Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-56318 | |
Entity Registrant Name | AMERICAN METALS RECOVERY AND RECYCLING INC. | |
Entity Central Index Key | 0001488638 | |
Entity Tax Identification Number | 27-2262066 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 7119 West Sunset Boulevard | |
Entity Address, City or Town | Los Angeles | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90046 | |
City Area Code | (323) | |
Local Phone Number | 970-2358 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | AMRR | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 11,081,336 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 15,164 | $ 43,436 |
Total Current Assets | 15,164 | 43,436 |
Total Assets | 15,164 | 43,436 |
Current liabilities | ||
Accounts payable and accrued expenses | 481 | 1,030 |
Note Payable and Accrued Interest – Related Party | 97,108 | 93,733 |
Total Liabilities | 97,589 | 94,763 |
Stockholders' deficit | ||
Preferred Stock, $0.001 par value, 5,000,000 shares authorized, 600,000 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 600 | 600 |
Common Stock, 50,000,000 authorized at $0.001 par value; 11,081,336 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 11,081 | 11,081 |
Additional paid-in capital | 507,571 | 507,571 |
Accumulated deficit | (601,677) | (570,579) |
Total stockholders' deficit | (82,425) | (51,327) |
Total liabilities and stockholders' deficit | $ 15,164 | $ 43,436 |
CONDENSED BALANCE SHEETS (Una_2
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 600,000 | 600,000 |
Preferred stock, shares outstanding | 600,000 | 600,000 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued | 11,081,336 | 11,081,336 |
Common stock, shares outstanding | 11,081,336 | 11,081,336 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Operating Expenses | ||||
General and Administrative | 8,483 | 7,660 | 27,723 | 34,689 |
Total Operating Expenses | 8,483 | 7,660 | 27,723 | 34,689 |
Net Operating Income (Loss) | (8,483) | (7,660) | (27,723) | (34,689) |
Other (Expense) | ||||
Interest Expense | (1,124) | (1,125) | (3,374) | (3,351) |
Total Other Expense | (1,124) | (1,125) | (3,374) | (3,351) |
Net (loss) | $ (9,607) | $ (8,785) | $ (31,097) | $ (38,040) |
Net (loss) per common share – basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic and diluted | 11,081,336 | 11,081,336 | 11,081,336 | 11,012,358 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances at December 31, 2019 at Dec. 31, 2019 | $ 600 | $ 10,781 | $ 432,871 | $ (542,454) | $ (98,202) |
Balance at beginning, shares at Dec. 31, 2019 | 600,000 | 10,781,336 | |||
Net loss | (38,040) | (38,040) | |||
Balances at September 30, 2020 at Sep. 30, 2020 | $ 600 | $ 11,081 | 507,571 | (580,494) | (61,242) |
Balance at ending, shares at Sep. 30, 2020 | 600,000 | 11,081,336 | |||
Common Stock Issued for Cash | $ 300 | 74,700 | 75,000 | ||
Stock Issued During Period, Shares, New Issues | 300,000 | ||||
Balances at December 31, 2019 at Dec. 31, 2019 | $ 600 | $ 10,781 | 432,871 | (542,454) | (98,202) |
Balance at beginning, shares at Dec. 31, 2019 | 600,000 | 10,781,336 | |||
Balances at September 30, 2020 at Dec. 31, 2020 | $ 600 | $ 11,081 | 507,571 | (570,579) | $ (51,327) |
Balance at ending, shares at Dec. 31, 2020 | 600,000 | 11,081,336 | |||
Stock Issued During Period, Shares, New Issues | 300,000 | ||||
Balances at December 31, 2019 at Jun. 30, 2020 | $ 600 | $ 11,081 | 507,571 | (571,709) | $ (52,457) |
Balance at beginning, shares at Jun. 30, 2020 | 600,000 | 11,081,336 | |||
Net loss | (8,785) | (8,785) | |||
Balances at September 30, 2020 at Sep. 30, 2020 | $ 600 | $ 11,081 | 507,571 | (580,494) | (61,242) |
Balance at ending, shares at Sep. 30, 2020 | 600,000 | 11,081,336 | |||
Common Stock Issued for Cash | |||||
Balances at December 31, 2019 at Dec. 31, 2020 | $ 600 | $ 11,081 | 507,571 | (570,579) | (51,327) |
Balance at beginning, shares at Dec. 31, 2020 | 600,000 | 11,081,336 | |||
Net loss | (31,097) | (31,097) | |||
Balances at September 30, 2020 at Sep. 30, 2021 | $ 600 | $ 11,081 | 507,571 | (601,677) | (82,425) |
Balance at ending, shares at Sep. 30, 2021 | 600,000 | 11,081,336 | |||
Rounding | (1) | (1) | |||
Common Stock Issued for Cash | $ 75,000 | ||||
Stock Issued During Period, Shares, New Issues | 300,000 | ||||
Balances at December 31, 2019 at Jun. 30, 2021 | $ 600 | $ 11,081 | 507,571 | (592,070) | $ (72,818) |
Balance at beginning, shares at Jun. 30, 2021 | 600,000 | 11,081,336 | |||
Net loss | (9,607) | (9,607) | |||
Balances at September 30, 2020 at Sep. 30, 2021 | $ 600 | $ 11,081 | $ 507,571 | $ (601,677) | $ (82,425) |
Balance at ending, shares at Sep. 30, 2021 | 600,000 | 11,081,336 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (31,097) | $ (38,040) |
Changes in Operating Assets and Liabilities | ||
Accounts Payable | (550) | (2,500) |
Accrued Expenses | (6,444) | |
Accrued Interest on Related Party Note Payable | 3,375 | 3,351 |
Related Party Accrued Liabilities | 7,150 | |
Net cash (used in) operating activities | (28,272) | (36,483) |
Cash used in investing activities | ||
