Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 12, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | PRESTIGE CAPITAL CORP | |
Entity Central Index Key | 0000790179 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Entity Incorporation, State or Country Code | NV | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-52855 | |
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 Common Stock, Shares Outstanding | 3,332,200 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Entity Shell Company | true |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash | $ 81 | $ 105 |
Total Current Assets | 81 | 105 |
Total Assets | 81 | 105 |
Liabilities | ||
Accounts payable - related party | 7,500 | 6,000 |
Accounts payable | 2,400 | 1,200 |
Accrued interest - related party | 39,864 | 36,646 |
Notes payable - related party | 163,815 | 161,115 |
Total Current Liabilities | 213,579 | 204,961 |
Total Liabilities | 213,579 | 204,961 |
Stockholders' 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 March 31, 2020 and December 31, 2019 | 3,332 | 3,332 |
Additional Paid in Capital | 713,573 | 713,573 |
Accumulated Retained Deficit | (930,403) | (921,761) |
Total Stockholders' Equity (Deficit) | (213,498) | (204,856) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 81 | $ 105 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
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 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenues | ||
Operating Expense | ||
General and administrative | 5,424 | 5,424 |
Loss from Operations | (5,424) | (5,424) |
Other Income (Expense) | ||
Interest expense - related party | (3,218) | (2,918) |
Total Other Income (Expense) | (3,218) | (2,918) |
Net loss before income taxes | (8,642) | (8,342) |
Income taxes | ||
Net Loss | $ (8,642) | $ (8,342) |
Basic and Diluted Loss Per Share | $ 0 | $ 0 |
Basic and Diluted Weighted Average Number of Common Shares Outstanding | 3,332,200 | 3,332,200 |
Statements of Stockholders_ Def
Statements of Stockholders’ Deficit (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, shares at Dec. 31, 2018 | 3,332,200 | |||
Beginning balance, amount at Dec. 31, 2018 | $ 3,332 | $ 713,573 | $ (896,094) | $ (179,189) |
Net loss | (8,342) | (8,342) | ||
Ending balance, shares at Mar. 31, 2019 | 3,332,200 | |||
Ending balance, amount at Mar. 31, 2019 | $ 3,332 | 713,573 | (904,436) | (187,531) |
Beginning balance, shares at Dec. 31, 2019 | 3,332,000 | |||
Beginning balance, amount at Dec. 31, 2019 | $ 3,332 | 713,573 | (921,761) | (204,856) |
Net loss | (8,642) | (8,642) | ||
Ending balance, shares at Mar. 31, 2020 | 3,332,000 | |||
Ending balance, amount at Mar. 31, 2020 | $ 3,332 | $ 713,573 | $ (930,403) | $ (213,498) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (8,642) | $ (8,342) |
Adjustments to reconcile Net Loss to Net Cash (used in) operations: | ||
Expenses paid by related party | 1,500 | 1,500 |
Changes in assets and liabilities: | ||
Increase in accounts payable | 1,200 | 2,800 |
Increase in accrued interest - related party | 3,218 | 2,918 |
Net cash (used in) Operating Activities | (2,724) | (1,124) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net cash provided by Investing Activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from notes payable - related parties | 2,700 | 1,100 |
Net cash provided by Financing Activities | 2,700 | 1,100 |
Net Increase (Decrease) in Cash | (24) | (24) |
Beginning Cash Balance | 105 | 201 |
Ending Cash Balance | 81 | 177 |
Supplemental Disclosures | ||
Cash paid for interest expense | ||
Cash paid for income taxes |
CONDENSED FINANCIAL STATEMENTS
CONDENSED FINANCIAL STATEMENTS | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONDENSED FINANCIAL STATEMENTS | NOTE 1 – CONDENSED FINANCIAL STATEMENTS The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the period ended March 31, 2020 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2019 audited financial statements as reported in its Form 10-K. The results of operations for the three-month period ended March 31, 2020 are not necessarily indicative of the operating results for the full year ended December 31, 2020. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has limited assets, has incurred losses since inception, has negative cash flows from operations, and has no revenue-generating activities. Its activities have been limited for the past several years and it is dependent upon financing to continue operations. 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 The COVID-19 pandemic could have an impact on our ability to obtain financing to fund our operations. The Company is unable to predict the ultimate impact at this time. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 3 – RELATED PARTY TRANSACTIONS During the three months ended March 31, 2020, the Company borrowed $2,700 from a shareholder resulting in a notes payable – related party balance of $163,815 at March 31, 2020 and $161,115 at December 31, 2019. These loans are due on demand and bear interest at the rate of 8%. Interest expense on the loans for the three months ended March 31, 2020 and 2019 was $3,218 and $2,918, respectively, resulting in accrued interest of $39,864 and $36,646 at March 31, 2020 and December 31, 2019, respectively. During the quarter ended March 31, 2020, a shareholder invoiced the Company for consulting, administrative and professional services and out-of-pocket costs provided or paid on behalf of the Company totaling $1,500. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 4 – SUBSEQUENT EVENTS The Company’s management reviewed all material events through the date of this filing and has determined that there are no material subsequent events to report. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |||
Amounts owed to related party | $ 2,700 | ||
Amounts owed to shareholder for consulting, administrative and profession services | 1,500 | ||
Notes payable - related party | 163,815 | $ 161,115 | |
Interest expense on loans | (3,218) | $ (2,918) | |
Accrued interest | $ 39,864 | $ 36,646 | |
Interest rate on notes payable | 8.00% | 8.00% |