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 | 0-30786 |
Entity Registrant Name | Video River Networks, Inc. |
Entity Central Index Key | 0001084475 |
Entity Tax Identification Number | 87-0627349 |
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 California |
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 | 177,922,436 |
Consolidated Balance Sheets
Consolidated Balance Sheets - 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 | 27,271 | 7,745 |
Investments - real estate | 664,111 | |
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 |
Line of credit - related party, net of current portion | 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 issued and outstanding as at September 30, 2021 and December 31, 2020 respectively. | ||
Common Stock, $0.001 par value, 200,000,000 shares authorized, and 177,922,436 issued and outstanding as at September 30, 2021 and December 31, 2020 respectively. | 177,922 | 177,922 |
Additional paid in capital | 19,342,829 | 19,211,075 |
Accumulated deficit | (18,541,562) | (19,385,856) |
Minority Interest | 440,635 | 1,414 |
Total Stockholders’ Equity | 979,189 | 3,141 |
Total Liabilities and Stockholders’ Equity | $ 3,276,411 | $ 764,768 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (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 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 177,922,436 | 177,922,436 |
Common stock, shares outstanding | 177,922,436 | 177,922,436 |
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: | ||||
Sales under trading securities | $ 1,998,489 | $ 19,035 | $ 6,040,683 | $ 1,304,877 |
Total Revenue | 1,998,489 | 19,035 | 6,040,683 | 1,304,877 |
Cost of goods sold: | ||||
Total cost of goods sold | 1,058,853 | 4,858,293 | 1,179,827 | |
Gross profit | 939,635 | 19,035 | 1,182,390 | 125,050 |
Operating expenses: | ||||
General and administrative | 60,233 | 9,529 | 98,349 | 47,224 |
Professional fees | 40,561 | 11,221 | 135,261 | 66,059 |
Advertising and promotions | 85 | 1,598 | 1,774 | 16,325 |
Interest expense | 2,095 | 463 | ||
Total operating expenses | 102,973 | 22,348 | 235,847 | 129,608 |
Income (loss) from operations | 836,662 | (3,313) | 946,544 | (4,558) |
Other Income | ||||
Dividends | 0 | 152 | 62 | 173 |
Unrealized gain (loss) | (756,928) | (39,359) | 71 | (128,233) |
Net Income | $ 79,734 | $ (42,672) | $ 946,676 | $ (132,618) |
Earnings (loss) per Share: Basic and Diluted | $ 0.0004 | $ 0 | $ 0.0053 | $ (0.0007) |
Weighted Average Common Shares Outstanding: Basic and Diluted | 177,922,436 | 177,922,436 | 177,922,436 | 177,922,436 |
Entrepreneurship Develipment [Member] | ||||
Revenue: | ||||
Sales under trading securities | $ 146,000 | $ 146,000 | ||
Total Revenue | 146,000 | 146,000 | ||
Cost of goods sold: | ||||
Total cost of goods sold | 34,100 | 34,100 | ||
Property [Member] | ||||
Revenue: | ||||
Sales under trading securities | 700,385 | 1,205,000 | ||
Total Revenue | 700,385 | 1,205,000 | ||
Cost of goods sold: | ||||
Total cost of goods sold | 722,341 | 1,179,827 | ||
Trading Securities [Member] | ||||
Revenue: | ||||
Sales under trading securities | 1,852,489 | 19,035 | 5,194,298 | 99,877 |
Total Revenue | 1,852,489 | 19,035 | 5,194,298 | 99,877 |
Cost of goods sold: | ||||
Total cost of goods sold | 859,392 | 2,719,477 | ||
Liscense [Member] | ||||
Cost of goods sold: | ||||
Total cost of goods sold | $ 165,361 | $ 1,382,374 |
Statements of Changes in Shareh
Statements of Changes in Shareholders' Deficit - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2017 | $ 139,153 | $ 18,974,719 | $ (19,113,872) | ||
Beginning balance, shares at Dec. 31, 2017 | 139,153,206 | 0 | |||
Net Income | |||||
Ending balance, value at Dec. 31, 2018 | $ 139,153 | 18,974,719 | (19,113,872) | ||
Ending balance, shares at Dec. 31, 2018 | 139,153,206 | 0 | |||
Net Income | (36,993) | (36,993) | |||
Issuance of common stock to employee | 30,769 | $ 30,769 | |||
Beginning balance, shares | 30,769,230 | ||||
Ending balance, value at Dec. 31, 2019 | $ 169,922 | 18,974,719 | (19,150,865) | $ (6,224) | |
Ending balance, shares at Dec. 31, 2019 | 169,922,436 | 1 | |||
Net Income | (82,980) | (82,980) | |||
Issuance of common stock | 8,000 | 13,978 | 21,978 | ||
Beginning balance, shares | 8,000,000 | ||||
Acquisition of business | 70,367 | 70,367 | |||
Ending balance, value at Dec. 31, 2020 | $ 177,922 | 19,059,064 | (19,233,845) | 3,141 | |
Ending balance, shares at Dec. 31, 2020 | 177,922,436 | 1 | |||
Net Income | 946,676 | 946,676 | |||
Disposition of business | 283,765 | (254,393) | 29,372 | ||
Ending balance, value at Sep. 30, 2021 | $ 177,922 | $ 19,342,829 | $ (18,541,561) | $ 979,189 | |
Ending balance, shares at Sep. 30, 2021 | 177,922,436 | 1 |
Statements of CashFlows (Unaudi
Statements of CashFlows (Unaudited) - 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 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | ||||||
Net Income (Loss) | $ 79,734 | $ (42,672) | $ 946,676 | $ (132,618) | $ (82,980) | $ (36,993) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||
Inventory Asset: Trading Securities | 54,110 | 22,435 | ||||
Depreciation | 4,301 | |||||
Other Accrued Liabilities | (2,257) | 1,522 | ||||
Net Cash Flows Used in Operating Activities | 998,530 | (104,360) | ||||
Cash flows from investing activities: | ||||||
Entrepreneurship Development | (2,974,133) | |||||
Payment for real estate investment | 664,111 | (439,409) | ||||
Crypto Currency Mining Rigs | (19,200) | |||||
Receipt from sales of real estate investment | 922,159 | |||||
Receipt from sales of other investment | 41,579 | |||||
Lingstar Electric Vehicles Invt | (27,271) | |||||
Net Cash Flows from Investing Activities | (2,356,493) | 524,329 | ||||
Cash flows from financing activities: | ||||||
Proceeds from issuance of marginal loan payable | 1,208 | |||||
Line of credit - short term - related party | 192,667 | 122,431 | ||||
Proceeds from issuance of stock | 25,697 | |||||
Line of credit - long term - related party | 150,000 | |||||
Long term liabilities - related party | 1,382,374 | (726,192) | ||||
New Cash Flows from Financing Activities | 1,575,041 | (426,856) | ||||
Net Change in Cash: | 217,078 | (6,888) | ||||
Beginning cash: | 1,630 | 12,229 | 12,229 | |||
Ending Cash: | $ 218,707 | $ 5,341 | 218,707 | 5,341 | $ 1,630 | $ 12,229 |
Supplemental Disclosures of Cash Flow Info: | ||||||
Cash paid for interest | 62 | 115 | ||||
