Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 14, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-33399 | ||
Entity Registrant Name | NOVA STAR INNOVATIONS, INC | ||
Entity Central Index Key | 0001160945 | ||
Entity Tax Identification Number | 90-0369457 | ||
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 | 18,000,000 | ||
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, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash | $ 265 | $ 2,015 |
Total current assets | 265 | 2,015 |
TOTAL ASSETS | 265 | 2,015 |
CURRENT LIABILITIES | ||
Accounts payable – related party | 6,000 | 6,000 |
Accounts payable and accrued liabilities | 1,000 | 500 |
Notes payable – related party | 144,450 | 138,450 |
Notes payable | 104,726 | 99,176 |
Accrued interest – related party | 72,669 | 61,593 |
Accrued interest | 64,591 | 56,369 |
Total current liabilities | 393,436 | 362,088 |
TOTAL LIABILITIES | 393,436 | 362,088 |
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 | (420,171) | (387,073) |
Total stockholders' deficit | (393,171) | (360,073) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 265 | $ 2,015 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
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, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | ||
Expenses | ||
General and administrative | 13,800 | 13,600 |
Total expenses | 13,800 | 13,600 |
Net loss from operations | (13,800) | (13,600) |
Other income (expense) | ||
Interest expense – related party | (11,076) | (10,486) |
Interest expense | (8,222) | (7,450) |
Total other income (expense) | (19,298) | (17,936) |
Net loss before income taxes | (33,098) | (31,536) |
Income taxes | ||
Net loss | $ (33,098) | $ (31,536) |
Basic and diluted net loss per share | $ 0 | $ 0 |
Basic and diluted weighted average shares outstanding | 18,000,000 | 18,000,000 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance – December 31, 2019 at Dec. 31, 2019 | $ 18,000 | $ 9,000 | $ (355,537) | $ (328,537) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 18,000,000 | |||
Net loss | (31,536) | (31,536) | ||
Balance – December 31, 2021 at Dec. 31, 2020 | $ 18,000 | 9,000 | (387,073) | (360,073) |
Shares, Outstanding, Ending Balance at Dec. 31, 2020 | 18,000,000 | |||
Net loss | (33,098) | (33,098) | ||
Balance – December 31, 2021 at Dec. 31, 2021 | $ 18,000 | $ 9,000 | $ (420,171) | $ (393,171) |
Shares, Outstanding, Ending Balance at Dec. 31, 2021 | 18,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net loss | $ (33,098) | $ (31,536) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||
Expenses paid by related party | 6,000 | 6,000 |
Changes in operating assets and liabilities: | ||
Increase (decrease) in accounts payable and accrued liabilities | 500 | (3,700) |
Increase in accrued interest – related party | 11,076 | 10,486 |
Increase in accrued interest | 8,222 | 7,450 |
Net cash used in operating activities | (7,300) | (11,300) |
Cash Flows from Investing Activities | ||
Net cash provided by (used in) investing activities | ||
Cash Flows from Financing Activities | ||
Proceeds from notes payable – related party | 3,000 | |
Proceeds from notes payable | 5,550 | 10,000 |
Net cash provided by financing activities | 5,550 | 13,000 |
Increase (decrease) in cash | (1,750) | 1,700 |
Cash and cash equivalents at beginning of year | 2,015 | 315 |
Cash and cash equivalents at end of year | 265 | 2,015 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | ||
Cash paid for Income taxes | ||
Non-Cash Investing and Financing Activities: | ||
Converted related party accounts payable and advances into notes payable – related party | $ 6,000 | $ 6,000 |
NOTE 1 _ SUMMARY OF SIGNIFICANT
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
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 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 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 2021 2020 Net Loss (numerator) $ (33,098 ) $ (31,536 ) 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, 2021 and 2020, 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, accrued liabilities, 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, 2021 | |
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 $ 393,171 420,171 |
NOTE 3 _ INCOME TAXES
NOTE 3 – INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
