Green Planet Bioengineering (GPLB) 10-K 31 Mar 21 2020 FY Annual report Financial data

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