Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Jun. 12, 2018 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Trading Symbol | afct | |
Entity Registrant Name | First Colombia Development Corp. | |
Entity Central Index Key | 1,533,030 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 73,520,016 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash | $ 347,817 | $ 107 |
Total Assets | 347,817 | 107 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 10,477 | 122,662 |
Due to related party | 8,301 | 54,515 |
Loan Payable | 10,000 | 0 |
Total Liabilities | 28,778 | 177,177 |
Commitments and Contingencies | ||
Stockholders' Deficit | ||
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 500,000,000 shares authorized, 73,520,016 and 69,520,016 shares issued and outstanding, respectively | 73,520 | 69,520 |
Additional paid-in capital | 708,765 | 166,609 |
Accumulated deficit | (463,246) | (413,199) |
Total Stockholders' Deficit | 319,039 | (177,070) |
Total Liabilities and Stockholders' Deficit | $ 347,817 | $ 107 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Preferred Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 73,520,016 | 69,520,016 |
Common Stock, Shares, Outstanding | 73,520,016 | 69,520,016 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Expenses | ||
Bank charges | $ (233) | $ 72 |
Selling, marketing and administrative | 14,648 | 13,619 |
Total Operating Expenses | 14,415 | 13,691 |
Loss Before Other Expenses | (14,415) | (13,691) |
Other Expenses | ||
Interest expense | (36,325) | 0 |
Gain on foreign exchange | 693 | 0 |
Loss before taxes | (50,047) | (13,691) |
Income taxes | 0 | 0 |
Net Loss | $ (50,047) | $ (13,691) |
Loss per common share - Basic and Diluted | $ 0 | $ 0 |
Weighted Average Shares Outstanding | 70,593,989 | 69,520,016 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Activities | ||
Net Loss | $ (50,047) | $ (13,691) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | (112,185) | 13,619 |
Net Cash Provided by (Used in) Operating Activities | (162,232) | (72) |
Net Cash Provided by (Used in) Investing Activities | 0 | 0 |
Cash flows from financing activities | ||
Proceeds (payments) on related party loans | (58) | 295 |
Proceeds from loan payable | 10,000 | 0 |
Proceeds from sale of common stock | 500,000 | 0 |
Net Cash Provided by (Used in) Financing Activities | 509,942 | 295 |
Increase (Decrease) In Cash | 347,710 | 223 |
Cash - Beginning of Year | 107 | 9 |
Cash - End of Year | 347,817 | 232 |
Non-Cash financing activities | ||
Forgiveness of shareholder loan | 46,156 | 0 |
Supplemental Disclosures | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2018 | |
Nature of Operations [Text Block] | 1. Nature of Operations First Colombia Development Inc. (formerly AFC Building Technologies Inc.) (the “Company”) was incorporated under the laws of the State of Nevada on May 10, 2011. Effective April 26, 2018, the Company changed its name from AFC Building Technologies Inc. to First Colombia Development Inc. The Company was engaged in the sales and distribution of hand tools in Canada and is now in the process of determining a new line of business. Going Concern These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders and note holders, the ability of the Company to obtain necessary equity financing to continue operations, and ultimately the attainment of profitable operations. As at March 31, 2018, the Company has not generated any revenues, has working capital of $319,039, and has an accumulated deficit of $463,246 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Summary of Significant Accounting Policies Basis of Presentation The unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the Securities and Exchange Commission (“SEC”) instructions for companies filing Form 10-Q. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of March 31, 2018, and the results of operations and cash flows for the periods ended March 31, 2018 and 2017. The financial data and other information disclosed in the notes to the interim financial statements related to the periods are unaudited. The results for the three-month period ended March 31, 2018 are not necessarily indicative of the results to be expected for any subsequent quarter or the entire year ending December 31, 2018. These unaudited interim financial statements should be read in conjunction with the Company’s annual audited financial statements and notes thereto for the year ended December 31, 2017, included in the Company’s Form 10-K