Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 12, 2021 | |
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 | 000-55825 | |
Entity Registrant Name | TRICCAR INC. | |
Entity Central Index Key | 0001108645 | |
Entity Tax Identification Number | 84-4250492 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 220 Travis Street | |
Entity Address, Address Line Two | Suite 501 | |
Entity Address, City or Town | Shreveport | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 71101 | |
City Area Code | 318 | |
Local Phone Number | 425-5000 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | TCCR | |
Security Exchange Name | NONE | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,000,000 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 9,197 | $ 1,699 |
Total current assets | 9,197 | 1,699 |
Total assets | 9,197 | 1,699 |
Current Liabilities: | ||
Accounts payable | 311,587 | 228,411 |
Accrued liabilities, related party | 48,830 | |
Total current liabilities | 311,587 | 277,241 |
Total Liabilities | 311,587 | 277,241 |
Stockholders’ Deficit: | ||
Preferred stock $.0001 par value; authorized 50,000,000 shares with no outstanding as June 30, 2021 and December 31, 2020 | ||
Additional paid-in capital | 207,588 | 0 |
Accumulated deficit | (511,978) | (285,542) |
Total stockholders’ deficit | (302,390) | (275,542) |
Total Liabilities and Stockholders’ Deficit | 9,197 | 1,699 |
Common Class A [Member] | ||
Stockholders’ Deficit: | ||
Common Stock, Value, Issued | 2,000 | 7,250 |
Total stockholders’ deficit | 2,000 | 7,250 |
Common Class B [Member] | ||
Stockholders’ Deficit: | ||
Common Stock, Value, Issued | 0 | 2,750 |
Total stockholders’ deficit | $ 0 | $ 2,750 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 400,000,000 | |
Common Class A [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 372,500,000 | 372,500,000 |
Common Stock, Shares, Issued | 20,000,000 | 72,500,000 |
Common Stock, Shares, Outstanding | 20,000,000 | 72,500,000 |
Common Class B [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | |
Preferred Stock, Shares Authorized | 50,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 27,500,000 | 27,500,000 |
Common Stock, Shares, Issued | 0 | 27,500,000 |
Common Stock, Shares, Outstanding | 0 | 27,500,000 |
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 | |
Income Statement [Abstract] | ||||
Revenue, net of discounts | $ 0 | $ 0 | $ 0 | $ 0 |
Costs and expenses: | ||||
Operating costs, related party | 60,147 | 90,147 | 45,000 | |
General and administrative | 78,451 | 7,384 | 136,289 | 9,050 |
Total costs and expenses | 138,598 | 7,384 | 226,436 | 54,050 |
Operating loss | (138,598) | (7,384) | (226,436) | (54,050) |
Other (income) expense: | ||||
Other income (Note 6) | 0 | 0 | 0 | (10,000) |
Interest expense | 0 | 0 | 0 | 0 |
Loss before provision for income taxes | (138,598) | (7,384) | (226,436) | (44,050) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net loss | (138,598) | (7,384) | (226,436) | (44,050) |
Net loss per common share – basic: | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding: | ||||
Basic | 20,000,000 | 100,000,000 | 58,966,790 | 93,333,333 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (226,436) | $ (44,050) |
Increase (decrease) in operating liabilities: | ||
Accounts payable | 83,176 | |
Accrued liabilities | 0 | 16,339 |
Net cash used in operating activities | (143,260) | (27,711) |
Cash Flows from Investing Activities | 0 | 0 |
Cash Flows from Financing Activities: | ||
Contributed capital | 150,758 | 0 |
Proceeds from equity investment | 2,075 | |
Net cash provided from financing activities: | 150,758 | 2,075 |
Net increase (decrease) in cash | 7,498 | (25,636) |
Cash at beginning of the period | 1,699 | 29,467 |
Cash at end of the period | 9,197 | 3,831 |
Cash paid for: | ||
Interest | 0 | 0 |
Taxes | 0 | 0 |
Supplemental Disclosure of Non-Cash Investing and Financing | ||
Accrued liabilities forgiven through May 2021 Recission Agreement (See Note 7) | 48,830 | 0 |
Accounts payable acquired in reverse merger | $ 0 | $ 168,411 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Class A [Member] | Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 525 | $ 275 | $ 101,401 | $ (105,225) | $ (3,024) |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 52,500,000 | 27,500,000 | |||
Contribution by shareholders | $ 0 | $ 0 | 2,075 | 0 | 2,075 |
Recapitalization on reverse merger - purging previous share | $ (525) | $ (275) | (103,476) | 0 | (104,276) |
Recapitalization on reverse merger - purging previous share | (52,500,000) | (27,500,000) | |||
Recapitalization on reverse merger - issuance of new share | $ 7,250 | $ 2,750 | 0 | (74,135) | (64,135) |
Recapitalization on reverse merger - issuance of new share | 72,500,000 | 27,500,000 | |||
