Snoogoo (SGOO) 10-K 20 Oct 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Oct. 19, 2022	Jun. 30, 2021
Details
Registrant CIK	0001387998
Fiscal Year End	--12-31
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	333-140445
Entity Registrant Name	Snoogoo Corp
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	20-5619324
Entity Address, Address Line One	8900 East Pinnacle Peak Road
Entity Address, Address Line Two	Suite 207B
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85255
Entity Address, Address Description	Address of principal executive offices, including zip code.
City Area Code	877
Local Phone Number	745-5547
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			$ 2,153,920
Entity Common Stock, Shares Outstanding		201,864,701
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Auditor Firm ID	178
Auditor Name	SEMPLE, MARCHAL & COOPER, LLP
Auditor Location	Phoenix, Arizona

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 37	$ 37
Prepaid expenses	1,044	0
Total Assets	1,081	37
Current Liabilities
Accrued liabilities	21,290	30,393
Due to Related Parties	574,750	492,863
Total Current Liabilities	596,040	523,256
Total Liabilities	596,040	523,256
Stockholder's Equity (Deficit)
Preferred stock, value	0	0
Common stock, value	201,865	201,865
Additional paid-in-capital	5,740,840	5,740,840
Accumulated deficit	(6,537,664)	(6,465,924)
Total Stockholder's Deficit	(594,959)	(523,219)
Total Liabilities and Stockholder's Equity (Deficit)	$ 1,081	$ 37

Balance Sheets - Parenthetical

Balance Sheets - Parenthetical - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Details
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	201,864,701	201,864,701
Common Stock, Shares, Outstanding	201,864,701	201,864,701

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Details
Revenues	$ 0	$ 0
Operating Expenses
General and administrative	71,740	0
Total operating expenses	71,740	0
Loss from operations	(71,740)	0
Provision for Income Taxes
Income Tax Benefit	0	0
Net Income (Loss) Attributable to Parent	$ (71,740)	$ 0
Basic and diluted loss per share	$ 0	$ 0
Weighted average number of common shares outstanding, basic and diluted	201,864,701	201,864,701

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Deficit) - 12 months ended Dec. 31, 2021 - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2021	$ 201,865	$ 5,740,840	$ (6,537,664)	$ (594,959)
Shares, Outstanding, Ending Balance at Dec. 31, 2021	201,864,701
Net Income (Loss) Attributable to Parent	$ 0	$ 0	$ (71,740)	$ (71,740)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net Income (Loss) Attributable to Parent	$ (71,740)	$ 0
Adjustments to reconcile net loss to net cash used in operating activities:
Prepaid expenses	(1,044)	0
Accrued liabilities	(9,103)	0
Funded by Related Parties	81,887	0
Net cash used in operating activities	0	0
Net increase (decrease) in cash	0	0
Cash, Beginning of the Period	37	37
Cash, End of the Period	37	37
Supplemental disclosure of cash flows
Cash paid for interest	0	0
Cash paid for income taxes	$ 0	$ 0

Note 1 - Organization, Plan of

Note 1 - Organization, Plan of Business	12 Months Ended
	Dec. 31, 2021
Notes
Note 1 - Organization, Plan of Business	Note 1 – Organization, Plan of Business Snoogoo Corp (originally Sawadee Ventures, Inc. and then Casey Container Corp.) was incorporated under the laws of the State of Nevada on September 26, 2006 (the “Company” or “Snoogoo Corp.”) and was originally formed to engage in the acquisition, exploration and development of natural resource properties. In 2015 the Company changed its business direction and entered into an Asset Purchase Agreement for the acquisition of a new social information network technology that it planned to use in order to launch web and mobile applications with broad global appeal. In 2016 the Company abandoned the concept due to difficulties with the seller in completing the asset purchase and is currently seeking to acquire a company in either the green energy industry or one with a focus on a strong sustainability program. The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating expenses and the cost of an acquisition and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding and believes that it will be successful in its capital formation and planned operating activities. However, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying 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 possible inability of the Company to continue as a going concern.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Notes
Note 2 - Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation The Company’s financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). Cash and Cash Equivalents The Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments with a maturity of three months or less at the time of purchase to be cash and cash equivalents. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Loss per Common Share Net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for the period. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. For the years ended December 31, 2021 and 2020 the Company had no potentially dilutive securities. The basic and diluted net loss per share in December 31, 2021 and 2020 was $0.00 and $0.00, respectively. The net loss for December 31, 2021 and 2020 was $(71,740) and $0, respectively. For the years ended December 31, 2021 and 2020, the weighted average number of common shares outstanding, basic and diluted were 201,864,701 and 201,864,701, respectively. Income Taxes The Company accounts for its income taxes pursuant to FASB ASC Topic 740, Income Taxes SNOOGOO CORP. NOTES TO FINANCIAL STATEMENTS Note 2 – Summary of Significant Accounting Polices (cont.) As of December 31, 2021 and 2020 the Company has net operating loss carryovers of approximately $5.1 million and approximately $5.1 million, respectively to be used to reduce future year's taxable income. The Company has recorded a valuation allowance for the full potential tax benefit of the operating loss carryovers due to the uncertainty regarding realization. December 31, 2021 December 31, 2020 Net operating loss carryovers $ 5.1MM $ 5.1MM Effective tax deferred asset (30% tax rate) $ 1,540,158 $ 1,518,636 Impairment of tax deferred asset $ (1,540,158) $ (1,518,636) Net tax deferred asset $ 0 $ 0 The 2021 tax benefit would have been approximately $20,000 however it had been fully reserved in 2021. In 2020 there was no operating loss and therefore there was no change in the deferred tax asset. Revenue Recognition The Company recognizes revenue utilizing the five principles of ASC 606. They are: (1) Identify the contract with a customer; (2) Identify the Performance Obligation in the contract; (3) Determine the transaction price; (4) Allocate the transaction price; (5) Recognize Revenue. There was no revenue in the years ended December 31, 2021 or 2020. Recent Accounting Pronouncements The Company reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

