Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 15, 2023 | Jun. 30, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | Saxon Capital Group, Inc./DE | ||
Trading Symbol | N/A | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 14,981,701,785 | ||
Entity Public Float | $ 4,494,511 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001093636 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 000-28675 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 94-3370795 | ||
Entity Address, Address Line One | PO Box 147165 | ||
Entity Address, City or Town | Lakewood | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80214 | ||
City Area Code | 303 | ||
Local Phone Number | 323-4896 | ||
Title of 12(b) Security | N/A | ||
Security Exchange Name | NONE | ||
Entity Interactive Data Current | No | ||
Auditor Firm ID | 666200001 | ||
Auditor Name | M. S. Madhava Rao | ||
Auditor Location | Bangalore, India |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and Cash Equivalents | ||
Prepaid Expenses | 1,167 | |
Total Current Assets | 1,167 | |
Total Assets | 1,167 | |
Current Liabilities | ||
Accounts Payable | 5,885 | 4,100 |
Accruals - Related Parties | 174,000 | 114,000 |
Note Payable - Related Party | 67,997 | 35,639 |
Total Current Liabilities | 247,882 | 153,739 |
Total Liabilities | 247,882 | 153,739 |
Commitments and Contingencies (Note 8) | ||
Shareholders' Deficit | ||
Preferred Stock, $0.00001 par value, 24,999,000 and 0 shares authorized as of December 31, 2022 and 2021, respectively | ||
Series A Preferred Stock, $0.00001 par value,1,000 shares authorized, 501 and 1,000 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 19,990 | 39,900 |
Series B Preferred Stock, $0.00001 par value, 0 and 24,999,999 shares authorized, 0 shares issued and outstanding as of December 31, 2022 and 2021 | ||
Common Stock, $0.00001 par value, 15,000,000,000 shares authorized, 14,981,701,785 and 5,850,705,874 shares issued and outstanding as of December 31, 2022 and 2021, respectively. | 149,817 | 58,507 |
Additional Paid in Capital | 30,635,942 | 30,707,342 |
Accumulated Deficit | (31,053,631) | (30,958,322) |
Total Shareholders' Deficit | (247,882) | (152,573) |
Total Liabilities and Shareholders' Deficit | $ 1,167 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 24,999,000 | 0 |
Common stock, par value per share (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 15,000,000,000 | 15,000,000,000 |
Common stock, shares issued | 14,981,701,785 | 5,850,705,874 |
Common stock, shares outstanding | 14,981,701,785 | 5,850,705,874 |
Series A Preferred Stock | ||
Preferred stock, par value (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 501 | 1,000 |
Preferred stock, shares outstanding | 501 | 1,000 |
Series B Preferred Stock | ||
Preferred stock, par value (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 0 | 24,999,999 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
REVENUE | ||
OPERATING EXPENSES: | ||
General and administrative expenses | 95,309 | 115,272 |
Gain on partial settlement of liability | (4,270) | |
Total Operating Expenses | 95,309 | 111,002 |
OPERATING LOSS | (95,309) | (111,002) |
OTHER INCOME (EXPENSE) | ||
LOSS BEFORE TAXES | (95,309) | (111,002) |
TAXES | ||
NET LOSS | $ (95,309) | $ (111,002) |
Net Loss per Common Shares Outstanding – Basic and Diluted (in Dollars per share) | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding – Basic and Diluted (in Shares) | 6,626,215,116 | 5,850,705,874 |
Statements of Operations (Paren
Statements of Operations (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Net Loss per Common Shares Outstanding – Basic and Diluted | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding – Basic and Diluted | 6,626,215,116 | 5,850,707,874 |
Statements of Changes in Shareh
Statements of Changes in Shareholders' Deficit - USD ($) | Series A Preferred Shares | Common Shares | Additional Paid-In Capital | Accumulated Deficit | Total | ||
Balance at Dec. 31, 2020 | $ 176,360 | $ 58,507 | $ 30,530,982 | $ (30,847,320) | $ (81,471) | ||
Balance (in Shares) at Dec. 31, 2020 | 1,000 | [1] | 5,850,705,874 | ||||
Cancellation of Series A Preferred Stock | $ (176,360) | 176,360 | |||||
Cancellation of Series A Preferred Stock (in Shares) | [1] | (1,000) | |||||
Issuance of Series A Preferred Stock | [1] | $ 39,900 | 39,900 | ||||
Issuance of Series A Preferred Stock (in Shares) | [1] | 1,000 | |||||
Net loss for the year | (111,002) | (111,002) | |||||
Balance at Dec. 31, 2021 | $ 39,900 | $ 58,507 | 30,707,342 | (30,958,322) | (152,573) | ||
Balance (in Shares) at Dec. 31, 2021 | 1,000 | [1] | 5,850,705,874 | ||||
Conversion of Series A Preference shares | $ (19,910) | $ 91,310 | (71,400) | ||||
