Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 15, 2017 | |
Details | ||
Registrant Name | RemSleep Holdings Inc. | |
Registrant CIK | 1,412,126 | |
SEC Form | 10-Q | |
Period End date | Jun. 30, 2017 | |
Fiscal Year End | --12-31 | |
Trading Symbol | RMSL | |
Tax Identification Number (TIN) | 475,386,867 | |
Number of common stock shares outstanding | 3,610,751 | |
Filer Category | Smaller Reporting Company | |
Current with reporting | Yes | |
Voluntary filer | No | |
Well-known Seasoned Issuer | No | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Incorporation, State Country Name | Nevada | |
Entity Address, Address Line One | 699 Walnut St. Suite 400, | |
Entity Address, City or Town | Des Moines | |
Entity Address, State or Province | Iowa | |
Entity Address, Postal Zip Code | 50309-3962 | |
City Area Code | 515 | |
Local Phone Number | 724-5994 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Prepaid Expenses | $ 7,190 | $ 0 |
PROPERTY AND EQUIPMENT - net | 12,387 | 12,845 |
TOTAL ASSETS | 19,577 | 12,845 |
CURRENT LIABILITIES | ||
Accounts payable | 226,398 | 226,398 |
Due to shareholder | 143,748 | 85,287 |
TOTAL LIABILITIES | 370,146 | 311,685 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common Stock, Value, Issued | 3,210 | 3,273 |
Additional paid in capital | 720,464 | (31,599) |
Deficit | (1,179,243) | (375,514) |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (350,569) | (298,840) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 19,577 | $ 12,845 |
188 shares at June 30, 2017 and, December 31, 2016, respectively | 0 | 0 |
Series A Preferred Stock | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred Stock, Value, Issued | $ 105,000 | $ 105,000 |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) - Parenthetical - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |
Preferred Stock, Shares Authorized | 5,000,000 | |
Preferred Stock, Shares Issued | 3,500,000 | 5,000,000 |
Preferred Stock, Shares Outstanding | 3,500,000 | 5,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 3,210,611 | 3,273,111 |
Common Stock, Shares, Outstanding | 3,210,611 | 3,273,111 |
Series A Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 3,500,000 | 5,000,000 |
Preferred Stock, Shares Outstanding | 3,500,000 | 5,000,000 |
Series B Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Series C Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
EXPENSES: | ||||
Accounting and legal | $ 23,360 | $ 3,000 | $ 40,960 | $ 19,406 |
Office and other expenses | 5,016 | 7,850 | 2,446 | |
Officer compensation | 4,000 | |||
Public company costs | 360,461 | 750,461 | 7,236 | |
Depreciation | 229 | 230 | 458 | 459 |
Total expenses | 389,066 | 3,230 | 803,729 | 29,547 |
Loss from operations | (389,066) | (3,230) | (803,729) | (29,547) |
Income (loss) before income taxes | (389,066) | (3,230) | (803,729) | (29,547) |
Provision for income taxes | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | $ (389,066) | $ (3,230) | $ (803,729) | $ (29,547) |
Basic and fully diluted net income (loss) per share | $ (0.12) | $ 0 | $ (0.25) | $ (0.01) |
Weighted average common shares outstanding | 3,159,375 | 3,260,611 | 3,241,343 | 3,058,111 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit (Unaudited) - USD ($) | Total | Investment January 5 | Common shares issued as compensation Jan. 20 | Common shares issued as compensation Feb. 23 | Preferred A shares issued February 25 | Preferred A shares issued April 26 | Common shares issued as compensation Oct. 5 | Common shares issued as compensation Jan. 15 | Common shares issued as compensation March 6 | Preferred shares cancelled April 4 | Common shares cancelled April 10 | Common shares issued as compensation May 25 | Reverse split 1-for - 20 | Preferred Stock | Preferred StockInvestment January 5 | Preferred StockCommon shares issued as compensation Jan. 20 | Preferred StockCommon shares issued as compensation Feb. 23 | Preferred StockPreferred A shares issued February 25 | Preferred StockPreferred A shares issued April 26 | Preferred StockCommon shares issued as compensation Oct. 5 | Preferred StockCommon shares issued as compensation Jan. 15 | Preferred StockCommon shares issued as compensation March 6 | Preferred StockPreferred shares cancelled April 4 | Preferred StockCommon shares cancelled April 10 | Preferred StockCommon shares issued as compensation May 25 | Preferred StockReverse split 1-for - 20 | Series A Preferred Stock | Series A Preferred StockInvestment January 5 | Series A Preferred StockCommon shares issued as compensation Jan. 20 | Series A Preferred StockCommon shares