Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 15, 2022 | |
Details | ||
Registrant CIK | 0001730732 | |
Fiscal Year End | --12-31 | |
Registrant Name | 3FORCES INC. | |
SEC Form | 10-Q | |
Period End date | Jun. 30, 2022 | |
Tax Identification Number (TIN) | 81-4128534 | |
Number of common stock shares outstanding | 7,589,500 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Interactive Data Current | Yes | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | true | |
Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 333-230070 | |
Entity Incorporation, State or Country Code | AZ | |
Entity Address, Address Line One | 7702 E Doubletree Ranch Road | |
Entity Address, Address Line Two | Unit 300 | |
Entity Address, City or Town | Scottsdale | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85258 | |
Country Region | 480 | |
City Area Code | 902 | |
Local Phone Number | 3062 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash | $ 155,786 | $ 163,289 |
Investment in trading securities | 0 | 95,952 |
Total Current Assets | 155,786 | 259,241 |
Software development costs, net | 116,400 | 124,200 |
ASSETS | 272,186 | 383,441 |
Current Liabilities | ||
Accounts payable | 20,631 | 14,621 |
Accrued interest - related party | 336,797 | 265,244 |
Note payable - related party | 611,641 | 611,641 |
Accrued officer compensation - related party | 1,160,528 | 1,060,528 |
Total Liabilities | 2,129,597 | 1,952,034 |
Stockholders' Deficit | ||
Common stock, $0.0001 par value; 10,000,000,000 shares authorized, 7,589,500 and 7,589,500 shares issued and outstanding, respectively | 810 | 810 |
Additional paid-in capital | 438,026 | 438,026 |
Common stock to be issued | 160,417 | 146,667 |
Treasury stock | (50) | (50) |
Accumulated other comprehensive income | (2,132) | (636) |
Accumulated deficit | (2,454,482) | (2,153,410) |
Total Stockholders' Deficit | (1,857,411) | (1,568,593) |
Total Liabilities and Stockholders' Deficit | $ 272,186 | $ 383,441 |
BALANCE SHEETS - Parenthetical
BALANCE SHEETS - Parenthetical - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 10,000,000,000 | 10,000,000,000 |
Common Stock, Shares, Issued | 7,589,500 | 7,589,500 |
Common Stock, Shares, Outstanding | 7,589,500 | 7,589,500 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Details | ||||
Revenue, net | $ 2,093 | $ 0 | $ 2,331 | $ 0 |
Operating Expenses | ||||
Officer compensation - related party | 56,875 | 56,875 | 113,750 | 113,750 |
Software development expense | 9,968 | 0 | 19,568 | 0 |
Amortization expense | 6,300 | 0 | 12,600 | 0 |
General and administrative expenses | 40,458 | 50,326 | 73,113 | 72,212 |
Total operating expenses | 113,601 | 107,201 | 219,031 | 185,962 |
Loss from operations | (111,508) | (107,201) | (216,700) | (185,962) |
Other income (expense) | ||||
Interest expense - related party | (36,478) | (25,879) | (71,553) | (50,263) |
Realized loss on trading securities | (21,160) | 0 | (12,839) | 0 |
Interest income | 15 | 18 | 20 | 74 |
Total other expense | (57,623) | (25,861) | (84,372) | (50,189) |
Loss before income taxes | (169,131) | (133,062) | (301,072) | (236,151) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net loss | (169,131) | (133,062) | (301,072) | (236,151) |
Other comprehensive loss | ||||
Foreign currency translation adjustment | (1,292) | 0 | (1,496) | 0 |
Comprehensive loss | $ (170,423) | $ (133,062) | $ (302,568) | $ (236,151) |
Loss per share, basic and diluted | $ (0.02) | $ (0.02) | $ (0.04) | $ (0.03) |
Weighted average shares, basic and diluted | 7,589,500 | 7,515,500 | 7,589,500 | 7,515,500 |
STATEMENTS OF SHAREHOLDERS' EQU
STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) | Common Stock | Additional Paid-in Capital | Receivables from Stockholder | Treasury Stock | Retained Earnings | Total | Other Comprehensive Income (Loss) |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2020 | $ 803 | $ 429,893 | $ 127,307 | $ (50) | $ (1,785,991) | $ (1,228,038) | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 7,515,500 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 0 | 0 | 6,875 | 0 | 0 | 6,875 | |
Comprehensive loss | 0 | 0 | 0 | 0 | (103,089) | (103,089) | |
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2021 | $ 803 | 429,893 | 134,182 | (50) | (1,889,080) | (1,324,252) | |
Shares, Outstanding, Ending Balance at Mar. 31, 2021 | 7,515,500 | ||||||
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2020 | $ 803 | 429,893 | 127,307 | (50) | (1,785,991) | (1,228,038) | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 7,515,500 | ||||||
Comprehensive loss | (236,151) | ||||||