Conversion of Series A Preference shares (in Shares) | (499) | 9,130,995,911 | |||||
Net loss for the year | (95,309) | (95,309) | |||||
Balance at Dec. 31, 2022 | $ 19,990 | $ 149,817 | $ 30,635,942 | $ (31,053,631) | $ (247,882) | ||
Balance (in Shares) at Dec. 31, 2022 | 501 | 14,981,701,785 | |||||
[1]As retrospectively restated for the 1:1,000 forward split completed effective November 25, 2022. |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (95,309) | $ (111,002) |
Adjustments to reconcile net loss to net cash from operating activities | ||
Compensation paid in preferred stock | 39,900 | |
Gain on partial settlement of liabilities | (4,270) | |
Changes in working capital items: | ||
Prepaid Expenses | 1,167 | (1,167) |
Accounts Payable | 1,785 | (1,100) |
Accruals - Related Parties | 60,000 | 42,000 |
Net Cash Flows Used in Operating Activities | (32,357) | (35,639) |
Net Cash Flows Used in Investing Activities | ||
Cash Flows from Financing Activities | ||
Advances under Note Payable – Related Party | 32,357 | 35,639 |
Net Cash Flows from Financing Activities | 32,357 | 35,639 |
Net Change in Cash: | ||
Beginning Cash: | ||
Ending Cash : | ||
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | ||
Cash paid for tax |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
NATURE OF OPERATIONS | NOTE 1. NATURE OF OPERATIONS Saxon Capital Group, Inc., formerly Atlas Technology Group, Inc., a Delaware corporation, (“the Company,” “We," "Us," or “Our’) is a SEC reporting shell company. Shares of our common stock can only be traded in the expert market as of the date of this report. We believe this is due to there being no broker dealers willing to quote our stock. We intend to seek approval for our shares of common stock to be traded on the Pink Sheets again. Once relisted on the Pink Sheets, we will then seek to merge with an entity with experienced management and opportunities for growth in return for shares of our common stock to create values for our shareholders. There is no guarantee that we will be successful in becoming relisted on the Pink Sheets and no potential merger candidate has been identified at this time. Effective May 29, 2021, we entered into an agreement with Corporate Excellence Consulting Inc. (“CECI”), our then controlling shareholder, and Mr. David Cutler (“Mr. Cutler”) (“the Agreement”) under which: - CECI surrendered, and we cancelled, the single outstanding share of Series A Preferred Stock. The single outstanding share of Series A Preferred Stock carried super preferred voting rights enabling the holder to vote the equivalent of 61% of all voteable preferred and common shares issued and outstanding, - We issued a new share of Series A Preferred Stock, carrying the same super preferred voting rights described above, to Mr. Cutler. As a consequence of this issuance, Mr. Cutler became our new controlling shareholder, - Mr. Cutler was appointed as a director of ours and as our Chief Financial Officer, - Mr. Cutler paid $5,000 to CECI on our behalf as a partial repayment of the outstanding fees due by us to CECI, - Mr. Cutler undertook to pay a further $30,000 on our behalf as a full and final settlement of the outstanding fees due by us to CECI, such payment to be made on the approval by FINRA of a proposed name change and reverse stock split, and - CECI agreed to accept the $35,000 to be paid to them by Mr. Cutler on our behalf in full and final settlement of the outstanding fees due by us to CECI. The initial payment of $5,000 to CECI was made by Mr. Cutler as agreed. There is no guarantee that it will be possible to complete the remaining terms of the Agreement. Effective November 10, 2021, the Board of directors recommended, and the holder of a majority of the voting power of our outstanding common stock voted, to approve the following items: - a reverse split of the common stock issued and outstanding on a one new share for one million (1,000,000) old shares basis as of November 10, 2021. Fractional shares will be rounded up to the next whole share. (This action requires an amendment to the Certificate of Incorporation and requires the approval of the Financial Industry Regulatory Authority (“FINRA”)), and - a forward split of the common stock issued and outstanding as of November 10, 2021. Subsequent to the 1/1,000,000 reverse split described above, each share of post reverse split adjusted issued and outstanding Common Stock shall be forward split on a one for one hundred (100) basis such that each post reverse split old share represents 100 new shares. Fractional shares will be rounded up to the next whole share. These proposed actions are still pending FINRA