Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Apr. 14, 2020 | Jun. 30, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | CANCER CAPITAL CORP | ||
Entity Central Index Key | 0001130889 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Incorporation, State or Country Code | WY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-32363 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Interactive Data Current | Yes | ||
Is Entity Emerging Growth Company? | true | ||
Elected Not To Use the Extended Transition Period | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 6,150,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Shell Company | true |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash | $ 218 | $ 168 |
Total current assets | 218 | 168 |
Total assets | 218 | 168 |
Current Liabilities | ||
Accounts payable - related party | 6,000 | 6,600 |
Accounts payable | 1,200 | 1,100 |
Notes payable - related party | 126,925 | 112,825 |
Notes payable | 82,575 | 82,575 |
Accrued interest - related party | 44,289 | 34,948 |
Accrued interest | 40,815 | 34,211 |
Total current liabilities | 301,804 | 272,259 |
Total liabilities | 301,804 | 272,259 |
STOCKHOLDERS' DEFICIT | ||
Common stock, $.001 par value; 20,000,000 shares authorized; 6,150,000 shares issued and outstanding | 6,150 | 6,150 |
Additional paid-in capital | 47,050 | 47,050 |
Accumulated deficit | (354,786) | (325,291) |
Total stockholders' deficit | (301,586) | (272,091) |
Total liabilities and stockholders' deficit | $ 218 | $ 168 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 20,000,000 | 20,000,000 |
Common stock, issued | 6,150,000 | 6,150,000 |
Common stock, outstanding | 6,150,000 | 6,150,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
Revenues | ||
Operating Expenses | ||
General and administrative | 13,550 | 13,547 |
Total Operating Expenses | 13,550 | 13,547 |
Loss from operations before other expense | (13,550) | (13,547) |
Other income (expense) non-operating | ||
Interest expense - related party | (9,341) | (8,319) |
Interest expense | (6,604) | (6,604) |
Total other expense | (15,945) | (14,923) |
Loss from operations before taxes | (29,495) | (28,470) |
Taxes | ||
Net loss | $ (29,495) | $ (28,470) |
Net loss per share - Basic and diluted | $ 0 | $ 0 |
Weighted average shares outstanding | 6,150,000 | 6,150,000 |
Statement of Stockholders_ Defi
Statement of Stockholders’ Deficit - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, shares at Dec. 31, 2017 | 6,150,000 | |||
Beginning balance, amount at Dec. 31, 2017 | $ 6,150 | $ 47,050 | $ (296,821) | $ (243,621) |
Net loss | (28,470) | (28,470) | ||
Ending balance, shares at Dec. 31, 2018 | 6,150,000 | |||
Ending balance, amount at Dec. 31, 2018 | $ 6,150 | 47,050 | (325,291) | (272,091) |
Net loss | (29,495) | (29,495) | ||
Ending balance, shares at Dec. 31, 2019 | 6,150,000 | |||
Ending balance, amount at Dec. 31, 2019 | $ 6,150 | $ 47,050 | $ (354,786) | $ (301,586) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities | ||
Net Loss | $ (29,495) | $ (28,470) |
Adjustments to reconcile net loss to cash provided (used) by operating activities: | ||
Expenses paid by related party | 6,000 | 6,600 |
Changes in assets and liabilities: | ||
Accounts payable | 100 | 1,100 |
Accrued interest - related party | 9,341 | 8,319 |
Accrued interest | 6,604 | 6,604 |
Net cash provided (used) by operating activities | (7,450) | (5,847) |
Cash Flows from Investing Activities | ||
Net cash provided by investing activities | ||
Cash Flows from Financing Activities | ||
Proceeds from notes payable - related party | 7,500 | 5,700 |
Net cash provided by financing activities | 7,500 | 5,700 |
Increase (decrease) in cash | 50 | (147) |
Cash and cash equivalents at beginning of year | 168 | 315 |
Cash and cash equivalents at end of year | 218 | 168 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Non-Cash Investing and Financing Activities | ||
Conversion of related party accounts payable into notes payable – related party | $ 6,600 | $ 6,600 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Organization & Summary of Significant Accounting Policies Cancer Capital Corp. (the Company), was incorporated April 11, 1997 under the laws of the State of Nevada. The Company was originally formed for the purpose of developing an alternative medical waste treatment system. However, the Company, in December 1997, minimized this purpose and since that time its efforts have been directed more to raising capital, development of the Company’s business plan, SEC filings and other limited operations. b. Loss 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. There are no potentially dilutive common stock equivalents. For the Years Ended 2019 2018 Net Loss $ (29,495 ) $ (28,470 ) Weighted Average Number of Shares Outstanding 6,150,000 6,150,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) c. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents. d. 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. e. Concentrations of Risk As of December 31, 2019, two lenders represent in excess of 95% of the Company’s accounts payable and notes payable for the fiscal years ended December 31, 2019 and December 31, 2018. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 2 - INCOME TAXES The Financial Accounting Standards Board (FASB) has issued FASB ASC 740-10 (Prior authoritative literature: Financial Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - An Interpretation of FASB Statement No. 109 (FIN 48). FASB ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with prior literature FASB Statement No. 109, Accounting for Income Taxes. This standard 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. As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by FASB ASC 740-10. 