Green Planet Bioengineering (GPLB) 10-K 14 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 14, 2022	Jun. 30, 2021
Cover [Abstract]
Entity Registrant Name	GREEN PLANET BIOENGINEERING CO., LTD.
Entity Central Index Key	0001392449
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Entity Common Stock Shares Outstanding		20,006,402
Entity Public Float			$ 65,655
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-52622
Entity Incorporation State Country Code	DE
Entity Interactive Data Current	Yes
Entity Tax Identification Number	37-1532842
Entity Address Postal Zip Code	33180
Entity Address Address Line 1	20807 Biscayne Blvd.
Entity Address Address Line 2	Suite 203
Entity Address City Or Town	Aventura
Entity Address State Or Province	FL
City Area Code	786
Local Phone Number	279-2900
Auditor Name	Liggett & Webb, P.A.
Auditor Location	Boynton Beach, Florida
Auditor Firm Id	287

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 0	$ 0
TOTAL CURRENT ASSETS	0	0
Current liabilities
Amount due to a related party	349,387	316,458
TOTAL CURRENT LIABILITIES	349,387	316,458
STOCKHOLDERS' DEFICIT
Preferred stock: par value of $0.001 per share Issued and outstanding:None at December 31, 2021 and December 31, 2020	0	0
Common stock: par value of $0.001 per share Issued and outstanding: 20,006,402 shares at December 31, 2021 and December 31, 2020	20,006	20,006
Additional paid-in-capital	609,614	609,614
Accumulated (deficit)	(979,007)	(946,078)
TOTAL STOCKHOLDERS' DEFICIT	(349,387)	(316,458)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 0	$ 0

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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, 2021	Dec. 31, 2020
Statements of Operations
Administrative expenses	$ (32,929)	$ (33,599)
Loss before income tax	(32,929)	(33,599)
Provision for income taxes	0	0
Net loss	$ (32,929)	$ (33,599)
Loss per share
-Basic and diluted	$ 0	$ 0
Weighted average number of shares outstanding
-Basic and diluted	20,006,402	20,006,402

Statements of Changes in Stockh

Statements of Changes in Stockholders' Deficit - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)
Balance, shares at Dec. 31, 2019			20,006,402
Balance, amount at Dec. 31, 2019	$ (282,859)	$ 0	$ 20,006	$ 609,614	$ (912,479)
Net loss	(33,599)	0	$ 0	0	(33,599)
Balance, shares at Dec. 31, 2020			20,006,402
Balance, amount at Dec. 31, 2020	(316,458)	0	$ 20,006	609,614	(946,078)
Net loss	(32,929)	0	$ 0	0	(32,929)
Balance, shares at Dec. 31, 2021			20,006,402
Balance, amount at Dec. 31, 2021	$ (349,387)	$ 0	$ 20,006	$ 609,614	$ (979,007)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (33,599)	$ (32,929)
Changes in operating assets and liabilities:
Accounts payable	(214)	0
Net cash flows used in operating activities	(33,813)	(32,929)
Cash flows from financing activities
Amount due to a related party	33,813	32,929
Net cash flows provided by financing activities	33,813	32,929
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

1. General Information

1. General Information	12 Months Ended
	Dec. 31, 2021
1. General Information
1. General Information	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, 2021
2. Summary of Significant Accounting Policies
2. Summary of Significant Accounting Policies	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 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, 2021
1. General Information
3. 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 a related party. This gives rise to substantial doubt about the Company’s ability to continue as a going concern.

4. Amount Due to a Related Part

4. Amount Due to a Related Party	12 Months Ended
	Dec. 31, 2021
4. Amount Due to a Related Party
4. Amount Due to a Related Party	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, 2021 and 2020, the amounts advanced of $349,387 and $316,458 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, 2021
5. Preferred Stock/Common Stock
5. Preferred Stock/Common Stock	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, 2021 and 2020. 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, 2021 and 2020, the Company did not issue any shares of common stock or warrants.

6. Income Tax

6. Income Tax	12 Months Ended
	Dec. 31, 2021
6. Income Tax
6. Income Tax	6. Income Tax As of December 31, 2021, the Company had net operating loss carry forwards of approximately $943,000 that may be available to reduce future years’ taxable income through 2037. 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 deferred tax asset and valuation allowance were reduced by approximately $1,000 to reflect the change in the federal tax rate from 34% to 21%. The provision for Federal income tax consists of the following for the years ended December 31, 2021 and December 31, 2020: December 31, 2021 December 31, 2020 Federal income tax benefit attributable to: Net loss $ (7,000 ) $ (8,500 ) Change in tax estimates - 10,000 Less: valuation allowance 7,000 1,700 Net provision for Federal income taxes $ - $ - The cumulative tax effect at the expected rate of 21% for 2021 and 21% for 2020 of significant items comprising our net deferred tax amount is as follows as of December 31, 2021 and December 31, 2020: December 31, 2021 December 31, 2020 Deferred tax asset attributable to: Net operating loss carryover $ 238,000 $ 231,000 Less: valuation allowance (238,000 ) (231,000 ) 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, 2021, 2020 and 2019 remain open to and it by Federal and State Tax Authorities.

2 Summary of significant accoun

2 Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 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, 2021
6. Income Tax
Provision for income taxes	December 31, 2021 December 31, 2020 Federal income tax benefit attributable to: Net loss $ (7,000 ) $ (8,500 ) Change in tax estimates - 10,000 Less: valuation allowance 7,000 1,700 Net provision for Federal income taxes $ - $ -
Deferred tax assets	December 31, 2021 December 31, 2020 Deferred tax asset attributable to: Net operating loss carryover $ 238,000 $ 231,000 Less: valuation allowance (238,000 ) (231,000 ) Net deferred tax asset $ - $ -

1. General Information (Details

1. General Information (Details Narrative)	12 Months Ended
	Dec. 31, 2021
1. General Information
Incorporation date	October 30, 2006

4. Amount Due to a Related Pa_2

4. Amount Due to a Related Party (Details Narrative) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
4. Amount Due to a Related Party
Amount due to a related party	$ 349,387	$ 316,458

5. Preferred Stock_Common Sto_2

5. Preferred Stock/Common Stock (Details Narrative) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
5. Preferred Stock/Common Stock
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, authorized	10,000,000	10,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	250,000,000	250,000,000
Voting rights shares	1,000
Preferred stock convertible into shares	1,000

6 Income Tax (Details)

6 Income Tax (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Federal income tax benefit attributable to:
Net loss	$ (7,000)	$ (8,500)
Change in tax estimates	0	10,000
Less: valuation allowance	7,000	1,700
Net provision for Federal income taxes	$ 0	$ 0

6 Income Tax (Details 1)

6 Income Tax (Details 1) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred tax asset attributable to:
Net operating loss carryforwards	$ 238,000	$ 231,000
Less: valuation allowance	(238,000)	(231,000)
Net deferred tax asset	$ 0	$ 0

6. Income Tax (Details Narrativ

6. Income Tax (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2011
6. Income Tax
Net operating loss carry forwards	$ 943,000		$ 213,844
Description of asset and allowances	The deferred tax asset and valuation allowance were reduced by approximately $1,000 to reflect the change in the federal tax rate from 34% to 21%.
Cumulative tax effect rate	21.00%	21.00%