Namliong SkyCosmos (NLSC) 10-K 18 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 15, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	000-55909
Entity Registrant Name	KREIDO BIOFUELS, INC.
Entity Central Index Key	0001342219
Entity Tax Identification Number	20-3240178
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	No. 357
Entity Address, Address Line Two	Ren’ai Street
Entity Address, Address Line Three	Yongkang District
Entity Address, City or Town	Tainan City
Entity Address, Country	TW
Entity Address, Postal Zip Code	71072
City Area Code	886
Local Phone Number	2542372
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Public Float			$ 308,534
Entity Common Stock, Shares Outstanding		14,706,513
Auditor Name	OLAYINKA OYEBOLA & CO
Auditor Location	Lagos Nigeria
Auditor Firm ID	5968

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash	$ 0	$ 0
TOTAL ASSETS	0	0
CURRENT LIABILITIES
Accounts Payable	755	35,817
Related Party Payable	0	33,621
Total Current Liabilities	755	69,438
Total Liabilities	755	69,438
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, 14,706,513 and 1,956,452 shares issued and outstanding, respectively	14,706	1,956
Additional paid-in capital	49,435,627	48,984,877
Accumulated Deficit	(49,451,088)	(49,056,271)
Total Stockholders' Deficit	(755)	(69,438)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 0	$ 0

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
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	14,706,513	1,956,452
Common Stock, Shares, Outstanding	14,706,513	1,956,452

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
REVENUES	$ 0	$ 0
EXPENSES
Professional Fees	424,816	5,000
General and administrative	13,150	6,644
Total operating expenses	437,966	11,644
LOSS FROM OPERATIONS	(437,966)	(11,644)
OTHER INCOME
Gain on settlement of debt	43,149	0
Total other income	43,149
LOSS BEFORE INCOME TAXES	(394,817)	(11,644)
PROVISION FOR INCOME TAXES	0	0
NET LOSS	$ (394,817)	$ (11,644)
BASIC AND DILUTED LOSS PER SHARE	$ (0.13)	$ (0.01)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	2,966,930	1,956,452

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Deficit) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value 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		21,350		21,350
Net loss for the year December 31, 2021			(38,958)	(38,958)
Ending balance, value 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
Net loss for the year December 31, 2021			(33,336)	(33,336)
Ending balance, value 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 for the year December 31, 2021			(11,644)	(11,644)
Ending balance, value at Dec. 31, 2020	$ 14,706	48,984,877	(49,056,271)	(69,438)
Shares, Outstanding, Ending Balance at Dec. 31, 2020	1,956,452
Net loss for the year December 31, 2021			(394,817)	(394,817)
Fractional shares	$ 0	0	0	0
[custom:FractionalSharesShares]	61
Shares issued for service rendered	$ 750	411,750		412,500
Stock Issued During Period, Shares, Issued for Services	750,000
Shares issued for the conversion of promissory note	$ 12,000	39,000		51,000
Stock Issued During Period, Shares, Conversion of Convertible Securities	12,000,000
Ending balance, value at Dec. 31, 2021	$ 14,706	$ 49,435,627	$ (49,451,088)	$ (755)
Shares, Outstanding, Ending Balance at Dec. 31, 2021	14,706,513

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (394,817)	$ (11,644)	$ (33,336)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	412,500	0
Gain from the forgiveness of debt	(42,174)	0
Changes in operating assets and liabilities:
Change in accounts payable related party	0	1,109
Change in accounts payable	(26,509)	10,535
Net Cash Used in Operating Activities	(51,000)	0
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from promissory note	51,000	0
Net Cash Provided by Financing Activities	51,000	0
Net cash provided by investing activities	0	0
NET INCREASE IN CASH	0	0
CASH AT BEGINNING OF YEAR	0	0
CASH AT END OF YEAR	0	0	$ 0
CASH PAID FOR:
Interest	0	0
Income Taxes	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES
Stock issued for debt	$ 51,000	$ 0

NOTE 1 - ORGANIZATION AND BUSIN

NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS	NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS Nature of Business Kreido Biofuels, Inc. (the “Company” or “KRBF”) 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, Inc. (“ Kreido Labs 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 ® ® 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 or she has then-current fiduciary or contractual obligations, he or she 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. On December 14, 2021, certain shareholders owning 13,099,243 of our common stock, representing a majority of issued and outstanding shares, agreed to sell their shares to 6 shareholders. This constitutes a change in control of the Company.