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 OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS Video River Networks, Inc. (the “Company”) is a technology firm that operates and manages a portfolio of Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics (“EV-AI-ML-R”) assets, businesses and operations in North America. The Company’s current and target portfolio businesses and assets include operations that design, develop, manufacture and sell high-performance fully electric vehicles and design, manufacture, install and sell Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices mostly engineered through Artificial Intelligence, Machine Learning and Robotic technologies. The Company currently maintains minor equity interest in: (1) Tesla, Inc. (TSLA), a California based maker of high-performance fully electric vehicles; (2) Electrameccanica Vehicles Corp. (SOLO), a British Columbia, Canada headquartered company that designs and builds the all-electric SOLO and the Tofino all-electric sport coupe; (3) Lordstown Motors Corp. (RIDE), a Lordstown, Ohio based company that designs and manufactures electric vehicles; (4) Fisker Inc. (FSR), a Los Angeles, California headquartered company that designs and builds all-electric, zero-emissions vehicles; (5) Nikola Corporation (NKLA), a Phoenix, Arizona company that designs and manufactures electric components, drivetrains and vehicles. Our current technology-focused business model was a result of our board resolution on September 15, 2020 to spin-in our specialty real estate holding business to an operating subsidiary and then pivot back to being a technology company. The Company has now returned back to its original technology-focused businesses of Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices. In addition to above list, the Company intends to spread its wings into the Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics (“EV-AI-ML-R”) businesses/markets, targeting acquisition, ownership and operation of acquired EV-AI-ML-R businesses or portfolio of EV-AI-ML-R businesses. Video River Networks, prior to September 15, 2020, used to be a specialty real estate holding company, focuses on the acquisition, ownership, and management of specialized industrial properties. Prior to its real estate business model, the Company’s Power Controls Division has used wireless technology to control both residential utility meters and remote, mission-critical devices since 2002. The current management of the Company resulted from a purchase of voting control of the Company by Community Economic Development Capital LLC, (“CED Capital”) a California limited liability company. After the change of control transaction, CED Capital spun out the control-stock to its sole unitholder before being sold to the Company for $1. Thereafter CED Capital became an operating subsidiary of the Company. We used the acquisition of method of accounting for acquisition of subsidiaries by the Group method to account for this transaction. The cost of the acquisition was measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. As previously disclosed on our Form 8-K filed with the Securities and Exchange Commission, on December 8, 2019, on October 29, 2019, the company sold one one 150,000,000 The Special preferred share controls 60% of the company’s total voting rights. Following the completion of above mentioned transactions, the company pivoted the business model to become a specialty real estate holding company for specialized assets including, affordable housing, opportunity zones properties, commercial facilities, industrial and commercial real estate, and other real estate related services. On September 15, 2020, Video River Networks, Inc. (the “Company”) entered into a stock purchase agreement with Kid Castle Educational Corporation (“Kid Castle”), an entity related to, and controlled by our President and CEO with respect to the purchase through private placement, of 900,000 3 100 On April 21, 2021, the Company sold Cannabinoid Biosciences, Inc. (“CBDX”), a California corporation, to Premier Information Management, Inc. for $1 in cash. As further consideration pursuant to the stated sales, CBDX returned Kid Castle Educational Inc., the parent Company of GMPW, the 100,000 900,000,000 As at the time of these transactions, all four businesses involved in the transactions were controlled by Mr. Frank I Igwealor. Because both the buyer and seller in the above acquisitions were under the control of the same person, the transaction was classified as “common control transaction and therefore fall under “Transactions Between Entities Under Common Control” subsections of ASC 805-50. Under ASC 805-50, “assets transferred to the entity are generally not stepped up to fair value. Instead, they are recorded at the ultimate parent’s historical cost basis. Whether the transaction should be retrospectively or prospectively applied is dependent on the nature of the common control transaction. Transfer of net assets or a business are reflected retrospectively, whereas transfers of assets are prospective.” “The financial statements of the receiving entity should report results of operations for the period in which the transfer occurs as though the transfer of net assets or exchange of equity interests had occurred at the beginning of the period. Results of operations for that period will thus comprise those of the previously separate entities combined from the beginning of the period to the date the transfer is completed and those of the combined operations from that date to the end of the period.” As at the time of this transaction, all four businesses involved in the transaction were controlled by Mr. Frank I Igwealor. Because both the buyer and seller in the above acquisitions were under the control of the same person, the transaction was classified as “common control transaction and therefore fall under “Transactions Between Entities Under Common Control” subsections of ASC 805-50. Following the acquisition, the Company now has 55 100 The consolidated financial statements of the Company therefore include Kid Castle Educational Corporation and its subsidiary, GiveMePower Corporation, and all wholly owned (or majority owned) subsidiaries of GiveMePower including Alpharidge Capital LLC. (“Alpharidge”), Community Economic Development Capital, LLC. (“CED Capital”), and Cannabinoid Biosciences, Inc. (“CBDX”), and subsidiaries, in which it 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. Following the completion of the transaction with Kid Castle, the Company having been partly freed of the internally-managed real estate holding business that focused on the acquisition, ownership and management of specialized industrial properties, affordable housing and opportunity zone real estate properties and businesses, has decided to return back to its original technology-focused businesses of Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices. In addition to above list, the Company is spreading its wings into the Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics (“EV-AI-ML-R”) businesses/markets, targeting acquisition, ownership and operation of acquired EV-AI-ML-R businesses or portfolio of EV-AI-ML-R businesses. The consolidated financial statements of the Company therefore include Kid Castle Educational Corporation, whose main operating subsidiary is GiveMePower Corporation, a Nevada corporation with operating subsidiaries that includes 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. 