Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 27, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | Evil Empire Designs, Inc. | |
Entity Central Index Key | 0001759424 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Mar. 31, 2020 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 7,862,500 | |
Entity File Number | 333-231172 | |
Entity Address Address Line 1 | 441 Eastgate Rd | |
Entity Address Postal Zip Code | 89011 | |
Entity Tax Identification Number | 45-5530035 | |
Entity Address City Or Town | Henderson | |
Local Phone Number | 666-3700 | |
City Area Code | 725 | |
Entity Address State Or Province | NV | |
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 8,230 | $ 19,097 |
Inventory | 11,105 | 11,105 |
Other asset | 73 | |
Total current assets | 19,335 | 30,275 |
Fixed assets | ||
Fixed assets, net of depreciation of $23,505 and $21,608 | 12,617 | 14,514 |
Other assets, net of amortization of $ 12,503 and $11,462 | 1,125 | 2,167 |
Total assets | 33,077 | 46,956 |
Current liabilities: | ||
Accounts payable and accrued expenses | 83,986 | 79,297 |
Convertible notes payable | 181,669 | 181,669 |
Total current liabilities | 265,655 | 260,966 |
Stockholders' deficit: | ||
Preferred stock, $0.001 par value 25,000,000 authorized none are issued or outstanding | ||
Common stock, $0.001 par value 100,000,000 authorized, 7,819,500, and 7,767,500 issued and outstanding, respectively | 7,820 | 7,768 |
Additional paid-in capital | 137,445 | 127,097 |
Accumulated deficit | (377,843) | (348,875) |
Total stockholders' deficit | (232,578) | (214,010) |
Total liabilities and stockholders' deficit | $ 33,077 | $ 46,956 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Fixed assets | ||
Fixed assets, net of depreciation | $ 23,505 | $ 21,608 |
Other assets, net of amortization | $ 12,503 | $ 11,462 |
Stockholders' deficit | ||
Preferred stock, shares par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 7,819,500 | 7,767,500 |
Common stock, shares outstanding | 7,819,500 | 7,767,500 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
STATEMENTS OF OPERATIONS (Unaudited) | ||
Revenue | $ 1,921 | $ 128 |
Cost of goods | ||
Operating expenses: | ||
General and administrative expense | 23,321 | 13,210 |
Depreciation and amortization | 2,939 | 2,605 |
Total operating expenses | 26,260 | 15,815 |
Income (loss) from operations | (24,340) | (15,687) |
Other income (expense): | ||
Other income | 60 | |
Interest expense | (4,688) | (3,731) |
Total other income (expense) | (4,628) | (3,731) |
Net income (loss) | $ (28,968) | $ (19,418) |
Net income (loss) per share, basic and diluted | $ 0 | $ 0 |
Weighted average number of shares outstanding, basic and diluted | 7,810,165 | 7,275,000 |
STATEMENTS OF STOCKHOLDERS DEFI
STATEMENTS OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balance, shares at Dec. 31, 2018 | 7,275,000 | |||
Balance, amount at Dec. 31, 2018 | $ (166,782) | $ 7,275 | $ 29,100 | $ (203,157) |
Net Income (Loss) | $ (19,418) | $ (19,418) | ||
Balance, shares at Mar. 31, 2019 | 7,275,000 | |||
Balance, amount at Mar. 31, 2019 | $ (186,200) | $ 7,275 | $ 29,100 | $ (222,575) |
Balance, shares at Dec. 31, 2019 | 7,767,500 | |||
Balance, amount at Dec. 31, 2019 | $ (214,010) | $ 7,768 | $ 127,097 | $ (348,875) |
Net Income (Loss) | (28,968) | $ (28,968) | ||
Common stock issued for cash, shares | 52,000 | |||
Common stock issued for cash, amount | $ 10,400 | $ 52 | $ 10,348 | |
Common stock issued for cash, Shares | 52,000 | |||
Balance, shares at Mar. 31, 2020 | 7,819,500 | |||
Balance, amount at Mar. 31, 2020 | $ (232,578) | $ 7,820 | $ 137,445 | $ (377,843) |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities | ||
Net (loss) | $ (28,968) | $ (19,418) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,939 | 2,605 |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | 4,771 | 3,732 |
Net cash used in operating activities | (21,267) | (13,081) |
Cash flows from financing activities: | ||
Common stock issued for cash | 10,400 | |
Proceeds from convertible notes | 13,500 | |
Net cash provided by financing activities | 10,400 | 13,500 |
Net increase (decrease) in cash | (10,867) | 419 |
Cash and cash equivalents - beginning of year | 19,097 | 9,784 |
Cash and cash equivalents - end of period | 8,230 | 10,203 |
SUPPLEMENT DISCLOSURES: | ||
Interest paid | ||
Income taxes paid | ||
NON CASH TRANSACTIONS | ||
Common stock issued for debt | $ 1,125 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 3 Months Ended |
Mar. 31, 2020 | |
NATURE OF BUSINESS | |