approval. Effective November 17, 2022 Board of Director approved the following actions to: - Cancel all 24,999,999 shares of authorized but unissued shares of Series B Preferred Stock. - Increase the number of shares authorized Series A Preferred Stock from 1 to 1,000. - Forward split each share of issued and outstanding Series A Preferred Stock as of record date November 25, 2022 in the ratio of 1:1,000, such that each old share represents 1,000 new shares. - Convert 499 post-split shares of Series A Preferred Stock into 9,130,995,911 shares of our common stock leaving 501 shares of post-split Series A stock issued and outstanding. History Saxon Capital Inc. was incorporated in the state of Nevada in August 1996 under the name Pan World Corporation. In November 1999, the Company changed its name to Tribeworks, Inc. and redomiciled to the state of Delaware. In August 2007, the Company changed its name to Atlas Technology Group, Inc. In August 2015, the Company redomiciled to the State of Florida. In December 2015, the Company changed its name to Moxie Motion Pictures, Inc. In November 2018, the Company changed its name back to Atlas Technology Group, Inc. On August 30, 2022, Atlas Technology Group, Inc. merged into Saxon Capital Group, Inc. and redomiciled from State of Florida to State of Delaware with the surviving corporation being Saxon Capital Group, Inc. Since its Inception in August 1996, the Company has at various times been involved in the following business activities: software sales, provision of information technology application support services, distribution of energy efficient lighting products and movie production and talent management. By December 31, 2018, the Company had ceased all operations and had disposed of all its former operating subsidiaries. Impact of the COVID-19 Pandemic We have not commenced operations as yet and consequently have not been directly impacted by the Covid-19 outbreak at this time. However, the detrimental effect of the Covid-19 outbreak on the economy as a whole may have a detrimental impact on our ability to raise funding and identify an entity to merge with for the foreseeable future. We are unable to predict with any certainty the ultimate impact Covid-19 outbreak on our plans at this time. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2022 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 2. GOING CONCERN Our financial statements are prepared using accounting principles generally accepted in the United States of America (“GAAP”) applicable to a going concern, which contemplate the realization of assets and the liquidation of liabilities in the normal course of business. We have no ongoing business or income and for the year ended December 31, 2022 we incurred a loss of $95,309 and had an accumulated deficit of $31,053,631 as of December 31, 2022. These conditions raise substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties. Our ability to continue as a going concern is dependent upon our ability to raise additional debt or equity funding to meet our ongoing operating expenses and ultimately in merging with another entity with experienced management and profitable operations. No assurances can be given that we will be successful in achieving these objectives. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant 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 GAAP and have been consistently applied. The Company has selected December 31 as its financial year end. Forward Stock Split On November 17, 2022, the Company’s Board of Directors approved a forward stock split at in ratio of one-for-one thousand in respect of the Company’s series A Preferred Stock. Such forward stock split was implemented effective November 25, 2022 increasing the number of issued Series A Preferred Stock form 1 to 1,000. The par value for the Series A Preferred Stock was not affected. All numbers of Series A Preferred Stock in these financial statements have been retroactively restated for the effect to the Forward Split for all periods presented. Use of Estimates The preparation of financial statements in conformity with 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 December 31, 2022 and 2021, our cash balances were $0. 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 our accounts payable, accrued expenses - related parties and note payable – related party. The carrying amount of our accounts payable, accrued expenses- related parties and note payable – related party approximates their fair values because of the short-term maturities of these instruments. 