Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 11, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-55889 | ||
Entity Registrant Name | GLOBAL DIVERSIFIED MARKETING GROUP INC. | ||
Entity Central Index Key | 0001725911 | ||
Entity Tax Identification Number | 82-3707673 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 4042 Austin Boulevard | ||
Entity Address, Address Line Two | Suite B | ||
Entity Address, City or Town | Island Park | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11558 | ||
City Area Code | 800 | ||
Local Phone Number | 500-5996 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Elected Not To Use the Extended Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,736,591 | ||
Entity Common Stock, Shares Outstanding | 14,488,256 | ||
Documents Incorporated By Reference | None | ||
Auditor Firm ID | 5041 | ||
Auditor Name | BF Borgers CPA PC | ||
Auditor Location | Lakewood, CO |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 312,574 | $ 62,555 |
Accounts receivable | 174,579 | 134,570 |
Prepaid expenses | 51,984 | 31,444 |
Inventory | 664,337 | 350,615 |
Other assets | 999 | 10,890 |
Total current assets | 1,204,472 | 590,074 |
Property and equipment, net | 833 | 1,389 |
Operating lease right of use assets | 80,271 | 14,257 |
Other assets-security deposit | 1,600 | 1,600 |
Total assets | 1,287,175 | 607,320 |
Current liabilities: | ||
Accounts payable and accrued expense | 491,684 | 472,514 |
Current portion of operating lease payable | 13,508 | 15,732 |
Government loans payable | 529,065 | 149,900 |
Loans payable | 37,807 | 20,540 |
Lease liabilities | 66,763 | |
Total current liabilities | 1,072,063 | 658,686 |
Total liabilities | 1,138,826 | 658,686 |
Commitments and contingencies | ||
Stockholders’ Equity(Deficit): | ||
Preferred stock, Series A $0.0001 par value, 1,000,000 shares authorized, 1,000 issued and outstanding | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 14,473,256 and 13,132,518 issued and outstanding as of December 31, 2021 and December 31, 2020, respectively | 1,447 | 1,313 |
Additional paid-in capital | 27,688,665 | 26,267,208 |
Accumulated deficit | (27,543,659) | (26,329,779) |
Accumulated other comprehensive income | 1,895 | 9,892 |
Total stockholders’ equity(deficit) | 148,349 | (51,366) |
Total liabilities and equity | $ 1,287,175 | $ 607,320 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Series A preferred stock, par value | $ 0.0001 | $ 0.0001 |
Series A preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Series A preferred stock, shares issued | 1,000 | 1,000 |
Series A preferred stock, shares outstanding | 1,000 | 1,000 |
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares, issued | 14,473,256 | 13,132,518 |
Common stock, shares, outstanding | 14,473,256 | 13,132,518 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Sales, net | $ 2,665,017 | $ 1,660,726 |
Cost of goods sold | 1,629,116 | 999,911 |
Gross margin | 1,035,901 | 660,815 |
Operating expenses: | ||
General and administrative expense -related party | 26,020,400 | |
Payroll and taxes | 657,760 | 241,018 |
Legal and professional fees | 1,041,542 | 242,892 |
Rent | 21,254 | 16,225 |
Selling, general and administrative and expenses | 516,623 | 301,126 |
Total operating expenses | 2,237,178 | 26,821,661 |
Income (loss) from operations | (1,201,278) | (26,160,846) |
Other (expense) | ||
Interest expense | (12,601) | (34,299) |
Miscellaneous income | 40,084 | |
Total other (expense) | (12,601) | 5,785 |
Income (loss) before income taxes | (1,213,879) | (26,155,061) |
Provision for income taxes (benefit) | ||
Net loss | $ (1,213,879) | $ (26,155,061) |
Basic and diluted earnings (loss) per common share | $ (0.09) | $ (2) |
Weighted-average number of common shares outstanding: | ||
Basic and diluted | 14,011,246 | 13,076,590 |
Comprehensive income (loss): | ||
Net income(loss) | $ (1,213,879) | $ (26,155,061) |
Unrealized gain on foreign exchange | 7,997 | 9,892 |
Comprehensive income (loss) | $ (1,205,882) | $ (26,145,169) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2019 | $ 1,301 | $ 78,169 | $ (174,718) | $ (95,248) | ||
Balance, shares at Dec. 31, 2019 | 13,010,200 | |||||
Issuance of super-voting preferred stock | 26,020,400 | 26,020,400 | ||||
Issuance of super-voting preferred stock, shares | 1,000 | |||||
Common stock issued for services | $ 12 | 168,639 | 168,651 | |||
Common stock issued for services, shares | 122,318 | |||||
