Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | |
Document And Entity Information | ' | ' | ' |
Entity Registrant Name | 'Green Planet Bio Engineering Co. Ltd. | ' | ' |
Entity Central Index Key | '0001392449 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' | ' |
Is Entity a Voluntary Filer? | 'No | ' | ' |
Is Entity's Reporting Status Current? | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $74,883 |
Entity Common Stock, Shares Outstanding | ' | 20,006,402 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Cash and cash equivalents | $0 | $0 |
TOTAL ASSETS | 0 | 0 |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ' | ' |
Accounts payable | 1,459 | 179 |
Accrued liabilities | 21,281 | 17,500 |
Amount due to a related party | 54,493 | 25,145 |
TOTAL LIABILITIES | 77,233 | 42,824 |
STOCKHOLDERS' DEFICIT | ' | ' |
Preferred stock: par value of $0.001 per share Authorized:10,000,000 shares at December 31, 2013 and December 31, 2012; Issued and outstanding: 0 shares at December 31, 2013 and December 31, 2012 | ' | ' |
Common stock: par value of $0.001 per share Authorized: 250,000,000 shares at December 31, 2013 and December 31, 2012 Issued and outstanding: 20,006,402 shares at December 31, 2013 and December 31, 2012 | 20,006 | 20,006 |
Additional paid-in capital | 609,614 | 609,614 |
Accumulated deficit | -706,853 | -672,444 |
TOTAL STOCKHOLDERS' DEFICIT | -77,233 | -42,824 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $0 | $0 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
STOCKHOLDERS' DEFICIT | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, Authorized | 250,000,000 | 250,000,000 |
Common stock, Issued | 20,006,402 | 20,006,402 |
Common stock, outstanding | 20,006,402 | 20,006,402 |
Statements_of_Income
Statements of Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | ' | ' |
Administrative expenses | ($34,409) | ($43,492) |
Loss before taxes | -34,409 | -43,492 |
Provision for income taxes | 0 | 0 |
Net loss | ($34,409) | ($43,492) |
Earnings per share | ' | ' |
Basic and diluted | $0 | $0 |
Weighted average number of shares outstanding : | ' | ' |
Basic and diluted | 20,006,402 | 20,006,402 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities | ' | ' |
Net loss | ($34,409) | ($43,492) |
Changes in operating assets and liabilities : | ' | ' |
Accounts payable | 1,281 | 179 |
Accrued liabilities | 3,780 | 17,500 |
Amount due to a related party | 29,348 | 25,145 |
Net cash flows used in operating activities | 0 | -668 |
Cash flows from investing activities | 0 | 0 |
Cash flows from financing activities | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | -668 |
Cash and cash equivalents - beginning of year | 0 | 668 |
Cash and cash equivalents - end of year | 0 | 0 |
Supplemental disclosures for cash flow information: | ' | ' |
Cash paid for interest | 0 | 0 |
Cash paid for Income taxes | $0 | $0 |
Statements_of_Changes_in_Stock
Statements of Changes in Stockholders' Deficit (USD $) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Total |
Beginning balance, amount at Dec. 31, 2011 | $0 | $20,006 | $431,025 | ($628,952) | ($177,921) |
Beginning balance, shares at Dec. 31, 2011 | 0 | 20,006,402 | ' | ' | ' |
Forgiveness of related party payable | ' | ' | 178,589 | ' | 178,589 |
Net income (loss) | ' | ' | ' | -43,492 | -43,492 |
Ending balance, amount at Dec. 31, 2012 | 0 | 20,006 | 609,614 | -672,444 | -42,824 |
Ending balance, shares at Dec. 31, 2012 | 0 | 20,006,402 | ' | ' | ' |
Net income (loss) | ' | ' | ' | -34,409 | -34,409 |
Ending balance, amount at Dec. 31, 2013 | $0 | $20,006 | $609,614 | ($706,853) | ($77,233) |
Ending balance, shares at Dec. 31, 2013 | 0 | 20,006,402 | ' | ' | ' |
1_General_Information
1. General Information | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
1. General Information | ' |
Mondo Acquisition II, Inc. was incorporated in the State of Delaware on October 30, 2006 and the name was changed to Green Planet Bioengineering Co., Ltd. (“Company”) on October 2, 2008. In October 2008, the Company acquired Elevated Throne Overseas Ltd, incorporated in British Virgin Islands, and its subsidiaries (“Elevated Throne”) and operated the business in the agritech sector in the People’s Republic of China. The Company divested Elevated Throne to One Bio, Corp. (“ONE”) on April 14, 2010. | |
In March 2012, the Company became a wholly owned subsidiary of Global Funds Holdings Corp. (“Global Funds”) an Ontario, Canada corporation. |
2_Summary_of_significant_accou
2. Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements | ' |
2. Summary of significant accounting policies | ' |
Basis of Presentation | |
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). | |
Use of Estimates | |