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2021 | $ 803 | 429,893 | 141,057 | (50) | (2,022,142) | (1,450,439) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 7,515,500 | ||||||
Stockholders' Equity Attributable to Parent, Beginning Balance at Mar. 31, 2021 | $ 803 | 429,893 | 134,182 | (50) | (1,889,080) | (1,324,252) | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2021 | 7,515,500 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 0 | 0 | 6,875 | 0 | 0 | 6,875 | |
Comprehensive loss | 0 | 0 | 0 | 0 | (133,062) | (133,062) | |
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2021 | $ 803 | 429,893 | 141,057 | (50) | (2,022,142) | (1,450,439) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 7,515,500 | ||||||
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2021 | $ 810 | 438,026 | 146,667 | (50) | (2,153,410) | (1,568,593) | $ (636) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 7,589,500 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 0 | 0 | 6,875 | 0 | 0 | 6,875 | 0 |
Comprehensive loss | 0 | 0 | 0 | 0 | (131,941) | (132,145) | (204) |
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2022 | $ 810 | 438,026 | 153,542 | (50) | (2,285,351) | (1,693,863) | (840) |
Shares, Outstanding, Ending Balance at Mar. 31, 2022 | 7,589,500 | ||||||
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2021 | $ 810 | 438,026 | 146,667 | (50) | (2,153,410) | (1,568,593) | (636) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 7,589,500 | ||||||
Comprehensive loss | (302,568) | ||||||
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2022 | $ 810 | 438,026 | 160,417 | (50) | (2,454,482) | (1,857,411) | (2,132) |
Shares, Outstanding, Ending Balance at Jun. 30, 2022 | 7,589,500 | ||||||
Stockholders' Equity Attributable to Parent, Beginning Balance at Mar. 31, 2022 | $ 810 | 438,026 | 153,542 | (50) | (2,285,351) | (1,693,863) | (840) |
Shares, Outstanding, Beginning Balance at Mar. 31, 2022 | 7,589,500 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 0 | 0 | 6,875 | 0 | 0 | 6,875 | 0 |
Comprehensive loss | 0 | 0 | 0 | 0 | (169,131) | (170,423) | (1,292) |
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2022 | $ 810 | $ 438,026 | $ 160,417 | $ (50) | $ (2,454,482) | $ (1,857,411) | $ (2,132) |
Shares, Outstanding, Ending Balance at Jun. 30, 2022 | 7,589,500 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||||
Net Loss | $ (169,131) | $ (133,062) | $ (301,072) | $ (236,151) |
Adjustments to reconcile net loss to net cash used in operating activities | ||||
Stock based compensation related party | 13,750 | 13,750 | ||
Amortization expense | 6,300 | 0 | 12,600 | 0 |
Realized loss on trading securities | 21,160 | 0 | 12,839 | 0 |
Changes in assets and liabilities | ||||
Accounts payable | 6,009 | (7,226) | ||
Accrued interest - related party | 71,554 | 50,263 | ||
Accrued compensation- related party | 100,000 | 100,000 | ||
Net cash used in operating activities | (84,320) | (79,364) | ||
Cash flows from investing activities | ||||
Software development cost | (4,800) | (24,000) | ||
Proceeds from sale of trading securities | 83,113 | 0 | ||
Net cash used in investing activities | 78,313 | (24,000) | ||
Cash flows from financing activities | ||||
Proceeds from related party | 0 | 94,141 | ||
Net cash provided by financing activities | 0 | 94,141 | ||
Effect of exchange rate on cash | (1,496) | 0 | ||
Net change in cash | (6,007) | (9,223) | ||
Cash, beginning of period | 163,289 | 235,378 | ||
Cash, end of period | $ 155,786 | $ 226,155 | 155,786 | 226,155 |
Supplemental Disclosures | ||||
Interest paid | 0 | 0 | ||
Income taxes paid | $ 0 | $ 0 |
NOTE 1 - ORGANIZATION AND BUSIN
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS | 6 Months Ended |
Jun. 30, 2022 | |
Notes | |
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS Nature of Business The Company was incorporated under the laws of the State of California on September 6, 2016 under the name Taluhu Inc. The Company’s name was changed to Live Inc. on September 29, 2016 and on September 6, 2020, the Company’s name was changed to Guuru Corp. As discussed further below, on April 29, 2021, the Company’s name was changed to 3Forces Inc. On October 2, 2020, the Company formed Talguu Inc., an Arizona corporation, as a wholly owned subsidiary for the purpose of changing the domicile of the Company from California to Arizona. The process involved the filing of respective merger forms in each of Arizona and California. On January 15, 2021, the State of Arizona approved the Statement of Merger whereby the parent entity, then Guuru Corp (a California corporation, formerly Live Inc.), was merged into Talguu Inc. (an Arizona corporation). On March 