Cover
Cover | 9 Months Ended |
Sep. 30, 2021shares | |
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 | 333-67318 |
Entity Registrant Name | GIVEMEPOWER CORPORATION |
Entity Central Index Key | 0001064722 |
Entity Tax Identification Number | 87-0291528 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 370 Amapola Ave. |
Entity Address, Address Line Two | Suite 200A |
Entity Address, City or Town | Torrance |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 90501 |
City Area Code | 310 |
Local Phone Number | 895-1839 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 42,724,687 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 218,707 | $ 1,630 |
Investments - trading securities | 22,113 | 91,282 |
Total Current Assets | 240,820 | 92,912 |
Property and equipment, net | 7,745 | |
Investments - real estate | 664,111 | |
Electric Vehicles Inventory | 27,271 | |
Entrepreneurship Development | 2,974,133 | |
Crypto Currency Mining Rigs | 19,200 | |
Total assets | 3,276,411 | 764,767 |
Current Liabilities: | ||
Accrued expenses | 4,542 | |
Accrued interest | 1,600 | 2,812 |
Marginal loan payable | 0 | 115 |
Line of credit - related party, current portion | 10,000 | 63,632 |
Total Current Liabilities | 11,600 | 71,102 |
Long-Term Liabilities: | ||
Notes payable - net of current portion | 903,248 | 150,000 |
Long term liabilities - related party | 1,382,374 | 540,524 |
Total Long-Term Liabilities | 2,285,622 | 690,524 |
Total Liabilities | 2,297,222 | 761,626 |
STOCKHOLDERS’ EQUITY (DEFICIT) | ||
Preferred stock, $.001 par value, 10,000,000 shares authorized, 1,000,001 issued and outstanding as at September 30, 2021 and December 31, 2020 respectively. | 1,013 | 1,013 |
Common Stock, $0.001 par value, 50,000,000 shares authorized, 42,724,687 issued and outstanding as at September 30, 2021 and December 31, 2020, respectively. | 42,725 | 42,725 |
Additional paid in capital | 6,086,520 | 6,310,814 |
Accumulated deficit | (5,151,069) | (6,351,470) |
Minority Interest | 59 | |
Total Stockholders’ Equity | 979,189 | 3,141 |
Total Liabilities and Stockholders’ Equity | $ 3,276,411 | $ 764,767 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 1,000,001 | 1,000,001 |
Preferred stock, shares outstanding | 1,000,001 | 1,000,001 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 42,724,687 | 42,724,687 |
Common stock, shares outstanding | 42,724,687 | 42,724,687 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue: | ||||
Total Revenue | $ 1,998,489 | $ 29,250 | $ 6,040,683 | $ 1,466,400 |
Cost of goods sold: | ||||
Total cost of goods sold | 1,058,853 | 10,063 | 4,858,293 | 1,362,033 |
Gross profit | 939,635 | 19,187 | 1,182,390 | 104,367 |
Operating expenses: | ||||
General and administrative | 60,233 | 22,271 | 98,349 | 128,083 |
Professional fees | 40,561 | 135,261 | ||
Advertising and promo | 85 | 1,774 | ||
Interest expense | 2,095 | 1,549 | 463 | 1,590 |
Total operating expenses | 102,973 | 23,820 | 235,847 | 129,673 |
Income (loss) from operations | 836,662 | (4,633) | 946,544 | (25,306) |
Other Income | ||||
Dividends | 0 | 62 | ||
Unrealized gain (loss) | (756,928) | (39,359) | 71 | (107,187) |
Net Income | $ 79,734 | $ (43,992) | $ 946,677 | $ (132,493) |
Earnings (loss) per Share: Basic and Diluted | $ 0.0019 | $ (0.002) | $ 0.0222 | $ (0.005) |
Weighted Average Common Shares Outstanding: Basic and Diluted | 42,724,687 | 27,724,687 | 42,724,687 | 27,724,687 |
Entrepreneurship Development [Member] | ||||
Revenue: | ||||
Total Revenue | $ 146,000 | $ 146,000 | ||
Cost of goods sold: | ||||
Total cost of goods sold | 34,100 | 34,100 | ||
Sales of Investment Under Property [Member] | ||||
Revenue: | ||||
Total Revenue | 700,385 | 1,205,000 | ||
Sales Under Trading Securities [Member] | ||||
Revenue: | ||||
Total Revenue | 1,852,489 | 29,250 | 5,194,298 | 261,400 |
Trading Securities [Member] | ||||
Cost of goods sold: | ||||
Total cost of goods sold | 859,392 | 10,063 | 2,719,477 | 182,206 |
Licensing Fees [Member] | ||||
Cost of goods sold: | ||||
Total cost of goods sold | 165,361 | 1,382,374 | ||
Property [Member] | ||||
Cost of goods sold: | ||||
Total cost of goods sold | $ 722,341 | $ 1,179,827 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance at Jun. 30, 2019 | $ 29,321 | $ 6,072,530 | $ (7,501,203) | $ (1,399,352) | ||
Balance, shares at Jun. 30, 2019 | 29,321,338 | |||||
Restructuring adjustments | $ 10 | $ (1,595) | (10) | 1,400,948 | 1,399,352 | |
Restructuring adjustments,shares | 1 | (1,596,651) | ||||
Issuances of common stock | ||||||
Issuances of preferred stock | 379 | 379 | ||||
Balance at Dec. 31, 2019 | $ 10 | $ 27,725 | 6,072,520 | (6,099,876) | 379 | |
Balance, shares at Dec. 31, 2019 | 1 | 27,724,687 | ||||
Issuances of common stock | $ 15,000 | 15,000 | 30,000 | |||
Issuances of common stock,shares | 15,000,000 | |||||
Issuances of preferred stock | $ 1,003 | (1,000) | 3 | |||
Issuances of preferred stock,shares | 1,000,000 | |||||
Acquisition of business | 224,294 | (168,614) | 55,680 | |||
Minority interest | 59 | 59 | ||||
Net income (loss) | (82,980) | (82,980) | ||||
Balance at Dec. 31, 2020 | $ 1,013 | $ 42,725 | 6,310,814 | (6,351,470) | 59 | 3,141 |
Balance, shares at Dec. 31, 2020 | 1,000,001 | 42,724,687 | ||||
Sold Cannabinoid Biosciences for $1 | (224,294) | 253,725 | (59) | 29,372 | ||
Net income (loss) | 946,676 | 946,676 | ||||
Balance at Sep. 30, 2021 | $ 1,013 | $ 42,725 | $ 6,086,520 | $ (5,151,068) | $ 979,189 | |
Balance, shares at Sep. 30, 2021 | 1,000,001 | 42,724,687 |
Statements of Stockholders' E_2
Statements of Stockholders' Equity (Unaudited) (Parenthetical) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Cost of cannabinoid biosciences sold | $ 1 |
Statements of Cashflows (Unaudi
Statements of Cashflows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
net cash used in operating activities: | ||
Net Income (Loss) | $ 946,677 | $ 49,492 |
Adjustments to reconcile net income (loss) to | ||
Inventory Asset: Trading Securities | 54,110 | (69,812) |
Depreciation | ||
Other Accrued Liabilities | (2,257) | |
Net Cash Flows Used in Operating Activities | 998,530 | (20,320) |
Cash flows from investing activities: | ||
Entrepreneurship Development | (2,974,133) | |
Payment for real estate investment | 664,111 | (321,498) |
Crypto Currency Mining Rigs | (19,200) | |
Electric Vehicles Inventory- Lingstar | (27,271) | |
Net Cash Flows from Investing Activities | (2,356,493) | (321,498) |
Cash flows from financing activities: | ||
Proceeds from issuance of marginal loan payable | 236 | |
Line of credit - short term - related party | 192,667 | 119,602 |
Long term liabilities - related party | 1,382,374 | 221,498 |
New Cash Flows from Financing Activities | 1,575,041 | 341,335 |
Net Change in Cash: | 217,078 | (483) |
Beginning cash: | 1,630 | 500 |
Ending Cash: | 218,707 | 17 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | 62 | 12 |
Cash paid for tax | 0 | $ 0 |
Supplemental Disclosures of Non-Cash Financing | ||
Shares issued to settle accounts payable | 0 | |
Shares issued to settle accruals - related parties | $ 0 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS | NOTE 1 - NATURE OF BUSINESS GiveMePower Corporation (the “GMPW,” “Company,” “we,” “us” or “our”) operates and manages a portfolio of real estate and financial services assets and operations to empower black persons in the United States through financial tools and resources. Givemepower is primarily focused on: (1) creating and empowering local black businesses in urban America; and (2) creating real estate properties and businesses in opportunity zones and other distressed neighborhood across America. The Company was incorporated under the laws of the state of, Nevada on June 7, 2001, to sell software geared to end users and developers involved in the design, manufacture, and construction of engineered products located in Canada and the United States, through its wholly owned Canadian subsidiary GiveMePower Inc. On December 31, 2019, the company sold one ( 1 100,000,000 The Company’s operating structure did not change as a result of the change of control, however, following the transaction on December 31, 2019, in which Goldstein Franklin, Inc. acquired control of the Company, Goldstein transferred one of its operating subsidiaries, Alpharidge Capital LLC into GMPW to become one of the Company’s operating subsidiaries. Alpharidge Capital LLC (“Alpharidge”) was formed under the laws of the State of California on August 30, 2019. Alpharidge has two distinct lines of businesses that comprise: (1) a specialty biopharmaceutical holding company focused on building portfolio of real estate investment properties and equity positions in select companies within select industries; and (2) an event-driven investment management operation that invests in equities, warrants, bonds and options of public and private companies in America and across the globe. Prior to the transaction, the Company sold software geared to end users and developers involved in the design, manufacture, and construction of engineered products located in Canada and the United States. On September 16, 2020, as part of its sales of unregistered securities to Kid Castle Educational Corporation, company related to, and controlled by GMPW President and CEO, the Company, for $ 3 1,000,000 100% 97% 1,000,000 On April 21, 2021, the Company sold Cannabinoid Biosciences, Inc. (“CBDX”), a California corporation, to Premier Information Management, Inc. for $ 1 100,000 900,000,000 The consolidated financial statements of the Company therefore include its wholly owned subsidiaries of Alpharidge Capital LLC. (“Alpharidge”), Community Economic Development Capital, LLC. (“CED Capital”), and subsidiaries, in which GiveMePower has a controlling voting interest and entities consolidated under the variable interest entities (“VIE”) provisions of ASC 810, “Consolidation” (“ASC 810”), after elimination of intercompany transactions and accounts. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, in which the Company has a controlling voting interest and entities consolidated under the variable interest entities (“VIE”) provisions of ASC 810, “Consolidation” (“ASC 810”). Inter-company balances and transactions have been eliminated upon consolidation. ASC 810 requires that the investor with the controlling financial interest should consolidate the investee/affiliate. ASC 810-10 requires that an equity interest investor consolidates a VIE when it retains an investment in the entity, is considered a variable interest investor in the entity, and is the primary beneficiary of the entity. An investor in a VIE is a “variable interest beneficiary” when, per an arrangement’s governing documents, the investor will absorb a portion of the VIE’s expected losses or will receive a portion of the entity’s “residual returns.” The variable interest beneficiary retaining a controlling financial interest in the VIE is designated as its “primary beneficiary” and must consolidate the VIE. A variable interest beneficiary retains a “controlling financial interest” in a VIE when that beneficiary retains the power to direct the activities of the VIE that have the greatest influence over the VIE’s economic performance and retains an obligation to absorb the VIE’s significant losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the ASC 810 test above, Kid Castle Educational Corporation is the primary beneficiary of GiveMePower Corporation (the “VIE”) because Kid Castle retained a controlling financial interest in the VIE and has the power to direct the activities of the VIE, having the greatest influence over the VIE’s economic performance and retains an obligation to absorb the VIE’s significant losses and the right to determine and receive benefits from the VIE. Because GiveMePower Corporation is 88% controlled by Kid Castle Educational Corporation, the consolidation rule requires that the Revenue, Assets and Liabilities recognized and disclosed on the financial statements of GiveMePower Corporation are also recognized and disclosed on the financial statements of Kid Castle Educational Corporation pursuant to ASC 810. Current Business and Organization - Alpharidge The Company, through its three wholly owned subsidiaries, Alpharidge Capital, LLC (“Alpharidge”), Malcom Wingate Cush Franklin LLC (“MWCF”), and Opportunity Zone Capital LLC (“OZC”), seeks to empower black persons in the United States through financial tools and resources as follows: ● Alpharidge and OZC Real estate operations – Real estate operations would consist primarily of rental real estate, affordable housing projects, opportunity zones, other property development and associated HOA activities. OZC development operations would be primarily through a real estate investment, management and development subsidiary