Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 17, 2017 | |
Document and Entity Information: | ||
Entity Registrant Name | RemSleep Holdings Inc. | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Trading Symbol | rmsl | |
Amendment Flag | false | |
Entity Central Index Key | 1,412,126 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 63,212,227 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 |
CONDENSED BALANCE SHEETS(Unaudi
CONDENSED BALANCE SHEETS(Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
PROPERTY AND EQUIPMENT - net | $ 12,616 | $ 12,845 |
TOTAL ASSETS | 12,616 | 12,845 |
CURRENT LIABILITIES | ||
Accounts payable | 226,398 | 226,398 |
Due to shareholder | 104,721 | 85,287 |
TOTAL LIABILITIES | 331,119 | 311,685 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Series A preferred stock, no par value, 5,000,000 shares authorized, 5,000,000 issued or outstanding at March 31, 2017 and December 31, 2016. | 105,000 | 105,000 |
Series B preferred stock, no par value, 5,000,000 shares authorized, 0 shares issued at March 31, 2017 and December 31, 2016. | 0 | 0 |
Series C preferred stock, no par value, 5,000,000 shares authorized, 0 shares issued at March 31, 2017 and December 31, 2016. | 0 | 0 |
Common stock, $.001 par value, 1,000,000,000 shares authorized, 66,212,227 and 65,462,227 shares issued or outstanding at March 31, 2017 and December 31, 2016, respectively | 66,212 | 65,462 |
Common stock to be issued, $.001 par value, 3,750 shares at March 31, 2017 and, December 31, 2016, respectively | 4 | 4 |
Additional paid in capital | 300,458 | (93,792) |
Retained Deficit | (790,177) | (375,514) |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (318,503) | (298,840) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 12,616 | $ 12,845 |
BALANCE SHEETS PARENTHETICALS
BALANCE SHEETS PARENTHETICALS - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred Series A | ||
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, shares issued | 5,000,000 | 5,000,000 |
Preferred Series B | ||
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Series C | ||
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, shares issued | 66,212,227 | 65,462,227 |
Common Stock, shares outstanding | 66,212,227 | 65,462,227 |
Common stock to be issued, par value | $ 0.001 | $ 0.001 |
Common stock to be issued, shares | 3,750 | 3,750 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS(Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
EXPENSES: | ||
Accounting and legal | $ 17,600 | $ 16,406 |
Public company costs | 390,000 | 7,236 |
Officer compensation | 4,000 | 0 |
Office and other expenses | 2,834 | 2,389 |
Depreciation | 229 | 229 |
Total expenses | 414,663 | 26,260 |
Loss from operations | (414,663) | (26,260) |
Loss before income taxes | (414,663) | (26,260) |
Provision for income taxes | 0 | 0 |
NET LOSS | $ (414,663) | $ (26,260) |
Basic and fully diluted net loss per share | $ (0.01) | $ 0 |
Weighted average common shares outstanding | 65,734,449 | 61,096,671 |
STATEMENTS OF STOCKHOLDERS' DEF
STATEMENTS OF STOCKHOLDERS' DEFICIT(Unaudited) - USD ($) | Preferred Shares | Preferred Stock Amount | Series A Preferred Shares to be Issued | Common Shares | Common Stock Amount | Common Shares to be Issued | Common Stock to be Issued | Additional Paid-in Capital | Retained Deficit | Total |
Balance. at Dec. 31, 2015 | 1,500,000 | 0 | 61,012,227 | 61,012 | 3,750 | 4 | (177,342) | (178,421) | (294,747) | |
Investment January 5 | $ 3,000,000 | $ 3,000 | $ 27,000 | $ 30,000 | ||||||
Common shares issued as compensation Jan. 20 | 1,000,000 | 1,000 | 14,000 | 15,000 | ||||||
Common shares issued as compensation Feb. 23 | 200,000 | 200 | 2,800 | 3,000 | ||||||
Preferred A shares issued February 25 | 60,000 | 2,000,000 | 60,000 | |||||||
Preferred A shares issued April 26 | 1,500,000 | 45,000 | 45,000 | |||||||
Common shares issued as compensation Oct. 5 | 250,000 | 250 | 39,750 | 40,000 | ||||||
Net loss for the year ended December 31, 2016 | $ (197,093) | $ (197,093) | ||||||||
Balance at Dec. 31, 2016 | 5,000,000 | 105,000 | 65,462,227 | 65,462 | 3,750 | 4 | (93,792) | (375,514) | (298,840) | |
Common shares issued as compensation Jan.15 | 100,000 | 100 | 5,000 | |||||||
Common shares issued as compensation Mar. 6 | 650,000 | 650 | 390,000 | |||||||
Net loss for the period ended March 31, 2017 | $ (414,663) | $ (414,663) | ||||||||
Balance at Mar. 31, 2017 | 5,000,000 | 105,000 | 0 | 66,212,227 | 66,212 | 3,750 | 4 | 300,458 | (790,177) | (318,503) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS(Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (414,663) | $ (26,260) |
Adjustments to reconcile net loss to net cash (used in) operations: | ||
Depreciation | 229 | 229 |
Stock issued as Compensation | 395,000 | 0 |
NET CASH USED BY OPERATING ACTIVITIES | (19,434) | (26,031) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Stock issued as compensation. | 0 | 3,000 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 0 | 3,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from shareholder advances | 19,434 | 22,992 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 19,434 | 22,992 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | (39) |
CASH AND CASH EQUIVALENTS, | ||
BEGINNING OF THE YEAR | 0 | 108 |
