Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Apr. 12, 2018 | Jun. 30, 2017 | |
Document and Entity Information | |||
Entity Registrant Name | Eason Education Kingdom Holdings, Inc. | ||
Entity Central Index Key | 1,132,509 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 187,935 | ||
Entity Common Stock, Shares Outstanding | 310,868,500 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash | ||
Escrow accounts hold by director | ||
Prepaid expenses | 12,000 | 20,000 |
Escrow account hold by attorney | 131,314 | 178,452 |
Total Current Assets | 143,314 | 198,452 |
TOTAL ASSETS | 143,314 | 198,452 |
CURRENT LIABILITIES: | ||
Accounts payable | ||
Accounts payable - Related party | ||
Accrued interest | ||
Accrued interest - Related parties | ||
Accrued liabilities | 25,000 | 20,000 |
Amount due to shareholder | ||
Notes payable | ||
Notes payable - Related parties | ||
Total Current Liabilities | 25,000 | 20,000 |
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.001 par value; 500,000,000 shares authorized; 2017: 310,868,500 (2016: 310,868,500) shares issued and outstanding | 310,869 | 310,869 |
Additional paid-in capital | 413,349 | 413,349 |
Accumulated deficit | (605,904) | (545,766) |
Total Stockholders' Equity | 118,314 | 178,452 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 143,314 | 198,452 |
Preferred Class A [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock, Class A Preferred Stock; $0.001 par value 175,000,000 shares authorized; no shares issued and outstanding |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
STOCKHOLDERS EQUITY: | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock authorized | 500,000,000 | 500,000,000 |
Common stock issued | 310,868,500 | 310,868,500 |
Common stock outstanding | 310,868,500 | 310,868,500 |
Preferred Class A [Member] | ||
STOCKHOLDERS EQUITY: | ||
Preferred stock par value | $ 0.001 | $ 0.001 |
Preferred stock authorized | 175,000,000 | 175,000,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statements Of Operations | ||
Revenues | ||
Gross Revenues | ||
Operating Expenses | ||
General and administrative expenses | 60,138 | 52,664 |
Total Operating Expenses | 60,138 | 52,664 |
Loss from Operations | (60,138) | (52,664) |
Other Income (Expense) | ||
Gain on release of liabilities | ||
Interest (expense) | ||
Interest (expense) - Related Parties | ||
Total Other Income/(Expense) | ||
Profit/(loss) before Income Taxes | (60,138) | (52,664) |
Provision for Income Taxes | ||
Net Profits/(Loss) | $ (60,138) | $ (52,664) |
Earnings (Loss) per Share Basic and Diluted | $ (0.0001) | $ (0.0001) |
Weighted Average Shares Outstanding Basic and Diluted | 310,868,500 | 310,868,500 |
STATEMENTS OF STOCKHOLDERS_ DEF
STATEMENTS OF STOCKHOLDERS’ DEFICIT - USD ($) | Capital Stock Shares | Additional Accumulated Capital | Accumulated Deficits | Total |
Beginning Balance, Shares at Dec. 31, 2014 | 10,368,500 | |||
Beginning Balance, Amount at Dec. 31, 2014 | $ 10,369 | $ 110,533 | $ (660,677) | $ (539,775) |
Shares issued, Shares | 300,500,000 | |||
Shares issued, Amount | $ 300,500 | 300,500 | ||
Debt settlement on ownership change | 302,816 | 302,816 | ||
Net loss for the year ended | 167,575 | 167,575 | ||
Ending Balance, Shares at Dec. 31, 2015 | 310,868,500 | |||
Ending Balance, Amount at Dec. 31, 2015 | $ 310,869 | 413,349 | (493,102) | 231,116 |
Net loss for the year ended | (52,664) | (52,664) | ||
Ending Balance, Shares at Dec. 31, 2016 | 310,868,500 | |||
Ending Balance, Amount at Dec. 31, 2016 | $ 310,869 | 413,349 | (545,766) | 178,452 |
Net loss for the year ended | (60,138) | (60,138) | ||
Ending Balance, Shares at Dec. 31, 2017 | 310,868,500 | |||
Ending Balance, Amount at Dec. 31, 2017 | $ 310,869 | $ 413,349 | $ (605,904) | $ 118,314 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net profits (loss) from operations | $ (60,138) | $ (52,664) | $ 167,575 |
Changes in assets and liabilities: | |||
Decrease in prepaid expenses | 8,000 | (10,000) | |
Increase in accrued liabilities | 5,000 | 5,480 | |
Decrease in accounts payable | |||
Decrease in accrued expenses | |||
Decrease in escrow account hold by attorney | 47,138 | (178,452) | |
Net cash (used in) operating activities | (235,636) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Procced from debt settlement | |||
Escrow accounts hold by director | 300,500 | ||
Amount due to shareholder | (66,758) | ||
Decrease in notes payable | |||
Decrease in notes payable-related parties | |||
Proceed from common stock issuance | |||
Net cash provided by financing activities | 233,742 | ||
Net increase/(decrease) in cash | (1,894) | ||
CASH AT BEGINNING OF THE YEAR | 1,894 | ||
CASH AT END OF THE YEAR | $ 1,894 | ||
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Cash paid for income taxes | |||
