Cover
Cover - shares | 12 Months Ended | |
Dec. 31, 2020 | Mar. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-11777 | |
Entity Registrant Name | FIRST EQUITY PROPERTIES INC | |
Entity Central Index Key | 0000726516 | |
Entity Incorporation, State or Country Code | NV | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,057,628 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Notes receivable and accrued interest - related parties | $ 750,523 | $ 1,553,267 |
Accounts receivable - related parties | 168,495 | |
Cash and cash equivalents | 27,518 | 41,526 |
Total assets | 778,041 | 1,763,288 |
Liabilities and Shareholders' Equity | ||
Notes payable and accrued interest - related parties | 584,360 | |
Accounts payable - other | 2,494 | 774 |
Accounts payable - related parties | 367,115 | |
Total liabilities | 2,494 | 952,249 |
Shareholders' equity | ||
Common stock, $0.01 par value; 40,000,000 shares authorized; 1,057,628 issued and outstanding | 10,576 | 10,576 |
Preferred stock, $0.01 par value; 4,960,000 shares authorized; none issued or outstanding | ||
Paid in capital | 1,376,682 | 1,376,682 |
Retained earnings (deficit) | (611,711) | (576,219) |
Total shareholders' equity | 775,547 | 811,039 |
Total liabilities and shareholders' equity | $ 778,041 | $ 1,763,288 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 4,960,000 | 4,960,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 40,000,000 | 40,000,000 |
Common Stock, shares issued | 1,057,628 | 1,057,628 |
Common Stock, shares outstanding | 1,057,628 | 1,057,628 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | |||
Revenue from operations | |||
Total revenue | |||
Operating Expenses | |||
Administrative fees - related parties | 72,000 | 72,000 | 72,000 |
General and administrative | 19,834 | 16,289 | 19,446 |
Legal and professional fees | 40,607 | 39,113 | 45,661 |
Total operating expenses | 132,441 | 127,402 | 137,107 |
Income (loss) before interest expense and taxes | (132,441) | (127,402) | (137,107) |
Other income (expense) | |||
Interest income - related parties | 150,581 | 155,327 | 159,661 |
Interest expense - related parties | (53,632) | (58,436) | (67,112) |
Net income (loss) applicable to common shareholders | $ (35,492) | $ (30,511) | $ (44,558) |
Earnings (loss) per share | $ (0.03) | $ (0.03) | $ (0.04) |
Weighted average shares outstanding | 1,057,628 | 1,057,628 | 1,057,628 |
Shareholders Equity
Shareholders Equity - USD ($) | Common Stock | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Total |
Beginning balance, shares at Dec. 31, 2017 | 1,057,628 | |||
Beginning balance, value at Dec. 31, 2017 | $ 10,576 | $ 1,376,682 | $ (501,150) | $ 886,108 |
Net income (loss) | (44,558) | (44,558) | ||
Ending balance, shares at Dec. 31, 2018 | 1,057,628 | |||
Ending balance, value at Dec. 31, 2018 | $ 10,576 | 1,376,682 | (545,708) | 841,550 |
Net income (loss) | (30,511) | (30,511) | ||
Ending balance, shares at Dec. 31, 2019 | 1,057,628 | |||
Ending balance, value at Dec. 31, 2019 | $ 10,576 | 1,376,682 | (576,219) | 811,039 |
Net income (loss) | (35,492) | (35,492) | ||
Ending balance, shares at Dec. 31, 2020 | 1,057,628 | |||
Ending balance, value at Dec. 31, 2020 | $ 10,576 | $ 1,376,682 | $ (611,711) | $ 775,547 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities | |||
Net Income (Loss) | $ (35,492) | $ (30,511) | $ (44,558) |
(Increase) decrease in | |||
Notes & interest receivable - related parties | 39,151 | 12,632 | |
Accounts receivable - related parties | 168,495 | (168,495) | |
Accounts payable - other | 1,720 | 774 | (669) |
Accounts payable - related parties | (367,115) | (450) | (15,848) |
Notes & interest payable - related parties | 24,269 | (20,577) | |
Net cash provided by (used for) operating activities | (208,123) | (159,531) | (69,020) |
Notes receivable - related parties | 802,744 | 501,179 | |
Net cash provided by (used for) investing activities | 802,744 | 501,179 | |
Cash Flows from Financing Activities | |||
Notes payable - related parties | (608,629) | (232,016) | |
Net cash provided by (used for) financing activities | (608,629) | (232,016) | |
Net increase (decrease) in cash and cash equivalents | (14,008) | (159,531) | 200,143 |
Cash and cash equivalents at the beginning of period | 41,526 | 201,057 | 914 |
