KinerjaPay (KPAY) 10-K 28 Apr 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Document and Entity Information:
Entity Registrant Name	KinerjaPay Corp.
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Trading Symbol	kpay
Amendment Flag	false
Entity Central Index Key	1,494,162
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	8,627,013
Entity Public Float		$ 455,018
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

KinerjaPay Corp. - Consolidated

KinerjaPay Corp. - Consolidated Balance Sheets		Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Current assets:
Cash and cash equivalents		$ 32,591	$ 81
Restricted cash		16,181	250,113
Prepaid expenses		28,966	0
Total current assets		77,738	250,194
Equipment, net of accumulated depreciation of $289		3,845	0
Total Assets		81,583	250,194
Current liabilities:
Accrued payable - trade		3,461	0
Tax payable		$ 95	$ 0
Acccrued expenses		4,107	15
Unissued stock subscriptions		$ 150,000	$ 250,013
Notes payable		0	24,439
Total current liabilities		157,663	274,467
Total liabilities		157,663	274,467
Stockholders' deficiency:
Preferred stock	[1]	0	0
Common stock	[2]	862	465
Additional paid in capital		3,500,582	863,093
Accumulated deficit		(3,577,679)	(887,831)
Accumulated other comprehensive income		155	0
Total stockholders' (deficit)		(76,080)	(24,273)
Total Liabilities and Stockholders' (Deficit)		$ 81,583	$ 250,194
[1]	$0.0001 par value; 10,000,000 shares authorized; none issued and outstanding at December 31, 2016 and 2015.
[2]	$0.0001 par value; 500,000,000 shares authorized; 8,627,013 and 4,653,680 issued and outstanding at December 31, 2016 and 2015, respectively.

KinerjaPay Corp. - Consolidate3

KinerjaPay Corp. - Consolidated Statements of Operations	12 Months Ended
	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares
Consolidated Statements of Operations
Revenue	$ 0	$ 0
Expenses:
General and administrative	2,679,908	44,932
Depreciation expense	$ 289	$ 0
Total general and administrative expenses	2,680,197	44,932
Loss from operations	$ (2,680,197)	$ (44,932)
Other income (expenses) :
Interest expense	(648)	(11,809)
Amortization of debt discount	0	(37,058)
Loss on extinguishment of debt	(9,003)	(199,305)
Total costs and expenses	(2,689,848)	(293,104)
Net loss before income taxes	$ (2,689,848)	$ (293,104)
Provision for income tax	0	0
Net loss	$ (2,689,848)	$ (293,104)
(Loss) per common share - basic and diluted | $ / shares	$ (0.35)	$ (0.06)
Weighted average number of common shares outstanding - basic and diluted | shares	7,701,722	4,542,505

KinerjaPay Corp. - Consolidate4

KinerjaPay Corp. - Consolidated Statements of Comprehensive Loss	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Consolidated Statements of Comprehensive Loss
Net loss	$ (2,689,848)	$ (293,104)
Other comprehensive income (loss) adjustments, net of tax:
Foreign currency translation ajustments	155	0
Total other comprehensive income, net of tax	$ 155	$ 0
Total comprehensive loss, net of tax	$ (2,689,693)	$ (293,104)

KinerjaPay Corp. - Consolidate5

KinerjaPay Corp. - Consolidated Statements of Stockholders' Equity (Deficit)	Common Stock, Share	Common Stock, Amount	Additional Paid-In Capital	Accumulated Deficit	Accumulated OtherComprehensive Income (loss)	Total Shareholders' Equity
Balance at Dec. 31, 2014	135,249,990	13,525	491,791	(594,727)		(89,411)
Impact of bebeficial conversion feature			15,333			15,333
Loss on debt extinguishment			199,305			199,305
Stock issued to settle debt and accrued interest	14,360,396	1,436	143,168			144,604
Cancelled shares	(10,000,000)	(1,000)				(1,000)
Common stock issued for cash
Stock issued to settle accounts payable
Shares issued for services
Foreign currency translation adjsutments
Net loss year end				(293,104)		(293,104)
Balance at Dec. 31, 2015	4,654,680	465	863,093	(887,831)		(24,273)
Impact of bebeficial conversion feature
Loss on debt extinguishment
Stock issued to settle debt and accrued interest
Cancelled shares
Common stock issued for cash	2,210,000	221	1,104,779			1,105,000
Stock issued to settle accounts payable	30,000	3	24,750			24,753
Shares issued for services	1,733,333	173	1,507,970			1,508,143
Foreign currency translation adjsutments					155	155
Net loss year end				(2,689,848)		(2,689,848)
Balance at Dec. 31, 2016	8,628,013	862	3,500,592	(3,577,679)	155	(76,070)