that focuses primarily on the construction and sale of single-family and multi-family homes, lots in subdivisions and planned communities, and raw land for residential development; and ● MWCF financial empowerment – MWCF would utilize operate the tools of financial education/training, mergers and acquisitions, private equity and business lending to invest and empower young black entrepreneurs, seeding their viable business plans and ideas and creating jobs in their communities. MWCF is primarily focused on: (1) creating and empowering local black businesses in urban America; and (2) creating real estate in opportunity zones and other distressed neighborhood across America. ● Cash Management, Opportunistic and Event-Driven Investments: Alpharidge’s Entrepreneurship Development Initiative In April of 2021, Alpharidge launched its Entrepreneurship Development Initiative which entails: (1) Portfolio – acquiring OTC trading shells with stop signs and cleaning them up to become Pink Current, then merging them with emerging businesses controlled by Alpharidge-trained entrepreneurs; and (2) Custodianship – use the custodianship process in Nevada and Delaware to acquire custodianship of abandoned OTC-trading shells, clean them up to become Pink Current, then merging them with emerging businesses controlled by Alpharidge-trained entrepreneurs. On April 22, 2021, Alpharidge retained a Nevada based Attorney to petition for custodianship of Mondial Ventures, Inc. Alpharidge later lost the attempt and expensed all related cost as Professional fees – legal. On May 5, 2021, Alpharidge purchase from the open market, Labwire, Inc., (LBWR) and Waypoint Biomedical, Inc., both of which it has brought Pink Current. As at the date of this reports, Alpharidge’ Entrepreneurship Development Initiative Portfolio has bought also purchase Nano Mobile Healthcare, Inc. to make it 3 shells. The Custodianship has petitioned for MNVN, HMLA, TONR, ECMH, ABWN, FPMI, NTGL, CGUD, ICOA, SRBT, USWF, NWTT, USBC, WRMA, WWRL, HERF, NRCD, TGMR, ITRX, AFFN, UTDE, AOBI, SRCX, ADCV, DVFI, APWL, CIVX, NHLG, ILIM, CCWF, TMXN, MNDP, JPEX, SVLT, MTEI, CAMG, CDBT, ERGO, NOUV, ICNM, PRDL, OCLG, ILST and FCGD, altogether 44 petitions filed within 8 weeks. Of the 44, Alpharidge lost, walked-away, or withdrew from 9 petitions.” Cost related to the successful petitions were capitalized on the Company’s balance sheet as “Entrepreneurship Development” and those related to failed petitions were expensed in the period incurred as “Professional Fees - legal.” Current Business and Organization - CED Capital Community Economic Development Capital, LLC. (“CED Capital”), a California limited liability company, is a specialty real estate holding company for specialized assets including, affordable housing, opportunity zones properties, hemp and cannabis farms, dispensaries facilities, CBD related commercial facilities, industrial and commercial real estate, and other real estate related services. CED Capital ● Owning Specialized Real Estate Properties and Assets for Income. ● Owning Specialized Real Estate Properties and Assets for Appreciation. ● Affordable Housing. ● Preserving Financial Flexibility on the Company’s Balance Sheet. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 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 using the accrual basis of accounting in accordance with generally accepted accounting principles (“GAAP”) promulgated in the United States of America. Inter-company balances and transactions have been eliminated upon consolidation. Principles of Consolidation The Consolidated Financial Statements include the accounts of GiveMePower Corporation and all of its controlled subsidiary companies. All significant intercompany accounts and transactions have been eliminated. Investments in business entities in which the company does not have control, but it has the ability to exercise significant influence over operating and financial policies (generally 20% 50% COVID-19 Risks, Impacts and Uncertainties COVID-19 Risks, Impacts and Uncertainties — the company is subject to the risks arising from COVID-19’s impacts on the residential real estate industry. The Company’s management believes that these impacts, which include but are not limited to the following, could have a significant negative effect on its future financial position, results of operations, and cash flows: (i) prohibitions or limitations on in-person activities associated with residential real estate transactions; (ii) lack of consumer desire for in-person interactions and physical home tours; and (iii) deteriorating economic conditions, such as increased unemployment rates, recessionary conditions, lower yields on individuals’ investment portfolios, and more stringent mortgage financing conditions. In addition, the company has considered the impacts and uncertainties of COVID-19 in its use of estimates in preparation of its consolidated financial statements. These estimates include, but are not limited to, likelihood of achieving performance conditions under performance-based equity awards, net realizable value of inventory, and the fair value of reporting units and goodwill for impairment. In April 2020, following the government lockdown order, the company asked all employees to begin to work from their homes and the company also reduced the number of hours available to each of its employees by approximately by approximately 75%. These actions taken in response to the economic impact of COVID-19 on its business resulted in a reduction of productivity for the three and nine months ended September 30, 2021. All cost related to these actions are included in general and administrative expenses, as these costs were determined to be direct and incremental. Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. Negative cash balances (bank overdrafts) are reclassified on the balance sheet to “Other current liabilities.” The Company has $ 218,707 1,630 Use of Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements. Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions, we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. Acquisition, Investments and Disposition of Entities under Common Control Acquisitions or investments of entities under common control are reflected in a manner similar to pooling of interests. The non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity’s basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss (“Common Control Gains or Losses”) among non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective ownership partnership percentages. Investments Investment Transactions and Related Investment Income (Loss). Investments held by our Investment segment are carried at fair value. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method of accounting. Valuation of Investments Foreign Currency Transactions. Fair Values of Financial Instruments. Securities Sold, Not Yet Purchased. Due From Brokers. Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds’ investments in securities. Other Segments and Holding Company Investments in equity and debt securities are carried at fair value with the unrealized gains or losses reflected in the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. Dividend income is recorded when declared and interest income is recognized when earned. Stock Based Compensation ASC 718 “Compensation - Stock Compensation” which codified SFAS No. 123 prescribes accounting and reporting standards for all stock-based payments award to employees, including employee stock options, restricted stock, employee stock purchase plans and stock appreciation rights, may be classified as either equity or liabilities. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. The Company determines if a present obligation to settle the share-based payment transaction in cash or other assets exists. A present obligation to settle in cash or other assets exists if: ( a b Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50 “Equity - Based Payments to Non-Employees” “EITF 96-18”) “Accounting for Equity Instruments that are Issued to Other Than Employees for Acquiring or in Conjunction with Selling, Goods or Services.” no Sale and Repurchase of Common Stock Sales of Common Stock for Cash: We account for common stock sales for cash under the par value method. Common Stock account is credited for the number of shares sold times the par value per share, and the Paid in Capital account is credited for the remainder. Treasury Stock Repurchase: We account for repurchased common stock under the cost method and include such Treasury stock as a component of our Common shareholders’ equity. Retirement of Treasury stock is recorded as a reduction of Common stock and Additional paid-in capital at the time such retirement is approved by our Board of Directors. Receivables from Sale of Stock: Receivables from the sale of capital stock constitute unpaid capital subscriptions and are reported as deductions from stockholders’ equity, rather than as assets. However, a receivable from the sale of stock to officers or directors may be reflected as an asset if the receivable was paid in cash before the financial statements were issued and the payment date is disclosed in a note to the financial statements. Expenses of Offering: Specific incremental costs directly attributable to an offering of securities are deferred and applied to the gross proceeds of the offering through additional paid-in capital. Management salaries and other general and administrative expenses are not included in costs of an offering. Deferred costs of an aborted offering, which would include a postponement of 90 days or greater, are expensed in the period incurred. The company has no treasury stock and no receivables from sales of stock during three and nine months ended September 30, 2021 and 2020. Revenue Recognition The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, which requires that five basic steps be followed to recognize revenue: (1) a legally enforceable contract that meets criteria standards as to composition and substance is identified; (2) performance obligations relating to provision of goods or services to the customer are identified; (3) the transaction price, with consideration given to any variable, noncash, or other relevant consideration, is determined; (4) the transaction price is allocated to the performance obligations; and (5) revenue is recognized when control of goods or services is transferred to the customer with consideration given, whether that control happens over time or not. Determination of criteria (3) and (4) are based on our management’s judgments regarding the fixed nature of the selling prices of the products and services delivered and the collectability of those amounts. The adoption of ASC 606 did not result in a change to the accounting for any of the in-scope revenue streams; as such, no cumulative effect adjustment was recorded. The Company generates revenue primarily from: (1) the sale of homes/properties, (2) commissions and fees charged on each real estate services transaction closed by our lead agents or partner agents, and (3) sales of trading securities using its broker firm, less original purchase cost. Net trading revenues primarily consist of revenues from trading securities earned upon completion of trade, net of any trading fees. A trading is completed when earned and recognized at a point in time, on a trade-date basis, as the Company executes trades. The Company records trading revenue on a net basis, trading sales less original purchase cost. Net realized gains and losses from securities transactions are determined for federal income tax and financial reporting purposes on the first-in, first-out method and represent proceeds on disposition of investments less the cost basis of investments. Sale of real estate properties are recognized at the sales price/amount and the total cost (including cost of rehabilitations) associated with the property acquisition and rehabilitation are classified in Cost of Goods Sold (COGS). During three and nine months ended September 30, 2021, the Company did recognized revenue of $ 1,998,489 6,040,683 0 62 Real Estate Revenue Recognition: Revenue from real estate sales and related costs are recognized at the time of closing primarily by specific identification. We shall account for our leases as follows: (i) for operating leases, revenue is recognized on a straight line basis over the lease term and (ii) for financing leases (x) minimum lease payments to be received plus the estimated value of the property at the end of the lease are considered the gross investment in the lease and (y) unearned income, representing the difference between gross investment and actual cost of the leased property, is amortized to income over the lease