Cover
Cover | 3 Months Ended |
Mar. 31, 2023 shares | |
Cover [Abstract] | |
Entity Registrant Name | Yong Bai Chao New Retail Corporation |
Entity Central Index Key | 0001284454 |
Document Type | 10-Q |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Small Business | true |
Entity Shell Company | true |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
Document Period End Date | Mar. 31, 2023 |
Entity Filer Category | Non-accelerated Filer |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2023 |
Entity Common Stock Shares Outstanding | 189,120,068 |
Entity File Number | 333-206764 |
Entity Incorporation State Country Code | NV |
Entity Tax Identification Number | 20-3626387 |
Entity Interactive Data Current | Yes |
Entity Address Address Line 1 | No. 3205-3209, South Building, No. 3 |
Entity Address Address Line 2 | Intelligence Industrial Park |
Entity Address Address Line 3 | No.39 Hulan West Road, Baoshan District |
Entity Address City Or Town | Shanghai |
City Area Code | 86 |
Local Phone Number | 135-8568-1065 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Address Country | CN |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash | $ 0 | $ 0 |
TOTAL CURRENT ASSETS | 0 | 0 |
TOTAL ASSETS | 0 | 0 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued liabilities | 26,145 | 1,968 |
Due to related party | 43,497 | 42,674 |
TOTAL CURRENT LIABILITIES | 69,642 | 44,642 |
TOTAL LIABILITIES | 69,642 | 44,642 |
STOCKHOLDERS' DEFICIT: | ||
Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2023 and December 31, 2022) | 0 | 0 |
Common stock ($0.001 par value; 190,000,000 shares authorized; 189,495,068 shares issued and 189,120,068 shares outstanding at March 31, 2023 and December 31, 2022) | 195,496 | 195,496 |
Common stock to be issued | 2,282 | 2,282 |
Treasury stock | 0 | 0 |
Additional paid-in capital | 3,371,271 | 3,371,271 |
Accumulated deficit | (3,638,691) | (3,613,691) |
TOTAL STOCKHOLDERS' DEFICIT | (69,642) | (44,642) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
CONDENSED BALANCE SHEETS | ||
Common Stock, Shares Par Value | $ 0.001 | $ 0.001 |
Common Stock Shares Authorized | 190,000,000 | 190,000,000 |
Common Stock Shares Issued | 189,495,068 | 189,120,068 |
Common Stock Shares Outstanding | 189,495,068 | 189,120,068 |
Preferred Stock, Shares Par Value | $ 0.001 | $ 0.001 |
Preferred Stock Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock Shares Issued | 0 | 0 |
Preferred Stock Shares Outstanding | 0 | 0 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) | ||
Revenue | $ 0 | $ 0 |
Operating Expenses: | ||
Professional fees | 25,000 | 20,205 |
Total Operating Expenses | 25,000 | 20,205 |
Loss from Operations | (25,000) | (20,205) |
Interest expense | 0 | (6,250) |
Total Other Income (Expense) | 0 | (6,250) |
Loss Before Income Taxes | (25,000) | (26,455) |
Income Taxes | 0 | 0 |
Net Loss | $ (25,000) | $ (26,455) |
Net loss per common share: | ||
Basic | $ 0 | $ 0 |
Diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding: | ||
Basic | 189,120,068 | 135,569,068 |
Diluted | 189,120,068 | 135,569,068 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Total | Treasury Stock | Common Stock | Common Stock To Be Issued | Additional Paid-In Capital | Accumulated Deficit |
Balance, shares at Dec. 31, 2021 | 375,000 | 135,569,068 | ||||
Balance, amount at Dec. 31, 2021 | $ (518,488) | $ 375 | $ 141,945 | $ 2,282 | $ 2,854,388 | $ (3,517,478) |
Correction of an error | 0 | (375) | 0 | 0 | 375 | 0 |
Net loss | (26,455) | $ 0 | $ 0 | 0 | 0 | (26,455) |
Balance, shares at Mar. 31, 2022 | 375,000 | 135,569,068 | ||||
Balance, amount at Mar. 31, 2022 | (544,943) | $ 0 | $ 141,945 | 2,282 | 2,854,763 | (3,543,933) |
Balance, shares at Dec. 31, 2022 | 375,000 | 189,120,068 | ||||
Balance, amount at Dec. 31, 2022 | (44,642) | $ 0 | $ 195,496 | 2,282 | 3,371,271 | (3,613,691) |
Net loss | (25,000) | $ 0 | $ 0 | 0 | 0 | (25,000) |
Balance, shares at Mar. 31, 2023 | 375,000 | 189,120,068 | ||||
Balance, amount at Mar. 31, 2023 | $ (69,642) | $ 0 | $ 195,496 | $ 2,282 | $ 3,371,271 | $ (3,638,691) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (25,000) | $ (26,455) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 24,177 | 284 |
Accounts payable and accrued liabilities - related parties | 0 | 6,250 |
Due to related party | 823 | 19,921 |
NET CASH USED IN OPERATING ACTIVITIES | 0 | 0 |
Cash, beginning of period | 0 | 0 |
Cash, end of period | 0 | 0 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income tax | $ 0 | $ 0 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2023 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Description of Business Yong Bai Chao New Retail Corporation (“we”, “us”, or the “Company”) (formerly known as Boss Minerals, Inc. and Environmental Control Corp., respectively) was organized under the laws of the State of Nevada on February 17, 2004. The Company’s fiscal year end is December 31 st Currently, the Company only possesses minimal liabilities with no substantial business operations. There were no revenue or positive cash flows from operating activities for the three months ended March 31, 2023. The Company’s management efforts are focused on seeking out a new and profitable operating business with strong growth potential. Unless and until the Company’s successful acquisition of an operating business, we expect our expenses to mainly consist of legal service fee, accounting fee, and filing