15, 2021, the State of California is approved the merger transaction. As mentioned above, on April 29, 2021, the Company’s name was changed to 3Forces Inc. We are cloud based business to consumer platform company. Currently, we have ManagerSpecial.com, JobDor.com, Talguu.com, and Trabahanap.com platforms. Only Trabahanap.com currently is in use by the public. The rest are in the development and testing stages. ManagerSpecial.com enables service providers such as restaurants, hotels, and any goods and services that need to find and offer discounts to buyers to purchase their expiring products. Trabahanap.com is our job search platform for entry level positions in service industries located in the Philippines market. JobDor.com provides a similar service in the United States market. Talguu.com is a broadcasting platform, where the content producers will be assigned their individual channels. The channels will be 100% commercial free. Each channel will deliver content circumscribed by a specific theme, such as personal health care, do-it-yourself topics, business formation and management, among others. Content will be provided by one or more providers who will produce and deliver the content on one of our channels. In this platform, the content will be subscribed by individual viewers for a fee. We will receive an agreed percentage of the fees. |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Notes | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the instructions to Form 10-Q and Articles of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes for the year ended December 31, 2021, as filed with the SEC on March 25, 2022. Use of estimates The preparation of financial statements 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. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the three and six months ended June 30, 2022. Investments The Company follows ASC subtopic 321-10, Investments-Equity Securities which requires the accounting for an equity security to be measured at fair value with changes in unrealized gains and losses included in current period operations. Where an equity security is without a readily determinable fair value, the Company may elect to estimate its fair value at cost minus impairment plus or minus changes resulting from observable price changes. Fair value measurement The Company’s marketable securities consist of investments in equity securities. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825. The Company follows GAAP which establishes a fair value hierarchy that prioritizes the valuation techniques and creates the following three broad levels, with Level 1 valuation being the highest priority: Level 1 valuation Level 2 valuation Level 3 valuation Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes in the methodologies used at June 30, 2022 and December 31, 2021. Equity securities Mutual funds In accordance with the provisions of Fair Value Measurements, the following are the Company’s financial assets measured on a recurring basis presented at fair value. Description June 30, 2022 Level 1 Level 2 Level 3 Assets: Marketable securities $ - $ - $ - $ - Description December 31, 2021 Level 1 Level 2 Level 3 Assets: Marketable securities $ 95,952 $ 95,952 $ - $ - Revenue Recognition The Company recognizes revenue under ASC 606, “Revenue from Contracts with Customers” (“ASC 606”). The Company determines revenue recognition through the following steps: · · · · · Adoption of ASC 606 did not have a significant impact on our financial statements. We recognize revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration expected to be received in exchange for those products or services. We determine the transaction price associated with each deliverable based on the unique contract with the customer, which is considered to be a stand-alone contract that we retain the right to accept or reject. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company is currently recognizing revenue through, Trabahanap.com in the Philippines. We have a join venture agreement with a local marketing company, ABS-CBN, by which they pay the local staff in the Philippines and do the marketing for the Company, in exchange for 60% of the revenue received. Comprehensive Income The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of stockholders’ deficit. Comprehensive income for the three and six months ended June 30, 2022 and 2021 is included in net income as foreign currency translation adjustments. R ecently issued accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
NOTE 3 - GOING CONCERN
NOTE 3 - GOING CONCERN | 6 Months Ended |
Jun. 30, 2022 | |
Notes | |
