Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 08, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-55909 | ||
Entity Registrant Name | NAMLIONG SKYCOSMOS, 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 | $ 1,402,117 | ||
Entity Common Stock, Shares Outstanding | 14,706,513 | ||
Auditor Name | OLAYINKA OYEBOLA & CO. | ||
Auditor Location | Nigeria | ||
Auditor Firm ID | 5968 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current asset: | ||
Cash | $ 0 | $ 0 |
TOTAL ASSETS | 0 | 0 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 16,000 | 755 |
Amount due to a director | 53,821 | 0 |
Total current liabilities | 69,821 | 755 |
TOTAL LIABILITIES | 69,821 | 755 |
Commitments and contingencies | ||
STOCKHOLDERS’ DEFICIT | ||
Preferred Stock, 10,000,000 shares authorized, $0.001 par value, 0 shares issued and outstanding as of December 31, 2022 and December 31, 2021 | 0 | 0 |
Common stock, 300,000,000 shares authorized, $0.001 par value, 14,706,513 and 14,706,513 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 14,706 | 14,706 |
Additional paid-in capital | 49,435,627 | 49,435,627 |
Accumulated deficit | (49,520,154) | (49,451,088) |
Stockholders’ deficit | (69,821) | (755) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 14,706,513 |
Common Stock, Shares, Outstanding | 14,706,513 | 14,706,513 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 0 | $ 0 |
Operating expenses: | ||
Professional fees | 0 | 424,816 |
General and administrative expenses | 69,066 | 13,150 |
Total operating expenses | 69,066 | 437,966 |
LOSS FROM OPERATION | (69,066) | (437,966) |
Other income | ||
Gain on settlement of debt | 0 | 43,149 |
LOSS BEFORE INCOME TAX | (69,066) | (394,817) |
Income tax expense | 0 | 0 |
NET LOSS | $ (69,066) | $ (394,817) |
Statements of Operations (Paren
Statements of Operations (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Earnings Per Share, Diluted | $ 0 | $ 0.13 |
Earnings Per Share, Basic | $ 0 | $ 0.13 |
Weighted Average Number of Shares Outstanding, Diluted | 14,706,513 | 2,966,930 |
Weighted Average Number of Shares Outstanding, Basic | 14,706,513 | 2,966,930 |
Statements of Changes in Stockh
Statements of Changes in Stockholders Deficit - USD ($) | Common Stock [Member] | Common Stock To Be Issued [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 1,956 | $ 48,984,877 | $ (49,057,571) | $ (69,438) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 1,956,452 | |||
Fractional shares from reverse split | ||||
Fractional shares from reverse split | 61 | |||
Shares issued for services 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 | |||
Net loss for the year | (394,817) | (394,817) | ||
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 | |||
Net loss for the year | (69,066) | (69,066) | ||
Ending balance, value at Dec. 31, 2022 | $ 14,706 | $ 49,435,627 | $ (49,520,154) | $ (69,821) |
Shares, Outstanding, Ending Balance at Dec. 31, 2022 | 14,706,513 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (69,066) | $ (394,817) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock based compensation | 0 | 412,500 |
Gain from the forgiveness of debt | 0 | (42,174) |
Change in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 15,245 | (26,509) |
Net cash used in operating activities | (53,821) | (51,000) |
Cash flows from financing activities: | ||
Advance from a related party | 53,821 | 51,000 |
Net cash provided by financing activities | 53,821 | 51,000 |
Net change in cash and cash equivalents | 0 | 0 |
BEGINNING OF YEAR | 0 | 0 |
END OF YEAR | 0 | 0 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | 0 | 0 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Stock issued for debt | $ 0 | $ 51,000 |
ORGANIZATION AND BUSINESS OPERA
ORGANIZATION AND BUSINESS OPERATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS Namliong Skycosmos, Inc. (formerly 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
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, 2022 and 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. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 4 – STOCKHOLDERS’ EQUITY Common Stock The Company’s Articles of Incorporation authorize the issuance of up to 300,000,000 0.001 10,000,000 0.001 14,706,513 no During the year ended December 31, 2021, a related party forgave an outstanding balance of $33,621 and the forgiveness of related party debt was recorded in additional paid-in capital. On October 15, 2021, the Company issued 750,000 shares of its common stock to a third party for services rendered, at the current market value of $0.55 per share, totaling $412,500 as stock-based compensation recorded for the year ended December 31, 2021. 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 into 12,000,000 shares of its common stock and the corresponding outstanding balance and interest charge was waived by the note holder. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
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. The cumulative tax effect at the expected rate of 21% as of December 31, 2022 and 2021 of significant items comprising our net deferred tax amount is as follows: Schedule of deferred tax asset 2022 2021 Net operating loss carryover $ 49,520,154 $ 49,451,088 Deferred tax asset 10,399,232 10,384,728 Less: valuation allowance (10,399,232 ) (10,384,728 ) Net deferred tax asset $ – $ – At December 31, 2022, the Company had net operating loss carry forwards of approximately $ 49,520,154 No tax benefit has been reported in the December 31, 2022, 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
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 and the forgiveness of related party debt was recorded in additional paid-in capital. As of December 31, 2020, the Company had a zero balance of related party payable. During the year ended December 31, 2022 and 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. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 7 – COMMITMENTS AND CONTINGENCIES As of December 31, 2022, the Company has no material commitments or contingencies. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS The Company has evaluated subsequent events from December 31, 2022, through the date the financial statements were issued and there have been no subsequent events for which disclosure is required. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 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. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax asset | Schedule of deferred tax asset 2022 2021 Net operating loss carryover $ 49,520,154 $ 49,451,088 Deferred tax asset 10,399,232 10,384,728 Less: valuation allowance (10,399,232 ) (10,384,728 ) Net deferred tax asset $ – $ – |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
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 | 14,706,513 | 14,706,513 |
Preferred Stock, Shares Outstanding | 0 | 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | Dec. 31, 2022 USD ($) |
Income Tax Disclosure [Abstract] | |
Operating Loss Carryforwards | $ 49,520,154 |