KinerjaPay Corp. - Consolidate6

KinerjaPay Corp. - Consolidated Statements of Cash Flows	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Cash flows from operating activities:
Net loss	$ (2,689,848)	$ (293,104)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	$ 289	$ 0
Amortization of debt discount'	0	37,058
Loss on debt conversion	9,003	199,305
Common stock issued for services	1,508,133	0
Changes in net assets and liabilities:
Increase (decrease) in prepaid expenses	$ (28,966)	$ 0
Increase (decrease) in accounts payable	3,556	0
Increase (decrease) in accrued liabilities	4,092	7,659
Net Cash used in operating activities	$ (1,193,741)	$ (49,082)
Cash flows from investing activities:
Purchase of equipment	(4,134)	0
Cash used in investing activities	$ 0	$ 0
Cash flows from financing activities:
Proceeds from issuance of common stock	854,987	250,013
Proceeds from debt	$ 0	$ 47,439
Prepaid common stock ssubscription	150,000	0
Principal payments made on debt	(8,689)	0
Net cash provided by financing activities	$ 996,298	$ 297,452
Change in cash	$ (201,422)	$ 248,370
Cash - beginning of period	250,194	1,824
Cash - end of period	48,772	250,194
Supplemental Disclosure of Cash Flow Information:
Settlement of restricted cash with common stock issuance	250,013	0
Debt discount attributable to beneficial conversion feature	0	15,333
Stock issued to settle debt	15,750	143,604

