Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 07, 2019 | |
Document and Entity Information: | ||
Entity Registrant Name | Kreido Biofuels, Inc. | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Entity Central Index Key | 0001342219 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | No | |
Entity Small Business | true | |
Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Interactive Data Current | Yes | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Common Stock, Shares Outstanding | 195,645,159 | |
Tax Identification Number (TIN) | 20-3240178 | |
Entity File Number | 333-130606 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 3625 Cove Point Drive | |
Entity Address, City or Town | Salt Lake City | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84109 | |
City Area Code | 801 | |
Local Phone Number | 209-0740 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash | $ 0 | $ 0 |
Total Current Assets | 0 | 0 |
TOTAL ASSETS | 0 | 0 |
CURRENT LIABILITIES | ||
Accounts Payable | 26,185 | 12,225 |
Related Party Payable | 15,268 | 12,233 |
Total Current Liabilities | 41,453 | 24,458 |
Total Liabilities | 41,453 | 24,458 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock; 10,000,000 shares authorized, at $0.001 par value, 0 shares issued and outstanding | 0 | 0 |
Common stock; 300,000,000 shares authorized, at $0.001 par value, 195,645,159 shares issued and outstanding | 195,645 | 195,645 |
Additional paid-in capital | 48,791,188 | 48,791,188 |
Accumulated Deficit | (49,028,286) | (49,011,291) |
Total Stockholders' Deficit | (41,453) | (24,458) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Text Block [Abstract] | ||
Preferred stock, par value per share | $ .001 | $ .001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 195,645,159 | 195,645,159 |
Common stock, shares outstanding | 195,645,159 | 195,645,159 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Text Block [Abstract] | ||||
REVENUES | $ 0 | $ 0 | $ 0 | $ 0 |
EXPENSES | ||||
Professional Fees | 10,109 | 3,825 | 14,609 | 12,850 |
General and administrative | 803 | 0 | 2,386 | 2,000 |
Total Expenses | 10,912 | 3,825 | 16,995 | 14,850 |
LOSS FROM OPERATIONS | (10,912) | (3,825) | (16,995) | (14,850) |
NET LOSS | $ (10,912) | $ (3,825) | $ (16,995) | $ (14,850) |
BASIC AND DILUTED LOSS PER SHARE | $ 0 | $ 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 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, shares at Dec. 31, 2017 | 195,645,159 | |||
Beginning balance, value at Dec. 31, 2017 | $ 195,645 | $ 48,769,838 | $ (48,972,333) | $ (6,850) |
Forgiveness of related party debt | 21,350 | 21,350 | ||
Net loss | (14,850) | (14,850) | ||
Ending balance, shares at Jun. 30, 2018 | 195,645,159 | |||
Ending balance, value at Jun. 30, 2018 | $ 195,645 | 48,791,188 | (48,987,183) | (350) |
Beginning balance, shares at Mar. 31, 2018 | 195,645,159 | |||
Beginning balance, value at Mar. 31, 2018 | $ 195,645 | 48,769,838 | (48,983,358) | (17,875) |
Forgiveness of related party debt | 21,350 | 21,350 | ||
Net loss | (3,825) | (3,825) | ||
Ending balance, shares at Jun. 30, 2018 | 195,645,159 | |||
Ending balance, value at Jun. 30, 2018 | $ 195,645 | 48,791,188 | (48,987,183) | (350) |
Beginning balance, shares at Dec. 31, 2018 | 195,645,159 | |||
Beginning balance, value at Dec. 31, 2018 | $ 195,645 | 48,791,188 | (49,011,291) | (24,458) |
Forgiveness of related party debt | 0 | |||
Net loss | (16,995) | (16,995) | ||
Ending balance, shares at Jun. 30, 2019 | 195,645,159 | |||
Ending balance, value at Jun. 30, 2019 | $ 195,645 | 48,791,188 | (49,028,286) | (41,453) |
Beginning balance, shares at Mar. 31, 2019 | 195,645,159 | |||
Beginning balance, value at Mar. 31, 2019 | $ 195,645 | 48,791,188 | (49,017,374) | (30,541) |
Net loss | (10,912) | (10,912) | ||
Ending balance, shares at Jun. 30, 2019 | 195,645,159 | |||
Ending balance, value at Jun. 30, 2019 | $ 195,645 | $ 48,791,188 | $ (49,028,286) | $ (41,453) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Text Block [Abstract] | |||
Net loss | $ (3,825) | $ (16,995) | $ (14,850) |
Changes in operating assets and liabilities: | |||
Decrease in prepaid expenses | 0 | 2,000 | |
Increase (decrease) in accounts payable | 13,960 | (550) | |
Increase in account payable - related party | 3,035 | 3,973 | |
Net Cash Used in Operating Activities | 0 | (9,427) | |
CASH FLOWS FROM INVESTING ACTIVITIES | 0 | 0 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Repayment on note payable | 0 | (11,923) | |
Proceeds from related party | 0 | 21,350 | |
Net Cash Provided by Financing Activities | 0 | 9,427 | |
NET INCREASE IN CASH | 0 | 0 | |
CASH AT BEGINNING OF PERIOD | 0 | 0 | |
CASH AT END OF PERIOD | 0 | 0 | 0 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
CASH PAID FOR: Interest | 0 | 0 | |
CASH PAID FOR: Income Taxes | 0 | 0 | |
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Forgiveness of related party debt | $ 21,350 | $ 0 | $ 21,350 |
Note 1 - Organization and Busin
Note 1 - Organization and Business Operations | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Text Block [Abstract] | |
