Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Feb. 12, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | CHARMT, INC. | |
Entity Central Index Key | 0001765048 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 3,870,600 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Shell Company | true | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash | $ 1,432 | $ 70 |
Service Deposit | 0 | 126 |
Total Current Assets | 1,432 | 196 |
TOTAL ASSETS | 1,432 | 196 |
Current Liabilities | ||
Accounts Payable | 5,000 | 1,537 |
Advances payable to sole officer and director (non-interest bearing and due on demand) | 9,066 | 9,066 |
Total Current Liabilities | 14,066 | 10,603 |
Total Liabilities | $ 14,066 | $ 10,603 |
Stockholders` Equity | ||
Common stock, $0.001 par value, 75,000,000 shares authorized; 3,870,600 and 3,000,000 shares issued and outstanding as of December 31, 2020 December 31, 2020, respectively | 3,871 | 3,000 |
Additional paid in capital | $ 20,854 | $ 0 |
Accumulated deficit | (37,359) | (13,407) |
Total Stockholders` Equity | (12,634) | (10,407) |
TOTAL LIABILITIES AND STOCKHOLDER`S EQUITY | $ 1,432 | $ 196 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock shares outstanding | 3,870,600 | 3,000,000 |
Statements of Operations for th
Statements of Operations for the years ended December 31, 2020 and December 31, 2019 - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
REVENUES | $ 0 | $ 0 |
OPERATING EXPENSES | ||
Professional Fees | 11,089 | 9,212 |
Other General and Administrative Expenses | 12,863 | 2,363 |
TOTAL OPERATING EXPENSES | 23,952 | 11,575 |
LOSS FROM OPERATIONS | (23,952) | (11,575) |
PROVISION FOR INCOME TAXES | 0 | 0 |
NET LOSS | $ (23,952) | $ (11,575) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ (0.01) | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 3,699,995 | 3,000,000 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity for the years ended December 31, 2020 and December 31, 2019 - 12 months ended Dec. 31, 2020 - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2019 | $ (10,407) | $ 3,000 | $ (13,407) | |
Balance (in shares) at Dec. 31, 2019 | 3,000,000 | |||
Sales of common stock | 21,725 | 871 | 20,854 | |
Sales of common stock at $0.025 per share (in shares) | $ 870,600 | |||
Net loss | $ (23,952) | (23,952) | ||
Balance at Dec. 31, 2020 | $ (12,634) | $ 3,871 | $ 20,854 | $ (37,359) |
Balance (in shares) at Dec. 31, 2020 | 3,870,600 |
Statements of Cash Flows for th
Statements of Cash Flows for the years ended December 31, 2020 and December 31, 2019 - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | ||
Net Loss | $ (23,952) | $ (11,575) |
Changes in operating assets and liabilities: | ||
Service deposit | 126 | 0 |
Accounts payable | 3,463 | 1,233 |
Net cash used in Operating Activities | (20,363) | (10,342) |
FINANCING ACTIVITIES | ||
Sale of common stock | 21,725 | 0 |
Advances from sole officer and director | 0 | 7,312 |
Collection of subscription receivable from sole officer and director | 0 | 3,000 |
Net cash provided by Financing Activities | 21,725 | 10,312 |
Net cash increase (decrease) for period | 1,362 | (30) |
Cash at beginning of period | 70 | 100 |
Cash at end of period | 1,432 | 70 |
Cash payments For: | ||
Interest | 0 | 0 |
Income taxes | $ 0 | $ 0 |
- Nature of Business
- Nature of Business | 12 Months Ended |
Dec. 31, 2020 | |
- Nature of Business [Abstract] | |
- Nature of Business | Note 1 - Nature of Business Charmt, Inc. (the “Company”) was incorporated in the State of Nevada on August 2, 2018. The Company is developing a messenger application. It is intended to provide the fun of changing your voice while speaking with other people along with full functionality of similar messaging apps. The Company intends to develop and publish mobile applications on the iOS, Google Play, Amazon and Ethereum platforms. Charmt, Inc. also plans to maintain a portfolio of its products and track the user download statistics. It intends to generate revenues through the sale of branded advertisements and via consumer transactions, including in-app purchases. The management of the Company plans to distribute the application all over the world using various platforms. The Company's registration address is Hobujaama 4, Tallinn, Estonia, 10151 . |
- Going Concern
- Going Concern | 12 Months Ended |
Dec. 31, 2020 | |
- Going Concern [Abstract] | |
- Going Concern | Note 2 - Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. At December 31, 2020, the Company had cash of $1,432 and negative working capital of $(12,634). For the fiscal year ended December 31, 2020, the Company had no revenues and a net loss of $23,952. These factors raise substantial doubt regarding the Company`s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. However, there is no assurance that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
- Summary of Significant Accoun
- Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
- Summary of Significant Accounting Policies [Abstract] | |
- Summary of Significant Accounting Policies | Note 3 - Summary of Significant Accounting Policies 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. Fair Value of Financial Instruments The Company's financial instruments consist of cash, accounts payable, and advances payable to sole officer and director. The carrying amounts of these financial instruments approximates fair value because of the short period of time between the origination of such instruments and their expected realization. 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 and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Net Income (Loss) per Common Share Net income (loss) per common share is computed pursuant to FASB Accounting Standards Codification (“ASC”) 260, “Earnings Per Share”. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants. There were no potentially dilutive common shares outstanding for the periods presented. Revenue Recognition The Company's revenue recognition policies will follow FASB 606, “Revenue from Contracts with Customers”. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. An entity must also disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative information about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Foreign Currency The Company's functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management follows ASC 830, “Foreign Currency Matters”. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the Statement of Operations. Recent Accounting Pronouncements Certain accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company`s financial position and results of operations from adoption of these standards is not expected to be material. |
