Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 17, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-26119 | |
Entity Registrant Name | KUBER RESOURCES CORPORATION | |
Entity Central Index Key | 0001081834 | |
Entity Tax Identification Number | 87-0629754 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | Lippo Centre Tower 2 | |
Entity Address, Address Line Two | 89 Queensway | |
Entity Address, City or Town | Admiralty | |
Entity Address, Country | HK | |
Entity Address, Postal Zip Code | 1113 | |
Country Region | +1 | |
City Area Code | (852) | |
Local Phone Number | 3703-6155 | |
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 | 132,612,842 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash | $ 143,357 | $ 109,187 |
Advances to suppliers | 1,090,089 | 1,091,589 |
Loan receivable – related party | 65,477 | 55,172 |
Prepaid expenses and other assets | 29,696 | |
Total current assets | 1,328,619 | 1,255,948 |
Right of use asset – operating lease | 122,117 | |
Fixed assets, net of accumulated depreciation | 424 | 637 |
TOTAL ASSETS | 1,451,160 | 1,256,585 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 187,457 | 130,472 |
Loan payable – related party | 128,629 | 77,785 |
Operating lease obligation - current | 69,452 | |
Contract liability | 229,766 | 275,722 |
Total current liabilities | 615,304 | 483,979 |
Operating lease obligation – non current | 52,665 | |
Total Non-current liabilities | 52,665 | |
TOTAL LIABILITIES | 667,970 | 483,979 |
Commitments and Contingencies | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, par value $0.001 per share; 1,000,000,000 shares authorized; 132,612,842 and 132,606,582 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 132,613 | 132,607 |
Additional Paid in Capital | 3,954,837 | 3,924,665 |
Accumulated Deficit | (3,305,429) | (3,285,836) |
Total stockholder’s equity | 783,190 | 772,606 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,451,160 | 1,256,585 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock,value | 520 | 520 |
Series B Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock,value | 150 | 150 |
Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock,value | $ 500 | $ 500 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 500,000 | 500,000 |
Preferred stock, shares outstanding | 500,000 | 500,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 132,612,842 | 132,606,582 |
Common stock, shares outstanding | 132,612,842 | 132,606,582 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 520,000 | 520,000 |
Preferred stock, shares outstanding | 520,000 | 520,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 150,000 | 150,000 |
Preferred stock, shares outstanding | 150,000 | 150,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Sales | $ 22,978 | $ 720,002 | $ 56,160 | $ 875,002 |
Cost of sales | (601,000) | (725,000) | ||
Gross profit | 22,978 | 119,002 | 56,160 | 150,002 |
Operating expenses | ||||
General and administrative expenses | 24,147 | 2,748 | 31,576 | 5,455 |
Professional fees | 6,503 | 11,850 | 40,280 | 42,107 |
Total operating expense | 30,650 | 14,598 | 71,856 | 47,562 |
Income (Loss) from operations | (7,672) | 104,404 | (15,696) | 102,439 |
Other income (expense) | ||||
Interest expense | (2,524) | (3,897) | ||
Total other income | (2,524) | (3,897) | ||
Net income (loss) | $ (10,196) | $ 104,404 | $ (19,593) | $ 102,439 |
Net loss per common share - basic | $ 0 | $ 0 | $ 0 | $ 0 |
Net loss per common share - diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding - basic | 132,612,342 | 38,101,087 | 132,612,342 | 38,101,087 |
Weighted average common shares outstanding - diluted | 132,612,342 | 38,101,087 | 132,612,342 | 38,101,087 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Series A And B Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | ||
Balance – March 31, 2022 at Dec. 31, 2021 | $ 670 | $ 500 | $ 32,607 | $ 3,664,665 | $ (4,043,966) | $ (345,524) | ||
Beginning balance, shares at Dec. 31, 2021 | 670,000 | 500,000 | 32,606,582 | |||||
Ending balance, shares at Mar. 31, 2022 | 670,000 | 500,000 | 32,606,582 | |||||
Net income | (1,964) | (1,964) | ||||||
Balance – June 30, 2022 at Mar. 31, 2022 | $ 670 | $ 500 | $ 32,607 | 3,664,665 | (4,045,931) | (347,489) | ||
Ending balance, shares at Jun. 30, 2022 | 670,000 | 500,000 | 132,606,582 | |||||
Net income | 104,404 | 104,404 | ||||||
Forgiveness of related part debt | $ 100,000 | 260,000 | 360,000 | |||||
Forgiveness of related part debt, shares | 100,000,000 | |||||||
Balance – June 30, 2022 at Jun. 30, 2022 | 670 | 500 | $ 132,607 | 3,924,665 | (3,941,527) | 116,915 | ||
