Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 20, 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 | 000-55809 | |
Entity Registrant Name | CannAssist International Corp | |
Entity Central Index Key | 0001709542 | |
Entity Tax Identification Number | 82-1873116 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 855 SOUTH MISSION AVENUE, SUITE #K400 | |
Entity Address, Address Line Two | SUITE #K400 | |
Entity Address, City or Town | FALLBROOK | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92028 | |
City Area Code | 888- | |
Local Phone Number | 991-2196 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CNSC | |
Security Exchange Name | NONE | |
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 | 11,416,001 |
Balance Sheets (unaudited)
Balance Sheets (unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 17,484 | $ 175,497 |
Accounts receivable | 77,476 | 119 |
Prepaid expenses | 8,550 | 2,426 |
Inventory | 67,362 | 79,432 |
Total assets | 170,872 | 257,474 |
Current liabilities: | ||
Accounts payable and accruals | 204,474 | 252,310 |
Accounts payable – related party | 20,370 | 20,370 |
Convertible notes payable, net of debt discount of $0 and $15,000, respectively | 30,000 | 28,350 |
Due to a related party | 39,031 | 23,443 |
Loans payable | 11,000 | 11,000 |
Total current liabilities | 304,875 | 335,473 |
Commitments and contingencies | ||
Stockholders’ 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; 18,916,001 and 18,775,000 issued and outstanding, respectively | 1,892 | 1,878 |
Additional paid in capital | 3,276,761 | 3,253,525 |
Accumulated deficit | (3,412,656) | (3,333,402) |
Total Stockholders’ deficit | (134,003) | (77,999) |
Total Liabilities and Stockholders’ Deficit | $ 170,872 | $ 257,474 |
Balance Sheets (unaudited) (Par
Balance Sheets (unaudited) (Parenthetical) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Long-term Debt, Gross | $ 0 | $ 15,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 18,916,001 | 18,775,000 |
Common Stock, Shares, Outstanding | 18,916,001 | 18,775,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 245,488 | $ 59,825 | $ 463,461 | $ 269,912 |
Cost of revenue | 137,548 | 44,593 | 295,341 | 143,598 |
Gross margin | 107,940 | 15,232 | 168,120 | 126,314 |
Operating expenses: | ||||
General and administrative | 63,465 | 72,046 | 145,877 | 154,423 |
General and administrative– related party | ||||
Commissions – related party | 4,373 | |||
Professional fees | 37,690 | 24,240 | 80,060 | 56,850 |
Preferred stock issued for change of control | 2,765,250 | |||
Total operating expenses | 101,155 | 96,286 | 225,937 | 2,980,896 |
Income (loss) from operations | 6,785 | (81,054) | (57,817) | (2,854,582) |
Other expense: | ||||
Interest expense | (13,281) | (2,516) | (21,437) | (4,357) |
Total other expense | (13,281) | (2,516) | (21,437) | (4,357) |
Loss before provision for income taxes | (6,496) | (83,570) | (79,254) | (2,858,939) |
Provision for income taxes | ||||
Net loss | $ (6,496) | $ (83,570) | $ (79,254) | $ (2,858,939) |
Loss per share, basic and diluted | $ 0 | $ 0 | $ 0 | $ (0.16) |
Weighted average shares outstanding, basic and diluted | 18,916,001 | 18,435,000 | 18,879,144 | 18,435,000 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 1,844 | $ 358,317 | $ (422,512) | $ (62,351) | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 18,435,000 | ||||
Preferred stock issued for change of control | 2,765,250 | 2,765,250 | |||
Stock Issued During Period, Shares, New Issues | 1,000 | ||||
Net loss | (2,775,369) | (2,775,369) | |||
Ending balance, value at Mar. 31, 2020 | $ 1,844 | 3,123,567 | (3,197,881) | (72,470) | |
Shares, Outstanding, Ending Balance at Mar. 31, 2020 | 1,000 | 18,435,000 | |||
Stock Issued During Period, Shares, Issued for Services | 75,000 | ||||
Beginning balance, value at Dec. 31, 2019 | $ 1,844 | 358,317 | (422,512) | (62,351) | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 18,435,000 | ||||
Net loss | (2,858,939) | ||||
Ending balance, value at Jun. 30, 2020 | $ 1,844 | 3,132,589 | (3,281,451) | (147,018) | |
Beginning balance, value at Mar. 31, 2020 | $ 1,844 | 3,123,567 | (3,197,881) | (72,470) | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2020 | 1,000 | 18,435,000 | |||
Net loss | (83,570) | (83,570) | |||
Ending balance, value at Jun. 30, 2020 | 1,844 | 3,132,589 | (3,281,451) | (147,018) | |
Warrants issued | 9,022 | 9,022 | |||
Beginning balance, value at Dec. 31, 2020 | $ 1,878 | 3,253,525 | (3,333,402) | (77,999) | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 1,000 | 18,775,000 | |||
Stock Issued During Period, Shares, New Issues | 8,001 | ||||
Net loss | (72,758) | (72,758) | |||
