Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 09, 2018 | |
Document and Entity Information: | ||
Entity Registrant Name | Heyu Biological Technology Corp | |
Document Type | 10-Q | |
Entity Central Index Key | 1,086,303 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Trading Symbol | HEYU | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 1,032,266,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Assets | ||
Liabilities | ||
Accounts payable | 936 | 12,813 |
Accrued salaries | 2,200 | |
Related party payables | 523,764 | 41,300 |
Total Liabilities | 526,900 | 54,113 |
Commitments and contingencies | ||
Stockholders' Deficit | ||
Common stock, $0.001 par value, 2,000,000,000 shares authorized; 1,032,266,000 and 32,266,000 shares issued and outstanding respectively | 1,032,266 | 32,266 |
Additional paid-in capital | 16,762,173 | 18,087,163 |
Accumulated deficit | (18,321,339) | (18,173,542) |
Total stockholders' deficit | (526,900) | (54,113) |
Total liabilities and stockholders' deficit |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 1,032,266,000 | 32,266,000 |
Common stock, shares outstanding | 1,032,266,000 | 32,266,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Operating expenses | 125,957 | 20,000 | 147,797 | 20,000 |
Loss on operations | (125,957) | (20,000) | (147,797) | (20,000) |
Loss from operations | ||||
Loss before income taxes | (125,957) | (20,000) | (147,797) | (20,000) |
Income tax expense | ||||
Net Loss | $ (125,957) | $ (20,000) | $ (147,797) | $ (20,000) |
Net loss per share - basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares - basic and diluted | 1,032,266,000 | 149,713,895 | 636,661,604 | 87,076,532 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (147,797) | $ (20,000) |
Change in assets and liabilities | ||
Accounts payable | (9,677) | |
Net cash used from operating activities | (157,474) | (20,000) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party lending | 157,474 | 20,000 |
Net cash provided used in financing activities | 157,474 | 20,000 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | ||
Noncash investing and financing activities: | ||
Stock issued for debt | 10,000 | |
Related party forgiveness of debt | 52,087 | |
Return of capital to related party | $ (387,077) |
The Company
The Company | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
THE COMPANY | NOTE 1 – THE COMPANY The Company Heyu Biological Technology Corporation (the “Company”) was incorporated in the state of Nevada on May 18, 1987, as Asphalt Associates, Inc. and changed its name to Pacific WebWorks in January 1999. From 1999 to 2016 the Company engaged in the development and distribution of web tools software, electronic business storefront hosting, and Internet payment systems for individuals and small to mid-sized businesses. On February 23, 2016 the Company filed a voluntary petition for bankruptcy in the U.S. Bankruptcy Court for the District of Utah, and soon afterwards ceased its business activities. On August 19, 2016 the Company proposed a Plan of Liquidation and on November 28, 2016 the Court entered an order confirming the Plan of Liquidation and establishing a Liquidating Trust. On December 28, 2016 all assets and liabilities of the Company were transferred to the Liquidating Trust. On April 18, 2018, the Company entered into a Share Purchase Agreement (the “SPA”) with Mr. Ban Siong Ang (the “Purchaser”) and Mr. Dan Masters (the “Seller”), pursuant to which the Purchaser acquired 10,210,517 shares, representing 98.91% of the issued and outstanding shares of common stock of the Company (the “Shares”) from Seller for an aggregate purchase price of $335,000 (“Share Purchase”). As a result of the SPA, the Company accepted the resignation of Dan Masters, as the Company’s President, Chief Executive Officer, Chief Financial Officer, Secretary and Chairman of the Board of Directors. This resignation was given in connection with the consummation of the Agreement with the Purchaser and were not the result of any disagreement with Company on any matter relating to Company’s operations, policies or practices. Additionally, all debt due to Mr. Masters from the Company was cancelled as of the effective date of the SPA and recognized as contributed capital. On April 18, 2018, to fill the vacancies created by Mr. Masters’s resignations, Ban Siong Ang and Hung Seng Tan were elected as the directors of the Company. Mr. Ang was appointed as President, Chief Executive Officer, and Chairman of the Board of Directors of the Company. Mr. Tan was appointed as Executive Director of the Company. Ms. Wendy, Wei Li was appointed as Chief Financial Officer. On July 3, 2018, the Company changed its name to Heyu Biological Technology Corporation, with a new ticker symbol, HYBT. The Company currently has no business operations. On July 19, 2018, the Board of Directors approved an amendment to the Company’s Articles of Incorporation to increase its authorized common shares from 150,000,000 to 2,000,000,000. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Basis of Financial Statement Presentation The accompanying unaudited condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the U. S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results that can be expected for the fiscal year ending December 31, 2018. Although management believes the disclosures and information presented adequately ensure that the information is not misleading, it is suggested that these interim condensed financial statements be read in conjunction with the Company’s December 31, 2017 audited financial statements and notes thereto. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that materially affect the amounts reported in the consolidated financial statements. Actual results could differ from these estimates. The methods, estimates and judgments the Company uses in applying its most critical accounting policies have a significant impact on the results it reports in its financial statements. The Securities and Exchange Commission has defined the most critical accounting policies as those that are most important to the portrayal of the Company’s financial condition and results and require the Company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Earnings (Loss) Per Share Basic net income (loss) per common share (“Basic EPS”) excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue shares of common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an antidilutive effect on net income per common share. Basic EPS and Diluted EPS were the same for the three and nine months ended September 30, 2018 and 2017. |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2018 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. The Company filed bankruptcy in February 2016 and in December of 2016 all assets and liabilities of the Company were transferred to the Liquidating Trust. Furthermore, the Company has an accumulated deficit of $18,321,339 as of September 30, 2018. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans to continue as a going concern are to sustain operating expenses as they identify and determine the operational direction of the Company. Because the Company has no capital with which to pay current expenses the Company’s officers and directors have agreed to pay these charges with their personal funds, as interest free loans to the Company or as capital contributions. Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. |
Related Party
Related Party | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY | NOTE 4 – RELATED PARTY As a result of the Company having no operations and no cash, during the three and nine months ended September 30, 2018, related parties’ paid expenses to vendors for accounting, auditing, and SEC filing services. Prior to the SPA of April 18, 2018, a related party had paid a total of $62,087 for accounting, auditing and SEC filings services required to complete the annual and quarterly reports of the Company. Of the $62,087, $41,300 related to balances existing at December 31, 2017 and $147,464 was for services provided during the nine months period ended September 30, 2018. The entire balance of $147,464 was reduced by $10,000 related to the issuance of 10,000,000 shares on April 13, 2018 and the remaining balance of $52,087 was cancelled as a result of the SPA dated April 18, 2018 and was recorded as contributed capital. Additionally, following the SPA of April 18, 2018, a director paid for accounting, auditing and SEC filing services on behalf of the Company totaling $126,756 and $136,687 for the three and nine months ended September 30, 2018. That same director is also due $335,000 for the purchase of the shares per the SPA and $52,077 for purchaser expenses related to the SPA, which has been recorded as a reduction to additional paid-in capital. The related party payable is non-interest bearing and due on demand. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
EQUITY | NOTE 5 – EQUITY On June 19, 2017, the Company amended its Articles of Incorporation to increase its authorized common shares from 50,000,000 to 150,000,000. On June 20, 2017 control was purchased from the bankruptcy trustee for $25,000 and the Company issued 100,000,000 shares of its common stock to its President. No proceeds were received by the Company for the issuance of shares, therefore the shares were valued at par value. On March 12, 2018 the Board of Directors, with the consent of the majority shareholder, voted to reverse split the outstanding shares, 464 old shares for 1 new share, resulting in a reduction of shares to 322,660. All common share amounts and per share amounts in the financial statements reflect the one-for-four hundred and sixty-four reverse stock split. On April 11, 2018 the reverse split became effective. On April 13, 2018, in accordance with a Security Purchase Agreement, Dan Masters, former President, CEO, CFO, and Director was issued 10,000,000 shares of common stock in exchange for a $10,000 reduction in the related party payable due to him. Due to the lack of trading of the common stock, the shares were valued at par value. Additionally, on April 18, 2018, in accordance with the Security Purchase Agreement, all debt due to Mr. Masters totaling $52,087 was cancelled and recorded as contributed capital. On April 18 2018, a related party payable was due to a director totaling $387,077 for his expenses related to the SPA, which has been recorded as a reduction to additional paid-in capital. On September 11, 2018, the Nevada Secretary of State approved the Company’s certificate of amendment to amend its Articles of Incorporation to effectuate a 100 for 1 forward stock split. The total issued and outstanding shares of the Company’s common stock has been increased from 10,322,660 to 1,032,266,000 shares, with the par value unchanged at $0.001. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS The Company has evaluated subsequent events in accordance with the provisions of ASC 855 and through the date of this filing and has identified that there are no subsequent events that require disclosure. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying unaudited condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the U. S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results that can be expected for the fiscal year ending December 31, 2018. Although management believes the disclosures and information presented adequately ensure that the information is not misleading, it is suggested that these interim condensed financial statements be read in conjunction with the Company’s December 31, 2017 audited financial statements and notes thereto. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that materially affect the amounts reported in the consolidated financial statements. Actual results could differ from these estimates. The methods, estimates and judgments the Company uses in applying its most critical accounting policies have a significant impact on the results it reports in its financial statements. The Securities and Exchange Commission has defined the most critical accounting policies as those that are most important to the portrayal of the Company’s financial condition and results and require the Company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic net income (loss) per common share (“Basic EPS”) excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue shares of common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an antidilutive effect on net income per common share. Basic EPS and Diluted EPS were the same for the three and nine months ended September 30, 2018 and 2017. |
The Company (Details)
The Company (Details) - USD ($) | 1 Months Ended | |||
Apr. 18, 2018 | Sep. 30, 2018 | Jul. 19, 2018 | Dec. 31, 2017 | |
The Company (Textual) | ||||
Increase of authorized common shares | 2,000,000,000 | 2,000,000,000 | ||
Board of Directors [Member] | ||||
The Company (Textual) | ||||
Increase of authorized common shares | 150,000,000 | |||
Share Purchase Agreement [Member] | ||||
The Company (Textual) | ||||
Purchaser acquired shares | 10,210,517 | |||
Percentage of issued and outstanding shares of common stock | 98.91% | |||
Aggregate purchase price | $ 335,000 |
Going Concern (Details)
Going Concern (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Going Concern (Textual) | ||
Accumulated deficit | $ (18,321,339) | $ (18,173,542) |
Related Party (Details)
Related Party (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Apr. 18, 2018 | Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Related Party (Textual) | ||||
Related to balances | $ 523,764 | $ 523,764 | $ 41,300 | |
Services provided to related party | $ 147,464 | |||
Description of related party transaction | The entire balance of $147,464 was reduced by $10,000 related to the issuance of 10,000,000 shares on April 13, 2018 and the remaining balance of $52,087 was cancelled as a result of the SPA dated April 18, 2018 and was recorded as contributed capital. | |||
Share Purchase Agreement [Member] | ||||
Related Party (Textual) | ||||
Related party paid for accounting, auditing and SEC filings services | $ 62,087 | |||
Share Purchase Agreement [Member] | Director [Member] | ||||
Related Party (Textual) | ||||
Related party paid for accounting, auditing and SEC filings services | $ 126,756 | $ 136,687 | ||
Purchase of the shares per the SPA | 335,000 | |||
Purchaser expenses related to additional paid-in capital | $ 52,077 |
Equity (Details)
Equity (Details) - USD ($) | Sep. 11, 2018 | Apr. 13, 2018 | Mar. 12, 2018 | Apr. 18, 2018 | Jun. 20, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | Jun. 19, 2017 |
Equity (Textual) | ||||||||
Increase of authorized common shares minimum | 50,000,000 | |||||||
Increase of authorized common shares maximum | 150,000,000 | |||||||
Reverse split, description | The Nevada Secretary of State approved the Company’s certificate of amendment to amend its Articles of Incorporation to effectuate a 100 for 1 forward stock split. | |||||||
Par value of common stock | $ 0.001 | $ 0.001 | ||||||
Common stock, shares issued | 1,032,266,000 | 32,266,000 | ||||||
Common stock, shares outstanding | 1,032,266,000 | 32,266,000 | ||||||
Security Purchase Agreement [Member] | ||||||||
Equity (Textual) | ||||||||
Shares of common stock in exchange for reduction in related party payable | 10,000,000 | |||||||
Value of common stock in exchange for reduction in related party payable | $ 10,000 | |||||||
Common Stock [Member] | ||||||||
Equity (Textual) | ||||||||
Par value of common stock | $ 0.001 | |||||||
Common stock, shares issued | 10,322,660 | |||||||
Common stock, shares outstanding | 10,322,660 | |||||||
President [Member] | ||||||||
Equity (Textual) | ||||||||
Purchased from bankruptcy trustee | $ 25,000 | |||||||
Issued shares of common stock | 100,000,000 | |||||||
Board of Directors [Member] | ||||||||
Equity (Textual) | ||||||||
Reverse split, description | The Board of Directors, with the consent of the majority shareholder, voted to reverse split the outstanding shares, 464 old shares for 1 new share, resulting in a reduction of shares to 322,660.  All common share amounts and per share amounts in the financial statements reflect the one-for-four hundred and sixty-four reverse stock split. On April 11, 2018 the reverse split became effective. | |||||||
Director [Member] | Security Purchase Agreement [Member] | ||||||||
Equity (Textual) | ||||||||
Due to a director | $ 387,077 | |||||||
Mr. Masters [Member] | Security Purchase Agreement [Member] | ||||||||
Equity (Textual) | ||||||||
Cancelled and recorded contributed capital | $ 52,087 |