Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Apr. 15, 2021 | Jun. 30, 2020 | |
Details | |||
Registrant CIK | 0001276531 | ||
Fiscal Year End | --12-31 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-50559 | ||
Entity Registrant Name | SCIENTIFIC ENERGY, INC | ||
Entity Incorporation, State or Country Code | UT | ||
Entity Tax Identification Number | 87-0680657 | ||
Entity Address, Address Line One | 27 Weldon Street | ||
Entity Address, City or Town | Jersey City | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07306 | ||
Entity Address, Address Description | Address of principal executive offices | ||
City Area Code | 852 | ||
Local Phone Number | 2530 -2089 | ||
Phone Fax Number Description | Registrant’s telephone number | ||
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 | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,600 | ||
Entity Common Stock, Shares Outstanding | 114,915,852 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
Current assets: | |||
Cash and cash equivalents | $ 14,468 | $ 84,629 | |
Prepaid expense and other receivables | 0 | 2,800 | |
Total current assets | 14,468 | 87,429 | |
Non-current assets: | |||
Property, plant and equipment, net | 854 | 1,834 | |
Operating lease right to use assets | 50,786 | 13,724 | |
Deposits | 14,743 | 20,276 | |
Total non-current assets | 66,383 | 35,834 | |
Total assets | 80,851 | 123,263 | |
Current liabilities: | |||
Accounts payable and accrued expenses | 1,164,395 | 1,159,871 | |
Operating lease liabilities | 50,786 | 13,724 | |
Note payable | 233,936 | 223,000 | |
Stock subscription payables | 1,041,539 | 676,683 | |
Total current liabilities | 2,490,656 | 2,073,278 | |
Commitments and contingencies (Note 12) | [1] | 0 | 0 |
Stockholders' deficit: | |||
Preferred Stock, Value | 0 | 0 | |
Common Stock, Value | 1,149,159 | 1,149,159 | |
Additional paid in capital | 5,734,030 | 5,734,030 | |
Accumulated deficit | (9,301,091) | (8,839,572) | |
Accumulated other comprehensive income | 8,097 | 6,368 | |
Total stockholders' deficit | (2,409,805) | (1,950,015) | |
Total liabilities and stockholders' deficit | $ 80,851 | $ 123,263 | |
[1] | See Note 12. |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
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 | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 114,915,852 | 114,915,852 |
Common Stock, Shares, Outstanding | 114,915,852 | 114,915,852 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
REVENUE | $ 0 | $ 0 |
COST OF REVENUE | 0 | 0 |
GROSS PROFIT | 0 | 0 |
OPERATING EXPENSES: | ||
Selling, general and administrative expenses | 471,983 | 522,831 |
Depreciation | 980 | 775 |
Total operating expenses | 472,963 | 523,606 |
NET LOSS FROM OPERATIONS | (472,963) | (523,606) |
Other income (expense): | ||
Sundry (expense) income, net | 22,647 | 0 |
Share of (expense) income from unconsolidated entities | 0 | (12,839) |
Interest (expense) income, net | (11,203) | (7,868) |
Net loss before provision for income taxes | (461,519) | (544,313) |
Income taxes | 0 | 0 |
NET LOSS | (461,519) | (544,313) |
OTHER COMPREHENIVE LOSS: | ||
Foreign translation gain (loss) | 1,729 | 13,650 |
Comprehensive loss | $ (459,790) | $ (530,663) |
Net loss per common share, basic and diluted | $ (0.004) | $ (0.005) |
Weighted average common shares outstanding, basic and diluted | 114,915,852 | 114,915,852 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI Including Portion Attributable to Noncontrolling Interest | Total |
Equity Balance, Starting at Dec. 31, 2018 | $ 1,149,159 | $ 5,734,030 | $ (8,295,259) | $ (7,282) | $ (1,419,352) |
Shares Outstanding, Starting at Dec. 31, 2018 | 114,915,852 | ||||
Foreign currency transaction income | $ 0 | 0 | 0 | 13,650 | 13,650 |
Net Income (Loss) | 0 | 0 | (544,313) | 0 | (544,313) |
Equity Balance, Ending at Dec. 31, 2019 | $ 1,149,159 | 5,734,030 | (8,839,572) | 6,368 | (1,950,015) |
Shares Outstanding, Ending at Dec. 31, 2019 | 114,915,852 | ||||
Foreign currency transaction income | $ 0 | 0 | 0 | 1,729 | 1,729 |
Net Income (Loss) | 0 | 0 | (461,519) | 0 | (461,519) |
Equity Balance, Ending at Dec. 31, 2020 | $ 1,149,159 | $ 5,734,030 | $ (9,301,091) | $ 8,097 | $ (2,409,805) |
Shares Outstanding, Ending at Dec. 31, 2020 | 114,915,852 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (461,519) | $ (544,313) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 980 | 775 |
Share of expense from unconsolidated entities | 0 | 12,839 |
Deposits | 5,533 | (12) |
Prepaid expenses and other receivables | 2,800 | 4,287 |
Accounts payable and accrued expenses | 4,524 | 5,864 |
Net cash used in operating activities | (447,682) | (520,560) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investments in unconsolidated entities | 0 | (12,839) |
Purchase of equipment | 0 | (1,346) |
Net cash used in investing activities | 0 | (14,185) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from notes payable | 10,936 | 123,000 |
Proceeds from subscription received | 364,856 | 329,683 |
Net cash provided by financing activities | 375,792 | 452,683 |
Effect of currency rate changes on cash | 1,729 | 13,650 |
Net decrease in cash and cash equivalents | (70,161) | (68,412) |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 84,629 | 153,041 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 14,468 | 84,629 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid, net | 11,203 | 7,868 |
Income taxes paid | 0 | 0 |
Non cash financing activities: | ||
Record right to use assets upon adoption of ASC 842 | 50,786 | 13,724 |
Record lease liabilities upon adoption of ASC 842 | $ 50,786 | $ 13,724 |
NOTE 1 - ORGANIZATION AND PRINC
NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES | NOTE 1 ORGANIZATION AND PRINCIPAL ACTIVITIES Scientific Energy, Inc., (the "Company") was incorporated under the laws of the State of Utah on May 30, 2001. Prior to August 2011, the Company was principally devoted to the buying and selling of various types and grades of graphite, such as medium- and high-carbon graphite, high-purity graphite, micro-powder graphite and expandable graphite. In August 2011, the Company decided to engage in a business of e-commerce platform. Currently the Company is in the process of developing a website, which provides an e-commerce platform, where registered members can exchange goods and services. On March 28, 2006, the Company set up a wholly owned subsidiary, PDI Global Limited (PDI), which was incorporated in the British Virgin Islands in order to engage in a business of e-commerce platform. In January 2008, the Company entered into a joint venture agreement with China Resources Development Group Ltd., a Hong Kong company. Under the agreement, a joint venture company, Kabond Investments Ltd (the JVC), was established in Hong Kong, and the Company invested $39.6 million Hong Kong dollars (approximately $5.09 million) into the JVC for 72% of the JVCs capital shares, and China Resources Development Group Ltd., jointly with its partner, invested $15.4 million Hong Kong dollars (approximately $1.98 million) into the JVC to receive 28% of the JVCs capital shares. In December 2008, all equity interest of the JVC owned by the Company was sold to a third party for $39.6 million Hong Kong dollars (approximately $5,109,743). In January 2009, the Company through its wholly-owned subsidiary, PDI, entered into a joint venture agreement with China Resources Development Group Ltd. Under the agreement, the Company agreed to invest $43,040,000 Hong Kong dollars (approximately $5.55 million) into a joint venture company Sinoforte Ltd. in Hong Kong (Sinoforte). The Company got 80% of Sinoforte's capital shares, and China Resources invested $10,222,000 Hong Kong dollars, approximately $1,318,967, and