Ending balance, value at Mar. 31, 2021 | $ 1,892 | 3,276,761 | (3,406,160) | (127,507) | |
Shares, Outstanding, Ending Balance at Mar. 31, 2021 | 18,916,001 | ||||
Common stock issued for services | $ 7 | 6,743 | 6,750 | ||
Common stock issued for debt conversion | $ 6 | 14,494 | 14,500 | ||
Common stock issued for debt conversion (in shares) | 58,000 | ||||
Common stock units sold for cash | $ 1 | 1,999 | 2,000 | ||
Beginning balance, value at Dec. 31, 2020 | $ 1,878 | 3,253,525 | (3,333,402) | (77,999) | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 1,000 | 18,775,000 | |||
Net loss | (79,254) | ||||
Ending balance, value at Jun. 30, 2021 | $ 1,892 | 3,276,761 | (3,412,656) | (134,003) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 1,000 | 18,916,001 | |||
Beginning balance, value at Mar. 31, 2021 | $ 1,892 | 3,276,761 | (3,406,160) | (127,507) | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2021 | 18,916,001 | ||||
Net loss | (6,496) | (6,496) | |||
Ending balance, value at Jun. 30, 2021 | $ 1,892 | $ 3,276,761 | $ (3,412,656) | $ (134,003) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 1,000 | 18,916,001 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (79,254) | $ (2,858,939) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Preferred stock issued for change of control | 2,765,250 | |
Warrant expense | 6,260 | |
Debt discount | 16,150 | |
Common stock issued for services | 6,750 | |
Changes in Operating Assets and Liabilities: | ||
Accounts receivable | (77,358) | (429) |
Inventory | 12,070 | (25,597) |
Prepaid expenses and other assets | (6,124) | (2,045) |
Accounts payable and accrued liabilities | (47,835) | 75,484 |
Customer deposits | (54,660) | |
Net cash used by operating activities | (175,601) | (94,676) |
Cash flows from Investing activities: | ||
Cash flows from Financing activities: | ||
Proceeds from loans - related party | 15,588 | 12,852 |
Repayment of related party loans | (5,510) | |
Proceeds from loans payable | 10,000 | |
Proceeds from convertible loans payable | 15,000 | |
Proceeds from sale of common stock | 2,000 | |
Net cash provided by financing activities | 17,588 | 32,342 |
Net decrease in cash | (158,013) | (62,334) |
Cash, beginning of period | 175,497 | 80,021 |
Cash, end of period | 17,484 | 17,687 |
Cash Paid For: | ||
Cash paid for interest | ||
Cash paid for taxes | ||
Supplemental Disclosure of Cash Flow Information: | ||
Conversion of debt | $ 14,500 |
DESCRIPTION OF BUSINESS AND HIS
DESCRIPTION OF BUSINESS AND HISTORY | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [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 3,000,000 100 20,000,000 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 0.0001 CannAssist produces and sells products formulated using its cannabidiol ("CBD") product, “Cibidinol,” which is formulated based on a process developed by its founder Mark Palumbo. |
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 Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2021. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. 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. 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. Recently issued accounting pronouncements 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, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 - GOING CONCERN The accompanying unaudited 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 $ 463,461 79,254 175,601 3,412,656 , |
LOANS PAYABLE
LOANS PAYABLE | 6 Months Ended |
Jun. 30, 2021 | |
Loans Payable | |
LOANS PAYABLE | NOTE 4 – LOANS PAYABLE On October 11, 2017, the Company received a $ 1,000 non-interest bearing On June 29, 2020, the Company received a $ 10,000 non-interest bearing |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES PAYABLE | NOTE 5 – CONVERTIBLE NOTES PAYABLE During July and August 2020, the Company issued convertible notes payable to third parties for a total of $ 14,500 non-interest bearing six 0.25 20,669 0.50 five 58,000 On November 19, 2020, the Company issued a convertible note payable to a third party for $ 30,000 unsecured May 13, 2021 0.15 20,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – 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, 2021 and December 31, 2020, the balance due to Ms. Palumbo for cash advances is $ 39,030 23,443 During the six months ended June 30, 2021 and 2020, the Company paid sales commissions of $ 0 $4,373 |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 7 – COMMON STOCK On February 8, 2021, the Company entered into an agreement with an independent consultant pursuant to which the consultant was issued 75,000 0.09 6,750 On February 24, 2021, in connection with its qualified offering under Regulation A, the Company sold 2667 0.75 2,000.25 Each unit is comprised of (i) 3 shares of the common stock of the Company and (ii) 1 warrant entitling the holder rights to purchase 1 share of the common stock. During six months ended June 30, 2021, note holders converted $ 14,500 58,000 |
