Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Apr. 10, 2020 | Sep. 30, 2019 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | SOLLENSYS CORP. | ||
Entity Central Index Key | 0001519177 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Ex Transition Period | true | ||
Entity Interactive Data Current | No | ||
Entity File Number | 333-174581 | ||
Entity Small Business | true | ||
Entity Shell Company | true | ||
Entity Emerging Growth Company | true | ||
Entity Common Stock, Shares Outstanding | 502,075,402 | ||
Entity Public Float | $ 502,075 | ||
Enttiy Incorporated State Country Code | NV |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | ||
Total assets | ||
Current liabilities: | ||
Accrued expenses | 31,429 | 31,429 |
Advance from stock holder | 54,342 | 54,342 |
Loans payable related party | 26,100 | |
Total current liabilities | 111,871 | 85,771 |
Total liabilities | 111,871 | 85,771 |
Commitments and contingencies | ||
Stockholders’ Equity: | ||
Preferred stock, Series A, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2020 and 2019 | ||
Common stock, $0.0001 par value, 1,500,000,000 shares authorized; 502,075,402 issued and outstanding as of March 31, 2020 and March 31, 2019, respectively | 502,075 | 502,075 |
Additional paid-in capital | ||
Retained earnings deficit | (613,946) | (587,846) |
Total stockholders’ equity(deficit) | (111,871) | (85,771) |
Total liabilities and equity |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Mar. 31, 2019 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,500,000,000 | 1,500,000,000 |
Common stock, shares issued | 502,075,402 | 502,075,402 |
Common stock, shares outstanding | 502,075,402 | 502,075,402 |
Series A Preferred stock | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | ||
Preferred Stock, Shares Outstanding |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating expenses: | ||
General and administrative -related party | $ 26,100 | |
Total operating expenses | 26,100 | |
Income loss from operations | ||
Other income (expense) | ||
Total other income (expense) | ||
Net loss | $ (26,100) | |
Basic and diluted earnings (loss) per common share | $ 0 | |
Weighted-average number of common shares outstanding: | ||
Basic and diluted | 502,075,402 | 502,075,402 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities of continuing operations: | ||
Net loss | $ (26,100) | |
Net cash provided by (used in) operating activities | ||
Cash flows from financing activities: | ||
Related party loan | 26,100 | |
Net cash provided by (used in) financing activities | 26,100 | |
Net increase (decrease) in cash and cash equivalents | ||
Cash and cash equivalents at beginning of period | ||
Cash and cash equivalents at end of period | ||
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | ||
Cash paid for income taxes |
Statements of Changes in Stockh
Statements of Changes in Stockholder’s Equity - USD ($) | Preferred Stock Series A | Common Stock | Additional Paid-in Capital | Retained Earnings (Deficit) | Total |
Beginning balance at Mar. 31, 2018 | $ 502,075 | $ (587,846) | $ (85,771) | ||
Beginning balance, shares at Mar. 31, 2018 | 502,075,402 | ||||
Net loss | |||||
Ending balance at Mar. 31, 2019 | $ 502,075 | (587,846) | (85,771) | ||
Ending balance, shares at Mar. 31, 2019 | 502,075,402 | ||||
Net loss | (26,100) | (26,100) | |||
Ending balance at Mar. 31, 2020 | $ 502,075 | $ (613,946) | $ (111,871) | ||
Ending balance, shares at Mar. 31, 2020 | 502,075,402 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure Text Block [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Sollensys Corp. ("Sollensys" or the "Company"), was formerly a development stage company, incorporated on September 29, 2010, under the laws of the State of Nevada. Initial plans included organization and incorporation, target market identification, marketing plans, and capital formation. A substantial portion of the Company's efforts involved developing a business plan and establishing contacts and visibility in the marketplace. The Company has not generated any revenues since inception. Effective July 30, 2012, the holder of 3,000,000 shares, or approximately 79.8% of Sollensys Corporation, (the "Company") then outstanding voting securities, executed a written consent in accordance with Section 78.320 of the NRS, approving the amendment to the Articles of Incorporation to change the Company's name to Sollensys Corp. and increase the common shares authorized to 1,500,000,000 and increase the preferred shares authorized to 25,000,000, and to split each outstanding share of common stock into 131.69 shares of common stock. The Company has been dormant since September 30, 2012. On December 27, 2019, the Eighth Judicial District Court of Clark County Nevada, pursuant to Case number A-19-805633-B appointed Custodian Ventures, LLC as the custodian of Sollensys Corp. David Lazar, who controls Custodian Ventures was subsequently named the only interim officer and director of the Company and is considered a related party for the purposes of financial statement presentation The Company's accounting year-end is December 31. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 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 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-month period following the date of these financial statements. The Company has incurred significant operating losses since inception. As of March 31, 2020, the company had a working capital deficit of $111,871 and negative shareholders' equity of $613,946. 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. Historically, the Company has raised capital through private placements, as an interim measure to finance working capital needs and may continue to raise additional capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. 