another investor invested $538,000 Hong Kong dollars, or approximately $69,419, into Sinoforte for 19% and 1% of Sinoforte's capital shares, respectively. The main business of Sinoforte was trading mineral products such as graphite produced in China. In June 2009 and September 2009, respectively, China Resources and the other minority investor cancelled their investments in Sinoforte, and the full amount of their original investments was returned. As a result, Sinoforte became a wholly-owned subsidiary of PDI. On December 8, 2020, PDI sold all the shares of Sinoforte to the Company at consideration of HK$10. On February 28, 2012, the Company set up a wholly-owned subsidiary, Makeliving Ltd., which was incorporated in the Cayman Islands in order to engage in a business of e-commerce platform. On January 23, 2018, the Company entered into an agreement with Cityhill Limited, a wholly owned subsidiary of South Sea Petroleum Holdings Limited, a Hong Kong listed public company, pursuant to which parties agreed to establish a joint venture (the Joint Venture). Each party owns 50% equity interest in the Joint Venture respectively. |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying audited consolidated financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (US GAAP) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the SEC). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made that are necessary to present fairly the financial position, and the results of its operations and its cash flows. Operating results as presented are not necessarily indicative of the results to be expected for a full year. The Company's consolidated financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not generated significant revenues since 2011 and is unlikely to generate significant earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the ability of the Company to obtain necessary equity financing to continue operations and the attainment of profitable operations. The management will seek to raise funds from shareholders. The accompanying consolidated financial statements present the financial position and the results of operations of the Company and its 100% owned subsidiaries, Makeliving, Ltd., PDI and Sinoforte. All significant intercompany transactions and balances have been eliminated in consolidation. Revenue Recognition The Company recognizes revenue when: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed or determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on managements judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related revenue is recorded. The Company defers any revenue for which the product has not been delivered or services have not been rendered or are subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or services have been rendered or no refund will be required. Revenues on the sale of products, net of estimated costs of returns and allowance, are recognized at the time products are shipped to customers, legal title has passed, and all significant contractual obligations of the Company have been satisfied. Products are generally sold on open accounts under credit terms customary to the geographic region of distribution. The Company performs ongoing credit evaluations of the customers and generally does not require collateral to secure the accounts receivable. The Company is exploring web based e-commerce to bring buyers and sellers together recognizing revenue as commissions on closed transactions. Segment information ASC 280-10 establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information for those segments to be presented in interim financial reports issued to stockholders. ASC 280-10 also establishes standards for related disclosures about products and services and geographic areas. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. All sales and substantial assets of the Company are in China. The Company applies the management approach to the identification of our reportable operating segments as provided in accordance with ASC 280-10. The information disclosed herein materially represents all of the financial information related to the Companys principal operating segment. Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Concentration of Credit Risk The Companys financial instruments that are exposed to a concentration of credit risk are cash and accounts receivable. Generally, the Companys cash and cash equivalents in interest-bearing accounts may exceed FDIC insurance limits. The financial stability of these institutions is periodically reviewed by senior management. As of December 31, 2020, and December 31, 2019, the Company maintained Nil and $51,372 in foreign bank accounts not subject to FDIC coverage The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. Cash and Cash Equivalents For purposes of the statements of cash flows, cash and cash equivalents include cash on hand and demand deposits held by banks. Comprehensive Income (Loss) The Company adopted Accounting Standards Codification subtopic 220-10, Comprehensive Income (ASC 220-10) which establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments. Foreign Currency Translation The Company translates the foreign currency consolidated financial statements into US Dollars (USD) using the year or reporting period-end or average exchange rates in accordance with the requirements of Accounting Standards Codification subtopic 830-10, Foreign Currency Matters (ASC 830-10). Assets and liabilities of these subsidiaries were translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented. The consolidated financial statements were presented in US Dollars except as other specified. The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within stockholders equity (deficit). Foreign currency transaction gains and losses arising from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the consolidated results of operations. The exchange rates used to translate amounts in HKD into US Dollars for the purposes of preparing the consolidated financial statements were as follows: December 31, 2020 December 31, 2019 Exchange rate on balance sheet dates USD : HKD exchange rate 7.7536 7.7889 Year ended December 31, 2020 Year Ended December 31, 2019 Average exchange rate for the period USD : HKD exchange rate 7.7561 7.8350 Property, plant and equipment The estimated useful lives of property, plant and equipment are as follows: Office equipment 3 years Furniture and fixtures 3 years Vehicles 4 years The Company evaluates the carrying value of items of property, plant and equipment to be held and used whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying value of an item of property, plant and equipment is considered impaired when the projected undiscounted future cash flows related to the asset are less than its carrying value. The Company measures impairment based on the amount by which the carrying value of the respective asset exceeds its fair value. Fair value is determined primarily using the projected future cash flows discounted at a rate commensurate with the risk involved. Fair Value Measurements ASC Topic 820 defines fair value, establishes a framework for measuring fair value and enhances disclosure requirements for fair value measurements. This topic does not require any new fair value measurements. ASC Topic 820 defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC Topic 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Other inputs that is directly or indirectly observable in the marketplace. Level 3 Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Earnings (Loss) Per Share Earnings Per Share (EPS) is computed by dividing net income available to common stockholders by the weighted average number of common stock shares