issued as compensation Feb. 23 | Series A Preferred StockPreferred A shares issued February 25 | Series A Preferred StockPreferred A shares issued April 26 | Series A Preferred StockCommon shares issued as compensation Oct. 5 | Series A Preferred StockCommon shares issued as compensation Jan. 15 | Series A Preferred StockCommon shares issued as compensation March 6 | Series A Preferred StockPreferred shares cancelled April 4 | Series A Preferred StockCommon shares cancelled April 10 | Series A Preferred StockCommon shares issued as compensation May 25 | Series A Preferred StockReverse split 1-for - 20 | Common Stock | Common StockInvestment January 5 | Common StockCommon shares issued as compensation Jan. 20 | Common StockCommon shares issued as compensation Feb. 23 | Common StockPreferred A shares issued February 25 | Common StockPreferred A shares issued April 26 | Common StockCommon shares issued as compensation Oct. 5 | Common StockCommon shares issued as compensation Jan. 15 | Common StockCommon shares issued as compensation March 6 | Common StockPreferred shares cancelled April 4 | Common StockCommon shares cancelled April 10 | Common StockCommon shares issued as compensation May 25 | Common StockReverse split 1-for - 20 | Common Shares to be issued | Common Shares to be issuedInvestment January 5 | Common Shares to be issuedCommon shares issued as compensation Jan. 20 | Common Shares to be issuedCommon shares issued as compensation Feb. 23 | Common Shares to be issuedPreferred A shares issued February 25 | Common Shares to be issuedPreferred A shares issued April 26 | Common Shares to be issuedCommon shares issued as compensation Oct. 5 | Common Shares to be issuedCommon shares issued as compensation Jan. 15 | Common Shares to be issuedCommon shares issued as compensation March 6 | Common Shares to be issuedPreferred shares cancelled April 4 | Common Shares to be issuedCommon shares cancelled April 10 | Common Shares to be issuedCommon shares issued as compensation May 25 | Common Shares to be issuedReverse split 1-for - 20 | Additional Paid-in Capital | Additional Paid-in CapitalInvestment January 5 | Additional Paid-in CapitalCommon shares issued as compensation Jan. 20 | Additional Paid-in CapitalCommon shares issued as compensation Feb. 23 | Additional Paid-in CapitalPreferred A shares issued February 25 | Additional Paid-in CapitalPreferred A shares issued April 26 | Additional Paid-in CapitalCommon shares issued as compensation Oct. 5 | Additional Paid-in CapitalCommon shares issued as compensation Jan. 15 | Additional Paid-in CapitalCommon shares issued as compensation March 6 | Additional Paid-in CapitalPreferred shares cancelled April 4 | Additional Paid-in CapitalCommon shares cancelled April 10 | Additional Paid-in CapitalCommon shares issued as compensation May 25 | Additional Paid-in CapitalReverse split 1-for - 20 | Retained Earnings | Retained EarningsInvestment January 5 | Retained EarningsCommon shares issued as compensation Jan. 20 | Retained EarningsCommon shares issued as compensation Feb. 23 | Retained EarningsPreferred A shares issued February 25 | Retained EarningsPreferred A shares issued April 26 | Retained EarningsCommon shares issued as compensation Oct. 5 | Retained EarningsCommon shares issued as compensation Jan. 15 | Retained EarningsCommon shares issued as compensation March 6 | Retained EarningsPreferred shares cancelled April 4 | Retained EarningsCommon shares cancelled April 10 | Retained EarningsCommon shares issued as compensation May 25 | Retained EarningsReverse split 1-for - 20 |
Equity Balance, Starting at Dec. 31, 2015 | $ (294,747) | $ 0 | $ 0 | $ 61,012 | $ 4 | $ (177,342) | $ (178,421) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Outstanding, Starting at Dec. 31, 2015 | 1,500,000 | 0 | 61,012,227 | 3,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 30,000 | $ 60,000 | $ 45,000 | $ 0 | $ 60,000 | $ 45,000 | $ 0 | $ 0 | $ 0 | $ 3,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 27,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 0 | 2,000,000 | 1,500,000 | 0 | 0 | 0 | 3,000,000 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | $ 15,000 | $ 3,000 | $ 40,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,000 | $ 200 | $ 250 | $ 0 | $ 0 | $ 0 | $ 14,000 | $ 2,800 | $ 39,750 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | 1,000,000 | 200,000 | 250,000 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | (197,093) | $ 0 | $ 0 | $ 0 | $ 0 | 0 | (197,093) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Balance, Ending at Dec. 31, 2016 | (298,840) | $ 105,000 | $ 