Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2020shares | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | GIVEMEPOWER CORPORATION |
Entity Central Index Key | 0001064722 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 27,724,687 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash | $ 17 | $ 500 |
Investments - trading securities, net | 47,368 | 45,396 |
Total Current Assets | 47,385 | 45,896 |
Investment - real estate | 321,498 | 0 |
Total Assets | 368,883 | 45,896 |
Current Liabilities | ||
Marginal loan payable | 4,541 | 4,317 |
Line of credit - related party, current portion | 160,801 | 41,200 |
Total Current Liabilities | 165,342 | 45,517 |
Line of credit - related party, net of current portion | 221,498 | 0 |
Total Liabilities | $ 386,840 | $ 45,517 |
Shareholders' Equity (Deficit) | ||
Common stock, $0.001 par value, 49,000,000 shares authorized, 27,724,687 issued and outstanding as at June 30, 2020 and December 31, 2019 respectively. | 0 | 0 |
Preferred Stock, $0.001 par value, 1,000,000 shares authorized, 1 share issued and outstanding as at June 30, 2020 and December 31, 2019 respectively. | 0 | 0 |
Additional Paid-In Capital | ||
Accumulated Retained Earning | $ (17,957) | $ 379 |
Total Shareholders' Equity (Deficit) | (17,957) | 379 |
Total Liabilities and Shareholders' Deficit | $ 368,883 | $ 45,896 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
Net gain from sales of investments under trading securities | $ 24,821 | $ 60,007 |
OPERATING EXPENSES | ||
General and administrative expenses | 5,313 | 10,515 |
Total Expenses | 5,313 | 10,515 |
INCOME FROM OPERATIONS | 19,508 | 49,492 |
OTHER INCOME | ||
Interest expense, net | 0 | 0 |
Unrealized gain (loss) | (4,402) | (67,828) |
INCOME (LOSS) BEFORE TAXES | 15,106 | (18,336) |
INCOME TAX PROVISION | 0 | 0 |
NET INCOME (LOSS) | $ 15,106 | $ (18,336) |
Earnings (loss) per Share: Basic and Diluted | $ 0.001 | $ (0.001) |
Weighted Average Common Shares Outstanding: Basic and Diluted | 27,724,687 | 27,724,687 |
STATEMENTS OF CASHFLOWS (Unaudi
STATEMENTS OF CASHFLOWS (Unaudited) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Cash Flows from Operating Activities: | |
Cash received from sales of trading securities | $ 232,121 |
Funds disbursed | (10,497) |
Purchase of trading securities | (241,944) |
Net cash provided by (used in) operating activities | (20,320) |
Net Cash Flows from Investing Activities: | |
Payment for real estate investment | (321,498) |
Net cash provided by (used in) investing activities | (321,498) |
Net Cash Flows from Financing Activities | |
Borrowing from brokerage loan - margin loan | 236 |
Principal payments on line of credit - short term - related party | (2,399) |
Proceeds from issuance of line of credit - short term - related party | 122,000 |
Proceeds from issuance of line of credit - long term - related party | 221,498 |
Net cash provided by (used in) financing activities | 341,335 |
Net increase (decrease) in cash: | (483) |
Cash at the beginning of the period: | 500 |
Cash at the end of the period: | 17 |
Supplemental disclosures of cash flow information Cash paid during the period for: | |
Interest paid | 12 |
Income taxes paid | $ 0 |