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.” 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. Crypto Currency Mining Operation During the period between March 3 to March 16 2021, the Company tried unsuccessfully, to acquire Bitcentro/Buzzmehome’s CryptoCurrency mining operations in Canada for $ 500,000 After the failed acquisition attempt, the Company contracted with Brady Fernandes, a Los Angeles resident who claimed expertise in the crypto mining industry. The Company contracted with Brady for $ 9,200 10,000 We have dedicated a line-item, “Crypto Currency Mining Rigs,” on our balance to track all our investments in the Crypto Currency Mining Operation. We plan to build out a fully operating farm in California, using solar energy to mitigate the high cost of energy in California. 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, Video River Networks Inc. is the primary beneficiary of Kid Castle Educational Corporation (the “VIE”) because Video River Networks 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. Since Video River Networks, Inc. exercises control of 55 100 |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2. GOING CONCERN Our 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 the liquidation of liabilities in the normal course of business. While this would make it our third profitable quarter in a row, we still operate limited ongoing business operations that generate income. For the three and nine months ended September 30, 2021, we reported net income of $ 79,734 946,676 18,541,562 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to accounting principles generally accepted in the United States of America and have been consistently applied. The Company has elected a calendar year of December 31 year-end. Principles of Consolidation The consolidated financial statements include the accounts of the Company, 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”). The consolidated financial statements include the Company and Kid Castle Educational Corporation and all of its controlled subsidiary companies. All significant intercompany accounts and transactions have been eliminated. Investments in business entities in which we do not have control, but we have the ability to exercise significant influence over operating and financial policies (generally 20 50 We consolidate variable interest entities if we have operational and financial control, and are deemed to be the >50.1% beneficiary of the profit and loss of the entity. COVID-19 Risks, Impacts and Uncertainties COVID-19 Risks, Impacts and Uncertainties — We are subject to the risks arising from COVID-19’s impacts on the residential real estate industry. Our management believes that these impacts, which include but are not limited to the following, could have a significant negative effect on our 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, we have considered the impacts and uncertainties of COVID-19 in our use of estimates in preparation of our 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, we asked all employees to begin to work from their homes and we also reduced the number of hours available to each of our employees by approximately by approximately 75%. These actions taken in response to the economic impact of COVID-19 on our business resulted in a reduction of productivity for the period 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. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) 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 amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents We maintain cash balances in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. As of September 30, 2021 and December 31, 2020, we did maintain $ 218,707 1,630 Financial Instruments The estimated fair values for financial instruments were determined at discrete points in time based on relevant market information. These estimates involved uncertainties and could not be determined with precision. The carrying amount of the our accounts payable and accruals, our accruals- related parties and loans – related parties approximate their fair values because of the short-term maturities of these instruments. Fair Value Measurements: ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), provides a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange. Level 2 – Pricing inputs are other than quoted prices in active markets but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs. Level 3 – Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights. Our financial instruments consist of accounts payable and accruals and our accruals- related parties. The carrying amount of the out accounts payable and accruals, accruals- related parties and loans – related parties approximates their fair values because of the short-term maturities of these instruments. 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. 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 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 The Company entered into a marginal loan agreement as part of its new trading account process in 2019 with the Company’s brokerage for the purchase of securities and to fund the underfunded balance. The marginal loan payable bears interest at 0 0 Investment – Trading Securities All investment securities are classified as trading securities and are carried at fair value in accordance with ASC 320 Investments — Debt and Equity Securities. Investment transactions are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the statements of operations as realized and unrealized gains or losses as net revenue. All investment securities are held and transacted by the Company’s broker firm. The Company did not hold more than 3% of equity of the shares of any public companies as investments As of September 30, 2021 All investments that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. The Company does not have any investment securities for which market quotes are not readily available. The Company’s trading securities are held by a third-party brokerage firm, and composed of publicly traded companies with readily available fair value which are quoted prices in active markets. Related Party Transactions: A related party is generally defined