Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 17, 2020 | |
Document Information Line Items | ||
Entity Registrant Name | PhoneBrasil Internetional Inc | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 11,034,000 | |
Amendment Flag | false | |
Entity Central Index Key | 0001407573 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | true | |
Entity Ex Transition Period | true | |
Entity File Number | 333-174581 | |
Entity Incorporation, State or Country Code | NJ | |
Entity Interactive Data Current | No |
Unaudited Balance Sheets
Unaudited Balance Sheets - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Total Assets | ||
Current liabilities | ||
Accounts payable and accrued expenses | 5,575 | |
Notes payable -related party | 37,682 | 7,500 |
Total current liabilities | 37,682 | 13,075 |
Total liabilities | 37,682 | 13,075 |
Commitments and contingencies | ||
Stockholders’ Equity | ||
Common stock, no par value, 30,000,000 shares authorized, 11,034,000 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively | ||
Retained earnings (Deficit) | (37,682) | (13,075) |
Total Stockholders’ (Deficit) | (37,682) | (13,075) |
Total Liabilities and Stockholders’ (Deficit) |
Unaudited Balance Sheets (Paren
Unaudited Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | ||
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 11,034,000 | 11,034,000 |
Common stock, shares outstanding | 11,034,000 | 11,034,000 |
Unaudited Statements of Operati
Unaudited Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Operating Expenses: | ||||
Administrative expenses -related party | 22,465 | 525 | 24,607 | 1,050 |
Total operating expenses | 22,465 | 525 | 24,607 | 1,050 |
(Loss) from operations | (22,465) | (525) | (24,607) | (1,050) |
Other expense | ||||
Other (expense) net | ||||
Income (loss) before provision for income taxes | (22,465) | (525) | (24,607) | (1,050) |
Tax Provision | ||||
Net (Loss) | $ (22,465) | $ (525) | $ (24,607) | $ (1,050) |
Basic and diluted earnings(loss) per common share (in Dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding (in Shares) | 11,034,000 | 11,034,000 | 11,034,000 | 11,034,000 |
Unaudited Statements of Changes
Unaudited Statements of Changes in Stockholders’ Equity - USD ($) | Common Stock | Retained Earnings | Total |
Beginning balance at Dec. 31, 2018 | $ (2,100) | $ (2,100) | |
Beginning balance (in Shares) at Dec. 31, 2018 | 11,034,000 | ||
Net (loss) | (525) | (525) | |
Ending balance at Mar. 31, 2019 | (2,625) | (2,625) | |
Ending balance (in Shares) at Mar. 31, 2019 | 11,034,000 | ||
Beginning balance at Dec. 31, 2018 | (2,100) | (2,100) | |
Beginning balance (in Shares) at Dec. 31, 2018 | 11,034,000 | ||
Net (loss) | (1,050) | ||
Ending balance at Jun. 30, 2019 | (3,150) | (3,150) | |
Ending balance (in Shares) at Jun. 30, 2019 | 11,034,000 | ||
Beginning balance at Mar. 31, 2019 | (2,625) | (2,625) | |
Beginning balance (in Shares) at Mar. 31, 2019 | 11,034,000 | ||
Net (loss) | (525) | (525) | |
Ending balance at Jun. 30, 2019 | (3,150) | (3,150) | |
Ending balance (in Shares) at Jun. 30, 2019 | 11,034,000 | ||
Beginning balance at Dec. 31, 2019 | (13,075) | (13,075) | |
Beginning balance (in Shares) at Dec. 31, 2019 | 11,034,000 | ||
Net (loss) | (2,142) | (2,142) | |
Ending balance at Mar. 31, 2020 | (15,217) | (15,217) | |
Ending balance (in Shares) at Mar. 31, 2020 | 11,034,000 | ||
Beginning balance at Dec. 31, 2019 | (13,075) | (13,075) | |
Beginning balance (in Shares) at Dec. 31, 2019 | 11,034,000 | ||
Net (loss) | (24,607) | ||
Ending balance at Jun. 30, 2020 | (37,682) | (37,682) | |
Ending balance (in Shares) at Jun. 30, 2020 | 11,034,000 | ||
Beginning balance at Mar. 31, 2020 | (15,217) | (15,217) | |
Beginning balance (in Shares) at Mar. 31, 2020 | 11,034,000 | ||
Net (loss) | (22,465) | (22,465) | |
Ending balance at Jun. 30, 2020 | $ (37,682) | $ (37,682) | |
Ending balance (in Shares) at Jun. 30, 2020 | 11,034,000 |
Unaudited Statements of Cash Fl
Unaudited Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows From Operating Activities: | ||
Net income (loss) | $ (24,607) | $ (1,050) |
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||
Accounts payable and accrued expenses | (5,575) | 1,050 |
