SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Basis These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. The Company's fiscal year end is December 31. Cash and Cash Equivalents Cash and cash equivalents are reported in the balance sheet at cost, which approximates fair value. For the purpose of the financial statements, cash equivalents include all highly liquid investments with an original maturity of three months or less when purchased. Earnings (Loss) per Share The Company has adopted FASB ASC 260, Earnings per Share Income Taxes The Company adopted FASB ASC 740, Income Taxes Property and Equipment Property and equipment is recorded at cost. Expenditures for major betterments and additions are charges to the asset accounts, while replacements, maintenance and repairs which do not improve or extend the lives of the respective assets are charged to expense as incurred. Property and Equipment at December 31, 2019 and 2018 were as follows: December 31, December 31, Furniture $ 11,811 $ 11,811 Less accumulated depreciation (6,141 ) (2,362 ) $ 5,670 $ 9,449 Depreciation Depreciation of property and equipment is computed by the straight-line method using various rates based generally on the useful lives of the assets, which range from five to seven years. During the years ended December 31, 2019 and 2018, the Company recorded depreciation expense of $3,779 and $2,362, respectively. Fair Value of Financial Investments The fair value of cash and cash equivalents, accounts payable, accrued liabilities, and loans payable approximates the carrying amount of these financial instruments due to their short term maturity. Advertising The Company will expense advertising as incurred. Advertising expense was $0 and $3,206 for the twelve months ended December 31, 2019 and December 31, 2018, respectively. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications When preparing the financial statements for the twelve months ended December 31, 2019, management determined that certain amounts included in the Company's December 31, 2018 financial statements required reclassification. In the twelve months ended December 31, 2018, Management and Consulting Fees – related party were presented as part of General and Administrative Expense, and Transfer Agent Fees were presented separately. In the current statements, these amounts have been reclassified to more accurately reflect the Statements of Operations. In addition, proceeds received from Loans Payable - related party were reclassified from operating activities to financing activities. No other changes were required in connection with the reclassification. Such reclassification had no effect on the financial position, loss per share, operations or cash flows for the periods ended December 31, 2018. In the twelve months ended December 31, 2018, Advances from related party were presented as part of General and Administrative Expense. In the current statements, these amounts have been reclassified to more accurately reflect the Statements of Operations. No other changes were required in connection with the reclassification. Such reclassification had no effect on the financial position, loss per share, operations or cash flows for the periods ended December 31, 2018. Related Parties Related parties, which can be a corporation, individual, investor or another entity are considered to be related if the party has the ability, directly or indirectly, to control the other party or exercise significant influence over the Company in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. The Company has these relationships. Intangible Assets The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, either on a straight-line or accelerated basis over the estimated periods benefited. Patents, technology and other intangibles with contractual terms are generally amortized over their respective legal or contractual lives. Customer relationships, brands and other non-contractual intangible assets with determinable lives are amortized over periods generally ranging from 5 to 30 years. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives may be adjusted. During the years ended December 31, 2019 and 2018, the Company recorded impairment loss of $350 and $0, respectively. Intangible assets at December 31, 2019 and 2018 were as follows: December 31, December 31, Trademark $ - $ 350 Less accumulated amortization - - $ - $ 350 Recent Authoritative Accounting Pronouncements The Company has reviewed all recently-issued pronouncements, and has determined them to have no current applicability to the Company, or their effect on the financial statements is not significant. Concentrations of Credit Risk The Company maintains its cash in institutions insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. Our cash balances at December 31, 2019 and December 31, 2018 were not in excess of the FDIC insurance threshold |