Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | Aug. 16, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | INTERNET SCIENCES INC. | |
Entity Central Index Key | 0001720286 | |
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 | No | |
Document Period End Date | Mar. 31, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Entity Ex Transition Period | true | |
Entity Common Stock Shares Outstanding | 1,387,000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | No |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 0 | $ 0 |
Prepaid expenses | 0 | 0 |
Security deposit | 0 | 0 |
Due from related party | 0 | 0 |
Total Current Assets | 0 | 0 |
Total Assets | 0 | 0 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 55,019 | 54,970 |
Accounts payable and accrued liabilities - related party | 20,985 | 20,985 |
Due to related party | 86,572 | 85,225 |
Loans payable | 881 | 881 |
Total Current Liabilities | 163,457 | 162,061 |
Total Liabilities | 163,457 | 162,061 |
Stockholders' Deficit | ||
Additional paid-in capital | 133,047 | 133,047 |
Accumulated deficit | (316,355) | (314,959) |
Total stockholders' deficit | (163,457) | (162,061) |
Non-controlling interest | 0 | 0 |
Total Stockholders' Deficit | (163,457) | (162,061) |
Total Liabilities and Stockholders' Deficit | 0 | 0 |
Common Stock Class A [Member] | ||
Stockholders' Deficit | ||
Total stockholders' deficit | 1,051 | 1,051 |
Common Stock Class A, 81,200,000 shares designated, 1,051,000 shares issued and outstanding | 1,051 | 1,051 |
Common Stock Class B [Member] | ||
Stockholders' Deficit | ||
Total stockholders' deficit | 18,800 | 18,800 |
Common Stock Class A, 81,200,000 shares designated, 1,051,000 shares issued and outstanding | $ 18,800 | $ 18,800 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common Stock Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 81,200,000 | 81,200,000 |
Common stock, issued | 1,051,000 | 1,051,000 |
Common stock, outstanding | 1,051,000 | 1,051,000 |
Common stock designated | 81,200,000 | 81,200,000 |
Common Stock Class B [Member] | ||
Common stock, authorized | 18,800,000 | 18,800,000 |
Common stock, issued | 18,800,000 | 18,800,000 |
Common stock, outstanding | 18,800,000 | 18,800,000 |
Common stock designated | 18,800,000 | 18,800,000 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Consolidated Statement of Operations | ||
Revenue | $ 0 | $ 0 |
Operating Expenses: | ||
General and administrative | 1,394 | 3,097 |
Professional fees | 0 | 1,285 |
Compensation | 0 | 5,000 |
Total operating expenses | 1,394 | 9,382 |
Operating Loss | (1,394) | (9,382) |
Other income (expense) | ||
Interest expense | (2) | 0 |
Total other expense | (1,396) | 0 |
Net loss before taxes | (1,396) | (9,382) |
Income tax provision | 0 | 0 |
Net Loss | (1,396) | (9,382) |
Net loss attributable to: Internet Sciences, Inc. | (1,396) | (9,382) |
Non-controlling interest | 0 | 0 |
Comprehensive Loss | $ (1,396) | $ (9,382) |
Net loss per share, basic and diluted | $ 1 | $ 0 |
Basic and Diluted Weighted Average Common Shares Outstanding | 19,851,000 | 19,712,222 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Deficit - USD ($) | Total | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Noncontrolling Interest | Common Stock Class A [Member] | Common Stock Class B [Member] |
Balance, shares at Dec. 31, 2019 | 865,000 | 18,800,000 | ||||
Balance, amount at Dec. 31, 2019 | $ (142,622) | $ 114,633 | $ (276,920) | $ 0 | $ 865 | $ 18,800 |
Issuance of common shares for compensation, related party, shares | 50,000 | |||||
Issuance of common shares for compensation, related party, amount | 5,000 | 4,950 | 0 | 0 | $ 50 | $ 0 |
Net loss | (9,382) | 0 | (9,382) | 0 | $ 0 | $ 0 |
Balance, shares at Mar. 31, 2020 | 915,000 | 18,800,000 | ||||
Balance, amount at Mar. 31, 2020 | (147,004) | 119,583 | (286,302) | 0 | $ 915 | $ 18,800 |
Balance, shares at Dec. 31, 2019 | 865,000 | 18,800,000 | ||||
Balance, amount at Dec. 31, 2019 | (142,622) | 114,633 | (276,920) | 0 | $ 865 | $ 18,800 |
Issuance of common shares for compensation, related party, amount | $ 6,000 | |||||
Balance, shares at Dec. 31, 2020 | 1,051,000 | 18,800,000 | ||||
Balance, amount at Dec. 31, 2020 | (162,061) | 133,047 | (314,959) | 0 | $ 1,051 | $ 18,800 |
Net loss | (1,396) | 0 | (1,396) | 0 | $ 0 | $ 0 |
Balance, shares at Mar. 31, 2021 | 1,051,000 | 18,800,000 | ||||
Balance, amount at Mar. 31, 2021 | $ (163,457) | $ 133,047 | $ (316,355) | $ 0 | $ 1,051 | $ 18,800 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (1,396) | $ (9,382) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock based compensation | 0 | 5,000 |
Changes in current assets and liabilities: | ||
Prepaid expenses | 0 | 1,000 |
Accounts payable and accrued liabilities | 49 | (1,055) |