Net loss | $ 0 | $ 0 | 0 | (44,050) | (44,050) |
Ending balance, value at Sep. 30, 2020 | $ 7,250 | $ 2,750 | 0 | (223,410) | (213,410) |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 72,500,000 | 27,500,000 | |||
Accrued liabilities forgiven through May 2021 Recission Agreement (See Note 7) | 0 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 7,250 | $ 2,750 | 0 | (285,542) | (275,542) |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 72,500,000 | 27,500,000 | |||
Net loss | $ 0 | $ 0 | 0 | (15,609) | (15,609) |
Ending balance, value at Mar. 31, 2021 | $ 7,250 | $ 2,750 | 0 | (301,151) | (291,151) |
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2021 | 72,500,000 | 27,500,000 | |||
Beginning balance, value at Dec. 31, 2020 | $ 7,250 | $ 2,750 | 0 | (285,542) | (275,542) |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 72,500,000 | 27,500,000 | |||
Net loss | (226,436) | ||||
Ending balance, value at Sep. 30, 2021 | $ 2,000 | $ 0 | 207,588 | (511,978) | (302,390) |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 20,000,000 | 0 | |||
Accrued liabilities forgiven through May 2021 Recission Agreement (See Note 7) | 48,830 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 7,250 | $ 2,750 | 0 | (301,151) | (291,151) |
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2021 | 72,500,000 | 27,500,000 | |||
Contribution by shareholders | $ 0 | $ 0 | 150,758 | 0 | 150,758 |
Net loss | 0 | 0 | 0 | (72,229) | (72,229) |
Ending balance, value at Jun. 30, 2021 | $ 2,000 | $ 0 | 207,588 | (373,380) | (163,792) |
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 20,000,000 | 0 | |||
Accrued liabilities forgiven through May 2021 Recission Agreement (See Note 7) | $ 0 | $ 0 | 48,830 | 0 | 48,830 |
Cancellation of shares related to May 2021 Recission Agreement | $ (5,250) | $ (2,750) | 8,000 | ||
Cancellation of shares related to May 2021 Recission Agreement | (52,500,000) | (27,500,000) | |||
Net loss | $ 0 | $ 0 | 0 | (138,598) | (138,598) |
Ending balance, value at Sep. 30, 2021 | $ 2,000 | $ 0 | $ 207,588 | $ (511,978) | $ (302,390) |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 20,000,000 | 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION The consolidated financial statements included herein have been prepared by TRICCAR, Inc. (“the Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. However, in the opinion of management, all adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the financial position and results of operations for the periods presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. |
BUSINESS ACTIVITIES
BUSINESS ACTIVITIES | 9 Months Ended |
Sep. 30, 2021 | |
Business Activities | |
BUSINESS ACTIVITIES | 2. BUSINESS ACTIVITIES On December 12, 2019, Frontier Oilfield Services, Inc., a Texas Corporation (“FOSI”) entered into a Reorganization and Stock Purchase Agreement (the “Agreement”) to change its corporate domicile from Texas to Nevada, assume the name TRICCAR, Inc. (“TRICCAR”), and to acquire 100% Pursuant to the Agreement, effective on February 28, 2020, the parties closed the Agreement. TRICCAR acquired 100% of the issued and outstanding equity of TRICCAR Holdings. TRICCAR issued 80,000,000 20,000,000 100,000,000 The accompanying consolidated financial statements include the accounts of the Company., and its subsidiary TRICCAR Holdings. Through May 14, 2021, TRICCAR was a biomedical research, development, and marketing firm whose focus was to develop, acquire, and partner to bring bioceutical solutions (not requiring FDA approval) and pharmaceutical drugs (requiring FDA approval) to the market. The Company was in the development stage of bioceutical and pharmaceutical products designed to support the well-being of humans and animals that have common diseases. On May 14, 2021, TRICCAR and TRICCAR Holdings entered into a Mutual Rescission Agreement and General Release (“Rescission Agreement”), pursuant to which the Reorganization and Stock Purchase Agreement (“Agreement”) entered into by and between the TRICCAR and TRICCAR Holdings on December 12, 2019 was rescinded. Pursuant to the terms of the Rescission Agreement, the 80,000,000 |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 3. GOING CONCERN The Company’s financial statements are prepared using U.S. generally accepted accounting principles (“U.S. GAAP”) applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As of the date of the financial statements, the Company has generated losses from operations, has an accumulated deficit and working capital deficiency. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. To continue as a going concern and achieve a profitable level of operations, the Company will need, among other things, to increase its business volume and grow revenues, reduce its operating expenses, raise additional capital resources and develop new and stable sources of revenue to meet its operating expenses. The Company’s ability to continue as a going concern will be dependent upon management’s ability to successfully implement management’s plans to pursue additional business volumes from new and existing customers, reduce indebtedness through sales of non-performing assets and conversions of debt to equity, and rationalize the Company’s cost structure to achieve profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s continued existence will ultimately be dependent on its ability to generate cash flows to support its operations as well as provide sufficient resources to retire existing liabilities on a timely basis. The Company faces significant risk in implementing its business plan and there can be no assurance that financing for its operations and business plan will be available or, if available, such financing will be on satisfactory terms. |
SUMMARY OF SELECTED ACCOUNTING
SUMMARY OF SELECTED ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SELECTED ACCOUNTING POLICIES | 4. SUMMARY OF SELECTED ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. Fair Value of Financial Instruments In accordance with the reporting requirements of ASC Topic 825, Financial Instruments additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. The Company does not have assets or liabilities measured at fair value on a recurring basis. Consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at the balance sheet dates, nor gains or losses reported in the statements of operations that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held during the three months ended March 31, 2021 and 2020, except as disclosed. Earnings (Loss) Per Share (EPS) Basic earnings per common share are calculated by dividing net income or loss by the weighted average number of shares outstanding during the period. Diluted earnings per common share are calculated by adjusting outstanding shares, assuming conversion of all potentially dilutive stock options and warrants. The computation of diluted EPS does not assume conversion, exercise, or contingent issuance of shares that would have an anti-dilutive effect on earnings per common share. Anti-dilution results from an increase in earnings per share or reduction in loss per share from the inclusion of potentially dilutive shares in EPS calculations. Currently there are no common stock dilutive instruments in 2021 or 2020 which have been excluded from EPS that could potentially have a dilutive effect on EPS in the future. Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. Revenue Recognition In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. Our salt water disposal services provide oil and gas operators that produce hydrocarbons to dispose of their by-product of salt water (produced water) in an industry approved manner. Revenue is primarily based on a per-barrel price or other throughput metrics as specified in the contract. The Company recognizes revenue as services are performed. We have adopted this update and have generated no revenues during the period of this report. Effect of Recent Accounting Pronouncements The Company reviews new accounting standards and updates as issued. No new standards or updates had any material effect on these financial statements. The accounting pronouncements and updates issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these financial statements. The outbreak of the coronavirus (COVID-19) resulted in increased travel restrictions, and shutdown of businesses, which may cause slower recovery of the economy. We may experience impact from quarantines, market downturns and changes in customer behavior related to pandemic fears and impact on our workforce if the virus continues to spread. In addition, one or more of our customers, partners, service providers or suppliers may experience financial distress, delayed or defaults on payment, file for bankruptcy protection, sharp diminishing of business, or suffer disruptions in their business due to the outbreak. The extent to which the coronavirus impacts our results will depend on future developments and reactions throughout the world, which are highly uncertain and will include emerging information concerning the severity of the coronavirus and the actions taken by governments and private businesses to attempt to contain the coronavirus. It is likely to result in a potential material adverse impact on our business, results of operations and financial condition. Wider-spread COVID-19 globally could prolong the deterioration in economic conditions and could cause decreases in or delays in advertising spending and reduce and/or negatively impact our short-term ability to grow our revenues. Any decreased collectability of accounts receivable, bankruptcy of small and medium businesses, or early termination of agreements due to deterioration in economic conditions could negatively impact our results of operations. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 5. COMMITMENTS AND CONTINGENCIES Litigation From time to time, the Company may be subject to routine litigation, claims, or disputes in the ordinary course of business. In the opinion of management, no pending or known threatened claims, actions or proceedings against the Company that are expected to have a material adverse effect on its financial position, results of operations or cash flows. The Company cannot predict with certainty, however, the outcome or effect of any of the litigation or investigatory matters specifically described above or any other pending litigation or claims. There can be no assurance as to the ultimate outcome of any lawsuits and investigations. |
OTHER INCOME
OTHER INCOME | 9 Months Ended |
Sep. 30, 2021 | |
Other (income) expense: | |
OTHER INCOME | 6. OTHER INCOME The other income of $ 10,000 |
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
EQUITY | 7. EQUITY The total number shares of common stock authorized that may be issued by the Company is four hundred million ( 400,000,000 0.0001 372,500,000 1:1 27,500,000 20:1 50,000,000 .0001 In May 2021 Recission Agreement, the Company agreed to rescind the merger transaction with TRICCAR Holdings that was effective December 12, 2019. In connection with the Recission Agreement, the Company received 80,000,000 20,000,000 no 48,830 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 8. RELATED PARTY TRANSACTIONS For the quarter periods ending September 30, 2021 and 2020, the Company paid Elysian Fields Disposal LLC., an affiliate of our stockholder Newton Dorsett, $ 15,000 15,000 220,000 175,000 For the quarter period ending September 30, 2021, the Company paid Loutex Production Company LLC., an affiliate of our stockholder Newton Dorsett, $ 11,171 11,171 During 2021, $ 150,758 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 9. SUBSEQUENT EVENTS On October 13, 2021, a stockholder loaned the Company $ 25,000 November 13, 2021 5% ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CAUTIONARY STATEMENT Statements in this report which are not purely historical facts, including statements regarding the Company’s anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Act of 1934, as amended. All forward-looking statements in this report are based upon information available to us on the date of the report. Any forward-looking statements involve risks and uncertainties that could cause actual results or events to differ materially from events or results described in the forward-looking statements. Important factors with respect to any such forward-looking statements, including certain risks and uncertainties that could cause actual results to differ materially from the Company’s expectations (“Cautionary Statements”), are disclosed in the Company’s annual report on Form 10-K, including, without limitation, in conjunction with the forward-looking statements under the caption “Risk Factors.” In addition, important factors that could cause actual results to differ materially from those in the forward-looking statements included herein include, but are not limited to, limited working capital, limited access to capital, changes from anticipated levels of sales and revenues future national or regional economic and competitive conditions, changes in relationships with customers, difficulties in developing new business, difficulties integrating any new businesses or products acquired, regulatory change, the ability of the Company to meet its stated business goals, the Company’s restructuring initiatives, the Company’s ability to sustain profitability, and general economic and business conditions. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements. We do not undertake to update any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. The following discussion highlights the Company’s results of operations and the principal factors that have affected its consolidated financial condition as well as its liquidity and capital resources for the periods described and provides information that management believes is relevant for an assessment and understanding of the Company’s consolidated financial condition and results of operations presented herein. The following discussion and analysis are based on the Company’s unaudited financial statements contained in this Current Report, which have been prepared in accordance with generally accepted accounting principles in the United States. You should read the discussion and analysis together with such financial statements and the