Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2020 | |
Details | ||
Registrant CIK | 0001342219 | |
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 | 000-55909 | |
Entity Registrant Name | KREIDO BIOFUELS, INC. | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 20-3240178 | |
Entity Address, Address Line One | Unit 1010-15, 10/F, Tower B | |
Entity Address, Address Line Two | New Mandarin Plaza | |
Entity Address, Address Line Three | 14 Science Museum Road | |
Entity Address, City or Town | Tsim Sha Tsui East | |
Entity Address, Postal Zip Code | KLN | |
Entity Address, Country | HK | |
Country Region | +852 | |
City Area Code | 9862 | |
Local Phone Number | 6962 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 1,956,452 | |
Entity Public Float | $ 306,674 | |
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 | $ 0 | $ 0 |
Due from Related Party | 0 | 0 |
Prepaid Expenses | 0 | 0 |
Total Current Assets | 0 | 0 |
TOTAL ASSETS | 0 | 0 |
CURRENT LIABILITIES | ||
Accounts Payable | 35,817 | 25,282 |
Related Party Payable | 33,621 | 32,512 |
Note Payable - Short Term | 0 | 0 |
Total Current Liabilities | 69,438 | 57,794 |
LONG TERM LIABILITIES | ||
Note Payable - Long Term | 0 | 0 |
Total Long Term Liabilities | 0 | 0 |
Total Liabilities | 69,438 | 57,794 |
Shareholders' deficit: | ||
Preferred shares | 0 | 0 |
Common shares | 1,956 | 1,956 |
Additional paid-in capital | 48,984,877 | 48,984,877 |
Accumulated Deficit | (49,056,271) | (49,044,627) |
Total Stockholders' Deficit | (69,438) | (57,794) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 1,956,452 | 1,956,452 |
Common Stock, Shares, Outstanding | 1,956,452 | 1,956,452 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
REVENUES | $ 0 | $ 0 |
EXPENSES | ||
Professional Fees | 5,000 | 28,609 |
General and administrative expenses | 6,644 | 4,727 |
Total operating expenses | 11,644 | 33,336 |
OTHER INCOME/EXPENSE | ||
Gain on settlement of debt | 0 | 0 |
Total other income/(expense) | 0 | 0 |
Total Expenses | 11,644 | 33,336 |
LOSS FROM OPERATIONS | (11,644) | (33,336) |
OTHER EXPENSES | ||
Gain from discontinued operations | 0 | 0 |
Total Other Expenses | 0 | 0 |
LOSS BEFORE INCOME TAXES | (11,644) | (33,336) |
PROVISION FOR INCOME TAXES | 0 | 0 |
NET LOSS | $ (11,644) | $ (33,336) |
BASIC AND DILUTED LOSS PER SHARE | $ (0.01) | $ (0.02) |
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 1,956,452 | 1,956,452 |
Consolidated Statement of Stock
Consolidated Statement of Stockholder's Equity - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2017 | $ 1,956 | $ 48,963,527 | $ (48,972,333) | $ (6,850) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2017 | 1,956,452 | |||
Gain on forgiveness of debt | $ 0 | 21,350 | 0 | 21,350 |
Net Loss | 0 | 0 | (38,958) | (38,958) |
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2018 | $ 1,956 | 48,984,877 | (49,011,291) | (24,458) |
Shares, Outstanding, Ending Balance at Dec. 31, 2018 | 1,956,452 | |||
Gain on forgiveness of debt | 21,350 | |||
Net Loss | $ 0 | 0 | (33,336) | (33,336) |
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2019 | $ 1,956 | 48,984,877 | (49,044,627) | (57,794) |
Shares, Outstanding, Ending Balance at Dec. 31, 2019 | 1,956,452 | |||
Net Loss | $ 0 | 0 | (11,644) | (11,644) |
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2020 | $ 1,956 | $ 48,984,877 | $ (49,056,271) | $ (69,438) |
Shares, Outstanding, Ending Balance at Dec. 31, 2020 | 1,956,452 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | ||
Net Loss | $ (11,644) | $ (33,336) |
Adjustments to reconcile net loss to net cash | ||
Services contributed by shareholders | 0 | 0 |
Expenses paid on behalf of company | 0 | 0 |
Gain on discontinued operations | 0 | 0 |
Changes in operating assets and liabilities: | ||
Change in prepaid expenses | 0 | 0 |
Change in notes payable - Short term | 0 | 0 |
Change in accounts payable related party | 1,109 | 20,279 |
Change in accounts payable | 10,535 | 13,057 |
Operating Activities | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Financing Activities | 0 | 0 |
NET INCREASE IN CASH | 0 | 0 |
CASH AT BEGINNING OF PERIOD | 0 | 0 |
CASH AT END OF PERIOD | 0 | 0 |
SUPPLEMENTAL DISCLOSURES OF | ||
Interest | 0 | 0 |
Income Taxes | 0 | 0 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Stock issued for debt | 0 | 0 |
Conversion of accounts payable to note payable | 0 | 0 |
Stock issued for accounts payable - related party | $ 0 | $ 0 |
NOTE 1 - ORGANIZATION AND BUSIN