Change in foreign currency trnaslation | 9,892 | 9,892 | ||||
Net income(loss) | (26,155,061) | (26,155,061) | ||||
Balance at Dec. 31, 2020 | $ 1,313 | 26,267,208 | (26,329,779) | 9,892 | (51,366) | |
Balance, shares at Dec. 31, 2020 | 1,000 | 13,132,518 | ||||
Common stock issued for services | $ 93 | 1,121,499 | 1,121,591 | |||
Common stock issued for services, shares | 925,110 | |||||
Common stock issued in private placements | $ 42 | 299,958 | 300,000 | |||
Common stock issued in private placements, shares | 415,628 | |||||
Change in foreign currency trnaslation | 7,997 | |||||
Net income(loss) | (1,213,879) | (1,213,879) | ||||
Change in foreign currency translation | (7,997) | (7,997) | ||||
Balance at Dec. 31, 2021 | $ 1,447 | $ 27,688,665 | $ (27,543,659) | $ 1,895 | $ 148,349 | |
Balance, shares at Dec. 31, 2021 | 1,000 | 14,473,256 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | ||
Net income (loss) | $ (1,213,879) | $ (26,155,061) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 556 | 556 |
Stock-based compensation | 26,020,400 | |
Common stock issued for services | 1,121,592 | 168,529 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (40,009) | (82,286) |
Prepaid expenses | (20,539) | 2,732 |
Right of use assets | (66,014) | 16,220 |
Inventory | (313,722) | (126,240) |
Other assets | 9,892 | (6,507) |
Operating lease payable | 64,539 | (20,517) |
Accounts payable and accrued expenses | 19,170 | 140,577 |
Net cash provided by (used in) operating activities | (438,415) | (41,597) |
Cash flows from financing activities: | ||
Increase (decrease) in loans payable, net | 17,267 | (77,931) |
Proceeds from private placements | 300,000 | |
Government loans | 379,165 | 149,900 |
Net cash provided by (used in) financing activities | 696,432 | 71,969 |
Effect of exchange rates on cash and cash and cash equivalents | (7,997) | 9,892 |
Net increase (decrease) in cash and cash equivalents | 258,017 | 30,372 |
Cash and cash equivalents at beginning of period | 62,555 | 22,291 |
Cash and cash equivalents at end of period | 312,574 | 62,555 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 12,601 | 34,299 |
Cash paid for income taxes |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
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 December 1, 2017 19,500,000 20,000,000 12.500,000 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 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. Certain prior year amounts have been reclassified to conform to the presentation in the current year. 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 The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This Section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. During the years ended December 31, 2021 and December 31, 2020 stock-based compensation was $ 1,121,952 168,529 Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. On December 31, 2021, and 2020, the Company had $ 312,574 and $ 62,555 of cash. Factoring The Company accounts for the transfer of our accounts receivable to a third party under a factoring agreement in accordance with ASC 860-10-40-5 “ Transfers and Servicing 0 20,540 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 creditworthiness, 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 are 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, 2021, and 2020 was $ 0 0 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 $ 173,741 93,805 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 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 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. During the year ended December 31, 2021 the Company had a balance of $ 1,895 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
GOING CONCERN | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 GOING CONCERN As of December 31, 2021, the Company had cash and cash equivalents of $312,574 and had an accumulated deficit of $ 27,543,659 . 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. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
