| NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | (a)
Basis of Presentation These
financial statements and related notes are presented in accordance with accounting principles generally accepted in the United
States and are expressed in US dollars. The
Company’s fiscal year-end is December 31. (b)
Use of Estimates The
preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company
regularly evaluates estimates and assumptions related to the recoverability of long-lived assets and deferred income tax asset
valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other
factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources.
The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent
there are material differences between the estimates and the actual results, future results of operations will be affected. (c)
Cash and Cash Equivalents For
purposes of the statement of cash flows, cash equivalents include demand deposits, money market funds, and all highly liquid debt
instructions with original maturities of three months or less. (d)
Financial Instruments The
FASB issued ASC 820-10, Fair Value Measurements and Disclosures
- Level 1: Quoted
prices in active markets for identical assets or liabilities
- Level 2: Observable
inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are
not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full
term of the related assets or liabilities.
- Level 3: Unobservable
inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
(e)
Concentrations and Credit Risk The
Company does not have any financial asset and therefore is not exposed to any credit risks. Cash
(g)
Net Loss Per Common Share The
Company computes net income or loss per share in accordance with ASC 260 Earnings per Share. Under the provisions of the Earnings
per Share Topic ASC, basic net loss per share is computed by dividing the net loss available to common stockholders for the period
by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per
share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. (g)
Income Taxes The
Company accounts for its income taxes in accordance with ASC 740 Income Taxes, which requires recognition of deferred tax assets
and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts of existing
assets and liabilities and their respective tax bases and tax credit carry forwards. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations
in the period that includes the enactment date. A valuation allowance is provided for the amount of deferred tax assets that would
otherwise be recorded for income tax benefits primarily relating to operating loss carryforwards as realization cannot be determined
to be more likely than not. The
statement establishes a more-likely-than-not threshold for recognizing the benefits of tax return positions in the financial statements.
Also, the statement implements a process for measuring those tax positions which meet the recognition threshold of being ultimately
sustained upon examination by the taxing authorities. There are no uncertain tax positions taken by the Company on its tax returns
and the adoption of the statement had no material impact to the Company’s consolidated financial statements. The Company
files tax returns in the US and states in which it has operations and is subject to taxation. Tax years subsequent to 2013 remain
open to examination by U.S. federal and state tax jurisdictions. (h)
Commitment and Contingencies The
Company follows ASC 450-20, Loss Contingencies (i)
Recently Issued Accounting Pronouncements In
June 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-07, Compensation – Stock Compensation
(Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based
payment transactions for acquiring goods and services from nonemployees except for certain circumstances. Any transition impact
will be a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. This ASU is effective
for the annual period beginning after December 15, 2018, including interim periods within that annual period and early adoption
is permitted. We have adopted this guidance on January 1, 2019 and there is no material impact on our financial statements.
In
February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which will require organizations that lease assets to recognize
on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Qualitative and quantitative
disclosures are required, and optional practical expedients may be elected. This ASU is effective for the annual period beginning
after December 15, 2018, including interim periods within that annual period. Subsequent amendments to the initial guidance have
been issued in January 2017, January 2018, and July 2018 within ASU No. 2017-03, ASU No. 2018-01, ASU No. 2018-10, and ASU No.
2018-11 regarding qualitative disclosures, optional practical expedients, codification improvements and an optional transition
method to adopt with a cumulative-effect adjustment versus a modified retrospective approach. These updates do not change the
core principle of the guidance under ASU No. 2016-02, but rather provide implementation guidance. This pronouncement will have
no impact on these financial statements. In
August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the
Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurement by removing,
modifying, and adding certain disclosures. This ASU is effective for the annual period beginning after December 15, 2019, including
interim periods within that annual period. . We do not expect his pronouncement will not have a material impact on our financial
statements. In
August 2018, the SEC adopted amendments to simplify certain disclosure requirements, as set forth in Securities Act Release No.
33-10532, Disclosure Update and Simplification, which includes a requirement for entities to present the changes in shareholders’
equity in the interim financial statements in quarterly reports on Form 10-Q. This amendment is effective for all filings made
on or after November 5, 2018. In light of the timing of effectiveness of the amendment and proximity to the filing date for most
filers’ quarterly reports, the SEC has allowed for a filer’s first presentation of the changes in shareholders’
equity to be included in its Form 10-Q for the quarter that begins after the effective date. . We do not expect his pronouncement
will not have a material impact on our financial statements. |