filed on May 1, 2018 with the SEC. Use of Estimates The preparation of these financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Text Block] | 2. Related Party Transactions a) At March 31, 2018, the Company owed $8,301 (December 31, 2017 - $8,359) to the Chief Financial Officer of the Company. These were monies advanced for general working capital purposes, (i.e. accounting and professional fees) as required. The amount is unsecured, non-interest bearing and due on demand. b) During the three months ended March 31, 2018, a shareholder of the Company agreed to forgive $46,156 of outstanding debt. At March 31, 2018, the Company owed $nil (December 31, 2017 - $46,156) to a shareholder of the Company. These were monies advanced for general working capital purposes, (i.e. accounting and professional fees) as required. |
Loan payable
Loan payable | 3 Months Ended |
Mar. 31, 2018 | |
Loan payable [Text Block] | 3. Loan payable At March 31, 2018, the Company owed $10,000 (December 31, 2017 - $nil) to an unrelated third party, which is unsecured, non-interest bearing and due on demand. |
Licensing Agreement
Licensing Agreement | 3 Months Ended |
Mar. 31, 2018 | |
Licensing Agreement [Text Block] | 4. Licensing Agreement On June 30, 2015, the Company entered into a license agreement with a shareholder of the Company. Pursuant to the agreement, the Company received an exclusive worldwide license in regards to 15 domain names related to the automotive e-commerce business for a period of 40 years. In consideration for the granting of the license, the Company will pay to the licensor a royalty of 2.5% of gross sales for any revenue derived from the use of the licensed domains. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2018 | |
Common Stock [Text Block] | 5. Common Stock On February 22, 2018, the Company issued 4,000,000 post-split shares of common stock at $0.125 per share for cash proceeds of $500,000. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Text Block] | 6. Subsequent Events On April 26, 2018, the Company effected a 2 - 1 forward stock split of the issued and outstanding shares of common stock. All share and per share information have been retroactively adjusted to reflect the forward stock split. On May 10, 2018, the Company closed a purchase agreement with Grupo Jaque Ltd. and First Colombia Devco SAS whereby the Company acquired the issued and outstanding share capital of First Colombia Devco SAS, a Colombian company, from its sole shareholder, Grupo Jaque Ltd. The consideration for the purchase was $100,000, which represents a reimbursement of the vendor’s costs to capitalize and establish the Colombian company, and the costs of establishing the company’s Colombian head offices. On June 7, 2018, the Company entered into a property purchase agreement with Terra Viva Property Development S.A.S. whereby they have agreed to acquire certain real property located in the Municipality of Tarso, Antioquia, in Colombia. The property is 13.3125 hectares in size. The consideration for the purchase is $450,000, of which $50,000 has been advanced as a deposit against the purchase price, with the balance being due within 90 days. |
Going Concern (Narrative) (Deta
Going Concern (Narrative) (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Working capital deficit | $ 319,039 | |
Accumulated deficit | $ 463,246 | $ 413,199 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Amount due to related party | $ 8,301 | $ 54,515 |
Forgiveness of debt | 46,156 | |
Chief Financial Officer [Member] | ||
Amount due to related party | 8,301 | 8,359 |
Shareholder of the Company [Member] | ||
Amount due to related party | $ 0 | $ 46,156 |
Loan payable (Narrative) (Detai
Loan payable (Narrative) (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Loan payable | $ 10,000 | $ 0 |
Licensing Agreement (Narrative)
Licensing Agreement (Narrative) (Details) | 1 Months Ended |
Jun. 30, 2015 | |
License period | 40 years |
Royalty of gross sales, licensed domains | 2.50% |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Stock issued, stock-split | shares | 4,000,000 |
Equity issuance, price per share | $ / shares | $ 0.125 |
Proceeds from stock-split | $ | $ 500,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] - USD ($) | Jun. 07, 2018 | May 10, 2018 | Apr. 26, 2018 |
Stock-split description | 2 for 1 | ||
Payment for purchase agreement | $ 100,000 | ||
Payments for property purchase agreement | $ 450,000 | ||
Deposit on property purchase agreement | $ 50,000 |