Green Planet Bioengineering (GPLB) 10-Q 13 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 13, 2020
Cover [Abstract]
Entity Registrant Name	Green Planet Bio Engineering Co. Ltd.
Entity Central Index Key	0001392449
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	true
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity File Number	000-52622
Entity Common Stock, Shares Outstanding		20,006,402
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 0	$ 0
Total current assets	0	0
Current liabilities
Accounts payable	0	214
Amount due to a related party	312,137	282,645
Total current liabilities	312,137	282,859
Commitments and contingencies (see note 6)
STOCKHOLDERS' DEFICIT
Preferred stock: par value of $0.001 per share, authorized: 10,000,000 shares at September 30, 2020 and December 31, 2019, issued and outstanding: 0 shares at September 30, 2020 and December 31, 2019	0	0
Common stock: par value of $0.001 per share, authorized: 250,000,000 shares at September 30, 2020 and December 31, 2019, issued and outstanding: 20,006,402 shares at September 30, 2020 and December 31, 2019	20,006	20,006
Additional paid-in capital	609,614	609,614
Accumulated (deficit)	(941,757)	(912,479)
Total stockholders' deficit	(312,137)	(282,859)
Total liabilities and stockholders' deficit	$ 0	$ 0

Condensed Balance Sheets (Una_2

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
STOCKHOLDERS' (DEFICIT)
Preferred stock, par value	$ .001	$ 0.001
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ .001	$ 0.001
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

Condensed Statements of Income

Condensed Statements of Income (Unaudited) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Administrative expenses		$ (10,362)	$ (11,924)	$ (29,278)	$ (26,109)
Loss before income taxes		(10,362)	(11,924)	(29,278)	(26,109)
Provision for income taxes		0	0	0	0
Net loss		$ (10,362)	$ (11,924)	$ (29,278)	$ (26,109)
Loss per share
Basic and diluted	[1]
Weighted average number of shares outstanding
Basic and diluted		20,006,402	20,006,402	20,006,402	20,006,402
[1]	Less than $.01, per share.

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2018	0	20,006,402
Beginning balance, amount at Dec. 31, 2018	$ 0	$ 20,006	$ 609,614	$ (887,121)	$ (257,501)
Net loss				(26,109)	(26,109)
Ending balance, shares at Sep. 30, 2019	0	20,006,402
Ending balance, amount at Sep. 30, 2019	$ 0	$ 20,006	609,614	(913,230)	(283,610)
Beginning balance, shares at Jun. 30, 2019	0	20,006,402
Beginning balance, amount at Jun. 30, 2019	$ 0	$ 20,006	609,614	(901,306)	(271,686)
Net loss				(11,924)	(11,924)
Ending balance, shares at Sep. 30, 2019	0	20,006,402
Ending balance, amount at Sep. 30, 2019	$ 0	$ 20,006	609,614	(913,230)	(283,610)
Beginning balance, shares at Dec. 31, 2019	0	20,006,402
Beginning balance, amount at Dec. 31, 2019	$ 0	$ 20,006	609,614	(912,479)	(282,859)
Net loss				(29,278)	(29,278)
Ending balance, shares at Sep. 30, 2020	0	20,006,402
Ending balance, amount at Sep. 30, 2020	$ 0	$ 20,006	609,614	(941,757)	(312,137)
Beginning balance, shares at Jun. 30, 2020	0	20,006,402
Beginning balance, amount at Jun. 30, 2020	$ 0	$ 20,006	609,614	(931,395)	(301,775)
Net loss				(10,362)	(10,362)
Ending balance, shares at Sep. 30, 2020	0	20,006,402
Ending balance, amount at Sep. 30, 2020	$ 0	$ 20,006	$ 609,614	$ (941,757)	$ (312,137)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net loss	$ (29,278)	$ (26,109)
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	(214)	(3,250)
Net cash flows used by operating activities	(29,492)	(29,359)
Cash flows from investing activities	0	0
Cash flows from financing activities
Amount due to a related company	29,492	29,359
Cash flows from financing activities	29,492	29,359
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. General Information

1. General Information	9 Months Ended
	Sep. 30, 2020
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 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. The Company operates as a public reorganized shell corporation with the purpose to acquire or merge with an existing business operation. The Company’s activities are subject to significant risks and uncertainties, as their ability to implement and execute future business plans and generate sufficient business revenue is directly influenced by their ability to secure adequate financing or find profitable business opportunities.

