Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Oct. 30, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Intelligent Buying, Inc. | |
Entity Central Index Key | 1,358,633 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 7,256,600 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash | ||
TOTAL CURRENT ASSETS | ||
TOTAL ASSETS | ||
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 6,774 | 6,378 |
Loan payable - related party | 36,090 | 36,090 |
TOTAL CURRENT LIABILITIES | 42,864 | 42,468 |
TOTAL LIABILITIES | 42,864 | 42,468 |
STOCKHOLDERS' DEFICIENCY: | ||
Preferred Stock - Par Value of $.001; 25,000,000 shares authorized; no shares issued and outstanding as of June 30, 2017 and December 31, 2016 | ||
Common Stock - Par Value of $.001; 50,000,000 shares authorized; 7,256,600 shares issued and outstanding as of June 30, 2017 and December 31, 2016 | 7,257 | 7,257 |
Additional paid-in capital | 723,671 | 723,671 |
Accumulated deficit | (773,792) | (773,396) |
TOTAL STOCKHOLDERS' DEFICIENCY | (42,864) | (42,468) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ .001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 7,256,600 | 7,256,600 |
Common stock, shares outstanding | 7,256,600 | 7,256,600 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue | ||||
Revenues | ||||
TOTAL REVENUES | ||||
Cost of sales | ||||
Gross Profit | ||||
Operating Expenses | ||||
Selling, general and administrative | 99 | 297 | 396 | 1,003 |
TOTAL OPERATING EXPENSES | 99 | 297 | 396 | 1,003 |
LOSS BEFORE PROVISION FOR INCOME TAX | (99) | (297) | (396) | (1,003) |
PROVISION FOR INCOME TAX | ||||
NET LOSS | $ (99) | $ (297) | $ (396) | $ (1,003) |
NET LOSS PER COMMON SHARE - BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 7,256,600 | 7,256,600 | 7,256,600 | 7,256,600 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (396) | $ (1,003) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | 396 | 594 |
NET CASH USED IN OPERATING ACTIVITIES | (409) | |
FINANCING ACTIVITIES | ||
DECREASE IN CASH | (409) | |
CASH - BEGINNING OF PERIOD | 421 | |
CASH - END OF PERIOD | 12 | |
Supplemental disclosures of cash flow information: | ||
Cash paid for Interest | ||
Cash paid for Taxes |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 1. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared on substantially the same basis as the audited financial statements included in the Intelligent Buying Inc. Annual Report on Form 10-K for the year ended December 31, 2016. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission (SEC) rules and regulations regarding interim financial statements. All amounts included herein related to the condensed financial statements as of June 30, 2017 and for the six months ended June 30, In the opinion of management, the accompanying financial statements include all necessary adjustments for the fair presentation of the Company’s financial position, results of operations and cash flows. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the full fiscal year ending December 31, 2017 or any other period. Business description The financial statements presented are those of Intelligent Buying, Inc. (the “Company”). The Company was incorporated under the laws of the State of California on March 22, 2004 and until October, 2016 was in the business of media advertising and acquiring high-end computer and networking equipment from resellers and end-users and then reselling this equipment at discounted prices. On January 28, 2015, we filed a Report with the Securities and Exchange Commission on Form 8-K, which announced that (a) our principal shareholders had sold their shares of common stock to AMS Encino Investments, Inc., a California corporation controlled by Hector Guerrero, and (b) our principal shareholders were resigning as our officers and directors, and were appointing Mr. Guerrero and Jonathan Herzog as our new officers and directors. That change of control was completed on February 9, 2015. As of May 31, 2018, AMS Encino Investments, Inc. (“AMS”) entered into a Common Stock Purchase Agreement (the “Stock Purchase Agreement”) pursuant to which AMS agreed to sell to Bagel Hole, Inc. (the “Purchaser”), the 5,753,333 shares of common stock (the “Shares”) of the “Company” owned by AMS, constituting approximately 79.3% of the Company’s 7,256,600 issued and outstanding common shares, for $90,000. The transaction was consummated on June 15, 2018; and as a result of the sale there was a change of control of the Company. The Purchaser transferred 100,000 of those shares to unaffiliated persons. There is no family relationship or other relationship between AMS and the Purchaser. As a result of the sale under the Stock Purchase Agreement, Hector Guerrero, who was CEO of AMS and was the Company’s sole officer and director, resigned as the Company’s sole officer and director, and appointed Philip Romanzi, who is the owner of the Purchaser, as the sole director of the Company. Mr. Romanzi is now the Company’s sole officer and director. . Uses of estimates in the preparation of financial statements The preparation of financial statements in conformity with generally accepted accounting principles accepted in the United States of America (“GAAP”) 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 net revenue and expenses during each reporting period. Actual results could differ from those estimates. Revenue Recognition Our revenue recognition policy is in accordance with generally accepted accounting principles, which requires the recognition of sales when there is evidence of a sales agreement, the delivery of goods has occurred, the sales price is fixed or determined and the collectability of revenue is reasonably assured. The Company does