| SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
| Dec. 31, 2020 |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis
of Presentation The
accompanying financial statements are prepared in accordance with generally accepted accounting principles in the United States of America
(“US GAAP”). MOJO
DIGITAL ASSETS INC. NOTES
TO FINANCIAL STATEMENTS
Note 4- SIGNIFICANT ACCOUNTING POLICIES
(continued) |
| 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 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 when ultimately realized could differ from
those estimates. |
| Concentrations of Credit Risk | Concentrations
of Credit Risk Financial
instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains
its cash and cash equivalents with high-quality institutions. Deposits held with banks may not be insured or exceed the amount of insurance
provided on such deposits. Generally these deposits may be redeemed upon demand and therefore bear minimal risk. |
| Cash and Cash Equivalents | Cash
and Cash Equivalents Cash
and cash equivalents include cash on hand, deposits in banks with maturities of three months or less, and all highly liquid investments
that are unrestricted as to withdrawal or use, and which have original maturities of three months or less. |
| Valuation of Long-Lived assets | Valuation
of Long-Lived assets Long-lived
assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying
amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the
impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.
Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. |
| Revenue Recognition | Revenue
Recognition The
Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606,
which requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company
(i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction
price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate
the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies
the performance obligation. |
| Related Parties | Related
Parties The
Company adopted FASB ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. MOJO
DIGITAL ASSETS INC. NOTES
TO FINANCIAL STATEMENTS
Note 4- SIGNIFICANT ACCOUNTING POLICIES
(continued) |
| Property, Plant, and Equipment | Property,
Plant, and Equipment Property,
plant, and equipment are carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements
are capitalized. When
assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses
are included in income in the year of disposition. Depreciation
is calculated on a straight-line basis over the estimated useful life of the assets without residual value. The percentages or depreciable
life applied are: SCHEDULE OF ESTIMATED USEFUL LIFE OF ASSETS
Office equipment
and furniture 5 |
| Fair Value of Measurements | Fair
Value of Measurements The
Company adopted FASB ASC 820 “Fair Value Measurements,” which defines fair value as the exchange price that would be received
for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability
in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are
prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize
the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
Level 1: Unadjusted
quoted prices in active markets for identical assets or liabilities.
Level 2: Input
other than quoted market prices that are observable, either directly or indirectly, and reasonably
available. Observable inputs reflect the assumptions market participants would use in pricing
the asset or liability and are developed based on market data obtained from sources independent
of the Company.
Level 3: Unobservable
inputs. Unobservable inputs reflect the assumptions that the Company develops based on available
information about what market participants would use in valuing the asset or liability. An
asset or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the
fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The Company uses judgment
in determining fair value of assets and liabilities, and Level 3 assets and liabilities involve greater judgment than Level 1 and Level
2 assets or liabilities. As
of the balance sheet date, the estimated fair values of the financial instruments approximated their fair values due to the short-term
nature of these instruments. MOJO
DIGITAL ASSETS INC. NOTES
TO FINANCIAL STATEMENTS
Note 4- SIGNIFICANT ACCOUNTING POLICIES
(continued) |
| Advertising Costs | Advertising
Costs The
Company expenses advertising costs as incurred or the first time the advertising takes place, whichever is earlier, in accordance with
the FASB ASC 720-35, “Advertising Costs.” The advertising costs were immaterial for the year ended December 31, 2020. |
| Research and Development Costs | Research
and Development Costs Research
and development costs relating to the development of new products and processes, including significant improvements and refinements to
existing products, are expensed when incurred in accordance with the FASB ASC 730, “Research and Development.” Research and
development costs were immaterial for the year ended December 31, 2020. |
| Comprehensive Income | Comprehensive
Income FASB
ASC 220, “Comprehensive Income,” establishes standards for reporting and display of comprehensive income, its components
and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated
comprehensive income, as presented in the accompanying statements of changes in owners’ equity consists of changes in unrealized
gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense
or benefit. |
| Segment Reporting | Segment
Reporting FASB
ASC 820, “Segments Reporting,” establishes standards for reporting information about operating segments on a basis consistent
with the Company’s internal organization structure as well as information about geographical areas, business segments and major
customers in financial statements. The Company currently operates in one principal business segment. |
| Earnings (Loss) Per Share | Earnings
(Loss) Per Share The
Company reports earnings per share in accordance with FASB ASC 260, “Earnings Per Share,” which requires presentation of
basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share.
Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted-average number
of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that
the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common
shares had been issued and if the additional common shares were dilutive. There were no potentially dilutive securities outstanding (options
and warrants) for the period ended December 31, 2020. MOJO
DIGITAL ASSETS INC. NOTES
TO FINANCIAL STATEMENTS
Note 4- SIGNIFICANT ACCOUNTING POLICIES
(continued) |
| Income Taxes | Income
Taxes The
Company accounts for income tax in accordance with FASB ASC 740-10-25, which requires the asset and liability approach for financial
accounting and reporting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable
to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in income in the period that includes the enactment date. A valuation allowance related to deferred tax assets is recorded when it is
more likely than not that some portion or all of the deferred tax assets will not be realized. The
Company has accumulated deficit in its operation. Because there is no certainty that we will realize taxable income in the future, we
did not record any deferred tax benefit as a result of these losses. The
Company adopted FASB ASC 740-10-30, which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s
financial statements. The FASB guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition
and measurement of a tax position taken or expected to be taken in a tax return. The FASB guidance also provides guidance on de-recognition
of tax benefits, classification on the balance sheet, interest and penalties, accounting in interim periods, disclosure, and transition.
In accordance with the FASB guidance, the Company performed a self-assessment and concluded that there were no significant uncertain
tax positions requiring recognition in its financial statements. |
| Recent Accounting Pronouncements | Recent
Accounting Pronouncements The
Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s
results of operations, financial position, or cash flow. |
| Subsequent Events | Subsequent
Events The
Company evaluated subsequent events through the date of issuance of these financial statements. We are not aware of any significant events
that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on our financial
statements. |
