Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 12, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | Starco Brands, Inc. | |
Entity Central Index Key | 0001539850 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 159,090,914 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Annual Information Form | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | CA | |
Entity File Number | 0-54892 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash | $ 10,530 | $ 4,754 |
Accounts receivable, related party | 260,354 | 14,496 |
Prepaid and other expenses | 11,236 | 38,661 |
Total Current Assets | 282,120 | 57,911 |
Right of use lease asset, operating, net | 65,078 | 85,077 |
Deposit | 3,500 | 3,500 |
Total Assets | 350,698 | 146,488 |
Current Liabilities: | ||
Accounts payable | 180,669 | 188,036 |
Other payable and accruals | 292,947 | 284,883 |
Accrued interest - related party | 584 | |
Accrued compensation | 87,700 | 83,900 |
Lease obligation | 43,171 | 40,806 |
Loan payable - related party | 512,200 | 411,862 |
Notes payable | 9,512 | 35,629 |
Total Current Liabilities | 1,126,783 | 1,045,116 |
Lease obligation - noncurrent portion | 23,271 | 45,632 |
Total Liabilities | 1,150,054 | 1,090,748 |
Stockholders' (Deficit): | ||
Preferred Stock, par value $0.001 40,000,000 shares authorized, no shares issued and outstanding | ||
Common Stock, par value $0.001 300,000,000 shares authorized, 159,090,914 and 159,090,914 shares issued and outstanding, respectively | 159,091 | 159,091 |
Additional paid in capital | 15,600,355 | 15,576,955 |
Accumulated deficit | (16,558,802) | (16,680,306) |
Total Stockholders' Deficit | (799,356) | (944,260) |
Total Liabilities and Stockholders' Deficit | $ 350,698 | $ 146,488 |
CONDENSED BALANCE SHEETS (Una_2
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 159,090,914 | 159,090,914 |
Common stock, shares outstanding | 159,090,914 | 159,090,914 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenues | $ 296,590 | $ 117,486 | $ 352,264 | $ 178,749 |
Operating Expenses: | ||||
Compensation expense | 45,200 | 46,230 | 91,723 | 92,950 |
Professional fees | 27,473 | 8,686 | 29,279 | 30,443 |
General and administrative | 68,852 | 65,858 | 106,499 | 101,154 |
Total operating expenses | 141,525 | 120,774 | 227,501 | 224,547 |
Gain (loss) from operations | 155,065 | (3,288) | 124,763 | (45,798) |
Other Income (Expense): | ||||
Interest expense | (6,256) | (7,803) | (15,309) | (15,834) |
Gain on forgiveness of debt | 3,300 | 19,434 | 3,300 | 19,434 |
Other income | 3,500 | 5,250 | 8,750 | 10,500 |
Total other expense | 544 | 16,881 | (3,259) | 14,100 |
Income (loss) before provision for income taxes | 155,609 | 13,593 | 121,504 | (31,698) |
Provision for income taxes | ||||
Net Income (Loss) | $ 155,609 | $ 13,593 | $ 121,504 | $ (31,698) |
Loss per Share, Basic & Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Shares Outstanding | 159,090,914 | 159,090,914 | 159,090,914 | 159,090,914 |
STATEMENTS OF STOCKHOLDERS EQUI
STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT) (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance at Dec. 31, 2018 | $ 159,091 | $ 15,530,155 | $ (16,540,342) | $ (851,096) |
Beginning Balance, Shares at Dec. 31, 2018 | 159,090,914 | |||
Contributed services | 11,700 | 11,700 | ||
Net Loss for the period | (45,291) | (45,291) | ||
Ending Balance at Mar. 31, 2019 | $ 159,091 | 15,541,855 | (16,585,633) | (884,687) |
Ending Balance, Shares at Mar. 31, 2019 | 159,090,914 | |||
Beginning Balance at Dec. 31, 2018 | $ 159,091 | 15,530,155 | (16,540,342) | (851,096) |
Beginning Balance, Shares at Dec. 31, 2018 | 159,090,914 | |||
Contributed services | 23,400 | |||
Net Loss for the period | (31,698) | |||
Ending Balance at Jun. 30, 2019 | $ 159,091 | 15,553,555 | (16,572,040) | (859,394) |
Ending Balance, Shares at Jun. 30, 2019 | 159,090,914 | |||
Beginning Balance at Mar. 31, 2019 | $ 159,091 | 15,541,855 | (16,585,633) | (884,687) |
Beginning Balance, Shares at Mar. 31, 2019 | 159,090,914 | |||
Contributed services | 11,700 | 11,700 | ||
Net Loss for the period | 13,593 | 13,593 | ||