Note 1 - Organization and Business Operations | NOTE 1 - ORGANIZATION AND BUSINESS 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 ® ® |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Text Block [Abstract] | |
Note 2 - Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the six months ended June 30, 2019 and 2018 have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2018 audited financial statements. The results of operations for the periods ended June 30, 2019 are not necessarily indicative of the operating results for the full year. Principles of Consolidation The accompanying consolidated financial statements 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 computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the six months ended June 30, 2019 and 2018 there were no potentially dilutive debt or equity instruments issued or outstanding. Cash and Cash Equivalents The Company considers all highly liquid investment with an original maturity of three months or less to be cash equivalents. The Company had no cash balances as of June 30, 2019 and December 31, 2018. 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, 2019 and December 31, 2018 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. 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 | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Text Block [Abstract] | |
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, 2019 | |
Disclosure Text Block [Abstract] | |
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 $.001 par value. There were 195,645,159 shares of common stock outstanding at June 30, 2019 and December 31, 2018. There were no preferred shares outstanding during any periods presented. 2018 During 2018, 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 - Related Party Transact
Note 5 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Text Block [Abstract] | |
Note 5 - Related Party Transactions | NOTE 5 – RELATED PARTY TRANSACTIONS As of June 30, 2019 and December 31, 2018, the Company had a related party payable in the amount of $15,268 and $12,233. The related party payable is a shareholder in the Company, who advanced a total of $3,035 during the six months ended June 30, 2019 to provide working capital for the Company. The advances are unsecured, non-interest and due on demand. |
Note 6 - Subsequent Events
Note 6 - Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Text Block [Abstract] | |
Note 6 - Subsequent Events | NOTE 6 – SUBSEQUENT EVENTS The Company evaluated subsequent events from June 30, 2019 through the date the financial statements were issued. There have been no subsequent events after June 30, 2019 for which disclosure is required. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the six months ended June 30, 2019 and 2018 have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2018 audited financial statements. The results of operations for the periods ended June 30, 2019 are not necessarily indicative of the operating results for the full year. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements 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 | 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 | 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 | Loss per Common Share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the six months ended June 30, 2019 and 2018 there were no potentially dilutive debt or equity instruments issued or outstanding. |
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. The Company had no cash balances as of June 30, 2019 and December 31, 2018. |
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. |
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 June 30, 2019 and December 31, 2018 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 | 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 | 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. 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 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Text Block [Abstract] | |||
Cash | $ 0 | $ 0 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | |
Deferred taxes | $ 0 | $ 0 |
Note 4 - Stockholders' Equity (
Note 4 - Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Disclosure Text Block [Abstract] | ||||
Common stock, par value per share | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, shares issued | 195,645,159 | 195,645,159 | ||
Common stock, shares outstanding | 195,645,159 | 195,645,159 | ||
Preferred stock, par value per share | $ .001 | $ .001 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Forgiveness of related party debt | $ 21,350 | $ 0 | $ 21,350 |
Note 5 - Related Party Transa_2
Note 5 - Related Party Transactions (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Disclosure Text Block [Abstract] | ||
Related Party Payable | $ 15,268 | $ 12,233 |
Advance from related party | $ 3,035 | |
Debt Instrument Collateral | Loan is unsecured | |
Debt Instrument, Interest Rate Terms | Bears no interest | |
Debt Instrument, Payment Terms | Loan is payable on demand |