Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2018shares | |
Document And Entity Information | |
Entity Registrant Name | REGNUM CORP. |
Entity Central Index Key | 1,716,324 |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 22,950,000 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2,018 |
Entity Emerging Growth Company | true |
Entity Small Business | true |
Entity Ex Transition Period | false |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash | $ 47,162 | $ 14,550 |
Total Current Assets | 47,162 | 14,550 |
OTHER ASSETS | ||
Intangible assets | 514 | 200 |
Total Other Assets | 514 | 200 |
TOTAL ASSETS | 47,676 | 14,750 |
CURRENT LIABILITIES | ||
Accrued taxes payable | 2,099 | 863 |
Account Payable - related party | 1,325 | 1,325 |
Total Current Liabilities | 3,424 | 2,188 |
TOTAL LIABILITIES | 3,424 | 2,188 |
STOCKHOLDERS' EQUITY | ||
Common stock: $0.001 par value, 80,000,000 shares authorized, 22,950,000 and 20,000,000 shares issued and outstanding,respectively | 22,950 | 20,000 |
Additional paid-in capital | 18,550 | (8,000) |
Retained earnings | 2,752 | 562 |
Total Stockholders' Equity | 44,252 | 12,562 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 47,676 | $ 14,750 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 | May 30, 2017 | Mar. 29, 2017 |
STOCKHOLDERS' EQUITY | ||||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 80,000,000 | 80,000,000 | ||
Common stock, shares issued | 22,950,000 | 20,000,000 | 16,666,667 | 3,333,333 |
Common stock, shares outstanding | 22,950,000 | 20,000,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statements Of Operations | ||||
REVENUES | $ 3,500 | $ 8,000 | $ 17,000 | $ 10,500 |
OPERATING EXPENSES | ||||
Amortization of intangible assets | 115 | 200 | 486 | 200 |
Legal and professional fees | 1,000 | 6,900 | 7,350 | 6,900 |
General and administrative | 2,136 | 393 | 5,738 | 1,525 |
Total Operating Expenses | 3,251 | 7,493 | 13,574 | 8,625 |
INCOME FROM OPERATIONS | 249 | 507 | 3,426 | 1,875 |
OTHER EXPENSES | ||||
INCOME BEFORE TAXES | 249 | 507 | 3,426 | 1,875 |
INCOME TAX EXPENSE | 102 | 200 | 1,236 | 600 |
NET INCOME | $ 147 | $ 307 | $ 2,190 | $ 1,275 |
BASIC AND DILUTED INCOME PER COMMON SHARE | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 21,535,326 | 20,000,000 | 20,517,399 | 9,768,010 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
OPERATING ACTIVITIES | ||
Net income | $ 2,190 | $ 1,275 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Expenses paid on the Company's behalf by a related-party | 500 | |
Amortization of intangible assets | 486 | 200 |
Changes in operating assets and liabilities: | ||
Accrued taxes payable | 1,236 | 600 |
Account payable - related party | ||
Net Cash Provided By Operating Activities | 3,912 | 2,575 |
INVESTING ACTIVITIES | ||
Purchase of intangible assets | (800) | (500) |
Net Cash Used in Investing Activities | (800) | (500) |
FINANCING ACTIVITIES | ||
Common stock issued for cash | 29,500 | 12,000 |
Net Cash Provided by Financing Activities | 29,500 | 12,000 |
NET INCREASE IN CASH | 32,612 | 14,075 |
CASH AT BEGINNING OF PERIOD | 14,550 | |
CASH AT END OF PERIOD | $ 47,162 | $ 14,075 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The accompanying financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2018, and for all periods presented herein, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2017 financial statements. The results of operations for the periods ended September 30, 2018 and 2017 are not necessarily indicative of the operating results for the full year. Nature of Business Regnum, Inc. (“The Company”) was organized on March 31, 2016, under the laws of the State of Nevada. The Company has commenced principal operations as of the balance sheet date. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Basic Loss per Common Share Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are 80,000,000 common stock shares authorized at $0.001 par value and 22,950,000 shares of common stock outstanding as of September 30, 2018. The Company had no potential dilutive shares of common stock as of September 30, 2018. Accounting Basis The basis is accounting principles generally accepted in the United States of America. The Company has adopted a December 31 fiscal year-end. Cash and Cash Equivalents Cash and cash equivalents include cash in banks and financial instruments which mature within three months of the date of purchase. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09 “ Revenue from Contracts with Customers” Management has considered all recent accounting pronouncements issued since the last audit of the Company’s financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
2. GOING CONCERN | The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has a limited operating history and has not yet established strong liquidity or a reliable ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern over an extended period of time. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until its operations become established enough to be considered reliably profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
