Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 31, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | Green Planet Bio Engineering Co. Ltd. | ||
Entity Central Index Key | 0001392449 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
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 | 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 Public Float | $ 39,393 | ||
Entity Common Stock, Shares Outstanding | 20,006,402 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 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 | 316,458 | 282,645 |
TOTAL CURRENT LIABILITIES | 316,458 | 282,859 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' DEFICIT | ||
Preferred stock: par value of $0.001 per share, authorized: 10,000,000 shares of Series A at December 31, 2020 and December 31, 2019, issued and outstanding: none at December 31, 2020 and December 31, 2019 | 0 | 0 |
Common stock: par value of $0.001 per share, authorized: 250,000,000 shares at December 31, 2020 and December 31, 2019, issued and outstanding: 20,006,402 shares at December 31, 2020 and December 31, 2019 | 20,006 | 20,006 |
Additional paid-in capital | 609,614 | 609,614 |
Accumulated (deficit) | (946,078) | (912,479) |
TOTAL STOCKHOLDERS' DEFICIT | (316,458) | (282,859) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, par value | $ 0.001 | $ 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 | $ 0.001 | $ 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 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Income Statement [Abstract] | |||
Administrative expenses | $ (33,599) | $ (25,358) | |
Loss before income tax | (33,599) | (25,358) | |
Provision for income taxes | 0 | 0 | |
Net loss | $ (33,599) | $ (25,358) | |
Loss per share | |||
- Basic and diluted | [1] | ||
Weighted average number of shares outstanding | |||
- Basic and diluted | 20,006,402 | 20,006,402 | |
[1] | Less than $.01, per share. |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (33,599) | $ (25,358) |
Changes in operating assets and liabilities: | ||
Accounts payable | (214) | 214 |
Accrued liabilities | 0 | (11,750) |
Net cash flows used in operating activities | (33,813) | (36,894) |
Cash flows from financing activities | ||
Amount due to a related company | 33,813 | 36,894 |
Net cash flows from financing activities | 33,813 | 36,894 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of year | 0 | 0 |
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 Stockh
Statements of Changes in Stockholders' Deficit - 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 | (25,358) | (25,358) | |||
Ending balance, shares at Dec. 31, 2019 | 0 | 20,006,402 | |||
Ending balance, amount at Dec. 31, 2019 | $ 0 | $ 20,006 | 609,614 | (912,479) | (282,859) |
Net loss | (33,599) | (33,599) | |||
Ending balance, shares at Dec. 31, 2020 | 0 | 20,006,402 | |||
Ending balance, amount at Dec. 31, 2020 | $ 0 | $ 20,006 | $ 609,614 | $ (946,078) | $ (316,458) |
1. General Information
1. General Information | 12 Months Ended |
Dec. 31, 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 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, Global Funds Holdings Corp. (“Global Funds”) an Ontario, Canada corporation became a majority stockholder of the Company. 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 | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
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 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. The adoption of this ASU did not have a material impact on 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 | 12 Months Ended |
Dec. 31, 2020 | |
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 a related party. This gives rise to substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that may result from the outcome of this uncertainty. |
4. Amount Due to a Related Part
4. Amount Due to a Related Party | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
4. Amount Due to a Related Party | The Company relies on a related party to advance funds to fund its operating expenses. As of December 31, 2020 and 2019, the amounts advanced of $316,458 and $282,645 respectively are interest-free, unsecured and are repayable upon demand. In addition, the Chief Executive Officer, Chief Financial Officer and Director of the Company is also a director of the related party. |
5. Preferred Stock_Common Stock
5. Preferred Stock/Common Stock | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 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 year ended December 31, 2020, the Company did not issue any shares of common stock or warrants. |
6. Income Tax
6. Income Tax | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
6. Income Tax | As of December 31, The provision for Federal income tax consists of the following for the years ended December 31, 2020 and December 31, 2019: December 31, December 31, 2020 2019 Federal income tax benefit attributable to: Net loss $ (8,500 ) $ (6,400 ) Change in tax estimates 10,200 — Less: valuation allowance (1,700 ) 6,400 Net provision for Federal income taxes $ — $ — The cumulative tax effect at the expected rate of 21% for 2020 and 21% for 2019 of significant items comprising our net deferred tax amount is as follows as of December 31, 2020 and December 31, 2019: December 31, December 31, 2020 2019 Deferred tax asset attributable to: Net operating loss carryforwards $ 231,000 $ 232,000 Less: valuation allowance (231,000 ) (232,000 ) Net deferred tax asset $ — $ — 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. Tax return for the years ended December 31, 2020, 2019 and 2018 remain open to and it by Federal and State Tax Authorities. |
2. Summary of significant acc_2
2. Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
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 |
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. The adoption of this ASU did not have a material impact on 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. |
6. Income Tax (Tables)
6. Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Provision for income taxes | December 31, December 31, 2020 2019 Federal income tax benefit attributable to: Net loss $ (8,500 ) $ (6,400 ) Change in tax estimates 10,200 — Less: valuation allowance (1,700 ) 6,400 Net provision for Federal income taxes $ — $ — |
Deferred tax assets | December 31, December 31, 2020 2019 Deferred tax asset attributable to: Net operating loss carryforwards $ 231,000 $ 232,000 Less: valuation allowance (231,000 ) (232,000 ) Net deferred tax asset $ — $ — |
1. General Information (Details
1. General Information (Details Narrative) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
State of incorporation | DE |
Incorporation date | Oct. 30, 2006 |
4. Amount Due to a Related Pa_2
4. Amount Due to a Related Party (Details Narrative) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transactions [Abstract] | ||
Amount due to a related party | $ 316,458 | $ 282,645 |
5. Preferred Stock_Common Sto_2
5. Preferred Stock/Common Stock (Details Narrative) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 250,000,000 | 250,000,000 |
6. Income Tax (Details)
6. Income Tax (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal income tax benefit attributable to: | ||
Net loss | $ (8,500) | $ (6,400) |
Change in tax estimates | 10,200 | 0 |
Less: valuation allowance | (1,700) | 6,400 |
Net provision for Federal income taxes | $ 0 | $ 0 |
6. Income Tax (Details 1)
6. Income Tax (Details 1) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax asset attributable to: | ||
Net operating loss carryforwards | $ 231,000 | $ 232,000 |
Less: valuation allowance | (231,000) | (232,000) |
Net deferred tax asset | $ 0 | $ 0 |
6. Income Tax (Details Narrativ
6. Income Tax (Details Narrative) | Dec. 31, 2020USD ($) |
Income Tax Disclosure [Abstract] | |
Net operating loss carry forwards | $ 910,000 |