Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 30, 2020 | Jun. 30, 2019 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Malo Holdings Corp | ||
Entity Central Index Key | 0001769804 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | true | ||
Entity Filer Number | 000-56036 | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding | 5,000,000 | ||
Entity Public Float | $ 0 | ||
Entity Incorporation State Country Code | DE |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash | $ 224 | |
Stock subscription receivable | 25 | |
Total current assets | 224 | 25 |
Total assets | 224 | 25 |
Current liabilities | ||
Accrued expenses | 3,173 | 23 |
Note payable - stockholder | 65,510 | 34,525 |
Total current liabilities | 68,683 | 34,548 |
Total liabilities | 68,683 | 34,548 |
Commitments and contingencies | ||
Stockholders' deficit | ||
Preferred stock, $.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding | ||
Common stock, $.0001 par value, 50,000,000 shares authorized, 5,000,000 shares issued and outstanding | 500 | 500 |
Accumulated deficit | (68,959) | (35,023) |
Total stockholders' deficit | (68,459) | (34,523) |
Total liabilities and stockholders' deficit | $ 224 | $ 25 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ .0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 5,000,000 | 5,000,000 |
Common stock, shares outstanding | 5,000,000 | 5,000,000 |
Statements of Operations
Statements of Operations - USD ($) | Dec. 31, 2018 | Dec. 31, 2019 |
Income Statement [Abstract] | ||
Revenue | ||
General and administrative expenses | 35,000 | 30,786 |
Loss from operations | (35,000) | (30,786) |
Other expense | ||
Interest expense | 23 | 3,150 |
Net loss | $ (35,023) | $ (33,936) |
Loss per common share - basic and dilutive | $ (0.01) | $ (0.01) |
Weighted average common shares outstanding - basic and dilutive | 5,000,000 | 5,000,000 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' (Deficit) - USD ($) | Preferred Stock | Common Stock | Accumulated Deficit | Total |
Balance at Dec. 26, 2018 | ||||
Balance, shares at Dec. 26, 2018 | ||||
Sale of common shares | $ 500 | 500 | ||
Sale of common shares, shares | 5,000,000 | |||
Net loss | (35,023) | (35,023) | ||
Balance at Dec. 31, 2018 | $ 500 | (35,023) | (34,523) | |
Balance, shares at Dec. 31, 2018 | 5,000,000 | |||
Net loss | (33,936) | (33,936) | ||
Balance at Dec. 31, 2019 | $ 500 | $ (68,959) | $ (68,459) | |
Balance, shares at Dec. 31, 2019 | 5,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | Dec. 31, 2018 | Dec. 31, 2019 |
Cash flows from operating activities: | ||
Net loss | $ (35,023) | $ (33,936) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ||
Increase in accrued expenses | 23 | 3,150 |
Net cash (used in) operating activities | (35,000) | (30,786) |
Cash flow from financing activities: | ||
Proceeds from the sale of common stock | 475 | |
Proceeds from stock subscription receivable | 25 | |
Proceeds from note payable - stockholder | 34,525 | 30,985 |
Net cash provided by financing activities | 35,000 | 31,010 |
Net change in cash | 224 | |
Cash, beginning of period | ||
Cash, end of period | $ 224 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Note 1 - Nature of Operations Malo Holdings Corporation (the "Company") was incorporated in the State of Delaware on December 27, 2018 with the objective to acquire, or merge with, an operating business. The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly traded corporation. The Company's principal business objective is to achieve long-term growth potential through a combination with a business, rather than immediate short-term earnings. The Company will not restrict its potential target companies to any specific business, industry, or geographical location. The analysis of business opportunities will be undertaken by, or under the supervision of, the officer and directors of the Company. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Use of Estimates The preparation of financial statements in conformity with GAAP 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 dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents are reported in the balance sheets at cost, which approximates fair value. For the purpose of the financial statements, cash equivalents include all highly liquid investments with maturity of three months or less. There are no cash equivalents at the balance sheet dates. Income Taxes Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry-forwards, 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. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Loss per Common Share Basic loss per common share has been calculated by dividing the Company's net loss available to common stockholders by the weighted average number of common shares outstanding during the year/period. The diluted (loss) per share is calculated by dividing the Company's net loss available to common stockholders by the diluted weighted average number of shares outstanding for the year/period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. Emerging Growth Company The Company is an "emerging growth company" and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 3 - Income Taxes As of December 31, 2019 and 2018, the Company has net operating loss carryforwards of approximately $69,000 and $35,000, respectively, to reduce future federal and state taxable income through 2039 subject to the change in ownership provisions under IRC 382. This results in a deferred tax asset as of December 31, 2019 and 2018, of approximately $14,000 and $7,400, respectively, against which a full valuation allowance has been recorded because the Company's management believes future realization of the related income tax benefit is uncertain. The Company currently has no federal or state tax examinations in progress nor has it had any federal or state examinations since its inception. All of the Company's tax years are subject to federal and state tax examination. The benefit from income taxes consists of the following: For the For the December 27, December 31, December 31, Current expense: Federal $ - $ - Deferred tax benefit: - - Federal 7,100 7,400 Valuation allowance (7,100 ) (7,400 ) Total $ - $ - The difference between the tax provision at the statutory federal income tax rate on December 31, 2019 and 2018 and the tax provision attributable to loss before income taxes is as follows: For the period For the December 27, December 31, December 31, Statutory federal income tax rates 21 % 21 % Valuation allowance -21 % -21 % Effective tax rate - - |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Common Stock | Note 4 - Common Stock As of December 31, 2019 and 2018, the Company has 50,000,000 shares of common stock, par value of $.0001, authorized and has issued 5,000,000 shares of its $0.0001 par value common stock. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Preferred Stock | Note 5 - Preferred Stock As of December 31, 2019 and 2018, the Company has 5,000,000 shares of preferred stock, par value of $.0001, authorized and none issued or outstanding. |