1. The Company and Significant

1. The Company and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Notes
1. The Company and Significant Accounting Policies	1. The Company and Significant Accounting Policies Organizational Background: On December 1, 2015, the Company entered into a license agreement with PT Kinerja Indonesia, an entity organized under the laws of Indonesia and controlled by Mr. Ng ("PT Kinerja"), for an exclusive, world-wide license to use and commercially exploit certain technology and intellectual property and its website, KinerjaPay.com. Pursuant to the License Agreement, the Company was granted the exclusive, world-wide rights to the KinerjaPay IP, an e-commerce platform that provides users with the convenience of e-wallet service for bill transfer and online shopping and is among the first portals to allow users the convenience to top-up phone credit. In conjunction with the agreement the company changed its name from Solarflex Corp. to KinerjaPay Corp. On April 6, 2016, P.T. Kinerja Pay Indonesia a subsidiary was organized under the laws of Indonesia. The accompanying financial statements of the Company were prepared from the accounts of the Company under the accrual basis of accounting. Basis of Presentation: The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has not established sufficient revenue to cover its operating costs, and as such, has incurred an operating loss since inception. Further, as of December 31, 2016, the cash resources of the Company were insufficient to meet its current business plan. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. Principles of Consolidation: The financial statements include the accounts of KinerjaPay Corp. and its wholly owned subsidiary PT KinerjaPay, Indonesia. All significant inter-company balances and transactions have been eliminated. Significant Accounting Policies Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates. Cash and Cash Equivalents: For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents. There were no cash equivalents as of December 31, 2016 and December 31, 2015. The Company received $150,000 in proceeds from a stock rights offering in 2016. Unspent funds are segregated and reported as restricted cash on the accompanying balance sheet until the full minimum offering of $500,000 is met and completed. Property and Equipment New property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 years. Expenditures for renewals and betterments are capitalized. Expenditures for minor items, repairs and maintenance are charged to operations as incurred. Gain or loss upon sale or retirement due to obsolescence is reflected in the operating results in the period the event takes place. Valuation of Long-Lived Assets We review the recoverability of our long-lived assets including equipment, goodwill and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. Foreign Currency Non-U.S. entity operations are recorded in the functional currency of each entity. Results of operations for non-U.S. dollar functional currency entities are translated into U.S. dollars using average currency rates or actual action date currency rate. Assets and liabilities are translated using currency rates at period end. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss) within stockholders' equity. Stock Based Compensation: Stock-based awards are accounted for using the fair value method in accordance with ASC 718, Share-Based Payments Accounting For Obligations And Instruments Potentially To Be Settled In The Company's Own Stock We account for obligations and instruments potentially to be settled in the Company's stock in accordance with FASB ASC 815, Accounting for Derivative Financial Instruments. Fair Value of Financial Instruments: FASB ASC 825, "Financial Instruments," requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. FASB ASC 825 defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. At December 31, 2016 and December 31, 2015, the carrying value of certain financial instruments (cash and cash equivalents, accounts payable and accrued expenses.) approximates fair value due to the short-term nature of the instruments or interest rates, which are comparable with current rates. Fair Value Measurements: The Company measures fair value under a framework that utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of inputs which prioritize the inputs used in measuring fair value are: Level 1 Level 2 - Quoted prices for similar assets or liabilities in active markets; - Quoted prices for identical or similar assets or liabilities in inactive markets; - Inputs other than quoted prices that are observable for the asset or liability; - Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. Level 3 The assets or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following table presents assets that were measured and recognize at fair value on December 31, 2016 and December 31, 2015 and the years then ended on a recurring basis: Fair Value Measurements at December 31, 2016 Quoted Prices in Active Significant Other Significant Markets for Identical Assets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets at fair value $ - $ - $ - $ - Fair Value Measurements at December 31, 2015 Quoted Prices in Active Significant Other Significant Markets for Identical Assets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets at fair value $ - $ - $ - $ - When the Company changes its valuation inputs for measuring financial assets and liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. For the periods ended December 31, 2016 and 2015, there were no significant transfers of financial assets or financial liabilities between the hierarchy levels. Earnings per Common Share We compute net income (loss) per share in accordance with ASC 260, Earning per Share Common Stock Split: On January 15, 2016 Income Taxes: We have adopted ASC 740, Accounting for Income Taxes. We must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of our net deferred tax assets is dependent upon our generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss, or NOL, carryforwards. We have determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against substantially all of our net deferred tax asset. Management will continue to evaluate the realizability of the deferred tax asset and its related valuation allowance. If our assessment of the deferred tax assets or the corresponding valuation allowance were to change, we would record the related adjustment to income during the period in which we make the determination. Our tax rate may also vary based on our results and the mix of income or loss in domestic and foreign tax jurisdictions in which we operate. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether, and to the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we will reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We will record an additional charge in our provision for taxes in the period in which we determine that the recorded tax liability is less than we expect the ultimate assessment to be. ASC 740 which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized. Uncertain Tax Positions: When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of FASB ASC 740-10, Accounting for Uncertain Income Tax Positions Our federal and state income tax returns are open for fiscal years ending on or after December 31, 2013. We are not under examination by any jurisdiction for any tax year. At December 31, 2016 we had no material unrecognized tax benefits and no adjustments to liabilities or operations were required under FASB ASC 740-10. Recent Accounting Pronouncements Deferred Income Taxes Leases: Leases (Topic 842) Business Acquisitions Management does not anticipate that the adoption of these standards will have a material impact on the financial statements. The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions.

2. Prepaid Expenses

2. Prepaid Expenses	12 Months Ended
	Dec. 31, 2016
Notes
2. Prepaid Expenses	2. Prepaid Expenses December 31 2016 2015 Individual components giving rise to prepaid expenses are as follows: $ $ Professional fees 25,457 - Others 3,509 - Net deferred $ 28,966 $ - The Company prepaid professional fees at December 31, 2016 which were fully-expensed in March and April 2017.

