ESP Resources (ESPI) 10-K 29 Jul 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Jul. 20, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity File Number	000-52506
Entity Registrant Name	ESP Resources, Inc.
Entity Central Index Key	0001346526
Entity Incorporation, State or Country Code	NV
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			$ 74,035
Entity Common Stock, Shares Outstanding		237,830,249

Balance Sheet

Balance Sheet	Dec. 31, 2020USD ($)
ASSETS
Total assets	$ 0
Current Liabilities
Due to related parties	9,546
Total current liabilities	9,546
Total liabilities	9,546
Commitments and contingencies	0
Stockholders' Deficit
Common Stock - $0.001 par value, 350,000,000 shares authorized, 237,830,249 shares issued and outstanding as of December 31, 2020 and 2019	237,831
Additional paid in capital	26,620,553
Accumulated deficit	(26,867,930)
Total stockholders' deficit	(9,546)
Total liabilities and stockholders' deficit	$ 0

Balance Sheet (Parenthetical)

Balance Sheet (Parenthetical)	Dec. 31, 2020$ / sharesshares
Statement of Financial Position [Abstract]
Preferred stock, par value | $ / shares	$ 0.001
Preferred stock, shares authorized	10,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Common stock, par value | $ / shares	$ 0.001
Common stock, shares authorized	350,000,000
Common stock, shares issued	237,830,249
Common stock, shares outstanding	237,830,249

Statements of Operations

Statements of Operations	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Revenue
Total revenue, net	$ 0
Operating expenses
General and administrative expenses	9,546
Total operating expenses	9,546
Loss from Operations	(9,546)
Other income (expenses)
Total other income (expenses), net	0
Loss from operations before income taxes	(9,546)
Income tax expense	0
Net Loss	$ (9,546)
Earnings per share
Basic and diluted | $ / shares	$ .00
Weighted average number of ordinary shares
Basic and diluted | shares	237,830,249

Statement of Changes in Shareho

Statement of Changes in Shareholders' Deficit - 12 months ended Dec. 31, 2020 - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2019	237,830,249
Beginning balance, value at Dec. 31, 2019	$ 237,831	$ 26,620,553	$ (26,858,384)
Net income (loss)			(9,546)	(9,546)
Ending balance, shares at Dec. 31, 2020	237,830,249
Ending balance, value at Dec. 31, 2020	$ 237,831	$ 26,620,553	$ (26,867,930)	$ (9,546)

Statement of Cash Flows

Statement of Cash Flows	12 Months Ended
	Dec. 31, 2020USD ($)
Cash Flows From Operating Activities
Net loss	$ (9,546)
Changes in operating assets and liabilities	0
Net cash provided by (used in) operating activities	(9,546)
Cash Flows From Investing Activities
Net cash provided by (used in) investing activities	0
Cash Flows From Financing Activities
Proceeds from related party loans	9,546
Net cash provided by(used in) financing activities	9,546
Net change in cash	0
Cash, beginning of year	0
Cash, end of year	0
Supplemental disclosure of cash flow information
Cash paid for income tax expense	0
Cash paid for interest expense	$ 0

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS This annual report contains forward-looking statements as that term is defined under applicable securities laws. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors,” that may cause the Company’s or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. Our financial statements are stated in United States dollars (USD) and are prepared in accordance with United States generally accepted accounting principles (GAAP). Any reference herein to “ESP Resources,” the “Company,” “we,” “our” or “us” is intended to mean ESP Resources, Inc., a Nevada corporation, including our subsidiaries unless otherwise indicated. Corporate History ESP Resources, Inc. (“ESP Resources” the “Company”) was incorporated in the State of Nevada on October 27, 2004. On March 10, 2016, ESP Resources, Inc. (the “Company” and/or the “Debtor”) filed a voluntary petition (the “Voluntary Petition”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) Case No. 16-60021-H2-11 seeking relief under the provisions of Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”). The Company’s bankruptcy case is being jointly administered with that of ESP Petrochemicals, Inc. under Case No. 16-60020-H2-11. On January 7, 2021, as a result of a custodianship in Clark County, Nevada, Case Number: A-20-825339-B, Custodian Ventures LLC (“Custodian”) was appointed custodian of (the “Company”). David Lazar is the managing director of Custodian. On January 7, 2021, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors. The Company’s year-end is December 31.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
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 the Financial Accounting Standards Board (“ FASB Codification GAAP Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates. Cash and cash equivalents Cash and cash equivalents consist of cash on hand, cash in bank with no restrictions, as well as highly liquid investments which are unrestricted as to withdrawal or use, and which have remaining maturities of three months or less when initially purchased. Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 3 - GOING CONCERN As of December 31, 2020, the Company had $-0- in cash and cash equivalents. The Company has net loss of $9,546 for the year ended December 31, 2020 and has negative working capital of $9,546 and accumulated deficit of $26,867,930 at December 31, 2020. The Company’s principal sources of liquidity have been cash provided by operating activities, as well as financial support from related parties. The Company’s operating results for future periods are subject to numerous uncertainties and it is uncertain if the Company will be able to maintain profitability and continue growth for the foreseeable future. If management is not able to increase revenue and/or manage operating expenses in line with revenue forecasts, the Company may not be able to maintain profitability. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company will focus on improving operation efficiency and cost reduction, developing core cash-generating business, and enhancing marketing function. Actions include developing more customers, as well as creating synergy using the Company’s resources. The Company believes that available cash and cash equivalents, the cash provided by operating activities, together with actions as developing more customers and create synergy of the Company’s resources, should enable the Company to meet presently anticipated cash needs for at least the next 12 months after the date that the financial statements are issued and the Company has prepared the financial statements on a going concern basis. If the Company encounters unforeseen circumstances that place constraints on its capital resources, management will be required to take various measures to conserve liquidity, which could include, but not necessarily be limited to, obtaining financial support from related parties and controlling overhead expenses. Management cannot provide any assurance that the Company’s efforts will be successful. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
EQUITY	NOTE 4 – EQUITY Common Stock The Company has authorized 350,000,000 shares of $0.001 par value, common stock. As of December 31, 2020, there were 237,830,249 shares of Common Stock issued and outstanding.

