Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 14, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | Quarta-Rad, Inc. | |
Entity Central Index Key | 0001549631 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,326,150 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 |
Consolidated and Condensed Bala
Consolidated and Condensed Balance Sheets - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash | $ 58,503 | $ 41,962 |
Accounts receivable | 93,241 | 127,518 |
Inventory | 97,426 | 75,457 |
Total Current Assets | 249,170 | 244,937 |
TOTAL ASSETS | 249,170 | 244,937 |
Current Liabilities | ||
Accounts payable and accrued expenses | 112,720 | 126,469 |
Related party payable | 165,150 | 148,308 |
Total Liabilities | 277,870 | 274,777 |
Common Stock: authorized 50,000,000 common shares, $0.0001 par value 15,326,150 were issued and outstanding on June 30, 2020 and December 31, 2019 | 1,533 | 1,533 |
Additional Paid-in Capital | 65,197 | 65,197 |
Accumulated Deficit | (95,430) | (96,570) |
Total Stockholders' Deficit | (28,700) | (29,840) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 249,170 | $ 244,937 |
Consolidated and Condensed Ba_2
Consolidated and Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 15,326,150 | 15,326,150 |
Common stock, shares outstanding | 15,326,150 | 15,326,150 |
Consolidated and Condensed Stat
Consolidated and 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] | ||||
Sales, net | $ 231,991 | $ 252,207 | $ 412,588 | $ 447,028 |
Cost of goods sold | 183,037 | 152,089 | 324,003 | 322,229 |
Gross profit | 48,954 | 100,118 | 88,585 | 124,799 |
Expenses: | ||||
General & administrative | 6,310 | 30,406 | 8,004 | 45,478 |
Advertising | 14,217 | 7,423 | 21,087 | 22,334 |
Professional and consulting fees | 23,795 | 36,960 | 58,354 | 65,210 |
Research and development | 18,000 | 36,000 | ||
Operating Expenses | 44,322 | 92,789 | 87,445 | 169,022 |
Net income (loss) | $ 4,632 | $ 7,329 | $ 1,140 | $ (44,223) |
Income/(loss) per share - basic and diluted | ||||
Weighted average shares - basic and diluted | 15,326,150 | 15,326,150 | 15,326,150 | 15,326,150 |
Consolidated and Condensed St_2
Consolidated and Condensed Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2018 | $ 1,533 | $ 65,197 | $ 45,490 | $ 112,220 |
Balance, shares at Dec. 31, 2018 | 15,326,150 | |||
Net Income (Loss) | (44,223) | (44,223) | ||
Balance at Jun. 30, 2019 | $ 1,533 | 65,197 | 1,267 | 67,997 |
Balance, shares at Jun. 30, 2019 | 15,326,150 | |||
Balance at Mar. 31, 2019 | $ 1,533 | 65,197 | (6,062) | 60,668 |
Balance, shares at Mar. 31, 2019 | 15,326,150 | |||
Net Income (Loss) | 7,329 | 7,329 | ||
Balance at Jun. 30, 2019 | $ 1,533 | 65,197 | 1,267 | 67,997 |
Balance, shares at Jun. 30, 2019 | 15,326,150 | |||
Balance at Dec. 31, 2019 | $ 1,533 | 65,197 | (96,570) | (29,840) |
Balance, shares at Dec. 31, 2019 | 15,326,150 | |||
Net Income (Loss) | 1,140 | 1,140 | ||
Balance at Jun. 30, 2020 | $ 1,533 | 65,197 | (95,430) | (28,700) |
Balance, shares at Jun. 30, 2020 | 15,326,150 | |||
Balance at Mar. 31, 2020 | $ 1,533 | 65,197 | (100,062) | (33,332) |
Balance, shares at Mar. 31, 2020 | 15,326,150 | |||
Net Income (Loss) | 4,632 | 4,632 | ||
Balance at Jun. 30, 2020 | $ 1,533 | $ 65,197 | $ (95,430) | $ (28,700) |
Balance, shares at Jun. 30, 2020 | 15,326,150 |
Consolidated and Condensed St_3
Consolidated and Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
OPERATING ACTIVITIES: | ||
Net income/(loss) | $ 1,140 | $ (44,223) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 34,276 | (39,703) |
Inventory | (21,969) | (18,485) |
Prepaid expenses | 18,150 | |
Accounts payable and accrued expenses | (13,748) | 30,689 |
Related party payable | 16,842 | 37,632 |
Net cashed provided by/ (used in) operating activities | 16,541 | (15,940) |
Net change in cash | 16,541 | (15,940) |
Cash, beginning of period | 41,962 | 87,010 |
Cash, end of period | 58,503 | 71,070 |
Supplemental cash flow information: | ||
Cash paid on interest | ||
Cash paid for income taxes |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1 - BASIS OF PRESENTATION The consolidated and condensed balance sheet of Quarta-Rad, Inc. and Subsidiary (the “Company”) as of June 30, 2020, and the statements of operations and changes in stockholders’ equity/deficit for the three months and six months ended June 30, 2020 and 2019, and the cash flow for the six months ended June 30, 2020 and 2019 have not been audited. However, in the opinion of management, such information includes all adjustments (consisting of normal recurring adjustments), which are necessary to properly reflect the financial position of the Company as of June 30, 2020, the results of operations and cash flows for the periods ended June 30, 2020 and 2019. The consolidated and condensed balance sheet as of December 31, 2019 has been derived from audited financial statements. Certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted, although management believes that the disclosures are adequate to make the information presented not misleading. Interim period results are not necessarily indicative of the results to be achieved for an entire year. These consolidated and condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2019. During April 2020, the Company acquired Quarta-Rad USA, Inc., a Delaware corporation, as a wholly owned subsidiary. There was no consideration paid for the shares. The purpose of the acquisition is to separate the sales of certain products in separate entities. There was no activity, assets or liabilities in the subsidiary through June 30, 2020. |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | NOTE 2 - NATURE OF BUSINESS The Company distributes detection devices, including but not limited to Geiger counters, to homeowners and interested customers in North America, Europe, and Asia. The Company targets homebuilders and home renovation contractors. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Advertising The Company expenses advertising costs, consisting primarily of placement in multiple publications, along with design and printing costs of sales materials, when incurred. Advertising expense for the three and six months ended June 30, 2020 and 2019, amounted to $14,217, $21,087, $7,423 and $22,334, respectively. Inventory Inventories are stated at the lower of cost or market (net realizable value). The Company periodically reviews the value of items in inventory and provides write-downs or write-offs of inventory based on its assessment of market conditions. Write-downs and write-offs are charged to cost of goods sold. The Company’s inventory consists of finished goods available for sale. There were no write-offs for the three and six months ended June 30, 2020 or 2019. Earnings per Share The Company’s basic earnings per share are calculated by dividing its net income available to common stockholders by the weighted average number of common shares outstanding for the period. The Company’s dilutive earnings per share is calculated by dividing its net income available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There were no potentially dilutive instruments outstanding at June 30, 2020. Fair Value of Financial Instruments The Company’s financial instruments as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825, “Financial Instruments” FASB ASC 820 “Fair Value Measurements and Disclosures” ● Level 1. Observable inputs such as quoted prices in active markets; ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ● Level 3. Unobservable inputs in which there is little or no market data, which requires the reporting entity to develop its own assumptions. Use of Estimates in Preparation of Financial Statements 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include reserves for accounts receivable and inventory, and with the European VAT exposure accrual (Note 5). Revenue Recognition The Company follows guidance from FASB Accounting Standards Codification ASC Topic 606, Revenue from Contracts with Customers . Our principal activities from which we generate our revenue are product sales. Revenue is measured based on consideration specified in a contract with a customer. A contract with a customer exists when we enter into an enforceable contract with a customer. The contract is based on either the acceptance of standard terms and conditions on the websites for e-commerce customers and via telephone with our third-party call center for our print media and direct mail customers, or the execution of terms and conditions contracts with retailers and wholesalers. These contracts define each party’s rights, payment terms and other contractual terms and conditions of the sale. Consideration is typically paid prior to shipment via credit card or check when our products are sold direct to consumers or approximately 30 days from the time control is transferred when sold to wholesalers, distributors and retailers. We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience and, in some circumstances, published credit and financial information pertaining to the customer. A performance obligation is a promise in a contract to transfer a distinct product to the customer, which for us is transfer of over-the-counter drug and consumer care products to our customers. Performance obligations promised in a contract are identified based on the goods that will be transferred to the customer that are both capable of being distinct and are distinct in the context of the contract, whereby the transfer of the goods is separately identifiable from other promises in the contract. We have concluded the sale of goods and related shipping and handling are accounted for as the single performance obligation. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer receives the benefit of the performance obligation. The transaction price is determined based on the consideration to which we will be entitled to receive in exchange for transferring goods to the customer. We issue refunds to e-commerce and print media customers, upon request, within 30 days of delivery. We estimate the amount of potential refunds at each reporting period using a portfolio approach of historical data, adjusted for changes in expected customer experience, including seasonality and changes in economic factors. For retailers, distributors and wholesalers, we do not offer a right of return or refund and revenue is recognized at the time products are shipped to customers. In all cases, judgment is required in estimating these reserves. Actual claims for returns could be materially different from the estimates. There was no reserve for sales returns and allowances, at June 30, 2020 and December 31, 2019, respectively. We recognize revenue when we satisfy a performance obligation in a contract by transferring control over a product to a customer when product is shipped. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by us from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfilment cost and are included in cost of product sales. Recent Accounting Pronouncements In June 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-07 Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting. In February 2018, FASB issued ASU 2018-02, Income Statement Reporting, Comprehensive Income (Topic 220) In February 2016, the FASB issued its new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) Revenue from Contracts with Customers |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4–RELATED PARTY TRANSACTIONS The Company sells radiation monitors and to date has purchased all of its inventory from a company in Russia, which is owned by a minority shareholder of the Company. Total inventory purchased was $295,035 and $518,750 for the six months ended June 30, 2020 and for the year ended December 31, 2019, respectively. During July 2017, the Company entered into an agreement with the Russian Affiliate to develop and update software for a new device for $180,000. The development contract ended December 31, 2019. The Company owes the Russian affiliate $126,390 and such amount is included in related party payables in the accompanying balance sheet at June 30, 2020 and December 31, 2019, respectively. The related payable balance is related to the research and development services including the July 2017 contract noted above. Since inception, the Company has not compensated its CEO, who is the majority shareholder, and, as of June 30, 2020 and December 31, 2019, is due $38,760 and $21,918, respectively, for expenses paid by the shareholder on behalf of the Company, included in related party payables. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 5– COMMITMENTS AND CONTINGENCIES Contingencies The Company is currently undergoing a multi-year VAT tax examination by certain European tax authorities. As of June 30, 2020, the outcome of these examinations is uncertain, and the Company is disputing any amounts due. The estimated liabilities on the VAT tax exposure could anywhere from $0 to $125,000 based on estimates and information provided to management. The Company believes its exposure is limited and has accrued $100,000, which is included in accounts payable and accrued expenses, as of June 30, 2020 and December 31, 2019. Actual results from this matter could differ from this estimate. Legal In the normal course of business, the Company may become involved in various legal proceedings. The Company knows of no pending or threatened legal proceeding to which the Company is or will be a party that, if successful, might result in material adverse change in the Company’s business, properties or financial condition. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 6–GOING CONCERN The Company's financial statements are prepared in accordance with U.S. GAAP applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. While the Company has established sources of capital to cover its operating costs, it broke even for the first six months of 2020 and cannot support a salary for its CEO, which causes substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to implement its business plan. If the Company is unable to obtain adequate capital, it could be forced to cease operations. Management intends to focus on raising funds and potential acquisitions going forward. The Company cannot provide any assurance or guarantee that it will be able to raise funds. Potential investors must be aware if it is unable to raise funds through the sale of its common stock and generate sufficient revenues, any investment made into the Company could be lost in its entirety. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 7–SUBSEQUENT EVENTS The Company has performed an evaluation of events occurring subsequent to June 30, 2020 through August 14, 2020. Based on its evaluation, other than the note below, there is nothing to be disclosed herein. |
COVID-19
COVID-19 | 6 Months Ended |
Jun. 30, 2020 | |
Document And Entity Information | |
COVID-19 | NOTE 8 - COVID-19 On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. Management is actively monitoring the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2020. However, if the pandemic continues, it may have an adverse effect on the Company’s results of future operations, financial position, and liquidity in fiscal year 2020. The uncertainty as to the future impact on the Company of the recent COVID-19 outbreak has been considered as part of the Company’s adoption of the going concern basis. Thus far, we have not observed a material impact on our sales in the first seven months of the year against the same period in the previous year. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Advertising | Advertising The Company expenses advertising costs, consisting primarily of placement in multiple publications, along with design and printing costs of sales materials, when incurred. Advertising expense for the three and six months ended June 30, 2020 and 2019, amounted to $14,217, $21,087, $7,423 and $22,334, respectively. |
Inventory | Inventory Inventories are stated at the lower of cost or market (net realizable value). The Company periodically reviews the value of items in inventory and provides write-downs or write-offs of inventory based on its assessment of market conditions. Write-downs and write-offs are charged to cost of goods sold. The Company’s inventory consists of finished goods available for sale. There were no write-offs for the three and six months ended June 30, 2020 or 2019. |