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. Revenue Recognition We have not generated any revenue since inception. On January 1, 2018, the Company adopted Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606"). Results for reporting periods beginning after January 1, 2018, are presented under ASC 606. As of and for the year ended March 31, 2020, the financial statements were not materially impacted as a result of the application of Topic 606 compared to Topic 605. 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 March 31, 2020, and March 31, 2019, the Company's cash equivalents totaled $0 and $0 respectively. 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. Stock-based Compensation The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. 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 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Codification Improvements Codification Improvements to Topic 842, Leases (Topic 842) Targeted Improvements, We adopted ASC 842 on January 1, 2019. The adoption of this guidance did not have any impact on our financial statements. |
Loans Payable Related Party
Loans Payable Related Party | 12 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
LOANS PAYABLE RELATED PARTY | NOTE 3 – LOANS PAYABLE RELATED PARTY During the year ended March 31, 2020, the Company’s operating expenses of $26,100 was funded by the Company’s Court-appointed custodian in the form of an interest-free demand loan for the same amount. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
STOCKHOLDERS EQUITY | NOTE 4 – STOCKHOLDERS EQUITY Preferred Stock Series A On March 21, 2020, the Company filed a Certificate of Designation to authorize 10,000,000 shares of Series A Preferred Stock ("Series A"). Among other rights, the holders of Series A preferred shares shall have the right to convert each share of Series A into one share of common stock at a conversion price of $0.0002. There were no Series A shares issued and outstanding as of March 31, 2020. Common Stock The Company has authorized 1,500,000,000 shares of $0.001 common stock. As of March 31, 2020, and March 31, 2019, respectively, there were 502,075,402 shares issued and outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5 – COMMITMENTS AND CONTINGENCIES The Company did not have any contractual commitments of March 31, 2020, and 2019 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS In accordance with ASC 855-10 management has evaluated subsequent events from March 31, 2020, through the date the financial statements were available to be issued and has determined that there are no items requiring disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 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 |
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-month period following the date of these financial statements. The Company has incurred significant operating losses since inception. As of March 31, 2020, the company had a working capital deficit of $111,871 and negative shareholders' equity of $613,946. 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. Historically, the Company has raised capital through private placements, as an interim measure to finance working capital needs and may continue to raise additional capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. |
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. |
Revenue Recognition | Revenue Recognition We have not generated any revenue since inception. On January 1, 2018, the Company adopted Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606"). Results for reporting periods beginning after January 1, 2018, are presented under ASC 606. As of and for the year ended March 31, 2020, the financial statements were not materially impacted as a result of the application of Topic 606 compared to Topic 605. |
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 March 31, 2020, and March 31, 2019, the Company's cash equivalents totaled $0 and $0 respectively. |
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. |
Stock-based Compensation | Stock-based Compensation The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. |
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 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Codification Improvements Codification Improvements to Topic 842, Leases (Topic 842) Targeted Improvements, We adopted ASC 842 on January 1, 2019. The adoption of this guidance did not have any impact on our financial statements. |
Organization and Description _2
Organization and Description of Business (Details) | Jul. 30, 2012shares |
Organization and Description of Business (Textual) | |
Shares sold resulting in change of control of Registrant | 3,000,000 |
Percentage of Registrant's shares sold | 79.80% |
Increase of common shares authorized | 1,500,000,000 |
Increase of preferred shares authorized | 25,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Summary of Significant Accounting Policies (Textual) | |||
Working capital deficit | $ (111,871) | $ (85,771) | $ (85,771) |
Negative shareholders’ equity | (613,946) | (587,846) | |
Cash equivalents | $ 0 | $ 0 | |
Tax benefit percentage | 50.00% |
Loans Payable Related Party (De
Loans Payable Related Party (Details) | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Loans Payable Related Party (Textual) | |
Operating expenses | $ 26,100 |
Stockholders Equity (Details)
Stockholders Equity (Details) - $ / shares | Mar. 31, 2020 | Mar. 31, 2019 |
Common stock, shares authorized | 1,500,000,000 | 1,500,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 502,075,402 | 502,075,402 |
Common stock, shares outstanding | 502,075,402 | 502,075,402 |
Preferred Stock | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock at a conversion price | $ 0.0002 |