3. Stockholders' Equity

3. Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Notes
3. Stockholders' Equity	3. Stockholders' Equity On January 15, 2016 we amended our certificate of incorporation to increase authorized capital to include 10 million shares of $.0001 par value preferred shares. No preferred shares have been issued. Transactions in our Common Stock Contributed Capital We received $7,947 in cash from a related party. As the Company was not obligated to issue shares of common stock or other forms of equity, the receipt was determined to be accounted for as contributed capital. Stock issued upon satisfaction of debt On February 19, 2016 we issued 30,000 shares of our common stock in settlement of $15,750 in accounts payable. The settlement resulted in a loss of $9,003. The shares were valued at $24,753 at the date of settlement. The loss is reflected as additional paid-in capital. Stock issued upon completion of Regulation S offering We received $1,105,000 through a placement of common stock units. Each unit consists of one share of common stock and one warrant to purchase common stock. The units were sold for the offering price of $0.50 per unit and resulted in the issuance of 2,210,000 shares of common stock and 2,210,000 warrants The warrants are exercisable at $1.00 and expire two years from the date of issuance and had a fair market value of $425,425. Stock Issued for Services: On February 19, 2016 we issued 1,333,333 shares of our common stock to Mr. Ng (an officer and director of the company) individually and as control person of PT Kinerja as payment for services as part of a service agreement resulting from the license agreement. The shares were valued at the closing price as of the date of the agreement ($0.9001) and resulted in full recognition of $1,200,133 in consulting services expense. On June 15, 2016 we issued 300,000 shares of our common stock to an unrelated party as payment for a service agreement. The shares were valued at the closing price as of the date of the agreement ($0.77) and resulted in full recognition of $231,000 in consulting services expense. In July, 2016 we issued 100,000 shares of our common stock to an unrelated party as payment for a service agreement. The shares were valued at the closing price as of the date of the agreement ($0.77) and offset by $1,000 in cash received for the shares. This resulted in full recognition of the excess of fair value over cash received of $77,000 as consulting services expense. The Company received $150,000 in proceeds from a stock rights offering. The $150,000 will remain a liability until the full minimum offering of $500,000 s met and completed. Unspent funds are segregated and reported as $16,181 restricted cash on the accompanying balance sheet and a deficiency of $133,819 as of December 31, 2016.

4. Notes Payable

4. Notes Payable	12 Months Ended
	Dec. 31, 2016
Notes
4. Notes Payable	4. Notes Payable On October 6, 2015 the conversion price on all outstanding notes was reduced from $0.03 to $0.01 per share effective September 30, 2015. At the time of modification there were 10 notes outstanding with principal amounts ranging from $3,000 to $35,000. It was determined that the modification resulted in derecognition of the old notes and recognition of the new notes. Accordingly, the remaining unamortized discount of $4,028 was immediately expensed and the aggregate fair value of the modified conversion terms, $199,305, was recognized as a loss on debt extinguishment in 2015. During 2015 the Company signed five unsecured promissory notes with unrelated parties for an aggregate of $31,689. Three of these notes consisting of $23,000 in principal converted to common stock pursuant to the revised terms described above. In accordance with ASC 470, the Company has analyzed the beneficial nature of the initial conversion terms of the three convertible notes and determined that a beneficial conversion feature (BCF) exists because the effective conversion price was less than the quoted market price at the time of the issuance. The Company calculated the value of the BCF using the intrinsic method as stipulated in ASC 470. The BCF of $15,333 has been recorded as a discount to the notes payable and to Additional Paid-in Capital. For the year ended December 31, 2015 the Company has recognized $11,809 in interest expense related to the notes and has amortized $37,058 of the discount arising from the beneficial conversion feature. At December 31, 2015 two unsecured promissory notes totaling $8,689 remained outstanding. The notes did not contain a conversion feature and bear interest at 1% per annum. In addition, the company benefitted from the payment of expenses of $15,750 in 2015 resulting in a total loan balance of $24,439. On February 29, 2016 the two unsecured promissory notes of $8,689 were paid in full and included payment of accrued interest of $29. Also in February of 2016 the $15,750 liability was paid in full by the issuance of 30,000 shares of common stock. The shares were valued at fair value at the date of conversion. This resulted in a loss of $9,003 that was included under "additional paid-in capital".

