Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 15, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-11777 | |
Entity Registrant Name | DIRECT INVESTMENT HOLDINGS GROUP, INC | |
Entity Central Index Key | 0000726516 | |
Entity Tax Identification Number | 95-6799846 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 150 S. Pine Island Rd | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Plantation | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33324 | |
City Area Code | (855 | |
Local Phone Number | 456-9782 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FEPI | |
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 SHEET (unaudited)
BALANCE SHEET (unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Note receivable and accrued interest - related party | $ 754,142 | $ 750,523 |
Cash and cash equivalents | 0 | 27,518 |
Total assets | 754,142 | 778,041 |
Liabilities and Shareholders' Equity | ||
Accounts payable (including $7,833 and $-0- due to related parties in 2021 and 2020) | 11,333 | 2,494 |
Total liabilities | 11,333 | 2,494 |
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) | (644,449) | (611,711) |
Total shareholders' equity | 742,809 | 775,547 |
Total liabilities and shareholders' equity | $ 754,142 | $ 778,041 |
BALANCE SHEET (unaudited) (Pare
BALANCE SHEET (unaudited) (Parenthetical) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Due to Related Parties | $ 7,833 | $ 0 |
Common Stock, Par or Stated Value Per Share | $ 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 |
Preferred Stock, par value (in dollars per share | $ 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 |
STATEMENT OF OPERATIONS (unaudi
STATEMENT OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Expenses | ||||
Administrative fees - related parties | $ 18,000 | $ 3,015 | $ 54,000 | |
General and administrative | 1,246 | 3,587 | 10,959 | 12,717 |
Legal and professional fees | 3,500 | 3,319 | 40,889 | 37,288 |
Total operating expenses | 4,746 | 24,906 | 54,863 | 104,005 |
Income (loss) before interest expense and taxes | (4,746) | (24,906) | (54,863) | (104,005) |
Other income (expense) | ||||
Interest income - related parties | 1,892 | 39,151 | 22,125 | 116,601 |
Interest expense - related parties | (14,729) | (43,867) | ||
Net income (loss) applicable to common shareholders | $ (2,854) | $ (484) | $ (32,738) | $ (31,271) |
Earnings (loss) per share | $ (0.03) | $ (0.03) | ||
Weighted average shares outstanding | 1,057,628 | 1,057,628 | 1,057,628 | 1,057,628 |
STATEMENT OF CHANGES IN SHAREHO
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY (unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 10,576 | $ 1,376,682 | $ (576,219) | $ 811,039 |
Beginning Balance, shares at Dec. 31, 2019 | 1,057,628 | |||
Net income (loss) | (31,271) | (31,271) | ||
Balances at September 30, 2020 at Sep. 30, 2020 | $ 10,576 | 1,376,682 | (607,490) | 779,768 |
Ending Balance, shares at Sep. 30, 2020 | 1,057,628 | |||
Beginning balance, value at Jun. 30, 2020 | $ 10,576 | 1,376,682 | (607,006) | 780,252 |
Beginning Balance, shares at Jun. 30, 2020 | 1,057,628 | |||
Net income (loss) | (484) | (484) | ||
Balances at September 30, 2020 at Sep. 30, 2020 | $ 10,576 | 1,376,682 | (607,490) | 779,768 |
Ending Balance, shares at Sep. 30, 2020 | 1,057,628 | |||
Beginning balance, value at Dec. 31, 2020 | $ 10,576 | 1,376,682 | (611,711) | 775,547 |
Beginning Balance, shares at Dec. 31, 2020 | 1,057,628 | |||
Net income (loss) | (32,738) | (32,738) | ||
Balances at September 30, 2020 at Sep. 30, 2021 | $ 10,576 | 1,376,682 | (644,449) | 742,809 |
Ending Balance, shares at Sep. 30, 2021 | 1,057,628 | |||
Beginning balance, value at Jun. 30, 2021 | $ 10,576 | 1,376,682 | (641,595) | 745,663 |
Beginning Balance, shares at Jun. 30, 2021 | 1,057,628 | |||
Net income (loss) | (2,854) | (2,854) | ||
Balances at September 30, 2020 at Sep. 30, 2021 | $ 10,576 | $ 1,376,682 | $ (644,449) | $ 742,809 |
Ending Balance, shares at Sep. 30, 2021 | 1,057,628 |
STATEMENT OF CASH FLOWS (unaudi
STATEMENT OF CASH FLOWS (unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net Income (Loss) | $ (32,738) | $ (31,271) |
Increase (decrease) in | ||