Cash flows from financing activities | ||
Sale of Common Stock for Cash | 75,000 | |
Net cash provided by financing activities | 75,000 | |
Net increase (decrease) in cash | (28,272) | 38,517 |
Cash, beginning of period | 43,436 | |
Cash, end of period | 15,164 | 38,517 |
Supplemental disclosure of cash flow information | ||
Interest paid | ||
Income taxes paid |
NATURE OF BUSINESS AND SUMMARY
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES | NOTE 1 – NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES Nature of Business American Metals Recovery and Recycling Inc. ("Company”), a Nevada corporation, was formed on June 29, 2009 as Premier Oil Field Services, Inc. and changed its name to American Metals Recovery and Recycling Inc. on April 25, 2014. The Company serviced the oil industry and then proposed to enter the recycling business. Since that time, the company has been dormant when it attempted to enter the recycling industry. The term "we" and "our" refers to the Company and its subsidiaries unless otherwise stated. American Metals Recovery and Recycling Inc. (“we” or the “Company”) was incorporated in the State of Nevada on June 29, 2009. We were formed in order to acquire 100 On April 7, 2014, the Company entered into a Share Exchange Agreement (the “Exchange Agreement”) with Perfect Metals Inc., a Nevada corporation (“Perfect Metals”) and the shareholders (the “PM Shareholders”) holding all of the issued and outstanding common stock (“PM Common Stock”) of Perfect Metals. Under the Exchange Agreement, the PM Shareholders sold, transferred, conveyed and assigned all their share of PM Common Stock to the Company and the Company issued to the PM Shareholders an aggregate of 9,000,000 .001 On October 1, 2014, the Circuit Court of Adair County of the State of Missouri (the “Court”) issued an order (the “Order”) in Case Number 15CK-CC00028, State of Missouri in the Circuit Court of Clark County, appointing a receiver to keep, preserve and protect the businesses (the “Businesses”) of Perfect Metals USA, LLC and Whispers, LC, both wholly-owned indirect subsidiaries of the Company). The Order was issued by the Court as a result of a dispute arising out of a September 23, 2014 petition for breach of employment agreement, tortious interference with contract, fraud, breach of fiduciary duty, civil conspiracy, declaratory judgment and preliminary and permanent injunctive relief (the “Petition”) filed by David Janes, an affiliate of the Company and a former director and officer of the Company’s subsidiaries, which Petition named as defendants (i) Gordon Muir, the Company’s President, Chief Executive Officer, Chief Financial Officer and sole member of the Company’s Board of Directors; (ii) Traci Muir, Gordon Muir’s spouse; (iii) the Company; (iv) Perfect Metals USA, the Company’s subsidiary; (v) Perfect Metals USA, LLC, the Company’s subsidiary; (vi) Whispers, LLC, the Company’s subsidiary (collectively, the “Defendants”). The Defendants disputed the claims set forth in the Petition and on October 15, 2014, filed with the Court an answer denying the claims set forth in the Petition and asserting that all actions taken by the Defendants were done with due authority and justification. Furthermore, the Defendants filed a counterclaim against Mr. Janes and various other parties affiliated with or acting under instruction of Mr. Janes for damages and declaratory judgment arising out of the Counterclaim. On August 20, 2015, the Company executed a settlement agreement in resolution of the litigation. The settlement was confirmed by the Court on September 25, 2015. Pursuant to the Memorandum of Settlement and Joint Motion for Dismissal of All Claims and Counterclaims and Termination of Receivership, the Court thereby adjudged and vacated the Order of October 1, 2014 appointing a receiver for Perfect Metals USA L.L.C. and Whispers L.L.C. and terminates the receivership as to those entities. Plaintiff’s Petition, and all claims and causes of action set forth therein, were thereby dismissed with prejudice. Counterclaimants’ First Amended Counterclaim, and all claims and causes of action set forth therein, were thereby dismissed with prejudice. As of September 25, 2015 and thereafter, the Company can be defined as a "shell" company, whose sole purpose at this time is to locate and consummate a merger or acquisition with a private entity. The Company currently intends to seek to acquire assets or shares of an entity actively engaged in business which generates revenues in exchange for its securities. The Company has no particular acquisitions in mind and has not currently entered into any negotiations regarding such an acquisition. The Company's officer and director has not engaged in any preliminary contact or discussions with any representative of any other company regarding the possibility of an acquisition or merger between the Company and such other company as of the date hereof. The Company’s common stock is subject to quotation on the OTC Markets Group, Inc. Pink Open Market Platform (“Pink Sheets”) under