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses for the years reported. Actual results could differ from those estimates. Significant items that require estimates were accruals of liabilities. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include all cash, deposits in banks and other highly liquid investments with initial maturities of three months or less to be cash equivalents. Balances of cash and cash equivalents in financial institutions may at times exceed the government-insured limits. | |
Income Taxes | |
The Company accounts for income taxes in accordance with FASB ASC Topic 740 “Income Taxes” under which deferred tax assets and liabilities are determined based on temporary differences between accounting and tax bases of assets and liabilities and net operating loss and credit carry forwards, using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. A provision for income tax expense is recognized for income taxes payable for the current period, plus the net changes in deferred tax amounts. Any interest and penalties are expensed in the year that the Notice of Assessment is received. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. | |
Earnings Per Share | |
Earnings per share is reported in accordance with FASB ASC Topic 260 “Earnings per Share” which requires dual presentation of basic earnings per share (“EPS”) and diluted EPS on the face of all statements of earnings, for all entities with complex capital structures. Diluted EPS reflects the potential dilution that could occur from common shares issuable through the exercise or conversion of stock options, restricted stock awards, warrants and convertible securities. In certain circumstances, the conversion of these options, warrants and convertible securities are excluded from diluted EPS if the effect of such inclusion would be anti-dilutive. Fully diluted EPS is not provided, when the effect is anti-dilutive. When the effect of dilution on loss per share is anti-dilutive, diluted loss per share equals the loss per share. | |
Basic and diluted EPS was calculated using the average number of shares outstanding, which is 20,006,402 for 2013. Basic EPS was 20,006,402 and diluted EPS includes both the average number of shares and warrants outstanding, which was 20,006,402 and 127,165, respectively, for 2013 and 20,006,402 and 152,599 respectively, for 2012. Since the warrants were considered anti-dilutive, the basic and diluted EPS was 20,006,402 for 2013 and 2012. | |
Fair Value Measurements | |
FASB ASC Topic 820, “Fair Value Measurements and Disclosures” defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and expands disclosures about fair value measurements. Investment measured and reported at fair value are classified and disclosed in one of the following hierarchy: | |
Level 1 - Quoted prices are available in active markets for identical investments as of the period reporting date. | |
Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. | |
Level 3 - Pricing inputs are unobservable for the investment and included situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. | |
Recent Changes in Accounting Standards | |
A variety of proposed or otherwise potential accounting standards are currently under study by standard-setting organizations and various regulatory agencies. Because of the tentative and preliminary nature of these proposed standards, management has not determined whether implementation of such proposed standards would be material to the Company’s financial statements. |
3_Going_Concern
3. Going Concern | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
3. Going Concern | ' |
The financial statements have been prepared assuming that the Company will continue as a going concern. The Company is currently a public reorganized shell corporation and has no current business activity. The Company’s ability to continue as a going concern is dependent on continued support from Global Funds, the majority stockholder. |
4_Amount_Due_to_a_Related_Comp
4. Amount Due to a Related Company | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
4. Amount Due to a Related Company | ' |
The Company relies on a related company to advance funds to fund its operating expenses. The amounts advanced are interest-free, unsecured and are repayable upon demand. |
5_Preferred_stock
5. Preferred stock | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
5. Preferred stock | ' |
Series A preferred stock | |
The Company is authorized under its Articles of Incorporation to issue 10,000,000 shares of Series A preferred stock with a par value of $0.001 per share. Each share of the Company’s preferred stock provides the holder with the right to vote 1,000 votes on all matters submitted to a vote of the shareholders of the Company and is convertible into 1,000 shares of the Company’s common stock. The preferred stock is non-participating and carries no dividend. | |
The Company does not have any issued shares of the preferred stock as of December 31, 2013 and 2012. |
6_Stockbased_compensation
6. Stock-based compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
6. Stock-based compensation | ' | ||||||||||||||||
