Skinovation Pharmaceutical 10-K 29 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 28, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	000-30991
Entity Registrant Name	SKINOVATION PHARMACEUTICAL INCORPORATED
Entity Central Index Key	0001118072
Entity Tax Identification Number	87-0458170
Entity Incorporation, State or Country Code	WY
Entity Address, Address Line One	2157 S. Lincoln Street
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84106
City Area Code	801
Local Phone Number	323-2395
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	true
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		708,000
ICFR Auditor Attestation Flag	false
Auditor Firm ID	6117
Auditor Name	Pinnacle Accountancy Group of Utah
Auditor Location	Farmington, Utah

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current Assets
Cash	$ 163	$ 222
Total Current Assets	163	222
Total Assets	163	222
Current Liabilities
Accounts payable	6,000	7,000
Notes payable	255,021	240,021
Accrued interest	150,477	130,793
Total Current Liabilities	411,498	377,814
Total Liabilities	411,498	377,814
Stockholders' Deficit
Preferred stock, $.001 par value; 25,000,000 shares authorized; 0 shares issued and outstanding
Common stock, $.001 par value; 50,000,000 shares authorized; 708,000 shares issued and outstanding	708	708
Additional paid in capital	25,148	25,148
Accumulated deficit	(437,191)	(403,448)
Total Stockholders' Deficit	(411,335)	(377,592)
Total Liabilities and Stockholders' Deficit	$ 163	$ 222

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	25,000,000	25,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	708,000	708,000
Common Stock, Shares, Outstanding	708,000	708,000

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
REVENUES
OPERATING EXPENSES
General and administrative	14,059	13,830
TOTAL OPERATING EXPENSES	14,059	13,830
LOSS FROM OPERATIONS	(14,059)	(13,830)
OTHER INCOME (EXPENSE)
Interest expense	(19,684)	(18,620)
TOTAL OTHER INCOME (EXPENSE)	(19,684)	(18,620)
LOSS BEFORE INCOME TAXES	(33,743)	(32,450)
INCOME TAX EXPENSE
NET LOSS	$ (33,743)	$ (32,450)
Basic and diluted net loss per share	$ (0.05)	$ (0.05)
Basic and diluted weighted average shares outstanding	708,000	708,000

Statements of Stockholders' Def

Statements of Stockholders' Deficit - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance – December 31, 2020 at Dec. 31, 2020	$ 708	$ 25,148	$ (370,998)	$ (345,142)
Shares, Outstanding, Beginning Balance at Dec. 31, 2020	708,000
Net loss			(32,450)	(32,450)
Balance – December 31, 2022 at Dec. 31, 2021	$ 708	25,148	(403,448)	(377,592)
Shares, Outstanding, Ending Balance at Dec. 31, 2021	708,000
Net loss			(33,743)	(33,743)
Balance – December 31, 2022 at Dec. 31, 2022	$ 708	$ 25,148	$ (437,191)	$ (411,335)
Shares, Outstanding, Ending Balance at Dec. 31, 2022	708,000

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	$ (33,743)	$ (32,450)
Changes in operating assets and liabilities:
Increase in accounts payable	5,000	7,000
Increase in accrued interest	19,684	18,620
Net cash used by operating activities	(9,059)	(6,830)
Cash Flows from Investing Activities
Net cash used by investing activities
Cash Flows from Financing Activities
Proceeds from notes payable	9,000	3,500
Net cash provided by financing activities	9,000	3,500
Decrease in cash	(59)	(3,330)
Cash and cash equivalents at beginning of year	222	3,552
Cash and cash equivalents at end of year	163	222
Supplemental Cash Flow Information:
Cash paid for interest
Cash paid for income taxes
Non-Cash Investing and Financing Activities
Conversion of accounts payable to notes payable	$ 6,000	$ 6,000