NOTE 3 - GOING CONCERN | NOTE 3 - GOING CONCERN The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has an accumulated deficit of $2,454,482 as of June 30, 2022, had a net loss of $301,072 and net cash used in operating activities of $84,320 for the six months ended June 30, 2022. The Company’s ability to raise additional capital through the future issuances of common stock and/or debt financing is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. These conditions and the ability to successfully resolve these factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties. The Company has developed and is managing three cloud-based platforms as part of our overall business plan. In order for us to fully implement our business plan, we will use our available cash of approximately $156,000 as of June 30, 2022, and we will need approximately $1,266,000 in financing for a total of $1,339,000 in required funds. If all of these funds are not available from Mr. Keith Wong under our continued loan arrangements, we will seek to raise all or part of the funds through public or private debt or equity financings. These funds will enable us to fully develop and market our 3 platforms for the next 12 months, however, we can not predict our ability to successfully raise such funds. Impact of COVID-19 on Our Business. In March 2020, the World Health Organization declared the novel coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. The spread of COVID-19 has affected segments of the global economy and may affect our operations, including the potential interruption of our supply chain. We are monitoring this situation closely, and although operations have not been materially affected by the COVID-19 outbreak to date, the ultimate duration and severity of the outbreak and its impact on the economic environment and our business is uncertain. The extent to which COVID-19 impacts our operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information which may emerge concerning the severity of COVID-19 and the actions to contain the coronavirus or treat its impact, among others. In particular, the continued spread of the coronavirus globally could adversely impact our operations, including among others, our manufacturing and supply chain, sales and marketing and could have an adverse impact on our business and our financial results. The COVID-19 outbreak is a widespread health crisis that has adversely affected the economies and financial markets of many countries, resulting in an economic downturn that could affect demand for our products and likely impact our operating results. |
NOTE 4 - SOFTWARE DEVELOPMENT
NOTE 4 - SOFTWARE DEVELOPMENT | 6 Months Ended |
Jun. 30, 2022 | |
Notes | |
NOTE 4 - SOFTWARE DEVELOPMENT | NOTE 4 – SOFTWARE DEVELOPMENT Per ASC 985-20 expenses in the development of the software are expensed until technological feasibility has been reached and costs are determined to be recoverable. At this point additional expenses are capitalized. Capitalization ends, and amortization begins when the product is available for general release to customers. Software development costs are amortized over the estimated useful life of three years. As of June 30, 2022 and December 31, 2021, the Company has $116,400 and $124,200, respectively, net of amortization of $16,800 and $4,200, respectively, of capitalized software development costs. |
NOTE 5 - MARKETABLE SECURITIES
NOTE 5 - MARKETABLE SECURITIES | 6 Months Ended |
Jun. 30, 2022 | |
Notes | |
NOTE 5 - MARKETABLE SECURITIES | NOTE 5 - MARKETABLE SECURITIES As of June 30, 2022 and December 31, 2021, the Company’s marketable securities were classified as follows: As of June 30, 2022 Cost Gross Unrealized Gains Gross Realized Losses Fair Value Available-for-sale: Corporate Stocks $ 100,000 $ - $ (12,839) $ - Total $ 100,000 $ - $ (12,839) $ - As of December 31, 2021 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Corporate Stocks $ 100,000 $ - $ (4,046) $ 95,952 Total $ 100,000 $ - $ (4,046) $ 95,952 |
NOTE 6- RELATED-PARTY
NOTE 6- RELATED-PARTY | 6 Months Ended |
Jun. 30, 2022 | |
Notes | |