the symbol AMRR. There is currently only a limited trading market in the Company’s shares, nor do we believe that any active trading market has existed for approximately the last 5 years. There can be no assurance that there will be an active trading market for our securities following the effective date of this Registration Statement under the Securities Exchange Act of 1934, as amended (“Exchange Act”). Exchange Act. In the event that an active trading market commences, there can be no assurance as to the market price of our shares of common stock, whether the trading market will provide liquidity to investors or whether any trading market will be sustained. Basis of Preparation The accompanying financial statements include the financial information of American Metals Recovery and Recycling Inc. (the "Company") have been prepared in accordance with the instructions to financial reporting as prescribed by the Securities and Exchange Commission (the "SEC"). The preparation of these financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles ("GAAP"). In the opinion of management, the financial statements contained in this report include all known accruals and adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods reported herein. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. Adoption of New Accounting Standard In February 2016, the FASB issued ASU 2016-02 " Leases", Leases" In September 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation, to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments for employees, with certain exceptions. Under the new guidance, the cost for nonemployee awards may be lower and less volatile than under current US GAAP because the measurement generally will occur earlier and will be fixed at the grant date. This update is effective for annual financial reporting periods, and interim periods within those annual periods, beginning after December 15, 2018, although early adoption is permitted. The Company adopted the standard effective January 1, 2019, and found the adoption did not have a material effect on our financial statements. The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on their financial position, results of operations or cash flows. Accounting Standards not yet Adopted In September 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Use of Estimates The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are primarily used in our revenue recognition, long-lived asset impairments and adjustments, deferred tax, stock-based compensation, and reserves for legal matters. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash and cash equivalents. Related Parties The Company follows ASC 850, Related Party Disclosures 97,108 93,733 Stock-Based Compensation The Company accounts for stock-based compensation to employees in accordance with ASC 718 requiring employee equity awards to be accounted for under the fair value method. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award and is recognized as expense over the requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with ASC 505-50. Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the services, based on the fair value of the equity instruments and is recognized as expense over the service period. The Company estimates the fair value of share-based payments using the Black-Scholes option-pricing model for common stock options and the closing price of the company's common stock for common share issuances. Revenue Recognition The core principles of revenue recognition under ASC 606 include the following five criteria: 1. Identify the contract with the customer Contract with our customers may be oral, written, or implied. A written and signed invoice stating the terms and conditions is the Company' preferred method. The terms of a written contract may be contained within the body of an invoice or in an email. No work is commenced without an understanding between the Company and our client that a valid contract exists. 2. Identify the performance obligations in the contract Our sales and account management teams define the scope of services to be offered, to ensure all parties are in agreement and obligations are being delivered to the customer as promised. The performance obligation may not be fully identified in a mutually signed contract, but may be outlined in email correspondence, face-to-face meetings, additional proposals or scopes of work, or phone conversations. 3. Determine the transaction price Pricing is discussed and identified by the operations team prior to submitting an invoice to the customer. 4. Allocate the transaction price to the performance obligations in the contract If a contract involves multiple obligations, the transaction pricing is allocated accordingly, during the performance obligation phase. 