as (i) any person that holds 10% or more of our membership interests including such person’s immediate families, (ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with us, or (iv) anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. As at September 30, 2021, the Company has a loan balance of $ 903,248 1,793 The Company’s 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. Leases: In February 2016, the FASB issued ASU 2016-02, “Leases” that requires for leases longer than one year, a lessee to recognize in the statement of financial condition a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. The accounting update also requires that for finance leases, a lessee recognize interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. In addition, this accounting update requires expanded disclosures about the nature and terms of lease agreements. The Company has reviewed the new standard and does not expect it to have a material impact to the statement of financial condition or its net capital. Income Taxes: The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. Uncertain Tax Positions: We evaluate tax positions in a two-step process. We first determine whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. 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 Professional Fees: We expense professional fees when incurred. During the period ended September 30, 2021, the Company did recognize professional fees of $ 135,261 66,059 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 Entrepreneurship Development was $ 2,974,133 0.3 1.4 0.7 0.5 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 Stock Based Compensation: The cost of equity instruments issued to non-employees in return in accordance with ASC 505-50 “Equity-Based Payments to Non-Employees” for goods and services is measured by the fair value of the goods or services received or the measurement date fair value of the equity instruments issued, whichever is the more readily determinable. Measurement date for non-employees is the earlier of performance commitment date or the completion of services. The cost of employee services received in exchange for equity instruments is based on the grant date fair value of the equity instruments issued in accordance with ASC 718 “Compensation - Stock Compensation.” |
COMMITMENTS & CONTINGENCIES
COMMITMENTS & CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS & CONTINGENCIES | NOTE 4. COMMITMENTS & CONTINGENCIES Legal Proceedings We were not subject to any legal proceedings as of September 30, 2021 and to the best of our knowledge, no legal proceedings are pending or threatened. The Company’s principal executive office is located at 370 Amapola Ave., Suite 200A, Torrance, CA 90501. The space is a shared office space, which at the current time is suitable for the conduct of our business. The Company has no real property and do not presently owned any interests in real estate. As at September 30, 2021, the Company has spent about $ 1,793 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. Contractual Obligations We were not subject to any contractual obligations as at September 30, 2021. |
NET TRADING REVENUE
NET TRADING REVENUE | 9 Months Ended |
Sep. 30, 2021 | |
Revenue: | |
NET TRADING REVENUE | NOTE 5. NET TRADING REVENUE The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. The Company’s net revenue primarily consists of revenues from sales of trading securities using its broker firm, TD Ameritrade 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 and licensing fee. Net trading revenue consisted of the following: SCHEDULE OF NET TRADING REVENUE January 1, 2021 to September 30, 2021 Total Revenue from sales of securities $ 5,194,298 Cost of securities (2,719,477 ) Platform License Fees (1,382,374 ) Net income from trading securities $ 1,092,447 |
SALES _ INVESTMENT PROPERTY
SALES – INVESTMENT PROPERTY | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
SALES – INVESTMENT PROPERTY | NOTE 6. SALES – INVESTMENT PROPERTY Real Estate Sales and other disposition of properties from Real Estate Investments holdings: Dispositions SCHEDULE OF REAL ESTATE INVESTMENTS SALES 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 |
LINE OF CREDIT _ LOANS - RELATE
LINE OF CREDIT / LOANS - RELATED PARTIES | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
LINE OF CREDIT / LOANS - RELATED PARTIES | NOTE 7. LINE OF CREDIT / LOANS - RELATED PARTIES 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 FROM 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) Line of credit with maturity date of 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 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 7,800 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 $ 903,248 604,156 SCHEDULE OF AFFILIATE RECEIVABLES AND PAYABLES September 30, December 31, 2021 2020 Due from Affiliates $ - $ 0 Due to Affiliates Due to Goldstein Franklin who have been $ 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% of the outstanding shares of Company’s common stock. 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. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | NOTE 8. EARNINGS (LOSS) PER SHARE Net Loss per Share Calculation: Basic net loss per common share (“EPS”) is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding for the period. 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, assuming all dilutive potential common shares were issued. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. The Company’s diluted earnings (loss) per share is the same as the basic earnings/loss per share for the period January 1, 2021 to September 30, 2021, as there are no potential shares outstanding that would have a dilutive effect. SCHEDULE OF EARNINGS (LOSS) PER SHARE January 1, 2021 to September 30, 2021 Amount Net income $ 946,676 Dividends 62 Stock option - Adjusted net income attribution to stockholders $ 946,677 Weighted-average shares of common stock outstanding Basic and Diluted 177,922,436 Net changes in fair value at end of the period Basic and Diluted $ 0.0053 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9. INCOME TAXES Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A full valuation allowance is established against all net deferred tax assets As of September 30, 2021 and December 31, 2020 based on estimates of recoverability. While the Company has optimistic plans for its business strategy, it determined that such a valuation allowance was necessary given the current and expected near term losses and the uncertainty with respect to its ability to generate sufficient profits from its business model. We did not provide any current or deferred US federal income tax provision or benefit for any