Ending Balance at Jun. 30, 2019 | $ 159,091 | 15,553,555 | (16,572,040) | (859,394) |
Ending Balance, Shares at Jun. 30, 2019 | 159,090,914 | |||
Beginning Balance at Dec. 31, 2019 | $ 159,091 | 15,576,955 | (16,680,306) | (944,260) |
Beginning Balance, Shares at Dec. 31, 2019 | 159,090,914 | |||
Contributed services | 11,700 | 11,700 | ||
Net Loss for the period | (34,105) | (34,105) | ||
Ending Balance at Mar. 31, 2020 | $ 159,091 | 15,588,655 | (16,714,411) | (966,665) |
Ending Balance, Shares at Mar. 31, 2020 | 159,090,914 | |||
Beginning Balance at Dec. 31, 2019 | $ 159,091 | 15,576,955 | (16,680,306) | (944,260) |
Beginning Balance, Shares at Dec. 31, 2019 | 159,090,914 | |||
Contributed services | 23,400 | |||
Net Loss for the period | 121,504 | |||
Ending Balance at Jun. 30, 2020 | $ 159,091 | 15,600,355 | (16,558,802) | (799,356) |
Ending Balance, Shares at Jun. 30, 2020 | 159,090,914 | |||
Beginning Balance at Mar. 31, 2020 | $ 159,091 | 15,588,655 | (16,714,411) | (966,665) |
Beginning Balance, Shares at Mar. 31, 2020 | 159,090,914 | |||
Contributed services | 11,700 | 11,700 | ||
Net Loss for the period | 155,609 | 155,609 | ||
Ending Balance at Jun. 30, 2020 | $ 159,091 | $ 15,600,355 | $ (16,558,802) | $ (799,356) |
Ending Balance, Shares at Jun. 30, 2020 | 159,090,914 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOW FROM OPERATING ACTIVITES: | ||
Net Loss for the Period | $ 121,504 | $ (31,698) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Gain on forgiveness of debt | 3,300 | 19,434 |
Contributed services | 23,400 | 23,400 |
Non cash lease expense | 19,999 | |
Changes in Operating Assets and Liabilities: | ||
Accounts receivable, related party | (245,858) | (1,128) |
Prepaids & other assets | 27,425 | 16,584 |
Accounts payable | (7,366) | (15,651) |
Lease liability | (19,996) | |
Accrued expenses | 12,448 | 2,708 |
Net Cash Provided by (Used in) Operating Activities | (71,744) | 13,649 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Advances/loans from a related party | 100,337 | 54,518 |
Repayment of advances from a related party | (42,700) | |
Payments on notes payable | (22,817) | (16,639) |
Net Cash Provided by Financing Activities | 77,520 | (4,821) |
Net Increase (decrease) in Cash | 5,776 | 8,828 |
Cash at Beginning of Period | 4,754 | 721 |
Cash at End of Period | 10,530 | 9,549 |
Cash paid during the year for: | ||
Interest | ||
Income taxes | ||
Supplemental non-cash disclosure: | ||
Establish operating lease asset and related liability | $ 122,825 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Jun. 30, 2020 | |
Organization And Description Of Business | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Starco Brands, Inc. (the "Company") then operating under a different name, was incorporated in the State of Nevada on January 26, 2010, to engage in Direct Response marketing of consumer products with the goal of producing sales through television and/or retail. On September 7, 2017, the Company filed an Amendment to the Articles of Incorporation to change the corporate name to Starco Brands, Inc. The Board determined the change of the Company’s name was in the best interests of the Company due to changes in the anticipated business. In July 2017 the Company entered into a licensing agreement with The Starco Group, located in Los Angeles, California. The Company pivoted to commercializing novel consumer products manufactured by The Starco Group. The Starco Group is a private label and branded aerosol and liquid fill manufacturer which manufactures DIY/Hardware, paints, coatings and adhesives, household, hair care, disinfectants, automotive, motorcycle, arts & crafts, personal care cosmetics, FDA over the counter pharmaceuticals, sun care, cooking oils, beverage and spirits. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2020. