Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jan. 31, 2021 | Jul. 05, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jan. 31, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --10-31 | |
Entity File Number | 001-34808 | |
Entity Registrant Name | China Botanic Pharmaceutical | |
Entity Central Index Key | 0000926844 | |
Entity Incorporation, State or Country Code | NV | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 37,239,536 |
BALANCE SHEET (Unaudited)
BALANCE SHEET (Unaudited) - USD ($) | Jan. 31, 2021 | Oct. 31, 2020 |
ASSETS | ||
Total Assets | $ 0 | $ 0 |
Current liabilities | ||
Notes payable-related party | 5,500 | 0 |
Total current liabilities | 5,500 | 0 |
Total liabilities | 5,500 | 0 |
Commitments and contingencies | 0 | 0 |
Stockholders' Equity | ||
Common stock, $0.001 par value 100,000,000, shares authorized, 37,239,536 shares issued and outstanding as of January 31, 2021 and October 31, 2020 | 37,240 | 37,240 |
Paid in Capital | 11,704,909 | 11,704,909 |
Accumulated deficit | (11,747,649) | (11,742,149) |
Total Stockholders' (Deficit) | (5,500) | 0 |
Total Liabilities and Stockholders' (Deficit) | $ 0 | $ 0 |
BALANCE SHEET (Parenthetical)
BALANCE SHEET (Parenthetical) - $ / shares | Jan. 31, 2021 | Oct. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 37,239,536 | 37,239,536 |
Common stock, shares outstanding | 37,239,536 | 37,239,536 |
STATEMENT OF OPERATIONS (Unaudi
STATEMENT OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 0 | $ 0 |
Operating Expenses: | ||
Administrative expenses | 5,500 | 0 |
Total operating expenses | 5,500 | 0 |
(Loss) from operations | (5,500) | 0 |
Other expense | ||
Other (expense) net | 0 | 0 |
Income (loss) before provision for income taxes | (5,500) | 0 |
Tax Provision | 0 | 0 |
Net (Loss) | $ (5,500) | $ 0 |
Basic and diluted earnings(loss) per common share | $ 0 | $ 0 |
Weighted average number of shares outstanding | 37,239,536 | 37,239,536 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, shares at Oct. 31, 2019 | 37,239,536 | |||
Beginning balance, value at Oct. 31, 2019 | $ 37,240 | $ 11,704,909 | $ (11,742,149) | |
Net income (loss) | ||||
Ending balance, shares at Jan. 31, 2020 | 37,239,536 | |||
Ending balance, value at Jan. 31, 2020 | $ 37,240 | 11,704,909 | (11,742,149) | |
Beginning balance, shares at Oct. 31, 2020 | 37,239,536 | |||
Beginning balance, value at Oct. 31, 2020 | $ 37,240 | 11,704,909 | (11,742,149) | 0 |
Net income (loss) | (5,500) | (5,500) | ||
Ending balance, shares at Jan. 31, 2021 | 37,239,536 | |||
Ending balance, value at Jan. 31, 2021 | $ 37,240 | $ 11,704,909 | $ (11,747,649) | $ (5,500) |
STATEMENT OF CASH FLOWS (Unaudi
STATEMENT OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Cash Flows From Operating Activities: | ||
Net income (loss) | $ (5,500) | $ 0 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||
Net cash (used for) operating activities | (5,500) | 0 |
Cash Flows From Investing Activities: | ||
Net cash provided by (used for) investing activities | 0 | 0 |
Cash Flows From Financing Activities: | ||
Notes payable related party | 5,500 | 0 |
Net cash provided by financing activities | 5,500 | 0 |
Net Increase (Decrease) In Cash | 0 | 0 |
Cash At The Beginning Of The Period | 0 | 0 |
Cash At The End Of The Period | 0 | 0 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | $ 0 | $ 0 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 3 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS China Botanic Pharmaceutical Inc. (“the Company”, CBPI, “we” “us”) was incorporated in the State of Nevada on August 18, 1988, originally under the corporate name of Solutions, Incorporated. It was inactive until August 16, 1996, when it changed its corporate name to Suarro Communications, Inc, and engaged in the business of providing internet based business services. This line of business was discontinued in 2006, and CBPI became a non-operating public company. CBPI underwent a number of corporate name changes as follows: June 1997 ComTech Consolidation Group, Inc February 1999 E-Net Corporation May 1999 E-Net Financial Corporation January 2000 E-Net.Com Corporation February 2000 E-Net Financial.Com Corporation January 2002 Anza Capital, Inc (“Anza”) June 2006 Renhuang Pharmaceuticals, Inc. October 2010 China Botanic Pharmaceutical Inc. The Company has been inactive since September 2012. On February 4, 2021 as a result of a custodianship in Clark County, Nevada, Case Number: A-20-827231-B Custodian Ventures LLC (“Custodian”) was appointed custodian of China Botanic Pharmaceutical, Inc. (the “Company”). On the same date Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors. The Company’s year-end is October 31. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP Management’s Representation of Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto at October 31, 2020 as presented in the Company’s Annual Report on Form 10-K. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. As of January 31, 2021, the Company had no cash and an accumulated deficit of $11,747,149. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Recently the Company being funded by David Lazar who extended interest-free demand loans to the Company. Historically, the Company raised capital through private placements, to finance working capital needs and may attempt to raise capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of 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. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. As of January 31, 2021 and October 31, 2020, the Company had no cash on hand. Income taxes The Company accounts for income taxes under FASB ASC 740, ”Accounting for Income Taxes” ”Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jan. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 3 – RELATED PARTY TRANSACTIONS During the three months ended January 31, 2021 the Custodian extended the Company an interest-free demand loan of $5,500 to help fund the Company’s expenses. As of January 31, 2021 and October 31, 2020, the balance of related party loans was $5,500 and $-0-, respectively. |
EQUITY
EQUITY | 3 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
EQUITY | NOTE 4 – EQUITY Common Stock The Company has authorized 100,000,000 shares of $0.001 par value, common stock. As of January 31, 2021 and October 31, 2020 there were 37,239,536 shares of Common Stock issued and outstanding. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5 – COMMITMENTS AND CONTINGENCIES The Company did not have any contractual commitments as of January 31, 2021 and October 31, 2020. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jan. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS On February 4, 2021 as a result of a custodianship in Clark County, Nevada, Case Number: A-20-827231-B Custodian Ventures LLC (“Custodian”) was appointed custodian of China Botanic Pharmaceutical, Inc. (the “Company”). On the same date Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors. On July 2, 2021 the Company issued to Custodian Ventures 1,000,000 shares of newly designated A-1 Preferred Stock for service performed and as repayment of funds loaned to the Company. Each share of A-1 Preferred Stock is convertible into 1,000 shares of common stock. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP |
Management's Representation of Interim Financial Statements | Management’s Representation of Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto at October 31, 2020 as presented in the Company’s Annual Report on Form 10-K. |
Going Concern | Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. As of January 31, 2021, the Company had no cash and an accumulated deficit of $11,747,149. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Recently the Company being funded by David Lazar who extended interest-free demand loans to the Company. Historically, the Company raised capital through private placements, to finance working capital needs and may attempt to raise capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of 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. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. As of January 31, 2021 and October 31, 2020, the Company had no cash on hand. |
Income taxes | Income taxes The Company accounts for income taxes under FASB ASC 740, ”Accounting for Income Taxes” ”Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. |
Net Loss per Share | Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jan. 31, 2021 | Oct. 31, 2020 |
Accounting Policies [Abstract] | ||
Cash | $ 0 | $ 0 |
Accumulated deficit | $ (11,747,649) | $ (11,742,149) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | |
Jan. 31, 2021 | Oct. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Related party expenses | $ 5,500 | |
Notes payable-related party | $ 5,500 | $ 0 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - $ / shares | Jan. 31, 2021 | Oct. 31, 2020 |
Equity [Abstract] | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 37,239,536 | 37,239,536 |
Common stock, shares outstanding | 37,239,536 | 37,239,536 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Jan. 31, 2021 | Oct. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Contractual commitments | $ 0 | $ 0 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - Custodian Ventures | Jul. 02, 2021shares |
Preferred stock shares issued | 1,000,000 |
Preferred stock conversion | Each share of A-1 Preferred Stock is convertible into 1,000 shares of common stock. |