term so as to produce a constant periodic rate of return on the net investment in the lease. We have no real estate sales in the three and nine months ended September 30, 2021 Alpharidge’s Entrepreneurship Development Initiative (EDI) EDI Program Summary In April of 2021, Alpharidge launched its Entrepreneurship Development Initiative which entails: (1) Portfolio – acquiring OTC trading shells with stop signs and cleaning them up to become Pink Current, then merging them with emerging businesses controlled by Alpharidge-trained entrepreneurs; and (2) Custodianship – use the custodianship process in Nevada and Delaware to acquire custodianship of abandoned OTC-trading shells, clean them up to become Pink Current, then merging them with emerging businesses controlled by Alpharidge-trained entrepreneurs. To launch its Entrepreneurship Development Initiative, Alpharidge Capital, LLC drew $ 0.9 1.5 EDI Long-Term Goals Alpharidge Capital LLC anticipates its Entrepreneurship Development to be an ongoing business. It expects to generate income and expense cost related to this line of business. Accounting and Reporting for EDI Costs are accumulated by shells as follows: (1) legal cost to petition court for custodianship of an abandoned shell; (2) State taxes and fees to revive or reinstate company into good standing; (3) payment to Transfer agents to clear outstanding balance; and (4) fees paid to consultants, SEC and OTC Market group for systems access and compliance reporting. The total expenses attracted by each custodianship or portfolio investments are itemized to the named shell/investment for better cost-recovery analysis. Total accumulated fees are expensed at the time each shell is sold. As of September 30, 2021, Alpharidge has sold two such shells and expensed the total accumulated costs related to each shell sold. The initial equity investment required by the State Statute to be eligible to seek custodianship of each target is accounted for at cost and booked into an assets account classified as “Investment Entrepreneurship Devpt.” Each of these shells is available to be sold within 12 months. As at the date of this report, Alpharidge Capital has successfully cleaned 21 of the 35 shells; paid all the most of the State’s minimum tax and fees for reinstatement and revival; cleared most of the outstanding balances with the respective shell’s Transfer Agents; brought the 21 into compliance with the minimum reporting requirements using the alternative reporting systems available through the OTC Market Groups systems. The remaining 14 are waiting for access to the Edgar filing systems to start making necessary report available to meet the requirements. Of those 21, Alpharidge Capital has executed definite agreements to sell two of the shells for profit. In addition, except for minor disagreements of a unique merger clause that is of particular interest to Alpharidge, agreements for the sale of additional three shells are almost complete. Alpharidge is also incompliance with the Nevada court custodianship process reporting requirements. As of September 30, 2021, total value of Investment – Entrepreneurship Development was $ 2,974,133 0.3 1.4 0.7 0.5 Comprehensive Income The Company adopted SFAS No. 130, “Reporting Comprehensive Income,” which requires that an enterprise report, by major components and as a single total, the changes in equity. The other comprehensive income items result from mark-to-market analysis of the company’s Marketable Securities. The company has zero Selling, General and Administrative Expenses Selling, general and administrative expenses include general operating expenses, costs incurred for activities which serve securing sales, administrative and advertising expenses. Disputed Liabilities The Company is involved in a variety of disputes, claims, and proceedings concerning its business operations and certain liabilities. We determine whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. We assess our potential liability by analyzing our litigation and regulatory matters using available information. We develop our views on estimated losses in consultation with outside counsel handling our defense in these matters, which involves an analysis of potential results, assuming a combination of litigation and settlement strategies. Should developments in any of these matters cause a change in our determination as to an unfavorable outcome and result in the need to recognize a material accrual, or should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on our results of operations, cash flows and financial position in the period or periods in which such change in determination, judgment or settlement occurs. As of September 30, 2021 and 2020, the Company has $ 0 Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, “Accounting for Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is “more likely than not” that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. As of January 1, 2021, the Company had analyzed its filing positions in each of the federal and state jurisdictions that required the filing of income tax returns, as well as all open tax years in these jurisdictions. The U.S. federal and California are identified as the “major” tax jurisdictions. Generally, the Company remains subject to Internal Revenue Service and California Franchise Board examination of our 2018 through 2020 Tax Returns. However, the Company has certain tax attribute carry forwards, which will remain subject to review and adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes are utilized. Management believed that the income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to the financial position. Therefore, no reserves for uncertain income tax position have been recorded pursuant to ASC 740. In addition, the Company not record a cumulative effect adjustment related to the adoption of ASC 740. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. Property and Equipment Property and equipment are stated at cost and consist solely of computer equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the related assets and starts when the asset is available for use as intended by management. When significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate components of property, plant and equipment. Land is not depreciated. The useful lives of tangible fixed assets are as follows: SCHEDULE OF USEFUL LIVES OF TANGIBLE FIXED ASSETS ● Buildings 33 50 ● Permanent installations 3 25 ● Machinery and equipment 3 14 ● Furniture, fixtures, equipment and vehicles 5 10 ● Leasehold improvements Over the term of the lease Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within “Other operating income” or “Other operating expenses” in the income statement. Residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. As of September 30, 2021 the company has little property, equipment and one Crypto Currency mining rig. Earnings (Loss) per Share The Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the annual and interim income statement and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic loss per share is computed by dividing Net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. The Company’s dilutive loss per share is computed by taking basic EPS and adjusting for the assumed issuance of all potentially dilutive securities such as options, warrants, share-based payments, convertible debt and convertible preferred stock for each period since they were issued. This is calculated by dividing Net income available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. On December 31, 2019, the company sold to Goldstein Franklin, Inc., a California corporation, one (1) Special 2019 series A preferred share (one preferred share is convertible 100,000,000 the Company sold 1,000,000 100% no A basic earnings per share is computed by dividing net income to common stockholders by the weighted average number of shares outstanding for the year. Dilutive earnings per share include the effect of any potentially dilutive debt or equity under the treasury stock method, if including such instruments is dilutive. The Company’s diluted earnings (loss) per share is the same as the basic earnings/loss per share for the period three and nine months ended September 30, 2021, as there are no potential shares outstanding that would have a dilutive effect. SCHEDULE OF EARNINGS (LOSS) PER SHARE Three months ended September 30, 2021 Nine months ended September 30, 2021 Net income $ 79,734 $ 946,677 Dividends $ 62 Adjusted Net income attribution to stockholders $ 79,734 $ 946,677 Weighted-average shares of common stock outstanding Basic and Diluted 42,724,687 42,724,687 Net income per share Basic and Diluted $ 0.0019 $ 0.0222 Accumulated Deficit As of September 30, 2021 and December 31, 2020, the Company has accumulated deficit of $ 5,151,069 6,351,470 Concentrations of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. The Company maintains cash balances at financial institutions within the United States which are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to limits of approximately $ 250,000 Fair Value of Financial Instruments The Company’s financial instruments as defined by FASB ASC 825, “Financial Instruments” Financial Instruments FASB ASC 820 “Fair Value Measurements and Disclosures” ● Level 1. Observable inputs such as quoted prices in active markets; ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ● Level 3. Unobservable inputs in which there is little or no market data, which requires the reporting entity to develop its own assumptions. The Company’s financial instruments consisted of cash, accounts payable and accrued liabilities, and line of credit. The estimated fair value of cash, accounts payable and accrued liabilities, due to or from affiliated companies, and notes payable approximates its carrying amount due to the short maturity of these instruments. Investment Investments and securities purchased, not yet sold consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed below in “Financial Instruments.” Investment Securities (Trading): Financial Instruments In the normal course of business, the Investment Funds may trade various financial instruments and enter into certain investment activities, which may give rise to off-balance-sheet risks, with the objective of capital appreciation or as economic hedges against other securities or the market as a whole. The Investment Funds’ investments may include futures, options, swaps and securities sold, not yet purchased. These financial instruments represent future commitments to purchase or sell other financial instruments or to exchange an amount of cash based on the change in an underlying instrument at specific terms at specified future dates. Risks arise with these financial instruments from potential counterparty non-performance and from changes in the market values of underlying instruments. Credit concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment Funds routinely execute transactions with counterparties in the financial services industry, resulting in credit concentration with respect to the financial services industry. In the ordinary course of business, the Investment Funds may also be subject to a concentration of credit risk to a particular counterparty. The Investment Funds seek to mitigate these risks by actively monitoring exposures, collateral requirements and the creditworthiness of its counterparties. The Investment Funds have entered into various types of swap contracts with other counterparties. These agreements provide that they are entitled to receive or are obligated to pay in cash an amount equal to the increase or decrease, respectively, in the value of the underlying shares, debt and other instruments that are the subject of the contracts, during the period from inception of the applicable agreement to its expiration. In addition, pursuant to the terms of such agreements, they are entitled to receive or obligated to pay other amounts, including interest, dividends and other distributions made in respect of the underlying shares, debt and other instruments during the specified time frame. They are also required to pay to the counterparty a floating interest rate equal to the product of the notional amount multiplied by an agreed-upon rate, and they receive interest on any cash collateral that they post to the counterparty at the federal funds or LIBOR rate in effect for such period. The Investment Funds may trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of a standardized amount of a deliverable grade commodity, security, currency or cash at a specified price and specified future date unless the contract is closed before the delivery date. Payments (or variation margin) are made or received by the Investment Funds each day, depending