrophobic Molecules in large scale,” related patent applications, related trade-secrets and associated knowhow, including methods, techniques, specifications, procedures, information, systems, knowledge and business processes required to practice and carry on business in the field of data collection, security and management (the “Technology”). The initial term of the License is 5-years (the “Initial Term”) and shall automatically be renewed for successive 1-year terms (each, a “Renewal Term”) unless the Company elects to terminate the License by giving 30 days’ written notice prior to commencement of a Renewal Term. In exchange for the License of the Technology, the Company shall issue to the Licensor 5,000,000 restricted shares of its common stock, valued at par value per share, at the effective date of the agreement, and shall issue to the Licensor an additional 1,000,000 restricted shares of its common stock, valued at par value per share, at the commencement of each Renewal Term. |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
COMMON STOCK | NOTE 6 – COMMON STOCK During the year ended December 31, 2018, the Company sold 5,005,000 shares of common stock to third parties for total cash proceeds of $10,500. As of December 31, 2018, $30 has not been collected and has been debited to stock subscription receivable. The $30 was collected during the six months ended June 30, 2019. Pursuant to the terms of the licensing agreement with Mark Palumbo (Note 5) the Company issued 5,000,000 shares of common stock. The shares were valued at $0.03, the average price that common stock has recently been sold for, for total non-cash expense of $150,000. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements other than the following. On July 24, 2019, the Company sold 350,000 shares of common stock for total cash proceeds of $25,000. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and footnotes for the year ended December 31, 2018 included on the Company’s Form 10-K. The results of the six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the full year ending December 31, 2019. In the opinion of management, all adjustments necessary to present fairly the financial position as of June 30, 2019 and the results of operations and cash flows presented herein have been included in the financial statements. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results of operations for the full year. |
Use of Estimates | Use of Estimates The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Accounts Receivable | Accounts Receivable Revenues that have been recognized but not yet received are recorded as accounts receivable. Losses on receivables will be recognized when it is more likely than not that a receivable will not be collected. An allowance for estimated uncollectible amounts will be recognized to reduce the amount of receivables to its net realizable value when needed. The allowance for uncollectible amounts is evaluated quarterly. |
Revenue Recognition | Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company's performance obligations are transferred to customers at a point in time, typically upon delivery. The Company recognizes revenue when product is shipped. The Company will often receive payment and/or pay for the cost of goods prior to shipping. When this occurs, the result is both a prepaid for the supplies to be used in their product and a customer deposit. As of June 30, 2019, the Company has neither a prepaid or customer deposits for orders. As of December 31, 2018, the Company has a prepaid expense of $62,173 and customer deposits of $59,671, for orders to be shipped in Q1, 2019. |
Cost of Sales | Cost of Sales Cost of sales is determined on the basis of the cost of production or the purchase of goods, adjusted for the variation of inventory Cost of sale is recognized as the direct cost of products or services sold during the period. |
Recent Accounting Standards | Recent Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
DESCRIPTION OF BUSINESS AND H_2
DESCRIPTION OF BUSINESS AND HISTORY (Details Narrative) - $ / shares | Jul. 12, 2018 | Jun. 18, 2018 | Dec. 31, 2018 |
Number of shares cancelled | 20,000,000 | ||
Number of shares issued (in shares) | 4,200,000 | 5,005,000 | |
Redemption shares of stock | 20,000,000 | ||
Exchange Acquisition Agreement [Member] | Xceptor LLC [Member] | |||
Number of shares exchange in business acquisition (in shares) | 3,000,000 | ||
Business acquisition, share price (in dollars per share) | $ 0.0001 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Prepaid expenses | $ 10,487 | $ 62,173 |
Customer deposits | $ 59,671 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Revenues | $ 438,678 | ||||||
Net income (loss) | $ (250,563) | $ (36,150) | $ (6,923) | $ (345) | (286,713) | $ (7,268) | |
Retained earnings (accumulated deficit) | $ (266,419) | $ (266,419) | $ 20,294 |
LOAN PAYABLE (Details Narrative
LOAN PAYABLE (Details Narrative) | Oct. 11, 2017USD ($) |
Third Party [Member] | Unsecured Loan Payable [Member] | |
Proceeds from unsecured loan payable | $ 1,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Apr. 29, 2019 | Jun. 29, 2018 | Jun. 18, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Accounts payable - related party | $ 12,747 | $ 12,747 | $ 4,373 | |||||
Commissions - related party | 314 | 12,567 | ||||||
Number of shares issued (in shares) | 4,200,000 | 5,005,000 | ||||||
Technology License Agreement [Member] | Mark Palumbo [Member] | ||||||||
License initial term | 5 years | |||||||
Automatically renewed terms | 1 year | |||||||
Technology License Agreement [Member] | Mark Palumbo [Member] | Restricted Shares [Member] | ||||||||
Number of shares issued (in shares) | 5,000,000 | |||||||
Number of shares issued at each renewal term (in shares) | 1,000,000 | |||||||
Matthew Palumbo [Member] | ||||||||
Expenses related party transaction | 4,100 | |||||||
Accounts payable - related party | 3,400 | 3,400 | $ 0 | |||||
Marla Palumbo [Member] | General Operating Expenses [Member] | ||||||||
Due to Related party | 9,796 | 9,796 | 300 | |||||
Expenses related party transaction | $ 6,000 | |||||||
Mark Palumbo [Member] | EME, Ltd. [Member] | ||||||||
Expenses related party transaction | 2,366 | |||||||
Accounts payable - related party | $ 9,347 | 9,347 | $ 4,373 | |||||
Commissions - related party | $ 12,567 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | Apr. 29, 2019 | Jun. 18, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Number of shares issued (in shares) | 4,200,000 | 5,005,000 | |||
Proceeds from issuance of common stock | $ 421 | $ 10,500 | |||
Stock subscription receivable | $ 30 | $ 30 | |||
Technology License Agreement [Member] | Restricted Shares [Member] | Mark Palumbo [Member] | |||||
Number of shares issued (in shares) | 5,000,000 | ||||
Share price (in dollars per share) | $ 0.03 | ||||
Non cash expense | $ 150,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Jun. 18, 2018 | Jul. 24, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Number of shares issued (in shares) | 4,200,000 | 5,005,000 | |||
Proceeds from issuance of common stock | $ 421 | $ 10,500 | |||
Subsequent Event [Member] | |||||
Number of shares issued (in shares) | 350,000 | ||||
Proceeds from issuance of common stock | $ 25,000 |