Balance – March 31, 2022 at Dec. 31, 2022 | $ 670 | $ 500 | $ 132,607 | 3,924,665 | (3,285,836) | 772,606 | ||
Beginning balance, shares at Dec. 31, 2022 | 670,000 | 500,000 | 132,606,582 | [1] | ||||
Ending balance, shares at Mar. 31, 2023 | 670,000 | 500,000 | 132,612,342 | [1] | ||||
Common stock issued for services | $ 6 | 30,171 | 30,176 | |||||
Net income | (9,397) | (9,397) | ||||||
Balance – June 30, 2022 at Mar. 31, 2023 | $ 670 | $ 500 | $ 132,613 | 3,954,837 | (3,295,232) | 763,210 | ||
Ending balance, shares at Jun. 30, 2023 | 670,000 | 500,000 | 132,612,342 | [1] | ||||
Common stock issued for services, shares | [1] | 5,760 | ||||||
Net income | (10,196) | (10,196) | ||||||
Balance – June 30, 2022 at Jun. 30, 2023 | $ 670 | $ 500 | $ 132,613 | $ 3,954,837 | $ (3,305,429) | $ 783,190 | ||
[1]Balances have been retroactively adjusted to reflect 1 for 20 reverse stock spilt |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES: | ||
Net Loss | $ (19,593) | $ 102,439 |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ||
Depreciation expense | 213 | 212 |
Amortization of right of use asset | 21,755 | |
Shares issued for services | 30,177 | |
Changes in assets and liabilities | ||
Prepaid expense | (5,010) | 3,806 |
Deposits | (23,187) | |
Advances to suppliers | (1,080,800) | |
Accounts payable and accrued expenses | 56,986 | 161,857 |
Loan payable – related party | 50,844 | 79,672 |
Operating lease obligation | (21,755) | |
Contract liability | (45,955) | 772,040 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 44,475 | 39,226 |
Loan to related party | (10,305) | (27,216) |
NET CASH USED IN INVESTING ACTIVITIES | (10,305) | (27,216) |
NET CHANGE IN CASH | 34,170 | 12,010 |
CASH – BEGINNING OF PERIOD | 109,187 | 52,279 |
CASH – END OF PERIOD | 143,357 | 64,289 |
Cash paid during the periods for: | ||
Interest | ||
Taxes | ||
Non-cash investing and financing activities: | ||
Right of use assets | $ (122,117) | |
Forgiveness of related party debt | $ (360,000) |
Organization and basis of accou
Organization and basis of accounting | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and basis of accounting | Note 1 – Organization and basis of accounting Principles of Consolidation The Company prepares its consolidated financial statements on the accrual basis of accounting. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts, balances and transactions have been eliminated in the consolidation. Basis of Presentation and Organization This summary of significant accounting policies of UONLIVE CORPORATION. (a development stage company) (“the Company”) is presented to assist in understanding the Company's consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the accompanying consolidated financial statements. The Company has realized minimal revenues from its planned principal business purpose and, accordingly, is considered to be in its development stage in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 915 (SFAS No. 7). The Company has elected a fiscal year end of December 31. Business Description Kuber Resources Corporation formerly known as Uonlive Corporation (“UOLI” or the “Company”) was incorporated under the laws of the State of Nevada on January 29, 1998 as Weston International Development Corporation. On July 28, 1998, its name was changed to Txon International Development Corporation. On September 15, 2000, the Company changed its name to China World Trade Corporation. On July 2, 2008, the Company further changed its name to Uonlive Corporation. The Company ceased operations in early 2015. The Company has fully impaired all assets since the shutdown of its operations in 2015 and has recorded the effects of this impairment as part of its discontinued operations. On June 15, 2018, the eight judicial District Court of Nevada appointed Small Cap Compliance, LLC as custodian for Uonlive Corporations., proper notice having been given to the officers and directors of Uonlive Corporation. There was no opposition. On September 10, 2019, the Company filed a certificate of revival with the state of Nevada, appointing Raymond Fu as, President, Secretary, Treasurer and Director. On May 14 th 1 for 20 reverse stock split On June 21, 2022, the Company issued 100,000,000 0.0036 360,000 On November 7, 2022, the Company purchased from GRL21 Nominee Limited all the shares of Kuber Resources (Hong Kong) Limited for one Hong Kong dollar (HKD1.00). Accordingly, Kuber Resources (Hong Kong) Limited became a fully-owned subsidiary of the Company as at November 7, 2022. Kuber Resources (Hong Kong) Limited (previously known as Star Wise Limited) is a company incorporated in Hong Kong on