NOTE 1 - SUMMARY OF SIGNIFICANT

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Organization & Summary of Significant Accounting Policies The Company was incorporated under the laws of the state of Nevada on January 15, 1988 as Data Financial Corporation. The Company changed its name to Skinovation Pharmaceutical Incorporated on August 5, 1992. On November 23, 2016 the Company changed its domicile from Nevada to Wyoming. b. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. c. Use of estimates The preparation of financial statements in conformity with 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 could differ from those estimates. d. Earnings Per Share The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements. For the Years Ended 2022 2021 Net Loss (numerator) $ (33,743 ) $ (32,450 ) Weighted Average Number of Shares Outstanding (denominator) 708,000 708,000 Basic Loss per Common Share $ 0.05 $ (0.05 ) For the years ended December 31, 2022 and 2021, the Company had no potentially dilutive common stock equivalents issued. e. Concentrations of Risk Two lenders represent in excess of 95 f. Recent Pronouncements The Company has evaluated Recent Accounting Pronouncements and has determined that all such pronouncements either do not apply or their impact is insignificant to the financial statements. g. Fair Value Measurements If required by authoritative literature, the Company would account for certain assets and liabilities at fair value. The cash, accounts payable, notes payable and accrued interest have fair values that approximate their carrying values due to the short-term nature of these instruments.

NOTE 2 - GOING CONCERN

NOTE 2 - GOING CONCERN	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NOTE 2 - GOING CONCERN	NOTE 2 - GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has limited assets, has a negative working capital of $ 411,335 437,191

NOTE 3 - INCOME TAXES

NOTE 3 - INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
NOTE 3 - INCOME TAXES	NOTE 3 - INCOME TAXES The Company follows ASC 740, “Income Taxes,” which requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company currently has no issues creating timing differences that would mandate deferred tax expense. Net operating losses would create possible tax assets in future years. Due to the uncertainty of the utilization of net operating loss carry forwards, a valuation allowance has been made to the extent of any tax benefit that net operating losses may generate. A provision for income taxes has not been made due to net operating loss carry-forwards of $ 437,191 403,448 Deferred tax asset and the valuation account are as follows at December 31, 2022 and 2021: For the Years Ended 2022 2021 Net operating loss carryforward (at 21%) $ 91,810 $ 84,724 Valuation allowance (91,810 ) (84,724 ) Deferred tax asset $ — $ — The change in the valuation allowance was $ 7,086 A reconciliation of amounts obtained by applying the Federal tax rate of 21% to pre-tax income to income tax benefit is as follows: For the Years Ended 2022 2021 Federal tax benefit (at 21%) $ 7,086 $ 6,814 Change in valuation allowance (7,086 ) (6,814 ) $ — $ — The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of December 31, 2022 and 2021 the Company had no accrued interest or penalties related to uncertain tax positions. The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2022, 2021, 2020 and 2019.

NOTE 4 - ACCOUNTS AND NOTES PAY

NOTE 4 - ACCOUNTS AND NOTES PAYABLE	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
NOTE 4 - ACCOUNTS AND NOTES PAYABLE	NOTE 4 - ACCOUNTS AND NOTES PAYABLE At December 31, 2022 and 2021, the Company reported accounts payable of $ 6,000 7,000 255,021 240,021 8 6,000 6,000 9,000 3,500 Accrued interest was $ 150,477 130,793

NOTE 5 - STOCK TRANSACTIONS

NOTE 5 - STOCK TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
NOTE 5 - STOCK TRANSACTIONS	NOTE 5 - STOCK TRANSACTIONS The Company did not issue any common stock, options, warrants or any other stock-based awards during the years ended December 31, 2022 or 2021.

NOTE 6 _ SUBSEQUENT EVENTS

NOTE 6 – SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
NOTE 6 – SUBSEQUENT EVENTS	NOTE 6 – SUBSEQUENT EVENTS The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined that there are no such events that would have a material impact on the financial statements.