Accounts payable and accrued liabilities - related party | 0 | 4,044 |
Net cash used in operating activities | (1,347) | (393) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party | 1,347 | 962 |
Repayment to related party | 0 | (590) |
Net cash provided by financing activities | 1,347 | 372 |
Net change in cash for the period | 0 | (21) |
Cash at beginning of period | 0 | 21 |
Cash at end of period | 0 | 0 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
NATURE OF BUSINESS AND SUMMARY
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2021 | |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Nature of Business Internet Sciences Inc. (“ISI” or the “Company”) was originally incorporated as Luxury Trine Digital Media Group, Inc. (“Luxury Trine”) in the State of Delaware on May 20, 2016. Its consolidated Variable Interest Entity (“VIE”), Trine Digital Broadcasting Ltd., was incorporated in the United Kingdom on July 3, 2017. On October 5, 2018, the Company changed its name to Internet Sciences Inc.., which is an early-stage emerging diversified information and communications technology company specializing in cutting-edge digital transformation services, including new-media technology; telecommunication and network carrier services; IoT-enabled solutions; and managed ICT, managed cloud services, data centers and co-location services. Based in New York, NY, ISI seeks to operate internationally with a global team known for its technological expertise, deep industry knowledge, world-class research and analytical capabilities, and innovative mindset. ISI seeks to transform corporations, enterprises and government entities by providing best-in-class solutions, rooted in and driven by the technology, data, and organizational strategy required for operational excellence. Our interdisciplinary teams work in close collaboration with clients, helping them to solve their biggest problems utilizing a user-centric, data-driven approach focusing on creating seamless unified experiences across all digital, communication and physical touchpoints. The Company’s principal place of business is 521 Fifth Ave, 17 th Principles of Consolidation The consolidated financial statements include the following subsidiaries: Ownership Country Interest Trine Digital Broadcasting Ltd (TDB) United Kingdom 49 % Institute of Technology, Informatics & Computer Analytics LLC (IoTICA) USA 100 % Analygence Limited (AL) United Kingdom 100 % The Company’s functional and reporting currency is the United States dollar. The functional currency of TDB and AL is the British pound. On consolidation, the subsidiary translates its assets and liabilities to U.S. dollars using foreign exchange rates which prevailed at the balance sheet date, and translates its revenues and expenses using average exchange rates during the period. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the other comprehensive income/loss. No foreign currency translation or transactions gains or losses were recognized during the quarter ended March 31, 2021 due to the absence of operations in the UK subsidiaries. In June 2020, AL was formed in UK as an extension of TICA and as a response to the limitations of travel between the UK and US caused by the COVID-19 pandemic. There were no operations through TDB and AL for the three months ended March 31, 2021. There were no assets and liabilities of TDB and AL as of March 31, 2021. In the preparation of consolidated financial statements of the Company, intercompany transactions and balances are eliminated in consolidation. Basis of Presentation The accompanying consolidated financial statements (unaudited) are condensed and have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with US GAAP, have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for the period ended March 31, 2021 are not necessarily indicative of the operating results for the full year ended December 31, 2021. In the opinion of management, all adjustments (consisting of normal recurring items) necessary to present fairly the Company’s financial position and results of operations and cash flows as of and for the three months ended March 31, 2021 and 2020, have been made. Variable Interest Entity ASC 810-10-25-38, “Consolidation of Variable Interest Entities” requires a variable interest entity (“VIE”) to be consolidated by a company if that company absorbs a majority of the VIE’s expected losses and/or receives a majority of the entity’s expected residual returns as a result of holding variable interests. Trine Digital Broadcasting is a variable interest entity as defined by ASC 810-10-25-38. As ISI owns 49% of the VIE and the founder (CEO) majority shareholder (a related party) of ISI controls the remaining 51%, ISI has been determined to be the primary beneficiary