Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Apr. 10, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Global Diversified Marketing Group Inc. | ||
Entity Central Index Key | 0001725911 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | false | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 13,380,200 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 21,515 | $ 0 |
Accounts receivable | 2,005 | 18,108 |
Prepaid expenses | 9,054 | 4,874 |
Inventory | 453,002 | 361,028 |
Total Current Assets | 485,576 | 384,010 |
Property and Equipment, net | 2,501 | 3,057 |
Other Asset | ||
Security deposit | 1,600 | 1,600 |
TOTAL ASSETS | 489,677 | 388,667 |
Current Liabilities | ||
Accounts payable and accrued expenses | 357,909 | 237,596 |
Loans payable | 76,202 | 75,586 |
Stock redemption payable - current portion | 0 | 45,000 |
Total Current Liabilities | 434,111 | 358,182 |
Long-term debt | 0 | 0 |
TOTAL LIABILITIES | 434,111 | 358,182 |
STOCKHOLDERS' EQUITY | ||
Common stock, no par value, 200 shares authorized, 13,340,200 and 13,000,000 shares issued and outstanding | 1,334 | 1,300 |
Additional paid-in capital | 77,966 | 0 |
Retained earnings (deficit) | (23,734) | 29,185 |
TOTAL STOCKHOLDERS' EQUITY | 55,566 | 30,485 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 489,677 | $ 388,667 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common Stock, no par value | ||
Common Stock, authorized | 200 | 200 |
Common Stock, issued | 13,340,200 | 13,000,000 |
Common Stock, outstanding | 13,340,200 | 13,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||
SALES | $ 1,161,995 | $ 1,298,372 |
COST OF SALES | 783,722 | 986,428 |
GROSS PROFIT | 378,273 | 311,944 |
OPERATING EXPENSE | 431,192 | 292,863 |
NET INCOME (LOSS) BEFORE INCOME TAXES | (52,919) | 19,081 |
PROVISION FOR INCOME TAXES | 0 | 0 |
NET INCOME (LOSS) | $ (52,919) | $ 19,081 |
NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED | $ (0.004) | $ 0.001 |
WEIGHTED AVERAGE SHARES OUTSTANDING: BASIC AND DILUTED | 13,085,718 | 13,000,000 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Deficit) [Member] | Total |
Balance at Dec. 31, 2016 | $ 2,000 | $ 10,104 | $ 11,104 | |
Balance, shares at Dec. 31, 2016 | 20,000,000 | |||
Common shares returned as part of change in control | $ (1,950) | (1,950) | ||
Common shares returned as part of change in control, shares | (19,500,000) | |||
Common shares issued as part of change in control | $ 1,250 | 1,250 | ||
Common shares issued as part of change in control, shares | 12,500,000 | |||
Net income (loss) | 19,081 | 19,081 | ||
Balance at Dec. 31, 2017 | $ 1,300 | 29,185 | 30,485 | |
Balance, shares at Dec. 31, 2017 | 13,000,000 | |||
Common shares sold | $ 34 | 77,966 | 78,000 | |
Common shares sold, shares | 340,000 | |||
Common shares issued in connection with the acquisition of subsidiary | ||||
Common shares issued in connection with the acquisition of subsidiary, shares | 200 | |||
Net income (loss) | (52,919) | (52,919) | ||
Balance at Dec. 31, 2018 | $ 1,334 | $ 77,966 | $ (23,734) | $ 55,566 |
Balance, shares at Dec. 31, 2018 | 13,340,200 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) for the year | $ (52,919) | $ 19,081 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 556 | 556 |
Changes in assets and liabilities: | ||
(Increase) decrease in accounts receivable | 16,103 | 29,913 |
(Increase) decrease in prepaid expenses | (4,180) | 30 |
(Increase) in inventory | (91,974) | (124,530) |
Increase in accounts payable and accrued expenses | 120,313 | 78,314 |
Net Cash Provided by (Used in) Operating Activities | (12,101) | 3,364 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase in loans payable | 616 | 12,390 |
Issuances of common stock | 78,000 | 2,312 |
Payments to redeem common stock | (45,000) | (45,000) |
Net Cash Provided by (Used in) Financing Activities | 33,616 | (30,298) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of property and equipment | 0 | 0 |
Net Cash Used by Investing Activities | 0 | 0 |
NET INCREASE (DECREASE) IN CASH | 21,515 | (26,934) |
Cash, beginning of period | 0 | 26,934 |
Cash, end of period | 21,515 | 0 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 25,427 | 20,237 |