CAPITAL STOCK | NOTE 3 – CAPITAL STOCK The Company has 100,000,000 .0001 14,473,256 13,132,518 2020 Common Stock Issuances During the year ended December 31, 2020, the Company issued the following shares: On February 26, 2020, the Company issued 60,000 120,000 On July 30, 2020, the Company issued 12,000 12,600 On August 14, 2020, the Company issued 30,000 22,503 On August 19, 2020, the Company issued 15,000 11,252 On December 28, 2020 the Company issued 5,318 2,296 All of these charges were recorded as “professional fees” on the Company’s Consolidated Statements of Operations during the year months ended December 31, 2020. 2021 Common stock Issuances During the year ended December 31, 2021, the Company issued a total of 1,340,738 Services 800,110 871,341 125,000 250,250 These charges amounting to $ 1,121,591 932,591 189,000 Preferred Stock The Company has 20,000,000 .0001 1,000,000 Each share of such stock shall vote with the common stock and have 100,000 votes. 1,000 As a result of the issuance of super-voting rights enabling him to vote 100,000,000 shares, Mr. Adler has effective voting control of approximately 99% of the Company. 1,000 26,020,400 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS During the years ended December 31, 2021, and 2020, the Company incurred salary expense of $ 298,000 210,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5 – COMMITMENTS AND CONTINGENCIES The Company renewed a 60 1500 The lease requires monthly payments of $ 1,748 five year 21,254 16,255 SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE LIABILITY December 31, 2022 $ 20,980 December 31, 2023 21,137 December 31, 2024 21,771 December 31, 2025 22,425 December 31, 2026 17,194 Total $ 103,509 Under the guidelines of ASC 842, renewal of the lease at the end of its term was not considered probable. The Company record right of use assets and lease liabilities of $83,415 related to this lease. |
LOANS PAYABLE
LOANS PAYABLE | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
LOANS PAYABLE | NOTE 6 – LOANS PAYABLE The Company had various loans outstanding on December 31, 2021, and 2020 – all were short-term in nature, with varying rates of interest and fees, and no set minimum monthly payments, as follows: SCHEDULE OF LOANS OUTSTANDING 2021 2020 Credit Line - BlueVine - 14,072 Credit Line – Loan Builder - 6,468 Credit Line - Sterling 37,807 - Total loans payable $ 37,807 $ 20,540 The credit lines to BlueVine and LoanBuilders were for factoring of receivables. The credit line to Sterling is an unsecured line of credit. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7 – INCOME TAXES For the period ended December 31, 2020, 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 409,000 The provision for Federal income tax consists of the following on December 31, 2021, and 2020: SCHEDULE OF PROVISION FOR FEDERAL INCOME TAX 2021 2020 Federal income tax benefit attributable to: Current Operations $ 48,000 $ 33,900 Less: NOL carryforward in 2021, and valuation allowance in 2020 (48,000 ) (33,900 ) Net provision for Federal income taxes $ - $ - |
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS | NOTE 8 – CONCENTRATIONS The Company does substantially all of its business with 4 customers. These customers accounted for % and 91% of revenues for the years ended December 31, 2021, and 2020, respectively. SCHEDULE OF CONCENTRATION OF RISK 2021 2020 Customer A 27 34 Customer B 24 24 Customer C 21 22 Customer D 17 11 Customer E 10 - Total % 91 % |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
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, 2020, 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, 2021 | |
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 December 1, 2017 19,500,000 20,000,000 12.500,000 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 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. Certain prior year amounts have been reclassified to conform to the presentation in the current year. 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 The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This Section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. During the years ended December 31, 2021 and December 31, 2020 stock-based compensation was $ 1,121,952 168,529 |
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. On December 31, 2021, and 2020, the Company had $ 312,574 and $ 62,555 of cash. |
Factoring | Factoring The Company accounts for the transfer of our accounts receivable to a third party under a factoring agreement in accordance with ASC 860-10-40-5 “ Transfers and Servicing 0 20,540 |
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 creditworthiness, 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 are 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, 2021, and 2020 was $ 0 0 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 $ 173,741 93,805 |