on the daily fluctuations in the value of the contract, and the whole value change is recorded as an unrealized gain or loss by the Investment Funds. When the contract is closed, the Investment Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Investment Funds may utilize forward contracts to seek to protect their assets denominated in foreign currencies and precious metals holdings from losses due to fluctuations in foreign exchange rates and spot rates. The Investment Funds’ exposure to credit risk associated with non-performance of such forward contracts is limited to the unrealized gains or losses inherent in such contracts, which are recognized in other assets and accrued expenses and other liabilities in our consolidated balance sheets. The Investment Funds may also enter into foreign currency contracts for purposes other than hedging denominated securities. When entering into a foreign currency forward contract, the Investment Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date unless the contract is closed before such date. The Investment Funds record unrealized gains or losses on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into such contracts and the forward rates at the reporting date. Furthermore, the Investment Funds may also purchase and write option contracts. As a writer of option contracts, the Investment Funds receive a premium at the outset and then bear the market risk of unfavorable changes in the price of the underlying financial instrument. As a result of writing option contracts, the Investment Funds are obligated to purchase or sell, at the holder’s option, the underlying financial instrument. Accordingly, these transactions result in off-balance-sheet risk, as the Investment Funds’ satisfaction of the obligations may exceed the amount recognized in our consolidated balance sheets. Certain terms of the Investment Funds’ contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate paymen |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 3 - INCOME TAXES As of September 30, 2021 and December 31, 2020, the Company had a net operating loss carry forward of $ 2,013,928 2,445,316 38.5% The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences for the periods presented are as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION Percent 30-Sep-21 31-Dec-20 Federal statutory rates 34 % $ (1,751,363 ) $ (2,159,500 ) State income taxes 5 % (257,553 ) (317,573 ) Permanent differences -0.5 % 25,755 31,757 Valuation allowance against net deferred tax assets -38.5 % 1,983,161 2,445,316 Effective rate 0 % $ - $ - At September 30, 2021 and December 31, 2020, the significant components of the deferred tax assets are summarized below: SCHEDULE OF DEFERRED TAX ASSETS 30-Jun-21 31-Dec-20 Deferred income tax asset Net operation loss carryforwards 5,151,069 6,351,470 Total deferred income tax asset 1,983,161 2,445,316 Less: valuation allowance (1,983,161 ) (2,445,316 ) Total deferred income tax asset $ - $ - Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carry-forwards are expected to be available to reduce taxable income. Due to the change in ownership provisions of the Income Tax laws of the United States, the 2021 and December 31, 2020 net operating loss carry forwards of approximately $ 1,983,161 2,445,316 |
RECENTLY ACCOUNTING PRONOUNCEME
RECENTLY ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ACCOUNTING PRONOUNCEMENTS | NOTE 4 – RECENTLY ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Standards Lease Accounting Standards Updates In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases Other Accounting Standards Updates In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities Receivables-Nonrefundable Fees and Other Costs In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, Income Statement - Reporting Comprehensive Income Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments Financial Instruments Targeted Transition Relief In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements Fair Value Measurements In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract Intangibles-Goodwill and Other-Internal-Use Software In August 2014, the FASB issued ASU 2014-15 on “ Presentation of Financial Statements Going Concern Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In January 2013, the FASB issued ASU No. 2013-01, “ Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. Disclosures about Offsetting Assets and Liabilities In February 2013, the FASB issued ASU No. 2013-02, “ Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income In February 2013, the Financial Accounting Standards Board, or FASB, issued ASU No. 2013-04, “ Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation Is Fixed at the Reporting Date. In March 2013, the FASB issued ASU No. 2013-05, “ Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity In March 2013, the FASB issued ASU 2013-07, “ Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. We have reviewed all the recently issued, but not yet effective, accounting pronouncements. Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 5 - STOCKHOLDERS’ EQUITY The Company is authorized to issue 50,000,000 0.001 10,000,000 0.001 As of September 30, 2021 and 2020, there were 42,724,687 1,000,001 1 Minority Interest Noncontrolling interests in consolidated subsidiaries in the consolidated balance sheets represent minority stockholders’ proportionate share of the equity (deficit) in such subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. As at September 30, 2021, minority shareholders’ proportionate share of the entity is three (3) percent and reflected in the equity section of the balance sheet. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 6 – GOING CONCERN The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. As at September 30, 2021, the Company has sufficient capital to sustain its operation for the next 24 months. Management intends to focus on raising additional funds for the following months and quarters going forward. We cannot provide any assurance or guarantee that we will be able to generate significant revenues. Potential investors must be aware that if the Company were unable to raise additional funds through its operation and the sale of our common stock and generate sufficient revenues, any investment made into the Company could be lost in its entirety. The Company has net has accumulated deficit for the years ended September 30, 2021 and December 31, 2020 of $ 5,151,069 6,351,470 |
LONG TERM LOAN
LONG TERM LOAN | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
LONG TERM LOAN | NOTE 7 – LONG TERM LOAN As at September 30, 2021, the Company has only related party long term loan, which is discussed in Note 9 under Related Parties Line of Credit. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 8 - RELATED PARTY TRANSACTIONS The managing member, CEO and director of the Company is involved in other business activities and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available, he may face a conflict in selecting between the Company and his other business interests. The Company is formulating a policy for the resolution of such conflicts. The Company had the following related party transactions: ● Line of Credit – On September 15, 2019, the Company entered into a line of credit agreement in the amount of $ 41,200 February 15, 2020 190,000 September 14, 2022 0% ● Line of credit - On May 5, 2020, the Company entered into a line of credit agreement in the amount of $ 1,500,000 May 4, 2025 0% 903,248 ● Long-term liabilities – Effective December 31, 2020, Alpharidge Capital LLC entered a proprietary model licensing agreement, pursuant it would pay certain percent of such revenue generated by designated activities to Poverty Solutions Inc. As at September 30, 2021, pursuant to the agreement, the Company has accrued a total of $ 1,382,374 11.70% The company’s principal shareholder has advanced the Company most of the money it uses to fund working capital expenses. This advance is unsecured and does not carry an interest rate or repayment terms. As of September 30, 2021 and December 31, 2020, the Company has $ 903,248 540,524 The Company does not own any property. It currently shares a leased office with two other organizations that are affiliated to its principal shareholder at 370 Amapola Ave., Suite 200A, Torrance, California 90501. Its principal shareholder and seasonal staff use this location. The approximate cost of the shared office space varies between $ 650 850 |
LINE OF CREDIT _ RELATED PARTY
LINE OF CREDIT – RELATED PARTY | 9 Months Ended |
Sep. 30, 2021 | |
Line Of Credit Related Party | |
LINE OF CREDIT – RELATED PARTY | NOTE 9 – LINE OF CREDIT – RELATED PARTY The Company considers its founders, managing directors, employees, significant shareholders, and the portfolio Companies to be affiliates. In addition, companies controlled by any of the above named is also classified as affiliates. Line of credit from related party consisted of the following: SCHEDULE OF LINE OF CREDIT RELATED PARTY September 30, 2021 December 31, 2020 September 2019 (line of credit) Line of credit with maturity date of September 14, 2022 0% $ 0 $ 63,632 May 20, 2020 (line of credit) May 4, 2025 0% 903,248 540,524 Total Line of credit - related party 903,248 604,156 Less: current portion (63,632 ) Total Long-term Line of credit - related party $ 903,248 $ 540,524 Goldstein Franklin, Inc. - $190,000 line of credit On February 28, 2020, the Company amended its line of credit agreement to increase it to the amount of $ 190,000 September 14, 2022 0% 0 Los Angeles Community Capital - $1,500,000 line of credit On May 5, 2020, the Company amended its line of credit agreement to increase it to the amount of $ 1,500,000 May 4, 2025 0% Other accrued liabilities entail licensing fees owned to Poverty Solutions, Inc., a control entity. The related party is a California nonprofit corporation that specialized in developing and deploying programs that help low-income persons and families to divest poverty, through affordable housing, real estate development, financial capability training, venture capital initiatives, private equity operations, and algorithmic trading models designs. The transaction is arm-length and 20/80 distribution is standard practice in the hedge-fund and private-equity industry. |
INVESTMENT PROPERTY
INVESTMENT PROPERTY | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
INVESTMENT PROPERTY | 10. SALES – INVESTMENT PROPERTY Sales and other disposition of properties from Real Estate Investments holdings: SCHEDULE OF REAL ESTATE INVESTMENTS SALES Dispositions 30-Sep-21 31-Dec-20 Description Sales - Investment property $ 700,385 $ 1,205,000 Cost: Closing costs (11,522 ) Commissions Paid (35,019 ) (60,645 ) Developer Fees (95,750 ) Escrow & Title (3,617 ) (6,714 ) Investment property sold (674,846 ) (917,825 ) Mortgage Payoff (51,879 ) Property Taxes (1,386 ) (20,064 ) Recording Charges (4,213 ) (7,048 ) Seller Credit (8,380 ) Miscellaneous Debits/Credits (3,261 ) (8,380 ) Total costs (722,341 ) (1,179,827 ) Gain on real estate investment sales $ (21,956 ) $ 25,173 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 11 – COMMITMENTS AND CONTINGENCIES The Company has no real property and do not presently owned any interests in real estate. 30% of the total office space was allocated for its office use and the rent would be shared with two other related organizations controlled by the director. At present, there is no written lease with the landlord and the rent is on a month-to-month basis. The Company’s executive, administrative and operating offices are located at 370 Amapola Ave., Suite 200A, Torrance, California 90501. Its principal shareholder and seasonal staff use this location. The approximate cost of the shared office space varies between $ 650 850 7,800 7,800 From time to time, the Company may be involved in certain legal actions and claims arising in the normal course of business. Management is of the opinion that such matters will be resolved without material effect on the Company’s financial condition or results of operations. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12 – SUBSEQUENT EVENTS In accordance with ASC 855, Subsequent Events Management has reviewed subsequent events through November 10, 2021, the date at which Financial Statements were issued, and determined there were no other items to disclose. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared using the accrual basis of accounting in accordance with generally accepted accounting principles (“GAAP”) promulgated in the United States of America. Inter-company balances and transactions have been eliminated upon consolidation. |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of GiveMePower Corporation and all of its controlled subsidiary companies. All significant intercompany accounts and transactions have been eliminated. Investments in business entities in which the company does not have control, but it has the ability to exercise significant influence over operating and financial policies (generally 20% 50% |
