Namliong SkyCosmos (NLSC) 10-K 28 Sep 21 2020 FY Annual report Financial data

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