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS Nature of Business Kreido Biofuels, Inc. was incorporated as Gemwood Productions, Inc. under the laws of the State of Nevada on February 7, 2005. Gemwood Productions, Inc. changed its name to Kreido Biofuels, Inc. on November 2, 2006. The Company took its current form on January 12, 2007 when Kreido Laboratories (“Kreido Labs”), completed a reverse triangular merger with Kreido Biofuels, Inc. Kreido Labs, formerly known as Holl Technologies Company, was incorporated on January 13, 1995 under the laws of the State of California. Since incorporation, Kreido Labs has been engaged in activities required to develop, patent and commercialize its products. Kreido Labs was the creator of reactor technology that was designed to enhance the manufacturing of a broad range of chemical products. The cornerstone of Kreido Labs’ technology was its patented STT ® (Spinning Tube in Tube) diffusional chemical reacting system, which were both a licensable process and a licensable system. In 2005, the Company demonstrated how the STT ® could make biodiesel from vegetable oil rapidly with almost complete conversion and less undesirable by-products. The Company had continued to pursue this activity, built and tested a pilot biodiesel production unit and, prior to June 20, 2008, was in the process of developing the first of its commercial biodiesel production plants in the United States that, if constructed and put into operation, was expected to produce approximately 33 million to 50 million gallons per year. On June 20, 2008, the Company announced that due to the weakening of the economy, the continued financial market turmoil and the inability to raise needed capital to finance site construction and plant start-up costs, the Company was suspending work regarding its flagship biodiesel production plant at the Port of Wilmington, North Carolina. In November of 2018, the Company discontinued operations of its subsidiary, Kreido Labs, Inc. Our current business will be to seek to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. Our acquisition strategy will be to assess a broad range of potential business combination targets and complete a business combination. In doing so, we will evaluate the historical financial statements of the target, its management, and projected future results. In evaluating a prospective target business, we expect to conduct a thorough due diligence review that will encompass, among other things, meetings with incumbent management and employees, document reviews, inspection of facilities, as well as a review of financial and other information that will be made available to us. We are not prohibited from pursuing a business combination with a company that is affiliated with our management, but we have no plans to do so. We do not plan to retain a significant equity position after closing of any acquisition and management does not plan to continue as part of the new management team. We have not selected any specific business combination target. Our sole officer and director presently has, and in the future may have additional fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business combination opportunity. Accordingly, if our officer and director becomes aware of a business combination opportunity which is suitable for an entity to which he has then-current fiduciary or contractual obligations, he will honor his or her fiduciary or contractual obligations to present such opportunity to such entity. We do not believe, however, that the fiduciary duties or contractual obligations of our officer/director will materially affect our ability to complete our business combination. Our executive officer is not required to commit any specified amount of time to our affairs, and, accordingly, will have conflicts of interest in allocating management time among various business activities, including identifying potential business combination targets and monitoring the related due diligence. |
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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Principles of Consolidation The accompanying consolidated financial statements for the years ended December 31, 2020 and 2019 include the accounts of the Company and its wholly-owned subsidiary, Kreido Laboratories, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. Accounting Estimates The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments Financial instruments, including cash and accrued expenses and other liabilities are carried at amounts, which reasonably approximate their fair value due to the short-term nature of these amounts or due to variable rates of interest, which are consistent with market rates. Loss per Common Share Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. Cash and Cash Equivalents The Company considers all highly liquid investment with an original maturity of three months or less to be cash equivalents. At December 31, 2020 and 2019, cash and cash equivalents include cash on hand and cash in the bank. Stock-based compensation The Company recognizes compensation expense for all stock-based compensation awards