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Actual results may differ from those estimates. Recently issued accounting pronouncements In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivative and Hedging (Topic 815, and Leases (Topic 841). This new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The accompanying unaudited condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has an accumulated deficit of $16,558,802, predominantly from the Company granting stock for services during its reorganization in 2017 and 2018. The Company had a working capital deficit of $844,663 and net cash used by operating activities of $71,744 for the six months ended June 30, 2020. The Company’s ability to raise additional capital through the future issuances of common stock and/or debt financing is unknown. The obtainment of additional financing and the successful development of the Company’s contemplated plan of operations, to the attainment of profitable operations are necessary for the Company to continue operations. These conditions and the ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties. |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
NOTES PAYABLE | NOTE 4 – NOTES PAYABLE The Company has a financing loan for its Director and Officer Insurance (“D&O”), that was renewed in September 2019. As of June 30, 2020, and December 31, 2019, the loan had a balance of $9,512 and $32,329, respectively. The new loan bears interest at 6.97%, and requires monthly payments through July 2020. During the fourth quarter of 2018 a third party loaned the Company $3,300 to pay for general operating expenses. The loan was unsecured, non-interest bearing and due on demand. This loan was forgiven during the six months ended June 30, 2020 and a gain on the forgiveness of debt was recognized. |
OPERATING LEASE
OPERATING LEASE | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
OPERATING LEASE | NOTE 5 – OPERATING LEASE The Company currently occupies office space in Burbank, California. The Company signed a three-year lease starting January 1, 2016. The lease has been extended for an additional three-year term. Current monthly lease payments are $3,855 with yearly increases. The lease required a deposit of $3,500 which was paid on December 10, 2015. The lease is being accounted for under ASU 2016-02 Leases (Topic 842). The Company recorded an initial Right of Use of Asset and Lease Obligation of $122,825. As of June 30, 2020, the Company has accrued rent due of $21,653 and a Lease Obligation of $66,442. Asset Balance Sheet Classification June 30, 2020 December 31, 2019 Operating lease asset Right of use asset $ 65,078 $ 85,077 Total lease asset $ 65,078 $ 85,077 Liability Operating lease liability – current portion Current operating lease liability $ 43,171 $ 40,806 Operating lease liability – noncurrent portion Long-term operating lease liability 23,271 45,632 Total lease liability $ 66,442 $ 86,438 Lease obligations at , 2020 consisted of the following: For the year ended December 31: 2020 $ 23,128 2021 47,643 Total payments $ 70,771 Amount representing interest $ (4,329) Lease obligation, net 66,442 Less current portion (43,171) Lease obligation – long term $ 23,271 The lease expense for the , 2020 was $11,564, which consisted of amortization expense of $10,098 and interest expense of $1,466. The lease expense for the , 2020 was $23,128, which consisted of amortization expense of $19,996 and interest expense of $3,132. The lease expense for the , 2019 was $11,227, which consisted of amortization expense of $9,004 and interest expense of $2,223. The lease expense for the , 2019 was $22,454, which consisted of amortization expense of $17,831 and interest expense of $4,623. The cash paid under this operating lease during the , 2020 was $18,918. At , 2020, the weighted average remaining lease term is 1.50 years and the weighted average discount rate is 8%. |
COMMITMENTS & CONTINGENCIES
COMMITMENTS & CONTINGENCIES | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
