Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2020 | Apr. 28, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | PAN GLOBAL, CORP. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 162,255,000 | |
Amendment Flag | false | |
Entity Central Index Key | 0001492617 | |
Entity Current Reporting Status | No | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity File Number | 000-1492617 | |
Entity Incorporation, State or Country Code | NV | |
Entity Interactive Data Current | No |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2020 | Sep. 30, 2020 |
ASSETS | ||
Total Assets | ||
Current liabilities | ||
Notes payable-related party | 26,812 | 22,670 |
Total current liabilities | 26,812 | 22,670 |
Total liabilities | 26,812 | 22,670 |
Commitments and contingencies | ||
Stockholders’ Equity | ||
Common stock, $0.0001 par value 550,000,000, shares authorized, 162,255,000 and 155,155,000 shares issued and outstanding as of December 31, 2020 and September 30, 2020, respectively | 16,226 | 15,516 |
Paid in Capital | 2,473,196 | 105,126 |
Accumulated deficit | (2,517,234) | (144,021) |
Total Stockholders’ (Deficit) | (26,812) | (22,670) |
Total Liabilities and Stockholders’ (Deficit) | ||
Series A Convertible Preferred Stock | ||
Stockholders’ Equity | ||
Preferred Stock, value | 1,000 | 225 |
Total Stockholders’ (Deficit) | 1,000 | 225 |
Series C Convertible Preferred Stock | ||
Stockholders’ Equity | ||
Preferred Stock, value | 480 | |
Total Stockholders’ (Deficit) | 480 | |
Series D Convertible Preferred Stock | ||
Stockholders’ Equity | ||
Preferred Stock, value | 5 | |
Total Stockholders’ (Deficit) | $ 5 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Dec. 31, 2020 | Sep. 30, 2020 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 550,000,000 | 550,000,000 |
Common stock, shares issued | 162,255,000 | 155,155,000 |
Common stock, shares outstanding | 162,255,000 | 155,155,000 |
Series A Convertible Preferred Stock | ||
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 | 10,000,000 | 2,250,000 |
Preferred stock, shares outstanding | 10,000,000 | 2,250,000 |
Series C Convertible Preferred Stock | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 4,800,000 |
Preferred stock, shares outstanding | 0 | 4,800,000 |
Series D Convertible Preferred Stock | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 50,000 |
Preferred stock, shares outstanding | 0 | 50,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | ||
Operating Expenses: | ||
Administrative expenses -related party | 2,373,213 | |
Total operating expenses | 2,373,213 | |
(Loss) from operations | (2,373,213) | |
Other expense | ||
Other (expense) net | ||
Income (loss) before provision for income taxes | (2,373,213) | |
Tax Provision | ||
Net (Loss) | $ (2,373,213) | |
Basic and diluted earnings(loss) per common share (in Dollars per share) | $ (0.01) | |
Weighted average number of shares outstanding (in Shares) | 161,637,609 | 155,155,000 |
Statements of Changes in Stockh
Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) | Series A Convertible Preferred Stock | Series C Convertible Preferred Stock | Series D Convertible Preferred Stock | Common Stock | Paid in Capital | Retained Earnings | Total |
Balance at Sep. 30, 2019 | $ 225 | $ 480 | $ 5 | $ 15,516 | $ 105,126 | $ (121,351) | |
Balance (in Shares) at Sep. 30, 2019 | 2,250,000 | 4,800,000 | 50,000 | 155,155,000 | |||
Net income (loss) | |||||||
Balance at Dec. 31, 2019 | $ 225 | $ 480 | $ 5 | $ 15,516 | 105,126 | (121,351) | |
Balance (in Shares) at Dec. 31, 2019 | 2,250,000 | 4,800,000 | 50,000 | 155,155,000 | |||
Balance at Sep. 30, 2020 | $ 225 | $ 480 | $ 5 | $ 15,516 | 105,126 | (144,021) | (22,670) |
Balance (in Shares) at Sep. 30, 2020 | 2,250,000 | 4,800,000 | 50,000 | 155,155,000 | |||
Conversion of preferred stock to common stock | $ (225) | $ (480) | $ (5) | $ 710 | |||
Conversion of preferred stock to common stock (in Shares) | (2,250,000) | (4,800,000) | (50,000) | 7,100,000 | |||
Issuance of preferred stock to related party | $ 1,000 | 2,368,070 | 2,369,070 | ||||
Issuance of preferred stock to related party (in Shares) | 10,000,000 | ||||||