0 | $ 65,462 | $ 4 | (93,792) | (375,514) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Outstanding, Ending at Dec. 31, 2016 | 5,000,000 | 0 | 65,462,227 | 3,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | $ 5,000 | $ 390,000 | $ 360,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 100 | $ 650 | $ 1,000 | $ 0 | $ 0 | $ 0 | $ 4,900 | $ 389,350 | $ 359,000 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | 100,000 | 650,000 | 1,000,000 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | (803,729) | $ 0 | $ 0 | $ 0 | $ 0 | 0 | (803,729) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Balance, Ending at Jun. 30, 2017 | $ (350,569) | $ 105,000 | $ 0 | $ 3,210 | $ 0 | $ 720,464 | $ (1,179,243) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Outstanding, Ending at Jun. 30, 2017 | 3,500,000 | 0 | 3,210,611 | 188 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Forfeited | $ 0 | $ (3,000) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (3,000) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | (1,500,000) | 0 | 0 | 0 | 0 | (3,000,000) | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reverse Stock Splits, Value | $ 0 | $ 0 | $ 0 | $ (61,002) | $ (4) | $ 61,006 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits | 0 | 0 | (61,001,616) | (3,562) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (803,729) | $ (29,547) |
Adjustments to reconcile net loss to net cash (used in) operations: | ||
Depreciation | 458 | 459 |
Stock Issued as compensation | 755,000 | 3,000 |
Changes in assets: | ||
Prepaid expenses | (7,190) | 0 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | (55,461) | (29,088) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Surrendered stock | (3,000) | 0 |
NET CASH USED BY INVESTING ACTIVITIES | (3,000) | 3,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from shareholder advances | 58,461 | 25,992 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 58,461 | 25,992 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | (96) |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 0 | 108 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 0 | $ 12 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 1 - 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. 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 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 June 30, 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 June 30, 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 June 30, 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. The results for the three months ended June 30, 2017 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10K for the year ended December 31, 2016, filed with the Securities and Exchange Commission.The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at June 30, 2017 and for the related periods have been presented. |
Note 2 - Going Concern and Unce
Note 2 - Going Concern and Uncertainty | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 2 - Going Concern and Uncertainty | NOTE 2 - 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. |
NOTE 3 - CAPITAL STOCK
NOTE 3 - CAPITAL STOCK | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
NOTE 3 - CAPITAL STOCK | NOTE 3 - CAPITAL STOCK On June 29, 2017, the Company affected a 1 - for - 20 reverse stock split of its common shares. All Share amounts and related values have been adjusted to reflect the reverse stock split. On January 5, 2016, the Company issued 150,000 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 50,000 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 bulletin board 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 bulletin board 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 10,000 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 bulletin board on the grant date. On October 5, 2016, the Company issued as compensation for services provided a total of 12,500 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 bulletin board on the grant date. On January 15, 2017, the Company issued as compensation for services provided a total of 5,000 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 bulletin board on the grant date. On March 6, 2017, the Company issued as compensation for services provided a total of 32,500 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 bulletin board on the grant date. There is an anti-dilution provision contained in this agreement to ensure that the party remains a 1% owner of all outstanding common shares as of March 8, 2018. On April 4, 2017, a former shareholder surrendered 75,000 preferred shares