outstanding during the year. Diluted EPS is computed by dividing net income available to common stockholders by the weighted average number of common stock shares outstanding during the year plus potential dilutive instruments such as stock options and warrants. The effect of stock options on diluted EPS is determined through the application of the treasury stock method, whereby proceeds received by the Company based on assumed exercises are hypothetically used to repurchase the Company's common stock at the average market price during the period. The Company has no stock options, warrants or other potentially dilutive instruments outstanding at December 31, 2020 and 2019. Investment in Unconsolidated Joint Ventures The Company entered into a JV agreement with an independent third party, to form a JV company. The joint venture agreement provides the Company with only the rights to the assets and obligation for the liabilities of the joint arrangement resting primarily with the JV. In adopting ASC Topic 323, Investments - Equity Method and Joint Ventures (Topic 323), the Companys investment in joint venture is accounted for using the equity method. Lease liabilities In adopting ASC Topic 842, Leases (Topic 842), the Company has elected the package of practical expedients, which permit it not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter is not applicable to the Company. In addition, the Company elected not to apply ASC Topic 842 to arrangements with lease terms of 12 month or less. In determining the length of the lease term to its long-term lease, the Company determined it did not have an option to extend either lease. Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, DebtDebt with Conversion and Other Options (Subtopic 470-20) and Derivatives and HedgingContracts in Entitys Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entitys Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the impact of this standard on its financial statements and related disclosures. In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate that is expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The Company did not modify any material contracts due to reference rate reform during fiscal 2020. The Company will continue to evaluate the impact this guidance will have on financial statements for all future transactions affected by reference rate reform during the time permitted. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). The FASB issued this update as part of its initiative to reduce complexity in accounting standards. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and also improve consistent application of other areas by clarifying and amending existing guidance. ASU 2019-12 is effective for the Company in fiscal 2022 and early adoption is permitted. Certain amendments of this ASU may be adopted on a retrospective basis, modified retrospective basis or prospective basis. The Company is currently evaluating the impact this guidance will have on its financial statements. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which establishes ASC 326, Financial Instruments - Credit Losses. The ASU revises the measurement of credit losses for financial assets measured at amortized cost from an incurred loss methodology to an expected loss methodology. The ASU affects trade receivables, debt securities, net investment in leases, and most other financial assets that represent a right to receive cash. Additional disclosures about significant estimates and credit quality are also required. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. This ASU clarifies that receivables from operating leases are accounted for using the lease guidance and not as financial instruments. In May 2019, the FASB issued ASU No. 2019-05, Targeted Transition Relief, which amends ASC 326. This ASU provides an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost. The Company is currently evaluating the impact this guidance will have on its financial statements. The adoption of this standard did not have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14"), which updates the standard to remove disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant. The Company is currently evaluating the impact of adoption of this new standard and does not believe that the adoption of this ASU will have a significant impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases, which provides narrow amendments to clarify how to apply certain aspects of the new lease standard, and ASU 2018-11, Leases (Topic 842): Targeted Improvements, which addressed implementation issues related to the new lease standard. These and certain other lease-related ASUs have generally been codified in ASC 842, Leases (ASC 842). ASC 842 supersedes the lease accounting requirements in ASC 840, Leases (ASC 840). ASC 842 establishes a right-of-use model that requires a lessee to record a right-of-use (ROU) asset and a lease liability on the balance sheet for all leases. Under ASC 842, leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The standard also requires disclosures around the amount, timing and uncertainty of cash flows arising from leases. The Company adopted the new standard since January 1, 2019. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Companys consolidated financial statements upon adoption. |
NOTE 3 - GOING CONCERN
NOTE 3 - GOING CONCERN | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 3 - GOING CONCERN | NOTE 3 GOING CONCERN As shown in the accompanying consolidated financial statements, the Company has generated a net loss of $461,519 and an accumulated deficit of $9,301,091 as of December 31, 2020. The Company also experienced insufficient cash flows from operations and will be required continuous financial support from the shareholders. The Company will need to raise capital to fund its operations until it is able to generate sufficient revenue to support the future development. Moreover, the Company may be continuously raising capital through the sale of debt and equity securities. The Companys ability to achieve these objectives cannot be determined at this stage. If the Company is unsuccessful in its endeavors, it may be forced to cease operations. These consolidated financial statements do not include any adjustments that might result from this uncertainty which may include adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. These factors have raised substantial doubt about the Companys ability to continue as a going concern. There can be no assurances that the Company will be able to obtain adequate financing or achieve profitability. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
NOTE 4 - PROPERTY, PLANT AND EQ
NOTE 4 - PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 4 - PROPERTY, PLANT AND EQUIPMENT | NOTE 4 PROPERTY, PLANT AND EQUIPMENT Furniture and equipment as of December 31, 2020 and 2019 is summarized as follows: December 31, December 31, 2020 2019 Office furniture and fixtures $ 679 $ 678 Office equipment 9,968 9,952 Vehicles 165,267 164,519 Less: accumulated depreciation (175,060 ) (173,315 ) Property, plant and equipment, net $ 854 $ 1,834 Depreciation expense for the years ended December 31, 2020 and 2019 was $980 and $775, respectively. |
NOTE 5 - RIGHT TO USE ASSETS AN