October 21, 2022. It changed its name to Kuber (Resources (Hong Kong) Limited on 1 November 2022 and concurrently filed its notification of commencement of Business by Corporation on the same day. It had not traded and/or otherwise operated until after it had been purchased by the Company on November 7, 2022. The purpose of obtaining Kuber Resources (Hong Kong) Limited is to start an additional line of business outside of the international commodities trade currently undertaken by Asia Image Limited. On December 8, 2022, Uonlive Corporation (the “ Company Articles of Amendment Name Change In connection with the Name Change, the Company’s has changed its ticker symbol from “UOLI” to the new ticker symbol “KUBR” (the “Symbol Change”). There is no change in the CUSIP number of the Company’s common stock in connection with the Name Change and Symbol Change. The Financial Industry Regulatory Authority (“ FINRA ”) the effectiveness of the trading under the new name and ticker symbol on Monday, December 12, 2022. The Name Change and Symbol Change do not affect the rights of the Company’s security holders. The Company’s common stock will continue to be quoted on OTC Markets. Following the Name Change, the stock certificates, which reflect the former name of the Company, will continue to be valid and need not be exchanged. Any certificates reflecting the Name Change will be issued in due course as old stock certificates are tendered for exchange or transfer to the Company’s transfer agent. Reorganization and Share Exchange On March 02, 2020, the Company entered into a Definitive Share Agreement whereby Raymond Fu, the sole shareholder of Asia Image Investment Limited (“Asia Image”), relinquished all his shares in Asia Image and acquired 100,000 Since the major shareholder of Uonlive retained control of both the Company and Asia Image, the share exchange was accounted for as a reverse merger. As such, the Company recognized the assets and liabilities of Asia Image, acquired in the Reorganization, at their historical carrying amounts. The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has not realized significant sales through since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant. The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. T The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Note 2 – Summary of significant accounting policies Cash and Cash Equivalents For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. Inventory Inventory is stated at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. On August 22, 2022, the Company entered into a purchase contract with a third party and subsequent sales contract with another third party. The Company did not recognize any inventory on this transaction as the risk of loss remains with the seller on this transaction and therefore no inventory was recorded by the Company. The Company has recognized a contract liability of $ 229,766 275,722 45,955 Employee Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Management makes its best estimate of the outcome for these items based on information available when the financial statements are prepared. Actual results could differ from those estimates. Leases As of September 1, 2022, the Company adopted the provisions of “Accounting Standards Codification Topic 842 Leases (ASC 842)” using the modified retrospective basis for all agreements. The Company recognizes a right-of-use asset and lease liability for all financing and operating leases with terms greater than twelve months. The lease liability is measured based on the present value of the lease payments not yet paid. The right-of-use asset is measured based on the initial measurement of the lease liability adjusted for any direct costs incurred upon commencement of the lease. The right-of-use assets are amortized on a straight-line basis over the lease term and are tested for impairment in a manner consistent with the other long-lived assets held by the Company. Subsequent Event The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration. Recent Accounting Pronouncements On December 18, 2019, the FASB issued ASU 2019-12, which modifies ASC 740 to simplify the accounting for income taxes. The ASU’s amendments are based on changes that were suggested by stakeholders as part of the FASB’s simplification initiative (i.e., the Board’s effort to reduce the complexity of accounting standards while maintaining or enhancing the helpfulness of information provided to financial statement users. This ASU was adopted by the Company on September 1, 2021. The Company evaluated and concluded that the adoption did not have a material impact