NOTE 6- RELATED-PARTY | NOTE 6 - RELATED PARTY As of June 30, 2022, the Company has seven promissory notes with Keith Wong, the Company’s founder, Chief Executive Officer and sole director described in this Note. On July 31, 2017, the Company executed a promissory note with Mr. Wong for $200,000. The note originally accrued interest at a rate of 10% (simple) per annum and is due on demand. The note was amended, effective November 1, 2019, in order to change the interest rate to compounded interest at 4% per quarter. As of June 30, 2022, there is $172,536 of accrued interest on this note. On June 21, 2019, the Company executed a promissory note with Mr. Wong for $160,000. The loan is unsecured, accrues interest at 4% per quarter, compounded quarterly, and is due on demand. As of June 30, 2022, there is $97,291 of accrued interest on this note. On August 16, 2019, the Company executed a promissory note with Mr. Wong for $60,000. The loan is unsecured, accrues interest at 4% per quarter, compounded quarterly, and is due on demand. As of June 30, 2022, there is $34,215 of accrued interest on this note. On February 4, 2021, the Company executed a promissory note with Mr. Wong for $40,000. The loan is unsecured, accrues interest at 4% per quarter, compounded quarterly, and is due on demand. As of June 30, 2022, there is $10,613 of accrued interest on this note. On May 27, 2021, the Company executed a promissory note with Mr. Wong for $54,141. The loan is unsecured, accrues interest at 4% per quarter, compounded quarterly, and is due on demand. As of June 30, 2022, there is $10,041 of accrued interest on this note. On September 1, 2021, the Company executed a promissory note with Mr. Wong for $37,000. The loan is unsecured, accrues interest at 4% per quarter, compounded quarterly, and is due on demand. As of June 30, 2022, there is $5,175 of accrued interest on this note. On November 1, 2021, the Company executed a promissory note with Mr. Wong for $60,000. The loan is unsecured, accrues interest at 4% per quarter, compounded quarterly, and is due on demand. As of June 30, 2022, there is $6,627 of accrued interest on this note. In addition to the above loans, on September 30, 2019, Mr. Wong advanced the Company $500 to open a bank account in the Company’s name in the Philippines. The loan is unsecured, accrues interest at 4% per quarter, compounded quarterly, and is due on demand. As of June 30, 2022, there is $301 of accrued interest on this loan. Mr. Wong’s consulting agreement was renewed effective September 1, 2020. Annual compensation was increased from $180,000 to $200,000. In addition, he is entitled to receive 1,000,000 shares of common stock which will vest over four years (or monthly at the rate of 20,833 shares per month). The term of the agreement is four years and either party may terminate the agreement by delivering notice to the other. In this regard, during the year ended December 31, 2021, Mr. Wong earned 250,000 shares of common stock for services rendered under his consulting agreement, for total non-cash expense of $27,500. During the six months ended June 30, 2022, Mr. Wong earned 125,000 shares of common stock for services rendered under his consulting agreement, for total non-cash expense of $13,750. Since the Company’s common stock is not currently trading, shares were issued at the price of shares sold to third parties of $0.11. As of June 30, 2022, the shares have not yet been issued, and have been recorded as common stock to be issued as shown in stockholders’ deficit. As of June 30, 2022 and December 31, 2021, there is $1,160,528 and $1,060,528, respectively, of accrued compensation due to Mr. Wong. |
NOTE 7 - COMMON STOCK
NOTE 7 - COMMON STOCK | 6 Months Ended |
Jun. 30, 2022 | |
Notes | |
NOTE 7 - COMMON STOCK | NOTE 7 – COMMON STOCK Refer to Note 6 for related party equity transactions. |
NOTE 8- ACCUMULATED OTHER COMPR
NOTE 8- ACCUMULATED OTHER COMPREHENSIVE LOSS | 6 Months Ended |
Jun. 30, 2022 | |
Notes | |
NOTE 8- ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 8– ACCUMULATED OTHER COMPREHENSIVE LOSS Balance of related after-tax components comprising accumulated other comprehensive loss are as follows: June 30, 2022 Accumulated other comprehensive loss, beginning of period $ (636) Change in cumulative translation adjustment (1,496) Accumulated other comprehensive loss, end of period $ (2,132) |
NOTE 9 - SUBSEQUENT EVENTS
NOTE 9 - SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
Notes | |
NOTE 9 - SUBSEQUENT EVENTS | NOTE 9 - SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the unaudited |
NOTE 2 - SUMMARY OF SIGNIFICA_2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Policies | |
Basis of Presentation | Basis of presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the instructions to Form 10-Q and Articles of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes for the year ended December 31, 2021, as filed with the SEC on March 25, 2022. |
NOTE 2 - SUMMARY OF SIGNIFICA_3
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Policies | |
Use of Estimates | Use of estimates The preparation of financial statements 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. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. |