that had been issued to him. On April 10, 2017, a former shareholder surrendered 1,500,000 common shares that had been issued to him On May 25, 2017, the Company issued as compensation for services provided a total of 50,000 common shares with a fair value of $360,000 to a third party. The fair value of the shares was based on the price quoted on the OTC bulletin board on the grant date. The company is currently authorized to issue 5,000,000 Class A preferred shares with $0.001 per value with 1:25 voting rights and a 1:1 conversion into common shares. As of June 30, 2017 and December 31, 2016, there were 3,500,000 and 5,000,000 class A preferred shares issued and outstanding, respectively. The Company is currently authorized to issue 1,000,000,000 common shares with $.001 par value per share. |
Note 4 - Loss per Share
Note 4 - Loss per Share | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 4 - Loss per Share | NOTE 4 - 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 ($0.12) and ($.00) for the three-month period ended June 30, 2017 and 2016 and ($0.25) and ($0.01) for the same six-month periods. |
Note 5 - Supplemental Cash Flow
Note 5 - Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 5 - Supplemental Cash Flow Information | NOTE 5 - SUPPLEMENTAL CASH FLOW INFORMATION Supplemental disclosures of cash flow information for the quarter and six months ended June 30, 2017 and 2016 are summarized as follows: Cash paid during the periods for interest and income taxes: 2016 2017 Income Taxes $ - $ - Interest $ - $ - |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 6 - Commitments and Contingencies | NOTE 6 - 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. |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 7 - Related Party Transactions | NOTE 7 - 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 $143,640 and $108 and $85,179 and $108 at June 30, 2017 and December 31, 2016 and, respectively. |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 8 - Subsequent Events | NOTE 8 SUBSEQUENT EVENTS On August 7, 2017, the Company issued as compensation for services provided a total of 150,000 common stock shares to a third party. On August 7, 2017, the Company issued as compensation for services to be rendered a total of 250,000 common stock shares to a third party. The Company evaluated all events or transactions that occurred after June 30, 2017 through the date of this filing. Besides what was disclosed above there were no additional disclosures are required. |
Note 1 - Summary of Significa15
Note 1 - Summary of Significant Accounting Policies: Nature of Operations (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Nature of Operations | 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. |
Note 1 - Summary of Significa16
Note 1 - Summary of Significant Accounting Policies: Business Description and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Business Description and 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. |
Note 1 - Summary of Significa17
Note 1 - Summary of Significant Accounting Policies: Basis of Accounting (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Basis of Accounting | 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. |
Note 1 - Summary of Significa18
Note 1 - Summary of Significant Accounting Policies: Use of Estimates, Policy (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
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. |
Note 1 - Summary of Significa19
Note 1 - Summary of Significant Accounting Policies: Cash and Cash Equivalents, Policy (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
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. |
Note 1 - Summary of Significa20
Note 1 - Summary of Significant Accounting Policies: Comprehensive Income, Policy (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Comprehensive Income, Policy | 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. |
Note 1 - Summary of Significa21
Note 1 - Summary of Significant Accounting Policies: Impairment or Disposal of Long-Lived Assets, Policy (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Impairment or Disposal of Long-Lived Assets, Policy | 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 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. |
Note 1 - Summary of Significa22
Note 1 - Summary of Significant Accounting Policies: Unusual Risks and Uncertainties (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Unusual Risks and Uncertainties | Risk and Uncertainties As of January 5,2015, the Company is subject to risks common to manufacturing and health product providers. |