NOTE 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY | NOTE 5 RIGHT TO USE ASSETS AND LEASE LIABILITY Effective June 1, 2018, the Company entered into a two-year lease for approximately 250 square feet in New York City, New York, expiring May 31, 2020 with monthly payments of $2,800 per month. In addition, the Company entered into a two-year lease for office space of approximately 770 square feet in Hong Kong, expiring January 10, 2022, with monthly payments of approximately $4,418 per month. At lease commencement dates, the Company estimated the lease liability and the right of use assets at present value using the Companys estimated incremental borrowing rate of 8% and determined the initial present value, at inception, of $160,653. On January 1, 2019, upon adoption of ASC Topic 842, the Company recorded right to use assets (net) of $95,111 and lease liability of $95,111. Right to use assets is summarized below: December 31, 2020 December 31, 2019 New York $ 62,322 $ 62,322 Hong Kong 98,331 97,918 Subtotal 160,653 160,240 Less accumulated depreciation (109,867) (146,516 ) Right to use assets, net $ 50,786 $ 13,724 During the year ended December 31, 2020 and 2019, the Company recorded $84,926 and $81,066 as lease expense to current period operations. Lease liability is summarized below: December 31, 2020 December 31, 2019 New York $ - $ 13,724 Hong Kong 50,786 - Total lease liability 50,786 13,724 Less: short term portion (50,786) (13,724 ) Long term portion $ - $ - Maturity analysis under these lease agreements are as follows: Year ended December 31, 2020 $ 53,014 $ 14,000 Less: Present value discount (2,228) (276 ) Lease liability $ 50,786 $ 13,724 Lease expense for the year ended December 31, 2020 was comprised of the following: Operating lease expense $ 67,014 Short-term lease expense 23,272 $ 90,286 Lease expense for the year ended December 31, 2019 was comprised of the following: Operating lease expense $ 65,457 Short-term lease expense 15,609 $ 81,066 |
NOTE 6 - NOTE PAYABLE
NOTE 6 - NOTE PAYABLE | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 6 - NOTE PAYABLE | NOTE 6 NOTE PAYABLE In May 2018, the Company issued an unsecured note payable for $35,000 bearing interest at 5.0% per annum, payable monthly and due on July 1, 2019. The Company entered into an Extension Agreement in order to extend the due date of the note payable for all outstanding principal and accrued and unpaid interest due to November 18, 2020. In November 2018, the Company issued an unsecured note payable for $65,000 bearing interest at 5.0% per annum, payable monthly and due on November 18, 2020. In July 2019, the Company issued an unsecured note payable for $123,000 bearing interest at 5.0% per annum, payable monthly and due on July 9, 2021. In November 2020, upon maturity of the May 2018 and November 2018 unsecured notes in aggregate of $100,000, the Company issued an unsecured note payable of $110,936 as payment of the maturing notes payable and accrued interest of $10,936. The note payable bears interest of 5% and is due on December 31, 2022. The above accrued interests are included in accrued expenses and payable on the maturity date. |
NOTE 7 - STOCK SUBCRIPTION PAYA
NOTE 7 - STOCK SUBCRIPTION PAYABLES | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 7 - STOCK SUBCRIPTION PAYABLES | NOTE 7 STOCK SUBCRIPTION PAYABLES During the year ended December 31, 2020 and 2019, the Company received deposits of $364,856 (HK$2,843,558) and $329,683 (HK$2,586,422) respectively, from non-related parties with intentions to purchase the Companys common stock. However, the transactions have not yet completed and therefore has been classified outside of equity for financial statement presentation. The deposits received are non-interest bearing and due on demand, if the transaction does not consummate. |
NOTE 8 - CAPITAL STOCK
NOTE 8 - CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 8 - CAPITAL STOCK | NOTE 8 CAPITAL STOCK The Company is authorized to issue 500,000,000 shares of common stock, $0.01 par value, and 25,000,000 shares of preferred stock, $0.01 par value. As of December 31, 2020, and 2019, there were 114,915,852 shares of the Companys common stock issued and outstanding, and none of the preferred shares were issued and outstanding. As of December 31, 2020, Kelton Capital Group Ltd. owned 31,190,500 shares or 27.2% of the Companys common stock, and Aspect Group Limited owned 20,000,000 shares, or 17.4% of the Companys common stock. Other than Kelton Capital Group Ltd and Aspect Group Ltd, no person owns 5% or more of the Companys issued and outstanding shares. |
NOTE 9 - LOSS PER SHARE
NOTE 9 - LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 9 - LOSS PER SHARE | NOTE 9 LOSS PER SHARE The following table sets forth the computation of basic and diluted loss per common share for the year ended December 31, 2020 and 2019, respectively: Schedule of Loss Per Share For the Years Ended December 31, 2020 2019 Numerator - basic and diluted Net loss $ (461,519) $ (544,313) Denominator Weighted average number of common shares outstanding basic and diluted 114,915,852 114,915,852 Loss per common share basic and diluted $ (0.004) $ (0.005) |
NOTE 10 - INCOME TAXES
NOTE 10 - INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 10 - INCOME TAXES | NOTE 10 - INCOME TAXES The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes (ASC 740-10) which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between consolidated financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences between taxable income reported for financial reporting purposes and income tax purposes are insignificant. For the year ended December 31, 2020, the Company's realized net taxable income which offset existing deferred tax assets relating to net operating losses, was offset further (100%) by the valuation allowance. Other temporary differences are expected to be immaterial. Therefore there were no expected income taxes, either current or deferred, reflected in the income statement. At December 31, 2020, the Company has available for U.S. federal income tax purposes a net operating loss carryforward of approximately $5,720,000, expiring within 20 years, that may be used to offset future taxable income. The Company has provided a valuation reserve against the full amount of the net operating loss benefit, since in the opinion of management based upon the earnings history of the Company; it is more likely than not that the benefits will not be realized. Due to possible significant changes in the Company's ownership, the future use of its existing net operating losses may be limited. Components of deferred tax assets as of December 31, 2020 are as follows. All or a portion of the remaining valuation allowance may be reduced in future years based on an assessment of earnings sufficient to fully utilize these potential tax benefits. The Company and its subsidiaries file separate income tax returns. The United States of America Scientific Energy, Inc. is incorporated in the State of Utah in the U.S., and is subject to a gradual U.S. federal corporate income tax of 21%. The State of Utah does not impose any corporate state income tax. As of December 31, 2020, future net operation losses of approximately $0.10 million are available to offset future operating income through 2040. British Virgin Islands PDI Global Limited and Makeliving Limited are incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, PDI Global Limited and Makeliving Limited are not subjected to tax on income or capital gains. Hong Kong Sinoforte Limited is incorporated in Hong Kong and Hong Kongs profits tax rate is 8.25% for the first HK$2 million of profits of qualifying corporations, and profits above HK$2 million will be taxed at 16.5%. Sinoforte Limited did not earn any income that was derived in Hong Kong for the years ended December 31, 2020 and 2019, and therefore, Sinoforte Limited was not subjected to Hong Kong profits tax. At December 31, 2020 and 2019, the significant components of the deferred tax (assets) liabilities are summarized below: Schedule of Income Taxes Deferred Tax Assets: December 31, 2020 December 31, 2019 Net operating loss carryforward $ (461,519) $ (531,474) Inventory obsolescence - - Total deferred tax assets (461,519) (531,474) Valuation allowance 461,519 531,474 Net deferred tax assets $ - $ - The Company is subject to income tax holidays with respect to its Asian operations, and accordingly has recognized no provision for foreign income taxes. Rate Reconciliation: December 31, 2020 December 31, 2019 Book losses (worldwide) at federal statutory rate (21%) $ 25,772 $ 25,995 Hong Kong Profit Tax rate (8.25%) 27,951 33,634 Change in valuation allowance (53,723) (59,629) Net expense (benefit) $ - $ - The net deferred tax asset generated by the U.S. loss carry-forward has been fully reserved. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the years ended December 31, 2020 and 2019, the Company recognized no interest and penalties. The Company had no accruals for interest and penalties at December 31, 2020 and 2019. Tax years from 2015 through 2020 are open to examination by the taxing authorities. |