Cash paid for interest expense |
ORGANIZATION, HISTORY AND BUSIN
ORGANIZATION, HISTORY AND BUSINESS ACTIVITY | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 1. ORGANIZATION, HISTORY AND BUSINESS ACTIVITY | Eason Education Kingdom Holdings, Inc. (formerly known as Han Logistics, Inc.) (the Company) was incorporated under the law of the State of Nevada on July 1, 1999. The Company organized to engage in the business of namely the development, marketing and delivering of logistical analysis, problem solving and other logistics services and general business services. The Company is currently seeking any business opportunities. On February 12, 2015, Michael Vardakis, the then major shareholder, entered into a Stock Purchase Agreement with Kin Hon Chu (New Majority Shareholder) wherein Mr. Vardakis sold 8,813,225 shares of the Companys common stock, representing approximately 85% of all issued and outstanding shares to Mr. Chu. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES | This summary of significant accounting policies of Eason Education Kingdom Holdings, Inc. is presented to assist in understanding the Companys financial statements. The financial statements and notes are representations of the Companys management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (GAAP) and have been consistently applied in the preparation of the financial statements. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The Company currently has cash held in a trust account held by the Companys legal counsel. Fair Value of Financial Instruments Effective January 1, 2008, the Company adopted FASB ASC 820, Fair Value Measurements, which provides a framework for measuring fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 Quoted prices for identical assets and liabilities in active markets; Level 2 Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3 Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company designates cash equivalents as Level 1. The total amount of the Companys investment classified as Level 3 is de minimis. The fair value of the Companys debt as of December 31, 2017 and 2016 approximated fair value at those times. Fair value of financial instruments: The carrying amounts of financial instruments, including cash, accounts payable, and accrued expenses approximated fair value as of December 31, 2017 and 2016 because of the relative short term nature of these instruments. Revenue Recognition The Company recognizes revenue, in accordance with ASC 605, Revenue Recognition, which codified the Securities and Exchange Commission Staff Accounting Bulletin (SAB) number 104, which states that revenue is generally recognized when it is realized and earned. Specifically, the Company recognizes revenue when services are performed and projects are completed and accepted by the customer. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America 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 periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates. Income Taxes The Company accounts for income taxes under an asset and liability approach. This process involves calculating the temporary and permanent differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The temporary differences result in deferred tax assets and liabilities, which would be recorded on the Companys balance sheets in accordance with ASC 740, Income Taxes, which established financial accounting and reporting standards for the effect of income taxes. The Company must assess the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes that recovery is not likely, the Company must establish a valuation allowance. Changes in the Companys valuation allowance in a period are recorded through the income tax provision on the statements of operations. The Company records interest and penalties arising from the underpayment of income taxes in the statement of income under general and administrative expenses. As of December 31, 2017 and 2016, the Company had no accrued interest or penalties related to uncertain tax positions. The company also did not have any uncertain tax benefits during these years. The tax years 2015, 2014 and 2013 remain open to examination. Earnings (Loss) per Share The Company is required to provide basic and dilutive earnings (loss) per common share information. The basic net loss per common share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss applicable to common stockholders, adjusted on an as if converted basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the year ended December 31, 2017 and 2016, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share. Recent Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Board Update No. 2017-01: Business Combinations (Topic 805) - Clarifying the Definition of a Business (ASU 2017-01). The ASU clarifies the definition of business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective for the Companys fiscal year beginning January 1, 2018 and subsequent interim periods with prospective application with impacts on the Companys financial statements that may vary depending on each specific acquisition. Early adoption is conditionally permitted. In March 2017, the FASB issued ASU No. 2017-08, Receivables Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. Under current GAAP, entities normally amortize the premium as an adjustment of yield over the contractual life of the instrument. This guidance shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU No. 2017-08 is not expected to have a material impact on the Companys financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation Stock Compensation: (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This pronouncement is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. We expect to adopt the new standard using the full retrospective application, and we do not believe the adoption will have a significant impact on our recognition of net revenues or related disclosures for any period. In July 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815) (ASU 2017-11). The update changes the classification of certain equity-linked financial instruments (or embedded features) with down round features. The update also clarifies existing disclosure requirements for equity-classified instruments. The update is effective retrospectively for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for all companies in any interim or annual period. We do not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the financial position, statements of operations and cash flows. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 3. GOING CONCERN | The Companys financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company incurred a net loss of $60,138 (from operations) for the year ended December 31, 2017 and an accumulated deficit of $605,904. It also sustained operating losses in prior years as well. These factors raise substantial doubt as to its ability to remain a going concern and obtain debt and/or equity financing and achieve profitable operations. Management intends to raise additional operating funds through equity and/or debt offerings. However, there can be no assurance management will be successful in its endeavors. Ultimately, the Company will need to achieve profitable operations in order to continue as a going concern. There are no assurances that Eason Education Kingdom Holdings, Inc. will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from operations and any private placements, public offerings and/or bank financing are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available, the Company may be required to curtail its operations. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 4. INCOME TAXES | Deferred taxes are provided on an asset and liability approach 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. 2017: Balance Rate Tax Federal loss carryforward $ 565,305 34 % $ 192,204 Valuation allowance (192,204 ) Deferred tax asset $ - 2016: Balance Rate Tax Federal loss carryforward $ 505,167 34 % $ 171,757 Valuation allowance (171,757 ) Deferred tax asset $ - A reconciliation between expected and actual tax liability is presented below. 2017 2016 Expected (Benefit) Federal rate 34% $ (20,447 ) $ (17,906 ) Effect of: Valuation allowance 20,447 17,906 Total Actual Provision $ - $ - As of December 31, 2017, the Company has provided tax losses of $565,305 (2016: $505,167). Deferred tax asset is not provided for as the tax losses may not be able to carry forward after a change in substantial ownership of the Company in February 2015. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 5. COMMON STOCK | As of December 31, 2017 and 2016, the Company authorized two classes of stock; 500,000,000 shares of common stock at par value of $0.001 and 175,000,000 Class A preferred stock at par value of $0.001. There are 310,868,500 in December 2017 and 310,868,500 in December 2016 common shares issued and outstanding. None of the Class A preferred stock is issued. During October 2015, the Company issued 300,500,000 share of common stock for a consideration of $300,500 in cash. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 6. RELATED PARTY TRANSACTIONS | The Company currently utilizes office space on a rent-free basis from a director and shareholder, and shall do so until substantial revenue-producing operations commence. Management deemed the rent-free space to be of no nominal value. As of December 31, 2017 and 2016, total notes payable to the related parties and accrued interests amounted to $0 and $0 in the aggregate. As of December 31, 2017 and 2016, there were no outstanding balance due from or due to the shareholders. |