of the periods presented in these financial statements because we have accumulated substantial operating losses over the years. When it is more likely than not, that a tax asset cannot be realized through future income, we must record an allowance against any future potential future tax benefit. We have provided a full valuation allowance against the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry forward periods. The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements for the periods ended June 30, 2021 or December 31, 2020 as defined under ASC 740, “Accounting for Income Taxes.” We did not recognize any adjustment to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of the accumulated deficit on the balance sheet. A reconciliation of the differences between the effective and statutory income tax rates for the period ended September 30, 2021and December 31, 2020: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION Percent 30-Sep-21 31-Dec-20 Federal statutory rates 34 % $ (6,304,131 ) $ (6,591,191 ) State income taxes 5 % (927,078 ) (969,293 ) Permanent differences -0.5 % 92,708 96,929 Valuation allowance against net deferred tax assets -38.5 % 7,138,501 7,463,555 Effective rate 0 % $ - $ - As 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-Sep-21 31-Dec-20 Deferred income tax asset Net operation loss carryforwards 18,541,562 19,385,856 Total deferred income tax asset 7,231,209 7,560,484 Less: valuation allowance (7,231,209 ) (7,560,484 ) Total deferred income tax asset $ - $ - The Company has recorded As of September 30, 2021 and December 31, 2020, a valuation allowance of $ 7,231,209 7,560,484 The valuation allowance $$ 7,231,209 7,560,484 866,764 For the period ended September 30, 2021or December 31, 2020, the Company has net operating loss carry-forwards of approximately $ 18,541,562 19,385,856 2033 |
RECENTLY ACCOUNTING PRONOUNCEME
RECENTLY ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ACCOUNTING PRONOUNCEMENTS | NOTE 10. RECENTLY ACCOUNTING PRONOUNCEMENTS Recently Issued Accounting Standards ASU 2019-12 — In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019- 12, Simplifying the Accounting for Income Taxes. The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in Accounting Standards Codification (“ASC”) Topic 740, Income Taxes. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 will be effective for the Company’s fiscal year beginning October 1, 2021, with early adoption permitted. The transition requirements are dependent upon each amendment within this update and will be applied either prospectively or retrospectively. The Company does not expect this ASU to have a material impact on its condensed consolidated financial statements. ASU 2016-13 — 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. |
INVESTMENT SECURITIES (TRADING)
INVESTMENT SECURITIES (TRADING) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
INVESTMENT SECURITIES (TRADING) | NOTE 11. INVESTMENT SECURITIES (TRADING) 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): Trading securities are treated using the fair value method, whereby the value of the securities on the company’s balance sheet is equivalent to their current market value. These securities will be recorded in the current assets section under the Investment Securities account and will be offset in the shareholder’s equity section under the unrealized proceeds from sale of short-term investments” account. The Short Term Investments account amount represents the current market value of the securities, and the “Unrealized Proceeds From Sale of Short Term Investments” account represents the cash proceeds that the company would receive if it were to sell the investments at the end of the specified accounting period. |
REAL ESTATE INVESTMENTS
REAL ESTATE INVESTMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
REAL ESTATE INVESTMENTS | NOTE 12. REAL ESTATE INVESTMENTS Current Holdings of Real Estate Investments: As of September 30, 2021, the Company has no |
MARGINAL LOAN PAYABLE
MARGINAL LOAN PAYABLE | 9 Months Ended |
Sep. 30, 2021 | |
Marginal Loan Payable | |
MARGINAL LOAN PAYABLE | NOTE 13. MARGINAL LOAN PAYABLE The Company’s subsidiary, Alpharidge Capital LLC. entered into a marginal loan agreement as part of its new trading account process in 2019 with a brokerage firm for the purchase of securities and to fund the underfunded balance. The balance of this account as at September 30, 2021 is $ 0 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 14. RELATED PARTY TRANSACTIONS RELATED PARTIES 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 0 456,424 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 |
SPIN-OFF AND RESTRUCTURING
SPIN-OFF AND RESTRUCTURING | 9 Months Ended |
Sep. 30, 2021 | |
Spin-off And Restructuring | |
SPIN-OFF AND RESTRUCTURING | NOTE 15. SPIN-OFF AND RESTRUCTURING None at the moment |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 16. SHAREHOLDERS’ EQUITY Preferred Stock As of September 30, 2021 and December 31, 2020, we were authorized to issue 10,000,000 0.001 The Company has 1 1 Common Stock The Company is authorized to issue 200,000,000 0.001 Period ended September 30, 2021 The Company has issued 177,922,436 177,922,436 Warrants No warrants were issued or outstanding during the period ended September 30, 2021and 2020. Stock Options The Company has never adopted a stock option plan and has never issued any stock options. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17. SUBSEQUENT EVENTS Pursuant to ASC 855-10, the Company evaluated subsequent events after September 30, 2021 through November 15, 2021, the date these financial statements were issued and has determined there have been no subsequent events for which disclosure is required. The Company did not have any material recognizable subsequent events that required disclosure in these financial statements. |
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 summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to accounting principles generally accepted in the United States of America and have been consistently applied. The Company has elected a calendar year of December 31 year-end. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, 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”). The consolidated financial statements include the Company and Kid Castle Educational Corporation and all of its controlled subsidiary companies. All significant intercompany accounts and transactions have been eliminated. Investments in business entities in which we do not have control, but we have the ability to exercise significant influence over operating and financial policies (generally 20 50 We consolidate variable interest entities if we have operational and financial control, and are deemed to be the >50.1% beneficiary of the profit and loss of the entity. |