5. Recognize revenue when (or as) we satisfy a performance obligation The Company uses digital marketing that includes digital advertising, SEO management and digital ad support. We provide whether presenting a vibrant but simple message about our clients that will enlighten their audience or deploying an influential digital marketing campaign on our online site or across one or multiple social media platforms. Revenue is recognized when ads are run on Company's advertising platform. The company generates analytical reports monthly or as required to show how the ad dollars were spent and how the targeting resulted in click-through. The report satisfies the performance obligation, regardless of the outcome or effectiveness of the campaign. Sales are recognized when promised services are started in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Sales for service contracts generally are recognized as the services are being provided. Accounts Receivable and Allowance for Doubtful Accounts The Company establishes an allowance for bad debts through a review of several factors including historical collection experience, current aging status of the customer accounts, and financial condition of our customers. The Company does not generally require collateral for our accounts receivable. There were no Risk Concentrations The Company does not hold cash in excess of federally insured limits. General and Administrative Expenses The Company's general and administrative expenses consisted of the following types of expenses during 2021 and 2020: Legal and accounting, consulting, office expenses and other administrative related expenses. Property and Equipment Property and equipment are carried at the cost of acquisition or construction and depreciated over the estimated useful lives of the assets. Costs associated with repair and maintenance are expensed as incurred. Costs associated with improvements which extend the life, increase the capacity, or improve the efficiency of our property and equipment are capitalized and depreciated over the remaining life of the related asset. Gains and losses on dispositions of equipment are reflected in operations. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Impairment of Long-Lived Assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is determined based on either expected future cash flows at a rate we believe incorporates the time value of money. No indications of impairments were identified in 2021 or 2020. Basic and Diluted Net (Loss) per Share Schedule of earning per share basic and diluted: Nine Months Sept 30, 2021 Nine Months Sept 30, 2020 Numerator: Net (Loss) attributable to common shareholders of American Metals Recovery and Recycling, Inc. $ (31,097 ) $ (38,040 ) Net (Loss) attributable to American Metals Recovery and Recycling, Inc. $ (31,097 ) $ (38,040 ) Denominator: Weighted average common and common equivalent shares outstanding – basic and diluted 11,081,336 11,012,358 Earnings (Loss) per Share attributable to American Metals Recovery and Recycling, Inc.: Basic $ (0.00 ) $ (0.00 ) Diluted $ (0.00 ) $ (0.00 ) When an entity has a net loss, it is prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have utilized basic shares outstanding to calculate both basic and diluted loss per share for the periods ended September 30, 2021, and 2020. The number of potential anti-dilutive shares excluded from the calculation shares for the period ended September 30, 2021, is 21,401,000 Income Taxes In December 2017, the Tax Cuts and Jobs Act (the "Act") was enacted, which, among other changes, reduced the federal statutory corporate tax rate from 35 21 21 The Company's deferred tax assets consisted of the following as of September 30, 2021 and December 31, 2020: Schedule of deferred tax assets and liabilities: Jun 30, 2021 Dec 31, 2020 Net operating loss $ 12,437 $ 5,906 Valuation allowance (12,437 ) (5,906 ) Net deferred tax asset - - Uncertain tax position The Company also follows the guidance related to accounting for income tax uncertainties. In accounting for uncertainty in income taxes, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. No liability for unrecognized tax benefits was recorded as of September 30, 2021 and December 31, 2020. Fair Value of Financial Instruments The Company's financial instruments consist of cash and cash equivalents, accounts payable and debt. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Research and Development The Company spent no Advertising Cost The Company spent $ 0 |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN As shown in the accompanying condensed consolidated financial statements, The Company has an accumulated deficit of $ 601,677 82,425 The Company continues to review its expense structure. Management plans to continue raising funds through debt and equity financing. This financing may be insufficient to fund expenditures or other cash requirements. There can be no assurance that additional financing will be available to the Company on acceptable terms or at all. These financial statements do not give effect to adjustments to assets would be necessary for the Company be unable to continue as going concern. |
NOTES PAYABLE AND CONVERTIBLE N