Commitments and Related Party T
Commitments and Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Commitments and Related Party Transactions | Note 6 - Commitments and Related Party Transactions Office Space As of December 31, 2019, the Company's office facilities are located in Boca Raton, Florida. Such facilities are leased by the sole officer and a stockholder of the Company and used by the Company at no charge. Note Payable - Stockholder On December 27, 2018, the Company issued a promissory note (the "Note") to a stockholder of the Company pursuant to which the Company agreed to repay the sum of any and all amounts advanced to the Company, on or before the date that the Company consummates a business combination with a private company or reverse takeover transaction or other transaction after which the Company would cease to be a shell company. Interest shall accrue on the outstanding principal amount of the Note on the basis of a 360-day year from the date of borrowing until paid in full at the rate of six percent (6%) per annum. As of December 31, 2019 and 2018, the total amount due under the Note was $68,683 and $34,548 including accrued interest of $3,173 and $23, respectively, which is reported as a component of accrued expenses in the accompanying balance sheets. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2019 | |
Going Concern [Abstract] | |
Going Concern | Note 7 – Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As of December 31, 2019, the Company has incurred losses from inception of approximately $69,000 and has negative working capital of approximately $68,000. Management believes these conditions raise substantial doubt about the Company's ability to continue as a going concern for the twelve months following the date these condensed financial statements are issued. Management intends to finance operations over the next twelve months through additional borrowings from the existing Note. The accompanying financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 – Subsequent Events The World Health Organization characterized the COVID-19 virus as a global pandemic on March 11, 2020. The duration and economic impact of this pandemic are uncertain. At this time, management is unable to quantify its potential effects in the operations and financial performance of the Company. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP 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 dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are reported in the balance sheets at cost, which approximates fair value. For the purpose of the financial statements, cash equivalents include all highly liquid investments with maturity of three months or less. There are no cash equivalents at the balance sheet dates. |
Income Taxes | Income Taxes Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry-forwards, 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. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. |
Loss per Common Share | Loss per Common Share Basic loss per common share has been calculated by dividing the Company's net loss available to common stockholders by the weighted average number of common shares outstanding during the year/period. The diluted (loss) per share is calculated by dividing the Company's net loss available to common stockholders by the diluted weighted average number of shares outstanding for the year/period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. |
Emerging Growth Company | Emerging Growth Company The Company is an "emerging growth company" and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | For the For the December 27, December 31, December 31, Current expense: Federal $ - $ - Deferred tax benefit: - - Federal 7,100 7,400 Valuation allowance (7,100 ) (7,400 ) Total $ - $ - |
Schedule of differences between our effective income tax rate and the U.S. federal income tax rate | For the period For the December 27, December 31, December 31, Statutory federal income tax rates 21 % 21 % Valuation allowance -21 % -21 % Effective tax rate - - |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2019 |
Current expense: | ||
Federal | ||
Deferred tax benefit: | ||
Federal | 7,400 | 7,100 |
Valuation allowance | (7,400) | 7,100 |
Total |
Income Taxes (Details 1)
Income Taxes (Details 1) | Dec. 31, 2018 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Statutory federal income tax rates | 21.00% | 21.00% |
Valuation allowance | (21.00%) | (21.00%) |
Effective income rate, net |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes (Textual) | ||
Net operating loss carryforwards | $ 69,000 | $ 35,000 |
Deferred tax asset | $ 14,000 | $ 7,400 |
Future federal and state taxable income examination, description | 2039 |
Common Stock (Details)
Common Stock (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Common Stock (Textual) | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 5,000,000 | 5,000,000 |
Common stock, shares outstanding | 5,000,000 | 5,000,000 |
Preferred Stock (Details)
Preferred Stock (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Preferred Stock (Textual) | ||
Preferred stock, par value | $ .0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Commitments and Related Party_2
Commitments and Related Party Transactions (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 28, 2018 |
Commitments and Related Party Transactions (Textual) | |||
Total amount due under the note | $ 68,683 | $ 34,548 | |
Accrued interest | $ 3,173 | $ 23 | |
Interest rate, percentage | 6.00% |
Going Concern (Details)
Going Concern (Details) | Dec. 31, 2019USD ($) |
Going Concern (Textual) | |
Incurred losses from inception | $ 69,000 |
Negative working capital | $ 68,000 |