PREFERRED STOCK
PREFERRED STOCK | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
PREFERRED STOCK | NOTE 8 – PREFERRED STOCK The Company has designated 1,000 0.0001 Series A Preferred Stock, voting together as a class, have the right to vote 60% of the Company’s voting shares |
WARRANTS
WARRANTS | 6 Months Ended |
Jun. 30, 2021 | |
Warrants | |
WARRANTS | NOTE 9 – WARRANTS On February 24, 2021, the Company sold 2667 0.50 5 465 estimate the fair value of the Warrants issued with the following inputs Warrants 2,667 Share price $ 0.25 Exercise Price $ 0.50 Term 5 Volatility 109.15 % Risk Free Interest Rate . 62 % Dividend rate - A summary of the status of the Company’s outstanding stock warrants and changes during the year is presented below: Activity for six months ended June 30, 2021 is as follows: Number of Weighted Weighted Aggregate Outstanding at December 31, 2019 - - - Granted 150,836 $ 0.25 7.97 $ - Expired - $ - - $ - Exercised - $ - - $ - Outstanding at December 31, 2020 150,836 $ 0.25 7.97 $ - Granted 2,667 $ 0.25 5 $ - Expired - $ - - $ - Exercised - $ - - $ - Outstanding at June 30, 2021 153,503 $ 0.25 7.42 $ - Exercisable at June 30, 2021 153,503 $ 0.25 7.42 $ - Schedule of weighted average remaining Range of Exercise Number Outstanding 6/30/2021 Weighted Average Remaining Weighted Average $ 0.25 153,503 7.42 $ 0.25 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – 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 has the following material subsequent events to disclose in these financial statements. On July 1, 2021, Mark Palumbo, an officer and director of CannAssist International Corp. (the “Company”), and Forty 7 Select Holdings LLC, an entity controlled by Greg Shockey (who was an existing shareholder of the Company), entered into an agreement pursuant to which Mark Palumbo transferred all of his 1,000 A Preferred Stock provides the holder thereof the right to vote 60% of the Company’s voting shares on any and all shareholder matters and thereby constituted a change of control of the Company 7,500,000 Effective as of July 23, 2021, Forty 7 Select Holdings LLC, the majority shareholder of the Company, and Jonathan Sweetser entered into a Change-in-Control Agreement pursuant to which Forty 7 Select Holdings LLC shall transfer all of its 1,000 A Preferred Stock provides the holder thereof the right to vote 60% of the Company’s voting shares on any and all shareholder matters and thereby constituted a change of control of the Company. Effective as of July 23, 2021, the Company entered into a Technology License Agreement with Phitech Management, LLC, an entity controlled by Jonathan Sweetser (“Licensor”), whereby, at Closing to use, market, promote and distribute certain technology related to Electronic Sports Gaming, 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 10-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 10,000,000 2,500,000 0.25 Effective as of July 23, 2021, the Company and Mark Palumbo entered into an agreement (the “Spin-Off Agreement”) whereby, at the Closing the Company shall transfer 100% of the issued and outstanding membership units of Xceptor LLC, an entity that was a wholly-owned subsidiary of the Company, to Mark Palumbo for nominal consideration as a condition of the Change-in-Control (the “Spin-Off”). Furthermore, at the Closing, that certain Technology License Agreement entered into by and between the Company and Mark Palumbo dated April 29, 2019 (the “Palumbo License Agreement”) shall be terminated and the Company shall assign all rights to the underlying Intellectual Property (as defined in the Palumbo License Agreement) to Mark Palumbo. On July 24, 2021, the Company received the approval, via a written consent in lieu of a meeting of stockholders, of stockholders holding a majority of our outstanding voting stock, representing approximately 60% of our outstanding voting shares (the “Consenting Stockholders”), approving an amendment to our Certificate of Incorporation, as amended, to effect a change in the Company’s name from “CannAssist International Corp.” to “The Electronic Servitor Publication Network, Inc.” (the “Name Change”) conditioned upon the Closing of the Change-in-Control. After the Change-in-Control, and related transactions, the business of the Company will change to focus on Electronic Sports Gaming technology and the development of related infrastructure, specifically the development and commercialization of a technology platform specifically designed for the Electronic Sports and Electronic Gaming markets. The platform will provide an omni-channel publishing tool, with talent identity protection and monetization tools provided in line with interaction and media creation services. Further publication and monetization products and services will be developed and acquired to support these efforts. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2021. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