2. Summary of Significant Accou

2. Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
2. Summary of Significant Accounting Policies	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q of Regulation S-K. They may not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission. The unaudited condensed financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of management, all adjustments considered necessary for a fair presentation, consisting solely of normal and recurring adjustments have been made. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020. 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. Loss per share Earnings per share is reported in accordance with FASB ASC Topic 260 “ Earnings per Share Fair Value Measurements FASB ASC Topic 820, “ Fair Value Measurements and Disclosures 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 In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. In June 2018, the FASB issued ASU 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting”, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The changes take effect for public companies for fiscal years starting after December 15, 2018, including the interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption of Topic 606. The adoption of this ASU did not have a material impact in the Company’s financial statements. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

3. Going Concern

3. Going Concern	9 Months Ended
	Sep. 30, 2020
Going Concern
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. This gives rise to substantial doubt about the Company’s ability to continue as a going concern.

4. Amount Due to a Related Comp

4. Amount Due to a Related Company	9 Months Ended
	Sep. 30, 2020
Due to Related Parties [Abstract]
4. Amount Due to a Related Company	The Company relies on a related company to advance funds to finance its operating expenses. As of September 30, 2020, the amounts advanced of $312,137 are interest-free, unsecured and are repayable upon demand.

5. Preferred Stock _ Common Sto

5. Preferred Stock / Common Stock	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
5. Preferred Stock / Common 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 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. The company does not have any issued shares of the preferred stock as of September 30, 2020 and December 31, 2019. 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 nine months ended September 30, 2020, the Company did not issue any shares of common stock or warrants.

6. Commitments and Contingencie

6. Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
6. Commitments and Contingencies	The Company’s operation has not been materially and adversely impacted by the Covid-19 pandemic. The Company is located in Florida which is subject to a “stay at home” order effective April 3, 2020. While the Company is able to continue operations as a public reorganized shell corporation with the purpose to acquire or merge with an existing business operation that can operate with some of the staff working from home and minimal staff at the office as long as they maintain social distancing. Until this stay at home order is lifted the Company will continue to follow social distancing order. The Company is unable to predict the impact of the Covid-19 pandemic at this time.

2. Summary of Significant Acc_2

2. Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q of Regulation S-K. They may not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission. The unaudited condensed financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of management, all adjustments considered necessary for a fair presentation, consisting solely of normal and recurring adjustments have been made. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020.
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.
Loss Per Share	Earnings per share is reported in accordance with FASB ASC Topic 260 “ Earnings per Share
Fair Value Measurements	FASB ASC Topic 820, “ Fair Value Measurements and Disclosures 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	In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. In June 2018, the FASB issued ASU 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting”, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The changes take effect for public companies for fiscal years starting after December 15, 2018, including the interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption of Topic 606. The adoption of this ASU did not have a material impact in the Company’s financial statements. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

1. General Information (Details

1. General Information (Details Narrative)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
State of incorporation	DE
Incorporation date	Oct. 30, 2006

4. Amount Due to a Related Co_2

4. Amount Due to a Related Company (Details Narrative) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Due to Related Parties [Abstract]
Amount due to a related party	$ 312,137	$ 282,645

5. Preferred Stock _ Common S_2

5. Preferred Stock / Common Stock (Details Narrative) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Equity [Abstract]
Preferred stock par value	$ .001	$ 0.001
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Common stock, par value	$ .001	$ 0.001
Common stock, authorized	250,000,000	250,000,000