5. Related Party Transactions N

5. Related Party Transactions Not Disclosed Elsewhere	12 Months Ended
	Dec. 31, 2016
Notes
5. Related Party Transactions Not Disclosed Elsewhere	5. Related Party Transactions Not Disclosed Elsewhere On December 1, 2015, the Company entered into an agreement with PT Kinerja Indonesia, an entity organized under the laws of Indonesia ("PT Kinerja"), for an exclusive, world-wide license to use and commercially exploit certain KinderjaPay technology and intellectual property. Pursuant to the License Agreement and in consideration for the payment of royalties, the Company has been granted the exclusive, world-wide rights to the KinerjaPay IP, an e-commerce platform that provides users with the convenience of e-commerce services for bill transfer and online shopping. Mr. Ng is the control person of PT Kinerja and a controlling shareholder, CEO and Chairman of the Company. On February 19, 2016, we issued 1,333,333 shares of our common stock to Mr. Ng, our CEO, sole director and control person. Mr. Ng is the sole officer and directors and control person of PT Kinerja, the other party to this agreement, as payment for services as part of a service agreement resulting from the license agreement. The shares were valued at the closing price as of the date of the agreement ($0.9001) and resulted in full recognition of $1,200,133 in consulting services expense. The services provided and to be provided under this service agreement are as follows: (a) The Service Company shall provide the Company and the Subsidiary with the following services during a term of three (3) years from the date first set forth above (the "Services"), for which the Subsidiary shall pay the Service Company. I. General Business Services: which shall include personnel, office facilities and equipment, utilities, and related overhead and operational expenses and shall be provided under the direction and control of a designated project manager; and II. Technical Services: which shall include, but not be limited to, Web Hosting, Web Maintenance, Web Updates and System Upgrades, from time-to-time, which Technical Services will be fulfilled by a minimum of five (5) experienced computer engineers / programmers, one (1) algorithm specialist and two (2) trained technical engineers who shall maintain the servers provided by the Service Company and support the Subsidiary's full time operations. In addition, the Service Company, in support of the Technical Services, shall guarantee ninety-nine point nine-nine (99.99%) percent uptime of the Company's domains and applications, and provide all requisite support for the traffic to the Company's domains with unlimited bandwidth and scalable uplink whenever the traffic to the domains increases, from time-to-time; and III. R&D Services: which shall include, but not be limited to, the development of new features, products, or services related to the KinerjaPay IP and KinerjaPay.com. In connection with the R&D Services, the Parties acknowledge that all new KinerjaPay IP that is developed or for which enhancements are created for KinerjaPay IP already in existence at the date of this Agreement ("Additional IP") shall belong exclusively to the Company and its Subsidiary. The Parties further agree that in each instance, they will, in "good faith," negotiate and execute separate, supplemental addendums to this Agreement to address the Services to be provided by the Service Company with respect to the Additional IP. (b) The Subsidiary shall responsible for the following: I. Sales and Marketing: PT. KinerjaPay Indonesia shall cover and be directly responsible for all sales and marketing activities and expenses associated with the commercial exploitation of the License for the KinerjaPay IP; and II. Billing and Collections: PT. KinerjaPay Indonesia shall be responsible for all billing and collections and book all revenues generated by and from commercial exploitation of the License; and III. Advertising and Sales Reps: PT. KinerjaPay Indonesia shall at all times maintain a staff of at least three (3) sales reps; IV. Office and Administration: PT. KinerjaPay Indonesia shall retain at least one (1) person to provide office/administrative/accounting services to fulfill the duty of Subsidiary in Section 1B(ii) above. In consideration for the Services to be provided, the Company shall pay or compensate the Service Company as follows: (i) Edwin Witarsa Ng, CEO and Chairman - 3,000,000 shares representing 34.77%; (ii)P.T. Starest Asset Management - 640,000 shares representing 7.42%; and (iii)DesaSebongLagoiKec andTelukSebongBintanKepulauan Riau, Indonesia, 3,000,000 shares representing 34.77%. The Company shall issue to the Service Company 1,333,333 restricted. The restricted shares shall not be deemed fully-paid and non-assessable until eighteen (18) months from the date first set forth above; and (ii) The Subsidiary, on a quarterly basis, shall pay the Service Company for the services, facilities and personnel provided by the Service Company be at the rate set forth in Appendix A attached hereto; and (iii) The Subsidiary, on a quarterly basis, shall pay the Service Company royalties equal to one (1%) percent of the net revenues generated from the commercial exploitation of the License; and (iv) The Service Company shall be paid a one-time set-up fee of $55,000 within three (3) business days of the execution of this Agreement.