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. See Notes 5 and 6 below for details of related party transactions in the period presented. Leases: We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) as assets, operating lease non-current liabilities, and operating lease current liabilities in our balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the balance sheet. ROU assets represent the right to use an asset for the lease term and lease liability represent the obligation to make lease payment arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases doesn’t provide an implicit rate. We generally use the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight-line basis over lease term. The Company was not party to any lease transaction during the years ended December 31, 2022 and 2021. 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 carryforwards. 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. We classify gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in the financial statements. 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 As the Company had no business operations during the years ended December 31, 2022 and 2021, we have not identified specific planned revenue streams. During the years ended December 31, 2022 and 2021, we did not recognize any revenue. Advertising Costs: We expense advertising costs when advertisements occur. No advertising costs were incurred during the years ended December 31, 2022 and 2021. Stock-Based Compensation: The cost of equity instruments issued to employees and non-employees in return for goods and services is measured by the grant date fair value of the equity instruments issued in accordance with ASC 718, Compensation – Stock Compensation. The related expense is recognized as services are rendered or vesting periods elapse. Net Loss per Share Calculation: Basic earnings (loss) per common share ("EPS") is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Recently Accounting Pronouncements: We have reviewed all the recently issued, but not yet effective, accounting pronouncements and do not believe any of these pronouncements will have a material impact on our financial statements. |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Payable [Abstract] | |
ACCOUNTS PAYABLE | NOTE 4. ACCOUNTS PAYABLE As of December 31, 2022 and 2021, the balance of accounts payable totaled $5,885 and $4,100 respectively. These balances were owed to the Company’s stock transfer agent . |
Accrued Expenses - Related Part
Accrued Expenses - Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Expenses - Related Parties [Abstract] | |
ACCRUED EXPENSES - RELATED PARTIES | NOTE 5. ACCRUED EXPENSES - RELATED PARTIES As of December 31, 2022 and 2021, the balance of accruals - related parties totaled $174,000 and $114,000 respectively. These accruals relate to consulting fees due to our current controlling shareholder, director and chief financial officer ($95,000 and $35,000, respectively) and our former controlling shareholder ($79,000 and $79,000 respectively). |
Note Payable _ Related Party
Note Payable – Related Party | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
NOTE PAYABLE – RELATED PARTY | NOTE 6. NOTE PAYABLE – RELATED PARTY As of December 31, 2022 and 2021, the balance of notes payable – related party totaled $67,997 and $35,639 respectively. Our new controlling shareholder, director and chief financial officer, advanced to us $67,997, by way of a promissory note to finance our working capital requirements. The promissory note is unsecured, due on demand and interest free. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax [Abstract] | |
INCOME TAXES | NOTE 7. INCOME TAXES We did not provide any current or deferred US federal income tax provision or benefit for the years ending December 31, 2022 and 2021 as we incurred tax losses during both of these 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 years ended December 31, 2022 and 2021 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. The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences for the periods presented are as follows : Year ended December 31, 2022 Year ended December 31, 2021 Statutory U.S. Federal Income Tax Rate 21 % 21 % State Income Taxes 5 % 5 % Change in Valuation Allowance (26 )% (26 )% Effective Income Tax Rate 0 % 0 % A reconciliation of the income taxes computed at the statutory rate is as follows: Year ended December 31, 2022 Year ended December 31, 2021 Tax credit (expense) at statutory rate (26%) $ 24,780 $ 28,861 Increase in valuation allowance (24,780 ) (28,861 ) Net deferred tax assets $ — $ — As of December 31, 2022, the Company had a federal net operating loss carryforward of approximately $132,000. The federal net operating loss carryforward do not expire but may only be used against taxable income to 80%. In response to the novel coronavirus COVID-19, the Coronavirus Aid, Relief, and Economic Security Act temporarily repealed the 80% limitation for NOLs arising in 2018, 2019 and 2020. No tax benefit has been reported in the financial statements. The annual offset of this carryforward loss against any future taxable profits may be limited under the provisions of Internal Revenue Code Section 381 upon any future change(s) in control of the Company. |