Cash and cash equivalents at the end of period | 27,518 | 41,526 | 201,057 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest expense to related parties | $ 29,138 | $ 58,436 | $ 72,960 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations From 2010 through April 2012, the Company engaged in the business of investing in real estate and purchased land held for investment or sale. Our current source of revenue consists of interest on notes receivables from related party entities. Any adverse conditions that could affect the financial condition of these entities, and specifically their ability to service debt obligation owed, could have a material effect on the financial statements. Organization and Business First Equity Properties, Inc. is a Nevada based corporation organized in December 19, 1996 and the Company is headquartered in Dallas, TX. The Company’s principal line of business and source of revenue is currently investments and interest on notes receivable. FEPI is a publicly traded company; however, no trading market presently exists for the shares of common stock and its value is therefore not determinable. Cash Equivalents For purposes of the statement of cash flows, the Company considers all short-term investments with original maturities of three months or less to be cash equivalents. Accounting Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification, (“ASC”) No. 740, “Accounting for Income Taxes”. ASC 740 requires an asset and liability approach to financial accounting for income taxes. In the event differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities result in deferred tax assets, ASC 740 requires an evaluation of the probability of being able to realize the future benefits indicated by such assets. A valuation allowance is provided for a portion or all of the deferred tax assets when there is an uncertainty regarding the Company’s ability to recognize the benefits of the assets in future years. Recognition of the benefits of deferred tax assets will require the Company to generate future taxable income. There is no assurance that the Company will generate earnings in future years. Since management could not determine the likelihood that the benefit of the deferred tax asset would be realized no deferred tax asset was recognized by the Company. Earnings (loss) per Share Earnings (loss) per share (EPS) are calculated in accordance with Accounting Standards Codification, (“ASC”) No. 260, Earnings per Share (ASC 260), which was adopted in 1997 for all years presented. Basic EPS is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS does not apply to the Company due to the absence of dilutive potential common shares. The adoption of ASC 260 had no effect on previously reported EPS. FASB Accounting Standards Codification The Company presents its financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). In June 2009, the Financial Accounting Standards Board (“FASB”) completed its accounting guidance codification project. The FASB Accounting Standards Codification (“ASC”) became effective for the Company’s financial statements issued subsequent to June 30, 2009 and is the single source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. As of the effective date, the company will no longer refer to the authoritative guidance dictating its accounting methodologies under the previous accounting standards hierarchy. Instead, the Company will refer to the ASC Codification as the sole source of authoritative literature. Recent Accounting Pronouncements The Company has reviewed the recent accounting pronouncements and none are applicable for the year ended December 31, 2020. |
NOTES RECEIVABLE AND ACCRUED IN
NOTES RECEIVABLE AND ACCRUED INTEREST – RELATED PARTIES | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
NOTES RECEIVABLE AND ACCRUED INTEREST – RELATED PARTIES | NOTE B. NOTES RECEIVABLE AND ACCRUED INTEREST – RELATED PARTIES Note receivable from related parties currently consists of one note of $750,523 which is receivable in quarterly installments of interest only, at 10% per annum, thru maturity on December 31, 2021. The note payable (see Note C.) of $584,360 (plus $24,494 of accrued interest), a related party accounts receivable of $173,225 (at December 1, 2020) and a related party payable of $367,115 were restructured and combined with the note receivable effective December 1, 2020. As a result, the related party balances were reduced to one $750,523 note receivable. 2020 2019 Notes receivable – related parties Uncollateralized, due on demand, interest rate of 10%, due quarterly $ 750,523 $ 1,553,267 Total notes and accounts receivable – related parties $ 750,523 $ 1,553,267 |
NOTES PAYABLE AND ACCRUED INTER
NOTES PAYABLE AND ACCRUED INTEREST-RELATED PARTIES | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE AND ACCRUED INTEREST-RELATED PARTIES | NOTE C. NOTES PAYABLE AND ACCRUED INTEREST – RELATED PARTIES The note payable was assigned in total to the note receivable in a restructuring of related party balances effective December 1, 2020. 