of this VIE. The VIE was formed to expand the business of ISI into the United Kingdom. There are no formal explicit arrangements as of March 31, 2021 that requires ISI to provide financial support to the VIE, although financial support is implied by the relationship. There were no assets and liabilities of the VIE as of March 31, 2021. The Company has not provided funding to the VIE to date, therefore, there have been no operations. Use of Estimates The preparation of financial statements (Unaudited) 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. Significant estimates made by management in the accompanying financial statements (Unaudited) include, but are not limited to the fair value of stock based compensation and the deferred tax asset valuation allowance. Cash and Cash Equivalents All highly liquid investments with maturity of three months or less are considered to be cash equivalents. The Company places its cash with high credit quality financial institutions. The Company’s accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of March 31, 2021 and December 31, 2020, the Company did not reach bank balances exceeding the FDIC insurance limit. Fair Value of Financial Instruments The Company follows FASB ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements establishes a framework for measuring fair value and expands disclosure about such fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. FASB ASC 825-10-25 Fair Value Option expands opportunities to use fair value measurements in financial reporting and permits entities to choose to measure many financial instruments and certain other items at fair value. The Company did not elect the fair value options for any of its qualifying financial instruments. The carrying amounts reported in the balance sheet for cash, accounts payable, and accrued expenses approximate their estimated fair market value based on the short-term maturity of these instruments. Revenue Recognition The Company has adopted the guidance of the FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), and recognizes revenue from the sale of products and services following the five steps procedure: Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance obligation The Company will recognize revenue as it transfers control of promised services to its customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for these services. Income Taxes Income taxes are determined in accordance with the provisions of ASC 740, “Income Taxes”. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. Internet Sciences Inc. is registered in the State of Delaware and is subject to the tax laws of United States of America. The components of the Company’s deferred tax asset and reconciliation of income taxes are computed at the new statutory rate of 21%, and fully offset by a valuation allowance, as it is more likely than not that any benefits will not be realized in the future. The Company’s subsidiary operating in United Kingdom is subject to the United Kingdom Profits Tax at a standard income tax rate of 19% on the assessable income arising in United Kingdom during its tax year. For the three months ended March 31, 2021, operating activity of subsidiary was Nil. The Company has not incurred any interest or penalties associated with any tax positions, and does not have any significant unrecognized tax positions as of March 31, 2021. Stock Based Compensation Stock-based compensation is accounted for based on the requirements of ASC 718, “Compensation – Stock Compensation,” which requires recognition in the financial statements of the cost of employee, director, and non-employee services received in exchange for an award of equity instruments over the period the individual or entity is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of services received in exchange for an award based on the grant-date fair value of the award. Net Loss per Share ASC 260 “Earnings Per Share”, requires dual presentation of basic and diluted earnings per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Basic net loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of shares of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period, unless the result is anti-dilutive. Net loss per share for each class of common stock is as follows: Quarter Ended March 31, 2021 2020 Net loss per share, basic and diluted $ (0.00 ) $ (0.00 ) Net loss per common shares outstanding: Common stock -Class A $ (0.00 ) $ (0.01 ) Common stock -Class B $ (0.00 ) $ (0.00 ) Class A and B combined $ (0.00 ) $ (0.00 ) Weighted average shares outstanding: Class A common stock 1,051,000 912,222 Class B common stock 18,800,000 18,800,000 Total weighted average shares outstanding 19,851,000 19,712,222 For quarters ended March 31, 2021 and 2020, there were no potentially dilutive securities outstanding. Related Parties The Company follows ASC 850, ”Related Party Disclosures,” Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