RELATED PARTY NOTES PAYABLE

RELATED PARTY NOTES PAYABLE	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY NOTES PAYABLE	NOTE 5– RELATED PARTY NOTES PAYABLE All of the Company’s financing has come from its Court appointed custodian, Custodian Ventures, LLC. As of December 31, 2020 the Company’s court appointed custodian, Custodian Ventures had loaned the Company $9,546 on an interest free basis.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 – COMMITMENTS AND CONTINGENCIES The Company did not have any contractual commitments as of December 31, 2020.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 7– SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements except as follows: On July 2, 2021 the Company’s Board of Directors designated a class of 10,000,000 shares of Series A Preferred stock was a par value of $0.001. On July 16, 2021 the Board of Directors hereby approves issuing to Custodian Ventures LLC, a Wyoming limited-liability company,10,000,000 shares of Series A Preferred Stock in the Corporation for par value, as repayment of funds loaned to the Company by Custodian Ventures, LLC, and for services performed. As of June 30, 2021 the loans amounted to $9,620. The holders of the Series A Preferred Stock, shall have conversion rights as follows (the “Conversion Rights”), the holder of issued and outstanding shares of Series A Preferred Stock shall be entitled to convert the Series A Preferred Stock, at the option of the holder(s) thereof, at any time after the date of issuance of such shares, at the office of the Corporation or any transfer agent for such stock, into such number of fully paid and nonassessable shares of Common Stock that are equal to ninety percent (90%), post conversion, of the total number of issued and outstanding shares of Common Stock of the Corporation, if all Series A Preferred Stock are converted (the “Conversion Shares”), with each share of Series A Preferred Stock so converted to be converted into the number of common shares equal to the Conversion Shares multiplied by the quotient of the number of the shares of Series A Preferred Stock converted by a holder divided by the number of all Series A Preferred Stock issued and outstanding. Based on the conversion formula described above, each share of Series A Preferred Stock is convertible into 214.05 shares of common stock as of July 16, 2021

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP
Use of Estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consist of cash on hand, cash in bank with no restrictions, as well as highly liquid investments which are unrestricted as to withdrawal or use, and which have remaining maturities of three months or less when initially purchased.
Income taxes	Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit.
Net Loss per Share	Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.
Recent Accounting Pronouncements	Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations.

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 0	$ 0
Net Loss	(9,546)
Negative working capital	(9,546)
Accumulated deficit	$ (26,867,930)

EQUITY (Details Narrative)

EQUITY (Details Narrative)	Dec. 31, 2020$ / sharesshares
Equity [Abstract]
Common stock par value | $ / shares	$ 0.001
Common stock, shares authorized	350,000,000
Common stock, shares issued	237,830,249
Common stock, shares outstanding	237,830,249

RELATED PARTY NOTES PAYABLE (De

RELATED PARTY NOTES PAYABLE (Details Narrative)	Dec. 31, 2020USD ($)
Related Party Transactions [Abstract]
Due to related parties	$ 9,546

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual commitments	$ 0

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended
	Jul. 16, 2021	Jul. 02, 2021	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value				$ 0.001
Preferred stock, shares authorized				10,000,000
Subsequent Event [Member]
Number of designated shares		10,000,000
Preferred stock, shares authorized		0.001
Subsequent Event [Member] | Custodian Ventures [Member]
Loan			$ 9,620
Subsequent Event [Member] | Series A Convertible Preferred Stock [Member] | Custodian Ventures [Member]
Preferred stock, par value	$ 10,000,000
Preferred stock, shares authorized	0.0001
Preferred Stock, Conversion Basis	Each share of Series A Preferred Stock is convertible into 214.05 shares of common stock.