Cover
Cover - shares | 3 Months Ended | |
May 31, 2020 | Jul. 20, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | E-WASTE CORP. | |
Entity Central Index Key | 0001543066 | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --02-28 | |
Entity File Number | 333-180251 | |
Entity Incorporation, State or Country Code | FL | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock Shares Outstanding | 12,000,000 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | May 31, 2020 | Feb. 29, 2020 |
Assets | ||
Total assets | $ 0 | $ 0 |
Current liabilities: | ||
Accounts payable and accrued expenses | 22,279 | 13,654 |
Total current liabilities | 22,279 | 13,654 |
Stockholder advances | 416,988 | 404,988 |
Total liabilities | 439,267 | 418,642 |
Commitments and contingencies | ||
Stockholders' deficit | ||
Common stock, $.0001 par value, 250,000,000 shares authorized, 12,000,000 shares issued and outstanding at May 31, 2020 and February 29, 2020 | 1,200 | 1,200 |
Additional paid-in capital | 42,565 | 42,565 |
Accumulated deficit | (483,032) | (462,407) |
Total stockholders' deficit | (439,267) | (418,642) |
Total liabilities and stockholders' deficit | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | May 31, 2020 | Feb. 29, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ .0001 | $ .0001 |
Common stock, authorized | 250,000,000 | 250,000,000 |
Common stock, issued | 12,000,000 | 12,000,000 |
Common stock, outstanding | 12,000,000 | 12,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Operating expenses | ||
General and administrative | $ 15,965 | $ 17,632 |
Professional fees | 4,660 | 4,120 |
Total operating expenses | 20,625 | 21,752 |
(Loss) before income taxes | (20,625) | (21,752) |
Provision for income taxes | ||
Net (loss) | $ (20,625) | $ (21,752) |
Per share information - basic and fully diluted | ||
Basic and diluted (loss) per share (in dollars per share) | $ 0 | $ 0 |
Basic and diluted weighted average shares outstanding (in shares) | 12,000,000 | 12,000,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) | 3 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Cash flow from operating activities: | ||
Net cash (used) in operations | $ (12,000) | $ (12,000) |
Cash flows from financing activities: | ||
Advances from stockholders | 12,000 | 12,000 |
Net cash provided by financing activities | 12,000 | 12,000 |
Changes in cash | ||
Cash and cash equivalents, beginning of period | ||
Cash and cash equivalents, end of period | ||
Supplemental information: | ||
Cash paid for interest | ||
Cash paid for income taxes |
Presentation and Nature of Busi
Presentation and Nature of Business | 3 Months Ended |
May 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation and Nature of Business | Note 1. Presentation and Nature of Business E-Waste Corp., a Florida corporation was formed on January 26, 2012, to develop an e-waste recycling business. The Company was not successful in its efforts and has discontinued this line of business. Going forward, the Company intends to seek, investigate and, if such investigation warrants, engage in a business combination with a private entity whose business presents an opportunity for our stockholders. Our objectives discussed below are extremely general and are not intended to restrict discretion of our Board of Directors to search for and enter into potential business opportunities or to reject any such opportunities. In November 2014, we formed a wholly owned subsidiary, which was subsequently dissolved in March 2016. In November 2016, we formed a new wholly owned Delaware subsidiary, in connection with our proposed reincorporation in the State of Delaware. The reincorporation was to be effected in connection with a potential business combination we were considering. Neither the reincorporation nor the business combination has occurred as we have determined not to proceed with this transaction. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
May 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Going Concern Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 205, Presentation of Financial Statements Basis of Consolidation The condensed consolidated financial statements include the financial statements of the Company and a wholly owned, and inactive, subsidiary. All inter-company balances and transactions among the companies have been eliminated upon consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Financial Instruments The Company’s balance sheet includes certain financial instruments. The carrying amounts of current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. Revenue and Cost Recognition We currently have no source of revenue; therefore, we have not yet adopted any policy regarding the recognition of revenue or cost. Advertising Advertising costs, when incurred, will be expensed as incurred. There have been no advertising costs incurred for the three months ended May 31, 2020 and 2019. Research and Development Expenses Expenditures for research and development, when incurred, will be expensed as incurred. There have been no research and development costs incurred for the three months ended May 31, 2020 and 2019. Income Taxes A provision for income taxes is determined in accordance with the provisions of ASC Topic 740, Accounting for Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their consolidated financial statements, uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the consolidated financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. For three months ended May 31, 2020 and 2019, the Company did not have any interest and penalties or any significant unrecognized uncertain tax positions. Earnings per Share The Company calculates net loss per share in accordance with ASC Topic 260, Earnings per Share Recent pronouncements From time to time, new accounting pronouncements are issued that we adopt as of the specified effective date. We believe that the impact of recently issued standards that are not yet effective may have an impact on our results of operations and financial position. |
Stockholder advances - Related
Stockholder advances - Related Party | 3 Months Ended |
May 31, 2020 | |
Related Party Transactions [Abstract] | |
Stockholder advances - Related Party | Note 3. Stockholder advances - Related Party Parties, which can be a corporation or individual, are considered to be related if we have the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. During the three months ended May 31, 2020 and 2019 we received $12,000 and $12,000, respectively from a stockholder of the Company. As of May 31, 2020, the balance of the advances was $416,988. The advances bear no interest and are unsecured. The stockholder has agreed not to demand payment until at least 15 months from the end of our fiscal year. |
Stockholders' Deficit
Stockholders' Deficit | 3 Months Ended |