6. Income Taxes

6. Income Taxes	12 Months Ended
	Dec. 31, 2016
Notes
6. Income Taxes	6. Income Taxes We have adopted ASC 740 which provides for the recognition of a deferred tax asset based upon the value the loss carry-forwards will have to reduce future income taxes and management's estimate of the probability of the realization of these tax benefits. Our net operating loss carryovers incurred prior to 2008 considered available to reduce future income taxes were reduced or eliminated through our recent change of control (I.R.C. Section 382(a)) and the continuity of business limitation of I.R.C. Section 382(c). We have a current operating loss carry-forward of $1,013,711 resulting in deferred tax assets of $354,799. We have determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against substantially all our net deferred tax asset. Future utilization of currently generated federal and state NOL and tax credit carry forwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended and similar state provisions. The annual limitation may result in the expiration of NOL and tax credit carry forwards before full utilization. December 31 2016 2015 Individual components giving rise to the deferred tax assets are as follows: $ $ Future tax benefit arising from net operating loss carryover 354,799 166,948 Less valuation allowance (354,799) (166,948) Net deferred $ - $ - The Company is not under examination by any jurisdiction for any tax year. Our federal and state income tax returns are open for fiscal years ending on or after December 31, 2013.

7. Legal Proceedings and Loss C

7. Legal Proceedings and Loss Contingencies	12 Months Ended
	Dec. 31, 2016
Notes
7. Legal Proceedings and Loss Contingencies	7. Legal Proceedings and Loss Contingencies We accrue for loss contingencies arising from claims, litigation and other sources when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted periodically as assessments change or additional information becomes available. Legal costs incurred in connection with loss contingencies are expensed as incurred.

8. Going Concern

8. Going Concern	12 Months Ended
	Dec. 31, 2016
Notes
8. Going Concern	8. Going Concern The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has not established sufficient revenue to cover its 2016 operating costs, and as such, has incurred an operating loss since inception. Further, as of December 31, 2016, the cash resources of the Company were insufficient to meet its current business plan. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

9. Subsequent Events

9. Subsequent Events	12 Months Ended
	Dec. 31, 2016
Notes
9. Subsequent Events	9. Subsequent Events There were no other material subsequent events following the period ended December 31, 2016 and throughout the date of the filing of Form 10-K,other than the Company’s raise of approximately $585,000 for the sale of its equity securities in reliance upon the exemption provided under Regulation D and Regulation S promulgated by the SEC under the Securities Act of 1933, as amended.

1. The Company and Significan16

1. The Company and Significant Accounting Policies: Use of Estimates (Policies)	12 Months Ended
	Dec. 31, 2016
Policies
Use of Estimates:	Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates.

