Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 14-May-15 | |
Document And Entity Information | ||
Entity Registrant Name | Green Planet Bio Engineering Co. Ltd. | |
Entity Central Index Key | 1392449 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
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 Common Stock, Shares Outstanding | 20,006,402 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $0 | $0 |
TOTAL CURRENT ASSETS / TOTAL ASSETS | 0 | 0 |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||
Accounts payable | 673 | 183 |
Accrued liabilities | 7,225 | 12,799 |
Amount due to a related party | 111,874 | 101,763 |
TOTAL CURRENT LIABILITIES / TOTAL LIABILITIES | 119,772 | 114,745 |
STOCKHOLDERS' EQUITY | ||
Preferred stock : par value of $0.001 per share, Authorized: 10,000,000 shares at March 31, 2015 and December 31, 2014 Issued and outstanding: 0 shares at March 31, 2015 and December 31, 2014 | 20,006 | 20,006 |
Common stock : par value $0.001 per share Authorized: 250,000,000 shares at March 31, 2015 and December 31, 2014 Issued and outstanding: 20,006,402 shares at March 31, 2015 and December 31, 2014 | 609,614 | 609,614 |
Additional paid-in capital | -749,392 | -744,365 |
TOTAL STOCKHOLDERS' DEFICIT | -119,772 | -114,745 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $0 | $0 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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_Unaudited
Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | ||
Administrative expenses | ($5,027) | ($10,117) |
Loss before income taxes | -5,027 | -10,117 |
Provision for income taxes | 0 | 0 |
Net loss | ($5,027) | ($10,117) |
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_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities | ||
Net loss | ($5,027) | ($10,117) |
Changes in operating assets and liabilities : | ||
Accounts payable | 490 | 0 |
Accrued liabilities | -5,574 | 18 |
Amount due to a related party | 10,111 | 10,099 |
Net cash flows used by operating activities | 0 | 0 |
Cash flows from investing activities | 0 | 0 |
Cash flows from financing activities | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Supplemental disclosures for cash flow information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for Income taxes | $0 | $0 |
1_Organization
1. Organization | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
1. Organization | Mondo Acquisition II, Inc. was incorporated in the State of Delaware on October 30, 2006 and changed the name 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 which was subsequently divested to One Bio, Corp (“ONE”) on April 14, 2010. |
In March 2012, the Company became a subsidiary of Global Fund Holdings Corp. (“Global Funds”) an Ontario, Canada corporation. | |
2_Summary_of_significant_accou
2. Summary of significant accounting policies | 3 Months Ended | ||
Mar. 31, 2015 | |||
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 (“U.S. GAAP”) and are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position as of the period reporting date, and the results of its operations and cash flows for the fiscal period end. The results of operations for the fiscal period end are not necessarily indicative of the results to be expected for future quarters or the full fiscal year. | |||
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. | |||
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. | |||
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 | 3 Months Ended |
Mar. 31, 2015 | |
Text Block [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 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 | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
4. Amount Due to a Related Company | The Company relies on a related company to advance funds to finance its operating expenses. The amounts advanced are interest-free, unsecured and are repayable upon demand. |
5_Preferred_stock_Common_stock
5. Preferred stock / Common stock | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
5. Preferred stock / Common stock | 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 stockholders 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. | |
Common stock | |
The Company is authorized to issue 250,000,000 shares of common stock with a par value of $0.001 per share. During the three months ended March 31, 2015, the Company did not issue any shares of common stock or warrants. |
6_Stockbased_compensation
6. Stock-based compensation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
6. Stock-based compensation | There was no non-cash stock-based compensation recognized for the three months ended March 31, 2015 and 2014. |
2_Summary_of_significant_accou1
2. Summary of significant accounting policies (Policies) | 3 Months Ended | ||
Mar. 31, 2015 | |||
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 (“U.S. GAAP”) and are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position as of the period reporting date, and the results of its operations and cash flows for the fiscal period end. The results of operations for the fiscal period end are not necessarily indicative of the results to be expected for future quarters or the full fiscal year. | ||
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. | ||
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. | ||
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. |
1_Organization_Details_Narrati
1. Organization (Details Narrative) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
State of incorporation | Delaware |
Incorporation Date | 30-Oct-06 |
5_Preferred_stock_Common_stock1
5. Preferred stock / Common stock (Details Narrative) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 |