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES | NOTE 3 – NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES As of September 30, 2021, and December 31, 2020, the Company had unamortized discount of $ 3,882 0 The Company analyzed the below convertible notes for derivatives noting none. On December 16, 2019, the Company issued a Promissory Note to Specialty Capital Lenders LLC (“Specialty”) in the amount of Eighty-Nine Thousand Two Hundred Fifty-Eight dollars ($89,258.00) (see Note 6. Related Party Promissory Note). The unpaid principal accrues interest at the rate of five percent (5.00%) per annum starting on January 1, 2020, and the note matures on January 31, 2021 (the “Maturity Date”). On the Maturity Date, the Company must pay Specialty the outstanding principal balance together with all accrued and unpaid interest. Schedule of debt As of As of Sept 30, 2021 Dec 31, 2020 Principal $ 89,258 $ 89,258 $ Accrued and unpaid interest 7,850 4,475 Total $ 97,108 $ 93,733 Schedule of short term debt Original Due Interest Conversion Sept 30, Name Note Date Date Rate Rate 2021 Related Party Notes Payable: Specialty Capital Lenders LLC 12/16/2019 10/31/2021 5 % $ - $ 89,258 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS The Company is provided office space by one of the officers and directors at no charge. The Company believes that this office space is sufficient for its needs for the foreseeable future. On December 16, 2019, the Company’s former President sold the obligation owed to him by the Company of $ 89,258 5 As of both September 30, 2021 and December 31, 2020, the Company recorded both the principal and accrued and unpaid interest related to the Promissory Note as a current liability on its balance sheet, as the note’s October 31, 2021 maturity date is within twelve (12) months of the reporting date. As of As of Sept 30, 2021 Dec 31, 2020 Principal $ 89,258 $ 89,258 Accrued and unpaid interest 7,850 4,475 Total $ 97,108 $ 93,733 As of September 30, 2021, the Company has a balance of $ 97,108 93,733 |
STOCK HOLDERS' DEFICIT
STOCK HOLDERS' DEFICIT | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCK HOLDERS' DEFICIT | NOTE 5 – STOCK HOLDERS' DEFICIT Common Stock The Company is authorized to issue 50,000,000 0.001 11,081,336 During the nine months ending September 30, 2021, the Company did not issue any common stock. During the nine months ending September 30, 2020, the Company issued 300,000 75,000 Preferred Stock The Company is authorized to issue 5,000,000 0.001 600,000 During the nine months ending September 30, 2021 and 2020, the Company did not issue any preferred stock. Options and Warrants As of September 30, 2021 and December 31, 2020, the Company has no options or warrants outstanding. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 6 – INCOME TAXES The Company follows ASC 740, Accounting for Income Taxes. During 2009, there was a change in control of the Company. Under section 382 of the Internal Revenue Code such a change in control negates much of the tax loss carry forward and deferred income tax. Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry forwards. For federal income tax purposes, the Company uses the accrual basis of accounting, the same that is used for financial reporting purposes. The Company did not have taxable income during 2021. The Company's deferred tax assets consisted of the following as of September 30, 2021, and December 31, 2020: 2021 2020 Net operating loss $ 12,437 $ 5,906 Valuation allowance (12,437 ) (5,906 ) Net deferred tax asset $ - $ - As of September 30, 2021, and December 31, 2020, the Company's accumulated net operating loss carry forward was approximately $ 601,677 570,579 21 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS As of September 30, 2021, the Company was obligated to Specialty Capital Lenders LLC for $ 89,258 7,850 January 31, 2022 |
NATURE OF BUSINESS AND SUMMAR_2
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation | Basis of Preparation The accompanying financial statements include the financial information of American Metals Recovery and Recycling Inc. (the "Company") have been prepared in accordance with the instructions to financial reporting as prescribed by the Securities and Exchange Commission (the "SEC"). The preparation of these financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles ("GAAP"). In the opinion of management, the financial statements contained in this report include all known accruals and adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods reported herein. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. |
Adoption of New Accounting Standard | Adoption of New Accounting Standard In February 2016, the FASB issued ASU 2016-02 " Leases", Leases" In September 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation, to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments for employees, with certain exceptions. Under the new guidance, the cost for nonemployee awards may be lower and less volatile than under current US GAAP because the measurement generally will occur earlier and will be fixed at the grant date. This update is effective for annual financial reporting periods, and interim periods within those annual periods, beginning after December 15, 2018, although early adoption is permitted. The Company adopted the standard effective January 1, 2019, and found the adoption did not have a material effect on our financial statements. The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on their financial position, results of operations or cash flows. |