COVID-19 Risks, Impacts and Uncertainties | COVID-19 Risks, Impacts and Uncertainties COVID-19 Risks, Impacts and Uncertainties — the company is subject to the risks arising from COVID-19’s impacts on the residential real estate industry. The Company’s management believes that these impacts, which include but are not limited to the following, could have a significant negative effect on its future financial position, results of operations, and cash flows: (i) prohibitions or limitations on in-person activities associated with residential real estate transactions; (ii) lack of consumer desire for in-person interactions and physical home tours; and (iii) deteriorating economic conditions, such as increased unemployment rates, recessionary conditions, lower yields on individuals’ investment portfolios, and more stringent mortgage financing conditions. In addition, the company has considered the impacts and uncertainties of COVID-19 in its use of estimates in preparation of its consolidated financial statements. These estimates include, but are not limited to, likelihood of achieving performance conditions under performance-based equity awards, net realizable value of inventory, and the fair value of reporting units and goodwill for impairment. In April 2020, following the government lockdown order, the company asked all employees to begin to work from their homes and the company also reduced the number of hours available to each of its employees by approximately by approximately 75%. These actions taken in response to the economic impact of COVID-19 on its business resulted in a reduction of productivity for the three and nine months ended September 30, 2021. All cost related to these actions are included in general and administrative expenses, as these costs were determined to be direct and incremental. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. Negative cash balances (bank overdrafts) are reclassified on the balance sheet to “Other current liabilities.” The Company has $ 218,707 1,630 |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements. |
Acquisitions of Businesses | Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions, we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. |
Acquisition, Investments and Disposition of Entities under Common Control | Acquisition, Investments and Disposition of Entities under Common Control Acquisitions or investments of entities under common control are reflected in a manner similar to pooling of interests. The non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity’s basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss (“Common Control Gains or Losses”) among non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective ownership partnership percentages. |
Investments | Investments Investment Transactions and Related Investment Income (Loss). Investments held by our Investment segment are carried at fair value. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method of accounting. Valuation of Investments Foreign Currency Transactions. Fair Values of Financial Instruments. Securities Sold, Not Yet Purchased. Due From Brokers. Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds’ investments in securities. Other Segments and Holding Company Investments in equity and debt securities are carried at fair value with the unrealized gains or losses reflected in the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. Dividend income is recorded when declared and interest income is recognized when earned. |
Stock Based Compensation | Stock Based Compensation ASC 718 “Compensation - Stock Compensation” which codified SFAS No. 123 prescribes accounting and reporting standards for all stock-based payments award to employees, including employee stock options, restricted stock, employee stock purchase plans and stock appreciation rights, may be classified as either equity or liabilities. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. The Company determines if a present obligation to settle the share-based payment transaction in cash or other assets exists. A present obligation to settle in cash or other assets exists if: ( a b Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50 “Equity - Based Payments to Non-Employees” “EITF 96-18”) “Accounting for Equity Instruments that are Issued to Other Than Employees for Acquiring or in Conjunction with Selling, Goods or Services.” no |
Sale and Repurchase of Common Stock | Sale and Repurchase of Common Stock Sales of Common Stock for Cash: We account for common stock sales for cash under the par value method. Common Stock account is credited for the number of shares sold times the par value per share, and the Paid in Capital account is credited for the remainder. Treasury Stock Repurchase: We account for repurchased common stock under the cost method and include such Treasury stock as a component of our Common shareholders’ equity. Retirement of Treasury stock is recorded as a reduction of Common stock and Additional paid-in capital at the time such retirement is approved by our Board of Directors. Receivables from Sale of Stock: Receivables from the sale of capital stock constitute unpaid capital subscriptions and are reported as deductions from stockholders’ equity, rather than as assets. However, a receivable from the sale of stock to officers or directors may be reflected as an asset if the receivable was paid in cash before the financial statements were issued and the payment date is disclosed in a note to the financial statements. Expenses of Offering: Specific incremental costs directly attributable to an offering of securities are deferred and applied to the gross proceeds of the offering through additional paid-in capital. Management salaries and other general and administrative expenses are not included in costs of an offering. Deferred costs of an aborted offering, which would include a postponement of 90 days or greater, are expensed in the period incurred. The company has no treasury stock and no receivables from sales of stock during three and nine months ended September 30, 2021 and 2020. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, which requires that five basic steps be followed to recognize revenue: (1) a legally enforceable contract that meets criteria standards as to composition and substance is identified; (2) performance obligations relating to provision of goods or services to the customer are identified; (3) the transaction price, with consideration given to any variable, noncash, or other relevant consideration, is determined; (4) the transaction price is allocated to the performance obligations; and (5) revenue is recognized when control of goods or services is transferred to the customer with consideration given, whether that control happens over time or not. Determination of criteria (3) and (4) are based on our management’s judgments regarding the fixed nature of the selling prices of the products and services delivered and the collectability of those amounts. The adoption of ASC 606 did not result in a change to the accounting for any of the in-scope revenue streams; as such, no cumulative effect adjustment was recorded. The Company generates revenue primarily from: (1) the sale of homes/properties, (2) commissions and fees charged on each real estate services transaction closed by our lead agents or partner agents, and (3) sales of trading securities using its broker firm, less original purchase cost. Net trading revenues primarily consist of revenues from trading securities earned upon completion of trade, net of any trading fees. A trading is completed when earned and recognized at a point in time, on a trade-date basis, as the Company executes trades. The Company records trading revenue on a net basis, trading sales less original purchase cost. Net realized gains and losses from securities transactions are determined for federal income tax and financial reporting purposes on the first-in, first-out method and represent proceeds on disposition of investments less the cost basis of investments. Sale of real estate properties are recognized at the sales price/amount and the total cost (including cost of rehabilitations) associated with the property acquisition and rehabilitation are classified in Cost of Goods Sold (COGS). During three and nine months ended September 30, 2021, the Company did recognized revenue of $ 1,998,489 6,040,683 0 62 Real Estate Revenue Recognition: Revenue from real estate sales and related costs are recognized at the time of closing primarily by specific identification. We shall account for our leases as follows: (i) for operating leases, revenue is recognized on a straight line basis over the lease term and (ii) for financing leases (x) minimum lease payments to be received plus the estimated value of the property at the end of the lease are considered the gross investment in the lease and (y) unearned income, representing the difference between gross investment and actual cost of the leased property, is amortized to income over the lease term so as to produce a constant periodic rate of return on the net investment in the lease. We have no real estate sales in the three and nine months ended September 30, 2021 |
Alpharidge’s Entrepreneurship Development Initiative (EDI) | Alpharidge’s Entrepreneurship Development Initiative (EDI) EDI Program Summary In April of 2021, Alpharidge launched its Entrepreneurship Development Initiative which entails: (1) Portfolio – acquiring OTC trading shells with stop signs and cleaning them up to become Pink Current, then merging them with emerging businesses controlled by Alpharidge-trained entrepreneurs; and (2) Custodianship – use the custodianship process in Nevada and Delaware to acquire custodianship of abandoned OTC-trading shells, clean them up to become Pink Current, then merging them with emerging businesses controlled by Alpharidge-trained entrepreneurs. To launch its Entrepreneurship Development Initiative, Alpharidge Capital, LLC drew $ 0.9 1.5 EDI Long-Term Goals Alpharidge Capital LLC anticipates its Entrepreneurship Development to be an ongoing business. It expects to generate income and expense cost related to this line of business. Accounting and Reporting for EDI Costs are accumulated by shells as follows: (1) legal cost to petition court for custodianship of an abandoned shell; (2) State taxes and fees to revive or reinstate company into good standing; (3) payment to Transfer agents to clear outstanding balance; and (4) fees paid to consultants, SEC and OTC Market group for systems access and compliance reporting. The total expenses attracted by each custodianship or portfolio investments are itemized to the named shell/investment for better cost-recovery analysis. Total accumulated fees are expensed at the time each shell is sold. As of September 30, 2021, Alpharidge has sold two such shells and expensed the total accumulated costs related to each shell sold. The initial equity investment required by the State Statute to be eligible to seek custodianship of each target is accounted for at cost and booked into an assets account classified as “Investment Entrepreneurship Devpt.” Each of these shells is available to be sold within 12 months. As at the date of this report, Alpharidge Capital has successfully cleaned 21 of the 35 shells; paid all the most of the State’s minimum tax and fees for reinstatement and revival; cleared most of the outstanding balances with the respective shell’s Transfer Agents; brought the 21 into compliance with the minimum reporting requirements using the alternative reporting systems available through the OTC Market Groups systems. The remaining 14 are waiting for access to the Edgar filing systems to start making necessary report available to meet the requirements. Of those 21, Alpharidge Capital has executed definite agreements to sell two of the shells for profit. In addition, except for minor disagreements of a unique merger clause that is of particular interest to Alpharidge, agreements for the sale of additional three shells are almost complete. Alpharidge is also incompliance with the Nevada court custodianship process reporting requirements. As of September 30, 2021, total value of Investment – Entrepreneurship Development was $ 2,974,133 0.3 1.4 0.7 0.5 |