Net income (loss) | (2,373,213) | (2,373,213) | |||||
Balance at Dec. 31, 2020 | $ 1,000 | $ 16,226 | $ 2,473,196 | $ (2,517,234) | $ (26,812) | ||
Balance (in Shares) at Dec. 31, 2020 | 10,000,000 | 162,255,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows From Operating Activities: | ||
Net income (loss) | $ (2,373,213) | |
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||
Stock based compensation related party | 2,369,071 | |
Net cash (used for) operating activities | (4,142) | |
Cash Flows From Investing Activities: | ||
Net cash provided by (used for) investing activities | ||
Cash Flows From Financing Activities: | ||
Proceeds from related party loans | 4,142 | |
Net cash provided by financing activities | 4,142 | |
Net Increase (Decrease) In Cash | ||
Cash At The Beginning Of The Period | ||
Cash At The End Of The Period | ||
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | ||
Cash paid for taxes |
Organization and Business Backg
Organization and Business Background | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | NOTE- 1 ORGANIZATION AND BUSINESS BACKGROUND Pan Global, Corp. (“the Company” was incorporated in the state of Nevada on April 30, 2010 under the name of Savvy Business Support, Inc. (“ Savvy Pursuant to the Exchange Agreement, consummated on April 26, 2013, the stockholders of Pan Asia transferred to Savvy 100% of the outstanding capital stock of Pan Asia (consisting of 15,000 shares of Common Stock, no par value) in exchange for, on a pro rata basis, an aggregate of 90,000,000 shares of Savvy’s Common Stock (the “Share Exchange”). As a result of the Share Exchange, Pan Asia became a wholly-owned subsidiary of Savvy and the business of Pan Asia became the business of the Company. On April 26, 2013, Savvy amended its Articles of Incorporation with the Secretary of State of Nevada thereby changing its name from “Savvy Business Support, Inc.” to “Pan Global, Corp.” On May 2, 2013, the OTCQB symbol of the Company’s Common Stock was changed from SVYB to PGLO. The Company has been dormant since June 30, 2014. On July 16, 2020, as a result of a custodianship in Clark County, Nevada, Case Number: A-20-816264-B, Custodian Ventures LLC (“Custodian”) was appointed custodian of Pan Global Corp. (the “Company”). On July 16, 2020, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP Management’s Representation of Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. As of December 31, 2020, the Company had no cash, negative working capital of $26,812 and an accumulated deficit of $2,517,234. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Recently the Company being funded by David Lazar who has extended interest-free demand loans to the Company. There can be no assurances that Mr. Lazar will continue to fund the Company, or that the Company can obtain any other sources of financing. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of 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 most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On December 31, 2020 and September 30, 2020, the Company had no cash on hand. Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations. |
Equity
Equity | 3 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
EQUITY | NOTE 3 – EQUITY Common Stock The Company has authorized 75,000,000 shares of $0.001 par value, common stock. As of December 31, 2020 and September 30, 2020 there were 162,255,00 and 155,155,000 shares of Common Stock issued and outstanding, respectively. Preferred Stock As of September 30, 2020 there were the following classes of Preferred Stock : ● Series A Convertible Preferred Stock, $0.0001, 10,000,000 shares authorized, 2,250,000 issued and outstanding ● Series C Convertible Preferred Stock, $0.0001, 5,000,000 shares authorized, 4,800,000 issued and outstanding ● Series D Convertible Preferred Stock, $0.0001, 5,000,000 shares authorized, 50,000 issued and outstanding On October 8, 2020, the Company outstanding Preferred A, Preferred C and Preferred D shares were converted to common shares. In November 2020 the Company designated 25,000,000 new Preferred Shares and 10,000,000 Par Value $0.0001 Preferred A Shares were designated and awarded to Custodian Ventures for services performed and for loans extended to the Company. Each preferred share is convertible to 162 shares of common stock. As of December 31, 2020 there were 10,000,000 shares of Preferred A shares issued and outstanding. |