GOING CONCERN CONSIDERATIONS
GOING CONCERN CONSIDERATIONS | 3 Months Ended |
Mar. 31, 2021 | |
GOING CONCERN CONSIDERATIONS | |
NOTE 2 - GOING CONCERN CONSIDERATIONS | The accompanying consolidated financial statements are prepared assuming the Company will continue as a going concern. As of March 31, 2021, the Company had an accumulated deficit of $316,355, a stockholders’ deficit of $163,457 and a working capital deficiency of $163,457. For the quarter ended March 31, 2021, the Company had a net loss of $1,396 and cash used in operating activities of $1,347. These matters raise substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months from the issue date of these financial statements. The ability of the Company to continue as a going concern is dependent upon initiating sales and obtaining additional capital and financing. The Company plans on raising funds through its planned Initial Public Offering and through a pre-listing private market raise. There is currently no public market for our common stock. While the Company believes in the viability of its strategy to initiate sales volume and in its ability to raise additional funds, there can be no assurances to that effect. The consolidated financial statements do not include adjustments to reflect the possible effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. The global outbreak of the novel coronavirus (COVID-19) has led to severe disruptions in general economic activities, as businesses and governments have taken broad actions to mitigate this public health crisis. While the COVID-19 pandemic has not had a material adverse impact on our operations to date, these conditions could significantly negatively impact the Company’s business in the future. The Company intends to continue to monitor the situation and may adjust its current business plans as more information and guidance become available. The extent to which the COVID-19 outbreak ultimately impacts the Company’s business, future revenues, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the outbreak, its severity and longevity, the actions to curtail the virus and treat its impact (including an effective vaccine), and how quickly and to what extent normal economic and operating conditions can resume. Even after the COVID-19 outbreak has subsided, the pandemic may result in a significant disruption of global financial markets, which may reduce the Company’s ability to access capital or its customers’ ability to pay for past or future purchases, which could negatively affect the Company’s liquidity. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
NOTE 3 - COMMITMENTS AND CONTINGENCIES | On July 18, 2019, the Company executed a Business Development and Consulting Agreement for consulting and advisement on business development in regard to securing investors for the Company’s $20 million 506c offering and taking indication of interest for a $50 million S-1 IPO Stock Offering. The duration of the agreement is 36 months. During the year ended December 31, 2019, the Company issued 15,000 share of common stock class A, at $0.10 per share for $1,500 in services rendered with respect to this agreement. While no services were rendered during the quarter ended March 31, 2021, the contract has remained in full force and effect. On August 26, 2020, the board of directors approved issuance of 6,000 class A shares of common stock for one year service effective July 22, 2020 to July 22, 2021 to one member of the Company’s advisory board of technology and technicians. During the year ended December 31, 2020, 3,000 shares of common stock for six months services vested at cash base price of $0.10. The remaining 3,000 vested on July 22, 2021. |
ACCRUED COMPENSATION
ACCRUED COMPENSATION | 3 Months Ended |
Mar. 31, 2021 | |
ACCRUED COMPENSATION | |
NOTE 4 - ACCRUED COMPENSATION | During the quarter ended March 30, 2020 the Company issued 50,000 shares of common stock -class A for services to the former Chief Operating Officer at $0.10 fair market value for total expense of $5,000. There was no stock-based compensation during the quarter ended March 31, 2021. During the year ended December 31, 2020, the Company recorded accrued wages totaling $16,000 owed to the Chief Executive Officer, who also serves as Chairman of the Board of Directors. On July 30, 2021, 160,000 shares of Class A common stock were issued at $0.10 per share in full satisfaction of the accrual. (See Note 8) |
LOAN PAYABLE
LOAN PAYABLE | 3 Months Ended |
Mar. 31, 2021 | |
LOAN PAYABLE | |