Comprehensive Income | Comprehensive Income The Company adopted SFAS No. 130, “Reporting Comprehensive Income,” which requires that an enterprise report, by major components and as a single total, the changes in equity. The other comprehensive income items result from mark-to-market analysis of the company’s Marketable Securities. The company has zero |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses include general operating expenses, costs incurred for activities which serve securing sales, administrative and advertising expenses. |
Disputed Liabilities | Disputed Liabilities The Company is involved in a variety of disputes, claims, and proceedings concerning its business operations and certain liabilities. We determine whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. We assess our potential liability by analyzing our litigation and regulatory matters using available information. We develop our views on estimated losses in consultation with outside counsel handling our defense in these matters, which involves an analysis of potential results, assuming a combination of litigation and settlement strategies. Should developments in any of these matters cause a change in our determination as to an unfavorable outcome and result in the need to recognize a material accrual, or should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on our results of operations, cash flows and financial position in the period or periods in which such change in determination, judgment or settlement occurs. As of September 30, 2021 and 2020, the Company has $ 0 |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, “Accounting for Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is “more likely than not” that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. As of January 1, 2021, the Company had analyzed its filing positions in each of the federal and state jurisdictions that required the filing of income tax returns, as well as all open tax years in these jurisdictions. The U.S. federal and California are identified as the “major” tax jurisdictions. Generally, the Company remains subject to Internal Revenue Service and California Franchise Board examination of our 2018 through 2020 Tax Returns. However, the Company has certain tax attribute carry forwards, which will remain subject to review and adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes are utilized. Management believed that the income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to the financial position. Therefore, no reserves for uncertain income tax position have been recorded pursuant to ASC 740. In addition, the Company not record a cumulative effect adjustment related to the adoption of ASC 740. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and consist solely of computer equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the related assets and starts when the asset is available for use as intended by management. When significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate components of property, plant and equipment. Land is not depreciated. The useful lives of tangible fixed assets are as follows: SCHEDULE OF USEFUL LIVES OF TANGIBLE FIXED ASSETS ● Buildings 33 50 ● Permanent installations 3 25 ● Machinery and equipment 3 14 ● Furniture, fixtures, equipment and vehicles 5 10 ● Leasehold improvements Over the term of the lease Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within “Other operating income” or “Other operating expenses” in the income statement. Residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. As of September 30, 2021 the company has little property, equipment and one Crypto Currency mining rig. |
Earnings (Loss) per Share | Earnings (Loss) per Share The Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the annual and interim income statement and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic loss per share is computed by dividing Net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. The Company’s dilutive loss per share is computed by taking basic EPS and adjusting for the assumed issuance of all potentially dilutive securities such as options, warrants, share-based payments, convertible debt and convertible preferred stock for each period since they were issued. This is calculated by dividing Net income available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. On December 31, 2019, the company sold to Goldstein Franklin, Inc., a California corporation, one (1) Special 2019 series A preferred share (one preferred share is convertible 100,000,000 the Company sold 1,000,000 100% no A basic earnings per share is computed by dividing net income to common stockholders by the weighted average number of shares outstanding for the year. Dilutive earnings per share include the effect of any potentially dilutive debt or equity under the treasury stock method, if including such instruments is dilutive. The Company’s diluted earnings (loss) per share is the same as the basic earnings/loss per share for the period three and nine months ended September 30, 2021, as there are no potential shares outstanding that would have a dilutive effect. SCHEDULE OF EARNINGS (LOSS) PER SHARE Three months ended September 30, 2021 Nine months ended September 30, 2021 Net income $ 79,734 $ 946,677 Dividends $ 62 Adjusted Net income attribution to stockholders $ 79,734 $ 946,677 Weighted-average shares of common stock outstanding Basic and Diluted 42,724,687 42,724,687 Net income per share Basic and Diluted $ 0.0019 $ 0.0222 |
Accumulated Deficit | Accumulated Deficit As of September 30, 2021 and December 31, 2020, the Company has accumulated deficit of $ 5,151,069 6,351,470 |
Concentrations of Credit Risk | Concentrations of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. The Company maintains cash balances at financial institutions within the United States which are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to limits of approximately $ 250,000 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments as defined by FASB ASC 825, “Financial Instruments” Financial Instruments FASB ASC 820 “Fair Value Measurements and Disclosures” ● Level 1. Observable inputs such as quoted prices in active markets; ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ● Level 3. Unobservable inputs in which there is little or no market data, which requires the reporting entity to develop its own assumptions. The Company’s financial instruments consisted of cash, accounts payable and accrued liabilities, and line of credit. The estimated fair value of cash, accounts payable and accrued liabilities, due to or from affiliated companies, and notes payable approximates its carrying amount due to the short maturity of these instruments. |
Investment | Investment Investments and securities purchased, not yet sold consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed below in “Financial Instruments.” Investment Securities (Trading): |
Financial Instruments | Financial Instruments In the normal course of business, the Investment Funds may trade various financial instruments and enter into certain investment activities, which may give rise to off-balance-sheet risks, with the objective of capital appreciation or as economic hedges against other securities or the market as a whole. The Investment Funds’ investments may include futures, options, swaps and securities sold, not yet purchased. These financial instruments represent future commitments to purchase or sell other financial instruments or to exchange an amount of cash based on the change in an underlying instrument at specific terms at specified future dates. Risks arise with these financial instruments from potential counterparty non-performance and from changes in the market values of underlying instruments. Credit concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment Funds routinely execute transactions with counterparties in the financial services industry, resulting in credit concentration with respect to the financial services industry. In the ordinary course of business, the Investment Funds may also be subject to a concentration of credit risk to a particular counterparty. The Investment Funds seek to mitigate these risks by actively monitoring exposures, collateral requirements and the creditworthiness of its counterparties. The Investment Funds have entered into various types of swap contracts with other counterparties. These agreements provide that they are entitled to receive or are obligated to pay in cash an amount equal to the increase or decrease, respectively, in the value of the underlying shares, debt and other instruments that are the subject of the contracts, during the period from inception of the applicable agreement to its expiration. In addition, pursuant to the terms of such agreements, they are entitled to receive or obligated to pay other amounts, including interest, dividends and other distributions made in respect of the underlying shares, debt and other instruments during the specified time frame. They are also required to pay to the counterparty a floating interest rate equal to the product of the notional amount multiplied by an agreed-upon rate, and they receive interest on any cash collateral that they post to the counterparty at the federal funds or LIBOR rate in effect for such period. The Investment Funds may trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of a standardized amount of a deliverable grade commodity, security, currency or cash at a specified price and specified future date unless the contract is closed before the delivery date. Payments (or variation margin) are made or received by the Investment Funds each day, depending on the daily fluctuations in the value of the contract, and the whole value change is recorded as an unrealized gain or loss by the Investment Funds. When the contract is closed, the Investment Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Investment Funds may utilize forward contracts to seek to protect their assets denominated in foreign currencies and precious metals holdings from losses due to fluctuations in foreign exchange rates and spot rates. The Investment Funds’ exposure to credit risk associated with non-performance of such forward contracts is limited to the unrealized gains or losses inherent in such contracts, which are recognized in other assets and accrued expenses and other liabilities in our consolidated balance sheets. The Investment Funds may also enter into foreign currency contracts for purposes other than hedging denominated securities. When entering into a foreign currency forward contract, the Investment Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date unless the contract is closed before such date. The Investment Funds record unrealized gains or losses on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into such contracts and the forward rates at the reporting date. Furthermore, the Investment Funds may also purchase and write option contracts. As a writer of option contracts, the Investment Funds receive a premium at the outset and then bear the market risk of unfavorable changes in the price of the underlying financial instrument. As a result of writing option contracts, the Investment Funds are obligated to purchase or sell, at the holder’s option, the underlying financial instrument. Accordingly, these transactions result in off-balance-sheet risk, as the Investment Funds’ satisfaction of the obligations may exceed the amount recognized in our consolidated balance sheets. Certain terms of the Investment Funds’ contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. |
Derivatives | Derivatives From time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 6, “Financial Instruments.” |
Marginal Loan Payable | Marginal Loan Payable The Company entered into a marginal loan agreement as part of its new trading account process in 2019 with brokerage firms, the Company’s brokerage to continue the purchase of securities and to fund the underfunded balance. The marginal loan payable bears interest at 0% 0 |