related notes thereto. OVERVIEW TRICCAR Inc. (or “TRICCAR” or “the Company”) focuses in the oilfield service industry and more specifically as the owner of three saltwater disposal wells (“SWDs”) located in Wise County Texas and the Barnett Shale region in north central Texas. We have an operating and management agreement with Elysian Fields Disposal LLC (“Elysian Fields”) to serve as operator, management and consultant of various field operational assets. Under the contract agreement, Elysian Fields has the authority to operate the wells and provide accounting, regulatory compliance filings, and operating services through itself or qualified sub-contractors. This agreement remains in place and the three SWD wells continue to be operated pursuant to the terms of the operating and management agreement. The significant quantity of oil and gas wells in the Barnett Shale of Texas combined with the presence of produced water (salt water) and other fluids in the production process creates demand for disposal services such as those services provided by us. From January 2020, through May 14, 2021, the Company was engaged in the development of bioceutical and pharmaceutical products designed to support the well-being of humans and animals that have ailments and diseases, as well as the ownership and operation of its saltwater disposal wells. Outlook The Company has several years of history in the operations and development of saltwater disposal wells. Management currently believes the oil and gas industry outlook is positive and increasing activity levels which in turn drives more demand for our saltwater disposal services. IHS Markit estimates the US oilfield water management to be valued at around $37 billion in 2019, representing a 12% year-on-year (y/y) market growth from 2018; this is mainly driven by water disposal and water logistics. The Permian Basin continues to produce and demand the largest volume of oilfield water among all US onshore regions, with water spending in the region estimated at $13.3 billion in 2019. Figure 1: Market size, by play ($ billion) Within the value chain of the water management market, water logistics continues to be the largest segment. Indeed, logistics are expected to make up 60% of spending in 2019 with water hauling services the main driver in that category. Right behind water logistics is water disposal. As hydrocarbon production continues to increase, mainly due to Permian Basin activities, produced water is projected to follow the same trend. As a result, the water disposal market should continue growing at a 6% compound average growth rate (CAGR) through 2024. However, this growth could be limited if the disposal challenges in the Permian Basin are not addressed by both operators and third-party companies. Permian water disposal volumes contribute to more than 30% of the total disposed volumes in the onshore US, and in fact they have increased more than 40% between 2010 and 2019. In addition, disposal volumes in West Texas are expected to reach the highest level recorded in the last five years during 2019. The industry has responded by increasing the recycle/reuse of produced water in fracking operations. Nevertheless, water recycling is not a “silver bullet” since the industry produces five times more water than needed to meet frack water demand. Looking ahead, the development of the water midstream sector will be key to the development of the market overall. The signs of consolidation in a highly fragmented market could be the first clear step the industry is taking to face the challenges associated with the water lifecycle. Consolidation continues to be a strong industry trend within the water management service sector to reduce costs generally. The active M&A market at the beginning of 2019 involved third-party companies acquiring pipeline and localized water assets to reduce the use of water haulers and to centralize the disposal process. IHS Markit estimates this trend will continue towards the end of the year. On May 14, 2021, Triccar, Inc. (the “Company”) and Triccar Holdings Inc. (“Holdings”) entered into a Mutual Rescission Agreement and General Release (“Rescission Agreement”), pursuant to which the Reorganization and Stock Purchase Agreement entered into by and between the Company and Holdings on December 12, 2019 was rescinded. Pursuant to the terms of the Rescission Agreement, the 80,000,000 shares that were to be issued to the shareholders of Holdings will not be issued to the prior shareholders of Holdings and in exchange therefor, the prior shareholders of Holdings will own all of the capital stock of Holdings and the Company will disclaim any right, title and/or interest in or to any shares of capital stock of Holdings. SIGNIFICANT ACCOUNTING POLICIES The preparation of