on the Company’s financial position, results of operations or cash flows. In May 2021, the FASB issued ASU 2021-04 in response EITF consensus. This ASU addresses how the issuer should account for modifications or exchanges of Freestanding Equity Classified Written Call Options. Freestanding written call options (such as warrants) are sometimes issued to enhance the marketability of a company’s debt or common stock offering. Some of these warrants are classified as equity in the issuer’s financial statements but are not accounted for as either stock compensation or derivatives. US GAAP does not address how the issuer should account for modifications of these instruments. The FASB has approved an EITF consensus to fill that void. Under the new guidance, if the modification does not change the instrument’s classification as equity, the company that issued the warrants accounts for the modification as an exchange of the original instrument for a new instrument. In general, if the fair value of the ‘new’ instrument is greater than the fair value of the ‘original’ instrument, the excess is recognized based on the substance of the transaction, as if the issuer had paid cash. The new rule is effective for fiscal years beginning after December 15, 2021 for both public and private companies. Transition is prospective. Early adoption is permitted, as discussed further below. The Company is evaluating whether this will have any impact of on its consolidated financial statements. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or in management’s opinion will not have a material impact on the Company’s present or future consolidated financial statements. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 3- Going Concern In early January 2020, an outbreak of a respiratory illness caused by the coronavirus was identified in Wuhan, China. As part of its effort to combat the virus, the government of China has placed travel restrictions throughout parts of China. This has resulted in some of the Company’s customers and suppliers being closed for an extended period or operating at significantly below their normal capacity and will also affect our suppliers that source some of their materials from China. The duration and intensity of this global health emergency and related disruptions is uncertain. The duration of this crisis and its impact on both the Company’s customers and supply chain is expected to have a material impact on the consolidated results of operations, cash flows and financial condition, but cannot be reasonably estimated at this time. The Company has an accumulated deficit of $ 3,305,429 713,314 3,285,836 771,969 |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related party transactions | Note 4 – Related party transactions On March 02, 2020, the Company entered into a Definitive Share Agreement whereby Raymond Fu, the sole shareholder of Asia Image Investment Limited (“Asia Image”), relinquished all his shares in Asia Image and acquired 100,000 On May 26, 2020, the Company issued 650,000 and 520,000 54,586 Loan Receivable-Related Party As of June 30, 2023, the Company has a loan receivable of $ 65,477 Loan Payable-Related Party As of June 30, 2023 and December 31, 2022 the Company has a loan payable of $ 128,629 77,785 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | Note 5 – Leases On February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The ASU introduces a new leasing model for both lessees and lessors. Topic 842 provides guidance in how to identify whether a lease arrangement exists. Management has evaluated its leasing arrangements and has classified it as an operating leases. Additionally, the lease term of this office leases is two years, however, the Company elected to apply ASC Topic 842 to these leases, because we intend to renew each lease for terms longer than 12 months. As a result of the adoption of ASC Topic 842, the Company recognized a right-of-use asset and operating lease liabilities based on the present value of the minimum rental payments. Operating Lease Liability On February 21, 2023, the Company entered into an operating lease for a office space located at Unite 1113 on 11 th The Company has made lease payments in the amount of $ 23,255 122,117 122,117 5.63% 20 Future minimum operating lease payments at June 30, 2023 consist of: Future minimum operating lease 2023 38,544 2024 77,089 2025 12,845 Total minimum lease payments 128,478 Less: present value discount (6,361 ) 122,117 Current portion of operating lease obligation 69,452 Operating Lease obligation, less current portion $ 52,665 |
Common stock