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 $354,786 and $325,291 as of December 31, 2019 and December 31, 2018, respectively, which may be offset against future taxable income. No tax benefit has been reported in the financial statements. The Company has evaluated Staff Accounting Bulletin No. 118 regarding the impact of the decreased tax rates of the Tax Cuts & Jobs Act. The schedules below reflect the Federal tax provision, deferred tax asset and valuation allowance using the new rates adjusted in the period of enactment. Deferred tax assets and the valuation account are as follows: For the Years Ended 2019 2018 Deferred tax asset: Net operating loss carryforward (at 21%) $ 74,505 $ 68,311 Valuation allowance (74,505 ) (68,311 ) $ 0 $ 0 A reconciliation of amounts obtained by applying the Federal tax rate to pre-tax income to income tax benefit is as follows: For the Years Ended 2019 2018 Federal tax benefit (at 21%) $ 6,194 $ 5,979 Change in valuation allowance (6,194 ) (5,979 ) Effect of rate change on Deferred Tax Asset — — $ 0 $ 0 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, 2019 and 2018, 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, 2019, 2018, 2017 and 2016. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 - 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 $301,586 and has incurred losses of $354,786 since inception. Its activities have been limited for the past several years and it is dependent upon financing to continue operations. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management’s plan to acquire or merge with other operating companies. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Notes Payable | NOTE 4 - NOTES PAYABLE Notes payable–unrelated party balances as of December 31, 2019 and 2018 were $82,575 and $82,575, respectively. The Notes bear interest at 8% and are due on demand. Accrued interest non-related party was $40,815 and $34,211 at December 31, 2019 and 2018, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 5 - RELATED PARTY TRANSACTIONS As of the years ended December 31, 2019 and 2018, the Company incurred $6,000 and $6,600, respectively, of consulting, administrative, and professional services to a shareholder. In 2019 the 2018 payables were converted into Notes payable–related party. Notes payable–related party balances at December 31, 2019 and 2018 were $126,925 and $112,825, respectively. Accrued interest on these notes at December 31, 2019 and 2018 was $44,289 and $34,948, respectively. The notes bear interest at 8% and are due on demand. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
STOCKHOLDERS' DEFICIT | |
Stockholders' Equity | NOTE 6– STOCKHOLDERS’ EQUITY There was no stock issued during 2019 and 2018. |
Recent Pronouncements
Recent Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Pronouncements | NOTE 7 - 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. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 8 – 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 9 – 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization & Summary of Significant Accounting Policies | a. Organization & Summary of Significant Accounting Policies Cancer Capital Corp. (the Company), was incorporated April 11, 1997 under the laws of the State of Nevada. The Company was originally formed for the purpose of developing an alternative medical waste treatment system. However, the Company, in December 1997, minimized this purpose and since that time its efforts have been directed more to raising capital, development of the Company’s business plan, SEC filings and other limited operations. |
Loss Per Share | b. Loss 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. There are no potentially dilutive common stock equivalents. For the Years Ended 2019 2018 Net Loss $ (29,495 ) $ (28,470 ) Weighted Average Number of Shares Outstanding 6,150,000 6,150,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) |
Cash and Cash Equivalents | c. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents. |
Use of estimates | d. 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. |
Concentrations of Risk | e. Concentrations of Risk As of December 31, 2019, two lenders represent in excess of 95% of the Company’s accounts payable and notes payable for the fiscal years ended December 31, 2019 and December 31, 2018. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Computation of earnings per share of common stock | For the Years Ended 2019 2018 Net Loss $ (29,495 ) $ (28,470 ) Weighted Average Number of Shares Outstanding 6,150,000 6,150,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Deferred tax asset and valuation account | For the Years Ended 2019 2018 Deferred tax asset: Net operating loss carryforward (at 21%) $ 74,505 $ 68,311 Valuation allowance (74,505 ) (68,311 ) $ 0 $ 0 |
Reconciliation of pre-tax income to income tax benefit by Federal tax rates | For the Years Ended 2019 2018 Federal tax benefit (at 21%) $ 6,194 $ 5,979 Change in valuation allowance (6,194 ) (5,979 ) Effect of rate change on Deferred Tax Asset — — $ 0 $ 0 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Computation of earnings per share of common stock (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Net Loss | $ (29,495) | $ (28,470) |
Weighted Average Number of Shares Outstanding | 6,150,000 | 6,150,000 |
Basic Loss per Common Share | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies | ||
Accounts payable and notes payable minimum concentration risk of two lenders | 95.00% | 95.00% |
Income Taxes - Deferred tax ass
Income Taxes - Deferred tax asset and valuation account (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward (at 21%) | $ 74,505 | $ 68,311 |
Valuation allowance | (74,505) | (68,311) |
Deferred tax asset |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of pre-tax income to income tax benefit by Federal tax rates (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Federal tax benefit (at 21%) | $ 6,194 | $ 5,979 |
Change in valuation allowance | (6,194) | (5,979) |
Effect of rate change on Deferred Tax Asset | ||
Total |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry-forwards | $ 354,786 | $ 325,291 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital | $ (301,586) | |
Accumulated deficit | $ (354,786) | $ (325,291) |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Payables and Accruals [Abstract] | ||
Notes payable - unrelated parties | $ 82,575 | $ 82,575 |
Interest rate on accounts payable-converted note | 8.00% | 8.00% |
Accrued interest non-related party | $ 40,815 | $ 34,211 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Professional services, consulting and administrative costs due to shareholder | $ 6,000 | $ 6,600 |
Notes payable - related party | 126,925 | 112,825 |
Accrued interest on notes payable - related party | $ 44,289 | $ 34,948 |
Interest rate on notes payable - related party | 8.00% | 8.00% |