END OF THE PERIOD | $ 0 | $ 69 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2017 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Activity REMSleep Holdings, Inc., f/k/a/ Kat Gold Holdings Corp. (the Company) was incorporated in the State of Nevada on June 6, 2007. Following its acquisition of Handcamp on June 4, 2010, a gold property located in the Province of Newfoundland and Labrador, Canada (Handcamp), the Company changed its business model to that of a mineral acquisition, exploration and development company focused primarily on gold properties. On August 26, 2010, the Companys name was changed from Bella Viaggio, Inc. to Kat Gold Holdings corp. As of this annual report, the Company has not generated any revenues but has incurred expenses related to the drilling and exploration of Handcamp. On January 5, 2015 the name of the Company was changed to REMSleep Holdings, Inc. and the business model was changed to reflect the new direction of the Company; to develop and distribute products to help people affected by sleep apnea. On May 30, 2015 REMSleep LLC was formerly merged into REMSleep Holdings, Inc. Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Companys system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented. The Companys condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC). The unaudited condensed consolidated financial information furnished herein reflects all adjustments, consisting solely of normal recurring items, which in the opinion of management are necessary to fairly state the financial position of the Company and the results of its operations for the periods presented. This report should be read in conjunction with the Companys financial statements and notes thereto included in the Companys Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission (the SEC Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted a December 31 fiscal year end. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the Statements of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. Comprehensive Income (Loss) The Company reports comprehensive income and its components following guidance set forth by section 220-10 of the FASB Accounting Standards Codification which establishes standards for the reporting and display of comprehensive income and its components in the consolidated financial statements. Long-Lived Assets The Company evaluates the recoverability of its fixed assets and other assets in accordance with section 360-10-15 of the FASB Accounting Standards Codification for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered to be impaired and is written down to fair market value, which is determined based on either discounted future cash flows or appraised values. The Company adopted the statement on inception. No impairments of these types of assets were recognized during the period ended December 31, 2016. Risk and Uncertainties As of January 5, 2015, the Company is subject to risks common to manufacturing and health product providers. Advertising Costs Advertising costs are expensed as incurred. The Company does not incur any direct-response advertising costs. Stock-Based Compensation The Company accounts for stock-based compensation using the fair value method following the guidance set forth in section 718-10 of the FASB Accounting Standards Codification for disclosure about stock based compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Fair Value for Financial Assets and Financial Liabilities The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification ("paragraph 820-10-35-37") to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets and liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally observable inputs and not corroborated by the market data. The carrying amounts of the Company's financial assets and liabilities, such as cash, accounts receivable, rent deposit, accounts payable, customer deposits and notes payable approximate their fair values because of the short maturity of these instruments. There were no assets or liabilities measured at fair value on a nonrecurring basis during the period ended March 31, 2017. Fair Value of Financial Statements The Companys financial instruments consist of cash and security deposits. The carrying amount of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Loss Per Share Net loss per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of March 31, 2017 and 2016. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax basic of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is the Company's policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of March 31, 2017 there have been no interest or penalties incurred on income taxes. Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements will cause a material impact on its financial condition or the results of its operations. |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Mar. 31, 2017 | |
CAPITAL STOCK: | |
CAPITAL STOCK | NOTE 2 - CAPITAL STOCK On January 5, 2016, the Company issued 1 million common shares with a fair value of $30,000 to an investor in exchange for a like amount of expenses that the investor paid on behalf of the Company. The fair value of the shares was based on the price quoted on the OTC bulletin board on the grant date. On January 20, 2016, the Company issued as compensation for services provided a total of 1,000,000 common shares with a fair value of $15,000 to a third party. The fair value of the shares was based on the price quoted on the OTC pink sheets on the grant date. On February 25, 2016, the Company issued 2 million Class A preferred shares. On April 26, 2016 the Company issued 1.5 million Class A preferred shares. The fair value of the shares was based on the price quoted on the OTC pink sheets on the grant date for the common shares as the preferred shares have a preference to a 1 to 1 conversion to common stock. The Company recognized compensation expense to officers. On February 23, 2016, the Company issued as compensation for services provided a total of 200,000 common shares