Namliong SkyCosmos (NLSC) 10-Q 18 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 15, 2019
Details
Registrant CIK	0001342219
Fiscal Year End	--12-31
Registrant Name	KREIDO BIOFUELS, INC.
SEC Form	10-Q
Period End date	Sep. 30, 2019
Tax Identification Number (TIN)	20-3240178
Number of common stock shares outstanding		1,956,452
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Interactive Data Current	Yes
Shell Company	true
Small Business	true
Emerging Growth Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	333-130606
Entity Address, State or Province	NV
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	New Mandarin Plaza,
Entity Address, Address Line Two	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
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash	$ 0	$ 0
Total Current Assets	0	0
TOTAL ASSETS	0	0
CURRENT LIABILITIES
Accounts payable	17,613	12,225
Related party payable	27,647	12,233
Total Current Liabilities	45,260	24,458
Total Liabilities	45,260	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; par value $0.001; 300,000,000 shares authorized, 1,956,452 shares issued and outstanding	1,956	1,956
Additional paid-in capital	48,984,877	48,984,877
Accumulated deficit	(49,032,093)	(49,011,291)
Total Stockholders' Deficit	(45,260)	(24,458)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 0	$ 0

Balance Sheets - Parenthetical

Balance Sheets - Parenthetical - $ / shares	Sep. 30, 2019	Dec. 31, 2018
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, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares, Issued	1,956,452	1,956,452
Common Stock, Shares, Outstanding	1,956,452	1,956,452

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Details
REVENUES	$ 0	$ 0	$ 0	$ 0
OPERATING EXPENSES
Professional fees	3,125	7,732	17,734	20,082
General and administrative	682	705	3,068	3,205
Total Operating Expenses	3,807	8,437	20,802	23,287
LOSS FROM OPERATIONS	(3,807)	(8,437)	(20,802)	(23,287)
NET LOSS	$ (3,807)	$ (8,437)	$ (20,802)	$ (23,287)
BASIC AND DILUTED LOSS PER SHARE	$ 0	$ 0	$ (0.01)	$ (0.01)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	1,956,452	1,956,452	1,956,452	1,956,452

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) - 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
Adjustments to Additional Paid in Capital, Other		21,350		21,350
NET LOSS	$ 0	0	(23,287)	(23,287)
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2018	$ 1,956	48,984,877	(48,995,620)	(8,787)
Shares, Outstanding, Ending Balance at Sep. 30, 2018	1,956,452
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2018	$ 1,956	48,984,877	(48,987,183)	(350)
Shares, Outstanding, Beginning Balance at Jun. 30, 2018	1,956,452
NET LOSS	$ 0	0	(8,437)	(8,437)
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2018	$ 1,956	48,984,877	(48,995,620)	(8,787)
Shares, Outstanding, Ending Balance at Sep. 30, 2018	1,956,452
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2018	$ 1,956	48,984,877	(49,011,291)	(24,458)
Shares, Outstanding, Beginning Balance at Dec. 31, 2018	1,956,452
NET LOSS	$ 0	0	(20,802)	(20,802)
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2019	$ 1,956	48,984,877	(49,032,093)	(45,260)
Shares, Outstanding, Ending Balance at Sep. 30, 2019	1,956,452
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2019	$ 1,956	48,984,877	(49,028,286)	(41,453)
Shares, Outstanding, Beginning Balance at Jun. 30, 2019	1,956,452
NET LOSS	$ 0	0	(3,807)	(3,807)
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2019	$ 1,956	$ 48,984,877	$ (49,032,093)	$ (45,260)
Shares, Outstanding, Ending Balance at Sep. 30, 2019	1,956,452