not provide support on products sold unless a separate agreement for installation and setup has been entered into. The revenue from such an agreement would be reported separately as fee income if and when such services are performed, completed and accepted by the customer. Net loss per share Authoritative guidance on Earnings per Share Basic loss per share is computed by dividing net loss applicable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if dilutive securities and other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company, unless the effect is to reduce a loss or increase earnings per share. Stock-based compensation The Company has adopted the FASB standard on Share-Based Payment, New Accounting Pronouncements From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 2. INCOME TAXES The Company’s income tax benefit differs from the expected income tax benefit by applying the U.S. Federal statutory rate of 34% to net income (loss) as follows: Six Months Ended June 30, 2017 2016 Income tax benefit at statutory rate of 34% $ — $ — Change in valuation allowance — — $ — $ — Federal and State net operating loss carryovers of approximately $772,000 at June 30, 2017 are available to offset future taxable income, if any, and expire in 2037. This results in a net deferred tax asset, assuming an effective tax rate of 34% of approximately $263,000 at June 30, 2017. A valuation allowance in the same amount has been provided to reduce the deferred tax asset, as realization of the asset is not assured. In February 2015, and again in June 2018, there was a change of control which could have an impact on the availability of net operating losses. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2017 | |
Going Concern | |
GOING CONCERN | 3. GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred losses since inception and has an accumulated deficit of $773,792 as of June 30, 2017. The Company currently has limited liquidity, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. These factors among others, raises substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that may result from the outcome of these uncertainties. The Company will require additional financing moving forward and is pursuing various strategies to accomplish this, including seeking equity funding and/or debt funding from private placement sources. Although management believes that it will be able to obtain the necessary funding to allow the Company to remain a going concern through the methods discussed above, there can be no assurances that such methods will prove successful. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. There are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
LOAN PAYABLE- RELATED PARTY
LOAN PAYABLE- RELATED PARTY | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
LOAN PAYABLE- RELATED PARTY | 4. LOAN PAYABLE- RELATED PARTY As of June 30, 2017 and December 31, 2016 management had advanced the Company amounts aggregating $36,090 for operating purposes. Advances are all due on demand with no interest payable. |
STOCKHOLDERS' (DEFICIENCY)
STOCKHOLDERS' (DEFICIENCY) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
STOCKHOLDERS' (DEFICIENCY) | 5. STOCKHOLDERS’ (DEFICIENCY) Preferred stock At June 30, 2017, the Company had no shares of its preferred stock issued and outstanding. Common stock At June 30, 2017 and December 31, 2016, the Company had 7,256,600 shares of its common stock issued and outstanding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 6. SUBSEQUENT EVENTS As of May 31, 2018, AMS Encino Investments, Inc. (“AMS”) entered into a Common Stock Purchase Agreement (the “Stock Purchase Agreement”) pursuant to which AMS agreed to sell to Bagel Hole, Inc. (the “Purchaser”), the 5,753,333 shares of common stock (the “Shares”) of the “Company” owned by AMS, constituting approximately 79.3% of the Company’s 7,256,600 issued and outstanding common shares, for $90,000. The transaction was consummated on June 15, 2018; and as a result of the sale there was a change of control of the Company. The Purchaser transferred 100,000 of those shares to unaffiliated persons. There is no family relationship or other relationship between AMS and the Purchaser. As a result of the sale under the Stock Purchase Agreement, Hector Guerrero, who was CEO of AMS and was the Company’s sole officer and director, resigned as the Company’s sole officer and director, and appointed Philip Romanzi, who is the owner of the Purchaser, as the sole director of the Company. Mr. Romanzi is now the Company’s sole officer and director. The Company has evaluated subsequent events through the date these financial statements were issued. There have been no other events that would require adjustments to or disclosures in the financial statements. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared on substantially the same basis as the audited financial statements included in the Intelligent Buying Inc. Annual Report on Form 10-K for the year ended December 31, 2016. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission (SEC) rules and regulations regarding interim financial statements. All amounts included herein related to the condensed financial statements as of June 30, 2017 and for the six months ended June 30, In the opinion of management, the accompanying financial statements include all necessary adjustments for the fair presentation of the Company’s financial position, results of operations and cash flows. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the full fiscal year ending December 31, 2017 or any other period. |