based on the grant-date fair value estimated in accordance with the provisions of ASC 718. Income Taxes Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2020 there were no deferred taxes as there was a full valuation allowance due to the uncertainty of the realization of net operating loss carry forward prior to expiration. Fair Value of Financial Instruments The Company follows guidance for accounting for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. Recent Accounting Pronouncements The FASB established the Accounting Standards Codification (“Codification” or “ASC”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Rules and interpretative releases of the Securities and Exchange Commission (“SEC”) issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
NOTE 3 - GOING CONCERN
NOTE 3 - GOING CONCERN | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 3 - GOING CONCERN | NOTE 3 - GOING CONCERN In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans, which raises substantial doubt about the ability of the Company to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
NOTE 4 - STOCKHOLDERS' EQUITY
NOTE 4 - STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 4 - STOCKHOLDERS' EQUITY | NOTE 4 – STOCKHOLDERS ’ EQUITY Common Stock The Company’s Articles of Incorporation authorize the issuance of up to 300,000,000 common shares, par value $0.001 per share, and 10,000,000 preferred shares, also $0.001 par value. There were 1,956,452 shares of common stock outstanding at December 31, 2020 and 2019, respectively. There were no preferred shares outstanding during any periods presented. 2019 During 2019, a related party forgave an outstanding balance of $21,350 and the forgiveness of related party debt was recorded in additional paid-in capital. |
NOTE 5 - INCOME TAXES
NOTE 5 - INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 5 - INCOME TAXES | NOTE 5 – INCOME TAXES On December 22, 2017, the 2019 Tax Cuts and Jobs Act (“the Tax Act”) was enacted into law including a one-time mandatory transition tax on accumulated foreign earnings and a reduction of the corporate income tax rate to 21% effective January 1, 2020, among others. We are required to recognize the effect of the tax law changes in the period of enactment, such as determining the transition tax, remeasuring our U.S. deferred tax assets and liabilities as well as reassessing the net realizability of our deferred tax assets and liabilities. The Company does not have any foreign earnings and therefore, we do not anticipate the impact of a transition tax. We have remeasured our U.S. deferred tax assets at a statutory income tax rate of 21%. Since the Tax Act was passed late in the fourth quarter of 2017, and ongoing guidance and accounting interpretation are expected over the next 12 months, we consider the accounting of any transition tax, deferred tax re-measurements, and other items to be incomplete due to the forthcoming guidance and our ongoing analysis of final year-end data and tax positions. We expect to complete our analysis within the measurement period in accordance with SAB 118, no later than 2020. The cumulative tax effect at the expected rate of 21% as of December 31, 2020 and 35% as of December 31, 2019 of significant items comprising our net deferred tax amount is as follows: 2020 2019 Net operating loss carryover 49,056,271 49,044,627 Deferred tax asset 10,301,817 10,299,372 Impact of rate changes - - Less: valuation allowance (10,301,817) (10,299,372) Net deferred tax asset $ - $ - At December 31, 2020, the Company had net operating loss carry forwards of approximately $49,056,271 that may be offset against future taxable income. The Tax Act also changed the rules on net operating loss carry forwards. The 20-year limitation was eliminated, giving the taxpayer the ability to carry forward losses indefinitely. However, NOL carry forward arising after January 1, 2020, will now be limited to 80 percent of taxable income. No tax benefit has been reported in the December 31, 2020, consolidated financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for federal income tax reporting purposes are subject to annual limitations. A change in ownership may limit net operating loss carry forwards in future years. The last three years of tax returns are open for examination by taxing authorities. |
NOTE 6 - RELATED PARTY TRANSACT
NOTE 6 - RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 6 - RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS As of December 31, 2020, the Company has a related party payable in the amount of $33,621. At the year ended December 31, 2019, the Company had a related party receivable in the amount of $33,621. During 2019, a related party paid a total of $32,512 for professional fees and paying off outstanding note payable balances on behalf of the Company. |