COMMITMENTS & CONTINGENCIES | NOTE 6 – COMMITMENTS & CONTINGENCIES On February 18, 2020, the Company received a demand letter from a law firm representing certain individuals who purchased the Breathe brand home cleaning products. The demand letter alleges that the Company has unlawfully, falsely and misleadingly labeled and marketed the Breathe brand of products to consumers in violation of the Consumer Products Safety Act, the Federal Hazardous Substance Act and the FTC Act as well as various California and New York laws. While the Company denies any wrongdoing, it is in the process of negotiating a settlement. Accrued Liability On July 9, 2014, the Board of Directors approved an investment arrangement with an individual. Per the terms of the agreement, the investor transferred $150,000 to the Company to be used for the development of a specific product. The product for which the investment was intended was never produced and this agreement is being renegotiated. The investment remains with the Company and is disclosed as an accrued liability on the balance sheet. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTIONS During the year ended December 31, 2017, Sanford Lang, the Company’s former Chairman and CEO, advanced the Company $289,821 to pay for general operating expenses, his and Martin Goldrod’s personal compensation. The advances are uncollateralized, require a monthly interest payment of $2,545 and due on demand. As of June 30, 2020, the Company owed The Starco Group, (“TSG”) $72,843 for expenses paid by The Starco Group on behalf of the Company for expenses to launch licensed brands. Once royalties exceed $250,000 in the aggregate, and the Company has an adequate cash reserve, TSG will deduct the incurred expenses from the subsequent royalty payments until TSG is paid in full. In addition, the Company owes TSG an additional $47,129 for expenses paid on behalf of the Company or funds advanced to the Company to pay for other operating expenses. As of June 30, 2020, the Company owes two of its board members $1,769 and $637, respectively, for cash advances to the Company and accrued compensation of $6,850 and $34,800, respectively. As of June 30, 2020, the Company has total accrued compensation due to its CFO of $46,050. On January 24, 2020, the Company executed a promissory note for $100,000 with Ross Sklar, CEO. The note bears interest at 4% per annum, compounded monthly, is unsecured and matures in two years. As of June 30, 2020, there is $584 of accrued interest due on this note. During the three months ended June 30, 2020 and 2019, the Company recognized royalty income of $296,590 on $1,595,622 of gross sales and $117,486 on approximately $783,260 of gross sales, respectively. During the six months ended June 30, 2020 and 2019, the Company recognized royalty income of $352,264 on approximately $2,147,467 of gross sales and $178,749 on approximately $1,392,154 of gross sales, respectively. There is a $260,354 receivable from The Starco Group as of June 30, 2020. |
STOCK WARRANTS
STOCK WARRANTS | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
STOCK WARRANTS | NOTE 8 – STOCK WARRANTS A summary of the status of the Company’s outstanding stock warrants and changes during the periods is presented below: Shares available to purchase with warrants Weighted Average Price Weighted Average Fair Value Outstanding, December 31, 2018 2,000,000 $ 1.05 $ 0.003 Issued - $ - $ - Exercised - $ - $ - Cancelled - $ - $ - Expired - $ - $ - Outstanding, December 31, 2019 2,000,000 $ 1.05 $ 0.003 Issued - $ - $ - Exercised - $ - $ - Cancelled - $ - $ - Expired - $ - $ - Outstanding, June 30, 2020 2,000,000 $ 1.05 $ 0.003 Exercisable, June 30, 2020 2,000,000 $ 1.05 $ 0.003 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were issued and has determined that no material subsequent events exist other than the following. On July 23, 2020, pursuant to the terms of a consulting agreement the Company granted 49,751 shares of common stock for services to be provided from August 1, 2020 through February 1, 2021. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2020. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Actual results may differ from those estimates. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivative and Hedging (Topic 815, and Leases (Topic 841). This new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. |
OPERATING LEASE (Tables)