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 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 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. During the year ended December 31, 2021 the Company had a balance of $ 1,895 |
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. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE LIABILITY | SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE LIABILITY December 31, 2022 $ 20,980 December 31, 2023 21,137 December 31, 2024 21,771 December 31, 2025 22,425 December 31, 2026 17,194 Total $ 103,509 |
LOANS PAYABLE (Tables)
LOANS PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LOANS OUTSTANDING | The Company had various loans outstanding on December 31, 2021, and 2020 – all were short-term in nature, with varying rates of interest and fees, and no set minimum monthly payments, as follows: SCHEDULE OF LOANS OUTSTANDING 2021 2020 Credit Line - BlueVine - 14,072 Credit Line – Loan Builder - 6,468 Credit Line - Sterling 37,807 - Total loans payable $ 37,807 $ 20,540 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF PROVISION FOR FEDERAL INCOME TAX | The provision for Federal income tax consists of the following on December 31, 2021, and 2020: SCHEDULE OF PROVISION FOR FEDERAL INCOME TAX 2021 2020 Federal income tax benefit attributable to: Current Operations $ 48,000 $ 33,900 Less: NOL carryforward in 2021, and valuation allowance in 2020 (48,000 ) (33,900 ) Net provision for Federal income taxes $ - $ - |
CONCENTRATIONS (Tables)
CONCENTRATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATION OF RISK | The Company does substantially all of its business with 4 customers. These customers accounted for % and 91% of revenues for the years ended December 31, 2021, and 2020, respectively. SCHEDULE OF CONCENTRATION OF RISK 2021 2020 Customer A 27 34 Customer B 24 24 Customer C 21 22 Customer D 17 11 Customer E 10 - Total % 91 % |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Nov. 26, 2018 | Jun. 14, 2018 | Jun. 13, 2018 | Dec. 31, 2021 | Dec. 31, 2020 |
Entity incorporation, state or country code | DE | ||||
Entity incorporation, date of incorporation | Dec. 1, 2017 | ||||
Common stock share outstanding | 14,473,256 | 13,132,518 | |||
Stock-based compensation | $ 1,121,952 | $ 168,529 | |||
Cash and Cash Equivalents, at Carrying Value | 312,574 | 62,555 | |||
Loan payable due to factors | 0 | 20,540 | |||
Bad debts expense | 0 | 0 | |||
Allowance for doubtful accounts | 0 | 0 | |||
Advertising and marketing expenses | 173,741 | $ 93,805 | |||
Unrealized gain due to foreign currency fluctuations | $ 1,895 | ||||
Paul Adler [Member] | |||||
Number of shares issued during period | 12,500 | ||||
President [Member] | Global Diversified Holdings, Inc. [Member] | |||||
Number of common stock for acquisition | 200 | ||||
Common Stock [Member] | |||||
Stock redeemed or called during period, shares | 19,500,000 | ||||
Common stock share outstanding | 20,000,000 | ||||
Number of shares issued during period | 415,628 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash and Cash Equivalents, at Carrying Value | $ 312,574 | $ 62,555 |
Retained Earnings (Accumulated Deficit) | $ 27,543,659 | $ 26,329,779 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - USD ($) | Dec. 28, 2020 | Aug. 19, 2020 | Aug. 14, 2020 | Jul. 30, 2020 | Feb. 26, 2020 | Feb. 24, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 13, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Common stock shares authorized | 100,000,000 | 100,000,000 | |||||||
Common stock value per share | $ 0.0001 | $ 0.0001 | |||||||
Common stock, shares issued | 14,473,256 | 13,132,518 | |||||||
Common stock, shares outstanding | 14,473,256 | 13,132,518 | |||||||
Professional fees for service | $ 1,041,542 | $ 242,892 | |||||||
Stock issued during period value issued for services | $ 1,121,591 | $ 168,651 | |||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||||||
Preferred stock, value per share | $ 0.0001 | $ 0.0001 | |||||||
Preferred stock, shares issued | 1,000 | 1,000 | |||||||
Compensation expense-related party | $ 26,020,400 | ||||||||
Class A Super Voting Preferred Stock [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Common stock voting rights | Each share of such stock shall vote with the common stock and have 100,000 votes. | ||||||||