with a fair value of $3,000 to a third party. The fair value of the shares was based on the price quoted on the OTC pink sheets on the grant date. On October 5, 2016, the Company issued as compensation for services provided a total of 250,000 common shares with a fair value of $40,000 to a third party. The fair value of the shares was based on the price quoted on the OTC pink sheets on the grant date. On January 15, 2017, the Company issued as compensation for services provided a total of 100,000 common shares with a fair value of $5,000 to a third party. The fair value of the shares was based on the price quoted on the OTC pink sheets on the grant date. On March 6, 2017, the Company issued as compensation for services provided a total of 650,000 common shares with a fair value of $390,000 to a third party. The fair value of the shares was based on the price quoted on the OTC pink sheets on the grant date. On March 26, 2015, a 1:2,000 reverse split was completed. The Company is currently authorized to issue 5,000,000 Class A preferred shares with $0.001 per value with 1:25 voting rights. As of December 31, 2016, there were 5,000,000 class A preferred shares issued and outstanding. The Company is currently authorized to issue 1,000,000,000 common shares with $.001 par value per share. |
LOSS PER SHARE
LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2017 | |
LOSS PER SHARE: | |
LOSS PER SHARE | NOTE 3 - LOSS PER SHARE Loss per share is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the period. Basic and diluted loss per share was ($0.01) and ($.00) for the three months ended March 31, 2017 and 2016. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 3 Months Ended |
Mar. 31, 2017 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |
SUPPLEMENTAL CASH FLOW INFORMATION | NOTE 4 - SUPPLEMENTAL CASH FLOW INFORMATION Supplemental disclosures of cash flow information for the quarter ended March 31, 2016 and 2015 are summarized as follows: Cash paid during the years for interest and income taxes: 2016 2015 Income Taxes $ - $ - Interest $ - $ - |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2017 | |
COMMITMENTS AND CONTINGENCIES: | |
COMMITMENTS AND CONTINGENCIES | NOTE 5 - COMMITMENTS AND CONTINGENCIES Certain of the Companys officers and directors are involved in other related business activities and most likely will become involved in other business activities in the future. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2017 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 6 - RELATED PARTY TRANSACTIONS The Company has received support from parties related through common ownership and directorship. All of the expenses herein have been borne by these individuals on behalf of the Company and the direct vendor payments are treated as capital contributions and shareholder loans in the accompanying financial statements. There are outstanding loans of $104,613 and $108 and $85,287 and $108 at March 31, 2017 and December 31, 2016 and, respectively. |
GOING CONCERN AND UNCERTAINTY
GOING CONCERN AND UNCERTAINTY | 3 Months Ended |
Mar. 31, 2017 | |
GOING CONCERN AND UNCERTAINTY | |
GOING CONCERN AND UNCERTAINTY | NOTE 7 - GOING CONCERN AND UNCERTAINTY The Company has suffered recurring losses from operations since inception. In addition, the Company has yet to generate an internal cash flow from its business operations. These factors raise substantial doubt as to the ability of the Company to continue as a going concern. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2017 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 8 - SUBSEQUENT EVENTS In April 2017, with the agreement of the executive of the Company's previous management, the Company cancelled 3,000,000 common shares and 1,500,000 Class A Preferred Shares that had been previously issued to him. The Company evaluated all events or transactions that occurred after March 31, 2017 through the date of this filing. No additional disclosures are required. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES (POLICIES) | 3 Months Ended |
Mar. 31, 2017 | |
SIGNIFICANT ACCOUNTING POLICIES (POLICIES): | |
Business Activity | Business Activity REMSleep Holdings, Inc., f/k/a/ Kat Gold Holdings Corp. (the Company) was incorporated in the State of Nevada on June 6, 2007. Following its acquisition of Handcamp on June 4, 2010, a gold property located in the Province of Newfoundland and Labrador, Canada (Handcamp), the Company changed its business model to that of a mineral acquisition, exploration and development company focused primarily on gold properties. On August 26, 2010, the Companys name was changed from Bella Viaggio, Inc. to Kat Gold Holdings corp. As of this annual report, the Company has not generated any revenues but has incurred expenses related to the drilling and exploration of Handcamp. On January 5, 2015 the name of the Company was changed to REMSleep Holdings, Inc. and the business model was changed to reflect the new direction of the Company; to develop and distribute products to help people affected by sleep apnea. On May 30, 2015 REMSleep LLC was formerly merged into REMSleep Holdings, Inc. |
Basis of Presentation | Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Companys system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented. The Companys condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC). The unaudited condensed consolidated financial information furnished herein reflects all adjustments, consisting solely of normal recurring items, which in the opinion of management are necessary to fairly state the financial position of the Company and the results of its operations for the periods presented. This report should be read in conjunction with the Companys financial statements and notes thereto included in the Companys Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission (the SEC |
