ESP Resources (ESPI) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 20, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	98-0440762
Entity Registrant Name	ESP RESOURCES, INC.
Entity Central Index Key	0001346526
Entity Tax Identification Number	98-0440762
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	1185 Avenue of the Americas
Entity Address, Address Line Two	3rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	646
Local Phone Number	768 -8417
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		237,080,429

Balance Sheets (unaudited)

Balance Sheets (unaudited) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Assets
Total assets	$ 0	$ 0
Current Liabilities
Due to related parties	9,620	9,546
Total current liabilities	9,620	9,546
Total liabilities	9,620	9,546
Stockholders’ Deficit
Common Stock - $0.001 par value, 350,000,000 shares authorized; 237,830,249 shares and outstanding  as of June 30, 2021 and December 31, 2020, respectively	237,831	237,831
Additional paid in capital	26,620,553	26,620,553
Accumulated deficit	(26,868,004)	(26,867,930)
Total stockholders’ deficit	(9,620)	(9,546)
Total liabilities and stockholders’ deficit	$ 0	$ 0

Balance Sheets (unaudited) (Par

Balance Sheets (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	237,830,249	237,830,249
Common stock, shares outstanding	237,830,249	237,830,249

Statements of Operations (unaud

Statements of Operations (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue
Total revenue, net	$ 0	$ 0	$ 0	$ 0
Operating expenses
General and administrative expenses	74	0	74	0
Total operating expenses	74	0	74	0
Loss from Operations	(74)	0	(74)	0
Other income (expenses)
Total other income (expenses), net	0	0	0	0
Loss from operations before income taxes	(74)	0	(74)	0
Income tax expense	0	0	0	0
Net Loss	$ (74)	$ 0	$ (74)	$ 0
Weighted average number of ordinary shares
Basic and diluted	237,830,249	0	237,830,249	0
Earnings per share
Basic and diluted	$ 0	$ 0	$ 0	$ 0

Statements of Changes in Shareh

Statements of Changes in Shareholders' Deficit (unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Beginning balance, value at Dec. 31, 2020	$ 237,831	$ 26,620,553	$ (26,867,930)
Beginning balance, shares at Dec. 31, 2020	237,830,249
Net loss
Ending balance, value at Mar. 31, 2021	$ 237,831	26,620,553	(26,867,930)
Ending balance, shares at Mar. 31, 2021	237,830,249
Net loss			(74)
Ending balance, value at Jun. 30, 2021	$ 237,831	$ 26,620,553	$ (26,868,004)
Ending balance, shares at Jun. 30, 2021	237,830,249

Statements of Cash Flows (unaud

Statements of Cash Flows (unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows From Operating Activities
Net loss	$ (74)	$ 0
Changes in operating assets and liabilities
Due to related parties	74	0
Net cash  used in operating activities	0	0
Cash Flows From Investing Activities
Net cash used in investing activities	0	0
Cash Flows From Financing Activities
Net cash provided by financing activities	0	0
Net change in cash	0	0
Cash , beginning of year	0	0
Cash, end of year	0	0
Supplemental disclosure of cash flow information
Cash paid for income tax expense	0	0
Cash paid for interest expense	$ 0	$ 0

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS 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	6 Months Ended
	Jun. 30, 2021
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 Management’s Representation of Interim Financial Statements The accompanying unaudited financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto on December 31, 2020, as presented in the Company’s Annual Report on Form 10-K. 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. 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	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 3 - GOING CONCERN As of June 30, 2021, the Company had $- 0 0 99,620 26,868,004 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	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
EQUITY	NOTE 4 – EQUITY Common Stock The Company has authorized 350,000,000 0.001 237,830,249

RELATED PARTY NOTES PAYABLE

RELATED PARTY NOTES PAYABLE	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 the Company’s court appointed custodian, Custodian Ventures had loaned the Company $ 9,620

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 – COMMITMENTS AND CONTINGENCIES The Company did no

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
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 0.001 10,000,000 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

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
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
Management’s Representation of Interim Financial Statements	Management’s Representation of Interim Financial Statements The accompanying unaudited financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto on December 31, 2020, as presented in the Company’s Annual Report on Form 10-K.
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.
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 ($)	3 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 0
Net Loss	0
Negative Working Capital	99,620
Accumulated deficit	$ 26,868,004	$ 26,867,930

EQUITY (Details Narrative)

EQUITY (Details Narrative) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Equity [Abstract]
Common stock, shares authorized	350,000,000	350,000,000
Common stock par value	$ 0.001	$ 0.001
Common stock, shares issued	237,830,249	237,830,249
Common stock, shares outstanding	237,830,249	237,830,249

RELATED PARTY NOTES PAYABLE (De

RELATED PARTY NOTES PAYABLE (Details Narrative) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Due to related parties	$ 9,620	$ 9,546

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)	Jun. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	$ 0

SUBSEQUENT EVENTS (Details Narr

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