Uses of estimates in the preparation of financial statements | Uses of estimates in the preparation of financial statements The preparation of financial statements in conformity with generally accepted accounting principles accepted in the United States of America (“GAAP”) 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 net revenue and expenses during each reporting period. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition Our revenue recognition policy is in accordance with generally accepted accounting principles, which requires the recognition of sales when there is evidence of a sales agreement, the delivery of goods has occurred, the sales price is fixed or determined and the collectability of revenue is reasonably assured. The Company does not provide support on products sold unless a separate agreement for installation and setup has been entered into. The revenue from such an agreement would be reported separately as fee income if and when such services are performed, completed and accepted by the customer. |
Net loss per share | Net loss per share Authoritative guidance on Earnings per Share Basic loss per share is computed by dividing net loss applicable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if dilutive securities and other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company, unless the effect is to reduce a loss or increase earnings per share. |
Stock-based compensation | Stock-based compensation The Company has adopted the FASB standard on Share-Based Payment, |
New Accounting Pronouncements | New Accounting Pronouncements From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income tax provision (benefit) at statutory rate | The Company’s income tax benefit differs from the expected income tax benefit by applying the U.S. Federal statutory rate of 34% to net income (loss) as follows: Six Months Ended June 30, 2017 2016 Income tax benefit at statutory rate of 34% $ — $ — Change in valuation allowance — — $ — $ — |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jun. 15, 2018 | Jun. 30, 2017 | Dec. 31, 2016 |
Common stock, shares issued | 7,256,600 | 7,256,600 | |
Common stock, shares outstanding | 7,256,600 | 7,256,600 | |
Subsequent Event [Member] | |||
Stock sold pursuant to Stock Purchase Agreement, shares | 5,753,333 | ||
Percentage | 79.30% | ||
Stock sold pursuant to Stock Purchase Agreement, value | $ 90,000 | ||
Stock sold pursuant to Stock Purchase Agreement, description | As of May 31, 2018, AMS Encino Investments, Inc. ("AMS") entered into a Common Stock Purchase Agreement (the "Stock Purchase Agreement") pursuant to which AMS agreed to sell to Bagel Hole, Inc. (the "Purchaser"), the 5,753,333 shares of common stock (the "Shares") of the "Company" owned by AMS, constituting approximately 79.3% of the Company's 7,256,600 issued and outstanding common shares, for $90,000. The transaction was consummated on June 15, 2018; and as a result of the sale there was a change of control of the Company. The Purchaser transferred 100,000 of those shares to unaffiliated persons. There is no family relationship or other relationship between AMS and the Purchaser. | ||
Shares transferred from purchaser to unaffiliated persons | 100,000 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Income Tax Expense Benefit) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision (benefit) at statutory rate of 34% | ||||
Change in valuation allowance | ||||
Income Tax Expense (Benefit) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Net operating loss carry forwards | $ 772,000 |
Operating loss carryforward, expiration date | Dec. 31, 2037 |
Effective federal income tax rate | 34.00% |
Deferred tax asset, net operating loss | $ 263,000 |
Deferred tax asset, valuation allowance | $ 263,000 |
Operating loss carryforwards, limitations on use | In February 2015, and again in June 2018, there was a change of control which could have an impact on the availability of net operating losses. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Going Concern | ||
Accumulated deficit | $ 773,792 | $ 773,396 |
LOAN PAYABLE- RELATED PARTY (De
LOAN PAYABLE- RELATED PARTY (Details Narrative) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Related Party Transactions [Abstract] | ||
Loan payable - related party | $ 36,090 | $ 36,090 |
STOCKHOLDERS' (DEFICIENCY) (Det
STOCKHOLDERS' (DEFICIENCY) (Details Narrative) - shares | Jun. 30, 2017 | Dec. 31, 2016 |
Stockholders' Equity Note [Abstract] | ||
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares issued | 7,256,600 | 7,256,600 |
Common stock, shares outstanding | 7,256,600 | 7,256,600 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Jun. 15, 2018 | Jun. 30, 2017 | Dec. 31, 2016 |
Common stock, shares issued | 7,256,600 | 7,256,600 | |
Common stock, shares outstanding | 7,256,600 | 7,256,600 | |
Subsequent Event [Member] | |||
Stock sold pursuant to Stock Purchase Agreement, shares | 5,753,333 | ||
Percentage | 79.30% | ||
Stock sold pursuant to Stock Purchase Agreement, value | $ 90,000 | ||
Stock sold pursuant to Stock Purchase Agreement, description | As of May 31, 2018, AMS Encino Investments, Inc. ("AMS") entered into a Common Stock Purchase Agreement (the "Stock Purchase Agreement") pursuant to which AMS agreed to sell to Bagel Hole, Inc. (the "Purchaser"), the 5,753,333 shares of common stock (the "Shares") of the "Company" owned by AMS, constituting approximately 79.3% of the Company's 7,256,600 issued and outstanding common shares, for $90,000. The transaction was consummated on June 15, 2018; and as a result of the sale there was a change of control of the Company. The Purchaser transferred 100,000 of those shares to unaffiliated persons. There is no family relationship or other relationship between AMS and the Purchaser. | ||
Shares transferred from purchaser to unaffiliated persons | 100,000 |