NOTE 11 - JOINT VENTURE
NOTE 11 - JOINT VENTURE | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 11 - JOINT VENTURE | NOTE 11 - JOINT VENTURE Gold Gold Gold Limited (JV) was created in February 2018. The Company entered into a JV agreement with primary activity of trading of gold. The Company injected $12,839 (HK$100,000) to the JV during the year. The Company shared the operating loss from JV of $12,839 during 2019. Summarized financial information for joint venture is as follows: Balance Sheets: December 31, 2020 December 31, 2019 Property, plant and equipment, net $ 4,797 $ - Account receivables - 406,412 Other receivables and prepaid 8,938 - Inventory 496,015 259,051 Cash and cash equivalents 402,880 957,207 Total assets 912,630 1,622,670 Other payable (3,286,343 ) (1,370,019 ) Customer deposits and other (627,966 ) (2,169,378 ) Total liabilities (3,914,309 ) (3,539,397 ) Net liabilities $ (3,001,679 ) $ (1,916,727 ) Statement of Operations: December 31, December 31, 2020 2019 Revenue $ 430,423 $ - Cost of sale (314,009) - Gross profit 116,414 - Operating expense (1,069,664 ) (1,933,051 ) Net loss from operations (953,250) (1,933,051 ) Other income (expense): Interest (expense) income, net (122,638) 2,089 Net loss $ (1,075,888 ) $ (1,930,962 ) |
NOTE 12 - COMMITMENTS AND CONTI
NOTE 12 - COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 12 - COMMITMENTS AND CONTINGENCIES | NOTE 12 - COMMITMENTS AND CONTINGENCIES Capital commitment As of December 31, 2020, and 2019, no capital commitment was expected. Legal Proceeding As of December 31, 2020, the Company is not aware of any material outstanding claim and litigation against them. |
NOTE 13 - SUBSEQUENT EVENTS
NOTE 13 - SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 13 - SUBSEQUENT EVENTS | NOTE 13 - SUBSEQUENT EVENTS In accordance with ASC 855, Subsequent Events, the Company has evaluated subsequent events through the date of filing. The Company acquired an entire Hong Kong company on February 8, 2021 and disposed of PDI on March 24, 2021. No other material subsequent events were noted. |
NOTE 2 - SUMMARY OF SIGNIFICA_2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Basis of Presentation | Basis of Presentation The accompanying audited consolidated financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (US GAAP) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the SEC). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made that are necessary to present fairly the financial position, and the results of its operations and its cash flows. Operating results as presented are not necessarily indicative of the results to be expected for a full year. The Company's consolidated financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not generated significant revenues since 2011 and is unlikely to generate significant earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the ability of the Company to obtain necessary equity financing to continue operations and the attainment of profitable operations. The management will seek to raise funds from shareholders. The accompanying consolidated financial statements present the financial position and the results of operations of the Company and its 100% owned subsidiaries, Makeliving, Ltd., PDI and Sinoforte. All significant intercompany transactions and balances have been eliminated in consolidation. |
NOTE 2 - SUMMARY OF SIGNIFICA_3
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed or determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on managements judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related revenue is recorded. The Company defers any revenue for which the product has not been delivered or services have not been rendered or are subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or services have been rendered or no refund will be required. Revenues on the sale of products, net of estimated costs of returns and allowance, are recognized at the time products are shipped to customers, legal title has passed, and all significant contractual obligations of the Company have been satisfied. Products are generally sold on open accounts under credit terms customary to the geographic region of distribution. The Company performs ongoing credit evaluations of the customers and generally does not require collateral to secure the accounts receivable. The Company is exploring web based e-commerce to bring buyers and sellers together recognizing revenue as commissions on closed transactions. |
NOTE 2 - SUMMARY OF SIGNIFICA_4
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Segment information (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Segment information | Segment information ASC 280-10 establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information for those segments to be presented in interim financial reports issued to stockholders. ASC 280-10 also establishes standards for related disclosures about products and services and geographic areas. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. All sales and substantial assets of the Company are in China. The Company applies the management approach to the identification of our reportable operating segments as provided in accordance with ASC 280-10. The information disclosed herein materially represents all of the financial information related to the Companys principal operating segment. |
NOTE 2 - SUMMARY OF SIGNIFICA_5
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
NOTE 2 - SUMMARY OF SIGNIFICA_6
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Concentration of Credit Risk (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Concentration of Credit Risk | Concentration of Credit Risk The Companys financial instruments that are exposed to a concentration of credit risk are cash and accounts receivable. Generally, the Companys cash and cash equivalents in interest-bearing accounts may exceed FDIC insurance limits. The financial stability of these institutions is periodically reviewed by senior management. As of December 31, 2020, and December 31, 2019, the Company maintained Nil and $51,372 in foreign bank accounts not subject to FDIC coverage The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. |
NOTE 2 - SUMMARY OF SIGNIFICA_7
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statements of cash flows, cash and cash equivalents include cash on hand and demand deposits held by banks. |
NOTE 2 - SUMMARY OF SIGNIFICA_8
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Comprehensive Income (Loss) (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The Company adopted Accounting Standards Codification subtopic 220-10, Comprehensive Income (ASC 220-10) which establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments. |
NOTE 2 - SUMMARY OF SIGNIFICA_9