Accounting Standards not yet Adopted | Accounting Standards not yet Adopted In September 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are primarily used in our revenue recognition, long-lived asset impairments and adjustments, deferred tax, stock-based compensation, and reserves for legal matters. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash and cash equivalents. |
Related Parties | Related Parties The Company follows ASC 850, Related Party Disclosures 97,108 93,733 |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation to employees in accordance with ASC 718 requiring employee equity awards to be accounted for under the fair value method. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award and is recognized as expense over the requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with ASC 505-50. Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the services, based on the fair value of the equity instruments and is recognized as expense over the service period. The Company estimates the fair value of share-based payments using the Black-Scholes option-pricing model for common stock options and the closing price of the company's common stock for common share issuances. |
Revenue Recognition | Revenue Recognition The core principles of revenue recognition under ASC 606 include the following five criteria: 1. Identify the contract with the customer Contract with our customers may be oral, written, or implied. A written and signed invoice stating the terms and conditions is the Company' preferred method. The terms of a written contract may be contained within the body of an invoice or in an email. No work is commenced without an understanding between the Company and our client that a valid contract exists. 2. Identify the performance obligations in the contract Our sales and account management teams define the scope of services to be offered, to ensure all parties are in agreement and obligations are being delivered to the customer as promised. The performance obligation may not be fully identified in a mutually signed contract, but may be outlined in email correspondence, face-to-face meetings, additional proposals or scopes of work, or phone conversations. 3. Determine the transaction price Pricing is discussed and identified by the operations team prior to submitting an invoice to the customer. 4. Allocate the transaction price to the performance obligations in the contract If a contract involves multiple obligations, the transaction pricing is allocated accordingly, during the performance obligation phase. 5. Recognize revenue when (or as) we satisfy a performance obligation The Company uses digital marketing that includes digital advertising, SEO management and digital ad support. We provide whether presenting a vibrant but simple message about our clients that will enlighten their audience or deploying an influential digital marketing campaign on our online site or across one or multiple social media platforms. Revenue is recognized when ads are run on Company's advertising platform. The company generates analytical reports monthly or as required to show how the ad dollars were spent and how the targeting resulted in click-through. The report satisfies the performance obligation, regardless of the outcome or effectiveness of the campaign. Sales are recognized when promised services are started in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Sales for service contracts generally are recognized as the services are being provided. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts The Company establishes an allowance for bad debts through a review of several factors including historical collection experience, current aging status of the customer accounts, and financial condition of our customers. The Company does not generally require collateral for our accounts receivable. There were no |
Risk Concentrations | Risk Concentrations The Company does not hold cash in excess of federally insured limits. |
General and Administrative Expenses | General and Administrative Expenses The Company's general and administrative expenses consisted of the following types of expenses during 2021 and 2020: Legal and accounting, consulting, office expenses and other administrative related expenses. |
Property and Equipment | Property and Equipment Property and equipment are carried at the cost of acquisition or construction and depreciated over the estimated useful lives of the assets. Costs associated with repair and maintenance are expensed as incurred. Costs associated with improvements which extend the life, increase the capacity, or improve the efficiency of our property and equipment are capitalized and depreciated over the remaining life of the related asset. Gains and losses on dispositions of equipment are reflected in operations. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is determined based on either expected future cash flows at a rate we believe incorporates the time value of money. No indications of impairments were identified in 2021 or 2020. |