Note 3 - Going Concern

Note 3 - Going Concern	12 Months Ended
	Dec. 31, 2021
Notes
Note 3 - Going Concern	Note 3 – Going Concern The report of our independent registered public accounting firm on the financial statements for the years ended December 31, 2021 and 2020 includes an explanatory paragraph relating to the uncertainty of our ability to continue as a going concern. For the years ended December 31, 2021 and 2020 we incurred net losses of $(71,740) and $0, respectively. As of December 31, 2021 and 2020 we had cash in the amount of $37 and $37, respectively and current liabilities of $596,040 and $523,256, respectively. We have incurred recurring losses, incurred liabilities in excess of assets and have an accumulated deficit of approximately $6.5 million as of December 31, 2021. Based upon current operating levels these losses combined with our current liabilities cast significant doubt on the company’s ability to operate as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with loans from officers and/or private placements of common stock. The failure to achieve the necessary levels of profitability or obtaining additional funding would be detrimental to the Company.

Note 4 - Property and Equipment

Note 4 - Property and Equipment	12 Months Ended
	Dec. 31, 2021
Notes
Note 4 - Property and Equipment	Note 4 – Property and Equipment As of December 31, 2021 and 2020 the Company did not own any physical plant and/or equipment.

Note 5 - Related Party Transact

Note 5 - Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Notes
Note 5 - Related Party Transactions	Note 5 – Related Party Transactions As of December 31, 2021 and 2020 the total amounts due to related parties were $574,750 and $492,863, respectively and were for expenses paid on behalf of the Company and are non-interest bearing. There are no call provisions for these loans and they will be paid when the Company has sufficient funds to do so.

Note 6 - Stockholders' Equity

Note 6 - Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Notes
Note 6 - Stockholders' Equity	Note 6 – Stockholders’ Equity As of December 31, 2021 and 2020 the Company was authorized to issue 1,000,000,000 shares of common stock and 10,000,000 shares of preferred stock. Total common shares issued and outstanding on December 31, 2021 and 2020 were 201,864,701 and 201,864,701, respectively and no preferred shares have been issued. There were no common shares issued in either 2021 or 2020. The Company does not have any stock options outstanding, nor does it have any written or oral agreements for the issuance or distribution of stock options at any point in the future.

Note 7 - Subsequent Events

Note 7 - Subsequent Events	12 Months Ended
	Dec. 31, 2021
Notes
Note 7 - Subsequent Events	Note 7 – Subsequent Events Management has evaluated subsequent events through the date the financial statements were filed.

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies: BASIS OF PRESENTATION (Policies)	12 Months Ended
	Dec. 31, 2021
Policies
BASIS OF PRESENTATION	Basis of Presentation The Company’s financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”).

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies: CASH AND CASH EQUIVALENTS (Policies)	12 Months Ended
	Dec. 31, 2021
Policies
CASH AND CASH EQUIVALENTS	Cash and Cash Equivalents The Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments with a maturity of three months or less at the time of purchase to be cash and cash equivalents.

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies)	12 Months Ended
	Dec. 31, 2021
Policies
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Note 2 - Summary of Significa_5

Note 2 - Summary of Significant Accounting Policies: LOSS PER COMMON SHARE (Policies)	12 Months Ended
	Dec. 31, 2021
Policies
LOSS PER COMMON SHARE	Loss per Common Share Net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for the period. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. For the years ended December 31, 2021 and 2020 the Company had no potentially dilutive securities. The basic and diluted net loss per share in December 31, 2021 and 2020 was $0.00 and $0.00, respectively. The net loss for December 31, 2021 and 2020 was $(71,740) and $0, respectively. For the years ended December 31, 2021 and 2020, the weighted average number of common shares outstanding, basic and diluted were 201,864,701 and 201,864,701, respectively.