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (20,802)	$ (23,287)
Changes in operating assets and liabilities:
Decrease in related party receivable	0	3,973
Decrease in prepaid expenses	0	2,000
Increase (decrease) in accounts payable	5,388	(900)
Net Cash Used in Operating Activities	(15,414)	(18,214)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of note payable	0	(11,923)
Related party loans	15,414	30,137
Net Cash Provided by Financing Activities	15,414	18,214
NET INCREASE IN CASH	0	0
CASH AT BEGINNING OF PERIOD	0	0
CASH AT END OF PERIOD	0	0
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest	0	0
Income Taxes	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES
Forgiveness of related party debt	$ 0	$ 21,350

NOTE 1 - ORGANIZATION AND BUSIN

NOTE 1 - ORGANIZATION AND BUSINESS	9 Months Ended
	Sep. 30, 2019
Notes
NOTE 1 - ORGANIZATION AND BUSINESS	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 had 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	9 Months Ended
	Sep. 30, 2018
Notes
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 nine months ended September 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 September 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 NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 nine months ended September 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. At September 30, 2019 and December 31, 2018, 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 for non-employees and ASC 505 for employees. 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 September 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	9 Months Ended
	Sep. 30, 2019
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	9 Months Ended
	Sep. 30, 2019
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 September 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. 2019 On July 30, 2019, the Board of Directors approved, and recommended to the stockholders for approval, a Reverse Split of the Corporation’s common stock, whereby each shareholder received one (1) new share of common stock for every one-hundred (100) shares of common stock owned on the record date. The record date is twenty days after September 9, 2019, date of filing a definitive Form 14C with the Securities Exchange Commission. Before the Reverse Split the company had 195,645,159 shares of common stock, and after the Reverse Split the company has 1,956,452 shares of common stock. The Reverse Split has been retroactively applied to all periods presented.

NOTE 5 - RELATED PARTY TRANSACT

NOTE 5 - RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2019
Notes
NOTE 5 - RELATED PARTY TRANSACTIONS	NOTE 5 – RELATED PARTY TRANSACTIONS As of September 30, 2019 and December 31, 2018, the Company had a related party payable in the amount of $27,647 and $12,233, respectively. The related party payable is a shareholder in the Company, who advanced a total of $15,414 and $30,137 during the nine months ended September 30, 2019 and 2018, respectively, 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	9 Months Ended
	Sep. 30, 2019
Notes
NOTE 6 - SUBSEQUENT EVENTS	NOTE 6 – SUBSEQUENT EVENTS The Company evaluated subsequent events from September 30, 2019 through the date the financial statements were issued. There have been no subsequent events, for which disclosure is required.

NOTE 2 - SUMMARY OF SIGNIFICA_2

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2019
Policies
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 nine months ended September 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 September 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
Fair Values 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 nine months ended September 30, 2019 and 2018 there were no potentially dilutive debt or equity instruments issued or outstanding.
Principles of Consolidation	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 September 30, 2019 and December 31, 2018, the Company did not have any cash and cash equivalents.
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 for non-employees and ASC 505 for employees.
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 September 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 Values 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 1 - ORGANIZATION AND BUS_2

NOTE 1 - ORGANIZATION AND BUSINESS (Details)	9 Months Ended
	Sep. 30, 2019
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 ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
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, Outstanding	1,956,452		1,956,452
Preferred Stock, Shares Outstanding	0		0
Adjustments to Additional Paid in Capital, Other		$ 21,350
Stockholders' Equity, Reverse Stock Split	On July 30, 2019, the Board of Directors approved, and recommended to the stockholders for approval, a Reverse Split of the Corporation’s common stock, whereby each shareholder received one (1) new share of common stock for every one-hundred (100) shares of common stock owned on the record date. The record date is twenty days after September 9, 2019, date of filing a definitive Form 14C with the Securities Exchange Commission.
Common Stock, Shares, Issued	1,956,452		1,956,452
Pre Reverse Split
Common Stock, Shares, Issued	195,645,159
Post Reverse Split
Common Stock, Shares, Issued	1,956,452

NOTE 5 - RELATED PARTY TRANSA_2

NOTE 5 - RELATED PARTY TRANSACTIONS (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Details
Related party payable	$ 27,647		$ 12,233
Related party loans	$ 15,414	$ 30,137