Leases | Leases As discussed below, on January 1, 2019, we adopted FASB ASC Topic 842, Leases, using the modified retrospective approach, which does not require the application of this Topic to periods prior to January 1, 2019. The application of this Topic requires the recognition of right-of-use assets and related lease liabilities on the balance sheet for operating leases in which we are the lessee beginning in 2019. Financing leases under current U.S. GAAP are classified and accounted for in substantially the same manner as capital leases under prior U.S. GAAP and therefore, we do not distinguish between financing leases and capital leases unless the context requires. The determination of whether an arrangement is or contains a lease occurs at inception. We account for arrangements that contain lease and non-lease components as a single lease component for all classes of underlying assets. The Company does not have operating and financing leases as of September 30, 2021. The adoption of ASC 842 did not materially impact our results of operations, cash flows, or presentation thereof. All Segments and Holding Company Leases are classified as either operating or financing by the lessee depending on whether or not the lease terms provide for control of the underlying asset to be transferred to the lessee. When control transfers to the lessee, we classify the lease as a financing lease. All other leases are recorded as operating leases. Effective January 1, 2019, for all leases with an initial lease term in excess of twelve months, we record a right-of-use asset with a corresponding liability in the consolidated balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at commencement of the lease based on the present value of the lease payments over the lease term. Right-of-use assets are adjusted for any lease payments made on or before commencement of the lease, less any lease incentives received. As most of our leases do not provide an implicit rate, we use the incremental borrowing rate with respect to each of our businesses based on the information available at commencement of the lease in determining the present value of lease payments. We use the implicit rate when readily determinable. The lease terms used in the determination of our right-of-use assets and lease liabilities reflect any options to extend or terminate the lease when it is reasonably certain that we will exercise such option. We and our subsidiaries, independently of each other, apply a portfolio approach to account for the right-of-use assets and lease liabilities when we or our subsidiaries do not believe that applying the portfolio approach would be materially different from accounting for right-of-use assets and lease liabilities individually. Operating lease costs are recorded as a single expense recognized on a straight-line basis over the lease term. Operating lease right-of-use assets are amortized for the difference between the straight-line expense less the accretion of interest of the related lease liability. Financing lease costs consists of interest expense on the financing lease liability as well as amortization of the right-of-use financing lease assets on a straight-line basis over the lease term. Real Estate Leases are classified as either operating, sales-type or direct financing by the lessor which are account for in accordance with FASB ASC Topic 842. These assets leased to others are recorded at cost, net of accumulated depreciation, and are included in property, plant and equipment, net on our consolidated balance sheets. Assets leased to others are depreciated on a straight-line basis over the useful lives of the assets, ranging from 5 39 Current Holdings of Real Estate Investments: As of September 30, 2021, the Company has no available-for-sale real estate properties. |
Environmental Liabilities | Environmental Liabilities We recognize environmental liabilities when a loss is probable and reasonably estimable. Estimates of these costs are based upon currently available facts, internal and third-party assessments of contamination, available remediation technology, site-specific costs, and currently enacted laws and regulations. In reporting environmental liabilities, no offset is made for potential recoveries. Loss contingency accruals, including those for environmental remediation, are subject to revision as further information develops or circumstances change, and such accruals can take into account the legal liability of other parties. Environmental expenditures are capitalized at the time of the expenditure when such costs provide future economic benefits. |
Litigation | Litigation On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of such actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of such matters and whether a reasonable estimation of such probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that certain matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made. |
Lending Investments | Lending Investments The company intends to invest through loans and equity in targeted community-anchored businesses, properties and other viable assets. These investments and loans are short-term and long-term in nature. The firm makes investments in debt securities and loans, public and private equity securities, and real estate. As at September 30, 2021, the Company owns and holds no investments. |
Research and Development | Research and Development Research and development costs are expensed as incurred. |
Related Parties | Related Parties The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20 the related parties include a. affiliates of the Company; b. entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a. the nature of the relationship(s) involved b. description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. |
Related Party Transactions | Related Party Transactions Affiliate Receivables and Payables The Company considers its officers, managing directors, employees, significant shareholders and the Portfolio Companies to be affiliates. In addition, companies controlled by any of the above named is also classified as affiliates. As at September 30, 2021 and December 31, 2020, the Company’s controlling firm and significant stockholder advanced $ 2,285,622 604,156 SCHEDULE OF AFFILIATE RECEIVABLES AND PAYABLES September 30, 2021 December 31, 2020 Due from Affiliates - - Due to Affiliates Due to Goldstein Franklin who have been lending operating capital to the company $ 0 $ 63,632 Due to Poverty Solutions who holds 11.7% 1,382,374 0 Due to Los Angeles Community Capital – advance used to acquire Investment Real Estate and Entrepreneurship Development 903,248 540,524 Total $ 2,285,622 $ 604,156 Affiliate Receivables and Payables - Other Accrued Liabilities Other accrued liabilities entail licensing fees owned to Poverty Solutions, Inc., a control entity that owns 11.70% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF USEFUL LIVES OF TANGIBLE FIXED ASSETS | The useful lives of tangible fixed assets are as follows: SCHEDULE OF USEFUL LIVES OF TANGIBLE FIXED ASSETS ● Buildings 33 50 ● Permanent installations 3 25 ● Machinery and equipment 3 14 ● Furniture, fixtures, equipment and vehicles 5 10 ● Leasehold improvements Over the term of the lease |
SCHEDULE OF EARNINGS (LOSS) PER SHARE | SCHEDULE OF EARNINGS (LOSS) PER SHARE Three months ended September 30, 2021 Nine months ended September 30, 2021 Net income $ 79,734 $ 946,677 Dividends $ 62 Adjusted Net income attribution to stockholders $ 79,734 $ 946,677 Weighted-average shares of common stock outstanding Basic and Diluted 42,724,687 42,724,687 Net income per share Basic and Diluted $ 0.0019 $ 0.0222 |
SCHEDULE OF AFFILIATE RECEIVABLES AND PAYABLES | SCHEDULE OF AFFILIATE RECEIVABLES AND PAYABLES September 30, 2021 December 31, 2020 Due from Affiliates - - Due to Affiliates Due to Goldstein Franklin who have been lending operating capital to the company $ 0 $ 63,632 Due to Poverty Solutions who holds 11.7% 1,382,374 0 Due to Los Angeles Community Capital – advance used to acquire Investment Real Estate and Entrepreneurship Development 903,248 540,524 Total $ 2,285,622 $ 604,156 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION | SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION Percent 30-Sep-21 31-Dec-20 Federal statutory rates 34 % $ (1,751,363 ) $ (2,159,500 ) State income taxes 5 % (257,553 ) (317,573 ) Permanent differences -0.5 % 25,755 31,757 Valuation allowance against net deferred tax assets -38.5 % 1,983,161 2,445,316 Effective rate 0 % $ - $ - |
SCHEDULE OF DEFERRED TAX ASSETS | SCHEDULE OF DEFERRED TAX ASSETS 30-Jun-21 31-Dec-20 Deferred income tax asset Net operation loss carryforwards 5,151,069 6,351,470 Total deferred income tax asset 1,983,161 2,445,316 Less: valuation allowance (1,983,161 ) (2,445,316 ) Total deferred income tax asset $ - $ - |
LINE OF CREDIT _ RELATED PARTY
LINE OF CREDIT – RELATED PARTY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Line Of Credit Related Party | |
SCHEDULE OF LINE OF CREDIT RELATED PARTY | SCHEDULE OF LINE OF CREDIT RELATED PARTY September 30, 2021 December 31, 2020 September 2019 (line of credit) Line of credit with maturity date of September 14, 2022 0% $ 0 $ 63,632 May 20, 2020 (line of credit) May 4, 2025 0% 903,248 540,524 Total Line of credit - related party 903,248 604,156 Less: current portion (63,632 ) Total Long-term Line of credit - related party $ 903,248 $ 540,524 |
INVESTMENT PROPERTY (Tables)
INVESTMENT PROPERTY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
SCHEDULE OF REAL ESTATE INVESTMENTS SALES | SCHEDULE OF REAL ESTATE INVESTMENTS SALES Dispositions 30-Sep-21 31-Dec-20 Description Sales - Investment property $ 700,385 $ 1,205,000 Cost: Closing costs (11,522 ) Commissions Paid (35,019 ) (60,645 ) Developer Fees (95,750 ) Escrow & Title (3,617 ) (6,714 ) Investment property sold (674,846 ) (917,825 ) Mortgage Payoff (51,879 ) Property Taxes (1,386 ) (20,064 ) Recording Charges (4,213 ) (7,048 ) Seller Credit (8,380 ) Miscellaneous Debits/Credits (3,261 ) (8,380 ) Total costs (722,341 ) (1,179,827 ) Gain on real estate investment sales $ (21,956 ) $ 25,173 |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) - USD ($) | Apr. 21, 2021 | Sep. 16, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock shares | 1,000,001 | 1,000,001 | ||||
Unregistered Securities [Member] | ||||||
Cash | $ 3 | |||||
Preferred stock shares | 1,000,000 | |||||
California Corporation [Member] | ||||||
Cash | $ 1 | |||||
Common Stock [Member] | ||||||
Convertible preferred shares to common stock | 100,000,000 | 100,000,000 | ||||
Series A Preferred Stock [Member] | ||||||
Sale of stock | 1 | |||||
Goldstein Franklin, Inc [Member] | ||||||
Preferred stock voting rights | the company sold to Goldstein Franklin, Inc., a California corporation, one (1) Special 2019 series A preferred share (one preferred share is convertible 100,000,000 share of common stocks) of the company, which controls 60% of the company’s total voting rights. | the company sold one (1) Special 2019 series A preferred share (one preferred share is convertible 100,000,000 share of common stocks) of the company for an agreed upon purchase price to Goldstein Franklin, Inc., a California corporation. The Special preferred share controls 60% of the company’s total voting rights. | ||||
Economic Development Capital, LLC [Member] | ||||||
Ownership percentage after sale transaction | 100.00% | |||||
Cannabinoid Biosciences, Inc [Member] | ||||||
Ownership percentage after sale transaction | 97.00% | |||||
Kid Castle Educational Corporation [Member] | Common Stock [Member] | ||||||
Sale of stock | 900,000,000 | |||||
Kid Castle Educational Corporation [Member] | Preferred Stock [Member] | ||||||
Preferred stock voting rights | the Company sold 1,000,000 shares of its preferred stock to Kid Castle Educational Corporation, in exchange for 100% interest in, and control of Community Economic Development Capital, LLC (“CED Capital”). | |||||
Sale of stock | 100,000 | 1,000,000 |
SCHEDULE OF USEFUL LIVES OF TAN
SCHEDULE OF USEFUL LIVES OF TANGIBLE FIXED ASSETS (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives of tangible fixed assets | 33 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives of tangible fixed assets | 50 years |
Permanent Installations [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives of tangible fixed assets | 3 years |
Permanent Installations [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives of tangible fixed assets | 25 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives of tangible fixed assets | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives of tangible fixed assets | 14 years |
Furniture, Fixtures, Equipment And Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives of tangible fixed assets | 5 years |
Furniture, Fixtures, Equipment And Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives of tangible fixed assets | 10 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives of tangible fixed assets | Over the term of the lease |
SCHEDULE OF EARNINGS (LOSS) PER
SCHEDULE OF EARNINGS (LOSS) PER SHARE (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Net income | $ 79,734 | $ 946,677 | $ 49,492 | |
Dividends | 62 | |||
Net Income | $ 79,734 | $ (43,992) | $ 946,677 | $ (132,493) |
Weighted-average shares of common stock outstanding | ||||
Basic and Diluted | 42,724,687 | 27,724,687 | 42,724,687 | 27,724,687 |
Net income per share | ||||
Basic and Diluted | $ 0.0019 | $ (0.002) | $ 0.0222 | $ (0.005) |
SCHEDULE OF AFFILIATE RECEIVABL
SCHEDULE OF AFFILIATE RECEIVABLES AND PAYABLES (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Due from Affiliates | ||
Due to Affiliates | 2,285,622 | 604,156 |