NOTE 1 - NATURE OF BUSINESS | Evil Empire Designs, Inc., (formerly Jaycor Resources Inc.) (Jaycor) was organized on December 23, 2009 under the name US Terra Energy Corp in the State of Nevada. The Company was organized to explore investment opportunities in the energy business. In June 2016 the Company changed its business model to making and selling accessories to the motorcycle market. The Company authorized 125,000,000 shares consisting of 100,000,000 of common stock with a par value of $0.001 per share and 25,000,000 shares of preferred stock with a par value of $0.001 per share. On April 24, 2012, the Company filed a Certificate of Amendment amending the Articles of Incorporation changing the name of the Corporation to Jaycor Resources, Inc. On September 12, 2016, the Company filed a Certificate of Amendment amending the Articles of Incorporation changing the name of the Corporation to Evil Empire Designs, Inc. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES | Basis of presentation These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for financial information and reflect all adjustments which, in the opinion of management, are necessary for a fair presentation. The unaudited interim financial statements of the Company for the three months ended March 31, 2020 and 2019 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim periods presented herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for any subsequent quarters or for an entire year. 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. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of March 31, 2020 the Company did not have any cash equivalents. Accounts receivable Accounts receivable are carried at face value less any provisions for uncollectible accounts considered necessary. Accounts receivable include receivables from customers that have received their product order. Bad debt expense is a recognition of uncollectable receivables based on past years’ experience and management’s estimate of likely losses for the year. No allowance for bad debt was considered necessary as of March 31, 2020 and 2019, respectively. Inventory Inventories are stated at the lower or cost of market using the first-in; first-out (FIFO) cost method of accounting. The inventory consists of raw materials used to make various products for sale. Revenue recognition Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Property and Equipment Property and equipment is recorded at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the expected useful life of the asset (3 to 5 years), beginning when the asset is available and ready for use. Expenditures associated with upgrades and enhancements that improve, add functionality, or otherwise extend the life of property and equipment are capitalized, while expenditures that do not, such as repairs and maintenance, are expensed as incurred. For the three months ended March 31, 2020 depreciation and amortization expense totaled $2,939. Impairment of long-lived assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical-cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value. As of March 31, 2020 no impairment losses have been recognized. Income Taxes Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company accounts for income taxes under the provisions of Financial Accounting Standards Board) Accounting Standards Codification 740, Accounting for Income Taxes The Company classifies penalties and interest related to unrecognized tax benefits as income tax expense in the Statements of Operations. Basic and diluted net loss per share Basic and diluted net loss per share calculations are calculated on the basis of the weighted average number of common shares outstanding during the year. Diluted loss per share calculations includes the dilutive effect of common stock. Basic and diluted net loss per share is the same due to the absence of common stock equivalents. Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued expenses and shareholder loans. The carrying amount 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. Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels: Level 1 — Quoted market prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data. Level 3 — Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Related Parties A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party. Recent Accounting Pronouncements Because the Company has been recently reorganized and has not yet transacted any business, the new accounting standards have no significant impact on the financial statements and related disclosures. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2020 | |
GOING CONCERN | |