2020 2018 Uncollateralized notes payable – related parties due on demand, interest rate of 10%, payable quarterly $ 0 $ 584,360 Total notes payable – related parties $ 0 $ 584,360 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE D. INCOME TAXES Deferred income taxes reflect the tax effects of temporary timing differences between carrying amounts of assets and liabilities reflected on the financial statements and the amounts used for income tax purposes. The tax effects of temporary differences and net operating loss carry forwards that give rise to the deferred tax assets. The Company had $81,375 in NOL carry forward from 2014, 2017, 2018, and 2019. NOL Carryover 2014, expiring 2034 $ 2,698 2017, expiring 2037 3,608 2018, no expiration 44,558 2019, no expiration 30,511 Total carryover to 2020 $ 81,375 Recognition of the benefits of deferred tax assets will require the Company to generate future taxable income. There is no assurance that the Company will generate earnings in future years. The following table presents the principal reasons for the differences between the Company’s effective tax rate and the United States statutory income tax rate. 2020 2019 2018 Federal income tax at statutory rate per books $ (7,453 ) $ (6,407 ) $ (9,357 ) Change in valuation allowance 7,453 6,407 9,357 Net operating loss — — — Federal income tax per tax return $ — $ — $ — Effective income tax rate 0.0 % 0.0 % 0.0 % The Company’s Forms 1120, U.S. Corporation Income Tax Returns |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE E. FINANCIAL INSTRUMENTS The carrying values of cash and cash equivalents, accounts receivable related parties, notes receivable related parties and accounts payable related parties approximate fair value due to short-term maturities of these assets and liabilities. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE F. COMMITMENTS AND CONTINGENCIES The Company is not involved in any legal proceedings. Management is not aware of any actions that could potentially have a material adverse effect on the Company’s financial position. |
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2020 | |
Shareholders' equity | |
COMPREHENSIVE INCOME | NOTE G. COMPREHENSIVE INCOME Accounting Standards Codification, (“ASC”) No. 220, Reporting Comprehensive Income, (ASC 220), requires that total comprehensive income be reported in the financial statements. For the years ended December 31, 2020, 2019, and 2018, the Company’s comprehensive income was equal to its net income and the Company does not have income meeting the defi nition of other comprehensive income. |
QUARTERLY DATA (UNADITED)
QUARTERLY DATA (UNADITED) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY DATA (UNADITED) | NOTE H. QUARTERLY DATA (UNAUDITED) The table below reflects the Company’s selected quarterly information for the years ended December 31, 2020 and 2019. Year ended December 31, 2020 First Second Third Fourth Quarter Quarter Quarter Quarter Revenue $ — $ — $ — $ — Operating expenses 52,995 26,104 24,906 28,436 Net income from continuing operations before taxes (52,995 ) (26,104 ) (24,906 ) (28,436 ) Interest income 38,725 38,725 39,151 33,980 Interest expense 14,569 14,569 14,729 9,765 Income tax expense — — — — Net income applicable to common shareholders $ (28,839 ) $ (1,948 ) $ (484 ) $ (4,221 ) Earnings per share Weighted average earnings per share applicable to common shares $ (0.03 ) $ — $ — $ — Year ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Revenue $ — $ — $ — $ — Operating expenses 51,597 26,876 25,106 23,823 Net income from continuing operations before taxes (51,597 ) (26,876 ) (25,106 ) (23,823 ) Interest income 38,300 38,725 39,151 39,151 Interest expense 14,410 14,569 14,729 14,728 Income tax expense — — — — Net income applicable to common shareholders $ (27,707 ) $ (2,720 ) $ (684 ) $ 600 Earnings per share Weighted average earnings per share applicable to common shares $ (0.03 ) $ — $ — $ — |
RELATED PARTIES TRANSACTIONS
RELATED PARTIES TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES TRANSACTIONS | NOTE I. RELATED PARTIES TRANSACTIONS The Company has historically engaged in and may continue to engage in certain business transactions with related parties, including but not limited to asset acquisition, dispositions, interest income, interest expense and general and administrative expenses. Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities. Related party transactions may not always be favorable to our business and may include terms, conditions and agreements that are not necessarily beneficial to or in best interest of our company. Note receivable from related parties currently consists of one note of $750,523 which is receivable in quarterly installments of interest only, at 10% per annum, thru maturity on December 31, 2021. The note payable (see Note C.) of $584,360 (plus $24,494 of accrued interest), a related party accounts receivable of $173,225 (at December 1, 2020) and a related party payable of $367,115 were restructured and combined with the note receivable effective December 1, 2020. As a result, the related party balances were reduced to one $750,523 note receivable. The Company has an administrative agreement with Pillar Income Asset Management, Inc., an affiliated entity, for accounting and administrative services. The total expense of the twelve months ended December 31, 2020 was $72,000 which is included in General and Administrative expenses of the Statements of Operations. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE J. SUBSEQUENT EVENTS We are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business and across our portfolio. While we did not experience significant disruptions during 2020 from the COVID-19 pandemic, we are unable to predict the impact the COVID-19 pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties. The Company has evaluated subsequent events through March 12, 2021, the date the financial statements were available to be issued, and has determined that there were no subsequent events to be reported. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations From 2010 through April 2012, the Company engaged in the business of investing in real estate and purchased land held for investment or sale. Our current source of revenue consists of interest on notes receivables from related party entities. Any adverse conditions that could affect the financial condition of these entities, and specifically their ability to service debt obligation owed, could have a material effect on the financial statements. |
Organization and Business | Organization and Business First Equity Properties, Inc. is a Nevada based corporation organized in December 19, 1996 and the Company is headquartered in Dallas, TX. The Company’s principal line of business and source of revenue is currently investments and interest on notes receivable. FEPI is a publicly traded company; however, no trading market presently exists for the shares of common stock and its value is therefore not determinable. |
Cash Equivalents | Cash Equivalents For purposes of the statement of cash flows, the Company considers all short-term investments with original maturities of three months or less to be cash equivalents. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification, (“ASC”) No. 740, “Accounting for Income Taxes”. ASC 740 requires an asset and liability approach to financial accounting for income taxes. In the event differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities result in deferred tax assets, ASC 740 requires an evaluation of the probability of being able to realize the future benefits indicated by such assets. A valuation allowance is provided for a portion or all of the deferred tax assets when there is an uncertainty regarding the Company’s ability to recognize the benefits of the assets in future years. Recognition of the benefits of deferred tax assets will require the Company to generate future taxable income. There is no assurance that the Company will generate earnings in future years. Since management could not determine the likelihood that the benefit of the deferred tax asset would be realized no deferred tax asset was recognized by the Company. |
Earnings (loss) per Share | Earnings (loss) per Share Earnings (loss) per share (EPS) are calculated in accordance with Accounting Standards Codification, (“ASC”) No. 260, Earnings per Share (ASC 260), which was adopted in 1997 for all years presented. Basic EPS is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS does not apply to the Company due to the absence of dilutive potential common shares. The adoption of ASC 260 had no effect on previously reported EPS. |
FASB Accounting Standards Codification | FASB Accounting Standards Codification The Company presents its financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). In June 2009, the Financial Accounting Standards Board (“FASB”) completed its accounting guidance codification project. The FASB Accounting Standards Codification (“ASC”) became effective for the Company’s financial statements issued subsequent to June 30, 2009 and is the single source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. As of the effective date, the company will no longer refer to the authoritative guidance dictating its accounting methodologies under the previous accounting standards hierarchy. Instead, the Company will refer to the ASC Codification as the sole source of authoritative literature. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed the recent accounting pronouncements and none are applicable for the year ended December 31, 2020. |
NOTES RECEIVABLE AND ACCRUED _2
NOTES RECEIVABLE AND ACCRUED INTEREST – RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
NOTES RECEIVABLE AND ACCRUED INTEREST-RELATED PARTIES | 2020 2019 Notes receivable – related parties Uncollateralized, due on demand, interest rate of 10%, due quarterly $ 750,523 $ 1,553,267 Total notes and accounts receivable – related parties $ 750,523 $ 1,553,267 |
NOTES PAYABLE AND ACCRUED INT_2