Common stock | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Common stock | Note 6 – Common stock On May 28 th 1 for 20 reverse stock split On June 21, 2022, the Company issued 100,000,000 0.0036 360,000 On February 22, 2023, the Company issued 3,510 5.20 18,252 On March 30, 2023, the Company issued 2,250 5.30 11,925 As of June 30, 2023 and December 31, 2022, a total of 132,612,842 132,606,582 0.001 |
Preferred stock
Preferred stock | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Preferred stock | Note 7 – Preferred stock Preferred Stock On January 01, 2018, the Company created 1,000,000 150,000 30,000 On May 26, 2020, the Company issued 650,000 44,479 The following is a description of the material rights of our Series B Convertible Preferred Stock: Each share of Series B convertible Preferred Stock shall have a par value of $ 0.001 If the Company effects a stock split which either increases or decreases the number of shares of Common Stock outstanding and entitled to vote, the voting rights of the Series A shall not be subject to adjustment unless specifically authorized. Each share of Series B Convertible Preferred Stock shall be convertible into 1,000 In the event of any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary, subject to the rights of any existing series of Preferred Stock or to the rights of any series of Preferred Stock which may from time to time hereafter come into existence, the holders of the Series B Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets of the Corporation to the holders of Common Stock by reason of their ownership thereof, an amount per share equal to the price per share actually paid to the Corporation upon the initial issuance of the Series B Preferred Stock (each, the “the Original Issue Price”) for each share of Series B Preferred Stock then held by them, plus declared but unpaid dividends. Unless the Corporation can establish a different Original Issue Price in connection with a particular sale of Series B Preferred Stock, the Original issue price shall be $ 0.001 The Series B Preferred Stock shares are nonredeemable other than upon the mutual agreement of the Company and the holder of shares to be redeemed, and even in such case only to the extent permitted by this Certificate of Designation, the Corporation’s Articles of Incorporation and applicable law. Series B Preferred Stock shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of the Corporation or any transfer agent for such stock, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the Original Issue Price of the Series B Preferred Stock by the Series B Conversion Price applicable to such share, determined as hereafter provided, in effect on the date the certificate is surrendered for conversion. On October 07, 2020, the Company’s board of directors approved the creation of 2,000,000 520,000 290,990 As of June 30, 2023 and December 31, 2022, the Company has 150,000 520,000 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 8 – Subsequent Event In accordance with ASC 855 the Company’s management reviewed all material events through the date these financial statements were available to be issued, there was only one material subsequent event. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. |
Inventory | Inventory Inventory is stated at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. On August 22, 2022, the Company entered into a purchase contract with a third party and subsequent sales contract with another third party. The Company did not recognize any inventory on this transaction as the risk of loss remains with the seller on this transaction and therefore no inventory was recorded by the Company. The Company has recognized a contract liability of $ 229,766 275,722 45,955 |
Employee Stock-Based Compensation | Employee Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Management makes its best estimate of the outcome for these items based on information available when the financial statements are prepared. Actual results could differ from those estimates. |
Leases | Leases As of September 1, 2022, the Company adopted the provisions of “Accounting Standards Codification Topic 842 Leases (ASC 842)” using the modified retrospective basis for all agreements. The Company recognizes a right-of-use asset and lease liability for all financing and operating leases with terms greater than twelve months. The lease liability is measured based on the present value of the lease payments not yet paid. The right-of-use asset is measured based on the initial measurement of the lease liability adjusted for any direct costs incurred upon commencement of the lease. The right-of-use assets are amortized on a straight-line basis over the lease term and are tested for impairment in a manner consistent with the other long-lived assets held by the Company. |