3. STOCKHOLDERS’ EQUITY | As of September 30, 2018, the Company has authorized 80,000,000 shares of $0.001 par value common stock, of which 22,950,000 shares are issued and outstanding. On May 30, 2017 the Company issued 16,666,667 shares of common stock for cash at $0.0006 per share. On March 29, 2017 the Company issued 3,333,333 shares of common stock for cash at $0.0006 per share. During the three-month period ended September 30, 2018, the Company issued 2,950,000 shares of common stock to various investors for cash at $0.01 per share, resulting in aggregate proceeds of $29,500. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
4. RELATED PARTY TRANSACTIONS | As of September 30, 2018, the Company is indebted to Company officers and entities controlled by officers for services, periodic advances to the Company and expenses paid for on the Company’s behalf. At September 30, 2018, these transactions totaled $1,325. The advances are no-interest-bearing, and are due on demand. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
5. INCOME TAXES | Income tax expense consists of the following: September 30, 2018 2017 Federal $ 636 $ - State 600 600 Total $ 1,236 $ 600 Income tax expense differed from the amounts computed by applying the U.S. federal statutory tax rate applicable to the Company’s level of pretax income as a result of the following: September 30, 2018 2017 Federal tax at statutory rate $ 740 $ - State taxes, net of federal benefit (104 ) - Net operating loss carryforward $ 636 $ - |
CONCENTRATION
CONCENTRATION | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
6. CONCENTRATION | For the nine months ended September 30, 2018, revenues consisted of sales to six customers. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
7. SUBSEQUENT EVENTS | In accordance with ASC 855 Company management reviewed all material events through the date of this report and there are no material subsequent events to report. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Summary Of Significant Accounting Policies | |
Nature of Business | Regnum, Inc. (“The Company”) was organized on March 31, 2016, under the laws of the State of Nevada. The Company has commenced principal operations as of the balance sheet date. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Basic Loss per Common Share | Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are 80,000,000 common stock shares authorized at $0.001 par value and 22,950,000 shares of common stock outstanding as of September 30, 2018. The Company had no potential dilutive shares of common stock as of September 30, 2018. |
Accounting Basis | The basis is accounting principles generally accepted in the United States of America. The Company has adopted a December 31 fiscal year-end. |
Cash and Cash Equivalents | Cash and cash equivalents include cash in banks and financial instruments which mature within three months of the date of purchase. |
Recent Accounting Pronouncements | In May 2014, the FASB issued ASU 2014-09 “ Revenue from Contracts with Customers” Management has considered all recent accounting pronouncements issued since the last audit of the Company’s financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Income Taxes | |
Income tax expense | Income tax expense consists of the following: September 30, 2018 2017 Federal $ 636 $ - State 600 600 Total $ 1,236 $ 600 Income tax expense differed from the amounts computed by applying the U.S. federal statutory tax rate applicable to the Company’s level of pretax income as a result of the following: September 30, 2018 2017 Federal tax at statutory rate $ 740 $ - State taxes, net of federal benefit (104 ) - Net operating loss carryforward $ 636 $ - |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Summary Of Significant Accounting Policies Details Narrative Abstract | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares outstanding | 22,950,000 | 20,000,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2017 | May 30, 2017 | Mar. 29, 2017 | |
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 80,000,000 | 80,000,000 | ||
Common stock, shares issued | 22,950,000 | 20,000,000 | 16,666,667 | 3,333,333 |
Common stock, shares outstanding | 22,950,000 | 20,000,000 | ||
Common stock price per share | $ 0.0006 | $ 0.0006 | ||
Investor [Member] | ||||
Common stock price per share | $ 0.01 | |||
Common stock issued for cash, Shares | 2,950,000 | |||
Common stock issued for cash, Value | $ 29,500 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Expenses paid on the Company's behalf by a related-party | $ 500 | |
Officers [Member] | ||
Expenses paid on the Company's behalf by a related-party | $ 1,325 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Income Taxes Details Abstract | ||
Federal | $ 636 | |
State | 600 | 600 |
Total | $ 1,236 | $ 600 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Income Taxes Details 1Abstract | ||
Federal tax at statutory rate | $ 740 | |
State taxes, net of federal benefit | (104) | |
Net operating loss carryforward | $ 636 |
CONCENTRATION (Details Narrativ
CONCENTRATION (Details Narrative) | 9 Months Ended |
Sep. 30, 2018Customer | |
Concentration | |
Number of customers | 6 |