financial statements in conformity with US Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. The Company has adopted ASC 842 requiring the recoding of assets and liabilities related to leases on the balance sheet. The Company records rent on straight-line basis over the terms of the underlying leases. RESULTS OF OPERATIONS For the nine months ended September 30, 2021, we reported a net loss of $226,436 as compared to a net loss of $44,050 for the nine months ended September 30, 2020. The components of these results are explained below. Revenue Expenses - For the Nine Months Ended % September 30, September 30, Increase 2021 2020 (Decrease) Costs and expenses: Operating costs $ 90,147 $ 45,000 100 % General and administrative 136,289 9,050 1406 % Total cost and expenses $ 226,436 $ 54,050 319 % Operating results for the nine months ended September 30, 2021 and 2020 reflect a net loss of $226,436 and a net loss of $54,050, respectively. We have not recorded any federal income taxes for the nine months ended September 30, 2021 and 2020 because of our accumulated losses and our net operating loss carry forwards. LIQUIDITY AND CAPITAL RESOURCES Cash Flows and Liquidity As of September 30, 2021, we had total current assets of $9,197. Our total current liabilities as of September 30, 2021 were approximately $311,587. We had a working capital deficit of approximately $302,390 as of September 30, 2021. As of September 30, 2021, we had $9,197 in cash, an increase of $7,498 from December 31, 2020 due to minimal general administrative expenses and equity contributions. Capital Expenditures The Company suspended capital expenditures during the three months ended September 30, 2021 due to low working capital available. Not required for smaller reporting companies. ITEM 4. CONTROLS AND PROCEDURES Disclosure Controls and Procedures Our management evaluated, with the participation of our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the quarter covered by this quarterly report on Form 10-Q. In making this assessment, the Company used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the Company’s internal controls. The Company’s management has identified a material weakness in the effectiveness of internal control over financial reporting related to a shortage of resources in the accounting department required to assure appropriate segregation of duties with employees having appropriate accounting qualifications related to the Company’s unique industry accounting and disclosure rules. Management has outsourced certain financial functions to mitigate the material weakness in internal control over financial reporting. The Company is reviewing its finance and accounting staffing requirements. Internal Control Over Financial Reporting There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. As a result, no corrective actions were required or undertaken. Limitations on the Effectiveness of Controls Our management, including the CEO, does not expect that its disclosure controls or its internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple errors or mistakes. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. PART II. OTHER INFORMATION None. Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS None. None Evaluation of Disclosure Controls and Procedures: Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that the information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to management including our Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Limitations on the Effectiveness of Controls: Changes in Internal Control over Financial Reporting: Item 5. OTHER INFORMATION As reported on the Company’s Form 8-K filed with the SEC on June 1, 2021, on May 14, 2021, Triccar, Inc. (the “Company”) and Triccar Holdings Inc. (“Holdings”) entered into a Mutual Rescission Agreement and General Release (“Rescission Agreement”), pursuant to which the Reorganization and Stock Purchase Agreement entered into by and between the Company and Holdings on December 12, 2019 was rescinded. Pursuant to the terms of the Rescission Agreement, the 80,000,000 shares that were to be issued to the shareholders of Holdings will not be issued to the prior shareholders of Holdings and in exchange therefor, the prior shareholders of Holdings will own all of the capital stock of Holdings and the Company will disclaim any right, title and/or interest in or to any shares of capital stock of Holdings. In connection with the terms of the Rescission Agreement, Bill Townsend and Katrina Yao resigned from their positions as officers and directors of the Company and Matthew C. Flemming was appointed to serve as the President and CEO of the Company as well as a member of the Company’s board of directors. (a) EXHIBITS: 31.