Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Apr. 14, 2020 | Jun. 30, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | PRESTIGE CAPITAL CORP | ||
Entity Central Index Key | 0000790179 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Incorporation, State or Country Code | NV | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-52855 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Interactive Data Current | Yes | ||
Is Entity Emerging Growth Company? | true | ||
Elected Not To Use the Extended Transition Period | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 3,332,200 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Shell Company | true |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash | $ 105 | $ 201 |
Total Current Assets | 105 | 201 |
Total Assets | 105 | 201 |
Liabilities | ||
Accounts payable - related party | 6,000 | 6,600 |
Accounts payable | 1,200 | 1,100 |
Accrued interest - related party | 36,646 | 24,575 |
Notes payable - related party | 161,115 | 147,115 |
Total Current Liabilities | 204,961 | 179,390 |
Total Liabilities | 204,961 | 179,390 |
Stockholders' Equity (Deficit) | ||
Preferred stock - 10,000,000 shares authorized - None issued and outstanding | ||
Common Stock - 100,000,000 shares authorized having a par value of $0.001 per share, 3,332,200 shares issued and outstanding at December 31, 2019 and December 31,2018 | 3,332 | 3,332 |
Additional Paid in Capital | 713,573 | 713,573 |
Accumulated Retained Deficit | (921,761) | (896,094) |
Total Stockholders' Equity (Deficit) | (204,856) | (179,189) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 105 | $ 201 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | ||
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | ||
Preferred stock, outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 3,332,200 | 3,332,200 |
Common stock, outstanding | 3,332,200 | 3,332,200 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
Revenues | ||
Operating Expense | ||
General and administrative | 13,596 | 13,471 |
Loss from Operations | (13,596) | (13,471) |
Other Income (Expenses) | ||
Related party interest expense | (12,071) | (7,933) |
Other interest expense | (9,949) | |
Total other Income (Expense) | (12,071) | (17,882) |
Net Loss before income taxes | (25,667) | (31,353) |
Income taxes | ||
Net Loss | $ (25,667) | $ (31,353) |
Basic and Diluted Loss Per Share | $ (0.01) | $ (0.01) |
Basic and Diluted Weighted Average Number of Common Shares Outstanding | 3,332,200 | 2,534,192 |
Statements of Stockholders_ Def
Statements of Stockholders’ Deficit - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, shares at Dec. 31, 2017 | 2,532,200 | |||
Beginning balance, amount at Dec. 31, 2017 | $ 2,532 | $ 547,677 | $ (864,741) | $ (314,532) |
Conversion of loans and accrued interest into common stock, shares | 800,000 | |||
Conversion of loans and accrued interest into common stock, amount | $ 800 | 165,896 | 166,696 | |
Net loss | (31,353) | (31,353) | ||
Ending balance, shares at Dec. 31, 2018 | 3,332,200 | |||
Ending balance, amount at Dec. 31, 2018 | $ 3,332 | 713,573 | (896,094) | (179,189) |
Conversion of loans and accrued interest into common stock, amount | ||||
Net loss | (25,667) | (25,667) | ||
Ending balance, shares at Dec. 31, 2019 | 3,332,200 | |||
Ending balance, amount at Dec. 31, 2019 | $ 3,332 | $ 713,573 | $ (921,761) | $ (204,856) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (25,667) | $ (31,353) |
Adjustments to reconcile Net Loss to Net Cash (used in) operations: | ||
Expenses paid by related party | 6,000 | 6,600 |
Changes in assets and liabilities: | ||
Increase in accounts payable | 100 | 1,100 |
Increase in accrued interest - related party | 12,071 | 7,933 |
Increase in accrued interest | 9,949 | |
Net cash (used in) Operating Activities | (7,496) | (5,771) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net cash provided by Investing Activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from loan payable - related party | 7,400 | 5,400 |
Net cash provided by Financing Activities | 7,400 | 5,400 |
Net Increase (Decrease) in Cash | (96) | (371) |
Beginning Cash Balance | 201 | 572 |
Ending Cash Balance | 105 | 201 |
Supplemental Disclosures | ||
Cash paid for interest expense | ||
Cash paid for income taxes | ||
Non-Cash Investing and Financing Activities | ||
Conversion of related party accounts payable into loan payable – related party | 6,600 | 6,600 |
Conversion of loans and accrued interest to common stock | 166,696 | |
Reclassification of loans payable and accrued interest to loans payable – related party | $ 3,915 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | NOTE 1 – ORGANIZATION Prestige Capital Corporation (the “Company”) was organized under the laws of the State of Utah on February 7, 1986 under the name of Hood Ventures, Inc. On December 31, 1998, the name was changed to Prestige Capital Corporation. On December 31, 1998, Hood Ventures, Inc. of Utah merged with Prestige Capital Corporation, a Nevada Corporation, leaving the Nevada Corporation as the surviving company. After a period of dormancy, the Company experienced a significant change in shareholder ownership on June 21, 2006 and is considered to be reactivated as of that date and is currently seeking business opportunities or potential business acquisitions. The Company currently has no revenue-generating activities. The Company does not intend to pay dividends in the foreseeable future. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN The Company's financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. As of December 31, 2019, the Company had negative working capital of $204,856 and has incurred losses of $921,761 since inception. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management’s plan to acquire or merge with other operating companies. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 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 instruments with maturity of three months or less at the time of issuance to be cash equivalents. Concentration of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash. Our cash balances are maintained in accounts held by major banks and financial institutions located in the United States. The Company does not maintain amounts on deposit with a financial institution that are in excess of the federally insured limit of $250,000. The Company had $0 of cash balances in excess of federally insured limits at December 31, 2019 and 2018. Fair Value of Financial Instruments The carrying amounts reported on the balance sheets for accounts payable and accrued interest approximate fair value because of the immediate or short-term maturity of these financial instruments. The carrying amounts reported for notes payable approximate fair value because the underlying instruments are at interest rates, which approximate current market rates. Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. In July, 2006, the FASB issued ASC 740, Accounting for Uncertainty in Income Taxes, which clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a return. ASC 740 provides guidance on the measurement, recognition, classification and disclosure of tax positions, along with accounting for the related interest and penalties. ASC 740 became effective as of January 1, 2007 and had no impact on the Company’s financial statements. The charge for taxation is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Basic and Diluted Net income (Loss) per Share The Company computes net income (loss) per share in accordance with ASC 260 which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the years ended December 31, 2019 and 2018, the Company did not have any potentially dilutive securities outstanding. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS In prior years, the Company had borrowed $43,200 from a related party and an additional $7,400 during 2019 in the form of loans payable – related party. At December 1, 2017, the Company converted an additional $58,100 in accounts payable to this related party to loans payable – related party. In 2018 this related party acquired a promissory note from a non-related party in the amount of $39,215, an additional $6,600 of accounts payable was converted to loans payable – related party. In 2019 an additional $6,600 was converted to loans payable – related party. These resulted in a balance of $161,115 aggregate loans payable – related party. The notes are unsecured, due on demand, and bear interest at 8% per annum. Accrued interest through December 31, 2019 and December 31, 2018 was $36,646 and $24,575, respectively. No payments on principle or interest have been made to date. Interest expense for the year ended December 31, 2019 and December 31, 2018 were $12,071 and $7,933, respectively. As of the year ended December 31, 2019 and 2018, the Company incurred $6,000 and $6,600, respectively, in professional fees payable to a related party. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 5 – STOCKHOLDERS’ EQUITY At December 31, 2018 the Company issued a total of 800,000 common shares to convert two promissory notes and related accrued interest totaling $166,696. The issue price was $0.208 per share. No stock was issued during the year ended December 31. 2019. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 6 - INCOME TAXES At December 31, 2019 and 2018, the Company has available unused net operating loss carryforwards of approximately $382,412 and $356,745, respectively, which may be applied against future taxable income. Due to a substantial change in the Company’s ownership during June 2006, there will be an annual limitation on the amount of previous net operating loss carryforwards that can be utilized. The amount of and ultimate realization of the benefits from the net operating loss carryforwards for income tax purposes is dependent, in part, upon the tax laws in effect, the future earnings of the Company, and other future events, the effects of which cannot be determined. Because of the uncertainty surrounding the realization of the net operating loss carryforwards, the Company has established a valuation allowance equal to the tax effect of the net operating loss carryforwards and, therefore, no deferred tax asset has been recognized for the net operating loss carryforwards. The net deferred tax assets are approximately $80,306 and $74,916 as of December 31, 2019 and 2018, respectively, with an offsetting valuation allowance of the same amount resulting in a change in the valuation allowance of approximately $(5,390) during the year ended December 31, 2019. The Company has evaluated Staff Accounting Bulletin No. 118 regarding the impact of the decreased tax rates of the Tax Cuts & Jobs Act. The schedules below reflect the Federal tax provision, deferred tax asset and valuation allow using the new rates adjusted in the period of enactment. Deferred tax assets and the valuation account are as follows: Deferred tax asset: For the Years Ended 2019 2018 Net operating loss carryforward (at 21%) $ 80,306 $ 74,916 Valuation allowance (80,306 ) (74,916 ) $ 0 $ 0 A reconciliation of amounts obtained by applying the indicated Federal tax rates to pre-tax income to income tax benefit is as follows: For the Years Ended 2019 2018 Federal tax benefit (at 21%) $ 5,390 $ 6,584 Change in valuation allowance (5,390 ) (6,584 ) Effect of rate change on Deferred Tax Asset — — $ 0 $ 0 The Company did not have any tax positions for which it is reasonable possible that the total amount of unrecognized tax benefits will significantly increase or decrease with the next 12 months. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of December 31, 2019 and 2018 the Company had no accrued interest or penalties related to uncertain tax positions. The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2019, 2018, 2017 and 2016. |