NOTE 5 - LOAN PAYABLE | On May 7, 2020, the Company received an $881 loan pursuant to the Paycheck Protection Program established under the Cares Act (the “PPP Loan”). The PPP Loan had a two-year term and bore interest at a rate of 1.0% per annum. Monthly principal and interest payments of $37.09 are deferred for six months after the date of disbursement. The PPP Loan may be prepaid at any time prior to maturity with no prepayment penalties. The PPP Loan contained events of default and other provisions customary for a loan of this type. The PPP Loan may be forgiven if used under program parameters for payroll, mortgage interest and rent expenses. During April 2021, the Company’s Forgiveness Application of the PPP Loan and accrued interest, totaling $887 was approved in full, and the Company had no further obligations related to the PPP Loan. (see Note 8) As of March 31, 2021, the Company was obligated for the PPP loan with balance of $881 and accrued interest of $6. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2021 | |
RELATED PARTY TRANSACTIONS | |
NOTE 6 - RELATED PARTY TRANSACTIONS | During the quarters ended March 31, 2021 and 2020, the Company received advances from its CEO totaling $1,347 and $962, respectively, and made repayments of $0 and $590, respectively. As of March 31, 2021 and December 31, 2020, there was $86,572 and $85,225, respectively, owed to the Company’s CEO. These advances are due on demand and non-interest bearing. |
EQUITY
EQUITY | 3 Months Ended |
Mar. 31, 2021 | |
EQUITY | |
NOTE 7 - EQUITY | The Company has authorized 100,000,000 shares of common stock, par value of $0.001 per share, with 81,200,000 shares of common stock -class A designated and 18,800,000 shares of common stock -class B designated. Each holder of common stock-class A and common stock-class B is entitled to one vote and three votes, respectively, for each such share outstanding in the holder’s name. Common Stock- class A As of March 31, 2021 and December 31, 2020, the Company had 1,051,000 shares of common stock-class A issued and outstanding with a par value of $0.001 per share. During the first quarter of 2020, the Company issued 50,000 shares of common stock valued at $0.10 per share to its COO for $5,000 in services rendered. There were no issuances of class A stock during the first quarter of 2021. Common Stock- class B As of March 31, 2021 and December 31, 2020, the Company had 18,800,000 shares of common stock-class B issued and outstanding. There were no issuances of class B stock during the first quarter of 2021 or 2020. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2021 | |
SUBSEQUENT EVENTS | |
NOTE 8 - SUBSEQUENT EVENTS | In July and August, 2021 the Company issued 320,000 shares of Class A shares to its CEO and 16,000 shares to independent contractors for services rendered. The shares were valued at $0.10 per share. In April 2021 the principal on the PPP Loan and was forgiven in full. The total amount of the loan forgiven was $881 principal and $6 in accrued interest. Management has assessed subsequent events from March 31, 2021 through the date these financial statements were issued, and noted no additional items requiring disclosure. |
NATURE OF BUSINESS AND SUMMAR_2
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Business | Internet Sciences Inc. (“ISI” or the “Company”) was originally incorporated as Luxury Trine Digital Media Group, Inc. (“Luxury Trine”) in the State of Delaware on May 20, 2016. Its consolidated Variable Interest Entity (“VIE”), Trine Digital Broadcasting Ltd., was incorporated in the United Kingdom on July 3, 2017. On October 5, 2018, the Company changed its name to Internet Sciences Inc.., which is an early-stage emerging diversified information and communications technology company specializing in cutting-edge digital transformation services, including new-media technology; telecommunication and network carrier services; IoT-enabled solutions; and managed ICT, managed cloud services, data centers and co-location services. Based in New York, NY, ISI seeks to operate internationally with a global team known for its technological expertise, deep industry knowledge, world-class research and analytical capabilities, and innovative mindset. ISI seeks to transform corporations, enterprises and government entities by providing best-in-class solutions, rooted in and driven by the technology, data, and organizational strategy required for operational excellence. Our interdisciplinary teams work in close collaboration with clients, helping them to solve their biggest problems utilizing a user-centric, data-driven approach focusing on creating seamless unified experiences across all digital, communication and physical touchpoints. The Company’s principal place of business is 521 Fifth Ave, 17 th |