Interest receivable - related parties | (3,619) | |
Accounts receivable - related parties | 168,495 | |
Accounts payable - other | 1,006 | (774) |
Accounts payable - related parties | 7,833 | 14,728 |
Net cash provided by (used for) operating activities | (27,518) | 151,178 |
Net increase (decrease) in cash and cash equivalents | (27,518) | 151,178 |
Cash and cash equivalents at the beginning of period | 27,518 | 41,526 |
Cash and cash equivalents at the end of period | 0 | 192,704 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest expense to related parties | $ 0 | $ 29,138 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION Organization and business Direct Investment Holdings Group, Inc. (formerly First Equity Properties, Inc.) is a Nevada based corporation organized in December 19, 1996 and the Company is headquartered in Plantation, FL. The Company’s principal line of business and source of revenue is currently investments and interest on notes receivable. The Company is currently in the business of real estate investing. Direct Investment Holdings Group, Inc. is a publicly traded company; however, no trading market presently exists for the shares of common stock and its value is therefore not determinable. The name of the Company was changed to Direct Investment Holdings Inc. effective November 2, 2021 with the Secretary of State of Nevada. Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2020. Operating results for the nine months period ended September 30, 2021 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2021. Cost capitalization Costs related to planning and developing a project are capitalized and classified as Real Estate development costs in the Consolidated Balance Sheets. We capitalized certain operating expenses until development is substantially complete, but no later than one year from the cessation of major development activity. Newly issued accounting pronouncements We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our statements, including that which we have not yet adopted. We do not believe that any such guidance will have a material effect on our financial position or results of operation. |
CHANGE OF CONTROL
CHANGE OF CONTROL | 9 Months Ended |
Sep. 30, 2021 | |
Change Of Control | |
CHANGE OF CONTROL | NOTE 2. CHANGE OF CONTROL A Stock Purchase Agreement (the “Agreement”) was completed as of April 7, 2021, by and among A Way Financial, Inc., a Delaware Business Corporation (the “Purchaser”) and TPS Income, Inc., and Nevada Sea Investments, Inc. (the “Sellers”). Sellers were, prior to the transaction closing the beneficial owner of the following shares of the Company: (i) TPS Income, Inc. (“TPS”) owned 37.48 %; and (ii) Nevada Sea Investments, Inc. (“Nevada Sea”) owned 37.82 % of 1,057,628 shares of all issued and outstanding shares of the Company’s Common Stock which were held in the respective name of the Sellers. As of the completion of the closing on April 7, 2021, the shares formerly owned by Sellers are owned by the Purchaser. On November 2, 2021, the Company name was changed to Direct Investment Holdings, Inc. |
NOTE RECEIVABLE AND ACCRUED INT
NOTE RECEIVABLE AND ACCRUED INTEREST - RELATED PARTY | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
NOTE RECEIVABLE AND ACCRUED INTEREST - RELATED PARTY | NOTE 3. NOTE RECEIVABLE AND ACCRUED INTEREST - RELATED PARTY In connection with change of control, note receivable - Carmel Realty, Inc., a related party was purchased by Direct Mortgage Investors, Inc., a related party. The note receivables calls for yearly payment of interest income at 1 % per annum, through maturity on April 7 th Schedule of note receivable and accrued interest - related party September 30, 2021 December 31, 2020 Note receivable – Directed Mortgage Investors, Inc. - related party Unsecured, due on demand $ 750,523 $ — Note receivable – related party — 750,523 Accrued interest income – related party 3,619 — Total note and account receivable – related party $ 754,142 $ 750,523 |
RELATED PARTIES TRANSACTIONS