fee etc. related to maintaining a public company. On September 14, 2021, the Company entered into an Acquisition Agreement (the “Acquisition Agreement”) with Yong Bai Chao New Retail (Shenzhen) Co. Ltd. (“YBC”). Pursuant to the terms of the Acquisition Agreement, the Company agreed to acquire all of the issued and outstanding securities of YBC in exchange for 50,000,000 shares of its common stock. The closing of this transaction is subject to certain terms and conditions described in the Acquisition Agreement. Basis of Presentation These interim financial statements of the Company are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures necessary for a fair presentation of these interim condensed financial statements have been included. The results reported in the condensed financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all information and footnotes necessary for a complete presentation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on April 21, 2023. Cash and Cash Equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less at time of purchase to be cash equivalents. There were no cash equivalents as of March 31, 2023 and December 31, 2022. Use of Estimates The preparation of 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, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Income Taxes Income taxes are provided in accordance with ASC 740 Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. 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 be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Per Share Data ASC Topic 260 “Earnings per Share,” requires presentation of both basic and diluted earnings per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. Fair Value of Financial Instruments and Fair Value Measurements The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying unaudited condensed interim financial statements, primarily due to their short-term nature. Concentration of Credit Risk There are no financial instruments that potentially subject the Company to concentration of credit risk. The Company has not experienced losses and management believes the Company is not exposed to significant credit risks. Going Concern Risk As reflected in the accompanying unaudited condensed financial statements, the Company had accumulated deficit of $3,638,691 and working capital deficit of $69,642 at March 31, 2023. The Company has incurred recurring net loss of $25,000 for the three months ended March 31, 2023. The Company has no current operating activities. These factors raise substantial doubt about the Company’s ability to continue as a going concern for at least next twelve months from the date the Company’s interim financial statements are released. Management intends to fund the ongoing operations of the Company while seeking potential business acquisition opportunities. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 2 – RELATED PARTY TRANSACTIONS Convertible Debentures Issued to Related Parties and Accrued Interest On July 15, 2010, the Company entered into a convertible debenture agreement with a company controlled by the former President of the Company. The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum. The accrued interest is payable annually on the anniversaries of the advancement date, commencing on the second anniversary. Any portion of the loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of $0.35 per share. The Company recognized the intrinsic value of the embedded beneficial conversion feature of $7,143 as additional paid-in capital and reduced the carrying value of the convertible debenture to $42,857. The carrying value had been accreted over the term of the convertible debenture up to its face value of $50,000. The Company can repay any portion of the loan and accrued interest at any time without penalty. On November 30, 2010, the Company entered into a convertible debenture agreement with a company controlled by the former President of the Company. The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum. The accrued interest is payable annually on the anniversaries of the advancement date, commencing on the second anniversary. Any portion of the loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of $0.35 per share. The Company recognized the intrinsic value of the embedded beneficial conversion feature of $21,429 as additional paid-in capital and reduced the carrying value of the convertible debenture to $28,571. The carrying value has been accreted over the term of the convertible debenture up to its face value of $50,000. The Company can repay any portion of the loan and accrued interest at any time without penalty. On April 21, 2011, the Company entered into a convertible debenture agreement with a company controlled by the former President of the Company. The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum. The accrued interest is payable annually on the anniversaries of the advancement date, commencing on the second anniversary. The loan is secured by a patent held by the Company. Any portion of the loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of $0.035 per share. The Company recognized the intrinsic value of the embedded beneficial conversion feature of $28,571 as additional paid-in capital and reduced the carrying value of the convertible debenture to $21,429. The carrying value has been accreted over the term of the convertible debenture up to its face value of $50,000. The Company can repay any portion of the loan and accrued interest at any time without penalty. On August 29, 2011, the Company entered into a convertible debenture agreement with a company controlled by a former Vice President of the Company. The Company received $100,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum. The accrued interest is payable annually on the anniversaries of the advancement date, commencing on the second anniversary. Any portion of the loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of $0.025 per share. The Company can repay any portion of the loan and accrued interest at any time without penalty. For the three months ended March 31, 2023 and 2022, the interest expense related to above borrowings amounted to $0 and $6,250, respectively, and has been reflected as interest expense on the accompanying statements of operations. Write-off of Convertible Debentures Issued to Related Parties and Related Accrued Interest The Company received two legal opinion letters from its counsel in the third quarter of 2022, stating that subject to the assumptions, qualifications and exceptions set forth therein, as of August 11, 2022 and September 2, 2022, the collection of convertible loans with principal of $150,000 and $100,000, respectively, including related accrued and unpaid interest, is time-barred under Nevada law NRS 11.010(2) due to the debenture holders’ failure to demand repayments of these convertible loans in a timely manner. Therefore, in the third quarter of 2022, the Company determined to write off the related party loans and related accrued and unpaid interest totaling $516,508. The write-off was treated as a capital transaction and the amount was recorded in additional paid-in capital. Due to Related Party The Company’s CEO, Fei Wang, paid certain expenses on behalf of the Company. During the year ended December 31, 2022, the Company sold 53,551,000 shares of common stock for $53,551. As the Company does not have a bank account, the fund was deposited directly to Mr. Wang’s personal bank account and was accounted for as a decrease in due to related party. As of March 31, 2023 and December 31, 2022, the Company had a payable amount to him of $43,497 and $42,674, respectively. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2023 | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS Management does not believe there would have been a material effect on the accompanying unaudited condensed financial statements had any recently issued, but not yet effective, accounting standards been adopted in the current period. |
COMMITMENTS AND CONTINCENGIES
COMMITMENTS AND CONTINCENGIES | 3 Months Ended |
Mar. 31, 2023 | |
COMMITMENTS AND CONTINCENGIES | |
COMMITMENTS AND CONTINCENGIES | NOTE 4 – COMMITMENTS AND CONTINCENGIES On July 1, 2009, the Company entered into an investor relations agreement. Pursuant to such agreement, the Company agreed to pay a fee of $1,000 per month for a period of six months beginning on August 1, 2009 and ending January 1, 2010. The Company should have issued 75,000 shares within 7 days of signing the agreement. Any payments over 45 days would be subject to a penalty fee of 10% per week. On February 8, 2010, the Company issued 75,000 shares of common stock, which was included in common stock to be issued at December 31, 2009 at a value of $2,282. On January 1, 2010, the agreement was extended for twelve months, and the Company should issue additional 75,000 shares. On January 1, 2011, the agreement with the investor relation firm was extended for twelve months for no additional consideration and can be cancelled by either party by giving one month written notice. As of March 31, 2023 and December 31, 2022, the additional shares have not been issued and have been included in common stock to be issued at a value of $2,282. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 5 – SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date which the financial statements were available to be issued. All subsequent events requiring recognition as of March 31, 2023 have been incorporated into these financial statements and there are no other subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.” |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Organization And Description Of Business | Yong Bai Chao New Retail Corporation (“we”, “us”, or the “Company”) (formerly known as Boss Minerals, Inc. and Environmental Control Corp., respectively) was organized under the laws of the State of Nevada on February 17, 2004. The Company’s fiscal year end is December 31 st Currently, the Company only possesses minimal liabilities with no substantial business operations. There were no revenue or positive cash flows from operating activities for the three months ended March 31, 2023. The Company’s management efforts are focused on seeking out a new and profitable operating business with strong growth potential. Unless and until the Company’s successful acquisition of an operating business, we expect our expenses to mainly consist of legal service fee, accounting fee, and filing fee etc. related to maintaining a public company. On September 14, 2021, the Company entered into an Acquisition Agreement (the “Acquisition Agreement”) with Yong Bai Chao New Retail (Shenzhen) Co. Ltd. (“YBC”). Pursuant to the terms of the Acquisition Agreement, the Company agreed to acquire all of the issued and outstanding securities of YBC in exchange for 50,000,000 shares of its common stock. The closing of this transaction is subject to certain terms and conditions described in the Acquisition Agreement. |