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. In accordance with Section 13 or 15(d) of the Exchange Act, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on November 12, 2021. TRICCAR, INC. SIGNATURE: /s/ Matthew Flemming Matthew Flemming, Chief Executive Officer, Interim Chief Financial Officer and Director CERTIFICATION Pursuant to 18 U.S.C. Section 1350, As adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Matthew Flemming, certify that: 1. I have reviewed this Quarterly Report on Form 10-Q of Triccar Inc. (the “registrant”); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. 5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. Date: November 12, 2021 /s/ Matthew Flemming Name: Matthew Flemming Title: Chief Executive Officer CERTIFICATION Pursuant to 18 U.S.C. Section 1350, As adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Matthew Flemming, certify that: 1. I have reviewed this Quarterly Report on Form 10-Q of Triccar Inc. (the “registrant”); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. 5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. Date: November 12, 2021 /s/ Matthew Flemming Name: Matthew Flemming Title: Acting Chief Financial Officer EXHIBIT 32.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Triccar Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Matthew Flemming, Chief Executive Officer of the Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge: (1) The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: November 12, 2021 /s/ Matthew Flemming Name: Matthew Flemming Title: Chief Executive Officer (Principal Executive Officer) This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. EXHIBIT 32.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Triccar Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Matthew Flemming, Acting Chief Financial Officer of the Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge: (1) The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: November 12, 2021 /s/ Matthew Flemming Name: Matthew Flemming Title: Acting Chief Financial Officer (Principal Financial and Accounting Officer) This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. |
SUMMARY OF SELECTED ACCOUNTIN_2
SUMMARY OF SELECTED ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments In accordance with the reporting requirements of ASC Topic 825, Financial Instruments additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. The Company does not have assets or liabilities measured at fair value on a recurring basis. Consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at the balance sheet dates, nor gains or losses reported in the statements of operations that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held during the three months ended March 31, 2021 and 2020, except as disclosed. |
Earnings (Loss) Per Share (EPS) | Earnings (Loss) Per Share (EPS) Basic earnings per common share are calculated by dividing net income or loss by the weighted average number of shares outstanding during the period. Diluted earnings per common share are calculated by adjusting outstanding shares, assuming conversion of all potentially dilutive stock options and warrants. The computation of diluted EPS does not assume conversion, exercise, or contingent issuance of shares that would have an anti-dilutive effect on earnings per common share. Anti-dilution results from an increase in earnings per share or reduction in loss per share from the inclusion of potentially dilutive shares in EPS calculations. Currently there are no common stock dilutive instruments in 2021 or 2020 which have been excluded from EPS that could potentially have a dilutive effect on EPS in the future. |
Use of Estimates | Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. |
Revenue Recognition | Revenue Recognition In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. Our salt water disposal services provide oil and gas operators that produce hydrocarbons to dispose of their by-product of salt water (produced water) in an industry approved manner. Revenue is primarily based on a per-barrel price or other throughput metrics as specified in the contract. The Company recognizes revenue as services are performed. We have adopted this update and have generated no revenues during the period of this report. |