NOTE 1 - SUMMARY OF SIGNIFICA_2

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
a. Organization & Summary of Significant Accounting Policies	a. Organization & Summary of Significant Accounting Policies The Company was incorporated under the laws of the state of Nevada on January 15, 1988 as Data Financial Corporation. The Company changed its name to Skinovation Pharmaceutical Incorporated on August 5, 1992. On November 23, 2016 the Company changed its domicile from Nevada to Wyoming.
b. Cash and Cash Equivalents	b. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.
c. Use of estimates	c. Use of estimates The preparation of financial statements in conformity with 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 could differ from those estimates.
d. Earnings Per Share	d. Earnings Per Share The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements. For the Years Ended 2022 2021 Net Loss (numerator) $ (33,743 ) $ (32,450 ) Weighted Average Number of Shares Outstanding (denominator) 708,000 708,000 Basic Loss per Common Share $ 0.05 $ (0.05 ) For the years ended December 31, 2022 and 2021, the Company had no potentially dilutive common stock equivalents issued.
e. Concentrations of Risk	e. Concentrations of Risk Two lenders represent in excess of 95
f. Recent Pronouncements	f. Recent Pronouncements The Company has evaluated Recent Accounting Pronouncements and has determined that all such pronouncements either do not apply or their impact is insignificant to the financial statements.
g. Fair Value Measurements	g. Fair Value Measurements If required by authoritative literature, the Company would account for certain assets and liabilities at fair value. The cash, accounts payable, notes payable and accrued interest have fair values that approximate their carrying values due to the short-term nature of these instruments.

NOTE 1 - SUMMARY OF SIGNIFICA_3

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block]	For the Years Ended 2022 2021 Net Loss (numerator) $ (33,743 ) $ (32,450 ) Weighted Average Number of Shares Outstanding (denominator) 708,000 708,000 Basic Loss per Common Share $ 0.05 $ (0.05 )

NOTE 3 - INCOME TAXES (Tables)

NOTE 3 - INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Summary of Valuation Allowance [Table Text Block]	For the Years Ended 2022 2021 Net operating loss carryforward (at 21%) $ 91,810 $ 84,724 Valuation allowance (91,810 ) (84,724 ) Deferred tax asset $ — $ —
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	For the Years Ended 2022 2021 Federal tax benefit (at 21%) $ 7,086 $ 6,814 Change in valuation allowance (7,086 ) (6,814 ) $ — $ —

Computation of earnings per sha

Computation of earnings per share of common stock (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Net Loss (numerator)	$ (33,743)	$ (32,450)
Weighted Average Number of Shares Outstanding (denominator)	708,000	708,000
Basic Loss per Common Share	$ 0.05	$ (0.05)

NOTE 1 - SUMMARY OF SIGNIFICA_4

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Concentration Risk, Percentage	95%	95%

NOTE 2 - GOING CONCERN (Details

NOTE 2 - GOING CONCERN (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Banking Regulation, Total Capital, Actual	$ (411,335)
Retained Earnings (Accumulated Deficit)	$ (437,191)	$ (403,448)

Deferred tax assets and the val

Deferred tax assets and the valuation account (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Net operating loss carryforward (at 21%)	$ 91,810	$ 84,724
Valuation allowance	(91,810)	(84,724)
Deferred tax asset

Reconciliation of federal incom

Reconciliation of federal income tax rates (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal tax benefit (at 21%)	$ 7,086	$ 6,814
Change in valuation allowance	$ (7,086)	$ (6,814)

NOTE 3 - INCOME TAXES (Details

NOTE 3 - INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Operating Loss Carryforwards	$ 437,191	$ 403,448
[custom:ValuationAllowanceDeferredTaxAssetChangeInAmount1]	$ 7,086

NOTE 4 - ACCOUNTS AND NOTES P_2

NOTE 4 - ACCOUNTS AND NOTES PAYABLE (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Accounts Payable, Current	$ 6,000	$ 7,000
Notes Payable, Current	$ 255,021	$ 240,021
Debt Instrument, Interest Rate During Period	8%	8%
[custom:ConversionOfAccountsPayableIntoNotePayable]	$ 6,000	$ 6,000
Proceeds from Related Party Debt	9,000	3,500
Interest Payable, Current	$ 150,477	$ 130,793