NOTE 3 – INCOME TAXES | NOTE 3 – INCOME TAXES The Company follows FASB 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 $ 420,171 387,073 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 2021 2020 Net operating loss carryforward (at 21%) $ 88,236 $ 81,285 Valuation allowance (88,236 ) (81,285 ) 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 2021 2020 Federal tax benefit (at 21%) $ 6,951 $ 6,622 Change in valuation allowance (6,951 ) (6,622 ) $ — $ — 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, 2021 and 2020, 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, 2021, 2020, 2019, and 2018. |
NOTE 4 _ NOTES PAYABLE
NOTE 4 – NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
NOTE 4 – NOTES PAYABLE | NOTE 4 – NOTES PAYABLE Notes payable as of December 31, 2021 and 2020 were $ 104,726 99,176 8 Accrued interest was $ 64,591 56,369 |
NOTE 5 _ RELATED PARTY TRANSACT
NOTE 5 – RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
NOTE 5 – RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS During the years ended December 31, 2021 and 2020, the Company incurred $ 6,000 6,000 6,000 6,000 144,450 138,450 72,669 61,593 8 |
NOTE 6 _ STOCKHOLDERS EQUITY
NOTE 6 – STOCKHOLDERS EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
NOTE 6 – STOCKHOLDERS EQUITY | NOTE 6 – STOCKHOLDERS EQUITY No shares were issued in 2021 or 2020. |
NOTE 7 _ SUBSEQUENT EVENTS
NOTE 7 – SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
NOTE 7 – SUBSEQUENT EVENTS | NOTE 7 – 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, 2021 | |
Accounting Policies [Abstract] | |
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 2021 2020 Net Loss (numerator) $ (33,098 ) $ (31,536 ) 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, 2021 and 2020, 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, accrued liabilities, 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, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | For the Years Ended 2021 2020 Net Loss (numerator) $ (33,098 ) $ (31,536 ) Weighted Average Number of Shares Outstanding (denominator) 18,000,000 18,000,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) |
NOTE 3 _ INCOME TAXES (Tables)
NOTE 3 – INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Valuation Allowance [Table Text Block] | For the Years Ended 2021 2020 Net operating loss carryforward (at 21%) $ 88,236 $ 81,285 Valuation allowance (88,236 ) (81,285 ) Deferred tax asset $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended 2021 2020 Federal tax benefit (at 21%) $ 6,951 $ 6,622 Change in valuation allowance (6,951 ) (6,622 ) $ — $ — |
Computation of earnings per sha
Computation of earnings per share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Net Loss (numerator) | $ (33,098) | $ (31,536) |
Weighted Average Number of Shares Outstanding (denominator) | 18,000,000 | 18,000,000 |
Basic Loss per Common Share | $ 0 | $ 0 |
NOTE 1 _ SUMMARY OF SIGNIFICA_4
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Concentration Risk, Percentage | 95.00% | 95.00% |
NOTE 2 _ GOING CONCERN (Details
NOTE 2 – GOING CONCERN (Details Narrative) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Banking Regulation, Total Capital, Actual | $ (393,171) | |
Retained Earnings (Accumulated Deficit) | $ (420,171) | $ (387,073) |
Deferred tax assets and the val
Deferred tax assets and the valuation account (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward (at 21%) | $ 88,236 | $ 81,285 |
Valuation allowance | (88,236) | (81,285) |
Deferred tax asset |
Reconciliation of federal incom
Reconciliation of federal income tax rate (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal tax benefit (at 21%) | $ 6,951 | $ 6,622 |
Change in valuation allowance | (6,951) | (6,622) |
NOTE 3 _ INCOME TAXES (Details
NOTE 3 – INCOME TAXES (Details Narrative) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Operating Loss Carryforwards | $ 420,171 | $ 387,073 |
NOTE 4 _ NOTES PAYABLE (Details
NOTE 4 – NOTES PAYABLE (Details Narrative) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Notes Payable, Current | $ 104,726 | $ 99,176 |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% |
Interest Payable, Current | $ 64,591 | $ 56,369 |
NOTE 5 _ RELATED PARTY TRANSA_2
NOTE 5 – RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Costs and Expenses, Related Party | $ 6,000 | $ 6,000 |
[custom:ConversionOfRelatedPartyAccountsPayableIntoNotePayableRelatedParty] | 6,000 | 6,000 |
Notes Payable, Related Parties, Current | 144,450 | 138,450 |
Accrued Liabilities and Other Liabilities | $ 72,669 | $ 61,593 |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% |