NOTE PAYABLE
NOTE PAYABLE | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 7. NOTE PAYABLE | As of December 31, 2017 and 2016, there were no notes payable and no interests incurred or accrued related to notes payable. |
RELEASE OF LIABILITIES
RELEASE OF LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 8. RELEASE OF LIABILITIES | On February 12, 2015, Michael Vardakis (Then Majority Shareholder) entered into a Stock Purchase Agreement with Kin Hon Chu (New Majority Shareholder) wherein Mr. Vardakis sold 8,813,225 shares of the Companys common stock, representing approximately 85% of all issued and outstanding shares to Mr. Chu. Mr. Chu paid $4,406.61 to Michael Vardakis for this control block of shares and also directly paid off all of the existing liabilities of the Company. Accordingly, certain liabilities of $236,959 in the aggregate, including those notes payable as disclosed in note 6 and note 7, were released by the creditors as a result of the change. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 9. SUBSEQUENT EVENTS | The Company has evaluated the period after the balance sheet date up through the date that the financial statements were issued, and determined that there were no subsequent events or transactions that required recognition or disclosure in the financial statements. |
SIGNIFICANT ACCOUNTING POLICI16
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies Policies | |
Cash and Cash Equivalents | The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The Company currently has cash held in a trust account held by the Companys legal counsel. |
Fair Value of Financial Instruments | Effective January 1, 2008, the Company adopted FASB ASC 820, Fair Value Measurements, which provides a framework for measuring fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 Quoted prices for identical assets and liabilities in active markets; Level 2 Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3 Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company designates cash equivalents as Level 1. The total amount of the Companys investment classified as Level 3 is de minimis. The fair value of the Companys debt as of December 31, 2017 and 2016 approximated fair value at those times. Fair value of financial instruments: The carrying amounts of financial instruments, including cash, accounts payable, and accrued expenses approximated fair value as of December 31, 2017 and 2016 because of the relative short term nature of these instruments. |
Revenue Recognition | The Company recognizes revenue, in accordance with ASC 605, Revenue Recognition, which codified the Securities and Exchange Commission Staff Accounting Bulletin (SAB) number 104, which states that revenue is generally recognized when it is realized and earned. Specifically, the Company recognizes revenue when services are performed and projects are completed and accepted by the customer. |
Use of Estimates | The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America 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 periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates. |
Income Taxes | The Company accounts for income taxes under an asset and liability approach. This process involves calculating the temporary and permanent differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The temporary differences result in deferred tax assets and liabilities, which would be recorded on the Companys balance sheets in accordance with ASC 740, Income Taxes, which established financial accounting and reporting standards for the effect of income taxes. The Company must assess the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes that recovery is not likely, the Company must establish a valuation allowance. Changes in the Companys valuation allowance in a period are recorded through the income tax provision on the statements of operations. The Company records interest and penalties arising from the underpayment of income taxes in the statement of income under general and administrative expenses. As of December 31, 2017 and 2016, the Company had no accrued interest or penalties related to uncertain tax positions. The company also did not have any uncertain tax benefits during these years. The tax years 2015, 2014 and 2013 remain open to examination. |
Earnings (Loss) per Share | The Company is required to provide basic and dilutive earnings (loss) per common share information. The basic net loss per common share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss applicable to common stockholders, adjusted on an as if converted basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the year ended December 31, 2017 and 2016, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share. |