NOTE 2 - SUMMARY OF SIGNIFICA_4
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Reclassifications (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Policies | |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the three and six months ended June 30, 2022. |
NOTE 2 - SUMMARY OF SIGNIFICA_5
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Investments (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Policies | |
Investments | Investments The Company follows ASC subtopic 321-10, Investments-Equity Securities which requires the accounting for an equity security to be measured at fair value with changes in unrealized gains and losses included in current period operations. Where an equity security is without a readily determinable fair value, the Company may elect to estimate its fair value at cost minus impairment plus or minus changes resulting from observable price changes. |
NOTE 2 - SUMMARY OF SIGNIFICA_6
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair value of financial instruments (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Policies | |
Fair value of financial instruments | Fair value measurement The Company’s marketable securities consist of investments in equity securities. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825. The Company follows GAAP which establishes a fair value hierarchy that prioritizes the valuation techniques and creates the following three broad levels, with Level 1 valuation being the highest priority: Level 1 valuation Level 2 valuation Level 3 valuation Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes in the methodologies used at June 30, 2022 and December 31, 2021. Equity securities Mutual funds In accordance with the provisions of Fair Value Measurements, the following are the Company’s financial assets measured on a recurring basis presented at fair value. Description June 30, 2022 Level 1 Level 2 Level 3 Assets: Marketable securities $ - $ - $ - $ - Description December 31, 2021 Level 1 Level 2 Level 3 Assets: Marketable securities $ 95,952 $ 95,952 $ - $ - |
NOTE 2 - SUMMARY OF SIGNIFICA_7
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Policies | |
Revenue Recognition | Revenue Recognition The Company recognizes revenue under ASC 606, “Revenue from Contracts with Customers” (“ASC 606”). The Company determines revenue recognition through the following steps: · · · · · Adoption of ASC 606 did not have a significant impact on our financial statements. We recognize revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration expected to be received in exchange for those products or services. We determine the transaction price associated with each deliverable based on the unique contract with the customer, which is considered to be a stand-alone contract that we retain the right to accept or reject. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company is currently recognizing revenue through, Trabahanap.com in the Philippines. We have a join venture agreement with a local marketing company, ABS-CBN, by which they pay the local staff in the Philippines and do the marketing for the Company, in exchange for 60% of the revenue received. |
NOTE 2 - SUMMARY OF SIGNIFICA_8
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Comprehensive Income (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Policies | |
Comprehensive Income | Comprehensive Income The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of stockholders’ deficit. Comprehensive income for the three and six months ended June 30, 2022 and 2021 is included in net income as foreign currency translation adjustments. |
NOTE 2 - SUMMARY OF SIGNIFICA_9
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recently Issued Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Policies | |
Recently Issued Accounting Pronouncements | R ecently issued accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
NOTE 2 - SUMMARY OF SIGNIFIC_10
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair value of financial instruments: Schedule of Financial Assets Measured on a Recurring Basis Presented at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Tables/Schedules | |
Schedule of Financial Assets Measured on a Recurring Basis Presented at Fair Value | Description June 30, 2022 Level 1 Level 2 Level 3 Assets: Marketable securities $ - $ - $ - $ - Description December 31, 2021 Level 1 Level 2 Level 3 Assets: Marketable securities $ 95,952 $ 95,952 $ - $ - |
NOTE 5 - MARKETABLE SECURITIES_
NOTE 5 - MARKETABLE SECURITIES: Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Tables/Schedules | |