NOTE 3 - GOING CONCERN | The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company, as shown in the accompanying balance sheets, has an accumulated deficit of $377,843 as of March 31, 2020 and $348,875 as of December 31, 2019. The Company is establishing nominal source of revenue to cover its operating costs. These factors raise substantial doubt as to the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. The Company will engage in very limited activities that must be satisfied in cash until a source of funding is secured. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2020 | |
PROPERTY AND EQUIPMENT | |
NOTE 4 - PROPERTY AND EQUIPMENT | Fixed assets including molds, printing equipment and a motorcycle for use in making products it sells. The value of the assets when acquired were $32,117. During the year ended December 31, 2019 the Company acquired $4,006 in fixed assets. The assets are being depreciated over a 3 year life. Property and equipment consisted of the following at March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 Property and equipment $ 36,122 $ 36,122 Less: accumulation depreciation 23,505 21,608 Net property and equipment 12,617 14,514 Depreciation expense totaled $1,897 and $1,564 for the three months periods ended March 31, 2020 and 2019, respectively. |
OTHER ASSETS
OTHER ASSETS | 3 Months Ended |
Mar. 31, 2020 | |
OTHER ASSETS | |
NOTE 5 - OTHER ASSETS | On November 15, 2016 the Company issued 2,500,000 shares of common stock to a related party for certain designs and assets. The assets were accounted for at the transferor’s carry over basis of $7,465 on the acquisition date, due to the transferor being in control of Evil Empire at the date of transfer. The assets are being amortized over 36 months from date of completion which was prior to the date of acquisition. As of March 31, 2020 the net value of the asset is $3,209. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2020 | |
RELATED PARTY TRANSACTIONS | |
NOTE 6 - RELATED PARTY TRANSACTIONS | During the three months period ended March 31, 2020 and 2019 the Company paid compensation to a related party of $1,350 and $5,399, respectively. |
EQUITY
EQUITY | 3 Months Ended |
Mar. 31, 2020 | |
EQUITY | |
NOTE 7 - EQUITY | During the three months ended March 31, 2020 the Company issued 52,000 shares of common stock with a value of $10,400 for cash. |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 3 Months Ended |
Mar. 31, 2020 | |
CONVERTIBLE NOTES | |
NOTE 8 - CONVERTIBLE NOTES | On May 24, 2018 Provencal Investments Limited, the purchaser of the note from Capilano Capital Inc. converted $1,125 of convertible debt into 225,000 shares of common stock. As of March 31, 2019 the outstanding balance of the note was $28,875 plus interest of $30,875 for a total of $49,403. On February 2, 2018 the Company issued a one year $3,000 Convertible note Black Ridge Holdings Inc. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. The note is in default. On March 22, 2018 the Company issued a one year $3,000 Convertible note to 0985358 BC, Ltd. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. The note is in default. On April 13, 2018 the Company issued a one year $3,000 Convertible note to 0985358 BC, Ltd. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. On May 15, 2018 the Company issued a one year $2,500 Convertible note to 0985358 BC, Ltd. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. On June 20, 2018 the Company issued a one year $2,500 Convertible note to 0985358 BC, Ltd. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. On June 28, 2018 the Company issued a one year $2,000 Convertible note to Blue Diamond Equities. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. On January 9, 2019 the Company issued a one year $4,000 Convertible note to 0985358 BC, Ltd. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. On February 20, 2019 the Company issued a one year $3,500 Convertible note to 0985358 BC, Ltd. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. On March 19, 2019 the Company issued a one year $6,000 Convertible note to 0985358 BC, Ltd. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. On May 5, 2019 the Company issued a one year $4,000 Convertible note to 0985358 BC, Ltd. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. On May 8, 2019 the Company issued a one year $2,000 Convertible note to 0985358 BC, Ltd. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. On June 5, 2019 the Company issued a one year $8,000 Convertible note to 0985358 BC, Ltd. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. On July 12, 2019 the Company issued a one year $5,000 Convertible note to 0985358 BC, Ltd. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. As of December 31, 2019 the outstanding balance of the note including interest was $5,218. On July 24, 2019 the Company issued a one year $5,000 Convertible note to 0985358 BC, Ltd. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. As of December 31, 2019 the outstanding balance of the note including interest was $5,114. On August 26, 2019 the Company issued a one year $4,500 Convertible note to 0985358 BC, Ltd. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. As of December 31, 2019 the outstanding balance of the note including interest was $4,025. On September 18, 2019 the Company issued a one year $1,000 Convertible note to 0985358 BC, Ltd. The note bears an interest of 10% per annum and is convertible into common stock at $0.005 per share. As of December 31, 2019 the outstanding balance of the note including interest was $2,025. As of March 31, 2020 the Company had $181,669 of convertible debt plus interest of $71,545 for total of $253,244. The Company determined the convertible note does not meets the requirements for derivative liability accounting as described in ASC 815. As the shares of the Company do not have a value other than par, are not readily convertible to cash at the date of issuance and are not registered to be traded. Additionally, there is no beneficial conversion feature described in ASC 470 on the date of issuance. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2020 | |
SUBSEQUENT EVENT | |
NOTE 9 - SUBSEQUENT EVENT | During April 2020 the Company sold 43,250 shares of common stock with a value of $8,650 for cash. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Basis of presentation | These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for financial information and reflect all adjustments which, in the opinion of management, are necessary for a fair presentation. The unaudited interim financial statements of the Company for the three months ended March 31, 2020 and 2019 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim periods presented herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for any subsequent quarters or for an entire year. |
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. |
Cash and Cash Equivalents | The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of March 31, 2020 the Company did not have any cash equivalents. |
Accounts receivable | Accounts receivable are carried at face value less any provisions for uncollectible accounts considered necessary. Accounts receivable include receivables from customers that have received their product order. Bad debt expense is a recognition of uncollectable receivables based on past years’ experience and management’s estimate of likely losses for the year. No allowance for bad debt was considered necessary as of March 31, 2020 and 2019, respectively. |
Inventory | Inventories are stated at the lower or cost of market using the first-in; first-out (FIFO) cost method of accounting. The inventory consists of raw materials used to make various products for sale. |
Revenue recognition | Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. |
Property and Equipment | Property and equipment is recorded at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the expected useful life of the asset (3 to 5 years), beginning when the asset is available and ready for use. Expenditures associated with upgrades and enhancements that improve, add functionality, or otherwise extend the life of property and equipment are capitalized, while expenditures that do not, such as repairs and maintenance, are expensed as incurred. For the three months ended March 31, 2020 depreciation and amortization expense totaled $2,939. |
Impairment of long-lived assets | The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical-cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value. As of March 31, 2020 no impairment losses have been recognized. |
Income Taxes | Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company accounts for income taxes under the provisions of Financial Accounting Standards Board) Accounting Standards Codification 740, Accounting for Income Taxes The Company classifies penalties and interest related to unrecognized tax benefits as income tax expense in the Statements of Operations. |
Basic and diluted net loss per share | Basic and diluted net loss per share calculations are calculated on the basis of the weighted average number of common shares outstanding during the year. Diluted loss per share calculations includes the dilutive effect of common stock. Basic and diluted net loss per share is the same due to the absence of common stock equivalents. |
Fair Value of Financial Instruments | The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued expenses and shareholder loans. The carrying amount 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. Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels: Level 1 — Quoted market prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data. Level 3 — Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. |