Basis Of Presentation | These interim financial statements of the Company are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures necessary for a fair presentation of these interim condensed financial statements have been included. The results reported in the condensed financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all information and footnotes necessary for a complete presentation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on April 21, 2023. |
Cash And Cash Equivalents | The Company considers all highly liquid short-term investments with a maturity of three months or less at time of purchase to be cash equivalents. There were no cash equivalents as of March 31, 2023 and December 31, 2022. |
Use Of Estimates | The preparation of 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, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Income Taxes | Income taxes are provided in accordance with ASC 740 Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. 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 be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Per Share Data | ASC Topic 260 “Earnings per Share,” requires presentation of both basic and diluted earnings per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. |
Fair Value Of Financial Instruments | The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying unaudited condensed interim financial statements, primarily due to their short-term nature. |
Concentration Of Credit Risk | There are no financial instruments that potentially subject the Company to concentration of credit risk. The Company has not experienced losses and management believes the Company is not exposed to significant credit risks. |
Going Concern Risk | As reflected in the accompanying unaudited condensed financial statements, the Company had accumulated deficit of $3,638,691 and working capital deficit of $69,642 at March 31, 2023. The Company has incurred recurring net loss of $25,000 for the three months ended March 31, 2023. The Company has no current operating activities. These factors raise substantial doubt about the Company’s ability to continue as a going concern for at least next twelve months from the date the Company’s interim financial statements are released. Management intends to fund the ongoing operations of the Company while seeking potential business acquisition opportunities. |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | |||
Sep. 14, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Share issued in exchange of acquisition | 50,000,000 | |||
Net loss | $ (25,000) | $ (26,455) | ||
Accumulated deficit | (3,638,691) | $ (3,613,691) | ||
Working Capital Deficit | $ 69,642 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Sep. 02, 2022 | Aug. 31, 2022 | |
Interest Expense | $ 0 | $ 6,250 | ||||
Convertible loans | $ 100,000 | $ 150,000 | ||||
Write off the related party loans and related accrued and unpaid interest | $ 516,508 | |||||
CEO Fei Wang [Member] | ||||||
Amount payable | 43,497 | $ 42,674 | ||||
Issue of common stock | 53,551,000 | |||||
Sale of common stock amount | $ 53,551 | |||||
July 15, 2010 [Member] | ||||||
Reduction in carrying value of convertible debenture | $ 42,857 | |||||
Conversion Price Per Share | $ 0.35 | |||||
Convertible Debenture Face Value | $ 50,000 | |||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 7,143 | |||||
Convertible Debentures Descriptions | The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum | |||||
November 30, 2010 [Member] | ||||||
Conversion Price Per Share | $ 0.35 | |||||
Beneficial Conversion Feature Additional Paid In Capital | $ 21,429 | |||||
Carrying Value Of Convertible Debenture | 28,571 | |||||
Convertible Debenture Face Value | $ 50,000 | |||||
Convertible Debentures Descriptions | The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum | |||||
April 21, 2011 [Member] | ||||||
Conversion Price Per Share | $ 0.035 | |||||
Beneficial Conversion Feature Additional Paid In Capital | $ 28,571 | |||||
Carrying Value Of Convertible Debenture | 21,429 | |||||
Convertible Debenture Face Value | $ 50,000 | |||||
Convertible Debentures Descriptions | The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum | |||||
August 29, 2011 [Member] | ||||||
Conversion Price Per Share | $ 0.025 | |||||
Convertible Debentures Descriptions | The Company received $100,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum |
COMMITMENTS AND CONTINCENGIES (
COMMITMENTS AND CONTINCENGIES (Details Narrative) - USD ($) | 1 Months Ended | |||||
Feb. 08, 2010 | Jul. 01, 2009 | Mar. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2010 | Dec. 31, 2009 | |
COMMITMENTS AND CONTINCENGIES | ||||||
Investor relations agreement description | Pursuant to such agreement, the Company agreed to pay a fee of $1,000 per month for a period of six months beginning on August 1, 2009 and ending January 1, 2010. The Company should have issued 75,000 shares within 7 days of signing the agreement. Any payments over 45 days would be subject to a penalty fee of 10% per week. | |||||
Penalty fees per week | 10% | |||||
Common stock shares issued during the period, shares | 75,000 | |||||
Common Stock to be Issued | $ 2,282 | $ 2,282 | $ 2,282 | |||
Additional shares issued | 75,000 |