Principles of Consolidation | The consolidated financial statements include the following subsidiaries: Ownership Country Interest Trine Digital Broadcasting Ltd (TDB) United Kingdom 49 % Institute of Technology, Informatics & Computer Analytics LLC (IoTICA) USA 100 % Analygence Limited (AL) United Kingdom 100 % The Company’s functional and reporting currency is the United States dollar. The functional currency of TDB and AL is the British pound. On consolidation, the subsidiary translates its assets and liabilities to U.S. dollars using foreign exchange rates which prevailed at the balance sheet date, and translates its revenues and expenses using average exchange rates during the period. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the other comprehensive income/loss. No foreign currency translation or transactions gains or losses were recognized during the quarter ended March 31, 2021 due to the absence of operations in the UK subsidiaries. In June 2020, AL was formed in UK as an extension of TICA and as a response to the limitations of travel between the UK and US caused by the COVID-19 pandemic. There were no operations through TDB and AL for the three months ended March 31, 2021. There were no assets and liabilities of TDB and AL as of March 31, 2021. In the preparation of consolidated financial statements of the Company, intercompany transactions and balances are eliminated in consolidation. |
Basis of Presentation | The accompanying consolidated financial statements (unaudited) are condensed and have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with US GAAP, have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for the period ended March 31, 2021 are not necessarily indicative of the operating results for the full year ended December 31, 2021. In the opinion of management, all adjustments (consisting of normal recurring items) necessary to present fairly the Company’s financial position and results of operations and cash flows as of and for the three months ended March 31, 2021 and 2020, have been made. |
Variable Interest Entity | ASC 810-10-25-38, “Consolidation of Variable Interest Entities” requires a variable interest entity (“VIE”) to be consolidated by a company if that company absorbs a majority of the VIE’s expected losses and/or receives a majority of the entity’s expected residual returns as a result of holding variable interests. Trine Digital Broadcasting is a variable interest entity as defined by ASC 810-10-25-38. As ISI owns 49% of the VIE and the founder (CEO) majority shareholder (a related party) of ISI controls the remaining 51%, ISI has been determined to be the primary beneficiary of this VIE. The VIE was formed to expand the business of ISI into the United Kingdom. There are no formal explicit arrangements as of March 31, 2021 that requires ISI to provide financial support to the VIE, although financial support is implied by the relationship. There were no assets and liabilities of the VIE as of March 31, 2021. The Company has not provided funding to the VIE to date, therefore, there have been no operations. |
Use of Estimates | The preparation of financial statements (Unaudited) 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. Significant estimates made by management in the accompanying financial statements (Unaudited) include, but are not limited to the fair value of stock based compensation and the deferred tax asset valuation allowance. |
Cash and Cash Equivalents | All highly liquid investments with maturity of three months or less are considered to be cash equivalents. The Company places its cash with high credit quality financial institutions. The Company’s accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of March 31, 2021 and December 31, 2020, the Company did not reach bank balances exceeding the FDIC insurance limit. |
Fair Value of Financial Instruments | The Company follows FASB ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements establishes a framework for measuring fair value and expands disclosure about such fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. FASB ASC 825-10-25 Fair Value Option expands opportunities to use fair value measurements in financial reporting and permits entities to choose to measure many financial instruments and certain other items at fair value. The Company did not elect the fair value options for any of its qualifying financial instruments. The carrying amounts reported in the balance sheet for cash, accounts payable, and accrued expenses approximate their estimated fair market value based on the short-term maturity of these instruments. |