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. |
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. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements 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. |
WARRANTS (Tables)
WARRANTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Warrants | |
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block] | Warrants 2,667 Share price $ 0.25 Exercise Price $ 0.50 Term 5 Volatility 109.15 % Risk Free Interest Rate . 62 % Dividend rate - |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Number of Weighted Weighted Aggregate Outstanding at December 31, 2019 - - - Granted 150,836 $ 0.25 7.97 $ - Expired - $ - - $ - Exercised - $ - - $ - Outstanding at December 31, 2020 150,836 $ 0.25 7.97 $ - Granted 2,667 $ 0.25 5 $ - Expired - $ - - $ - Exercised - $ - - $ - Outstanding at June 30, 2021 153,503 $ 0.25 7.42 $ - Exercisable at June 30, 2021 153,503 $ 0.25 7.42 $ - |
Schedule of Weighted Average Number of Shares [Table Text Block] | Range of Exercise Number Outstanding 6/30/2021 Weighted Average Remaining Weighted Average $ 0.25 153,503 7.42 $ 0.25 |
DESCRIPTION OF BUSINESS AND H_2
DESCRIPTION OF BUSINESS AND HISTORY (Details Narrative) - $ / shares | Jul. 12, 2018 | Jun. 18, 2018 | Jun. 30, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of shares cancelled | 20,000,000 | ||
Number of shares issued | 3,000,000 | ||
Percentage of total outstanding common stock | 100.00% | ||
Redemption shares of stock | 20,000,000 | ||
Description of produces and sells | CannAssist produces and sells products formulated using its cannabidiol ("CBD") product, “Cibidinol,” which is formulated based on a process developed by its founder Mark Palumbo. | ||
Exchange Acquisition Agreement [Member] | Xceptor LLC [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of shares exchange in business acquisition | 3,000,000 | ||
Business acquisition, share price (in dollars per share) | $ 0.0001 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Revenues | $ 463,461 | ||||||
Net income (loss) | $ (6,496) | $ (72,758) | $ (83,570) | $ (2,775,369) | (79,254) | $ (2,858,939) | |
Net cash provided (used) by operating activities | (175,601) | $ (94,676) | |||||
Accumulated deficit | $ (3,412,656) | $ (3,412,656) | $ (3,333,402) |
LOANS PAYABLE (Details Narrativ
LOANS PAYABLE (Details Narrative) - Third Party [Member] - Unsecured Debt [Member] - USD ($) | Nov. 19, 2020 | Jun. 29, 2020 | Oct. 11, 2017 | Aug. 31, 2020 |
Entity Listings [Line Items] | ||||
Proceeds from unsecured loan payable | $ 10,000 | $ 1,000 | ||
Interest rate terms | unsecured | non-interest bearing | non-interest bearing | non-interest bearing |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($) | Feb. 26, 2021 | Nov. 19, 2020 | Jun. 29, 2020 | Oct. 11, 2017 | Aug. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Feb. 24, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||||||
Number of warrant issued | $ 9,022 | ||||||||
Shares price (in dollars per shares) | $ 0.75 | ||||||||
Warrant [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Warrant term | 7 years 5 months 1 day | 7 years 11 months 19 days | |||||||
Third Party [Member] | Unsecured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Convertible note payable | $ 30,000 | $ 14,500 | |||||||
Interest rate terms | unsecured | non-interest bearing | non-interest bearing | non-interest bearing | |||||
Debt term | 6 months | ||||||||
Debt conversion price (in dollars per shares) | $ 0.25 | ||||||||
Number of shares converted (in shares) | 58,000 | ||||||||
Maturity date | May 13, 2021 | ||||||||
Shares price (in dollars per shares) | $ 0.15 | ||||||||
Amount of beneficial conversion feature | $ 20,000 | ||||||||
Third Party [Member] | Unsecured Debt [Member] | Warrant [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of warrant issued | $ 20,669 | ||||||||
Exercise price (in dollars per share) | $ 0.50 | ||||||||
Warrant term | 5 years |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Commissions - related party | $ 4,373 | ||||
EME Ltd. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Commissions - related party | 0 | $ 4,373 | |||