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Foreign Currency Translation (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Foreign Currency Translation | Foreign Currency Translation The Company translates the foreign currency consolidated financial statements into US Dollars (USD) using the year or reporting period-end or average exchange rates in accordance with the requirements of Accounting Standards Codification subtopic 830-10, Foreign Currency Matters (ASC 830-10). Assets and liabilities of these subsidiaries were translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented. The consolidated financial statements were presented in US Dollars except as other specified. The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within stockholders equity (deficit). Foreign currency transaction gains and losses arising from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the consolidated results of operations. The exchange rates used to translate amounts in HKD into US Dollars for the purposes of preparing the consolidated financial statements were as follows: December 31, 2020 December 31, 2019 Exchange rate on balance sheet dates USD : HKD exchange rate 7.7536 7.7889 Year ended December 31, 2020 Year Ended December 31, 2019 Average exchange rate for the period USD : HKD exchange rate 7.7561 7.8350 |
NOTE 2 - SUMMARY OF SIGNIFIC_10
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Property, plant and equipment (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Property, plant and equipment | Property, plant and equipment The estimated useful lives of property, plant and equipment are as follows: Office equipment 3 years Furniture and fixtures 3 years Vehicles 4 years The Company evaluates the carrying value of items of property, plant and equipment to be held and used whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying value of an item of property, plant and equipment is considered impaired when the projected undiscounted future cash flows related to the asset are less than its carrying value. The Company measures impairment based on the amount by which the carrying value of the respective asset exceeds its fair value. Fair value is determined primarily using the projected future cash flows discounted at a rate commensurate with the risk involved. |
NOTE 2 - SUMMARY OF SIGNIFIC_11
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair Value Measurements (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Fair Value Measurements | Fair Value Measurements ASC Topic 820 defines fair value, establishes a framework for measuring fair value and enhances disclosure requirements for fair value measurements. This topic does not require any new fair value measurements. ASC Topic 820 defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC Topic 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Other inputs that is directly or indirectly observable in the marketplace. Level 3 Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. |
NOTE 2 - SUMMARY OF SIGNIFIC_12
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Earnings (Loss) Per Share (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Earnings Per Share (EPS) is computed by dividing net income available to common stockholders by the weighted average number of common stock shares outstanding during the year. Diluted EPS is computed by dividing net income available to common stockholders by the weighted average number of common stock shares outstanding during the year plus potential dilutive instruments such as stock options and warrants. The effect of stock options on diluted EPS is determined through the application of the treasury stock method, whereby proceeds received by the Company based on assumed exercises are hypothetically used to repurchase the Company's common stock at the average market price during the period. The Company has no stock options, warrants or other potentially dilutive instruments outstanding at December 31, 2020 and 2019. |
NOTE 2 - SUMMARY OF SIGNIFIC_13
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Investment in Unconsolidated Joint Ventures (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures The Company entered into a JV agreement with an independent third party, to form a JV company. The joint venture agreement provides the Company with only the rights to the assets and obligation for the liabilities of the joint arrangement resting primarily with the JV. In adopting ASC Topic 323, Investments - Equity Method and Joint Ventures (Topic 323), the Companys investment in joint venture is accounted for using the equity method. |
NOTE 2 - SUMMARY OF SIGNIFIC_14
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Lease liabilities (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Lease liabilities | Lease liabilities In adopting ASC Topic 842, Leases (Topic 842), the Company has elected the package of practical expedients, which permit it not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter is not applicable to the Company. In addition, the Company elected not to apply ASC Topic 842 to arrangements with lease terms of 12 month or less. In determining the length of the lease term to its long-term lease, the Company determined it did not have an option to extend either lease. |
NOTE 2 - SUMMARY OF SIGNIFIC_15
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, DebtDebt with Conversion and Other Options (Subtopic 470-20) and Derivatives and HedgingContracts in Entitys Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entitys Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the impact of this standard on its financial statements and related disclosures. In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate that is expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The Company did not modify any material contracts due to reference rate reform during fiscal 2020. The Company will continue to evaluate the impact this guidance will have on financial statements for all future transactions affected by reference rate reform during the time permitted. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). The FASB issued this update as part of its initiative to reduce complexity in accounting standards. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and also improve consistent application of other areas by clarifying and amending existing guidance. ASU 2019-12 is effective for the Company in fiscal 2022 and early adoption is permitted. Certain amendments of this ASU may be adopted on a retrospective basis, modified retrospective basis or prospective basis. The Company is currently evaluating the impact this guidance will have on its financial statements. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which establishes ASC 326, Financial Instruments - Credit Losses. The ASU revises the measurement of credit losses for financial assets measured at amortized cost from an incurred loss methodology to an expected loss methodology. The ASU affects trade receivables, debt securities, net investment in leases, and most other financial assets that represent a right to receive cash. Additional disclosures about significant estimates and credit quality are also required. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. This ASU clarifies that receivables from operating leases are accounted for using the lease guidance and not as financial instruments. In May 2019, the FASB issued ASU No. 2019-05, Targeted Transition Relief, which amends ASC 326. This ASU provides an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost. The Company is currently evaluating the impact this guidance will have on its financial statements. The adoption of this standard did not have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14"), which updates the standard to remove disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant. The Company is currently evaluating the impact of adoption of this new standard and does not believe that the adoption of this ASU will have a significant impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases, which provides narrow amendments to clarify how to apply certain aspects of the new lease standard, and ASU 2018-11, Leases (Topic 842): Targeted Improvements, which addressed implementation issues related to the new lease standard. These and certain other lease-related ASUs have generally been codified in ASC 842, Leases (ASC 842). ASC 842 supersedes the lease accounting requirements in ASC 840, Leases (ASC 840). ASC 842 establishes a right-of-use model that requires a lessee to record a right-of-use (ROU) asset and a lease liability on the balance sheet for all leases. Under ASC 842, leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The standard also requires disclosures around the amount, timing and uncertainty of cash flows arising from leases. The Company adopted the new standard since January 1, 2019. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Companys consolidated financial statements upon adoption. |
NOTE 2 - SUMMARY OF SIGNIFIC_16
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Foreign Currency Translation: Schedule of Exchange Rates used for preparing the consolidated financial statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Exchange Rates used for preparing the consolidated financial statements | December 31, 2020 December 31, 2019 Exchange rate on balance sheet dates USD : HKD exchange rate 7.7536 7.7889 Year ended December 31, 2020 Year Ended December 31, 2019 Average exchange rate for the period USD : HKD exchange rate 7.7561 7.8350 |
NOTE 2 - SUMMARY OF SIGNIFIC_17
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Property, plant and equipment: Schedule of Property, plant and equipment Useful Lives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Property, plant and equipment Useful Lives | The estimated useful lives of property, plant and equipment are as follows: Office equipment 3 years Furniture and fixtures 3 years Vehicles 4 years |
NOTE 4 - PROPERTY, PLANT AND _2
NOTE 4 - PROPERTY, PLANT AND EQUIPMENT: Schedule of Property and Equipment (March 31, 2019 Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Property and Equipment (March 31, 2019 Unaudited) | December 31, December 31, 2020 2019 Office furniture and fixtures $ 679 $ 678 Office equipment 9,968 9,952 Vehicles 165,267 164,519 Less: accumulated depreciation (175,060 ) (173,315 ) Property, plant and equipment, net $ 854 $ 1,834 |
NOTE 5 - RIGHT TO USE ASSETS _2
NOTE 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY: Schedule of Right to Use Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Right to Use Assets | December 31, 2020 December 31, 2019 New York $ 62,322 $ 62,322 Hong Kong 98,331 97,918 Subtotal 160,653 160,240 Less accumulated depreciation (109,867) (146,516 ) Right to use assets, net $ 50,786 $ 13,724 |
NOTE 5 - RIGHT TO USE ASSETS _3
NOTE 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY: Schedule of Lease Liability (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Lease Liability | December 31, 2020 December 31, 2019 New York $ - $ 13,724 Hong Kong 50,786 - Total lease liability 50,786 13,724 Less: short term portion (50,786) (13,724 ) Long term portion $ - $ - |
NOTE 5 - RIGHT TO USE ASSETS _4
NOTE 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY: Schedule of Maturity Analysis under the Lease Agreements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Maturity Analysis under the Lease Agreements | Year ended December 31, 2020 $ 53,014 $ 14,000 Less: Present value discount (2,228) (276 ) Lease liability $ 50,786 $ 13,724 |
NOTE 5 - RIGHT TO USE ASSETS _5
NOTE 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY: Schedule of Lease Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Lease Expenses | Lease expense for the year ended December 31, 2020 was comprised of the following: Operating lease expense $ 67,014 Short-term lease expense 23,272 $ 90,286 Lease expense for the year ended December 31, 2019 was comprised of the following: Operating lease expense $ 65,457 Short-term lease expense 15,609 $ 81,066 |
NOTE 9 - LOSS PER SHARE_ Schedu
NOTE 9 - LOSS PER SHARE: Schedule of Computation of basic and diluted loss per common share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Computation of basic and diluted loss per common share | For the Years Ended December 31, 2020 2019 Numerator - basic and diluted Net loss $ (461,519) $ (544,313) Denominator Weighted average number of common shares outstanding basic and diluted 114,915,852 114,915,852 Loss per common share basic and diluted $ (0.004) $ (0.005) |
NOTE 10 - INCOME TAXES_ Schedul
NOTE 10 - INCOME TAXES: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | Deferred Tax Assets: December 31, 2020 December 31, 2019 Net operating loss carryforward $ (461,519) $ (531,474) Inventory obsolescence - - Total deferred tax assets (461,519) (531,474) Valuation allowance 461,519 531,474 Net deferred tax assets $ - $ - |
NOTE 10 - INCOME TAXES_ Sched_2
NOTE 10 - INCOME TAXES: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | Rate Reconciliation: December 31, 2020 December 31, 2019 Book losses (worldwide) at federal statutory rate (21%) $ 25,772 $ 25,995 Hong Kong Profit Tax rate (8.25%) 27,951 33,634 Change in valuation allowance (53,723) (59,629) Net expense (benefit) $ - $ - |
NOTE 11 - JOINT VENTURE_ Summar
NOTE 11 - JOINT VENTURE: Summarized financial information for joint venture - Balance Sheets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Summarized financial information for joint venture - Balance Sheets | Balance Sheets: December 31, 2020 December 31, 2019 Property, plant and equipment, net $ 4,797 $ - Account receivables - 406,412 Other receivables and prepaid 8,938 - Inventory 496,015 259,051 Cash and cash equivalents 402,880 957,207 Total assets 912,630 1,622,670 Other payable (3,286,343 ) (1,370,019 ) Customer deposits and other (627,966 ) (2,169,378 ) Total liabilities (3,914,309 ) (3,539,397 ) Net liabilities $ (3,001,679 ) $ (1,916,727 ) |
NOTE 11 - JOINT VENTURE_ Summ_2
NOTE 11 - JOINT VENTURE: Summarized financial information for joint venture - Statement of Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Summarized financial information for joint venture - Statement of Operations | Statement of Operations: December 31, December 31, 2020 2019 Revenue $ 430,423 $ - Cost of sale (314,009) - Gross profit 116,414 - Operating expense (1,069,664 ) (1,933,051 ) Net loss from operations (953,250) (1,933,051 ) Other income (expense): Interest (expense) income, net (122,638) 2,089 Net loss $ (1,075,888 ) $ (1,930,962 ) |
NOTE 1 - ORGANIZATION AND PRI_2
NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Details | |
Entity Incorporation, State or Country Code | UT |
Entity Incorporation, Date of Incorporation | May 30, 2001 |
NOTE 2 - SUMMARY OF SIGNIFIC_18
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Concentration of Credit Risk (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Deposits in foreign bank accounts not subject to FDIC coverage | $ 0 | $ 51,372 |
NOTE 2 - SUMMARY OF SIGNIFIC_19
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Foreign Currency Translation: Schedule of Exchange Rates used for preparing the consolidated financial statements (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
USD to HKD exchange rate on balance sheet date | 7.7536 | 7.7889 |
Average exchange rate for the period | 7.7561 | 7.8350 |
NOTE 2 - SUMMARY OF SIGNIFIC_20