OPERATING LEASE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Schedule of Operating Lease | Asset Balance Sheet Classification June 30, 2020 December 31, 2019 Operating lease asset Right of use asset $ 65,078 $ 85,077 Total lease asset $ 65,078 $ 85,077 Liability Operating lease liability – current portion Current operating lease liability $ 43,171 $ 40,806 Operating lease liability – noncurrent portion Long-term operating lease liability 23,271 45,632 Total lease liability $ 66,442 $ 86,438 |
Schedule of Lease obligations | Lease obligations at , 2020 consisted of the following: For the year ended December 31: 2020 $ 23,128 2021 47,643 Total payments $ 70,771 Amount representing interest $ (4,329) Lease obligation, net 66,442 Less current portion (43,171) Lease obligation – long term $ 23,271 |
STOCK WARRANTS (Tables)
STOCK WARRANTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Schedule of Outstanding Stock Warrants | A summary of the status of the Company’s outstanding stock warrants and changes during the periods is presented below: Shares available to purchase with warrants Weighted Average Price Weighted Average Fair Value Outstanding, December 31, 2018 2,000,000 $ 1.05 $ 0.003 Issued - $ - $ - Exercised - $ - $ - Cancelled - $ - $ - Expired - $ - $ - Outstanding, December 31, 2019 2,000,000 $ 1.05 $ 0.003 Issued - $ - $ - Exercised - $ - $ - Cancelled - $ - $ - Expired - $ - $ - Outstanding, June 30, 2020 2,000,000 $ 1.05 $ 0.003 Exercisable, June 30, 2020 2,000,000 $ 1.05 $ 0.003 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Going Concern | |||
Accumulated Deficit | $ 16,558,802 | $ 16,680,306 | |
Net Cash (Used) in Operating Activities | $ 71,744 | $ (13,649) |
OPERATING LEASE (Details)
OPERATING LEASE (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Asset | ||
Operating lease asset | $ 65,078 | $ 85,077 |
Liability | ||
Operating lease liability - current portion | 43,171 | 40,806 |
Operating lease liability - noncurrent portion | 23,271 | 45,632 |
Lease Liability, net | $ 66,442 | $ 86,438 |
OPERATING LEASE (Details 2)
OPERATING LEASE (Details 2) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Notes to Financial Statements | ||
2020 | $ 23,128 | |
2021 | 47,643 | |
Total payments | 70,771 | |
Amount representing interest | (4,329) | |
Lease Liability, net | 66,442 | $ 86,438 |
Less: Current portion | (43,171) | (40,806) |
Lease obligation - long term | $ 23,271 | $ 45,632 |
OPERATING LEASE (Details Narrat
OPERATING LEASE (Details Narrative) | Jun. 30, 2020USD ($) |
Notes to Financial Statements | |
Accured Rent Due | $ 21,653 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2017 | Dec. 31, 2019 | |
General Operating Expenses | $ 68,852 | $ 65,858 | $ 106,499 | $ 101,154 | ||
Common Shares Issued | 159,090,914 | 159,090,914 | 159,090,914 | |||
Common Share, per price | $ 0.001 | $ 0.001 | $ 0.001 | |||
Cash Advance to Company | $ 260,354 | $ 260,354 | $ 14,496 | |||
Chairman And Former CEO [Member] | ||||||
General Operating Expenses | $ 289,821 | |||||
CEO [Member] | ||||||
Cash Advance to Company | 1,769 | 1,769 | ||||
Chairman [Member] | ||||||
Cash Advance to Company | $ 637 | $ 637 |
STOCK WARRANTS (Details)
STOCK WARRANTS (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Shares | ||
Exercisable-end of period (in shares) | 2,000,000 | |
Weighted Average Exercise Price | ||
Exercisable-end of period (in dollars per share) | $ 1.05 | |
Stock Warrants [Member] | ||
Shares | ||
Outstanding-beginning of period (in shares) | 2,000,000 | 2,000,000 |
Issued | ||
Exercised | ||
Forfieted | ||
Expired | ||
Outstanding-end of period (in shares) | 2,000,000 | 2,000,000 |
Weighted Average Exercise Price | ||
Outstanding-beginning of period (in dollars per share) | $ 1.05 | $ 1.05 |
Issued | ||
Exercised | ||
Forfieted | ||
Expired | ||
Outstanding-end of period (in dollars per share) | 1.05 | 1.05 |
Weighted Average Fair Value | ||
Outstanding-beginning of period (in dollars per share) | 0.003 | .003 |
Issued | ||
Exercised | ||
Forfeited | ||
Outstanding-end of period (in dollars per share) | $ .003 | $ 0.003 |