Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2023 shares | |
Document Information Line Items | |
Entity Registrant Name | FUEL DOCTOR HOLDINGS, INC. |
Document Type | 10-Q |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 314,406,030 |
Amendment Flag | false |
Entity Central Index Key | 0001459188 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q1 |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Quarterly Report | true |
Document Transition Report | false |
Entity File Number | 000-56253 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 26-2274999 |
Entity Address, Address Line One | 20 Raul Wallenberg Street |
Entity Address, City or Town | Tel Aviv |
Entity Address, Country | IL |
City Area Code | (647) |
Local Phone Number | (647)558-5564 |
Entity Interactive Data Current | Yes |
Entity Address, Postal Zip Code | 00000 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 3,159 | $ 107,064 |
Shareholder loan | 75,625 | |
Total current assets | 78,784 | 107,064 |
TOTAL ASSETS | 78,784 | 107,064 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 62,066 | 52,144 |
Accounts payable - related party | 3,000 | 3,000 |
Total current liabilities | 65,066 | 55,144 |
Total liabilities | 65,066 | 55,144 |
Stockholders’ equity | ||
Preferred stock, par value $0.0001, 10,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2023 and December 31, 2022 | ||
Common stock, par value $0.0001, 2,990,000,000 shares authorized, 314,406,030 shares issued and outstanding at March 31, 2023 and December 31, 2022 | 31,441 | 31,441 |
Additional paid-in capital | 1,680,227 | 1,680,227 |
Accumulated deficit | (1,697,950) | (1,659,748) |
Total stockholders’ equity | 13,718 | 51,920 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 78,784 | $ 107,064 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 2,990,000,000 | 2,990,000,000 |
Common stock, shares issued | 314,406,030 | 314,406,030 |
Common stock, shares outstanding | 314,406,030 | 314,406,030 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenues | ||
Expenses: | ||
Professional and consulting fees | 37,516 | 10,000 |
General and administrative expense | 1,311 | 1,286 |
Total operating expenses | 38,827 | 11,286 |
Operating loss | (38,827) | (11,286) |
Interest income | 625 | |
Net loss | $ (38,202) | $ (11,286) |
Basic and diluted loss per common share (in Dollars per share) | $ 0 | $ 0 |
Weighted average common shares outstanding (in Shares) | 314,406,030 | 256,739,363 |
Condensed Statements of Opera_2
Condensed Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Diluted loss per common share | $ 0 | $ 0 |
Condensed Statements of Stockho
Condensed Statements of Stockholders’ Equity (Deficit) (Unaudited) - USD ($) | Common stock | Additional paid-in capital | Accumulated deficit | Total |
Balance (in Shares) at Dec. 31, 2021 | 256,739,363 | |||
Balance at Dec. 31, 2021 | $ 25,674 | $ 1,512,994 | $ (1,557,525) | $ (18,857) |
Net loss | (11,286) | (11,286) | ||
Balance (in Shares) at Mar. 31, 2022 | 256,739,363 | |||
Balance at Mar. 31, 2022 | $ 25,674 | 1,512,994 | (1,568,811) | (30,143) |
Sale of common stock to investors (in Shares) | 57,666,667 | |||
Sale of common stock to investors | $ 5,767 | 167,233 | 173,000 | |
Net loss | (90,937) | (90,937) | ||
Balance (in Shares) at Dec. 31, 2022 | 314,406,030 | |||
Balance at Dec. 31, 2022 | $ 31,441 | 1,680,227 | (1,659,748) | 51,920 |
Net loss | (38,202) | (38,202) | ||
Balance (in Shares) at Mar. 31, 2023 | 314,406,030 | |||
Balance at Mar. 31, 2023 | $ 31,441 | $ 1,680,227 | $ (1,697,950) | $ 13,718 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (38,202) | $ (11,286) |
Changes in operating assets and liabilities: | ||
Increase (decrease) in accounts payable and accrued liabilities | 9,922 | (7,461) |
Increase in interest receivable | (625) | |
Net cash provided by operating activities | (28,905) | (18,747) |
CASH FLOWS (USED IN) INVESTING ACTIVITIES: | ||
Grant of loan to shareholder | (75,000) | |
Net cash (used in) investing activities | (75,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Loan from shareholder | 19,980 | |
Net cash provided by financing activities | 19,980 | |
Net (decrease) increase in cash | (103,905) | 1,233 |
Cash at beginning of period | 107,064 | |
Cash at end of period | 3,159 | 1,233 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | ||