RECENT PRONOUNCEMENTS
RECENT PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT PRONOUNCEMENTS | NOTE 7 – RECENT PRONOUNCEMENTS The Company has evaluated Recent Accounting Pronouncements and has determined that all such pronouncements either do not apply or their impact is insignificant to the financial statements. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 8 – FAIR VALUE OF FINANCIAL INSTRUMENTS If required by authoritative literature, the Company would account for certain assets and liabilities at fair value. The cash, accounts payable, notes payable and accrued interest have fair values that approximate their carrying values due to the short term nature of these instruments. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS The Company has evaluated events occurring after the date of the accompanying balance sheets through the date the financial statements were available to be issued and did not identify any material subsequent events requiring adjustment to the accompanying financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
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 are prepared on the basis of accounting principles generally accepted in the United States of America. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 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 | Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash. Our cash balances are maintained in accounts held by major banks and financial institutions located in the United States. The Company does not maintain amounts on deposit with a financial institution that are in excess of the federally insured limit of $250,000. The Company had $0 of cash balances in excess of federally insured limits at December 31, 2019 and 2018. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts reported on the balance sheets for accounts payable and accrued interest approximate fair value because of the immediate or short-term maturity of these financial instruments. The carrying amounts reported for notes payable approximate fair value because the underlying instruments are at interest rates, which approximate current market rates. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. In July, 2006, the FASB issued ASC 740, Accounting for Uncertainty in Income Taxes, which clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a return. ASC 740 provides guidance on the measurement, recognition, classification and disclosure of tax positions, along with accounting for the related interest and penalties. ASC 740 became effective as of January 1, 2007 and had no impact on the Company’s financial statements. The charge for taxation is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. |
Basic and Diluted Net income (Loss) per Share | Basic and Diluted Net income (Loss) per Share The Company computes net income (loss) per share in accordance with ASC 260 which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the years ended December 31, 2019 and 2018, the Company did not have any potentially dilutive securities outstanding. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Deferred tax assets and valuation account | Deferred tax asset: For the Years Ended 2019 2018 Net operating loss carryforward (at 21%) $ 80,306 $ 74,916 Valuation allowance (80,306 ) (74,916 ) $ 0 $ 0 |
Income tax benefit reconciliation | For the Years Ended 2019 2018 Federal tax benefit (at 21%) $ 5,390 $ 6,584 Change in valuation allowance (5,390 ) (6,584 ) Effect of rate change on Deferred Tax Asset — — $ 0 $ 0 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital | $ (204,856) | |
Accumulated deficit | $ (921,761) | $ (896,094) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Aggregate loans payable - related party | $ 161,115 | |
Accrued interest | $ 36,646 | $ 24,575 |
Interest rate on notes payable | 8.00% | 8.00% |
Related party interest expense | $ (12,071) | $ (7,933) |
Professional fees payable to related party | $ 6,000 | $ 6,600 |
STOCKHOLDERS' EQUITY (Details N
STOCKHOLDERS' EQUITY (Details Narrative) | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Stockholders' Equity Note [Abstract] | |
Common stock issued in conversion of promissory notes and related accrued interest, shares | shares | 800,000 |
Common stock issued in conversion of promissory notes and related accrued interest, amount | $ | $ 166,696 |
Common stock issued in conversion of promissory notes and related accrued interest, price per share | $ / shares | $ 0.208 |
INCOME TAXES - Deferred tax ass
INCOME TAXES - Deferred tax assets and valuation account (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax asset: | ||
Net operating loss carryforward (at 21%) | $ 80,306 | $ 74,916 |
Valuation allowance | (80,306) | (74,916) |
Net deferred tax assets |
INCOME TAXES - Income tax benef
INCOME TAXES - Income tax benefit reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Federal tax benefit (at 21%) | $ 5,390 | $ 6,584 |
Change in valuation allowance | (5,390) | (6,584) |
Effect of rate change on Deferred Tax Asset | ||
Tax reconciliation amount, net |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Unused net operating loss carryforwards | $ 382,412 | $ 356,745 |