Recent Accounting Pronouncements | In January 2017, the FASB issued Accounting Standards Board Update No. 2017-01: Business Combinations (Topic 805) - Clarifying the Definition of a Business (ASU 2017-01). The ASU clarifies the definition of business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective for the Companys fiscal year beginning January 1, 2018 and subsequent interim periods with prospective application with impacts on the Companys financial statements that may vary depending on each specific acquisition. Early adoption is conditionally permitted. In March 2017, the FASB issued ASU No. 2017-08, Receivables Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. Under current GAAP, entities normally amortize the premium as an adjustment of yield over the contractual life of the instrument. This guidance shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU No. 2017-08 is not expected to have a material impact on the Companys financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation Stock Compensation: (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This pronouncement is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. We expect to adopt the new standard using the full retrospective application, and we do not believe the adoption will have a significant impact on our recognition of net revenues or related disclosures for any period. In July 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815) (ASU 2017-11). The update changes the classification of certain equity-linked financial instruments (or embedded features) with down round features. The update also clarifies existing disclosure requirements for equity-classified instruments. The update is effective retrospectively for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for all companies in any interim or annual period. We do not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the financial position, statements of operations and cash flows. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes Tables | |
Schedule of Deferred Tax Assets | 2017: Balance Rate Tax Federal loss carryforward $ 565,305 34 % $ 192,204 Valuation allowance (192,204 ) Deferred tax asset $ - 2016: Balance Rate Tax Federal loss carryforward $ 505,167 34 % $ 171,757 Valuation allowance (171,757 ) Deferred tax asset $ - |
Expected tax liability | 2017 2016 Expected (Benefit) Federal rate 34% $ (20,447 ) $ (17,906 ) Effect of: Valuation allowance 20,447 17,906 Total Actual Provision $ - $ - |
ORGANIZATION, HISTORY AND BUS18
ORGANIZATION, HISTORY AND BUSINESS ACTIVITY (Details narrative) - shares | 12 Months Ended | |
Dec. 31, 2017 | Feb. 12, 2015 | |
State of Incorporation | State of Nevada | |
Date of incorporation | Jul. 1, 1999 | |
Vardakis [Member] | ||
Common stock shares sold | 8,813,225 | |
Percentage of common stock issued and outstanding shares | 85.00% |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Going Concern Details Narrative | ||
Loss from Operations | $ (60,138) | $ (52,664) |
Accumulated deficit | $ (605,904) | $ (545,766) |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes Details | ||
Federal loss carryforward | $ 565,305 | $ 505,167 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Deferred Tax Assets, Tax Deferred Expense | $ 192,204 | $ 171,757 |
Deferred Tax Assets, Valuation Allowance | (192,204) | (171,757) |
Deferred Tax Assets, Net |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes Details 1 | ||
Expected (Benefit) - Federal rate 34% | $ (20,447) | $ (17,906) |
Effect of: Valuation allowance | 20,447 | 17,906 |
Total Actual Provision |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes Details Narrative | ||
Operating loss carryforward | $ 565,305 | $ 505,167 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common stock par value | $ 0.001 | $ 0.001 | ||
Common stock authorized | 500,000,000 | 500,000,000 | ||
Common stock issued | 310,868,500 | 310,868,500 | ||
Common stock outstanding | 310,868,500 | 310,868,500 | ||
Shares issued | 300,500,000 | |||
Cash consideration | $ 300,500 | $ 300,500 | ||
Preferred Class A [Member] | ||||
Preferred stock authorized | 175,000,000 | 175,000,000 | ||
Preferred stock par value | $ 0.001 | $ 0.001 | ||
Preferred stock issued | 0 | 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transactions Details Narrative | ||
Notes payable - Related parties | ||
Accrued interest - Related parties | ||
Loans from shareholders |
RELEASE OF LIABILITIES (Details
RELEASE OF LIABILITIES (Details Narrative) - Vardakis [Member] | Feb. 12, 2015USD ($)shares |
Common stock shares sold | shares | 8,813,225 |
Percentage of common stock issued and outstanding shares | 85.00% |
Payment of shares | $ 4,407 |
Aggregate liabilities | $ 236,959 |