Subsequent Event | Subsequent Event The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements On December 18, 2019, the FASB issued ASU 2019-12, which modifies ASC 740 to simplify the accounting for income taxes. The ASU’s amendments are based on changes that were suggested by stakeholders as part of the FASB’s simplification initiative (i.e., the Board’s effort to reduce the complexity of accounting standards while maintaining or enhancing the helpfulness of information provided to financial statement users. This ASU was adopted by the Company on September 1, 2021. The Company evaluated and concluded that the adoption did not have a material impact on the Company’s financial position, results of operations or cash flows. In May 2021, the FASB issued ASU 2021-04 in response EITF consensus. This ASU addresses how the issuer should account for modifications or exchanges of Freestanding Equity Classified Written Call Options. Freestanding written call options (such as warrants) are sometimes issued to enhance the marketability of a company’s debt or common stock offering. Some of these warrants are classified as equity in the issuer’s financial statements but are not accounted for as either stock compensation or derivatives. US GAAP does not address how the issuer should account for modifications of these instruments. The FASB has approved an EITF consensus to fill that void. Under the new guidance, if the modification does not change the instrument’s classification as equity, the company that issued the warrants accounts for the modification as an exchange of the original instrument for a new instrument. In general, if the fair value of the ‘new’ instrument is greater than the fair value of the ‘original’ instrument, the excess is recognized based on the substance of the transaction, as if the issuer had paid cash. The new rule is effective for fiscal years beginning after December 15, 2021 for both public and private companies. Transition is prospective. Early adoption is permitted, as discussed further below. The Company is evaluating whether this will have any impact of on its consolidated financial statements. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or in management’s opinion will not have a material impact on the Company’s present or future consolidated financial statements. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Future minimum operating lease | Future minimum operating lease 2023 38,544 2024 77,089 2025 12,845 Total minimum lease payments 128,478 Less: present value discount (6,361 ) 122,117 Current portion of operating lease obligation 69,452 Operating Lease obligation, less current portion $ 52,665 |
Organization and basis of acc_2
Organization and basis of accounting (Details Narrative) - USD ($) | 1 Months Ended | |||||
Jun. 21, 2022 | May 14, 2021 | Mar. 02, 2020 | May 28, 2021 | Jun. 30, 2023 | Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Stockholders' equity, reverse stock split | 1 for 20 reverse stock split | 1 for 20 reverse stock split | ||||
Common stock, par or stated value per share | $ 0.001 | $ 0.001 | ||||
President [Member] | Definitive Share Agreement [Member] | Asia Image Investment Limited [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Number of shares for acquired | 100,000 | |||||
Raymond Fu [Member] | Common Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Number of shares for acquired | 100,000,000 | |||||
Common stock, par or stated value per share | $ 0.0036 | |||||
Repayments of Related Party Debt | $ 360,000 |
Summary of significant accoun_3
Summary of significant accounting policies (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | |||
Contract liability | $ 229,766 | $ 275,722 | |
Recognized current liability | $ 45,955 | $ (772,040) |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated Deficit | $ 3,305,429 | $ 3,285,836 |
Working capital deficit | $ 713,314 | $ 771,969 |
Related party transactions (Det
Related party transactions (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
May 26, 2020 | Mar. 02, 2020 | May 26, 2020 | Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||||||
Number of shares issued for services, value | $ 30,176 | |||||
Loan receivable related party | $ 65,477 | |||||
Chief Executive Officer And President [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Loans payable | $ 128,629 | $ 77,785 | ||||
Uonlive Hong Kong Limited [Member] | Series B Preferred Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares issued for services | 650,000 | 650,000 | ||||