Shares Issued Service [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Professional fees for service | $ 932,591 | ||||||||
Charges, net | 1,121,591 | ||||||||
Payroll for services | $ 189,000 | ||||||||
Common Stock [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Common stock, shares issued | 1,340,738 | ||||||||
Common stock, shares outstanding | 20,000,000 | ||||||||
Stock issued during period shares issued for services | 925,110 | 122,318 | |||||||
Stock issued during period value issued for services | $ 93 | $ 12 | |||||||
Preferred Stock [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Stock issued during period value issued for services | |||||||||
Preferred stock, shares authorized | 1,000,000 | 20,000,000 | |||||||
Preferred stock, value per share | $ 0.0001 | ||||||||
Consultant [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Stock issued during period shares issued for services | 5,318 | 15,000 | 60,000 | ||||||
Professional fees for service | $ 2,296 | $ 11,252 | $ 120,000 | ||||||
Investment Banking Firm [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Stock issued during period shares issued for services | 30,000 | 12,000 | |||||||
Professional fees for service | $ 22,503 | $ 12,600 | |||||||
Consultants and One Employee [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Stock issued during period shares issued for services | 800,110 | ||||||||
Stock issued during period value issued for services | $ 871,341 | ||||||||
Four Independent Directors [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Stock issued during period shares issued for services | 125,000 | ||||||||
Stock issued during period value issued for services | $ 250,250 | ||||||||
Paul Adler [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Preferred stock voting rights | the issuance of super-voting rights enabling him to vote 100,000,000 shares, Mr. Adler has effective voting control of approximately 99% of the Company. | ||||||||
Paul Adler [Member] | Class A Super Voting Preferred Stock [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Preferred stock, value per share | 1,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Chief Executive Officer [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Salary expense | $ 298,000 | $ 210,000 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE LIABILITY (Details) | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
December 31, 2022 | $ 20,980 |
December 31, 2023 | 21,137 |
December 31, 2024 | 21,771 |
December 31, 2025 | 22,425 |
December 31, 2026 | 17,194 |
Total | $ 103,509 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Oct. 01, 2021USD ($)ft² | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease term | 60 months | ||
Area of land | ft² | 1,500 | ||
Lease description | The lease requires monthly payments of $1,748.36 for the first 24 months and after that increases by approximately 3% each year, and contains one five year renewal option | ||
Payments for Rent | $ 1,748 | ||
Lessee, Operating Lease, Renewal Term | 5 years | ||
Rent expenses | $ 21,254 | $ 16,255 |
SCHEDULE OF LOANS OUTSTANDING (
SCHEDULE OF LOANS OUTSTANDING (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Total loans payable | $ 37,807 | $ 20,540 |
Credit Line - BlueVine [Member] | ||
Short-term Debt [Line Items] | ||
Total loans payable | 14,072 | |
Credit Line Loan Builder [Member] | ||
Short-term Debt [Line Items] | ||
Total loans payable | 6,468 | |
Credit Line Sterling [Member] | ||
Short-term Debt [Line Items] | ||
Total loans payable | $ 37,807 |
SCHEDULE OF PROVISION FOR FEDER
SCHEDULE OF PROVISION FOR FEDERAL INCOME TAX (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Current Operations | $ 48,000 | $ 33,900 |
Less: NOL carryforward in 2021, and valuation allowance in 2020 | (48,000) | (33,900) |
Net provision for Federal income taxes |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | Dec. 31, 2020USD ($) |
Income Tax Disclosure [Abstract] | |
Net operating loss carry forward | $ 409,000 |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 27.00% | 34.00% |
Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 24.00% | 24.00% |
Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 21.00% | 22.00% |
Customer D [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 17.00% | 11.00% |
Customer E [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.00% | |
Customer [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 91.00% |