Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2019shares | |
Document And Entity Information | |
Entity Registrant Name | Regnum Corp. |
Entity Central Index Key | 0001716324 |
Document Type | 10-Q |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Small Business | true |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Current Reporting Status | Yes |
Document Period End Date | Sep. 30, 2019 |
Entity Filer Category | Non-accelerated Filer |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2019 |
Entity Ex Transition Period | false |
Entity Common Stock Shares Outstanding | 22,950,000 |
Balance Sheet
Balance Sheet - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash | $ 13,322 | $ 47,295 |
Prepaid expenses | ||
Total Current Assets | 13,322 | 47,295 |
OTHER ASSETS | ||
Intangible assets | 1,119 | 400 |
Total Other Assets | 1,119 | 400 |
TOTAL ASSETS | 14,441 | 47,695 |
CURRENT LIABILITIES | ||
Accrued taxes payable | 2,310 | |
Account payable - related party | 1,325 | 1,325 |
Total Current Liabilities | 1,325 | 3,635 |
TOTAL LIABILITIES | 1,325 | 3,635 |
STOCKHOLDERS' EQUITY | ||
Preferred stock: $0.001 par value, 5,000,000 shares authorized, 0 issued and outstanding | ||
Common stock: $0.001 par value, 80,000,000 shares authorized, 22,950,000 and 22,950,000 shares issued and outstanding, respectively | 22,950 | 22,950 |
Additional paid-in capital | 18,550 | 18,550 |
Retained earnings (accumulated deficit) | (28,384) | 2,560 |
Total Stockholders' Equity | 13,116 | 44,060 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 14,441 | $ 47,695 |
Balance Sheet (Parenthetical)
Balance Sheet (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, shares par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 22,950,000 | 22,950,000 |
Common stock, shares outstanding | 22,950,000 | 22,950,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statements of Operations (Unaudited) | ||||
REVENUES | $ 2,500 | $ 3,500 | $ 5,300 | $ 17,000 |
OPERATING EXPENSES | ||||
Amortization of intangible assets | 167 | 115 | 281 | 486 |
Legal and professional fees | 1,500 | 1,000 | 33,225 | 7,350 |
General and administrative | 745 | 2,136 | 2,738 | 5,738 |
Total Operating Expenses | 2,412 | 3,251 | 36,244 | 13,574 |
INCOME (LOSS) FROM OPERATIONS | 88 | 249 | (30,944) | 3,426 |
OTHER EXPENSES | ||||
INCOME (LOSS) BEFORE TAXES | 88 | 249 | (30,944) | 3,426 |
INCOME TAX EXPENSE | 102 | 1,236 | ||
NET INCOME (LOSS) | $ 88 | $ 147 | $ (30,944) | $ 2,190 |
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 22,950,000 | 21,535,326 | 22,950,000 | 20,517,399 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Total | Common Stock Shares | Additional Paid-In Capital | Retained Earnings Accumulated Deficit |
Balance, Shares at Dec. 31, 2017 | 20,000,000 | |||
Balance, Amount at Dec. 31, 2017 | $ 12,562 | $ 20,000 | $ (8,000) | $ 562 |
Net loss | 1,258 | 1,258 | ||
Balance, Shares at Mar. 31, 2018 | 20,000,000 | |||
Balance, Amount at Mar. 31, 2018 | 13,820 | $ 20,000 | (8,000) | 1,820 |
Net loss | 785 | 785 | ||
Balance, Shares at Jun. 30, 2018 | 20,000,000 | |||
Balance, Amount at Jun. 30, 2018 | 14,605 | $ 20,000 | (8,000) | 2,605 |
Net loss | 147 | 147 | ||
Balance, Shares at Sep. 30, 2018 | 20,000,000 | |||
Balance, Amount at Sep. 30, 2018 | 14,752 | $ 20,000 | (8,000) | 2,752 |
Balance, Shares at Dec. 31, 2018 | 22,950,000 | |||
Balance, Amount at Dec. 31, 2018 | 44,060 | $ 22,950 | 18,550 | 2,560 |
Net loss | (23,610) | (23,610) | ||
Balance, Shares at Mar. 31, 2019 | 22,950,000 | |||
Balance, Amount at Mar. 31, 2019 | 20,450 | $ 22,950 | 18,550 | (21,050) |
Net loss | (7,422) | (7,422) | ||
Balance, Shares at Jun. 30, 2019 | 22,950,000 | |||
Balance, Amount at Jun. 30, 2019 | 13,028 | $ 22,950 | 18,550 | (28,472) |
Net loss | 88 | 88 | ||
Balance, Shares at Sep. 30, 2019 | 22,950,000 | |||
Balance, Amount at Sep. 30, 2019 | $ 13,116 | $ 22,950 | $ 18,550 | $ (28,384) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ (30,944) | $ 2,190 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Expenses paid on the Company's behalf by a related-party | ||
Amortization of intangible assets | 281 | 486 |
Changes in operating assets and liabilities: | ||
Accrued taxes payable | (2,310) | 1,236 |
Account payable - related party | ||
Net Cash Provided By Operating Activities | (32,973) | 3,912 |
INVESTING ACTIVITIES | ||
Purchase of intangible assets | (1,000) | (800) |
Net Cash Used in Investing Activities | (1,000) | (800) |
FINANCING ACTIVITIES | ||
Common stock issued for cash | 29,500 | |
Net Cash Provided by Financing Activities | 29,500 | |
NET INCREASE IN CASH | (33,973) | 32,612 |
CASH AT BEGINNING OF PERIOD | 47,295 | 14,550 |
CASH AT END OF PERIOD | $ 13,322 | $ 47,162 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The accompanying financial statements have been prepared by the Company without audit. 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, 2019, 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, 2018 financial statements. The results of operations for the periods ended September 30, 2019 and 2018 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, 2019. The Company had no potential dilutive shares of common stock as of September 30, 2019. 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. Revenue Recognition Revenues from the sale of intellectual property are recognized when persuasive evidence of an arrangement exists, the intellectual property has been delivered or is made available for delivery, the customer can begin the use of the intellectual property, the fee is fixed or determinable and collectability is reasonably assured, which is generally upon execution of a purchase agreement and delivery of the intellectual property. Intangible Assets The Company capitalizes the costs of acquiring intellectual property. The Company amortizes these costs over the costs in the same expected ratio as the associated ultimate revenue. Impairment of Long-Lived Assets The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17 if events or circumstances indicate that their carrying amounts might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using rules of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets. Income Taxes The Company provides for income taxes under ASC 740, Accounting for Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. If applicable, the Company would classify interest and penalties related to uncertain tax positions in income tax expense. Through March 31, 2019, there has been no interest expense or penalties related to unrecognized tax benefits. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which amends the existing accounting standards for leases. The new standard requires lessees to record a right-of-use (“ROU”) asset and a corresponding lease liability on the balance sheet (with the exception of short-term leases). This new standard is effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual reporting periods, with early adoption permitted. We adopted this new standard effective January 1, 2019. Adoption did not have any effect on the Company. 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, 2019 | |
GOING CONCERN | |
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, 2019 | |
Equity [Abstract] | |
3. STOCKHOLDERS' EQUITY | As of September 30, 2019, 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. As of September 30, 2019, the Company has authorized 5,000,000 shares of $0.001 par value preferred stock, of which none are issued and outstanding. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2019 | |
RELATED PARTY TRANSACTIONS | |
4. RELATED PARTY TRANSACTIONS | As of September 30, 2019, 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, 2019, 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, 2019 | |
INCOME TAXES | |
5. INCOME TAXES | Income tax expense consists of the following: September 30, 2019 2018 Federal $ - $ 636 State - 600 Total $ - $ 1,236 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, 2019 2018 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, 2019 | |
CONCENTRATION | |
6. CONCENTRATION | For the nine months ended September 30, 2019, revenues consisted of sales to four customers. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2019 | |
SUBSEQUENT EVENTS | |
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, 2019 | |
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, 2019. The Company had no potential dilutive shares of common stock as of September 30, 2019. |
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. |
Revenue Recognition | Revenues from the sale of intellectual property are recognized when persuasive evidence of an arrangement exists, the intellectual property has been delivered or is made available for delivery, the customer can begin the use of the intellectual property, the fee is fixed or determinable and collectability is reasonably assured, which is generally upon execution of a purchase agreement and delivery of the intellectual property. |
Intangible Assets | The Company capitalizes the costs of acquiring intellectual property. The Company amortizes these costs over the costs in the same expected ratio as the associated ultimate revenue. |
Impairment of Long-Lived Assets | The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17 if events or circumstances indicate that their carrying amounts might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using rules of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets. |
Income Taxes | The Company provides for income taxes under ASC 740, Accounting for Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. If applicable, the Company would classify interest and penalties related to uncertain tax positions in income tax expense. Through March 31, 2019, there has been no interest expense or penalties related to unrecognized tax benefits. |
Recent Accounting Pronouncements | In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which amends the existing accounting standards for leases. The new standard requires lessees to record a right-of-use (“ROU”) asset and a corresponding lease liability on the balance sheet (with the exception of short-term leases). This new standard is effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual reporting periods, with early adoption permitted. We adopted this new standard effective January 1, 2019. Adoption did not have any effect on the Company. 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, 2019 | |
INCOME TAXES (Tables) | |
Income tax expense | September 30, 2019 2018 Federal $ - $ 636 State - 600 Total $ - $ 1,236 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, 2019 2018 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 | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | ||
Entity incorporation | Nevada | |
Entity incorporation, date of incorporation | Mar. 31, 2016 | |
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 | 22,950,000 |
STOCKHOLDERS' EQUITY (Details N
STOCKHOLDERS' EQUITY (Details Narrative) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
STOCKHOLDERS' EQUITY (Details Narrative) | ||
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 | 22,950,000 |
Common stock, shares outstanding | 22,950,000 | 22,950,000 |
Preferred stock, Par value | $ 0.001 | $ 0.001 |
Preferred stock, Authorized | 5,000,000 | 5,000,000 |
Preferred stock, Issued | 0 | 0 |
Preferred stock, Outstanding | 0 | 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
RELATED PARTY TRANSACTIONS (Details Narrative) | ||
Account Payable - related party | $ 1,325 | $ 1,325 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
INCOME TAXES (Details) | ||
Federal | $ 636 | |
State | 600 | |
Total | $ 1,236 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
INCOME TAXES (Details 1) | ||
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, 2019integer | |
CONCENTRATION (Details Narrative) | |
Number of customers | 4 |