There was no non-cash stock-based compensation recognized for the years ended December 31, 2013 and 2012. | |||||||||||||||||
There was no warrants activity during the year ended December 31, 2013. See chart below referencing outstanding warrants as of December 31, 2013: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term (in years) | |||||||||||||||||
Outstanding at January 1, 2013 | 152,599 | $ | 0.001 | 0.8 | $ | - | |||||||||||
Issued | - | - | - | - | |||||||||||||
Exercised | - | - | - | - | |||||||||||||
Forfeited/cancelled | (152,299 | ) | (0.001 | ) | (0.8 | ) | - | ||||||||||
Outstanding at December 31, 2013 | 0 | $ | 0 | 0 | $ | - | |||||||||||
Exercisable at December 31, 2013 | 0 | $ | 0 | 0 | $ | - | |||||||||||
The fair value of the above warrants at the date of grant in October 2008 was determined using the Black-Scholes valuation model with the following assumptions: risk-free interest rate of 3.61%, volatility of 60%, zero expected dividends and expected life of 5 years. As of December 31, 2013, all warrants have expired. |
7_Income_Tax
7. Income Tax | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
7. Income Tax | ' | ||||||||
As of December 31, 2013, the Company had net operating loss carry forwards of $236,494 that may be available to reduce future years’ taxable income through 2033 if not limited. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. | |||||||||
The provision for Federal income tax consists of the following for the years ended December 31, 2013 and December 31, 2012: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Federal income tax benefit attributable to: | |||||||||
Net loss | $ | 11,699 | $ | 14,787 | |||||
Less: valuation allowance | (11,699 | ) | (14,787 | ) | |||||
Net provision for Federal income taxes | $ | - | $ | - | |||||
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of December 31, 2013 and December 31, 2012: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Deferred tax asset attributable to: | |||||||||
Net operating loss carryover | $ | 240,330 | $ | 228,631 | |||||
Less: valuation allowance | (240,330 | ) | (228,631 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
The valuation allowance increased to $11,699 from December 31, 2012 to December 31, 2013. | |||||||||
Due to the change in ownership in March 2012, the net operating loss carry forwards as of December 31, 2011 of $213,844 may be subject to limitations in accordance with Sec 382 of the provisions of the Tax Reform Act of 1986 for Federal income tax purposes. |
2_Summary_of_significant_accou1
2. Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements | ' |
Basis of Presentation | ' |
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). | |
Use of estimates | ' |
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses for the years reported. Actual results could differ from those estimates. Significant items that require estimates were accruals of liabilities. | |
Cash and cash equivalents | ' |
Cash and cash equivalents include all cash, deposits in banks and other highly liquid investments with initial maturities of three months or less to be cash equivalents. Balances of cash and cash equivalents in financial institutions may at times exceed the government-insured limits. | |
Income Taxes | ' |
The Company accounts for income taxes in accordance with FASB ASC Topic 740 “Income Taxes” under which deferred tax assets and liabilities are determined based on temporary differences between accounting and tax bases of assets and liabilities and net operating loss and credit carry forwards, using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. A provision for income tax expense is recognized for income taxes payable for the current period, plus the net changes in deferred tax amounts. Any interest and penalties are expensed in the year that the Notice of Assessment is received. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. | |
Earnings per share | ' |
Earnings per share is reported in accordance with FASB ASC Topic 260 “Earnings per Share” which requires dual presentation of basic earnings per share (“EPS”) and diluted EPS on the face of all statements of earnings, for all entities with complex capital structures. Diluted EPS reflects the potential dilution that could occur from common shares issuable through the exercise or conversion of stock options, restricted stock awards, warrants and convertible securities. In certain circumstances, the conversion of these options, warrants and convertible securities are excluded from diluted EPS if the effect of such inclusion would be anti-dilutive. Fully diluted EPS is not provided, when the effect is anti-dilutive. When the effect of dilution on loss per share is anti-dilutive, diluted loss per share equals the loss per share. | |