Commitments & Contingencies
Commitments & Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments & Contingencies [Abstract] | |
COMMITMENTS & CONTINGENCIES | NOTE 8. COMMITMENTS & CONTINGENCIES Legal Proceedings We were not subject to any legal proceedings during the years ended December 31, 2022 or 2021, and, to the best of our knowledge, no legal proceedings are pending or threatened. Contractual Obligations We are not party to any contractual obligations at this time. |
Shareholders_ Deficit
Shareholders’ Deficit | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS’ DEFICIT | NOTE 10. SHAREHOLDERS’ DEFICIT Preferred Stock We were authorized to issue 25,000,000 shares of preferred stock with a par value of $0.00001, with such relative rights, preferences and designations as may be determined by our Board of Directors in its sole discretion upon the issuance of any shares of Preferred Stock. 1 share of Series A Preferred Stock and 24,999,999 shares of Series B Preferred Stock were designated effective July 27, 2015. Effective November 17, 2022 Board of Director approved the following actions to: - Cancel all 24,999,999 shares of authorized but unissued shares of Series B Preferred Stock. - Increase the number of shares authorized Series A Preferred Stock from 1 to 1,000. As on December 31, 2022, there are 24,999,000 shares of preferred stock available for designation. Series A Preferred Stock As on December 31, 2022, we are authorized to issue 1,000 share of Series A Preferred Stock with a par value of $0.00001. Effective May 29, 2021, the 1 existing issued share of Series A Preferred Stock was returned to us by of former controlling shareholder and cancelled by us. Further on May 29, 2021, we issued a new share of Series A Preferred Stock, valued by an independent, third party valuation company at $39,900, as compensation to our new controlling shareholder, director and Chief Financial Officer. However, effective November 25, 2022, the single share of Series A Preferred Stock issued and outstanding was forward split in the ratio of 1:1,000, such that the single outstanding old share was replaced with 1,000 new shares. The single share of Series A Preferred Stock originally carried super majority voting rights such that it could vote the equivalent of 61% of all votable preferred and common stock at all times. Subsequently the super majority voting power of the single share of Series A Preferred Stock was increased from 61% to 68%. Following the 1: 1,000 forward split effective November 25, 2022, each one of the 1,000 post forward split shares of Series A Preferred Stock is now convertible into 18,298,589 shares of common stock with total voting rights equal to 76% ownership of the common stock of the Company at the option of the Holder. Effective November 25, 2022, 499 share of Series A Preferred Stock was converted into 9,130,995,911 shares of common stock and remaining 501 shares are issued and outstanding as on December 31, 2022. As of December 31, 2022 and 2021, 501 and 1,000 shares of Series A Preferred Stock were issued and outstanding respectively. Series B Preferred Stock As of December 31, 2022, we are authorized to issue 0 shares of Series B Preferred Stock as it has been cancelled by the approval of board of directors in November 2022. As on November 17, 2022 Board of Director cancelled all 24,999,999 shares of authorized but unissued shares of Series B Preferred Stock. Common Stock As of December 31, 2022, we were authorized to issue 15,000,000,000 shares of common stock with a par value of $0.0001. No shares of common stock were issued during the year ended December 31, 2021. Effective November 10, 2021, the Company’s controlling shareholder and the Board approved a 1 for 1,000,000 reverse share split, followed by a 100 for 1 forward share split. This change in the number of common shares issued and outstanding is pending FINRA approval. Effective November 25, 2022, 499 Series A Preferred Stock was converted in to 9,130,995,911 shares of common stock. As of December 31, 2022 and 2021, 14,981,701,785 and 5,850,705,874 shares of common stock were issued and outstanding. Warrants No warrants were issued or outstanding during the years ended December 31, 2022 and 2021. Stock Options We currently have no stock option plan. No stock options were issued or outstanding during the years ended December 31, 2022 and 2021. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11. SUBSEQUENT EVENTS The Company evaluated subsequent events after December 31, 2022, in accordance with FASB ASC 855 Subsequent Events, through the date of the issuance of these financial statements and has determined there have been no subsequent event for which disclosure is required. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant 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 GAAP and have been consistently applied. The Company has selected December 31 as its financial year end. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with 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 December 31, 2022 and 2021, our cash balances were $0. |
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 our accounts payable, accrued expenses - related parties and note payable – related party. The carrying amount of our accounts payable, accrued expenses- related parties and note payable – related party approximates their fair values because of the short-term maturities of these instruments. |
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. See Notes 5 and 6 below for details of related party transactions in the period presented. |
Leases | Leases: We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) as assets, operating lease non-current liabilities, and operating lease current liabilities in our balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the balance sheet. ROU assets represent the right to use an asset for the lease term and lease liability represent the obligation to make lease payment arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases doesn’t provide an implicit rate. We generally use the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight-line basis over lease term. The Company was not party to any lease transaction during the years ended December 31, 2022 and 2021. |
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 carryforwards. 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. We classify gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in the financial statements. |
Revenue Recognition | 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 As the Company had no business operations during the years ended December 31, 2022 and 2021, we have not identified specific planned revenue streams. During the years ended December 31, 2022 and 2021, we did not recognize any revenue. |
Advertising Costs | Advertising Costs: We expense advertising costs when advertisements occur. No advertising costs were incurred during the years ended December 31, 2022 and 2021. |
Stock-Based Compensation | Stock-Based Compensation: The cost of equity instruments issued to employees and non-employees in return for goods and services is measured by the grant date fair value of the equity instruments issued in accordance with ASC 718, Compensation – Stock Compensation. The related expense is recognized as services are rendered or vesting periods elapse. |
Net Loss per Share Calculation | Net Loss per Share Calculation: Basic earnings (loss) per common share ("EPS") is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. |
Recently Accounting Pronouncements | Recently Accounting Pronouncements: We have reviewed all the recently issued, but not yet effective, accounting pronouncements and do not believe any of these pronouncements will have a material impact on our financial statements. |
Forward Stock Split | Forward Stock Split On November 17, 2022, the Company’s Board of Directors approved a forward stock split at in ratio of one-for-one thousand in respect of the Company’s series A Preferred Stock. Such forward stock split was implemented effective November 25, 2022 increasing the number of issued Series A Preferred Stock form 1 to 1,000. The par value for the Series A Preferred Stock was not affected. All numbers of Series A Preferred Stock in these financial statements have been retroactively restated for the effect to the Forward Split for all periods presented. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax [Abstract] | |
Schedule of sources and tax effects | Year ended December 31, 2022 Year ended December 31, 2021 Statutory U.S. Federal Income Tax Rate 21 % 21 % State Income Taxes 5 % 5 % Change in Valuation Allowance (26 )% (26 )% Effective Income Tax Rate 0 % 0 % |
Schedule of reconciliation of the income taxes computed at the statutory rate | Year ended December 31, 2022 Year ended December 31, 2021 Tax credit (expense) at statutory rate (26%) $ 24,780 $ 28,861 Increase in valuation allowance (24,780 ) (28,861 ) Net deferred tax assets $ — $ — |