1. The Company and Significan17

1. The Company and Significant Accounting Policies: Cash and Cash Equivalents (Policies)	12 Months Ended
	Dec. 31, 2016
Policies
Cash and Cash Equivalents:	Cash and Cash Equivalents: For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents. There were no cash equivalents as of December 31, 2016 and December 31, 2015. The Company received $150,000 in proceeds from a stock rights offering in 2016. Unspent funds are segregated and reported as restricted cash on the accompanying balance sheet until the full minimum offering of $500,000 is met and completed.

1. The Company and Significan18

1. The Company and Significant Accounting Policies: Property and Equipment (Policies)	12 Months Ended
	Dec. 31, 2016
Policies
Property and Equipment:	Property and Equipment New property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 years. Expenditures for renewals and betterments are capitalized. Expenditures for minor items, repairs and maintenance are charged to operations as incurred. Gain or loss upon sale or retirement due to obsolescence is reflected in the operating results in the period the event takes place.

1. The Company and Significan19

1. The Company and Significant Accounting Policies: Valuation of Long-lived Assets (Policies)	12 Months Ended
	Dec. 31, 2016
Policies
Valuation of Long-lived Assets:	Valuation of Long-Lived Assets We review the recoverability of our long-lived assets including equipment, goodwill and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations.

1. The Company and Significan20

1. The Company and Significant Accounting Policies: Foreign Currency (Policies)	12 Months Ended
	Dec. 31, 2016
Policies
Foreign Currency:	Foreign Currency Non-U.S. entity operations are recorded in the functional currency of each entity. Results of operations for non-U.S. dollar functional currency entities are translated into U.S. dollars using average currency rates or actual action date currency rate. Assets and liabilities are translated using currency rates at period end. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss) within stockholders' equity.

1. The Company and Significan21

1. The Company and Significant Accounting Policies: Stock Based Compensation (Policies)	12 Months Ended
	Dec. 31, 2016
Policies
Stock Based Compensation:	Stock Based Compensation: Stock-based awards are accounted for using the fair value method in accordance with ASC 718, Share-Based Payments

1. The Company and Significan22

1. The Company and Significant Accounting Policies: Accounting For Obligations and Instruments Potentially To Be Settled in The Company's Own Stock (Policies)	12 Months Ended
	Dec. 31, 2016
Policies
Accounting For Obligations and Instruments Potentially To Be Settled in The Company's Own Stock:	Accounting For Obligations And Instruments Potentially To Be Settled In The Company's Own Stock We account for obligations and instruments potentially to be settled in the Company's stock in accordance with FASB ASC 815, Accounting for Derivative Financial Instruments.

1. The Company and Significan23

1. The Company and Significant Accounting Policies: Fair Value of Financial Instruments (Policies)	12 Months Ended
	Dec. 31, 2016
Policies
Fair Value of Financial Instruments:	Fair Value of Financial Instruments: FASB ASC 825, "Financial Instruments," requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. FASB ASC 825 defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. At December 31, 2016 and December 31, 2015, the carrying value of certain financial instruments (cash and cash equivalents, accounts payable and accrued expenses.) approximates fair value due to the short-term nature of the instruments or interest rates, which are comparable with current rates.

1. The Company and Significan24

1. The Company and Significant Accounting Policies: Fair Value Measurements (Policies)	12 Months Ended
	Dec. 31, 2016
Policies
Fair Value Measurements:	Fair Value Measurements: The Company measures fair value under a framework that utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of inputs which prioritize the inputs used in measuring fair value are: Level 1 Level 2 - Quoted prices for similar assets or liabilities in active markets; - Quoted prices for identical or similar assets or liabilities in inactive markets; - Inputs other than quoted prices that are observable for the asset or liability; - Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. Level 3 The assets or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following table presents assets that were measured and recognize at fair value on December 31, 2016 and December 31, 2015 and the years then ended on a recurring basis: Fair Value Measurements at December 31, 2016 Quoted Prices in Active Significant Other Significant Markets for Identical Assets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets at fair value $ - $ - $ - $ - Fair Value Measurements at December 31, 2015 Quoted Prices in Active Significant Other Significant Markets for Identical Assets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets at fair value $ - $ - $ - $ - When the Company changes its valuation inputs for measuring financial assets and liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. For the periods ended December 31, 2016 and 2015, there were no significant transfers of financial assets or financial liabilities between the hierarchy levels.