- Capital Stock
- Capital Stock | 12 Months Ended |
Dec. 31, 2020 | |
- Capital Stock [Abstract] | |
- Capital Stock | Note 4 - Capital Stock The Company has 75,000,000 $0.001 par value shares of common stock authorized. On August 2, 2018, the Company issued 3,000,000 shares of common stock to Gediminas Knyzelis at $0.001 per share for $3,000. The payment for the shares, which was due within 180 days upon the execution of the respective agreement, was collected on January 15, 2019. From February 6, 2020 to June 30, 2020, the Company sold a total of 870,600 shares of its common stock in its public offering to 29 investors at a price of $0.025 per share for proceeds of $21,725. There were 3,870,600 shares of common stock issued and outstanding as of December 31, 2020. |
- Commitments and Contingencies
- Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
- Commitments and Contingencies [Abstract] | |
- Commitments and Contingencies | Note 5 - Commitments and Contingencies Service Agreement On June 27, 2018, Gediminas Knyzelis executed a Virtual Office Service Agreement on behalf of the Company for address and telephone service in Estonia. The agreement had an original term of one year from July 1, 2018 to June 30, 2019 and was renewed for an additional year to June 30, 2020. In November 2020, this service agreement was terminated. The agreement and renewal provided for a monthly service cost of 55 EUR (excluding VAT), or approximately $68 using the December 31, 2020 exchange rate. For the fiscal years ended December 31, 2020 and 2019, the Company incurred expenses of $808 and $927, respectively, under this service agreement. Compensation Agreement To date, the Company has not entered into any compensation agreements with Gediminas Knyzelis or others. |
- Income Taxes
- Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
- Income Taxes [Abstract] | |
- Income Taxes | Note 6 - Income Taxes The provision for (benefit from) income taxes differs from the amount of income tax determined by applying the United States federal income tax rate of 21% to pretax income (loss) for the years ended December 31, 2020 and December 31, 2019 as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Expected income tax (benefit) at 21% statutory rate $ (5,030) $ (2,431) Increase in valuation allowance 5,030 2,431 Provision for income taxes $ - $ - At December 31, 2020, the Company has a net operating loss carryforward of $37,359. Based on management's present assessment, the Company has not yet determined it to be more likely that not that a deferred tax asset of $7,846 attributable to the future utilization of the $37,359 net operating loss carryforward will be realized. Accordingly, the Company has recorded a 100% valuation allowance against the deferred tax asset at December 31, 2020. At December 31, 2020 and December 31, 2019, deferred tax assets consist of: December 31, 2020 December 31, 2019 Net operating loss carryforward $ 7,846 $ 2,816 Less valuation allowance (7,846) (2,816) Net deferred tax assets $ - $ - All tax periods are subject to examination by taxing authorities. Current United States income tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited. The Company has had no tax positions since inception. Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure None. Item 9A(T) Controls and Procedures Disclosure Controls and Procedures. The Company maintains disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) that are designed to ensure that information required to be disclosed in the Company's Securities Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to the Company's management, as appropriate, to allow timely decisions regarding required disclosure. The Company's management, with the participation of our principal executive and principal financial officer evaluated the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, our principal executive and principal financial officer concluded that, as of the end of the period covered by this report, the Company's disclosure controls and procedures were not effective. Management's Report on Internal Controls over Financial Disclosure Controls and Procedures Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of December 31, 2020 using the criteria established in “Internal Control - Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of December 31, 2020, the Company determined that there were control deficiencies that constituted material weaknesses, as described below. 1. We do not have an Audit Committee - While not being legally obligated to have an audit committee, it is the management's view that such a committee, including a financial expert member, is an utmost important entity level control over the Company's financial statements. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management's activities. 2. We did not maintain appropriate cash controls - As of December 31, 2020, the Company has not maintained sufficient internal controls over financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require dual signature on the Company's bank accounts. Alternatively, the effects of poor cash controls were mitigated by the fact that the Company had limited transactions in their bank accounts. 3. We did not implement appropriate information technology controls - As at December 31, 2020, the Company retains copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company's data or off-site storage of data in the event of theft, misplacement, or loss due to unmitigated factors. Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company's internal controls. As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of December 31, 2020 based on criteria established in Internal Control- Integrated Framework issued by COSO. System of Internal Control over Financial Reporting Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2020. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Changes in Internal Control over Financial Reporting There was no change in the Company's internal control over financial reporting during the quarterly period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting. Item 9B. Other Information. None. PART III Item 10. Directors, Executive Officers, Promoters and Control Persons of the Company Officers and Directors The following table sets forth information regarding our directors and the members of our board of directors. Gediminas Knyzelis - President, Director, Secretary, Treasurer. Mr. Knyzelis has served as our President, Treasurer, Director and Secretary since the inception of the Company in August 2018. Mr. Gediminas is a genuine creator and artistic mind with deep understanding of mobile application development. He also managed to draft the design of Charmt's future product and is responsible for the main course of business. Mr. Gediminas Knyzelis previously worked as Project Manager at Lititco where he acquired significant experience at controlling various business processes. Mr. Knyzelis also worked as a Customer Service Manager at Latakko which enabled him to understand the customer needs. Term of Office The officers of the corporation shall be appointed annually by the board of directors at the first meeting of the board of directors held after each annual meeting of the shareholders. If officers are not appointed at such meeting, such appointment shall occur as soon as possible thereafter, or may be left vacant. Each officer shall hold office until a successor shall have been appointed and qualified or until said officer's earlier death, resignation, or removal. Director Independence Our board of directors is currently composed of one member Gediminas Knyzelis , and he does not qualify as an independent director in accordance with the published listing requirements of the NASDAQ Global Market (the Company has no plans to list on the NASDAQ Global Market). The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of his family members has engaged in various types of business dealings with us. In addition, our board of directors has not made a subjective determination as to Mr. Knyzelis that no relationships exist which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Had our board of directors made these determinations, our board of directors would have reviewed and discussed information provided by directors and us with regard to our director's business and personal activities and relationships as they may relate to us and our management. Involvement in Certain Legal Proceedings No director, person nominated to become a director, executive officer, promoter or control person of Charmt Inc. has, during the last ten years: (i) been convicted in or is currently subject to a pending a criminal proceeding (excluding traffic violations and other minor offenses); (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to any federal or state securities or banking or commodities laws including, without limitation, in any way limiting involvement in any business activity, or finding any violation with respect to such law, nor (iii) any bankruptcy petition been filed by or against the business of which such person was an executive officer or a general partner, whether at the time of the bankruptcy or for the two years prior thereto. Item 11. Executive Compensation Our sole director Mr. Knyzelis has not received monetary compensation since our inception to the date of this filing. We currently do not pay any compensation to any officer or any member of our board of directors. Employment Agreements The Company is not a party to any employment agreement and has no compensation agreement with any officer or director. Director Compensation We have not compensated our director for his service on our Board of Directors since our inception. There are no arrangements pursuant to which directors will be compensated in the future for any services provided as a director. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The following table sets forth, as of the date of this report, the total number of shares owned beneficially by our directors, officers and key employees, individually and as a group, and the present owners of 5% or more of our total outstanding shares. The stockholders listed below have direct ownership of their shares and possesses sole voting and dispositive power with respect to the shares. Title of Class Name and Address of Beneficial Owner Amount and Nature of Beneficial Ownership Percent of Common Stock Common Stock Gediminas Knyzelis Hobujaama 4, Tallin, Estonia, 10151 3,000,000 77.5% Item 13. Certain Relationships and Related Transactions A total of 3,000,000 shares of common stock were issued to our sole director, all of which are restricted securities, as defined in Rule 144 of the Rules and Regulations of the SEC promulgated under the Securities Act. Under Rule 144, the shares can be publicly sold, subject to volume restrictions and restrictions on the manner of sale. Such shares can only be sold after six months provided that the issuer of the securities is, and has been for a period of at least 90 days immediately before the sale, subject to the reporting requirements of section 13 or 15(d) of the Exchange Act. Shares purchased in our public offering, which were immediately resalable, and sales of all of our other shares after applicable restrictions expire, could have a depressive effect on the market price, if any, of our common stock. Item 14. Principal Accountant Fees and Services During fiscal year ended December 31, 2020, we incurred approximately $8,750 in fees to our principal independent accountants for professional services rendered in connection with the audit of our December 31, 2019 financial statements and for the reviews of our financial statements for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020. PART IV Item 15. Exhibits The following exhibits are included as part of this report by reference: 31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a). 32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. SIGNATURES Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized in Estonia on February 16, 2021. Charmt, Inc. By: /s/ Gediminas Knyzelis Gediminas Knyzelis, President, Secretary, Treasurer, Director |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies (Policies) [Abstract] | |