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Property, plant and equipment: Schedule of Property, plant and equipment Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Office Equipment | |
The estimated useful lives of property, plant and equipment are as follows: | 3 years |
Furniture and Fixtures | |
The estimated useful lives of property, plant and equipment are as follows: | 3 years |
Vehicles | |
The estimated useful lives of property, plant and equipment are as follows: | 4 years |
NOTE 3 - GOING CONCERN (Details
NOTE 3 - GOING CONCERN (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
Net Income (Loss) | $ (461,519) | $ (544,313) |
Accumulated deficit | $ (9,301,091) | $ (8,839,572) |
NOTE 4 - PROPERTY, PLANT AND _3
NOTE 4 - PROPERTY, PLANT AND EQUIPMENT: Schedule of Property and Equipment (March 31, 2019 Unaudited) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Office furniture and fixtures | $ 679 | $ 678 |
Office equipment | 9,968 | 9,952 |
Vehicles | 165,267 | 164,519 |
Less: accumulated depreciation | (175,060) | (173,315) |
Property, plant and equipment, net | $ 854 | $ 1,834 |
NOTE 5 - RIGHT TO USE ASSETS _6
NOTE 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
Recorded right to use assets (net) | $ 95,111 | |
Recorded lease liability | 95,111 | |
Recorded lease expense | $ 84,926 | $ 81,066 |
NOTE 5 - RIGHT TO USE ASSETS _7
NOTE 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY: Schedule of Right to Use Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Right to use assets - New York | $ 62,322 | $ 62,322 |
Right to use assets - Hong Kong | 98,331 | 97,918 |
Right to use assets - Subtotal | 160,653 | 160,240 |
Right to use assets - Less accumulated depreciation | (109,867) | (146,516) |
Right to use assets, net | $ 50,786 | $ 13,724 |
NOTE 5 - RIGHT TO USE ASSETS _8
NOTE 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY: Schedule of Lease Liability (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Lease Liability - New York | $ 0 | $ 13,724 |
Lease Liability - Hong Kong | 50,786 | 0 |
Total lease liability | 50,786 | 13,724 |
Lease Liability - Less: short term portion | (50,786) | (13,724) |
Lease Liability - Long term portion | $ 0 | $ 0 |
NOTE 5 - RIGHT TO USE ASSETS _9
NOTE 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY: Schedule of Maturity Analysis under the Lease Agreements (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Lease Liability - Year ended December 31, 2020 | $ 53,014 | $ 14,000 |
Lease Liability - Less: Present value discount | (2,228) | (276) |
Lease liability | $ 50,786 | $ 13,724 |
NOTE 5 - RIGHT TO USE ASSETS_10
NOTE 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY: Schedule of Lease Expenses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
Operating lease expense | $ 67,014 | $ 65,457 |
Short-term lease expense | 23,272 | 15,609 |
Operating Leases, Rent Expense | $ 90,286 | $ 81,066 |
NOTE 6 - NOTE PAYABLE (Details)
NOTE 6 - NOTE PAYABLE (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
In May 2018 | |
Debt Instrument, Issuer | Company |
Debt Instrument, Collateral | unsecured |
Debt Instrument, Description | note payable |
Debt Instrument, Face Amount | $ 35,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
Debt Instrument, Payment Terms | payable monthly |
Debt Instrument, Maturity Date | Jul. 1, 2019 |
In November 2018 | |
Debt Instrument, Issuer | Company |
Debt Instrument, Collateral | unsecured |
Debt Instrument, Description | note payable |
Debt Instrument, Face Amount | $ 65,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
Debt Instrument, Payment Terms | payable monthly |
Debt Instrument, Maturity Date | Nov. 18, 2020 |
In July 2019 | |
Debt Instrument, Issuer | Company |
Debt Instrument, Collateral | unsecured |
Debt Instrument, Description | note payable |
Debt Instrument, Face Amount | $ 123,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
Debt Instrument, Payment Terms | payable monthly |
Debt Instrument, Maturity Date | Jul. 9, 2021 |
In November 2020 | |
Debt Instrument, Issuer | Company |
Debt Instrument, Collateral | unsecured |
Debt Instrument, Description | note payable |
Debt Instrument, Face Amount | $ 110,936 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
Debt Instrument, Maturity Date | Dec. 31, 2022 |
NOTE 7 - STOCK SUBCRIPTION PA_2
NOTE 7 - STOCK SUBCRIPTION PAYABLES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
Revenue from Related Parties | $ 364,856 | $ 329,683 |
NOTE 8 - CAPITAL STOCK (Details
NOTE 8 - CAPITAL STOCK (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 114,915,852 | 114,915,852 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
NOTE 9 - LOSS PER SHARE_ Sche_2
NOTE 9 - LOSS PER SHARE: Schedule of Computation of basic and diluted loss per common share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
NET LOSS | $ (461,519) | $ (544,313) |
Weighted average common shares outstanding, basic and diluted | 114,915,852 | 114,915,852 |
Net loss per common share, basic and diluted | $ (0.004) | $ (0.005) |
NOTE 10 - INCOME TAXES (Details
NOTE 10 - INCOME TAXES (Details) | Dec. 31, 2020USD ($) |
Details | |
Operating Loss Carryforwards | $ 5,720,000 |
Future net operation losses available to offset future operating income | $ 100,000 |
NOTE 10 - INCOME TAXES_ Sched_3
NOTE 10 - INCOME TAXES: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Net operating loss carryforward | $ (461,519) | $ (531,474) |
Inventory obsolescence | 0 | 0 |
Total deferred tax assets | (461,519) | (531,474) |
Valuation allowance | 461,519 | 531,474 |
Net deferred tax assets | $ 0 | $ 0 |
NOTE 10 - INCOME TAXES_ Sched_4
NOTE 10 - INCOME TAXES: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
Book losses (worldwide) at federal statutory rate (21%) | $ 25,772 | $ 25,995 |
Hong Kong Profit Tax rate (8.25%) | 27,951 | 33,634 |
Change in valuation allowance | (53,723) | (59,629) |
Net expense (benefit) | $ 0 | $ 0 |
NOTE 11 - JOINT VENTURE_ Summ_3
NOTE 11 - JOINT VENTURE: Summarized financial information for joint venture - Balance Sheets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Joint Venture - Property, plant and equipment, net | $ 4,797 | $ 0 |
Joint Venture - Account receivables | 0 | 406,412 |
Joint Venture - Other receivables and prepaid | 8,938 | 0 |
Joint Venture - Inventory | 496,015 | 259,051 |
Joint Venture - Cash and cash equivalents | 402,880 | 957,207 |
Joint Venture - Total assets | 912,630 | 1,622,670 |
Joint Venture - Other payable | (3,286,343) | (1,370,019) |
Joint Venture - Customer deposit | (627,966) | (2,169,378) |
Joint Venture - Total liabilities | (3,914,309) | (3,539,397) |
Joint Venture - Net liabilities | $ (3,001,679) | $ (1,916,727) |
NOTE 11 - JOINT VENTURE_ Summ_4
NOTE 11 - JOINT VENTURE: Summarized financial information for joint venture - Statement of Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
Joint Venture - Revenue | $ 430,423 | $ 0 |
Joint Venture - Cost of sale | (314,009) | 0 |
Joint Venture - Gross profit | 116,414 | 0 |
Joint Venture - Operating expense | (1,069,664) | (1,933,051) |
Joint Venture - Net loss from operations | (953,250) | (1,933,051) |
Joint Venture - Interest (expense) income, net | (122,638) | 2,089 |
Joint Venture - Net loss | $ (1,075,888) | $ (1,930,962) |
NOTE 12 - COMMITMENTS AND CON_2
NOTE 12 - COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Capital Commitment Amount | $ 0 | $ 0 |
Outstanding claim and litigation | $ 0 |
NOTE 13 - SUBSEQUENT EVENTS (De
NOTE 13 - SUBSEQUENT EVENTS (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Event #1 | |
Subsequent Event, Description | Company acquired an entire Hong Kong company |
Subsequent Event, Date | Feb. 8, 2021 |
Event #2 | |
Subsequent Event, Description | disposed of PDI |
Subsequent Event, Date | Mar. 24, 2021 |