1. The Company and Significan25

1. The Company and Significant Accounting Policies: Earnings Per Common Share (Policies)	12 Months Ended
	Dec. 31, 2016
Policies
Earnings Per Common Share:	Earnings per Common Share We compute net income (loss) per share in accordance with ASC 260, Earning per Share

1. The Company and Significan26

1. The Company and Significant Accounting Policies: Common Stock Split (Policies)	12 Months Ended
	Dec. 31, 2016
Policies
Common Stock Split:	Common Stock Split: On January 15, 2016

1. The Company and Significan27

1. The Company and Significant Accounting Policies: Income Taxes (Policies)	12 Months Ended
	Dec. 31, 2016
Policies
Income Taxes:	Income Taxes: We have adopted ASC 740, Accounting for Income Taxes. We must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of our net deferred tax assets is dependent upon our generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss, or NOL, carryforwards. We have determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against substantially all of our net deferred tax asset. Management will continue to evaluate the realizability of the deferred tax asset and its related valuation allowance. If our assessment of the deferred tax assets or the corresponding valuation allowance were to change, we would record the related adjustment to income during the period in which we make the determination. Our tax rate may also vary based on our results and the mix of income or loss in domestic and foreign tax jurisdictions in which we operate. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether, and to the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we will reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We will record an additional charge in our provision for taxes in the period in which we determine that the recorded tax liability is less than we expect the ultimate assessment to be. ASC 740 which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized.

1. The Company and Significan28

1. The Company and Significant Accounting Policies: Uncertain Tax Positions (Policies)	12 Months Ended
	Dec. 31, 2016
Policies
Uncertain Tax Positions:	Uncertain Tax Positions: When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of FASB ASC 740-10, Accounting for Uncertain Income Tax Positions Our federal and state income tax returns are open for fiscal years ending on or after December 31, 2013. We are not under examination by any jurisdiction for any tax year. At December 31, 2016 we had no material unrecognized tax benefits and no adjustments to liabilities or operations were required under FASB ASC 740-10.

1. The Company and Significan29

1. The Company and Significant Accounting Policies: Recent Accounting Pronouncements (Policies)	12 Months Ended
	Dec. 31, 2016
Policies
Recent Accounting Pronouncements	Recent Accounting Pronouncements Deferred Income Taxes Leases: Leases (Topic 842) Business Acquisitions Management does not anticipate that the adoption of these standards will have a material impact on the financial statements. The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions.

1. The Company and Significan30

1. The Company and Significant Accounting Policies: Fair Value Measurements: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables)	12 Months Ended
	Dec. 31, 2016
Tables/Schedules
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Fair Value Measurements at December 31, 2016 Quoted Prices in Active Significant Other Significant Markets for Identical Assets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets at fair value $ - $ - $ - $ - Fair Value Measurements at December 31, 2015 Quoted Prices in Active Significant Other Significant Markets for Identical Assets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets at fair value $ - $ - $ - $ -

2. Prepaid Expenses_ Schedule o

2. Prepaid Expenses: Schedule of Components of Income Tax Expense (Benefit) (Tables)	12 Months Ended
	Dec. 31, 2016
Tables/Schedules
Schedule of Components of Income Tax Expense (Benefit)	December 31 2016 2015 Individual components giving rise to prepaid expenses are as follows: $ $ Professional fees 25,457 - Others 3,509 - Net deferred $ 28,966 $ -

6. Income Taxes_ Schedule of De

6. Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
Tables/Schedules
Schedule of Deferred Tax Assets and Liabilities	December 31 2016 2015 Individual components giving rise to the deferred tax assets are as follows: $ $ Future tax benefit arising from net operating loss carryover 354,799 166,948 Less valuation allowance (354,799) (166,948) Net deferred $ - $ -