Note 2 - Summary of Significa_6

Note 2 - Summary of Significant Accounting Policies: INCOME TAXES (Policies)	12 Months Ended
	Dec. 31, 2021
Policies
INCOME TAXES	Income Taxes The Company accounts for its income taxes pursuant to FASB ASC Topic 740, Income Taxes SNOOGOO CORP. NOTES TO FINANCIAL STATEMENTS Note 2 – Summary of Significant Accounting Polices (cont.) As of December 31, 2021 and 2020 the Company has net operating loss carryovers of approximately $5.1 million and approximately $5.1 million, respectively to be used to reduce future year's taxable income. The Company has recorded a valuation allowance for the full potential tax benefit of the operating loss carryovers due to the uncertainty regarding realization. December 31, 2021 December 31, 2020 Net operating loss carryovers $ 5.1MM $ 5.1MM Effective tax deferred asset (30% tax rate) $ 1,540,158 $ 1,518,636 Impairment of tax deferred asset $ (1,540,158) $ (1,518,636) Net tax deferred asset $ 0 $ 0 The 2021 tax benefit would have been approximately $20,000 however it had been fully reserved in 2021. In 2020 there was no operating loss and therefore there was no change in the deferred tax asset.

Note 2 - Summary of Significa_7

Note 2 - Summary of Significant Accounting Policies: REVENUE RECOGNITION (Policies)	12 Months Ended
	Dec. 31, 2021
Policies
REVENUE RECOGNITION	Revenue Recognition The Company recognizes revenue utilizing the five principles of ASC 606. They are: (1) Identify the contract with a customer; (2) Identify the Performance Obligation in the contract; (3) Determine the transaction price; (4) Allocate the transaction price; (5) Recognize Revenue. There was no revenue in the years ended December 31, 2021 or 2020.

Note 2 - Summary of Significa_8

Note 2 - Summary of Significant Accounting Policies: RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
	Dec. 31, 2021
Policies
RECENT ACCOUNTING PRONOUNCEMENTS	Recent Accounting Pronouncements The Company reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

Note 2 - Summary of Significa_9

Note 2 - Summary of Significant Accounting Policies: INCOME TAXES: Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments (Tables)	12 Months Ended
	Dec. 31, 2021
Tables/Schedules
Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments	December 31, 2021 December 31, 2020 Net operating loss carryovers $ 5.1MM $ 5.1MM Effective tax deferred asset (30% tax rate) $ 1,540,158 $ 1,518,636 Impairment of tax deferred asset $ (1,540,158) $ (1,518,636) Net tax deferred asset $ 0 $ 0

Note 2 - Summary of Signific_10

Note 2 - Summary of Significant Accounting Policies: LOSS PER COMMON SHARE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Details
Basic and diluted loss per share	$ 0	$ 0
Net Income (Loss) Attributable to Parent	$ (71,740)	$ 0
Weighted average number of common shares outstanding, basic and diluted	201,864,701	201,864,701

Note 2 - Summary of Signific_11

Note 2 - Summary of Significant Accounting Policies: INCOME TAXES (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Details
Net operating loss carryovers	$ 5.1	$ 5.1

Note 2 - Summary of Signific_12

Note 2 - Summary of Significant Accounting Policies: INCOME TAXES: Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Details
Effective tax deferred asset (30% tax rate)	$ 1,540,158	$ 1,518,636
Impairment of tax deferred asset	(1,540,158)	(1,518,636)
Net tax deferred asset	$ 0	$ 0

Note 3 - Going Concern (Details

Note 3 - Going Concern (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Details
Net Income (Loss) Attributable to Parent	$ (71,740)	$ 0
Cash and cash equivalents	37	37	$ 37
Total Current Liabilities	596,040	$ 523,256
Retained Earnings (Accumulated Deficit), rounded	$ 6,500,000

Note 5 - Related Party Transa_2

Note 5 - Related Party Transactions (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Details
Due to Related Parties	$ 574,750	$ 492,863

Note 6 - Stockholders' Equity (

Note 6 - Stockholders' Equity (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Details
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Shares, Outstanding	201,864,701	201,864,701
Equity Shares Issued		0

Uncategorized Items - sgoo-2021

Label	Element	Value
Common Stock
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	$ 0
Shares, Outstanding, Ending Balance	us-gaap_SharesOutstanding	201,864,701
Total Stockholder's Deficit	us-gaap_StockholdersEquity	$ 201,865
Retained Earnings
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	0
Total Stockholder's Deficit	us-gaap_StockholdersEquity	(6,465,924)
Additional Paid-in Capital
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	0
Total Stockholder's Deficit	us-gaap_StockholdersEquity	$ 5,740,840