Basic and diluted EPS was calculated using the average number of shares outstanding, which is 20,006,402 for 2013. Basic EPS was 20,006,402 and diluted EPS includes both the average number of shares and warrants outstanding, which was 20,006,402 and 127,165, respectively, for 2013 and 20,006,402 and 152,599 respectively, for 2012. Since the warrants were considered anti-dilutive, the basic and diluted EPS was 20,006,402 for 2013 and 2012. | |
Fair Value Measurements | ' |
FASB ASC Topic 820, “Fair Value Measurements and Disclosures” defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and expands disclosures about fair value measurements. Investment measured and reported at fair value are classified and disclosed in one of the following hierarchy: | |
Level 1 - Quoted prices are available in active markets for identical investments as of the period reporting date. | |
Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. | |
Level 3 - Pricing inputs are unobservable for the investment and included situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. | |
Recent Changes in Accounting Standards | ' |
A variety of proposed or otherwise potential accounting standards are currently under study by standard-setting organizations and various regulatory agencies. Because of the tentative and preliminary nature of these proposed standards, management has not determined whether implementation of such proposed standards would be material to the Company’s financial statements. |
6_Stockbased_compensation_Tabl
6. Stock-based compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule Of Warrants Outstanding and Exercisable | ' | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term (in years) | |||||||||||||||||
Outstanding at January 1, 2013 | 152,599 | $ | 0.001 | 0.8 | $ | - | |||||||||||
Issued | - | - | - | - | |||||||||||||
Exercised | - | - | - | - | |||||||||||||
Forfeited/cancelled | (152,299 | ) | (0.001 | ) | (0.8 | ) | - | ||||||||||
Outstanding at December 31, 2013 | 0 | $ | 0 | 0 | $ | - | |||||||||||
Exercisable at December 31, 2013 | 0 | $ | 0 | 0 | $ | - |
7_Income_Tax_Tables
7. Income Tax (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Components of Income Tax Expense (Benefit) | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Federal income tax benefit attributable to: | |||||||||
Net loss | $ | 11,699 | $ | 14,787 | |||||
Less: valuation allowance | (11,699 | ) | (14,787 | ) | |||||
Net provision for Federal income taxes | $ | - | $ | - | |||||
Schedule of deferred tax asset | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Deferred tax asset attributable to: | |||||||||
Net operating loss carryover | $ | 240,330 | $ | 228,631 | |||||
Less: valuation allowance | (240,330 | ) | (228,631 | ) | |||||
Net deferred tax asset | $ | - | $ | - |
1_Organization_Details_Narrati
1. Organization (Details Narrative) | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
State of incorporation | 'State of Deleware |
Incorporation Date | 30-Oct-06 |
5_Preferred_stock_Details_Narr
5. Preferred stock (Details Narrative) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Notes to Financial Statements | ' | ' |
Preferred stock par value | $0.00 | $0.00 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, Authorized | 250,000,000 | 250,000,000 |
6Stockbased_compensation_Detai
6.Stock-based compensation (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements | ' |
Number of Warrants Outstanding, Beginning | 152,599 |
Number of Warrants Issued | ' |
Number of Warrants Exercised | ' |
Number of Warrants Forfeited/cancelled | -152,599 |
Number of Warrants Outstanding, Ending | 0 |
Number of Warrants Exercisable | 0 |
Weighted Average Exercise Price Outstanding, Beginning | $0.00 |
Weighted Average Exercise Price Issued | ' |
Weighted Average Exercise Price Exercised | ' |
Weighted Average Exercise Price Forfeited/cancelled | ($0.00) |
Weighted Average Exercise Price Outstanding, Ending | $0 |
Weighted Average Exercise Price Exercisable | $0 |
Weighted Average Remaining Contractual Term (in years), Beginning | '9 months 18 days |
Aggregate Intrinsic Value Outstanding, Beginning | $0 |
Aggregate Intrinsic Value Issued | $0 |
Aggregate Intrinsic Value Exercised | 0 |
Aggregate Intrinsic Value Forfeited/canceled | $0 |
Aggregate Intrinsic Value Outstanding, Ending | 0 |
Aggregate Intrinsic Value Exercisable | $0 |
6_Stockbased_compensation_Deta
6. Stock-based compensation (Details Narrative) | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements | ' |
Risk free interest rate | 3.61% |
Expected volatility | 60.00% |
Expected dividend yield | 0.00% |
Expected life | '5 years |
7_Income_Tax_Details
7. Income Tax (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Federal income tax benefit attributable to: | ' | ' |
Net loss | $11,699 | $14,787 |
Less: valuation allowance | -11,699 | -14,787 |
Net provision for Federal income taxes | $0 | $0 |
7_Income_Tax_Details_1
7. Income Tax (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax asset attributable to: | ' | ' |
Net operating loss carryover | $240,330 | $228,631 |
Less: valuation allowance | -240,330 | -228,631 |
Net deferred tax asset | $0 | $0 |