NOTE 2 - SUMMARY OF SIGNIFICANT

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [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. 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 dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. 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, 2021 [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 1 that 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 ASC GAAP Rules and interpretative releases of the Securities and Exchange Commission (“ SEC 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, 2021
Organization, Consolidation and Presentation of Financial Statements [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	12 Months Ended
	Dec. 31, 2021
Equity [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 $0.001 par value. There were 14,706,513 1,956,452 During the year ended December 31, 2021, a related party forgave an outstanding balance of $ 33,621 On October 15, 2021, the Company issued 750,000 412,500 In September 2021, the Company received a promissory note of $51,000 in a term of 3 months with interest charge at 12% per annum. In December 2021, upon the maturity, the Company converted the promissory note of $ 12,000 12,000,000 There were 14,706,513 and 1,956,452 shares of common stock outstanding at December 31, 2021 and 2020, respectively. There were no preferred shares outstanding during any years presented.

NOTE 5 _ INCOME TAXES

NOTE 5 – INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
NOTE 5 – INCOME TAXES	NOTE 5 – INCOME TAXES On December 22, 2017, the 2019 Tax Cuts and Jobs Act (the “ Tax Act 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, 2021 and 2020 of significant items comprising our net deferred tax amount is as follows: Schedule of deferred tax assets 2021 2020 Net operating loss carryover $ 49,451,088 $ 49,056,271 Deferred tax asset 10,384,728 10,301,817 Impact of rate changes Less: valuation allowance (10,384,728 ) (10,301,817 ) Net deferred tax asset $ – $ – At December 31, 2021, the Company had net operating loss carry forwards of approximately $ 49,451,088 No tax benefit has been reported in the December 31, 2021, the Company’s financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. 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 benefits of our deferred tax assets, including our NOLs, built-in losses and tax credits would be reduced or potentially eliminated if we experienced an “ownership change” under Section 382. Based on our analysis performed as of December 31, 2021, the Company has experienced an ownership change as defined by Section 382, and, therefore, the NOLs, built-in losses and tax credits we have generated should be subject to a Section 382 limitation as of this reporting date.

NOTE 6 _ RELATED PARTY TRANSACT

NOTE 6 – RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
NOTE 6 – RELATED PARTY TRANSACTIONS	NOTE 6 – RELATED PARTY TRANSACTIONS During the year ended December 31, 2021, a related party forgave an outstanding balance of $ 33,621 During the year ended December 31, 2021, the Company has been provided with free office space by its shareholders. The management determined that such cost is nominal and did not recognize the rent expense in its financial statements. Apart from the transactions and balances detailed elsewhere in these accompanying financial statements, the Company has no other significant or material related party transactions during the years presented.

NOTE 7 _ COMMITMENTS AND CONTIN

NOTE 7 – COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
NOTE 7 – COMMITMENTS AND CONTINGENCIES	NOTE 7 – COMMITMENTS AND CONTINGENCIES As of December 31, 2021, the Company has no material commitments or contingencies.

NOTE 8 _ SUBSEQUENT EVENTS

NOTE 8 – SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
NOTE 8 – SUBSEQUENT EVENTS	NOTE 8 – SUBSEQUENT EVENTS The Company has evaluated subsequent events from December 31, 2021, 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 (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [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.
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 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 dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year.
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 December 31, 2021 [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	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 1 that 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 ASC GAAP Rules and interpretative releases of the Securities and Exchange Commission (“ SEC 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 4 _ STOCKHOLDERS_ EQUITY (

NOTE 4 – STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	Oct. 15, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common Stock, Shares, Outstanding			14,706,513	1,956,452
Debt Instrument, Decrease, Forgiveness			$ 33,621
Share-based Payment Arrangement, Noncash Expense			412,500	$ 0
Debt Conversion, Converted Instrument, Amount		$ 12,000
Debt Conversion, Converted Instrument, Shares Issued		12,000,000
Stock Issued For Services [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Share-based Payment Arrangement, Noncash Expense			$ 412,500
Third Party [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock Issued During Period, Shares, Issued for Services	750,000

Income Taxes (Details - Schedul

Income Taxes (Details - Schedule of deferred tax assets) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net operating loss carryover	$ 49,451,088	$ 49,056,271
Deferred tax asset	10,384,728	10,301,817
Less: valuation allowance	(10,384,728)	(10,301,817)
Net deferred tax asset	$ 0	$ 0

NOTE 5 _ INCOME TAXES (Details

NOTE 5 – INCOME TAXES (Details Narrative)	Dec. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Operating Loss Carryforwards	$ 49,451,088

NOTE 6 _ RELATED PARTY TRANSA_2

NOTE 6 – RELATED PARTY TRANSACTIONS (Details Narrative)	12 Months Ended
	Dec. 31, 2021USD ($)
Related Party Transactions [Abstract]
Debt Instrument, Decrease, Forgiveness	$ 33,621