COVID-19 Risks, Impacts and Uncertainties | COVID-19 Risks, Impacts and Uncertainties COVID-19 Risks, Impacts and Uncertainties — We are subject to the risks arising from COVID-19’s impacts on the residential real estate industry. Our management believes that these impacts, which include but are not limited to the following, could have a significant negative effect on our 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, we have considered the impacts and uncertainties of COVID-19 in our use of estimates in preparation of our 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, we asked all employees to begin to work from their homes and we also reduced the number of hours available to each of our employees by approximately by approximately 75%. These actions taken in response to the economic impact of COVID-19 on our business resulted in a reduction of productivity for the period 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. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) 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 amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We maintain cash balances in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. As of September 30, 2021 and December 31, 2020, we did maintain $ 218,707 1,630 |
Financial Instruments | Financial Instruments The estimated fair values for financial instruments were determined at discrete points in time based on relevant market information. These estimates involved uncertainties and could not be determined with precision. The carrying amount of the our accounts payable and accruals, our accruals- related parties and loans – related parties approximate their fair values because of the short-term maturities of these instruments. |
Fair Value Measurements: | Fair Value Measurements: ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), provides a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange. Level 2 – Pricing inputs are other than quoted prices in active markets but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs. Level 3 – Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights. Our financial instruments consist of accounts payable and accruals and our accruals- related parties. The carrying amount of the out accounts payable and accruals, accruals- related parties and loans – related parties approximates their fair values because of the short-term maturities of these instruments. 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. |
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 the Company’s brokerage for the purchase of securities and to fund the underfunded balance. The marginal loan payable bears interest at 0 0 |
Investment – Trading Securities | Investment – Trading Securities All investment securities are classified as trading securities and are carried at fair value in accordance with ASC 320 Investments — Debt and Equity Securities. Investment transactions are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the statements of operations as realized and unrealized gains or losses as net revenue. All investment securities are held and transacted by the Company’s broker firm. The Company did not hold more than 3% of equity of the shares of any public companies as investments As of September 30, 2021 All investments that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. The Company does not have any investment securities for which market quotes are not readily available. The Company’s trading securities are held by a third-party brokerage firm, and composed of publicly traded companies with readily available fair value which are quoted prices in active markets. |
Related Party Transactions: | Related Party Transactions: A related party is generally defined as (i) any person that holds 10% or more of our membership interests including such person’s immediate families, (ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with us, or (iv) anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. As at September 30, 2021, the Company has a loan balance of $ 903,248 1,793 The Company’s 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. |
Leases: | Leases: In February 2016, the FASB issued ASU 2016-02, “Leases” that requires for leases longer than one year, a lessee to recognize in the statement of financial condition a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. The accounting update also requires that for finance leases, a lessee recognize interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. In addition, this accounting update requires expanded disclosures about the nature and terms of lease agreements. The Company has reviewed the new standard and does not expect it to have a material impact to the statement of financial condition or its net capital. |
Income Taxes: | Income Taxes: The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. |
Uncertain Tax Positions: | Uncertain Tax Positions: We evaluate tax positions in a two-step process. We first determine whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. |
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 |
Professional Fees: | Professional Fees: We expense professional fees when incurred. During the period ended September 30, 2021, the Company did recognize professional fees of $ 135,261 66,059 |
Real Estate | 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 Entrepreneurship Development was $ 2,974,133 0.3 1.4 0.7 0.5 |
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 |
Stock Based Compensation: | Stock Based Compensation: The cost of equity instruments issued to non-employees in return in accordance with ASC 505-50 “Equity-Based Payments to Non-Employees” for goods and services is measured by the fair value of the goods or services received or the measurement date fair value of the equity instruments issued, whichever is the more readily determinable. Measurement date for non-employees is the earlier of performance commitment date or the completion of services. The cost of employee services received in exchange for equity instruments is based on the grant date fair value of the equity instruments issued in accordance with ASC 718 “Compensation - Stock Compensation.” |
NET TRADING REVENUE (Tables)
NET TRADING REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue: | |
SCHEDULE OF NET TRADING REVENUE | Net trading revenue consisted of the following: SCHEDULE OF NET TRADING REVENUE January 1, 2021 to September 30, 2021 Total Revenue from sales of securities $ 5,194,298 Cost of securities (2,719,477 ) Platform License Fees (1,382,374 ) Net income from trading securities $ 1,092,447 |