Revenue Recognition | The Company has adopted the guidance of the FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), and recognizes revenue from the sale of products and services following the five steps procedure: Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance obligation The Company will recognize revenue as it transfers control of promised services to its customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for these services. |
Income Taxes | Income taxes are determined in accordance with the provisions of ASC 740, “Income Taxes”. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. Internet Sciences Inc. is registered in the State of Delaware and is subject to the tax laws of United States of America. The components of the Company’s deferred tax asset and reconciliation of income taxes are computed at the new statutory rate of 21%, and fully offset by a valuation allowance, as it is more likely than not that any benefits will not be realized in the future. The Company’s subsidiary operating in United Kingdom is subject to the United Kingdom Profits Tax at a standard income tax rate of 19% on the assessable income arising in United Kingdom during its tax year. For the three months ended March 31, 2021, operating activity of subsidiary was Nil. The Company has not incurred any interest or penalties associated with any tax positions, and does not have any significant unrecognized tax positions as of March 31, 2021. |
Stock Based Compensation | Stock-based compensation is accounted for based on the requirements of ASC 718, “Compensation – Stock Compensation,” which requires recognition in the financial statements of the cost of employee, director, and non-employee services received in exchange for an award of equity instruments over the period the individual or entity is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of services received in exchange for an award based on the grant-date fair value of the award. |
Net Loss per Share | ASC 260 “Earnings Per Share”, requires dual presentation of basic and diluted earnings per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Basic net loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of shares of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period, unless the result is anti-dilutive. Net loss per share for each class of common stock is as follows: Quarter Ended March 31, 2021 2020 Net loss per share, basic and diluted $ (0.00 ) $ (0.00 ) Net loss per common shares outstanding: Common stock -Class A $ (0.00 ) $ (0.01 ) Common stock -Class B $ (0.00 ) $ (0.00 ) Class A and B combined $ (0.00 ) $ (0.00 ) Weighted average shares outstanding: Class A common stock 1,051,000 912,222 Class B common stock 18,800,000 18,800,000 Total weighted average shares outstanding 19,851,000 19,712,222 For quarters ended March 31, 2021 and 2020, there were no potentially dilutive securities outstanding. |
Related Parties | The Company follows ASC 850, ”Related Party Disclosures,” |
Recent Accounting Pronouncements | The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
NATURE OF BUSINESS AND SUMMAR_3
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of consolidated financial statements | Ownership Country Interest Trine Digital Broadcasting Ltd (TDB) United Kingdom 49 % Institute of Technology, Informatics & Computer Analytics LLC (IoTICA) USA 100 % Analygence Limited (AL) United Kingdom 100 % |
Schedule of loss per share | Quarter Ended March 31, 2021 2020 Net loss per share, basic and diluted $ (0.00 ) $ (0.00 ) Net loss per common shares outstanding: Common stock -Class A $ (0.00 ) $ (0.01 ) Common stock -Class B $ (0.00 ) $ (0.00 ) Class A and B combined $ (0.00 ) $ (0.00 ) Weighted average shares outstanding: Class A common stock 1,051,000 912,222 Class B common stock 18,800,000 18,800,000 Total weighted average shares outstanding 19,851,000 19,712,222 |
NATURE OF BUSINESS AND SUMMAR_4
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Institute of Technology, Informatics & Computer Analytics LLC (IoTICA) [Member] | |
Ownership interest | 100.00% |
Country | USA |
Trine Digital Broadcasting Ltd (TDB) [Member] | |
Ownership interest | 49.00% |
Country | United Kingdom |
Analygence Limited (AL) [Member] | |
Ownership interest | 100.00% |
Country | United Kingdom |
NATURE OF BUSINESS AND SUMMAR_5
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Weighted average shares outstanding | 19,851,000 | 19,712,222 |
Net loss per common shares outstanding | $ 1 | $ 0 |
Common Stock Class A [Member] | ||
Weighted average shares outstanding | 1,051,000 | 912,222 |
Net loss per common shares outstanding | $ 0 | $ (0.01) |
Common Stock Class B [Member] | ||
Weighted average shares outstanding | 18,800,000 | 18,800,000 |
Net loss per common shares outstanding | $ 0 | $ 0 |
Class A and B combined [Member] | ||
Net loss per common shares outstanding | $ 0 | $ 0 |
NATURE OF BUSINESS AND SUMMAR_6
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Ownership interest | 51.00% |
