| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS
OF PRESENTATION The
accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in
the United States of America for interim financial information and with Article 8 of Regulation S-X. Accordingly, they do not
include all of the information and footnotes required by accounting principles generally accepted in the United States of America
for annual financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals considered
necessary for a fair presentation, have been included, operating results for the three months ended March 31, 2020 are not necessarily
indicative of the results that may be expected for the year ending December 31, 2020 or any other period. For further information,
refer to the financial statements and footnotes thereto, included in the Company's Annual Report on Form 10-K for the year
ending December 31, 2019. USE
OF ESTIMATES The
preparation of financial statements in conformity with accounting principles generally accepted in the United States requires
management to make estimates and assumptions which affect the reporting of assets and liabilities as of the dates of the financial
statements and revenues and expenses during the reporting period. These estimates primarily relate to the sales recognition, allowance
for doubtful accounts, inventory obsolescence and asset valuations. Actual results could differ from these estimates. Management's
estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the unaudited condensed financial
statements in the periods they are determined to be necessary. FAIR
VALUE OF FINANCIAL INSTRUMENTS Generally
Accepted Accounting Principles ("GAAP") requires certain disclosures regarding the fair value of financial instruments.
The fair value of financial instruments is made as of a specific point in time, based on relevant information about financial
markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of
significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair
values. GAAP
defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required
or permitted to be recorded at fair value, the Company considers the principal, or most advantageous market in which it would
transact, and it considers assumptions that market participants would use when pricing the asset or liability. GAAP
establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the degree
of subjectivity that is necessary to estimate the fair value of a financial instrument. GAAP establishes three levels of inputs
that may be used to measure fair value: Level
1 – Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or
liabilities. Level
2 – Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1
that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted
prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets);
or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by,
observable market data. Level
3 – Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are
significant to the measurement of the fair value of the assets or liabilities. NEW
ACCOUNTING PRONOUNCEMENTS There
are various updates recently issued, most of which represented technical corrections to the accounting literature or application
to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations
or cash flows. CASH
AND CASH EQUIVALENTS The
Company considers highly liquid investments with original maturities of three months or less when purchased as cash equivalents.
The Company had no cash equivalents as of March 31, 2020 and December 31, 2019. At times throughout the year, the Company might
maintain bank balances that may exceed Federal Deposit Insurance Corporation insured limits. Periodically, the Company evaluates
the credit worthiness of the financial institutions, and has not experienced any losses in such accounts. At March 31, 2020 and
December 31, 2019, the Company had $0 over the insurable limit. CONVERTIBLE
INSTRUMENTS The
Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with professional
standards for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC")
815, Derivatives and Hedging Professional
standards generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments
and account for them as free standing derivative financial instruments. These three criteria include circumstances in which (a)
the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic
characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument
and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with
changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative
instrument would be considered a derivative instrument. Professional standards also provide an exception to this rule when the
host instrument is deemed to be conventional as defined under professional standards as "The Meaning of Conventional Convertible
Debt Instrument". The
Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated
from their host instruments) in accordance with professional standards when "Accounting for Convertible Securities with
Beneficial Conversion Features," as those professional standards pertain to "Certain Convertible Instruments."
Accordingly, the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options
embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment
date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements
are amortized over the term of the related debt to their earliest date of redemption. The Company also records when necessary
deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences between
the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price
embedded in the note. ASC
815 provides that, among other things, generally, if an event is not within the entity's control could or require net cash
settlement, then the contract shall be classified as an asset or a liability. INCOME
TAXES The
Company is deemed a corporation and thus is a taxable entity. No provision for income taxes was reflected in the accompanying
unaudited condensed financial statements, as the Company did not have income through March 31, 2020. There were no uncertain tax
positions that would require recognition in the unaudited condensed financial statements through March 31, 2020. Generally,
federal, state and local authorities may examine the Company's tax returns for three years from the date of filing, and
the current and prior three years remain subject to examination as of December 31, 2019. The
Company's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon
ongoing analyses of tax laws, regulations and interpretations thereof as well as other factors. The
Company accounts for income taxes under ASC 740-10-30, Income Taxes RECOGNITION
OF REVENUE The
Company recognizes revenue under ASC 606, Revenue from Contracts with Customers ASC
606 prescribes a five step process to achieve its core principle. The Company recognizes revenue from product sales as follows:
I. Identify the contract with the customer.
II. Identify the contractual performance obligations.
III. Determine the amount of consideration/price for the transaction.
IV. Allocate the determined amount of consideration/price to the contractual obligations.
V. Recognize revenue when or as the performing party satisfies performance obligations. The
consideration/price for the transaction (performance obligation(s)) is determined as per the invoice for the products. The
Company derives its revenue from sale of gaming products and from fees earned for the use of its online lottery number selecting
application. The Company recognizes revenue from product sales only when there is persuasive evidence of an arrangement, delivery
has occurred, the sale price is determinable and collectability is reasonably assured and from fees as paid for in an online transaction. STOCK
BASED COMPENSATION The
Company follows FASB ASC 718, Compensation – Stock Compensation The
Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of FASB
ASC 505-50, Equity–based Payments to Non-Employees For
the three months ended March 31, 2020 and 2019, the Company had no stock based compensation. |