Basic and Diluted Net (Loss) per Share | Basic and Diluted Net (Loss) per Share Schedule of earning per share basic and diluted: Nine Months Sept 30, 2021 Nine Months Sept 30, 2020 Numerator: Net (Loss) attributable to common shareholders of American Metals Recovery and Recycling, Inc. $ (31,097 ) $ (38,040 ) Net (Loss) attributable to American Metals Recovery and Recycling, Inc. $ (31,097 ) $ (38,040 ) Denominator: Weighted average common and common equivalent shares outstanding – basic and diluted 11,081,336 11,012,358 Earnings (Loss) per Share attributable to American Metals Recovery and Recycling, Inc.: Basic $ (0.00 ) $ (0.00 ) Diluted $ (0.00 ) $ (0.00 ) When an entity has a net loss, it is prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have utilized basic shares outstanding to calculate both basic and diluted loss per share for the periods ended September 30, 2021, and 2020. The number of potential anti-dilutive shares excluded from the calculation shares for the period ended September 30, 2021, is 21,401,000 |
Income Taxes | Income Taxes In December 2017, the Tax Cuts and Jobs Act (the "Act") was enacted, which, among other changes, reduced the federal statutory corporate tax rate from 35 21 21 The Company's deferred tax assets consisted of the following as of September 30, 2021 and December 31, 2020: Schedule of deferred tax assets and liabilities: Jun 30, 2021 Dec 31, 2020 Net operating loss $ 12,437 $ 5,906 Valuation allowance (12,437 ) (5,906 ) Net deferred tax asset - - |
Uncertain tax position | Uncertain tax position The Company also follows the guidance related to accounting for income tax uncertainties. In accounting for uncertainty in income taxes, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. No liability for unrecognized tax benefits was recorded as of September 30, 2021 and December 31, 2020. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company's financial instruments consist of cash and cash equivalents, accounts payable and debt. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. |
Research and Development | Research and Development The Company spent no |
Advertising Cost | Advertising Cost The Company spent $ 0 |
NATURE OF BUSINESS AND SUMMAR_3
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of earning per share basic and diluted: | Schedule of earning per share basic and diluted: Nine Months Sept 30, 2021 Nine Months Sept 30, 2020 Numerator: Net (Loss) attributable to common shareholders of American Metals Recovery and Recycling, Inc. $ (31,097 ) $ (38,040 ) Net (Loss) attributable to American Metals Recovery and Recycling, Inc. $ (31,097 ) $ (38,040 ) Denominator: Weighted average common and common equivalent shares outstanding – basic and diluted 11,081,336 11,012,358 Earnings (Loss) per Share attributable to American Metals Recovery and Recycling, Inc.: Basic $ (0.00 ) $ (0.00 ) Diluted $ (0.00 ) $ (0.00 ) |
Schedule of deferred tax assets and liabilities: | The Company's deferred tax assets consisted of the following as of September 30, 2021 and December 31, 2020: Schedule of deferred tax assets and liabilities: Jun 30, 2021 Dec 31, 2020 Net operating loss $ 12,437 $ 5,906 Valuation allowance (12,437 ) (5,906 ) Net deferred tax asset - - |
NOTES PAYABLE AND CONVERTIBLE_2
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Schedule of debt As of As of Sept 30, 2021 Dec 31, 2020 Principal $ 89,258 $ 89,258 $ Accrued and unpaid interest 7,850 4,475 Total $ 97,108 $ 93,733 |
Schedule of short term debt | Schedule of short term debt Original Due Interest Conversion Sept 30, Name Note Date Date Rate Rate 2021 Related Party Notes Payable: Specialty Capital Lenders LLC 12/16/2019 10/31/2021 5 % $ - $ 89,258 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
As of both September 30, 2021 and December 31, 2020, the Company recorded both the principal and accrued and unpaid interest related to the Promissory Note as a current liability on its balance sheet, as the note’s October 31, 2021 maturity date is within twelve (12) months of the reporting date. | As of both September 30, 2021 and December 31, 2020, the Company recorded both the principal and accrued and unpaid interest related to the Promissory Note as a current liability on its balance sheet, as the note’s October 31, 2021 maturity date is within twelve (12) months of the reporting date. As of As of Sept 30, 2021 Dec 31, 2020 Principal $ 89,258 $ 89,258 Accrued and unpaid interest 7,850 4,475 Total $ 97,108 $ 93,733 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
The Company's deferred tax assets consisted of the following as of September 30, 2021, and December 31, 2020: | The Company's deferred tax assets consisted of the following as of September 30, 2021, and December 31, 2020: 2021 2020 Net operating loss $ 12,437 $ 5,906 Valuation allowance (12,437 ) (5,906 ) Net deferred tax asset $ - $ - |
