| Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES Basis of presentation These consolidated financial statements
have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and include all adjustments
necessary for the fair presentation of the Company’s financial position for the periods presented. Principles of Consolidation The consolidated financial statements include
the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances have been
eliminated in consolidation. Use of Estimates In preparing the consolidated financial
statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosures of contingent assets and liabilities as of the dates of the consolidated financial statements,
as well as the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made
by management include, but are not limited to, revenue recognition, the allowance for bad debt, useful life of fixed assets, income
taxes and unrecognized tax benefits, valuation allowance for deferred tax assets, and assumptions used in assessing impairment
of long-lived assets. Actual results could differ from those estimates. Cash and Cash Equivalents Cash equivalents consist of highly liquid
investments with maturities of three months or less when purchased. Cash and cash equivalents are on deposit with financial institutions
without any restrictions. Revenue Recognition Revenues are recognized when control of
the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects
to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate
amount of revenue to be recognized as it fulfills its obligations under each of its agreements: Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations
in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price
to performance obligations Step 5: Recognize revenue when the entity
satisfies a performance obligation Service revenues are recognized as the
services are performed in proportion to the transfer of control to the customer and real estate revenues are recognized at the
time of sale when consideration has been exchanged and title has been conveyed to the buyer. At this time, we have not identified
specific planned revenue streams. Impairment of Long-Lived Assets Long-lived assets, which include property,
plant and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate the
carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to
be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future cash flows expected
to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment
charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair value is
generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. Based
on its review, the Company believes that, as of December 31, 2020 and 2019, there were no impairment loss of its long-lived assets. Income Taxes The Company accounts for income taxes using
the asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax
consequences of events that have been recognized in the Company’s financial statements or tax returns. In estimating future
tax consequences, the Company generally considers all expected future events other than enactments of changes in the tax law. For
deferred tax assets, management evaluates the probability of realizing the future benefits of such assets. The Company establishes
valuation allowances for its deferred tax assets when evidence suggests it is unlikely that the assets will be fully realized. The Company recognizes the tax effects
of an uncertain tax position only if it is more likely than not to be sustained based solely on its technical merits as of the
reporting date and then only in an amount more likely than not to be sustained upon review by the tax authorities. Income tax positions
that previously failed to meet the more likely than not threshold are recognized in the first subsequent financial reporting period
in which that threshold is met. Previously recognized tax positions that no longer meet the more likely than not threshold are
derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The Company classifies
potential accrued interest and penalties related to unrecognized tax benefits within the accompanying consolidated statements of
operations and comprehensive income (loss) as income tax expense. Fair Value of Financial Instruments The carrying value of cash, accounts receivable,
other receivable, note receivable, other current assets, accounts payable, and accrued expenses, if applicable, approximate their
fair values based on the short-term maturity of these instruments. The carrying amounts of debt were also estimated to approximate
fair value. The Company utilizes the methods of fair
value (“FV”) measurement as described in ASC 820 to value its financial assets and liabilities. As defined in ASC 820,
FV is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. In order to increase consistency and comparability in FV measurements, ASC 820 establishes
a FV hierarchy that prioritizes observable and unobservable inputs used to measure FV into three broad levels, which are described
below: 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 our
accounts payable, accrued expenses - related party and loan payable – related party. The carrying amount of our prepaid accounts
payable, accrued expenses- related parties and loan payable – related party approximates their fair values because of the
short-term maturities of these instruments Basic Income (Loss) Per Share Under the provisions of ASC 260, “Earnings
per Share,” basic loss per common share is computed by dividing net loss available to common shareholders by the weighted
average number of shares of common stock outstanding for the periods presented. Diluted net loss per share reflects the potential
dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock
or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution limitations.
Potential common shares. The table below presents the computation
of basic and diluted earnings per share for the years ended December 31, 2020 and 2019:
December 31, 2020 December 31, 2019
Numerator:
Net loss $ (45,154 ) $ (40,762 )
Denominator:
Weighted average common shares outstanding—basic 125,048,768 125,048,768
Dilutive common stock equivalents – –
Weighted average common shares outstanding—diluted 125,048,768 125,048,768
Net loss per share:
Basic $ (0.00 ) $ (0.00 )
Diluted $ (0.00 ) $ (0.00 ) Concentration of Credit Risk Financial instruments that potentially subject
the Company to credit risk consist primarily of accounts receivable. The Company does not require collateral or other security to support
these receivables. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize
collection risk on accounts receivable. Commitments and Contingencies The Company follows subtopic 450-20 of
the FASB ASC to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued,
which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur.
The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related
to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company
evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief
sought or expected to be sought therein. If the assessment of a contingency indicates
it is probable a material loss was incurred and the amount of the liability can be estimated, then the estimated liability would
be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency
is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability,
and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are
generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe,
based upon information available at this time that these matters will have a material adverse effect on the Company’s financial
position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely
affect the Company’s business, financial position, and results of operations or cash flows. New Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement
of Credit Losses on Financial Instruments (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”).
ASU 2016-13 requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires a consideration
of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years
beginning after December 15, 2022, including those interim periods within those fiscal years. We did not expect the adoption of this
guidance have a material impact on its consolidated financial statements. |