Effect of Recent Accounting Pronouncements | Effect of Recent Accounting Pronouncements The Company reviews new accounting standards and updates as issued. No new standards or updates had any material effect on these financial statements. The accounting pronouncements and updates issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these financial statements. The outbreak of the coronavirus (COVID-19) resulted in increased travel restrictions, and shutdown of businesses, which may cause slower recovery of the economy. We may experience impact from quarantines, market downturns and changes in customer behavior related to pandemic fears and impact on our workforce if the virus continues to spread. In addition, one or more of our customers, partners, service providers or suppliers may experience financial distress, delayed or defaults on payment, file for bankruptcy protection, sharp diminishing of business, or suffer disruptions in their business due to the outbreak. The extent to which the coronavirus impacts our results will depend on future developments and reactions throughout the world, which are highly uncertain and will include emerging information concerning the severity of the coronavirus and the actions taken by governments and private businesses to attempt to contain the coronavirus. It is likely to result in a potential material adverse impact on our business, results of operations and financial condition. Wider-spread COVID-19 globally could prolong the deterioration in economic conditions and could cause decreases in or delays in advertising spending and reduce and/or negatively impact our short-term ability to grow our revenues. Any decreased collectability of accounts receivable, bankruptcy of small and medium businesses, or early termination of agreements due to deterioration in economic conditions could negatively impact our results of operations. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation From time to time, the Company may be subject to routine litigation, claims, or disputes in the ordinary course of business. In the opinion of management, no pending or known threatened claims, actions or proceedings against the Company that are expected to have a material adverse effect on its financial position, results of operations or cash flows. The Company cannot predict with certainty, however, the outcome or effect of any of the litigation or investigatory matters specifically described above or any other pending litigation or claims. There can be no assurance as to the ultimate outcome of any lawsuits and investigations. |
BUSINESS ACTIVITIES (Details Na
BUSINESS ACTIVITIES (Details Narrative) | May 14, 2021shares | Feb. 28, 2020USD ($)shares | Dec. 12, 2019 |
Business Activities | |||
Business Combination Step Acquisition Equity | 1 | ||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ | $ 80,000,000 | ||
Stock Retained by Shareholders Post Acquisition | 20,000,000 | ||
Common Stock, Shares, Outstanding | 20,000,000 | 100,000,000 | |
Shares Rescinded per Recission Agreement | 80,000,000 |
OTHER INCOME (Details Narrative
OTHER INCOME (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other (income) expense: | ||||||
Other Income | $ 0 | $ 0 | $ 10,000 | $ 10,000 | $ 0 | $ 10,000 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | May 14, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Feb. 28, 2020 | Dec. 31, 2019 | |
Affiliate, Collateralized Security [Line Items] | ||||||||
Common Stock, Shares Authorized | 400,000,000 | |||||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||||||
Shares Rescinded per Recission Agreement | 80,000,000 | |||||||
Common Stock, Shares, Outstanding | 20,000,000 | 100,000,000 | ||||||
Treasury Stock, Shares | 0 | |||||||
Accounts Payable Forgiven | $ 48,830 | |||||||
Common Class A [Member] | ||||||||
Affiliate, Collateralized Security [Line Items] | ||||||||
Common Stock, Shares Authorized | 372,500,000 | 372,500,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||||||
Common Stock, Voting Rights | 1:1 | |||||||
Common Stock, Shares, Outstanding | 20,000,000 | 20,000,000 | 72,500,000 | 72,500,000 | 72,500,000 | 52,500,000 | ||
Common Class B [Member] | ||||||||
Affiliate, Collateralized Security [Line Items] | ||||||||
Common Stock, Shares Authorized | 27,500,000 | 27,500,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||||||
Common Stock, Voting Rights | 20:1 | |||||||
Preferred Stock, Shares Authorized | 50,000,000 | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | |||||||
Common Stock, Shares, Outstanding | 0 | 0 | 27,500,000 | 27,500,000 | 27,500,000 | 27,500,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Proceeds from Contributed Capital | $ 150,758 | $ 0 | |||
Elysian Fields Disposal L L C [Member] | |||||
Related Party Transaction [Line Items] | |||||
Operating Costs and Expenses | $ 15,000 | $ 15,000 | |||
Accounts Payable | 220,000 | 220,000 | $ 175,000 | ||
Loutex Production Company L L C [Member] | |||||
Related Party Transaction [Line Items] | |||||
Operating Costs and Expenses | 11,171 | ||||
Accounts Payable | $ 11,171 | $ 11,171 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | Oct. 13, 2021USD ($) |
Subsequent Events [Abstract] | |
Notes and Loans Payable | $ 25,000 |
Note Maturity Date | November 13, 2021 |
Note Interest Rate | 0.05 |