Franchise taxes |
General
General | 3 Months Ended |
Mar. 31, 2023 | |
General Abstract | |
GENERAL | NOTE 1 – GENERAL Fuel Doctor Holdings, Inc. (“Fuel Doctor” or the “Company”) was incorporated in the state of Delaware on March 25, 2008 as Silver Hill Management Services, inc. On August 24, 2011, the Company changed its name to Fuel Doctor Holdings, Inc. On January 6, 2022, Amitay Weiss, Asaf Itzhaik and Moshe Revach were appointed to fill existing vacancies on the Company’s Board of Directors in accordance with the written consent of majority of directors dated January 6, 2022. None of the newly appointed Directors had a prior relationship with the Company. In addition, on January 6, 2022, Amitay Weiss was appointed as the Chief Executive Officer of the Company and on January 26, 2022, Gadi Levin was appointed Chief Financial Officer of the Company. On January 7, 2022, Deanna Johnson resigned as an officer and as a director of the Company. On March 28, 2023, the Company entered into a Securities Exchange Agreement (the “Acquisition Agreement”) with the stockholders of Charging Robotics Pursuant to the Acquisition Agreement, at the closing, which occurred on April 7, 2023, the Company acquired 100% of the issued and outstanding stock of Charging Robotics (the “Acquisition”), making Charging Robotics a wholly-owned subsidiary of the Company, in exchange for the issuance of a total of 921,750,000 newly issued shares of the Company’s common stock. Charging Robotics is a pre-revenue start-up Israeli private company and has set out to change the way electric vehicles are charged. They are developing a robotic platform for charging vehicles in a wireless and automatic manner. At the heart of the technology is a wireless power transfer module that uses resonance coils to transfer energy wirelessly from the robot to the vehicle. The robotic platform is small enough to fit under the vehicle, it automatically positions itself for maximum efficiency charging and returns to its docking station at the end of the charging operation. On April 6, 2023, the Company sold a total of 136,500,000 newly issued shares of the Company’s common stock to a total of three investors for a total of $500,500. Since January 2020, the Coronavirus outbreak has dramatically expanded into a worldwide pandemic creating macro-economic uncertainty and disruption in the business and financial markets. Many countries around the world, including Canada and the United States have been taking measures designated to limit the continued spread of the Coronavirus, including the closure of workplaces, restricting travel, prohibiting assembling, closing international borders and quarantining populated areas. Such measures present concerns that may dramatically affect the Company’s ability to conduct its business effectively. The Company may face difficulties in our ongoing research and development because of the outbreak of COVID-19. The Company is continuing to assess its business plans and the impact COVID-19 is having on the Company’s research and development timelines The extent to which COVID-19 and global efforts to contain its spread will impact our operations will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity and scope of the outbreak and the actions taken to contain or treat the coronavirus outbreak. The Company currently believes that the execution of our clinical trials and research programs are delayed by at least one quarter due to COVID-19. |
Unaudited Interim Condensed Fin
Unaudited Interim Condensed Financial Statements | 3 Months Ended |
Mar. 31, 2023 | |
Unaudited Interim Condensed Financial Statements [Abstract] | |
UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS | NOTE 2 - UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS Basis of Presentation: The accompanying unaudited condensed financial statements include the accounts of the Company and were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Unaudited Interim Financial Information The Company’s unaudited condensed financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The unaudited condensed financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all adjustments that are necessary to present fairly the Company’s financial position and results of operations for the interim periods presented. The results for the three months ended March 31, 2023 are not necessarily indicative of the results for the year ending December 31, 2023, or for any future period. Accordingly, these condensed financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2022 and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 21, 2023 (the “2022 Annual Report”). As of March 31, 2023, there have been no material changes in the Company’s significant accounting policies from those that were disclosed in the 2022 Annual Report. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2023 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The condensed financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since Inception (March 25, 2008) resulting in an accumulated deficit of $1,659,748 as of December 31, 2022 and $1,697,950 as of March 31, 2023 and further losses are anticipated in the development of its business. Management expects the Company to continue to generate substantial operating losses and to continue to fund its operations primarily through utilization of its current financial resources and through additional raises of capital. Such conditions raise substantial doubts about the Company’s ability to continue as a going concern. Management’s plan includes raising funds from outside potential investors. However, there is no assurance such funding will be available to the Company or that it will be obtained on terms favorable to the Company or will provide the Company with sufficient funds to meet its objectives. These financial statements do not include any adjustments relating to the recoverability and classification of assets, carrying amounts or the amount and classification of liabilities that may be required should the Company be unable to continue as a going concern. |
Shareholders_ Loan
Shareholders’ Loan | 3 Months Ended |
Mar. 31, 2023 | |
Shareholders’ Loan [Abstract] | |
SHAREHOLDERS’ LOAN | NOTE 4 – SHAREHOLDERS’ LOAN On January 26, 2023, the Company granted Charging Robotics a loan in the amount of $75,000 (“Loan”). The Loan bears interest at 5% per annum and is repayable at any time by Charging Robotics through to December 31, 2023. |
Common Stock and Preferred Stoc
Common Stock and Preferred Stock | 3 Months Ended |
Mar. 31, 2023 | |
Common Stock and Preferred Stock [Abstract] | |
COMMON STOCK AND PREFERRED STOCK | NOTE 5 – COMMON STOCK AND PREFERRED STOCK On March 22, 2022, the Company Amended the Articles of Incorporation and increased the number of authorized shares to 3,000,000,000 with a par value of $0.0001 of which 2,990,000,000 shares shall be common stock with a par value of $0.0001 and 10,000,000 shares shall be preferred stock with a par value of $0.0001. There were 314,406,030 shares of common stock outstanding at March 31, 2023 and December 31, 2022. There were no shares of preferred stock outstanding at March 31, 2023 and December 31, 2022. Common Stock: There were no stock issuances during the three months ended March 31, 2023. Preferred Stock As of March 31, 2023 and December 31, 2022 there are no preferences assigned to the preferred stock. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS In support of the Company’s efforts and cash requirements, the Company may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of stock or traditional debt financing. There is no formal written commitment for continued support by related parties. (i) The compensation to key management personnel for employment services they provide to the Company is as follows: Three months ended Three months ended March 31, March 31, 2023 2022 Officers: Consulting Fees - CFO $ 9,000 $ 6,000 $ 9,000 $ 6,000 No director fees were paid during the three months ended March 31, 2023 and 2022. (ii) Balances with related parties March 31, December 31, 2023 2022 Consulting Fees - CFO $ 3,000 $ 3,000 $ 3,000 $ 3,000 On March 8, 2022, a shareholder advanced the Company a loan in the amount of $20,000. The loan bears interest at 1% per annum and is repayable at the request of the shareholder. The loan was repaid on May 16, 2022. Interest on the loan amounted to $54. The Company currently operates out of an office of a related party free of rent. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 - SUBSEQUENT EVENTS The Company evaluated all other events or transactions that occurred through May 15, 2023. The Company determined that it does not have any other subsequent event requiring recording or disclosure in the financial statements for the three months ended March 31, 2023, other than the closing of the Acquisition (see note 1). On March 28, 2023, pursuant to the Letter of Intent, and subject to changes therein, the Company entered into a Securities Exchange Agreement (the “Acquisition Agreement”) with the stockholders of Charging Robotics Pursuant to the Acquisition Agreement, at the closing, which occurred on April 7, 2023, the Company acquired 100% of the issued and outstanding stock of Charging Robotics (the “Acquisition”), making Charging Robotics a wholly-owned subsidiary of the Company, in exchange for the issuance of a total of 921,750,000 newly issued shares of the Company’s common stock. On April 6, 2023, the Company sold a total of 136,500,000 newly issued shares of the Company’s common stock to a total of three investors for a total of $500,500. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited condensed financial statements include the accounts of the Company and were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The Company’s unaudited condensed financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The unaudited condensed financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all adjustments that are necessary to present fairly the Company’s financial position and results of operations for the interim periods presented. The results for the three months ended March 31, 2023 are not necessarily indicative of the results for the year ending December 31, 2023, or for any future period. Accordingly, these condensed financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2022 and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 21, 2023 (the “2022 Annual Report”). |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] [Standard Label] | |
Schedule of compensation to key management personnel for employment services | Three months ended Three months ended March 31, March 31, 2023 2022 Officers: Consulting Fees - CFO $ 9,000 $ 6,000 $ 9,000 $ 6,000 March 31, December 31, 2023 2022 Consulting Fees - CFO $ 3,000 $ 3,000 $ 3,000 $ 3,000 |
General (Details)
General (Details) - USD ($) | Apr. 06, 2023 | Mar. 28, 2023 |
General Abstract | ||
Issuance of shares | 136,500,000 | 921,750,000 |
Proceeds from Issuance of shares (in Dollars) | $ 500,500 |
Going Concern (Details)
Going Concern (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 1,697,950 | $ 1,659,748 |
Shareholders_ Loan (Details)
Shareholders’ Loan (Details) - Charging Robotics [Member] | Jan. 26, 2023 USD ($) |
Shareholders’ Loan (Details) [Line Items] | |
Loan amount | $ 75,000 |
Loan bears interest, percentage | 5% |
Common Stock and Preferred St_2
Common Stock and Preferred Stock (Details) - $ / shares | Mar. 31, 2023 | Mar. 22, 2023 | Dec. 31, 2022 |
Common Stock and Preferred Stock (Details) [Line Items] | |||
Number of shares authorized | 3,000,000,000 | ||
Shares par value (in Dollars per share) | $ 0.0001 | ||
Common stock, shares outstanding | 314,406,030 | 314,406,030 | |
Common Stock [Member] | |||
Common Stock and Preferred Stock (Details) [Line Items] | |||
Number of shares authorized | 2,990,000,000 | ||
Shares par value (in Dollars per share) | $ 0.0001 | ||
Preferred Stock [Member] | |||
Common Stock and Preferred Stock (Details) [Line Items] | |||
Number of shares authorized | 10,000,000 | ||
Shares par value (in Dollars per share) | $ 0.0001 |
Related Party Transactions (Det
Related Party Transactions (Details) | Mar. 08, 2022 USD ($) |
Related Party Transactions [Abstract] [Standard Label] | |
Loan amount | $ 20,000 |
Loan bears interest, percentage | 1% |
Interest loan | $ 54 |
Related Party Transactions (De
Related Party Transactions (Details) - Schedule of compensation to key management personnel for employment services - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Consulting Fees - CFO | $ 3,000 | $ 3,000 | |
Total Consulting Fees | 3,000 | $ 3,000 | |
Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Consulting Fees - CFO | 9,000 | $ 6,000 | |
Total Consulting Fees | $ 9,000 | $ 6,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Apr. 06, 2023 | Mar. 28, 2023 |
Subsequent Events [Abstract] | ||
Company acquired percentage | 100% | |
Issuance of shares | 136,500,000 | 921,750,000 |
Proceeds from Issuance of shares (in Dollars) | $ 500,500 |