Goldstein Franklin [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Due to Affiliates | 0 | 63,632 |
Poverty Solutions Inc [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Due to Affiliates | 1,382,374 | 0 |
Los Angeles Community Capital [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Due to Affiliates | $ 903,248 | $ 540,524 |
SCHEDULE OF AFFILIATE RECEIVA_2
SCHEDULE OF AFFILIATE RECEIVABLES AND PAYABLES (Details) (Parenthetical) | Sep. 30, 2021 |
Poverty Solutions Inc [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Equity ownership percentage | 11.70% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Sep. 30, 2021 | Apr. 21, 2021 | Sep. 16, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Apr. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||||||||||
Cash and cash equivalents | $ 218,707 | $ 218,707 | $ 218,707 | $ 1,630 | |||||||
Share based compensation | 0 | 0 | |||||||||
Revenue | 1,998,489 | $ 29,250 | 6,040,683 | $ 1,466,400 | |||||||
Dividend income | 0 | 62 | |||||||||
Proceeds from lines of credit | 192,667 | 119,602 | |||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | |||||||
Disputed liabilities | 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Potentially dilutive securities | 0 | 0 | |||||||||
Accumulated deficit | 5,151,069 | $ 5,151,069 | $ 5,151,069 | 6,351,470 | |||||||
Cash FDIC insured amount | 250,000 | 250,000 | 250,000 | ||||||||
Marginal loan payable | $ 0 | $ 0 | 0 | 115 | |||||||
Working capital | $ 2,285,622 | $ 604,156 | |||||||||
Poverty Solutions Inc [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Equity ownership percentage | 11.70% | 11.70% | 11.70% | ||||||||
Marginal Loan Payable [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Debt instrument interest rate | 0.00% | 0.00% | 0.00% | ||||||||
Common Stock [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Convertible prefrred shares to common stock | 100,000,000 | 100,000,000 | |||||||||
Goldstein Franklin, Inc [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Preferred stock voting rights | the company sold to Goldstein Franklin, Inc., a California corporation, one (1) Special 2019 series A preferred share (one preferred share is convertible 100,000,000 share of common stocks) of the company, which controls 60% of the company’s total voting rights. | the company sold one (1) Special 2019 series A preferred share (one preferred share is convertible 100,000,000 share of common stocks) of the company for an agreed upon purchase price to Goldstein Franklin, Inc., a California corporation. The Special preferred share controls 60% of the company’s total voting rights. | |||||||||
Kid Castle Educational Corporation [Member] | Common Stock [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Sale of stock | 900,000,000 | ||||||||||
Kid Castle Educational Corporation [Member] | Preferred Stock [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Preferred stock voting rights | the Company sold 1,000,000 shares of its preferred stock to Kid Castle Educational Corporation, in exchange for 100% interest in, and control of Community Economic Development Capital, LLC (“CED Capital”). | ||||||||||
Sale of stock | 100,000 | 1,000,000 | |||||||||
Economic Development Capital, LLC [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Ownership percentage after sale transaction | 100.00% | ||||||||||
Entrepreneurship Development [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Investment | $ 2,974,133 | $ 2,974,133 | $ 2,974,133 | ||||||||
Capitalized legal fees | 300,000 | 300,000 | 300,000 | ||||||||
Statutory equity | 1,400,000 | $ 1,400,000 | $ 1,400,000 | ||||||||
Payment for reinstatement fees | 700,000 | ||||||||||
Other costs | $ 500,000 | ||||||||||
Entrepreneurship Development [Member] | Alpharidge Capital LLC [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Proceeds from lines of credit | $ 900,000 | ||||||||||
Line of credit facility maximum | $ 1,500,000 | ||||||||||
Minimum [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Equity ownership percentage | 20.00% | 20.00% | 20.00% | ||||||||
Minimum [Member] | Real Estate [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Useful lives of the assets | 5 years | ||||||||||
Maximum [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Equity ownership percentage | 50.00% | 50.00% | 50.00% | ||||||||
Maximum [Member] | Real Estate [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Useful lives of the assets | 39 years |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rates, percent | 34.00% | |
Federal statutory rates | $ (1,751,363) | $ (2,159,500) |
State income taxes, percent | 5.00% | |
State income taxes | $ (257,553) | (317,573) |
Permanent differences, percent | (0.50%) | |
Permanent differences | $ 25,755 | 31,757 |
Valuation allowance against net deferred tax assets, percent | (38.50%) | |
Valuation allowance against net deferred tax assets | $ 1,983,161 | 2,445,316 |
Effective rate, percent | 0.00% | |
Effective rate |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operation loss carryforwards | $ 5,151,069 | $ 6,351,470 |
Total deferred income tax asset | 1,983,161 | 2,445,316 |
Less: valuation allowance | (1,983,161) | (2,445,316) |
Total deferred income tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forward | $ 2,013,928 | $ 2,445,316 |
Income tax rate | 34.00% | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forward | $ 1,983,161 | $ 2,445,316 |
Tax Asset Estimates [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income tax rate | 38.50% |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 42,724,687 | 42,724,687 |
Preferred stock, shares issued | 1,000,001 | 1,000,001 |
Preferred stock, shares outstanding | 1,000,001 | 1,000,001 |
Stockholder [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Preferred stock, shares issued | 1,000,001 | |
Preferred stock, shares outstanding | 1 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 5,151,069 | $ 6,351,470 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | May 05, 2020 | Feb. 28, 2020 | Sep. 15, 2019 | Sep. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | |||||
Line of credit | $ 903,248 | $ 540,524 | |||
Long term liability payable | $ 1,382,374 | 540,524 | |||
Rent expense estimation, description | The approximate cost of the shared office space varies between $650 and $850 per month. The Company intends to start recording rent expense of $7,800 for the year that would end December 31, 2022. Management believed that the current facilities are adequate and that any additional suitable space will be available as maybe required. The anticipated rental obligation for office space through 2022 is $7,800. | ||||
Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity ownership percentage | 20.00% | ||||
Monthly rental payments | $ 650 | ||||
Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity ownership percentage | 50.00% | ||||
Monthly rental payments | $ 850 | ||||
Line of Credit [Member] | |||||
Related Party Transaction [Line Items] | |||||
Long term loan obligation, related parties | $ 903,248 | $ 540,524 | |||
Line of Credit Agreement Amendment [Member] | |||||
Related Party Transaction [Line Items] | |||||
Rent expense estimation, description | The approximate cost of the shared office space varies between $650 and $850 per month. | ||||
Goldstein Franklin [Member] | Line of Credit Agreement Amendment [Member] | |||||
Related Party Transaction [Line Items] | |||||
Line of credit | $ 190,000 | ||||
Line of credit, maturity date | Sep. 14, 2022 | ||||
Line of credit, interest rate | 0.00% | ||||
Line of credit, drawn amount | $ 0 | ||||
Poverty Solutions Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Long term liability payable | $ 1,382,374 | ||||
Equity ownership percentage | 11.70% | ||||
Line of Credit Agreement [Member] | Goldstein Franklin [Member] | |||||
Related Party Transaction [Line Items] | |||||
Line of credit | $ 41,200 | ||||
Line of credit, maturity date | Feb. 15, 2020 | ||||
Line of credit, interest rate | 0.00% | ||||
Line of Credit Agreement [Member] | Goldstein Franklin [Member] | Line of Credit Agreement Amendment [Member] | |||||
Related Party Transaction [Line Items] | |||||
Line of credit | $ 190,000 | ||||
Line of credit, maturity date | Sep. 14, 2022 | ||||
Line of Credit Agreement [Member] | Los Angeles Community Capital [Member] | Frank I. Igwealor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Line of credit | $ 1,500,000 | ||||
Line of credit, maturity date | May 4, 2025 | ||||
Line of credit, interest rate | 0.00% | ||||
Line of credit, drawn amount | $ 903,248 |
SCHEDULE OF LINE OF CREDIT RELA
SCHEDULE OF LINE OF CREDIT RELATED PARTY (Details) (Parenthetical) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
September 2019 (Line of credit) [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, maturity date | Sep. 14, 2022 | Sep. 14, 2022 |
Line of credit, interest rate | 0.00% | 0.00% |
May 20, 2020 (Line of credit) [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, maturity date | May 4, 2025 | May 4, 2025 |
Line of credit, interest rate | 0.00% | 0.00% |
SCHEDULE OF LINE OF CREDIT RE_2
SCHEDULE OF LINE OF CREDIT RELATED PARTY (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | ||
Total Line of credit - related party | $ 903,248 | $ 604,156 |
Less: current portion | (10,000) | (63,632) |
Total Long-term Line of credit - related party | 903,248 | 540,524 |
September 2019 (Line of credit) [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Line of credit - related party | 0 | 63,632 |
May 20, 2020 (Line of credit) [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Line of credit - related party | $ 903,248 | $ 540,524 |
LINE OF CREDIT _ RELATED PART_2
LINE OF CREDIT – RELATED PARTY (Details Narrative) - USD ($) | May 05, 2020 | Feb. 28, 2020 | Sep. 15, 2019 | Sep. 30, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||||
Line of credit | $ 903,248 | $ 540,524 | |||
Goldstein Franklin [Member] | Line of Credit Agreement [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Line of credit | $ 41,200 | ||||
Line of credit, maturity date | Feb. 15, 2020 | ||||
Line of credit, interest rate | 0.00% | ||||
Goldstein Franklin [Member] | Line of Credit Agreement Amendment [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Line of credit | $ 190,000 | ||||
Line of credit, maturity date | Sep. 14, 2022 | ||||
Line of credit, interest rate | 0.00% | ||||
Line of credit, drawn amount | 0 | ||||
Goldstein Franklin [Member] | Line of Credit Agreement Amendment [Member] | Line of Credit Agreement [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Line of credit | $ 190,000 | ||||
Line of credit, maturity date | Sep. 14, 2022 | ||||
Los Angeles Community Capital [Member] | Line of Credit Agreement [Member] | Frank I. Igwealor [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Line of credit | $ 1,500,000 | ||||
Line of credit, maturity date | May 4, 2025 | ||||
Line of credit, interest rate | 0.00% | ||||
Line of credit, drawn amount | $ 903,248 |
SCHEDULE OF REAL ESTATE INVESTM
SCHEDULE OF REAL ESTATE INVESTMENTS SALES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||
Sales - Investment property | $ 1,998,489 | $ 29,250 | $ 6,040,683 | $ 1,466,400 | |
Total costs | (1,058,853) | (10,063) | (4,858,293) | (1,362,033) | |
Sales of Investment Under Property [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Sales - Investment property | 700,385 | 1,205,000 | $ 1,205,000 | ||
Property [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Closing costs | (11,522) | ||||
Commissions Paid | (35,019) | (60,645) | |||
Developer Fees | (95,750) | ||||
Escrow & Title | (3,617) | (6,714) | |||
Investment property sold | (674,846) | (917,825) | |||
Mortgage Payoff | (51,879) | ||||
Property Taxes | (1,386) | (20,064) | |||
Recording Charges | (4,213) | (7,048) | |||
Seller Credit | (8,380) | ||||
Miscellaneous Debits/Credits | (3,261) | (8,380) | |||
Total costs | (722,341) | $ (1,179,827) | (1,179,827) | ||
Gain on real estate investment sales | $ (21,956) | $ 25,173 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Loss Contingencies [Line Items] | |
Rent expense estimation, description | The approximate cost of the shared office space varies between $650 and $850 per month. The Company intends to start recording rent expense of $7,800 for the year that would end December 31, 2022. Management believed that the current facilities are adequate and that any additional suitable space will be available as maybe required. The anticipated rental obligation for office space through 2022 is $7,800. |
Rent expense | $ 7,800 |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Monthly rental payments | 650 |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Monthly rental payments | $ 850 |