NOTE 7 - SUBSEQUENT EVENTS
NOTE 7 - SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
NOTE 7 - SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS The Company has evaluated subsequent events from December 31, 2020, through the date the financial statements were issued and there have been no subsequent events for which disclosure is required. |
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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. |
NOTE 2 - SUMMARY OF SIGNIFICA_3
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Principles of Consolidation (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements for the years ended December 31, 2020 and 2019 include the accounts of the Company and its wholly-owned subsidiary, Kreido Laboratories, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. |
NOTE 2 - SUMMARY OF SIGNIFICA_4
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Accounting Estimates (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Accounting Estimates | Accounting Estimates The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
NOTE 2 - SUMMARY OF SIGNIFICA_5
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments, including cash and accrued expenses and other liabilities are carried at amounts, which reasonably approximate their fair value due to the short-term nature of these amounts or due to variable rates of interest, which are consistent with market rates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows guidance for accounting for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. |
NOTE 2 - SUMMARY OF SIGNIFICA_6
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Loss per Common Share (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Loss per Common Share | Loss per Common Share Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. |
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 The Company considers all highly liquid investment with an original maturity of three months or less to be cash equivalents. At December 31, 2020 and 2019, cash and cash equivalents include cash on hand and cash in the bank. |
NOTE 2 - SUMMARY OF SIGNIFICA_8
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Stock-based compensation (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Stock-based compensation | Stock-based compensation The Company recognizes compensation expense for all stock-based compensation awards based on the grant-date fair value estimated in accordance with the provisions of ASC 718. |
NOTE 2 - SUMMARY OF SIGNIFICA_9
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Income Taxes | Income Taxes Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2020 there were no deferred taxes as there was a full valuation allowance due to the uncertainty of the realization of net operating loss carry forward prior to expiration. |
NOTE 2 - SUMMARY OF SIGNIFIC_10
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The FASB established the Accounting Standards Codification (“Codification” or “ASC”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Rules and interpretative releases of the Securities and Exchange Commission (“SEC”) issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
NOTE 5 - INCOME TAXES_ Schedule
NOTE 5 - 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 | The cumulative tax effect at the expected rate of 21% as of December 31, 2020 and 35% as of December 31, 2019 of significant items comprising our net deferred tax amount is as follows: 2020 2019 Net operating loss carryover 49,056,271 49,044,627 Deferred tax asset 10,301,817 10,299,372 Impact of rate changes - - Less: valuation allowance (10,301,817) (10,299,372) Net deferred tax asset $ - $ - |
NOTE 1 - ORGANIZATION AND BUS_2
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Gemwood Productions, Inc | |
Entity Incorporation, Date of Incorporation | Feb. 7, 2005 |
Kreido Labs | |
Entity Incorporation, Date of Incorporation | Jan. 13, 1995 |
NOTE 4 - STOCKHOLDERS' EQUITY (
NOTE 4 - STOCKHOLDERS' EQUITY (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Details | |||
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Common Stock, Shares, Issued | 1,956,452 | 1,956,452 | |
Common Stock, Shares, Outstanding | 1,956,452 | 1,956,452 | |
Gain on forgiveness of debt | $ 21,350 | $ 21,350 |
NOTE 5 - INCOME TAXES_ Schedu_2
NOTE 5 - INCOME TAXES: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 49,056,271 | $ 49,044,627 |
Deferred Tax Assets, Gross | 10,301,817 | 10,299,372 |
Impact of rate changes | 0 | 0 |
Deferred Tax Assets, Valuation Allowance | (10,301,817) | (10,299,372) |
Deferred Tax Assets, Net of Valuation Allowance | $ 0 | $ 0 |
NOTE 6 - RELATED PARTY TRANSA_2
NOTE 6 - RELATED PARTY TRANSACTIONS (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Related Party Payable | $ 33,621 | $ 32,512 |