Net cash (used for) operating activities | (30,182) | |
Cash Flows From Investing Activities: | ||
Net cash provided by (used for) investing activities | ||
Cash Flows From Financing Activities: | ||
Proceeds from related party loans | 30,182 | |
Net cash provided by financing activities | 30,182 | |
Net Increase (Decrease) In Cash | ||
Cash At The Beginning Of The Period | 0 | |
Cash At The End Of The Period | 0 | |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS PhoneBrasil International, Inc. f/k/a Utz Technologies, Inc. (the “Company”, or “PhoneBrasil”) was organized in New Jersey as Donald Utz Engineering, Inc. in 1991. In April of 1991, the Company changed its name to Utz Engineering, Inc. In March 2002, the Company changed its name to Utz Technologies, Inc. The Company changed its name to PhoneBrasil International, Inc. and further filed a Registration of Alternate Name in the State of New Jersey for the use of the name PhoneBrasil International, Inc. (“we” or the “Company”). We were a development stage company engaged in the telecommunications industry. On April 20, 2007, with a new management team in place, the Board of Directors, in furtherance of its plan designed to grow the Company substantially, and materially change the business direction of the Company, took the following action: 1. Elected to divest the Company of it then-current business activities by selling, in consideration of the assumption of all indebtedness and relief of obligations under executory contracts, all of its business assets; 2. Agreed to acquire all of the capital shares of PhoneBrasil Telephonia Voipdigital, Inc., in exchange for 6,000,000 shares of the Company’s capital stock; and 3. Agreed, subject to Shareholder approval, to change the Company’s name to PhoneBrasil International Inc. On April 30, 2007, The Board of Directors, realizing there were not sufficient shares authorized to be issued by the Company agreed, subject to Shareholder approval, to increase the amount of shares the Company is authorized to issue from 6,000,000 to 30,000,000. On May 12, 2007, shareholders owning a majority of the issued and outstanding voting shares of the Company voted affirmatively to amend the Certificate of Incorporation of the Company in order to (a) increase the authorized shares the Company is allowed to issue from 6,000,000 to 30,000,000; and (b) to change the name of the Company from its present form to PhoneBrasil International, Inc. However, this was not properly filed with the State of New Jersey. Therefore, the Company submitted the Registration of Alternate Name in the State of New Jersey for the use of the name PhoneBrasil International, Inc. in May of 2020. On February 14, 2020, the Superior Court of New Jersey Equity Division appointed Custodian Ventures, LLC as the custodian for PhoneBrasil International, Inc., f/k/a Utz Technologies, Inc., Civil Action No. C-2-20, finding that Custodian Ventures, LLC had exhausted all reasonable means of serving the Summons and Complaint in the action to the officers and directors of PhoneBrasil International, Inc., f/k/a Utz Technologies, Inc., and thereby deemed to have served the Summons and Complaint pursuant to Rule 4:4-4(b)(3) and the officers and directors failed to answer or respond in the time allotted by Rule 1:20-6.2. There was no opposition. The increase in the shares the Company is authorized to issue was made because Management believed that it would better position the Company in its efforts to make acquisitions of viable business entities on a stock for stock basis. The Board of Directors further believed it would benefit the shareholders to have a substantial number of unreserved shares available for issuance in order that adequate shares may be available for the possible business combination or an acquisition. Based on information currently available the Company has never commenced operating activities. The Company’s accounting year-end is December 31. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Management’s Representation of Interim Financial Statements The accompanying unaudited financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. As of June 30, 2020, the Company had a working capital deficit of $37,682 and negative shareholders’ equity of $37,682. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. The Company is currently being funded by David Lazar who is extending interest-free demand loans to the Company. Historically, the Company has raised capital through private placements, as an interim measure to finance working capital needs and may continue to raise additional capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On June 30, 2020, and December 31, 2019, the Company’s cash equivalents totaled $-0- and $-0- respectively. Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations Stockholders’ Equity The Company has authorized 30,000,000 shares of common stock. As of June 30, 2020, and December 31, 2019, respectively, there were 11,034,000 shares of Common Stock issued and outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 4 – COMMITMENTS AND CONTINGENCIES The Company did not have any contractual commitments of June 30, 2020, and 2019. |
Notes Payable-Related Party
Notes Payable-Related Party | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
NOTES PAYABLE-RELATED PARTY | NOTE 5 – NOTES PAYABLE-RELATED PARTY Mr. Lazar, the Company’s Court-appointed custodian is considered a related party. As of June 30, 2020, he had extended $37,682 in interest-free demand loans to the Company. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS In accordance with ASC 855-10 management has performed an evaluation of subsequent events from June 30, 2019, through the date the financial statements were available to be issued, August 8, 2019, and has determined that there are no items requiring disclosure. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP |
Going Concern | Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. As of June 30, 2020, the Company had a working capital deficit of $37,682 and negative shareholders’ equity of $37,682. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. The Company is currently being funded by David Lazar who is extending interest-free demand loans to the Company. Historically, the Company has raised capital through private placements, as an interim measure to finance working capital needs and may continue to raise additional capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On June 30, 2020, and December 31, 2019, the Company’s cash equivalents totaled $-0- and $-0- respectively. |
Income taxes | Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. |
Net Loss per Share | Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations |
Stockholders’ Equity | Stockholders’ Equity The Company has authorized 30,000,000 shares of common stock. As of June 30, 2020, and December 31, 2019, respectively, there were 11,034,000 shares of Common Stock issued and outstanding. |
Organization and Description _2
Organization and Description of Business (Details) - shares | 1 Months Ended | |
Apr. 20, 2007 | May 12, 2007 | |
Organization and Description of Business (Details) [Line Items] | ||
Acquisition of capital shares | 6,000,000 | |
Minimum [Member] | ||
Organization and Description of Business (Details) [Line Items] | ||
Increase in authorized shares | 6,000,000 | 6,000,000 |
Maximum [Member] | ||
Organization and Description of Business (Details) [Line Items] | ||
Increase in authorized shares | 30,000,000 | 30,000,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | 6 Months Ended | |||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||||||
Working capital deficit (in Dollars) | $ 37,682 | |||||
Stockholders' Equity Attributable to Parent (in Dollars) | $ (37,682) | $ (15,217) | $ (13,075) | $ (3,150) | $ (2,625) | $ (2,100) |
OriginalMaturityTerm | 3 months | |||||
Tax settlement, percentage | 50.00% | |||||
Common stock, shares authorized | 30,000,000 | 30,000,000 | ||||
Common stock, shares, issued | 11,034,000 | 11,034,000 | ||||
Common stock, shares, outstanding | 11,034,000 | 11,034,000 | ||||
Total cash equivalents (in Dollars) | $ 0 | $ 0 |
Notes Payable-Related Party (De
Notes Payable-Related Party (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Related Party Transactions [Abstract] | ||
Notes payable -related party | $ 37,682 | $ 7,500 |