Schedule of earning per share b
Schedule of earning per share basic and diluted: (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||
Net (Loss) attributable to common shareholders of American Metals Recovery and Recycling, Inc. | $ (31,097) | $ (38,040) | ||
Net (Loss) attributable to American Metals Recovery and Recycling, Inc. | $ (9,607) | $ (8,785) | $ (31,097) | $ (38,040) |
Denominator: | ||||
Weighted average common and common equivalent shares outstanding – basic and diluted | 11,081,336 | 11,012,358 | ||
Earnings (Loss) per Share attributable to American Metals Recovery and Recycling, Inc.: | ||||
Basic | $ 0 | $ 0 | ||
Diluted | $ 0 | $ 0 |
Schedule of deferred tax assets
Schedule of deferred tax assets and liabilities: (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net operating loss | $ 12,437 | $ 12,437 | $ 5,906 |
Valuation allowance | (12,437) | (12,437) | (5,906) |
Net deferred tax asset |
NATURE OF BUSINESS AND SUMMAR_4
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Details Narrative) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Due to Related Parties, Current | $ 97,108 | $ 93,733 | ||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 0 | $ 0 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 21,401,000 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | |
Research and Development Expense | $ 0 | $ 0 | ||
Advertising Expense | $ 0 | $ 0 | ||
Maximum [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | 0.35 | |||
Minimum [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | 21 | |||
Premier Common Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Stock Issued During Period, Shares, Acquisitions | shares | 9,000,000 | |||
Business Acquisition, Share Price | $ / shares | $ 0.001 | |||
Subsidiaries [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (601,677) | $ (570,579) |
Working capital deficit | $ 82,425 |
Schedule of debt (Details)
Schedule of debt (Details) - Convertible Debt [Member] - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Principal | $ 89,258 | $ 89,258 |
$Accrued and unpaid interest | 7,850 | 4,475 |
Total | $ 97,108 | $ 93,733 |
Schedule of short term debt (De
Schedule of short term debt (Details) | 9 Months Ended | |
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Short-term Debt [Line Items] | ||
Due Date | Jan. 31, 2022 | |
Convertible Debt [Member] | ||
Short-term Debt [Line Items] | ||
Face Amount | $ 89,258 | $ 89,258 |
Specialty Capital Lenders Llc [Member] | Convertible Debt [Member] | ||
Short-term Debt [Line Items] | ||
Original Note Date | Dec. 16, 2019 | |
Due Date | Oct. 31, 2021 | |
Interest Rate | 5.00% | |
Conversion Rate | ||
Face Amount | $ 89,258 |
NOTES PAYABLE AND CONVERTIBLE_3
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Convertible Debt [Member] | ||
Short-term Debt [Line Items] | ||
Unamortized discount | $ 3,882 | $ 0 |
As of both September 30, 2021 a
As of both September 30, 2021 and December 31, 2020, the Company recorded both the principal and accrued and unpaid interest related to the Promissory Note as a current liability on its balance sheet, as the note’s October 31, 2021 maturity date is within (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Principal | $ 89,258 | $ 89,258 |
Accrued and unpaid interest | 7,850 | 4,475 |
Total | $ 97,108 | $ 93,733 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 16, 2019 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Accrued interest payable | $ 97,108 | $ 93,733 | |
President [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Related party | $ 89,258 | ||
Interest rate | 5.00% |
STOCK HOLDERS' DEFICIT (Details
STOCK HOLDERS' DEFICIT (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Equity [Abstract] | ||||
Common Stock, authorized | 50,000,000 | 50,000,000 | ||
Common Stock, par value (in dollars per shares) | $ 0.001 | $ 0.001 | ||
Common Stock, outstanding | 11,081,336 | 11,081,336 | ||
Number of shares issued | 300,000 | 300,000 | ||
Value of shares issued | $ 75,000 | $ 75,000 | ||
Preferred stock, authorized | 5,000,000 | 5,000,000 | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Preferred stock, outstanding | 600,000 | 600,000 |
The Company's deferred tax asse
The Company's deferred tax assets consisted of the following as of September 30, 2021, and December 31, 2020: (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | |||
Net operating loss | $ 12,437 | $ 12,437 | $ 5,906 |
Valuation allowance | (12,437) | (12,437) | (5,906) |
Net deferred tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Net operating loss carryforward | $ 601,677 | $ 570,579 | |
Corporate income tax rate (in percent) | 21.00% | 21.00% | 21.00% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Accrued interest | $ 89,258 | $ 89,258 |
Maturity date | Jan. 31, 2022 | |
Specialty Capital Lenders [Member] | ||
Short-term Debt [Line Items] | ||
Accrued interest | $ 89,258 | |
Total accrued interest | $ 7,850 |