Federal income taxes paid | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Global Diversified Marketing Group, Inc. (the “Company”), formerly known as Dense Forest Acquisition Corporation, was incorporated in Delaware on December 1, 2017 and changed its name on June 13, 2018 as part of a change in control. As part of the change in control, its then officers and directors resigned and contributed back to the Company 19,500,000 shares of the 20,000,000 outstanding shares of its common stock, and appointed new officers and directors. On June 14, 2018 new management of the Company issued 12.500,000 shares of its common stock to Paul Adler, the then president of the Company. On November 26, 2018 the Company effected the acquisition of Global Diversified Holdings, Inc. (“GDHI”), a private New York company owned by the Company’s president, with the issuance of 200 shares of the Company’s common stock in exchange for all of the outstanding shares of GDHI. GDHI became a wholly owned subsidiary of the Company, and its activity for the years 2018 and 2017 are reflected in these financial statements along with the expenses of the Company. Prior to the acquisition of GDHI, the Company had no business and no operations. Pursuant to the acquisition, the Company acquired the operations and business plan of GDHI, which imports and sells snack food products. For accounting purposes, GDHI is considered to be the acquirer, and the equity is presented as if the business combination had occurred on January 1, 2017 Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company has adopted a December 31 year end. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. Fair Value of Financial Instruments The Company’s financial instruments consist of cash, accounts receivable from customers, accounts payable, and loans payable. The carrying amounts of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. 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 balance sheet. Actual results could differ from those estimates. Stock-Based Compensation As of December 31, 2018, the Company has not issued any share-based payments to its employees. Under the modified prospective method the Company uses, stock compensation expense includes compensation expense for all stock-based compensation awards granted, based on the grant-date estimated fair value. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. At December 31, 2018 and 2017, the Company had $21,515 and $0 of cash. Accounts Receivable Accounts receivable are generated from sales of snack food products to retail outlets throughout the United States. The Company performs ongoing credit evaluations of its customers and adjusts credit limits based on customer payment and current credit worthiness, as determined by review of their current credit information. The Company continuously monitors credit limits for its customers and maintains a provision for estimated credit losses based on its historical experience and any specific customer issues that have been identified. An allowance for doubtful; accounts is provided against accounts receivable for amounts management believes may be uncollectible. The Company historically has not had issues collecting on its accounts receivable from its customers. The Company factors certain of its receivables to improve its cash flow. Bad debt expense for the years ended December 31, 2018 and 2017 was $0; the allowance for doubtful accounts at December 31, 2018 and 2017 was $0. Inventory Inventory consists of snack food products and packaging supplies, and are stated at the lower of cost or market. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the assets. Maintenance, repairs, and renewals that do not materially add to the value of the equipment nor appreciably prolong its useful life are charged to expense as incurred. Revenue Recognition Beginning January 1, 2018, the Company implemented ASC 606, Revenue from Contracts with Customers. Although the new revenue standard is expected to have an immaterial impact, if any, on our ongoing net income, we did implement changes to our processes related to revenue recognition and the control activities within them. These included the development of new policies based on the five-step model provided in the new revenue standard, ongoing contract review requirements, and gathering of information provided for disclosures. The Company recognizes revenue from product sales or services rendered when control of the promised goods are transferred to our clients in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle we apply the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company satisfies a performance obligation. Advertising and Marketing Costs The Company’s policy regarding advertising and marketing is to record the expense when incurred. The Company incurred advertising and marketing expenses of $3,424 and $2,015 during the years ended December 31, 2018 and 2017, respectively. Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. The Company’s wholly owned subsidiary, with the consent of its stockholder, had elected to be taxed as an S Corporation under the provisions of the Internal Revenue Code. Instead of paying federal corporate income taxes, the stockholder(s) of an S Corporation are taxed individually on their proportionate share of the Company’s taxable income. Therefore, prior to the business combination discussed above, the Company had made no provision for income taxes. Effective with the business combination, the wholly owned subsidiary became a C-corporation, and the loss incurred for the period as a C-corporation approximated $270,000. See Note 7. The Company’s income tax returns are open for examination for up to the past three years under the statute of limitations. There are no tax returns currently under examination. Comprehensive Income The Company has which established standards for reporting and display of comprehensive income, its components and accumulated balances. When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in other comprehensive income. Basic Income (Loss) Per Share Basic income (loss) per share has been calculated based on the weighted average number of shares of common stock outstanding during the period. Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. Going Concern As of December 31, 2018, the Company had cash and cash equivalents of $21,515 and an accumulated deficit of $23,734. Additionally, the Company had accounts payable and accrued liabilities of $357,909. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financials have been prepared assuming that the Company will continue as a going concern and, accordingly, do not include any adjustments that might result from the outcome of this uncertainty. If the Company is in fact unable to continue as a going concern, the shareholders may lose some or all of their investment in the Company. |
Stock Redemption Payable
Stock Redemption Payable | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stock Redemption Payable | NOTE 2 – STOCK REDEMPTION PAYABLE On September 7, 2016, the Company entered into a Stock Redemption and Purchase Agreement with a 50% shareholder to purchase back his 100 common shares. The shares had been purchased for $70,000 and the Company agreed to buy them back for $90,000. Payments required under the Agreement are $3,750 per month starting on January 2, 2017. At December 31, 2018 and 2017, the Company owed $0 and $45,000, respectively. See Note 3. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Capital Stock | NOTE 3 – CAPITAL STOCK The Company has 100,000,000 shares of $.0001 par value common stock authorized. The Company has 13,340,200 and 20,000,000 shares of common stock issued and outstanding as of December 31, 2018 and 2017, respectively. The Company has 20,000,000 shares of $.0001 par value preferred stock authorized. Preferred shares have not yet been issued. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 – RELATED PARTY TRANSACTIONS During the years ended December 31, 2018 and 2017, the Company incurred consulting fees of $180,000 and $127,500, respectively, related to services provided to it by an officer/ shareholder. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 5 – COMMITMENTS AND CONTINGENCIES The Company entered into a 60 month lease agreement on October 1, 2016 to rent office space. The lease requires monthly payments of $1,600 for the first 24 months and after that increases by 3% each year, and contains one five year renewal option. Rental expenses under this lease for the years ended December 31, 2018 and 2017 was $19,334 and $17,600, respectively. The lease also required an advance payment of $1,600 for the last month of rent as well as a $1,600 security deposit. Future minimum lease payments due under this operating lease, including renewal periods, are as follows: Year ended December 31, 2019 $ 19,923 Year ended December 31, 2020 20,517 Year ended December 31, 2021 21,132 Thereafter 109,284 Total minimum lease payments $ 170,856 The Company also pays rental charges for warehouse and storage space under a three year lease agreement dated May 18, 2017, with payments due calculated at $1,400 per container. |
Loans Payable
Loans Payable | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Loans Payable | NOTE 6 – LOANS PAYABLE The Company had various loans outstanding at December 31, 2018 and 2017 – all were short-term in nature, with varying rates of interest and fees, and no set minimum monthly payments, as follows: 2018 2017 Business Backer Credit Line $ 0 $ 7,362 Credit Line - BlueVine 59,125 60,147 Credit Line - Fundbox 17,077 8,077 Total loans payable $ 76,202 $ 75,586 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7 – INCOME TAXES For the period ended December 31, 2018, the Company has incurred net losses and, therefore, has no tax liability. The net deferred tax asset generated by the loss carry-forward has been fully reserved. The net operating loss carry-forward is approximately $270,000 at December 31, 2018. The provision for Federal income tax consists of the following at December 31, 2018 and 2017: 2018 2017 Federal income tax benefit attributable to: Current Operations $ 56,700 $ 0 Less: valuation allowance (56,700 ) (0 ) Net provision for Federal income taxes $ 0 $ 0 |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentrations | NOTE 8 – CONCENTRATIONS The Company does a significant amount of its total business with 4 customers, as follows for 2018 and 2017 (percentage of total sales of $1,161,995 and $1,298,372, respectively): 2018 2017 Customer A 31% 31% Customer B 26% 26% Customer C 23% 19% Customer D 20% 19% |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 9 – SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations subsequent to December 31, 2018 to the date these financial statements were issued, and has determined that it does not have any other material subsequent events to disclose in these financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Global Diversified Marketing Group, Inc. (the “Company”), formerly known as Dense Forest Acquisition Corporation, was incorporated in Delaware on December 1, 2017 and changed its name on June 13, 2018 as part of a change in control. As part of the change in control, its then officers and directors resigned and contributed back to the Company 19,500,000 shares of the 20,000,000 outstanding shares of its common stock, and appointed new officers and directors. On June 14, 2018 new management of the Company issued 12.500,000 shares of its common stock to Paul Adler, the then president of the Company. On November 26, 2018 the Company effected the acquisition of Global Diversified Holdings, Inc. (“GDHI”), a private New York company owned by the Company’s president, with the issuance of 200 shares of the Company’s common stock in exchange for all of the outstanding shares of GDHI. GDHI became a wholly owned subsidiary of the Company, and its activity for the years 2018 and 2017 are reflected in these financial statements along with the expenses of the Company. Prior to the acquisition of GDHI, the Company had no business and no operations. Pursuant to the acquisition, the Company acquired the operations and business plan of GDHI, which imports and sells snack food products. For accounting purposes, GDHI is considered to be the acquirer, and the equity is presented as if the business combination had occurred on January 1, 2017 |
Basis of Presentation | Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company has adopted a December 31 year end. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments consist of cash, accounts receivable from customers, accounts payable, and loans payable. The carrying amounts of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. |
Use of Estimates | 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 balance sheet. Actual results could differ from those estimates. |
Stock-based Compensation | Stock-Based Compensation As of December 31, 2018, the Company has not issued any share-based payments to its employees. Under the modified prospective method the Company uses, stock compensation expense includes compensation expense for all stock-based compensation awards granted, based on the grant-date estimated fair value. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. At December 31, 2018 and 2017, the Company had $21,515 and $0 of cash. |
Accounts Receivable | Accounts Receivable Accounts receivable are generated from sales of snack food products to retail outlets throughout the United States. The Company performs ongoing credit evaluations of its customers and adjusts credit limits based on customer payment and current credit worthiness, as determined by review of their current credit information. The Company continuously monitors credit limits for its customers and maintains a provision for estimated credit losses based on its historical experience and any specific customer issues that have been identified. An allowance for doubtful; accounts is provided against accounts receivable for amounts management believes may be uncollectible. The Company historically has not had issues collecting on its accounts receivable from its customers. The Company factors certain of its receivables to improve its cash flow. Bad debt expense for the years ended December 31, 2018 and 2017 was $0; the allowance for doubtful accounts at December 31, 2018 and 2017 was $0. |
Inventory | Inventory Inventory consists of snack food products and packaging supplies, and are stated at the lower of cost or market. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the assets. Maintenance, repairs, and renewals that do not materially add to the value of the equipment nor appreciably prolong its useful life are charged to expense as incurred. |