May 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Deficit | Note 4. Stockholders’ Deficit The Company’s Certificate of Incorporation authorizes the issuance of 250,000,000 shares of capital stock, consisting of 250,000,000 shares of Common Stock. As of May 31, 2020, 12,000,000 shares of the Company’s Common Stock were issued and outstanding. In January 2012, the Company issued 9,000,000 shares of its $0.0001 par value Common Stock to its then-CEO and sole director, for cash in the amount of $9,000 (per share price of $0.001). During the year ended February 28, 2013 the Company issued 3,000,000 shares of its Common Stock pursuant to a registration statement on Form S-1 at a price of $0.12 per share. The Company received an aggregate of $36,000 as a result of the offering. Costs associated with the public offering amounted to $1,235 and have been deducted from the Company’s paid-in capital account. The net proceeds from this offering were $34,765. There are no warrants or options outstanding to acquire any additional shares of Common Stock of the Company. |
Income Taxes
Income Taxes | 3 Months Ended |
May 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5. Income Taxes The Company has determined an estimated annual effective tax rate. The rate will be revised, if necessary, as of the end of each successive interim period during our fiscal year to our best current estimate. There are open statutes of limitations for taxing authorities in federal and state jurisdictions to audit our tax returns from 2015 through the current period. Our policy is to account for income tax related interest and penalties in income tax expense in the statements of operations. There have been no income tax related interest or penalties assessed or recorded. ASC 740 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. This pronouncement also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. There have been no uncertain tax positions taken. |
Commitments and Contingency
Commitments and Contingency | 3 Months Ended |
May 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingency | Note 6. Commitments and Contingency From time to time the Company may be a party to litigation matters involving claims against the Company. Management believes that there are no current matters that would have a material effect on the Company’s financial position or results of operations. |
Liquidity
Liquidity | 3 Months Ended |
May 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Note 7. Liquidity We have a history of operating losses and negative cash flow. We currently have no operations and we intend to seek, investigate and, if such investigation warrants, engage in a business combination with a private entity whose business presents an opportunity for our stockholders. These conditions raise substantial doubt over the Company’s ability to meet all of its obligations over the twelve months following the filing of this Form 10-Q. Management has evaluated these conditions and concluded that current plans will alleviate this concern. As of May 31, 2020, the only liabilities were accounts payable and advances from a stockholder. The stockholder has agreed to continue to fund operating expenses and not to demand repayment of prior advances at least until 15 months from the end of our fiscal year. |
Business Segments
Business Segments | 3 Months Ended |
May 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | Note 8. Business Segments There are no reportable business segments. |
Subsequent Events
Subsequent Events | 3 Months Ended |
May 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9. Subsequent Events Management has evaluated all activity and concluded that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
May 31, 2020 | |
Accounting Policies [Abstract] | |
Going Concern | Going Concern Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 205, Presentation of Financial Statements |
Basis of Consolidation | Basis of Consolidation The condensed consolidated financial statements include the financial statements of the Company and a wholly owned, and inactive, subsidiary. All inter-company balances and transactions among the companies have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. |
Financial Instruments | Financial Instruments The Company’s balance sheet includes certain financial instruments. The carrying amounts of current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. |
Revenue and Cost Recognition | Revenue and Cost Recognition We currently have no source of revenue; therefore, we have not yet adopted any policy regarding the recognition of revenue or cost. |
Advertising | Advertising Advertising costs, when incurred, will be expensed as incurred. There have been no advertising costs incurred for the three months ended May 31, 2020 and 2019. |
Research and Development Expenses | Research and Development Expenses Expenditures for research and development, when incurred, will be expensed as incurred. There have been no research and development costs incurred for the three months ended May 31, 2020 and 2019. |
Income Taxes | Income Taxes A provision for income taxes is determined in accordance with the provisions of ASC Topic 740, Accounting for Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their consolidated financial statements, uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the consolidated financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. For three months ended May 31, 2020 and 2019, the Company did not have any interest and penalties or any significant unrecognized uncertain tax positions. |
Earnings per Share | Earnings per Share The Company calculates net loss per share in accordance with ASC Topic 260, Earnings per Share |
Recent pronouncements | Recent pronouncements From time to time, new accounting pronouncements are issued that we adopt as of the specified effective date. We believe that the impact of recently issued standards that are not yet effective may have an impact on our results of operations and financial position. |
Stockholder advances - Relate_2
Stockholder advances - Related Party (Details Narrative) - USD ($) | 3 Months Ended | ||
May 31, 2020 | May 31, 2019 | Feb. 29, 2020 | |
Related Party Transactions [Abstract] | |||
Advances from stockholders | $ 12,000 | $ 12,000 | |
Stockholder advances | $ 416,988 | $ 404,988 |
Stockholders' Deficit (Details
Stockholders' Deficit (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2012 | Feb. 28, 2013 | May 31, 2020 | Feb. 29, 2020 | |
Common stock, par value (in dollars per share) | $ .0001 | $ .0001 | ||
Common stock, authorized | 250,000,000 | 250,000,000 | ||
Common stock, issued | 12,000,000 | 12,000,000 | ||
Common stock, outstanding | 12,000,000 | 12,000,000 | ||
Number of shares issued (in shares) | 3,000,000 | |||
Proceeds from issuance initial public offering | $ 36,000 | |||
Costs associated with initial public offering | 1,235 | |||
Proceeds from sale of common stock | $ 34,765 | |||
Share Price | $ 0.12 | |||
Chief Executive Officer [Member] | ||||
Common stock, par value (in dollars per share) | $ 0.0001 | |||
Value of shares issued | $ 9,000 | |||
Number of shares issued (in shares) | 9,000,000 | |||
Share Price | $ 0.001 |