Nature of Operations (Details)
Nature of Operations (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 10, 2021 | May 29, 2021 | Dec. 31, 2022 | Nov. 17, 2022 | Dec. 31, 2021 | |
Nature of Operations (Details) [Line Items] | |||||
Description of reverse split | -a reverse split of the common stock issued and outstanding on a one new share for one million (1,000,000) old shares basis as of November 10, 2021. Fractional shares will be rounded up to the next whole share. | ||||
Description of forward split | -a forward split of the common stock issued and outstanding as of November 10, 2021. Subsequent to the 1/1,000,000 reverse split described above, each share of post reverse split adjusted issued and outstanding Common Stock shall be forward split on a one for one hundred (100) basis such that each post reverse split old share represents 100 new shares. Fractional shares will be rounded up to the next whole share. | ||||
Shares authorized | 15,000,000,000 | 15,000,000,000 | |||
Series A preferred stock, description | Forward split each share of issued and outstanding Series A Preferred Stock as of record date November 25, 2022 in the ratio of 1:1,000 | ||||
New shares | 1,000 | ||||
Post-split shares | 501 | ||||
Preferred stock into common shares | 9,130,995,911 | ||||
Minimum [Member] | |||||
Nature of Operations (Details) [Line Items] | |||||
Post-split shares | 1 | ||||
Maximum [Member] | |||||
Nature of Operations (Details) [Line Items] | |||||
Post-split shares | 1,000,000 | ||||
Series A Preferred Stock [Member] | |||||
Nature of Operations (Details) [Line Items] | |||||
Preferred stock voting rights | 61% | ||||
Shares authorized | 24,999,999 | ||||
Post-split shares | 499 | ||||
Series A Preferred Stock [Member] | Minimum [Member] | |||||
Nature of Operations (Details) [Line Items] | |||||
Preferred stock voting rights | 61% | ||||
Shares authorized | 1 | ||||
Series A Preferred Stock [Member] | Maximum [Member] | |||||
Nature of Operations (Details) [Line Items] | |||||
Preferred stock voting rights | 68% | ||||
Shares authorized | 1,000 | ||||
CECI [Member] | |||||
Nature of Operations (Details) [Line Items] | |||||
Partial repayment of the outstanding fees due (in Dollars) | $ 5,000 | ||||
Final settlement of the outstanding fees due (in Dollars) | 30,000 | ||||
Initial fee payment (in Dollars) | 5,000 | ||||
CECI [Member] | Mr. Cutler [Member] | |||||
Nature of Operations (Details) [Line Items] | |||||
Final settlement of the outstanding fees due (in Dollars) | $ 35,000 |
Going Concern (Details)
Going Concern (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Going Concern [Abstract] | ||
Incurred loss | $ (95,309) | $ (111,002) |
Accumulated deficit | $ (31,053,631) | $ (30,958,322) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Nov. 25, 2022 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Cash balances | $ 0 | $ 0 | |
Membership interest percentage | 10% | ||
Ultimate settlement percentage | 50% | ||
Minimum [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Preferred stock, shares issued | 1 | ||
Maximum [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Preferred stock, shares issued | 1,000 |
Accounts Payable (Details)
Accounts Payable (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Payable [Abstract] | ||
Accounts payable | $ 5,885 | $ 4,100 |
Accrued Expenses - Related Pa_2
Accrued Expenses - Related Parties (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued Expenses - Related Parties (Details) [Line Items] | ||
Accruals - related parties | $ 174,000 | $ 114,000 |
Current Controlling Shareholder, Director and Chief Financial Officer [Member] | ||
Accrued Expenses - Related Parties (Details) [Line Items] | ||
Accruals - related parties | 95,000 | 35,000 |
Former Controlling Shareholder [Member] | ||
Accrued Expenses - Related Parties (Details) [Line Items] | ||
Accruals - related parties | $ 79,000 | $ 79,000 |
Note Payable _ Related Party (D
Note Payable – Related Party (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Note Payable – Related Party (Details) [Line Items] | ||
Notes payable - related party | $ 67,997 | $ 35,639 |
New Controlling Shareholder, Director and Chief Financial Officer [Member] | ||
Note Payable – Related Party (Details) [Line Items] | ||
Unsecured promissory note | $ 67,997 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Income Tax [Abstract] | |
Federal net operating loss carryforward (in Dollars) | $ 132,000 |
Taxable income | 80% |
Limitation rate | 80% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of sources and tax effects | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of sources and tax effects [Abstract] | ||