Revenue Recognition | Revenue Recognition Beginning January 1, 2018, the Company implemented ASC 606, Revenue from Contracts with Customers. Although the new revenue standard is expected to have an immaterial impact, if any, on our ongoing net income, we did implement changes to our processes related to revenue recognition and the control activities within them. These included the development of new policies based on the five-step model provided in the new revenue standard, ongoing contract review requirements, and gathering of information provided for disclosures. The Company recognizes revenue from product sales or services rendered when control of the promised goods are transferred to our clients in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle we apply the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company satisfies a performance obligation. |
Advertising and Marketing Costs | Advertising and Marketing Costs The Company’s policy regarding advertising and marketing is to record the expense when incurred. The Company incurred advertising and marketing expenses of $3,424 and $2,015 during the years ended December 31, 2018 and 2017, respectively. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. The Company’s wholly owned subsidiary, with the consent of its stockholder, had elected to be taxed as an S Corporation under the provisions of the Internal Revenue Code. Instead of paying federal corporate income taxes, the stockholder(s) of an S Corporation are taxed individually on their proportionate share of the Company’s taxable income. Therefore, prior to the business combination discussed above, the Company had made no provision for income taxes. Effective with the business combination, the wholly owned subsidiary became a C-corporation, and the loss incurred for the period as a C-corporation approximated $270,000. See Note 7. The Company’s income tax returns are open for examination for up to the past three years under the statute of limitations. There are no tax returns currently under examination. |
Comprehensive Income | Comprehensive Income The Company has which established standards for reporting and display of comprehensive income, its components and accumulated balances. When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in other comprehensive income. |
Basic Income (Loss) Per Share | Basic Income (Loss) Per Share Basic income (loss) per share has been calculated based on the weighted average number of shares of common stock outstanding during the period. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
Going Concern | Going Concern As of December 31, 2018, the Company had cash and cash equivalents of $21,515 and an accumulated deficit of $23,734. Additionally, the Company had accounts payable and accrued liabilities of $357,909. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financials have been prepared assuming that the Company will continue as a going concern and, accordingly, do not include any adjustments that might result from the outcome of this uncertainty. If the Company is in fact unable to continue as a going concern, the shareholders may lose some or all of their investment in the Company. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments Due Under Operating Lease | Future minimum lease payments due under this operating lease, including renewal periods, are as follows: Year ended December 31, 2019 $ 19,923 Year ended December 31, 2020 20,517 Year ended December 31, 2021 21,132 Thereafter 109,284 Total minimum lease payments $ 170,856 |
Loans Payable (Tables)
Loans Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Loan Outstanding | The Company had various loans outstanding at December 31, 2018 and 2017 – all were short-term in nature, with varying rates of interest and fees, and no set minimum monthly payments, as follows: 2018 2017 Business Backer Credit Line $ 0 $ 7,362 Credit Line - BlueVine 59,125 60,147 Credit Line - Fundbox 17,077 8,077 Total loans payable $ 76,202 $ 75,586 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement Of Provision For Federal Income Tax Abstract | |
Statement of Provision for Federal Income Tax | The provision for Federal income tax consists of the following at December 31, 2018 and 2017: 2018 2017 Federal income tax benefit attributable to: Current Operations $ 56,700 $ 0 Less: valuation allowance (56,700 ) (0 ) Net provision for Federal income taxes $ 0 $ 0 |
Concentrations (Tables)
Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentration of Risk | The Company does a significant amount of its total business with 4 customers, as follows for 2018 and 2017 (percentage of total sales of $1,161,995 and $1,298,372, respectively): 2018 2017 Customer A 31% 31% Customer B 26% 26% Customer C 23% 19% Customer D 20% 19% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Nov. 26, 2018 | Jun. 14, 2018 | Jun. 13, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Stock redeemed or called during period, shares | 19,500,000 | ||||
Common stock share outstanding | 20,000,000 | 13,340,200 | 13,000,000 | ||
Cash and cash equivalents | $ 21,515 | $ 0 | |||
Bad debts expense | 0 | 0 | |||
Allowance for doubtful accounts | 0 | 0 | |||
Advertising and marketing expenses | 3,424 | 2,015 | |||
Operating loss carry forward | 270,000 | ||||
Accumulated deficit | (23,734) | 29,185 | |||
Accounts payable and accrued liabilities | $ 357,909 | $ 237,596 | |||
Global Diversified Holdings, Inc. [Member] | |||||
Number of shares issued during period | 200 | ||||
Paul Adler [Member] | |||||
Number of shares issued during period | 12,500,000 |
Stock Redemption Payable (Detai
Stock Redemption Payable (Details Narrative) - USD ($) | Jun. 13, 2018 | Sep. 07, 2016 | Dec. 31, 2017 | Dec. 31, 2018 | Jan. 02, 2017 |
Common stock, repurchase shares | 19,500,000 | ||||
Common stock, value | $ 1,300 | $ 1,334 | |||
Stock redemption agreed value | (1,950) | ||||
Stock Redemption and Purchase Agreement [Member] | 50% Shareholder [Member] | |||||
Common stock, repurchase shares | 100 | ||||
Common stock, value | $ 70,000 | ||||
Stock redemption agreed value | $ 90,000 | ||||
Stock redemption, monthly payments | $ 3,750 | ||||
Stock redemption payable | $ 45,000 | $ 0 |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - $ / shares | Dec. 31, 2018 | Jun. 13, 2018 | Dec. 31, 2017 |
Common stock, shares authorized | 200 | 200 | |
Common stock, shares issued | 13,340,200 | 13,000,000 | |
Common stock, shares outstanding | 13,340,200 | 20,000,000 | 13,000,000 |
Preferred stock, share authorized | 20,000,000 | ||
Preferred stock, value per share | $ 0.0001 | ||
Common Stock [Member] | |||
Common stock, shares authorized | 100,000,000 | ||
Common stock, value per share | $ 0.001 | ||
Common stock, shares issued | 13,340,200 | 20,000,000 | |
Common stock, shares outstanding | 13,340,200 | 20,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Consulting fees | $ 180,000 | $ 127,500 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) - USD ($) | May 18, 2017 | Oct. 01, 2016 | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Lease term | 3 years | 60 months | ||
Monthly payments | $ 1,600 | |||
Lease description | The lease requires monthly payments of $1,600 for the first 24 months and after that increases by 3% each year, and contains one five year renewal option. | |||
Renewal term | 5 years | |||
Rental expenses | $ 19,334 | $ 17,600 | ||
Advance payment | 1,600 | |||
Security deposit | $ 1,600 | $ 1,600 | ||
Payments due per container | $ 1,400 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Due Under Operating Lease (Details) | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Year ended December 31, 2019 | $ 19,923 |
Year ended December 31, 2020 | 20,517 |
Year ended December 31, 2021 | 21,132 |
Thereafter | 109,284 |
Total minimum lease payments | $ 170,856 |
Loans Payable - Schedule of Loa
Loans Payable - Schedule of Loan Outstanding (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Total loans payable | $ 76,202 | $ 75,586 |
Business Backer Credit Line [Member] | ||
Total loans payable | 0 | 7,362 |
Credit Line - BlueVine [Member] | ||
Total loans payable | 59,125 | 60,147 |
Credit Line - Fundbox [Member] | ||
Total loans payable | $ 17,077 | $ 8,077 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) (USD $) | Dec. 31, 2018USD ($) |
Income Tax Disclosure [Abstract] | |
Operating loss carry forward | $ 270,000 |
Income Taxes - Statement of Pro
Income Taxes - Statement of Provision for Federal Income Tax (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Current Operations | $ 56,700 | $ 0 |
Less: valuation allowance | (56,700) | 0 |
Net provision for Federal income taxes | $ 0 | $ 0 |
Concentrations - Schedule of Co
Concentrations - Schedule of Concentration of Risk (Details) - Sales Revenue [Member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Customer A [Member] | ||
Concentration risk, percentage | 31.00% | 31.00% |
Customer B [Member] | ||
Concentration risk, percentage | 26.00% | 26.00% |
Customer C [Member] | ||
Concentration risk, percentage | 23.00% | 19.00% |
Customer D [Member] | ||
Concentration risk, percentage | 20.00% | 19.00% |
Concentrations - Schedule of _2
Concentrations - Schedule of Concentration of Risk (Details) (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Sales Revenue [Member] | 4 Customers [Member] | ||
Total sales | $ 1,161,995 | $ 1,298,372 |