Marketable Securities | As of June 30, 2022 Cost Gross Unrealized Gains Gross Realized Losses Fair Value Available-for-sale: Corporate Stocks $ 100,000 $ - $ (12,839) $ - Total $ 100,000 $ - $ (12,839) $ - As of December 31, 2021 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Corporate Stocks $ 100,000 $ - $ (4,046) $ 95,952 Total $ 100,000 $ - $ (4,046) $ 95,952 |
NOTE 8- ACCUMULATED OTHER COM_2
NOTE 8- ACCUMULATED OTHER COMPREHENSIVE LOSS: Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Tables/Schedules | |
Comprehensive Income (Loss) | June 30, 2022 Accumulated other comprehensive loss, beginning of period $ (636) Change in cumulative translation adjustment (1,496) Accumulated other comprehensive loss, end of period $ (2,132) |
NOTE 2 - SUMMARY OF SIGNIFIC_11
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair value of financial instruments: Schedule of Financial Assets Measured on a Recurring Basis Presented at Fair Value (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Investment in trading securities | $ 0 | $ 95,952 |
Fair Value, Inputs, Level 1 | ||
Investment in trading securities | 0 | 95,952 |
Fair Value, Inputs, Level 2 | ||
Investment in trading securities | 0 | 0 |
Fair Value, Inputs, Level 3 | ||
Investment in trading securities | $ 0 | $ 0 |
NOTE 3 - GOING CONCERN (Details
NOTE 3 - GOING CONCERN (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Details | |||||
Accumulated deficit | $ 2,454,482 | $ 2,454,482 | $ 2,153,410 | ||
Net Loss | $ 169,131 | $ 133,062 | 301,072 | $ 236,151 | |
Net cash used in operating activities | $ 84,320 | $ 79,364 |
NOTE 4 - SOFTWARE DEVELOPMENT (
NOTE 4 - SOFTWARE DEVELOPMENT (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Details | ||
Software development costs, net | $ 116,400 | $ 124,200 |
Capitalized Computer Software, Accumulated Amortization | $ 16,800 | $ 4,200 |
NOTE 5 - MARKETABLE SECURITIE_2
NOTE 5 - MARKETABLE SECURITIES: Marketable Securities (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2022 | |
Details | ||
Available-for-sale: Cost | $ 100,000 | $ 100,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (4,046) | (12,839) |
Investment in trading securities | $ 95,952 | $ 0 |
NOTE 6- RELATED-PARTY (Details)
NOTE 6- RELATED-PARTY (Details) - USD ($) | 6 Months Ended | ||||||||
Jun. 30, 2022 | Dec. 31, 2021 | Nov. 01, 2021 | Sep. 01, 2021 | May 27, 2021 | Feb. 04, 2021 | Aug. 16, 2019 | Jun. 21, 2019 | Jul. 31, 2017 | |
Share Price | $ 0.11 | ||||||||
Accrued officer compensation - related party | $ 1,160,528 | $ 1,060,528 | |||||||
Note 1 | Interest | |||||||||
Long-term Debt, Gross | 172,536 | ||||||||
Note 2 | Interest | |||||||||
Long-term Debt, Gross | 97,291 | ||||||||
Note 3 | Interest | |||||||||
Long-term Debt, Gross | 34,215 | ||||||||
Note 4 | Interest | |||||||||
Long-term Debt, Gross | 10,613 | ||||||||
Note 5 | Interest | |||||||||
Long-term Debt, Gross | 10,041 | ||||||||
Note 6 | Interest | |||||||||
Long-term Debt, Gross | 5,175 | ||||||||
Note 7 | Interest | |||||||||
Long-term Debt, Gross | 6,627 | ||||||||
Note 7a | Interest | |||||||||
Long-term Debt, Gross | 301 | ||||||||
CEO | |||||||||
Salary and Wage, Excluding Cost of Good and Service Sold | $ 200,000 | ||||||||
Stock Issued During Period, Shares, Issued for Services | 250,000 | ||||||||
Stock Issued During Period, Value, Issued for Services | $ 27,500 | ||||||||
CEO | Note 1 | |||||||||
Debt Instrument, Face Amount | $ 200,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4% | ||||||||
CEO | Note 2 | |||||||||
Debt Instrument, Face Amount | $ 160,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4% | ||||||||
CEO | Note 3 | |||||||||
Debt Instrument, Face Amount | $ 60,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4% | ||||||||
CEO | Note 4 | |||||||||
Debt Instrument, Face Amount | $ 40,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4% | ||||||||
CEO | Note 5 | |||||||||
Debt Instrument, Face Amount | $ 54,141 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4% | ||||||||
CEO | Note 6 | |||||||||
Debt Instrument, Face Amount | $ 37,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4% | ||||||||
CEO | Note 7 | |||||||||
Debt Instrument, Face Amount | $ 60,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4% | ||||||||
CEO | Note 7a | |||||||||
Debt Instrument, Face Amount | $ 500 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4% |
NOTE 8- ACCUMULATED OTHER COM_3
NOTE 8- ACCUMULATED OTHER COMPREHENSIVE LOSS: Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Details | |||||
Accumulated other comprehensive income | $ (2,132) | $ (2,132) | $ (636) | ||
Foreign currency translation adjustment | $ (1,292) | $ 0 | $ (1,496) | $ 0 |