Statutory U.S. Federal Income Tax Rate | 21% | 21% |
State Income Taxes | 5% | 5% |
Change in Valuation Allowance | (26.00%) | (26.00%) |
Effective Income Tax Rate | 0% | 0% |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of reconciliation of the income taxes computed at the statutory rate - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of reconciliation of the income taxes computed at the statutory rate [Abstract] | ||
Tax credit (expense) at statutory rate (26%) | $ 24,780 | $ 28,861 |
Increase in valuation allowance | (24,780) | (28,861) |
Net deferred tax assets |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of reconciliation of the income taxes computed at the statutory rate (Parentheticals) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of reconciliation of the income taxes computed at the statutory rate [Abstract] | ||
Statutory rate | (26.00%) | (26.00%) |
Shareholders_ Deficit (Details)
Shareholders’ Deficit (Details) | 1 Months Ended | 12 Months Ended | ||||||
Nov. 10, 2021 shares | Nov. 25, 2022 shares | Dec. 31, 2022 $ / shares shares | Nov. 17, 2022 shares | Dec. 31, 2021 $ / shares shares | Nov. 25, 2021 shares | May 29, 2021 USD ($) shares | Jul. 27, 2015 shares | |
Shareholders’ Deficit (Details) [Line Items] | ||||||||
Preferred stock authorized | 24,999,000 | 0 | ||||||
Preferred stock par value (in Dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | ||||||
New outstanding shares | 1,000 | |||||||
Reverse split description | Following the 1: 1,000 forward split effective November 25, 2022, each one of the 1,000 post forward split shares of Series A Preferred Stock is now convertible into 18,298,589 shares of common stock with total voting rights equal to 76% ownership of the common stock of the Company at the option of the Holder. | |||||||
Common stock authorized | 15,000,000,000 | 15,000,000,000 | ||||||
Common stock par value (in Dollars per share) | $ / shares | $ 0.0001 | |||||||
Reverse share split | 501 | |||||||
Common stock, shares issued | 14,981,701,785 | 5,850,705,874 | ||||||
Common stock, shares outstanding | 14,981,701,785 | 5,850,705,874 | ||||||
Preferred Stock [Member] | ||||||||
Shareholders’ Deficit (Details) [Line Items] | ||||||||
Preferred stock authorized | 25,000,000 | |||||||
Preferred stock par value (in Dollars per share) | $ / shares | $ 0.00001 | |||||||
Minimum [Member] | ||||||||
Shareholders’ Deficit (Details) [Line Items] | ||||||||
Preferred stock, shares issued | 1 | |||||||
Reverse share split | 1 | |||||||
Forward share split | 100 | |||||||
Maximum [Member] | ||||||||
Shareholders’ Deficit (Details) [Line Items] | ||||||||
Preferred stock, shares issued | 1,000 | |||||||
Reverse share split | 1,000,000 | |||||||
Forward share split | 1 | |||||||
Series A Preferred Stock [Member] | ||||||||
Shareholders’ Deficit (Details) [Line Items] | ||||||||
Preferred stock authorized | 1,000 | 1,000 | 1 | |||||
Preferred stock par value (in Dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | ||||||
Preferred stock returned and cancelled | 1 | |||||||
Preferred stock issued value (in Dollars) | $ | $ 39,900 | |||||||
Preferred stock voting rights | 61% | |||||||
Preferred stock, shares issued | 501 | 1,000 | ||||||
Preferred stock, shares outstanding | 9,130,995,911 | 501 | 1,000 | |||||
Common stock authorized | 24,999,999 | |||||||
Reverse share split | 499 | |||||||
Convertible common shares | 9,130,995,911 | |||||||
Series A Preferred Stock [Member] | Minimum [Member] | ||||||||
Shareholders’ Deficit (Details) [Line Items] | ||||||||
Preferred stock authorized | 1 | |||||||
Preferred Stock outstanding split ratio | 1 | |||||||
Preferred stock voting rights | 61% | |||||||
Common stock authorized | 1 | |||||||
Series A Preferred Stock [Member] | Maximum [Member] | ||||||||
Shareholders’ Deficit (Details) [Line Items] | ||||||||
Preferred stock authorized | 1,000 | |||||||
Preferred Stock outstanding split ratio | 1,000 | |||||||
Preferred stock voting rights | 68% | |||||||
Common stock authorized | 1,000 | |||||||
Series B Preferred Stock [Member] | ||||||||
Shareholders’ Deficit (Details) [Line Items] | ||||||||
Preferred stock authorized | 0 | 24,999,999 | 24,999,999 | 24,999,999 | ||||
Preferred stock par value (in Dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | ||||||
Preferred stock, shares issued | 0 | 0 | ||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||
Preferred Stock unissued shares | 24,999,999 | |||||||
Series A Preferred Stock One [Member] | ||||||||
Shareholders’ Deficit (Details) [Line Items] | ||||||||
Preferred stock, shares issued | 499 |