SALES _ INVESTMENT PROPERTY (Ta
SALES – INVESTMENT PROPERTY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
SCHEDULE OF REAL ESTATE INVESTMENTS SALES | Sales and other disposition of properties from Real Estate Investments holdings: Dispositions SCHEDULE OF REAL ESTATE INVESTMENTS SALES 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 |
LINE OF CREDIT _ LOANS - RELA_2
LINE OF CREDIT / LOANS - RELATED PARTIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LINE OF CREDIT FROM RELATED PARTY | Line of credit from related party consisted of the following: SCHEDULE OF LINE OF CREDIT FROM 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) Line of credit with maturity date of 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 |
SCHEDULE OF AFFILIATE RECEIVABLES AND PAYABLES | SCHEDULE OF AFFILIATE RECEIVABLES AND PAYABLES September 30, December 31, 2021 2020 Due from Affiliates $ - $ 0 Due to Affiliates Due to Goldstein Franklin who have been $ 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 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF EARNINGS (LOSS) PER SHARE | SCHEDULE OF EARNINGS (LOSS) PER SHARE January 1, 2021 to September 30, 2021 Amount Net income $ 946,676 Dividends 62 Stock option - Adjusted net income attribution to stockholders $ 946,677 Weighted-average shares of common stock outstanding Basic and Diluted 177,922,436 Net changes in fair value at end of the period Basic and Diluted $ 0.0053 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION | A reconciliation of the differences between the effective and statutory income tax rates for the period ended September 30, 2021and December 31, 2020: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION Percent 30-Sep-21 31-Dec-20 Federal statutory rates 34 % $ (6,304,131 ) $ (6,591,191 ) State income taxes 5 % (927,078 ) (969,293 ) Permanent differences -0.5 % 92,708 96,929 Valuation allowance against net deferred tax assets -38.5 % 7,138,501 7,463,555 Effective rate 0 % $ - $ - |
SCHEDULE OF DEFERRED TAX ASSETS | As 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-Sep-21 31-Dec-20 Deferred income tax asset Net operation loss carryforwards 18,541,562 19,385,856 Total deferred income tax asset 7,231,209 7,560,484 Less: valuation allowance (7,231,209 ) (7,560,484 ) Total deferred income tax asset $ - $ - |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) - USD ($) | Apr. 28, 2021 | Apr. 21, 2021 | Mar. 16, 2021 | Mar. 16, 2021 | Sep. 15, 2020 | Oct. 29, 2019 |
Preferred share covertible terms | on October 29, 2019, the company sold one (1) Special 2019 series A preferred share (one preferred share is convertible 150,000,000 share of common stocks) of the company for Fifty Thousand and 00/100 ($50,000/00) Dollars, to Community Economic Development Capital LLC, a California limited liability company. | |||||
Preferred Stock, Voting Rights | The Special preferred share controls 60% of the company’s total voting rights. | |||||
CANADA | ||||||
Amount to acquire CryptoCurrency mining operations | $ 500,000 | |||||
Kid Castle Educational Corporation [Member] | ||||||
Voting control percentage | 55.00% | |||||
Operating and financial control percentage | 100.00% | |||||
Brady Fernandes [Member] | ||||||
Payment for building cryptocurrency mining farm | $ 10,000 | $ 9,200 | ||||
Private Placement [Member] | Kid Castle Educational Corporation [Member] | ||||||
Sale of stock | 900,000 | |||||
Cash | $ 3 | |||||
Transfer of interest percentage | 100.00% | |||||
Preferred Stock [Member] | ||||||
Number of shares converted | 1 | |||||
Preferred Stock [Member] | Kid Castle Educational Corporation [Member] | ||||||
Sale of stock | 100,000 | |||||
Common Stock [Member] | ||||||
Shares issued upon conversion | 150,000,000 | |||||
Common Stock [Member] | Kid Castle Educational Corporation [Member] | ||||||
Sale of stock | 900,000,000 | |||||
Series A Preferred Stock [Member] | ||||||
Sale of stock | 1 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - 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 | Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Net income | $ 79,734 | $ (42,672) | $ 946,676 | $ (132,618) | $ (82,980) | $ (36,993) | |
Accumulated deficit | $ 18,541,562 | $ 18,541,562 | $ 19,385,856 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||||||
Variable interest entity percentage description | We consolidate variable interest entities if we have operational and financial control, and are deemed to be the >50.1% beneficiary of the profit and loss of the entity. | |||||
Cash and cash equivalents | $ 218,707 | $ 218,707 | $ 1,630 | |||
Marginal loan payable, interest rate | 0.00% | 0.00% | ||||
Marginal loan payable | $ 0 | $ 0 | 115 | |||
Equity investment description | The Company did not hold more than 3% of equity of the shares of any public companies as investments As of September 30, 2021 | |||||
Loan balance | 903,248 | $ 903,248 | 150,000 | |||
Rent paid | $ 1,793 | 7,800 | ||||
Tax position description | The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. | |||||
Revenue recognized | 1,998,489 | $ 19,035 | $ 6,040,683 | $ 1,304,877 | ||
Dividend income | 0 | 152 | 62 | 173 | ||
Professional fees | 40,561 | $ 11,221 | 135,261 | $ 66,059 | ||
Line of credit | 903,248 | 903,248 | 540,524 | |||
Entrepreneurship development | 2,974,133 | 2,974,133 | ||||
Capitalized legal fees | 300,000 | 300,000 | ||||
Statutory equity stake | 1,400,000 | 1,400,000 | ||||
State charter reinstatement fees | 700,000 | 700,000 | ||||
Other costs | 500,000 | 500,000 | ||||
Cash, FDIC insured amount | $ 250,000 | $ 250,000 | ||||
Letter of Credit [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Withdrew from LOC | $ 900,000 | |||||
Letter of Credit [Member] | L A Community Capital [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Line of credit | $ 1,500,000 | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Ownership percentage | 20.00% | 20.00% | ||||
Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Ownership percentage | 50.00% | 50.00% |
COMMITMENTS & CONTINGENCIES (De
COMMITMENTS & CONTINGENCIES (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Payment of rent | $ 1,793 | $ 7,800 |
SCHEDULE OF NET TRADING REVENUE
SCHEDULE OF NET TRADING REVENUE (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from sales of securities | $ 1,998,489 | $ 19,035 | $ 6,040,683 | $ 1,304,877 |
Cost of securities | (1,058,853) | (4,858,293) | (1,179,827) | |
Trading Securities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from sales of securities | 1,852,489 | 19,035 | 5,194,298 | 99,877 |
Cost of securities | $ (859,392) | (2,719,477) | ||
Platform License Fees | (1,382,374) | |||
Net income from trading securities | $ 1,092,447 |