Accounting Basis | Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted a December 31 fiscal year end. |
Use of Estimates, Policy | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents For purposes of the Statements of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The Company reports comprehensive income and its components following guidance set forth by section 220-10 of the FASB Accounting Standards Codification which establishes standards for the reporting and display of comprehensive income and its components in the consolidated financial statements. |
Long-Lived Assets | Long-Lived Assets The Company evaluates the recoverability of its fixed assets and other assets in accordance with section 360-10-15 of the FASB Accounting Standards Codification for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered to be impaired and is written down to fair market value, which is determined based on either discounted future cash flows or appraised values. The Company adopted the statement on inception. No impairments of these types of assets were recognized during the period ended December 31, 2016. |
Risk and Uncertainties | Risk and Uncertainties As of January 5, 2015, the Company is subject to risks common to manufacturing and health product providers. |
Advertising Costs, Policy | Advertising Costs Advertising costs are expensed as incurred. The Company does not incur any direct-response advertising costs. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation using the fair value method following the guidance set forth in section 718-10 of the FASB Accounting Standards Codification for disclosure about stock based compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. |
Fair Value for Financial Assets and Financial Liabilities | Fair Value for Financial Assets and Financial Liabilities The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification ("paragraph 820-10-35-37") to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets and liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally observable inputs and not corroborated by the market data. The carrying amounts of the Company's financial assets and liabilities, such as cash, accounts receivable, rent deposit, accounts payable, customer deposits and notes payable approximate their fair values because of the short maturity of these instruments. There were no assets or liabilities measured at fair value on a nonrecurring basis during the period ended March 31, 2017. |
Fair Value of Financial Statements | Fair Value of Financial Statements The Companys financial instruments consist of cash and security deposits. The carrying amount of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. |
Loss Per Share | Loss Per Share Net loss per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of March 31, 2017 and 2016. |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax basic of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is the Company's policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of March 31, 2017 there have been no interest or penalties incurred on income taxes. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements will cause a material impact on its financial condition or the results of its operations. |
SUPPLEMENTAL CASH FLOW INFORM16
SUPPLEMENTAL CASH FLOW INFORMATION (TABLES) | 3 Months Ended |
Mar. 31, 2017 | |
SUPPLEMENTAL CASH FLOW INFORMATION (TABLES): | |
SUPPLEMENTAL CASH FLOW INFORMATION (TABLES) | Cash paid during the years for interest and income taxes: 2016 2015 Income Taxes $ - $ - Interest $ - $ - |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) - USD ($) | Mar. 06, 2017 | Jan. 15, 2017 | Dec. 31, 2016 | Oct. 05, 2016 | Apr. 26, 2016 | Feb. 25, 2016 | Feb. 23, 2016 | Jan. 20, 2016 | Jan. 05, 2016 |
CAPITAL STOCK Details | |||||||||
Company issued common shares to an investor | 1,000,000 | ||||||||
Company issued common shares to an investor with a fair value of | $ 30,000 | ||||||||
Company issued as compensation for services provided a total of common shares | 650,000 | 100,000 | 250,000 | 200,000 | 1,000,000 | ||||
Company issued as compensation for services with a fair value of | $ 390,000 | $ 5,000 | $ 40,000 | $ 3,000 | $ 15,000 | ||||
Company issued Class A preferred shares | 1,500,000 | 2,000,000 | |||||||
Company is authorized to issue Class A preferred shares | 5,000,000 | ||||||||
Company is authorized to issue Class A preferred shares with per value | $ 0.001 | ||||||||
Class A preferred shares issued and outstanding | 5,000,000 | ||||||||
Company is authorized to issue common shares | 1,000,000,000 | ||||||||
Company is authorized to issue common shares par value per share | $ 0.001 |
LOSS PER SHARE (Details)
LOSS PER SHARE (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
LOSS PER SHARE Details | ||
Basic and diluted loss per share | $ 0.01 | $ 0 |
SUPPLEMENTAL CASH FLOW INFORM19
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash paid during the years for interest and income taxes: | ||
Income Taxes | $ 0 | $ 0 |
Interest | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Mar. 06, 2017 | Dec. 31, 2016 |
RELATED PARTY TRANSACTIONS Details | ||
Outstanding loans | $ 104,613 | $ 85,287 |
Outstanding loans of related party | $ 108 | $ 108 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Apr. 30, 2017shares |
SUBSEQUENT EVENTS Details | |
Company cancelled common shares | 3,000,000 |
Class A Preferred Shares that had been previously issued to him | 1,500,000 |