Related Parties | A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party. |
Recent Accounting Pronouncements | Because the Company has been recently reorganized and has not yet transacted any business, the new accounting standards have no significant impact on the financial statements and related disclosures. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances. |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
PROPERTY AND EQUIPMENT | |
Schedule of property and equipment | March 31, 2020 December 31, 2019 Property and equipment $ 36,122 $ 36,122 Less: accumulation depreciation 23,505 21,608 Net property and equipment 12,617 14,514 |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
NATURE OF BUSINESS | ||
Entity date of incorporation | Dec. 23, 2009 | |
Entity state of incorporation | Nevada | |
Total shares authorized | 125,000,000 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares par value | $ 0.001 | $ 0.001 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation and amortization | $ 2,939 | $ 2,605 |
Property, Plant and Equipment [Member] | Minimum [Member] | ||
Estimated useful life | 3 years | |
Property, Plant and Equipment [Member] | Maximum [Member] | ||
Estimated useful life | 5 years |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
GOING CONCERN | ||
Accumulated deficit | $ (377,843) | $ (348,875) |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
PROPERTY AND EQUIPMENT | ||
Property and equipment | $ 36,122 | $ 36,122 |
Less: accumulation depreciation | 23,505 | 21,608 |
Net property and equipment | $ 12,617 | $ 14,514 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Depreciation expense | $ 1,897 | $ 1,564 | |
Fixed assets acquired | $ 4,006 | ||
Molds And Motorcycle [Member] | |||
Property and equipment | $ 32,117 | ||
Estimated useful life | 3 years |
OTHER ASSETS (Details Narrative
OTHER ASSETS (Details Narrative) - USD ($) | 1 Months Ended | |
Nov. 15, 2016 | Mar. 31, 2020 | |
OTHER ASSETS | ||
Business acquisition, shares Issued for asset aquired | 2,500,000 | |
Amortization period, description | The assets are being amortized over 36 months from date of completion which was prior to the date of acquisition. | |
Business acquisation asset aquired, value | $ 7,465 | |
Other assets | $ 3,209 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
RELATED PARTY TRANSACTIONS | ||
Compensation paid to a related party | $ 1,350 | $ 5,399 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) | 3 Months Ended |
Mar. 31, 2020USD ($)shares | |
EQUITY | |
Common stock issued for cash, amount | $ | $ 10,400 |
Common stock issued for cash, shares | shares | 52,000 |
CONVERTIBLE NOTES (Details Narr
CONVERTIBLE NOTES (Details Narrative) - USD ($) | Jun. 05, 2019 | May 08, 2019 | May 05, 2019 | Jan. 09, 2019 | May 15, 2018 | Apr. 13, 2018 | Feb. 02, 2018 | Sep. 18, 2019 | Aug. 26, 2019 | Jul. 24, 2019 | Jul. 12, 2019 | Mar. 19, 2019 | Feb. 20, 2019 | Jun. 28, 2018 | Jun. 20, 2018 | May 24, 2018 | Mar. 22, 2018 | Mar. 31, 2020 | Mar. 31, 2019 |
Outstanding principal balance fo convertible debt | $ 181,669 | ||||||||||||||||||
Debt instrument outstanding interest amount | 71,545 | ||||||||||||||||||
Total outstanding balance of convertible debt | 253,244 | ||||||||||||||||||
Provencal Investments [Member] | |||||||||||||||||||
Outstanding principal balance fo convertible debt | 28,875 | ||||||||||||||||||
Debt instrument outstanding interest amount | 30,875 | ||||||||||||||||||
Total outstanding balance of convertible debt | $ 49,403 | ||||||||||||||||||
Debt instrument converted amount, shares issued | 225,000 | ||||||||||||||||||
Debt instrument converted amount | $ 1,125 | ||||||||||||||||||
Convertible Notes [Member] | |||||||||||||||||||
Debt instrument, interest rate during period | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |||
Debt instrument, convertible, conversion price | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.005 | |||
Proceeds from issuance of convertible debt | $ 8,000 | $ 2,000 | $ 4,000 | $ 4,000 | $ 2,500 | $ 3,000 | $ 3,000 | $ 1,000 | $ 4,500 | $ 5,000 | $ 5,000 | $ 6,000 | $ 3,500 | $ 2,000 | $ 2,500 | $ 3,000 | |||
Convertible Notes [Member] | December 31, 2019 [Member] | |||||||||||||||||||
Notes Payable, Balance | $ 2,025 | $ 4,025 | $ 5,114 | $ 5,218 |
SUBSEQUENT EVENT (Details Narra
SUBSEQUENT EVENT (Details Narrative) - Subsequent Event [Member] | 1 Months Ended |
Apr. 30, 2020USD ($)shares | |
Sale of common stock for cash, shares | shares | 43,250 |
Sale of common stock for cash, amount | $ | $ 8,650 |