Document and Entity Information
Document and Entity Information - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Document and Entity Information: | ||
Entity Registrant Name | Kreido Biofuels, Inc. | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Trading Symbol | krdo | |
Amendment Flag | false | |
Entity Central Index Key | 1,342,219 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 195,645,159 | |
Entity Public Float | $ 195,645,159 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Due from Related Party | $ 3,973 | |
Prepaid Expenses | 2,000 | |
Total Current Assets | 5,973 | |
TOTAL ASSETS | 5,973 | |
CURRENT LIABILITIES | ||
Accounts Payable | $ 350 | 900 |
Note Payable - Short Term | 4,208 | |
Total Current Liabilities | 350 | 5,108 |
LONG TERM LIABILITIES | ||
Note Payable - Long Term | 7,715 | |
Total Long Term Liabilities | 7,715 | |
Total Liabilities | 350 | 12,823 |
STOCKHOLDERS' DEFICIT | ||
Common stock value | 195,645 | 195,645 |
Additional paid-in capital | 48,791,188 | 48,769,838 |
Accumulated Deficit | (48,987,183) | (48,972,333) |
Total Stockholders' Deficit | $ (350) | (6,850) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 5,973 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
EXPENSES | ||||
Professional Fees | $ 3,825 | $ 12,850 | $ 800 | |
General and administrative | 2,000 | 660 | ||
Total Expenses | 3,825 | 14,850 | 1,460 | |
LOSS FROM OPERATIONS | (3,825) | (14,850) | (1,460) | |
NET INCOME (LOSS) | $ (3,825) | $ (14,850) | $ (1,460) | |
BASIC AND DILUTED LOSS PER SHARE | $ 0 | $ 0 | $ 0 | |
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 195,645,159 | 195,645,159 | 195,645,159 | 195,645,159 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Profit loss | $ (14,850) | $ (1,460) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in due from- related party | 3,973 | |
Change in prepaid expenses | 2,000 | |
Change in accounts payable | (550) | $ 1,460 |
Net Cash Used in Operating Activities | (9,427) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayment of note payable | (11,923) | |
Proceeds from related party | 21,350 | |
Net Cash Provided by Financing Activities | $ 9,427 |
Note 1 - Organization and Busin
Note 1 - Organization and Business | 6 Months Ended |
Jun. 30, 2018 | |
Notes | |
Note 1 - Organization and Business | NOTE 1 - ORGANIZATION AND BUSINESS Kreido Biofuels, Inc. (the Company) 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 originally intended to engage in the business of biodiesel. These plans did not materialize, and the Company is currently considering alternative business opportunities. The Company filed a Form 10 with the Securities and Exchange Commission, which became effective May 8, 2018. On June 5, 2018, the Company and its sole officer and director, G. Reed Petersen, entered into that certain Stock Purchase Agreement (the Stock Purchase Agreement), pursuant to which Mr. Petersen agreed to sell to certain purchasers an aggregate of 142,924,167 shares of common stock of the Company (the Control Shares), representing approximately 73% of the issued and outstanding stock of the Company, for aggregate cash consideration of $420,000 in accordance with the terms and conditions of the Stock Purchase Agreement. The sale of the Control Shares consummated on June 29, 2018. In connection with the sale of the Control Shares, G. Reed Petersen resigned from his positions as the sole executive officer and director of the Company, effective June 29, 2018, and Wai Lim Wong was appointed to fill the vacancies created by Mr. Petersens resignation, serving as the Companys sole Director, Chief Executive Officer, Chief Financial Officer and Secretary. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Notes | |
Note 2 - Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America, including a summary of the Companys significant accounting policies, have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements for the year ended December 31, 2017, included in on Form 10. In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the six month period have been made. Results for the interim period presented are not necessarily indicative of the results that might be expected for the entire fiscal year. 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 Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted Cash and Cash Equivalents The Company considers all highly liquid investment with an original maturity of six months or less to be cash equivalents. At June 30, 2018 and December 31, 2017, the Company did not have any cash and cash equivalents. 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 June 30, 2018 and December 31, 2017 there were no deferred taxes due to the uncertainty of the realization of net operating loss or 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). 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. The Company has reviewed recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements. |
Note 3 - Going Concern
Note 3 - Going Concern | 6 Months Ended |
Jun. 30, 2018 | |
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 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 | 6 Months Ended |
Jun. 30, 2018 | |
Notes | |
Note 4 - Stockholders' Equity | NOTE 4 STOCKHOLDERS EQUITY Common Stock The Companys 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 $.001 par value. There were 195,645,159 and 195,645,159 shares of common stock outstanding at June 30, 2018 and December 31, 2017, respectively. There were no preferred shares outstanding during any periods presented. 2017 Equity Issuances On November 10, 2017 the Company issued to a related party 142,924,167 shares of stock in conversion of $150,074 of debt and $21,435 of accounts payable related party for payment of the Companys expenses. |
Note 5 - Related Party Transact
Note 5 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Notes | |
Note 5 - Related Party Transactions | NOTE 5 RELATED PARTY TRANSACTIONS As of June 30, 2018, the Company has a related party payable in the amount of $0. At the year ended December 31, 2017, the Company had a related party receivable in the amount of $3,973. As mentioned in Note 4, the Company issued 142,924,167 shares of common stock valued at $171,509 for conversion of debt and related party payables. The related party payable is a shareholder in the Company. The related party payable of $21,435 was comprised of various accounts payable balances that the related party agreed to pay on behalf of the Company. As of December 31, 2017, the related party had paid down $17,462 of the outstanding balances, leaving a receivable of $3,973. As of June 30, 2018, the Company has a payable to a related party of $0, compromising general expenses and professional fees the related party has paid on behalf of the Company. |
Note 6 - Note Payable
Note 6 - Note Payable | 6 Months Ended |
Jun. 30, 2018 | |
Notes | |
Note 6 - Note Payable | NOTE 6 NOTE PAYABLE The Company issued a note payable to its transfer agent in November 2016 [TH3] in the amount of $12,625 in satisfaction of past due amounts due to the transfer agent. The Note requires payments of $526 per month for 24 months and is non-interest bearing. On June 28, 2018, the Note was paid off in full. [O4] |
Note 7 - Subsequent Events
Note 7 - Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Notes | |
Note 7 - Subsequent Events | NOTE 7 SUBSEQUENT EVENTS The Company evaluated subsequent events through the date these financial statements were issued. There have been no subsequent events after June 30, 2018 for which disclosure is required. |