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. Fair Value of Financial Instruments The Company's financial instruments consist of cash, accounts payable, and advances payable to sole officer and director. The carrying amounts of these financial instruments approximates fair value because of the short period of time between the origination of such instruments and their expected realization. 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 and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Net Income (Loss) per Common Share Net income (loss) per common share is computed pursuant to FASB Accounting Standards Codification (“ASC”) 260, “Earnings Per Share”. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants. There were no potentially dilutive common shares outstanding for the periods presented. Revenue Recognition The Company's revenue recognition policies will follow FASB 606, “Revenue from Contracts with Customers”. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. An entity must also disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative information about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Foreign Currency The Company's functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management follows ASC 830, “Foreign Currency Matters”. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the Statement of Operations. Recent Accounting Pronouncements Certain accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company`s financial position and results of operations from adoption of these standards is not expected to be material. |
- Income Taxes (Tables)
- Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
- Income Taxes (Tables) [Abstract] | |
The provision for (benefit from) income taxes differs from the amount of income tax determined by applying the United States federal income tax rate of 21% to pretax income (loss) for the years ended December 31, 2020 and December 31, 2019 | The provision for (benefit from) income taxes differs from the amount of income tax determined by applying the United States federal income tax rate of 21% to pretax income (loss) for the years ended December 31, 2020 and December 31, 2019 as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Expected income tax (benefit) at 21% statutory rate $ (5,030) $ (2,431) Increase in valuation allowance 5,030 2,431 Provision for income taxes $ - $ - |
At December 31, 2020 and December 31, 2019, deferred tax assets consist | At December 31, 2020 and December 31, 2019, deferred tax assets consist of: December 31, 2020 December 31, 2019 Net operating loss carryforward $ 7,846 $ 2,816 Less valuation allowance (7,846) (2,816) Net deferred tax assets $ - $ - |
- Going Concern (Details Text)
- Going Concern (Details Text) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Going Concern Details [Abstract] | |
At December 31, 2020, the Company had cash of $1,432 and negative working capital of $(12,634) | $ 1,432 |
For the fiscal year ended December 31, 2020, the Company had no revenues and a net loss of $23,952 | $ 23,952 |
- Capital Stock (Details Text)
- Capital Stock (Details Text) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 | Aug. 02, 2018 |
Stockholders' Equity Note [Abstract] | |||
On August 2, 2018, the Company issued 3,000,000 shares of common stock to Gediminas Knyzelis at $0.001 per share for $3,000 | $ 3,000 | ||
From February 6, 2020 to June 30, 2020, the Company sold a total of 870,600 shares of its common stock in its public offering to 29 investors at a price of $0.025 per share for proceeds of $21,725. | $ 21,725 | ||
There were 3,870,600 shares of common stock issued and outstanding as of December 31, 2020. | 3,870,600 |
- Commitments and Contingenci_2
- Commitments and Contingencies (Details Text) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments And Contingencies Details_ [Abstract] | ||
The agreement and renewal provided for a monthly service cost of 55 EUR (excluding VAT), or approximately $68 using the December 31, 2020 exchange rate.For the fiscal years ended December 31, 2020 and 2019, the Company incurred expenses of $808 and $927, respectively, under this service agreement. | $ 808 | $ 927 |
- Income Taxes (Details 1)
- Income Taxes (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes Details_ [Abstract] | ||
Expected income tax (benefit) at 21% statutory rate | $ (5,030) | $ (2,431) |
Increase in valuation allowance | 5,030 | 2,431 |
Provision for income taxes | $ 0 | $ 0 |
- Income Taxes (Details 2)
- Income Taxes (Details 2) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes__ [Abstract] | ||
Net operating loss carryforward | $ 7,846 | $ 2,816 |
Less valuation allowance | (7,846) | (2,816) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes (Details 3)
Income Taxes (Details 3) | Dec. 31, 2020shares |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Amount and Nature of Beneficial Ownership:Gediminas Knyzelis | 3,000,000 |
- Income Taxes (Details Text)
- Income Taxes (Details Text) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes Text Details [Abstract] | ||
The provision for (benefit from) income taxes differs from the amount of income tax determined by applying the United States federal income tax rate of 21% to pretax income (loss) for the years ended December 31, 2020 and December 31, 2019 as follows: | $ 21 | $ 21 |
At December 31, 2020, the Company has a net operating loss carryforward of $37,359. | 37,359 | |
During fiscal year ended December 31, 2020, we incurred approximately $8,750 in fees to our principal independent accountants for professional services rendered in connection with the audit of our December 31, 2019 financial statements and for the reviews of our financial statements for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020. | $ 8,750 |