Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Aug. 17, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | NOVA STAR INNOVATIONS INC | ||
Entity Central Index Key | 0001160945 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | true | ||
Entity Emerging Growth Company | true | ||
Entity Current Reporting Status | No | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Ex Transition Period | false | ||
Entity Common Stock Shares Outstanding | 18,000,000 | ||
Entity Public Float | $ 0 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | No |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash | $ 315 | $ 115 |
Total current assets | 315 | 115 |
TOTAL ASSETS | 315 | 115 |
CURRENT LIABILITIES | ||
Accounts payable - related party | 6,000 | 6,600 |
Accounts payable and accrued liabilities | 4,200 | 1,300 |
Notes payable - related party | 129,450 | 121,350 |
Notes payable | 89,176 | 85,176 |
Accrued interest - related party | 51,107 | 41,320 |
Accrued interest | 48,919 | 41,914 |
Total current liabilities | 328,852 | 297,660 |
Total liabilities | 328,852 | 297,660 |
STOCKHOLDERS' DEFICIT | ||
Common stock, $.001 par value; 20,000,000 shares authorized; 18,000,000 shares issued and outstanding | 18,000 | 18,000 |
Additional paid-in capital | 9,000 | 9,000 |
Accumulated deficit | (355,537) | (324,545) |
Total stockholders' deficit | (328,537) | (297,545) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 315 | $ 115 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
STOCKHOLDERS' DEFICIT | ||
Common stock, shares par value | $ .001 | $ .001 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 18,000,000 | 18,000,000 |
Common stock, shares outstanding | 18,000,000 | 18,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statements of Operations | ||
Revenues | $ 0 | $ 0 |
Expenses | ||
General and administrative | 14,200 | 14,000 |
Total expenses | 14,200 | 14,000 |
Net loss from operations | (14,200) | (14,000) |
Other income (expense) | ||
Interest expense - related party | (9,787) | (8,995) |
Interest expense | (7,005) | (6,816) |
Total other income (expense) | (16,792) | (15,811) |
Net loss before income taxes | (30,992) | (29,811) |
Income taxes | 0 | 0 |
Net loss | $ (30,992) | $ (29,811) |
Basic and diluted net loss per share | $ 0 | $ 0 |
Weighted average shares outstanding | 18,000,000 | 18,000,000 |
Statements of Stockholders Defi
Statements of Stockholders Deficit - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance, shares at Dec. 31, 2017 | 18,000,000 | |||
Balance, amount at Dec. 31, 2017 | $ (267,734) | $ 18,000 | $ 9,000 | $ (294,734) |
Net income (loss) for the year ended December 31, 2018 | (29,811) | $ 0 | 0 | (29,811) |
Balance, shares at Dec. 31, 2018 | 18,000,000 | |||
Balance, amount at Dec. 31, 2018 | (297,545) | $ 18,000 | 9,000 | (324,545) |
Net income (loss) for the year ended December 31, 2018 | (30,992) | $ 0 | 0 | (30,992) |
Balance, shares at Dec. 31, 2019 | 18,000,000 | |||
Balance, amount at Dec. 31, 2019 | $ (328,537) | $ 18,000 | $ 9,000 | $ (355,537) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | 404 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Cash Flows from Operating Activities | |||
Net loss | $ (30,992) | $ (29,811) | $ (355,537) |
Adjustments to reconcile net loss to cash provided (used) by operating activities: | |||
Expenses paid by related party | 6,000 | 6,600 | |
Changes in operating assets and liabilities: | |||
Accounts payable and accrued liabilities | 2,900 | 1,300 | |
Increase in accrued interest - related party | 9,787 | 8,995 | |
Increase in accrued interest | 7,005 | 6,816 | |
Net cash provided (used) by operating activities | (5,300) | (6,100) | |
Cash Flows from Investing Activities | |||
Net cash provided (used) by investing activities | 0 | 0 | |
Cash Flows from Financing Activities | |||
Proceeds from notes payable - related party | 1,500 | 5,600 | |
Proceeds from notes payable | 4,000 | 0 | |
Net cash provided by financing activities | 5,500 | 5,600 | |
Increase (decrease) in cash | 200 | (500) | |
Cash and cash equivalents at beginning of year | 115 | 615 | |
Cash and cash equivalents at end of year | 315 | 115 | $ 315 |
Supplemental Cash Flow Information: | |||
Cash paid for interest | 0 | 0 | |
Cash paid for Income taxes | 0 | 0 | |
Non-Cash Investing and Financing Activities: | |||
Converted related party accounts payable and advances into notes payable - related party | $ 6,600 | $ 6,600 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICY | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICY | |
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | a. Organization & Summary of Significant Accounting Policies The Company was incorporated in Maine on April 25, 1986 as Hystar Aerospace Marketing Corporation of Maine.On April 11, 2001 the Company merged with Nova Star Innovations, Inc. (Nova Star) a Nevada corporation, in a domicile merger. b. Cash and Cash Equivalents The Company considers all highly liquid investments with 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 December 31, 2019 2018 Net Loss (numerator) $ (30,992 ) $ (29,811 ) Weighted Average Number of Shares Outstanding (denominator) 18,000,000 18,000,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) For the years ended December 31, 2019 and 2018, the Company had no potentially dilutive common stock equivalents issued. e. Concentrations of Risk 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. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2019 | |
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 $328,537 and has incurred losses of $355,537 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. The COVID-19 pandemic could have an impact on our ability to obtain financing to fund our operations.The Company is unable to predict the ultimate impact at this time. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES | |
NOTE 3 - 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 $355,537 and $324,545 as of December 31, 2019 and December 31, 2018, respectively, which may be offset against future taxable income through 2037. 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 December 31, 2019 2018 Net operating loss carryforward (at 21%) $ 74,663 $ 68,154 Valuation allowance (74,663 ) (68,154 ) Deferred tax asset $ -- $ -- 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 December 31, 2019 2018 Federal tax benefit (at 21%) $ 6,508 $ 6,260 Change in valuation allowance 6,508 6,260 Effect of rate change on Deferred Tax Asset -- -- The impact of the Tax Cuts & Jobs Act has been deemed to be insignificant on the deferred tax asset valuation. 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, and 2017. |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2019 | |
NOTES PAYABLE | |
NOTE 4 - NOTES PAYABLE | Notes payable – non-related parties as of December 31, 2019 and 2018 were $89,176 and $85,176, respectively.The Notes bear interest at 8% and are due on demand. Accrued interest non-related party was $48,919 and $41,914 at December 31, 2019 and 2018, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
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, administration, and professional services to a shareholder.At December 31, 2019 the $6,600 accounts payable for 2018 were converted to notes payable – related party and at December 31, 2018 the $6,600 accounts payable for 2017 were converted to notes payable – related party. Notes payable – related party at December 31, 2019 and 2018 was $129,450 and $121,350, respectively.Accrued interest on these notes at December 31, 2019 and 2018 was $51,107 and $41,320, respectively.The notes bear interest at 8% and are due on demand. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
STOCKHOLDERS EQUITY | |
NOTE 6 - STOCKHOLDERS EQUITY | No shares were issued in 2019 or 2018. |
RECENT PRONOUNCEMENTS
RECENT PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
RECENT PRONOUNCEMENTS | |
NOTE 7 - RECENT PRONOUNCEMENTS | T he 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 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 | |
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 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICY | |
Organization & Summary of Significant Accounting Policies | The Company was incorporated in Maine on April 25, 1986 as Hystar Aerospace Marketing Corporation of Maine.On April 11, 2001 the Company merged with Nova Star Innovations, Inc. (Nova Star) a Nevada corporation, in a domicile merger. |
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 | 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. |
Earning 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 December 31, 2019 2018 Net Loss (numerator) $ (30,992 ) $ (29,811 ) Weighted Average Number of Shares Outstanding (denominator) 18,000,000 18,000,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) For the years ended December 31, 2019 and 2018, the Company had no potentially dilutive common stock equivalents issued. |
Concentration Of risk | 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 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICY | |
Schedule of weighted number of shares outstanding | For the Years Ended December 31, 2019 2018 Net Loss (numerator) $ (30,992 ) $ (29,811 ) Weighted Average Number of Shares Outstanding (denominator) 18,000,000 18,000,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES | |
Schedule of Deferred tax assets | For the Years Ended December 31, 2019 2018 Net operating loss carryforward (at 21%) $ 74,663 $ 68,154 Valuation allowance (74,663 ) (68,154 ) Deferred tax asset $ -- $ -- |
Schedule of federal tax rate | For the Years Ended December 31, 2019 2018 Federal tax benefit (at 21%) $ 6,508 $ 6,260 Change in valuation allowance 6,508 6,260 Effect of rate change on Deferred Tax Asset -- -- |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 12 Months Ended | 404 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICY | |||
Net loss | $ (30,992) | $ (29,811) | $ (355,537) |
Weighted Average Number of Shares Outstanding (denominator) | 18,000,000 | 18,000,000 | |
Basic Loss per Common Share | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - integer | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICY | ||
Accounts Payable and Notes Payable | 95.00% | 95.00% |
Concentration Risk, number of lenders | 2 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | 404 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
GOING CONCERN | |||
Working capital deficit | $ (328,537) | $ (328,537) | |
Net loss | $ (30,992) | $ (29,811) | $ (355,537) |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
INCOME TAXES | ||
Net operating loss carryforward (at 21%) | $ 74,663 | $ 68,154 |
Valuation allowance | (74,663) | (68,154) |
Deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
INCOME TAXES | ||
Federal tax benefit (at 21%) | $ 6,508 | $ 6,260 |
Change in valuation allowance | 6,508 | 6,260 |
Effect of rate change on Deferred Tax Asset | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
INCOME TAXES | ||
Net operating loss carry-forwards | $ 355,537 | $ 324,545 |
Federal income tax rate | 21.00% | |
Unregonized tex benefit, description | The total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months. | |
Net operating loss carry-forwards expire year | 2037 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
NOTES PAYABLE | ||
Notes payable | $ 89,176 | $ 85,176 |
Interest rate - notes payable | 8.00% | |
Accrued interest | $ 48,919 | $ 41,914 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
RELATED PARTY TRANSACTIONS | ||
Accounts payable - related party | $ 6,000 | $ 6,600 |
Proceeds from notes payable - related party | 6,600 | 6,600 |
Notes payable - related party | 129,450 | 121,350 |
Accrued interest related party | $ 51,107 | $ 41,320 |
Interest rate - related party | 8.00% |