RELATED PARTIES TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES TRANSACTIONS | NOTE 4. RELATED PARTIES TRANSACTIONS 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. The Company had an administrative agreement, through change in control, with Market Associates Corp., an affiliated entity, for accounting and administrative services. |
FEDERAL INCOME TAXES
FEDERAL INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
FEDERAL INCOME TAXES | NOTE 5. FEDERAL 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. 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. |
OTHER MATTERS
OTHER MATTERS | 9 Months Ended |
Sep. 30, 2021 | |
Other Matters | |
OTHER MATTERS | NOTE 6. OTHER MATTERS 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. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7. SUBSEQUENT EVENTS The Company has evaluated subsequent events through November 15, 2021 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and business | Organization and business Direct Investment Holdings Group, Inc. (formerly First Equity Properties, Inc.) is a Nevada based corporation organized in December 19, 1996 and the Company is headquartered in Plantation, FL. The Company’s principal line of business and source of revenue is currently investments and interest on notes receivable. The Company is currently in the business of real estate investing. Direct Investment Holdings Group, Inc. is a publicly traded company; however, no trading market presently exists for the shares of common stock and its value is therefore not determinable. The name of the Company was changed to Direct Investment Holdings Inc. effective November 2, 2021 with the Secretary of State of Nevada. |
Basis of presentation | Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2020. Operating results for the nine months period ended September 30, 2021 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2021. |
Cost capitalization | Cost capitalization Costs related to planning and developing a project are capitalized and classified as Real Estate development costs in the Consolidated Balance Sheets. We capitalized certain operating expenses until development is substantially complete, but no later than one year from the cessation of major development activity. |
Newly issued accounting pronouncements | Newly issued accounting pronouncements We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our statements, including that which we have not yet adopted. We do not believe that any such guidance will have a material effect on our financial position or results of operation. |
NOTE RECEIVABLE AND ACCRUED I_2
NOTE RECEIVABLE AND ACCRUED INTEREST - RELATED PARTY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of note receivable and accrued interest - related party | Schedule of note receivable and accrued interest - related party September 30, 2021 December 31, 2020 Note receivable – Directed Mortgage Investors, Inc. - related party Unsecured, due on demand $ 750,523 $ — Note receivable – related party — 750,523 Accrued interest income – related party 3,619 — Total note and account receivable – related party $ 754,142 $ 750,523 |
CHANGE OF CONTROL (Details Narr
CHANGE OF CONTROL (Details Narrative) - shares | Apr. 07, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Common Stock, Shares, Outstanding | 1,057,628 | 1,057,628 | |
Stock Purchase Agreement [Member] | TPS Income, Inc.("TPS") [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Percentage of ownership prior to change of control | 37.48% | ||
Stock Purchase Agreement [Member] | Nevada Sea Investments, Inc.("Nevada Sea") [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Percentage of ownership prior to change of control | 37.82% | ||
Common Stock, Shares, Outstanding | 1,057,628 |
NOTES RECEIVABLE AND ACCRUED IN
NOTES RECEIVABLE AND ACCRUED INTEREST - RELATED PARTIES (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Unsecured, due on demand | $ 750,523 | |
Note receivable – related party | 750,523 | |
Accrued interest income – related party | 3,619 | |
Total note and account receivable – related party | $ 754,142 | $ 750,523 |
NOTE RECEIVABLE AND ACCRUED I_3
NOTE RECEIVABLE AND ACCRUED INTEREST - RELATED PARTY (Details Narrative) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Interest rate | 1.00% |