Statutory rate | 21.00% |
Income tax rate | 19.00% |
Federal Deposit Insurance Corporation | $ 250,000 |
Variable Interest Entity [Member] | |
Ownership interest | 49.00% |
Capital | $ 0 |
GOING CONCERN CONSIDERATIONS (D
GOING CONCERN CONSIDERATIONS (Details Narrative) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
GOING CONCERN CONSIDERATIONS (Details Narrative) | ||||
Accumulated Deficit | $ (316,355) | $ (314,959) | ||
Stockholders' deficit | (163,457) | $ (147,004) | $ (162,061) | $ (142,622) |
Working capital deficiency | (163,457) | |||
Net loss | (1,396) | (9,382) | ||
Cash used in operating activities | $ (1,347) | $ (393) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | |
Common stock par value | $ 0.001 | $ 0.001 | ||
Number of shares issued for services (in value) | $ 5,000 | |||
Common Stock Class A [Member] | ||||
Common stock par value | $ 0.001 | $ 0.001 | ||
Number of shares issued for services (in shares) | 50,000 | |||
Number of shares issued for services (in value) | $ 50 | $ 6,000 | ||
August 26, 2020 [Member] | ||||
Number of shares issued for services (in shares) | 3,000 | |||
Cash base price | $ 0.10 | |||
Common stock vested shares | 3,000 | |||
Consulting Agreement [Member] | July 18, 2019 [Member] | ||||
Capital invest for secure investor | $ 20,000,000 | |||
Lease term | 36 months | |||
Stock offering interest | $ 50,000,000 | |||
Consulting Agreement [Member] | July 18, 2019 [Member] | Common Stock Class A [Member] | ||||
Common stock par value | $ 0.10 | |||
Number of shares issued for services (in shares) | 15,000 | |||
Number of shares issued for services (in value) | $ 1,500 |
ACCRUED COMPENSATION (Details N
ACCRUED COMPENSATION (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jul. 30, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 30, 2020 | |
Common stock par value | $ 0.001 | $ 0.001 | |||
Number of shares issued for services (in value) | $ 5,000 | ||||
Common Stock Class A [Member] | |||||
Common stock par value | $ 0.001 | $ 0.001 | |||
Number of shares issued for services (in value) | $ 50 | $ 6,000 | |||
Employment Agreement [Member] | Chief Executive Officer [Member] | |||||
Accrued compensation | $ 16,000 | ||||
Employment Agreement [Member] | Common Stock Class A [Member] | Chief Operating Officer [Member] | |||||
Common stock par value | $ 0.10 | ||||
Number of common shares issue | 50,000 | ||||
Number of shares issued for services (in value) | $ 5,000 | ||||
Subsequent Event [Member] | Employment Agreement [Member] | Common Stock Class A [Member] | |||||
Common stock par value | $ 0.10 | ||||
Number of common shares issue | 160,000 |
LOAN PAYABLE (Details Narrative
LOAN PAYABLE (Details Narrative) - PPP Loan [Member] - USD ($) | May 07, 2020 | Apr. 21, 2021 | Mar. 31, 2021 |
Loan term | two-year | ||
Loan received amount | $ 881 | ||
Monthly principal and interest payments | $ 37 | ||
Interest rate | 1.00% | ||
Accrued interest | $ 6 | ||
Loans payable | $ 881 | ||
Subsequent Event [Member] | |||
Accrued interest | $ 887 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Proceeds from related party | $ 1,347 | $ 962 | |
CEO [Member] | |||
Due to related party | 86,572 | $ 85,225 | |
Proceeds from related party | 1,347 | 962 | |
Repayment to related party | $ 0 | $ (590) |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Common stock, authorized | 100,000,000 | 100,000,000 | |
Common stock par value | $ 0.001 | $ 0.001 | |
Common Stock Class A [Member] | |||
Common stock, authorized | 81,200,000 | 81,200,000 | |
Common stock par value | $ 0.001 | $ 0.001 | |
Common stock designated | 81,200,000 | 81,200,000 | |
Fair market value per share | $ 0.01 | ||
Issuance of common shares for compensation-services, related party shares | 50,000 | ||
Issuance of common shares for compensation-services, related party Amount | $ 5,000 | ||
Common stock, outstanding | 1,051,000 | 1,051,000 | |
Common stock, issued | 1,051,000 | 1,051,000 | |
Common Stock Class B [Member] | |||
Common stock, authorized | 18,800,000 | 18,800,000 | |
Common stock designated | 18,800,000 | 18,800,000 | |
Common stock, outstanding | 18,800,000 | 18,800,000 | |
Common stock, issued | 18,800,000 | 18,800,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | |
Apr. 21, 2021 | Aug. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Interest expenses | $ 2 | $ 0 | ||
Common Stock Class A [Member] | ||||
Fair market value per share | $ 0.01 | |||
Subsequent Event [Member] | Common Stock Class A [Member] | CEO [Member] | ||||
Common shares issued for services | 16,000 | |||
Number of common shares issue | 320,000 | |||
Fair market value per share | $ 0.10 | |||
PPP Loan [Member] | Subsequent Event [Member] | ||||
Proceeds from loan | $ 881 | |||
Interest expenses | $ 6 |