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 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Sales under trading securities | $ 1,998,489 | $ 19,035 | $ 6,040,683 | $ 1,304,877 | |
Total costs | $ (1,058,853) | (4,858,293) | $ (1,179,827) | ||
Other Property [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Sales under trading securities | 700,385 | $ 1,205,000 | |||
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 |
SCHEDULE OF LINE OF CREDIT FROM
SCHEDULE OF LINE OF CREDIT FROM RELATED PARTY (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
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 | (63,632) | |
Total Long-term Line of credit - related party | 903,248 | 540,524 |
September 2019 [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Line of credit - related party | 0 | 63,632 |
May 2020 [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Line of credit - related party | $ 903,248 | $ 540,524 |
September 2019 [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 2020 [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 FR_2
SCHEDULE OF LINE OF CREDIT FROM RELATED PARTY (Details) (Parenthetical) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
September 2019 [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 2020 [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 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 | $ 0 | |
Due to Related Parties | 2,285,622 | 604,156 |
Goldstein Franklin [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Due to Related Parties | 0 | 63,632 |
Poverty Solutions [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Due to Related Parties | 1,382,374 | 0 |
Los Angeles Community Capital [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Due to Related Parties | $ 903,248 | $ 540,524 |
SCHEDULE OF AFFILIATE RECEIVA_2
SCHEDULE OF AFFILIATE RECEIVABLES AND PAYABLES (Details) (Parenthetical) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Poverty Solutions [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Line of Credit Facility, Interest Rate During Period | 11.70% | 11.70% |
LINE OF CREDIT _ LOANS - RELA_3
LINE OF CREDIT / LOANS - RELATED PARTIES (Details Narrative) - USD ($) | May 05, 2020 | Feb. 28, 2020 | Sep. 15, 2019 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||
Long-term Line of Credit | $ 903,248 | $ 540,524 | |||
Rent expense | 1,793 | 7,800 | |||
Long-term Line of Credit | 903,248 | $ 604,156 | |||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable Lease, Payment | 650 | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable Lease, Payment | 850 | ||||
Goldstein Franklin [Member] | Line Of Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Line of Credit | $ 41,200 | ||||
Line of Credit Facility, Expiration Date | Feb. 15, 2020 | ||||
Goldstein Franklin [Member] | Line of Credit Agreement Amendment [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Line of Credit | $ 190,000 | $ 190,000 | |||
Line of Credit Facility, Expiration Date | Sep. 14, 2022 | Sep. 14, 2022 | |||
Line of Credit Facility, Interest Rate During Period | 0.00% | ||||
Line of credit, drawn amount | 0 | ||||
Los Angeles Community Capital [Member] | Line Of Credit Agreement [Member] | Frank I. Igwealor [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Line of Credit | $ 1,500,000 | ||||
Line of Credit Facility, Expiration Date | May 4, 2025 | ||||
Line of Credit Facility, Interest Rate During Period | 0.00% | ||||
Line of credit, drawn amount | $ 456,424 |
SCHEDULE OF EARNINGS (LOSS) PER
SCHEDULE OF EARNINGS (LOSS) PER SHARE (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 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||
Net income | $ 79,734 | $ (42,672) | $ 946,676 | $ (132,618) | $ (82,980) | $ (36,993) | |
Dividends | 62 | ||||||
Stock option | |||||||
Adjusted net income attribution to stockholders | $ 946,677 | ||||||
Basic and Diluted | 177,922,436 | 177,922,436 | 177,922,436 | 177,922,436 | |||
Basic and Diluted | $ 0.0004 | $ 0 | $ 0.0053 | $ (0.0007) |
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 | $ (6,304,131) | $ (6,591,191) |
State income taxes, percent | 5.00% | |
State income taxes | $ (927,078) | (969,293) |
Permanent differences, percent | (0.50%) | |
Permanent differences | $ 92,708 | 96,929 |
Valuation allowance against net deferred tax assets, percent | (38.50%) | |
Valuation allowance against net deferred tax assets | $ 7,138,501 | 7,463,555 |
Effective rate, percent | 0.00% | |
Effective rate |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operation loss carryforwards | $ 18,541,562 | $ 19,385,856 |
Total deferred income tax asset | 7,231,209 | 7,560,484 |
Less: valuation allowance | (7,231,209) | (7,560,484) |
Total deferred income tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 7,231,209 | $ 7,560,484 |
Deferred Tax Assets, Valuation Allowance | 7,231,209 | 7,560,484 |
Net operating income | 866,764 | |
Net operating loss carryforwards | $ 18,541,562 | $ 19,385,856 |
Operating loss carryforwards expire | 2033 |
REAL ESTATE INVESTMENTS (Detail
REAL ESTATE INVESTMENTS (Details Narrative) | Sep. 30, 2021USD ($) |
Real Estate [Abstract] | |
Real estate properties available for sale | $ 0 |
MARGINAL LOAN PAYABLE (Details
MARGINAL LOAN PAYABLE (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Marginal Loan Payable | ||
Marginal loan payable | $ 0 | $ 115 |
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 | |||
Line of credit, interest rate | 0.00% | ||||
Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Vairable lease payment | $ 650 | ||||
Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Vairable lease payment | 850 | ||||
Line of Credit [Member] | |||||
Related Party Transaction [Line Items] | |||||
Long term loan obligation, related parties | 903,248 | $ 540,524 | |||
Goldstein Franklin [Member] | Line of Credit Agreement Amendment [Member] | |||||
Related Party Transaction [Line Items] | |||||
Line of credit | $ 190,000 | $ 190,000 | |||
Line of credit, maturity date | Sep. 14, 2022 | Sep. 14, 2022 | |||
Line of credit, interest rate | 0.00% | ||||
Line of credit, drawn amount | 0 | ||||
Goldstein Franklin [Member] | Line Of Credit Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Line of credit | $ 41,200 | ||||
Line of credit, maturity date | Feb. 15, 2020 | ||||
Los Angeles Community Capital [Member] | Line Of Credit Agreement [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 | $ 456,424 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Proferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 177,922,436 | 177,922,436 |
Common stock, shares outstanding | 177,922,436 | 177,922,436 |
Warrants outstanding | 0 | 0 |
Warrants issued | 0 | 0 |