Related Party Notes Payable
Related Party Notes Payable | 3 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY NOTES PAYABLE | NOTE 4 – RELATED PARTY NOTES PAYABLE All of the Company’s financing has come from its Court appointed custodian, Custodian Ventures, LLC who had loaned the Company $26,812 as of December 31, 2020 in the form of interest demand loans. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5 – COMMITMENTS AND CONTINGENCIES The Company did not have any contractual commitments as of December 31, 2020. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP |
Management’s Representation of Interim Financial Statements | Management’s Representation of Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. |
Going Concern | Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. As of December 31, 2020, the Company had no cash, negative working capital of $26,812 and an accumulated deficit of $2,517,234. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Recently the Company being funded by David Lazar who has extended interest-free demand loans to the Company. There can be no assurances that Mr. Lazar will continue to fund the Company, or that the Company can obtain any other sources of financing. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of 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 most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On December 31, 2020 and September 30, 2020, the Company had no cash on hand. |
Income taxes | Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. |
Net Loss per Share | Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations. |
Organization and Business Bac_2
Organization and Business Background (Details) - Exchange Agreement [Member] - Savvy [Member] | 1 Months Ended |
Apr. 26, 2013shares | |
Organization and Business Background (Details) [Line Items] | |
Outstanding capital stock, percentage | 100.00% |
Common Stock, shares issued | 15,000 |
Aggregate of common stock, shares | 90,000,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2020 | |
Accounting Policies [Abstract] | ||
Working capital | $ 26,812 | |
Accumulated deficit | $ (2,517,234) | $ (144,021) |
Equity (Details)
Equity (Details) - $ / shares | 1 Months Ended | ||
Nov. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | |
Equity (Details) [Line Items] | |||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, description | the Company designated 25,000,000 new Preferred Shares and 10,000,000 Par Value $0.0001 Preferred A Shares were designated and awarded to Custodian Ventures for services performed and for loans extended to the Company. Each preferred share is convertible to 162 shares of common stock. | ||
Common Stock [Member] | |||
Equity (Details) [Line Items] | |||
Common stock, shares authorized | 75,000,000 | 75,000,000 | |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares issued | 16,225,500 | 16,225,500 | |
Common stock, shares outstanding | 155,155,000 | 155,155,000 | |
Series A Convertible Preferred Stock [Member] | |||
Equity (Details) [Line Items] | |||
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 | 10,000,000 | 2,250,000 | |
Preferred stock, shares outstanding | 10,000,000 | 2,250,000 | |
Series C Convertible Preferred Stock [Member] | |||
Equity (Details) [Line Items] | |||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, shares issued | 0 | 4,800,000 | |
Preferred stock, shares outstanding | 0 | 4,800,000 | |
Series D Convertible Preferred Stock [Member] | |||
Equity (Details) [Line Items] | |||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, shares issued | 0 | 50,000 | |
Preferred stock, shares outstanding | 0 | 50,000 |
Related Party Notes Payable (De
Related Party Notes Payable (Details) | Dec. 31, 2020USD ($) |
Custodian Ventures, LLC [Member] | |
Related Party Notes Payable (Details) [Line Items] | |
Related party loan amount | $ 26,812 |