Number of shares issued for services, value | $ 44,479 | $ 54,586 | ||||
Uonlive Hong Kong Limited [Member] | Series A Convertible Preferred Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares issued for services | 520,000 | |||||
President [Member] | Definitive Share Agreement [Member] | Asia Image Investment Limited [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares for acquired | 100,000 |
Leases (Details)
Leases (Details) | Jun. 30, 2023 USD ($) |
Leases [Abstract] | |
2023 | $ 38,544 |
2024 | 77,089 |
2025 | 12,845 |
Total minimum lease payments | 128,478 |
Less: present value discount | (6,361) |
Total | 122,117 |
Current portion of operating lease obligation | 69,452 |
Operating Lease obligation, less current portion | $ 52,665 |
Leases (Details Narrative)
Leases (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Leases [Abstract] | |
Lease payments | $ 23,255 |
Right of use assets | 122,117 |
Operating lease liability | $ 122,117 |
Lease discount rate | 5.63% |
OperatingLease weighted average remaining term | 20 months |
Common stock (Details Narrative
Common stock (Details Narrative) - USD ($) | 1 Months Ended | ||||||
Jun. 21, 2022 | May 14, 2021 | Mar. 30, 2023 | Feb. 22, 2023 | May 28, 2021 | Jun. 30, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Reverse stock split | 1 for 20 reverse stock split | 1 for 20 reverse stock split | |||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |||||
Common stock, shares outstanding | 132,612,842 | 132,606,582 | |||||
Common Stock [Member] | Consulting Services [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Number of shares for acquired | 2,250 | 3,510 | |||||
Common stock, par value (in dollars per share) | $ 5.30 | $ 5.20 | |||||
Repayments of Related Party Debt | $ 11,925 | $ 18,252 | |||||
Raymond Fu [Member] | Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Number of shares for acquired | 100,000,000 | ||||||
Common stock, par value (in dollars per share) | $ 0.0036 | ||||||
Repayments of Related Party Debt | $ 360,000 |
Preferred stock (Details Narrat
Preferred stock (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Oct. 07, 2020 | May 26, 2020 | Sep. 07, 2018 | May 26, 2020 | Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2018 | |
Class of Stock [Line Items] | ||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||||
Shares issued for services - Series B Preferred | $ 30,176 | |||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||
Preferred stock, shares outstanding | 500,000 | 500,000 | ||||||
Series B Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | |||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||
Preferred stock, voting rights | If the Company effects a stock split which either increases or decreases the number of shares of Common Stock outstanding and entitled to vote, the voting rights of the Series A shall not be subject to adjustment unless specifically authorized. | |||||||
Original issue price | $ 0.001 | |||||||
Preferred stock, shares outstanding | 150,000 | 150,000 | ||||||
Series B Preferred Stock [Member] | Chuang Fu Qu Kuai Lian Technology Shenzhen Limited [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued for services - Series B Preferred (in shares) | 150,000 | |||||||
Shares issued for services - Series B Preferred | $ 30,000 | |||||||
Series B Preferred Stock [Member] | Uonlive Hong Kong Limited [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued for services - Series B Preferred (in shares) | 650,000 | 650,000 | ||||||
Shares issued for services - Series B Preferred | $ 44,479 | $ 54,586 | ||||||
Convertible Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, convertible, conversion ratio | 1,000 | |||||||
Series A Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | ||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||
Preferred stock, shares outstanding | 520,000 | 520,000 | ||||||
Series A Preferred Stock [Member] | Director [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares created | 2,000,000 | |||||||
Series A Preferred Stock [Member] | Uonlive Hong Kong Limited [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued for services - Series B Preferred (in shares) | 520,000 | |||||||
Shares issued for services - Series B Preferred | $ 290,990 | |||||||
Series A Convertible Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, shares outstanding | 520,000 | 520,000 | ||||||
Series A Convertible Preferred Stock [Member] | Uonlive Hong Kong Limited [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued for services - Series B Preferred (in shares) | 520,000 |