Earnings Per Share | Earnings per Share The Company’s basic earnings per share are calculated by dividing its net income available to common stockholders by the weighted average number of common shares outstanding for the period. The Company’s dilutive earnings per share is calculated by dividing its net income available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There were no potentially dilutive instruments outstanding at June 30, 2020. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company's financial instruments as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825, “Financial Instruments” FASB ASC 820 “Fair Value Measurements and Disclosures” ● Level 1. Observable inputs such as quoted prices in active markets; ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ● Level 3. Unobservable inputs in which there is little or no market data, which requires the reporting entity to develop its own assumptions. |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include reserves for accounts receivable and inventory, and with the European VAT exposure accrual (Note 5). |
Revenue Recognition | Revenue Recognition The Company follows guidance from FASB Accounting Standards Codification ASC Topic 606, Revenue from Contracts with Customers . Our principal activities from which we generate our revenue are product sales. Revenue is measured based on consideration specified in a contract with a customer. A contract with a customer exists when we enter into an enforceable contract with a customer. The contract is based on either the acceptance of standard terms and conditions on the websites for e-commerce customers and via telephone with our third-party call center for our print media and direct mail customers, or the execution of terms and conditions contracts with retailers and wholesalers. These contracts define each party’s rights, payment terms and other contractual terms and conditions of the sale. Consideration is typically paid prior to shipment via credit card or check when our products are sold direct to consumers or approximately 30 days from the time control is transferred when sold to wholesalers, distributors and retailers. We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience and, in some circumstances, published credit and financial information pertaining to the customer. A performance obligation is a promise in a contract to transfer a distinct product to the customer, which for us is transfer of over-the-counter drug and consumer care products to our customers. Performance obligations promised in a contract are identified based on the goods that will be transferred to the customer that are both capable of being distinct and are distinct in the context of the contract, whereby the transfer of the goods is separately identifiable from other promises in the contract. We have concluded the sale of goods and related shipping and handling are accounted for as the single performance obligation. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer receives the benefit of the performance obligation. The transaction price is determined based on the consideration to which we will be entitled to receive in exchange for transferring goods to the customer. We issue refunds to e-commerce and print media customers, upon request, within 30 days of delivery. We estimate the amount of potential refunds at each reporting period using a portfolio approach of historical data, adjusted for changes in expected customer experience, including seasonality and changes in economic factors. For retailers, distributors and wholesalers, we do not offer a right of return or refund and revenue is recognized at the time products are shipped to customers. In all cases, judgment is required in estimating these reserves. Actual claims for returns could be materially different from the estimates. There was no reserve for sales returns and allowances, at June 30, 2020 and December 31, 2019, respectively. We recognize revenue when we satisfy a performance obligation in a contract by transferring control over a product to a customer when product is shipped. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by us from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfilment cost and are included in cost of product sales. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-07 Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting. In February 2018, FASB issued ASU 2018-02, Income Statement Reporting, Comprehensive Income (Topic 220) In February 2016, the FASB issued its new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) Revenue from Contracts with Customers |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accounting Policies [Abstract] | ||||
Advertising expense | $ 14,217 | $ 7,423 | $ 21,087 | $ 22,334 |
Inventory write-offs | ||||
Potentially dilutive instruments outstanding | ||||
Reserve for sales returns and allowances |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | Jul. 31, 2017 | |
Inventory purchased | $ 295,035 | $ 518,750 | |
Due to majority shareholder | 38,760 | 21,918 | |
Russian Affiliate [Member] | |||
Related party payable | $ 126,390 | $ 126,390 | |
Russian Affiliate [Member] | Software Development [Member] | |||
Related party payable | $ 180,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Accounts payable and accrued expenses | $ 100,000 | $ 100,000 |
Minimum [Member] | ||
Estimated liabilities on VAT | 0 | |
Maximum [Member] | ||
Estimated liabilities on VAT | $ 125,000 |