President [Member] | General and Administrative Expense [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related party | $ 39,030 | $ 39,030 | $ 23,443 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | Feb. 24, 2021 | Feb. 08, 2021 | Jun. 18, 2018 | Jun. 30, 2021 | Jun. 30, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Number of shares issued (in shares) | 3,000,000 | ||||
Share price | $ 0.75 | ||||
Number of shares of common stock for total cash proceeds | 2,667 | ||||
Value of shares of common stock for total cash proceeds | $ 2,000 | ||||
Common stock, voting rights | Each unit is comprised of (i) 3 shares of the common stock of the Company and (ii) 1 warrant entitling the holder rights to purchase 1 share of the common stock. | ||||
Value of shares converted | $ 14,500 | $ 58,000 | |||
Independent Consultant Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Number of shares issued (in shares) | 75,000 | ||||
Share price | $ 0.09 | ||||
Non-cash expense | $ 6,750 |
PREFERRED STOCK (Details Narrat
PREFERRED STOCK (Details Narrative) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||
Number of shares designated | 20,000,000 | 20,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Number of shares designated | 1,000 | |
Preferred stock, par value (in dollars per share) | $ 0.0001 | |
Preferred stock, voting rights | Series A Preferred Stock, voting together as a class, have the right to vote 60% of the Company’s voting shares |
WARRANT (Details)
WARRANT (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Feb. 24, 2021 | |
Class of Warrant or Right [Line Items] | ||
Share price | $ 0.75 | |
Warrant 1 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants | 2,667 | 2,667 |
Share price | $ 0.25 | |
Exercise Price | $ 0.50 | $ 0.50 |
Term | 5 years | 5 years |
Volatility | 109.15% | |
Risk Free Interest Rate | 62.00% |
WARRANT (Details 1)
WARRANT (Details 1) - Warrant [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Class of Warrant or Right [Line Items] | ||
Outstanding at beginning | 150,836 | 0 |
Outstanding at beginning | $ 0.25 | |
Granted | 2,667 | 150,836 |
Granted | $ 0.25 | $ 0.25 |
Granted | 5 years | 7 years 11 months 19 days |
Outstanding at end | 153,503 | 150,836 |
Outstanding at end | $ 0.25 | $ 0.25 |
Weighted average remaining contract term | 7 years 5 months 1 day | 7 years 11 months 19 days |
Exercisable at end | 153,503 | |
Exercisable at end | $ 0.25 | |
Weighted average remaining contract term, exercisable | 7 years 5 months 1 day |
WARRANT (Details 2)
WARRANT (Details 2) - Warrant [Member] - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Class of Warrant or Right [Line Items] | ||
Weighted average remaining contractual life (years) | 7 years 5 months 1 day | 7 years 11 months 19 days |
Exercise Price $0.25 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Exercse Price | $ 0.25 | |
Number outstanding | 153,503 | |
Weighted average remaining contractual life (years) | 7 years 5 months 1 day | |
Weighted Average Exercise Price | $ 0.25 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - Warrant 1 [Member] - USD ($) | Jun. 30, 2021 | Feb. 24, 2021 |
Class of Warrant or Right [Line Items] | ||
Number of warrant issued | 2,667 | 2,667 |
Exercise price (in dollars per share) | $ 0.50 | $ 0.50 |
Warrant term | 5 years | 5 years |
Warrant fair value | $ 465 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Jul. 23, 2021 | Jul. 01, 2021 | Jun. 18, 2018 | Mar. 31, 2021 | Feb. 24, 2021 |
Subsequent Event [Line Items] | |||||
Cancellation of shares | 20,000,000 | ||||
Value of shares | $ 6,750 | ||||
Share Price | $ 0.75 | ||||
Subsequent Event [Member] | Change in Control Agreement [Member] | Forty 7 Select Holdings LLC [Member] | |||||
Subsequent Event [Line Items] | |||||
Share transfer | 1,000 | ||||
Description of voting right | A Preferred Stock provides the holder thereof the right to vote 60% of the Company’s voting shares on any and all shareholder matters and thereby constituted a change of control of the Company. | ||||
Subsequent Event [Member] | Technology License Agreement [Member] | Phitech Management LLC [Member] | |||||
Subsequent Event [Line Items] | |||||
Issue of shares | 10,000,000 | ||||
Value of shares | $ 2,500,000 | ||||
Share Price | $ 0.25 | ||||
Subsequent Event [Member] | Chief Executive Officer [Member] | |||||
Subsequent Event [Line Items] | |||||
Share transfer | 1,000 | ||||
Description of voting right | A Preferred Stock provides the holder thereof the right to vote 60% of the Company’s voting shares on any and all shareholder matters and thereby constituted a change of control of the Company | ||||
Cancellation of shares | 7,500,000 |