Note 1 - Summary of Significa23
Note 1 - Summary of Significant Accounting Policies: Advertising Costs, Policy (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Advertising Costs, Policy | Advertising Costs Advertising costs are expensed as incurred. The Company does not incur any direct-response advertising costs. |
Note 1 - Summary of Significa24
Note 1 - Summary of Significant Accounting Policies: Stock-Based Compensation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
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. |
Note 1 - Summary of Significa25
Note 1 - Summary of Significant Accounting Policies: Fair Value Measurement, Policy (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Fair Value Measurement, Policy | 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 June 30, 2017. |
Note 1 - Summary of Significa26
Note 1 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments, Policy (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Fair Value of Financial Instruments, Policy | 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. |
Note 1 - Summary of Significa27
Note 1 - Summary of Significant Accounting Policies: Earnings Per Share, Policy (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Earnings Per Share, Policy | 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 June 30, 2017 and 2016. |
Note 1 - Summary of Significa28
Note 1 - Summary of Significant Accounting Policies: Income Tax, Policy (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Income Tax, Policy | 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 June 30, 2017, there have been no interest or penalties incurred on income taxes. |
Note 1 - Summary of Significa29
Note 1 - Summary of Significant Accounting Policies: New Accounting Pronouncements, Policy (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
New Accounting Pronouncements, Policy | 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. The results for the three months ended June 30, 2017 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10K for the year ended December 31, 2016, filed with the Securities and Exchange Commission.The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at June 30, 2017 and for the related periods have been presented. |
Note 5 - Supplemental Cash Fl30
Note 5 - Supplemental Cash Flow Information: Schedule of Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Supplemental Cash Flow Information | 2016 2017 Income Taxes $ - $ - Interest $ - $ - |
NOTE 3 - CAPITAL STOCK (Details
NOTE 3 - CAPITAL STOCK (Details) - $ / shares | Jun. 30, 2017 | May 25, 2017 | Apr. 10, 2017 | Apr. 04, 2017 | Mar. 06, 2017 | Jan. 15, 2017 | Dec. 31, 2016 | Oct. 05, 2016 | Feb. 25, 2016 | Feb. 23, 2016 | Jan. 20, 2016 | Jan. 05, 2016 |
Details | ||||||||||||
Shares, Issued | 50,000 | 1,500,000 | 75,000 | 32,500 | 5,000 | 12,500 | 2,000,000 | 10,000 | 50,000 | 150,000 | ||
Preferred Stock, Shares Authorized | 5,000,000 | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |||||||||||
Preferred Stock, Shares Issued | 3,500,000 | 5,000,000 | ||||||||||
Preferred Stock, Shares Outstanding | 3,500,000 | 5,000,000 | ||||||||||
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 | ||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Note 4 - Loss per Share (Detail
Note 4 - Loss per Share (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Details | ||||
Basic and fully diluted net income (loss) per share | $ (0.12) | $ 0 | $ (0.25) | $ (0.01) |
Note 7 - Related Party Transa33
Note 7 - Related Party Transactions (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Details | ||||
Loans outstanding | $ 143,640 | $ 85,179 | $ 108 | $ 108 |
Note 8 - Subsequent Events (Det
Note 8 - Subsequent Events (Details) - shares | 6 Months Ended | ||||||||||
Jun. 30, 2017 | May 25, 2017 | Apr. 10, 2017 | Apr. 04, 2017 | Mar. 06, 2017 | Jan. 15, 2017 | Oct. 05, 2016 | Feb. 25, 2016 | Feb. 23, 2016 | Jan. 20, 2016 | Jan. 05, 2016 | |
Shares, Issued | 50,000 | 1,500,000 | 75,000 | 32,500 | 5,000 | 12,500 | 2,000,000 | 10,000 | 50,000 | 150,000 | |
Event 1 | |||||||||||
Subsequent Event, Date | Aug. 7, 2017 | ||||||||||
Subsequent Event, Description | Company issued as compensation for services provided a total of 150,000 common stock shares to a third party | ||||||||||
Shares, Issued | 150,000 | ||||||||||
Event 2 | |||||||||||
Subsequent Event, Date | Aug. 7, 2017 | ||||||||||
Subsequent Event, Description | Company issued as compensation for services to be rendered a total of 250,000 common stock shares to a third party | ||||||||||
Shares, Issued | 250,000 |