NOTES PAYABLE AND ACCRUED INTEREST-RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE AND ACCRUED INTEREST-RELATED PARTIES | 2020 2018 Uncollateralized notes payable – related parties due on demand, interest rate of 10%, payable quarterly $ 0 $ 584,360 Total notes payable – related parties $ 0 $ 584,360 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of differences between company's effective tax rate and U.S statutory income rate | NOL Carryover 2014, expiring 2034 $ 2,698 2017, expiring 2037 3,608 2018, no expiration 44,558 2019, no expiration 30,511 Total carryover to 2020 $ 81,375 |
D. INCOME TAXES - NOL CARRYOVER
D. INCOME TAXES - NOL CARRYOVER (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
NOL Carryover | 2020 2019 2018 Federal income tax at statutory rate per books $ (7,453 ) $ (6,407 ) $ (9,357 ) Change in valuation allowance 7,453 6,407 9,357 Net operating loss — — — Federal income tax per tax return $ — $ — $ — Effective income tax rate 0.0 % 0.0 % 0.0 % |
QUARTERLY DATA (Tables)
QUARTERLY DATA (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
SCHEDULE OF QUARTERLY DATA | Year ended December 31, 2020 First Second Third Fourth Quarter Quarter Quarter Quarter Revenue $ — $ — $ — $ — Operating expenses 52,995 26,104 24,906 28,436 Net income from continuing operations before taxes (52,995 ) (26,104 ) (24,906 ) (28,436 ) Interest income 38,725 38,725 39,151 33,980 Interest expense 14,569 14,569 14,729 9,765 Income tax expense — — — — Net income applicable to common shareholders $ (28,839 ) $ (1,948 ) $ (484 ) $ (4,221 ) Earnings per share Weighted average earnings per share applicable to common shares $ (0.03 ) $ — $ — $ — Year ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Revenue $ — $ — $ — $ — Operating expenses 51,597 26,876 25,106 23,823 Net income from continuing operations before taxes (51,597 ) (26,876 ) (25,106 ) (23,823 ) Interest income 38,300 38,725 39,151 39,151 Interest expense 14,410 14,569 14,729 14,728 Income tax expense — — — — Net income applicable to common shareholders $ (27,707 ) $ (2,720 ) $ (684 ) $ 600 Earnings per share Weighted average earnings per share applicable to common shares $ (0.03 ) $ — $ — $ — |
NOTES RECEIVABLE AND ACCRUED _3
NOTES RECEIVABLE AND ACCRUED INTEREST – RELATED PARTIES - NOTES RECEIVABLE AND ACCRUED INTEREST-RELATED PARTIES (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Notes receivable – related parties Unsecured, due on demand, interest rate of 10%, due monthly | $ 750,523 | $ 1,553,267 |
Total notes and accounts receivable – related parties | $ 750,523 | $ 1,553,267 |
NOTES PAYABLE AND ACCRUED INT_3
NOTES PAYABLE AND ACCRUED INTEREST-RELATED PARTIES - NOTES PAYABLE AND ACCRUED INTEREST-RELATED PARTIES (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Uncollateralized notes payable – related parties due on demand, interest rate of 10%, payable quarterly | $ 0 | $ 584,360 |
Total notes payable – related parties | $ 0 | $ 584,360 |
D. INCOME TAXES - NOL CARRYOV_2
D. INCOME TAXES - NOL CARRYOVER (Details) | Dec. 31, 2020USD ($) |
2014, expiring 2034 [Member] | |
NOL Carryover | $ 2,698 |
2017, expiring 2037 [Member] | |
NOL Carryover | 3,608 |
2018, no expiration [Member] | |
NOL Carryover | 44,558 |
2019, no expiration [Member] | |
NOL Carryover | 30,511 |
Total carryover to 2020 [Member] | |
NOL Carryover | $ 81,375 |
INCOME TAXES - Schedule of diff
INCOME TAXES - Schedule of differences between company's effective tax rate and U.S statutory income rate (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax at statutory rate per books | $ (7,453) | $ (6,407) | $ (9,357) |
Change in valuation allowance | 7,453 | 6,407 | 9,357 |
Net operating loss | |||
Federal income tax per tax return | |||
Effective income tax rate | 0.00% | 0.00% | 0.00% |
QUARTERLY DATA - SCHEDULE OF QU
QUARTERLY DATA - SCHEDULE OF QUARTERLY DATA (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | |||||||||||
Operating expenses | 28,436 | 24,906 | 26,104 | 52,995 | 23,823 | 25,106 | 26,876 | 51,597 | $ 132,441 | $ 127,402 | $ 137,107 |
Net income from continuing operations before taxes | (28,436) | (24,906) | (26,104) | (52,995) | (23,823) | (25,106) | (26,876) | (51,597) | |||
Interest income | 33,980 | 39,151 | 38,725 | 38,725 | 39,151 | 39,151 | 38,725 | 38,300 | |||
Interest expense | 9,765 | 14,729 | 14,569 | 14,569 | 14,728 | 14,729 | 14,569 | 14,410 | |||
Income tax expense | |||||||||||
Net income applicable to common shareholders | $ (4,221) | $ (484) | $ (1,948) | $ (28,839) | $ 600 | $ (684) | $ (2,720) | $ (27,707) | |||
Earnings per share - Weighted average earnings per share applicable to common shares | $ (.03) | $ (0.03) |
I. RELATED PARTIES TRANSACTIONS
I. RELATED PARTIES TRANSACTIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total expense | $ 72,000 | $ 72,000 | $ 72,000 |
Receivable related party | $ 168,495 | ||
Note maturity | Dec. 31, 2021 | ||
Note payable restructured | $ 584,360 | ||
Related party accounts receivable restructured | 173,225 | ||
Related party payable restructured | 367,115 | ||
Note Receivable [Member] | |||
Payable related party | $ 750,523 | ||
Interest | 10.00% |