Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Oct. 23, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | JOBLOCATIONMAP INC | |
Entity Central Index Key | 1,555,995 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,700,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,018 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 3,744 | $ 1,488 |
Inventory | 4,916 | 3,201 |
Total Current Assets | 8,660 | 4,689 |
Total Assets | 8,660 | 4,689 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 18,671 | 8,576 |
Due to related parties | 103,948 | 75,279 |
Convertible notes | 22,878 | 22,878 |
Notes payable | 27,500 | 27,500 |
Total Current Liabilities | 172,997 | 134,233 |
Long-term note payable | 3,957 | |
Total Liabilities | 176,954 | 134,233 |
STOCKHOLDERS' DEFICIT | ||
Preferred Stock, par value $0.0001, 50,000,000 shares authorized, 0 shares issued and outstanding, respectively | ||
Common Stock, par value $0.0001, 100,000,000 shares authorized, 9,700,000 shares issued and outstanding, respectively | 970 | 970 |
Additional paid-in capital | 114,215 | 114,215 |
Accumulated deficit | (283,479) | (244,729) |
Total Stockholders Deficit | (168,294) | (129,544) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 8,660 | $ 4,689 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
STOCKHOLDERS' DEFICIT | ||
Preferred Stock, par value | $ 0.0001 | $ 0.0001 |
Preferred Stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.0001 | $ 0.0001 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 9,700,000 | 9,700,000 |
Common Stock, shares outstanding | 9,700,000 | 9,700,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Consolidated Statements Of Operations | ||||
Revenues | $ 2,183 | $ 4,470 | ||
Cost of Goods Sold | 1,644 | 6,398 | ||
Gross Profit | 539 | (1,928) | ||
Operating Expenses | ||||
General and administrative | 2,275 | 4,470 | 1,233 | |
Professional | 18,519 | 1,750 | 20,257 | 4,250 |
Total operating expenses | 20,794 | 1,750 | 24,727 | 5,483 |
Net loss from operations | (20,255) | (1,750) | (26,655) | (5,483) |
Other expense | ||||
Interest expense | (6,363) | (12,095) | ||
Total other expense | (6,363) | (12,095) | ||
Net loss before taxes | (26,618) | (1,750) | (38,750) | (5,483) |
Provision for income taxes | ||||
Net loss | $ (26,618) | $ (1,750) | $ (38,750) | $ (5,483) |
Net Loss Per Common Share - Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding | 9,700,000 | 9,500,000 | 9,700,000 | 9,500,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (38,750) | $ (5,483) |
Changes in operating assets and liabilities: | ||
Inventory | (1,715) | |
Accounts payable and accrued liabilities | 10,095 | (9,101) |
Net Cash Used in Operating Activities | (30,370) | (14,584) |
Cash Flows from Financing Activities: | ||
Loan from related parties | 28,669 | 21,107 |
Proceeds from notes payable | 3,957 | (6,523) |
Net Cash Provided By Financing Activities | 32,626 | 14,584 |
Net Increase (decrease) in Cash and Cash Equivalents | 2,256 | |
Cash and Cash Equivalents, beginning of period | 1,488 | |
Cash and Cash Equivalents, end of period | 3,744 | |
Supplemental Disclosure Information: | ||
Cash paid for interest | ||
Cash paid for taxes | ||
Non-Cash Disclosure: | ||
Related party balances forgiven | 14,573 | |
Accounts payable balances settled by previous owner | $ 6,534 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | Organization, Nature of Business and Trade Name JobLocationMap Inc. (the Company) was incorporated in the State of Nevada on June 15, 2010. JobLocationMap Inc.’s principal business objective is developing and marketing an online map application. The Company is located at 500 North Michigan Avenue #600, Chicago, Illinois. The Company’s activities are subject to significant risks and uncertainties including failing to secure additional funding to operationalize the Company’s online map application before another company develops a similar app. Recent Developments On July 10, 2017, the Company acquired all of the shares of Bio Health Products Inc. a Nevada corporation, in exchange for 200,000 shares of the Company’s common stock, whereby Bio Health Products Inc. became a wholly owned subsidiary of the Company. Bio Health Products Inc. had previously acquired the assets of Essential Oils, a sole proprietorship. Bio Health Products Inc. was owned by Liang Chen, the CEO of the Company. As these transactions are between entities under common control, the Company has reported the results of operations for the period in a manner similar to a pooling of interests and has consolidated financial results since the initial date in which the above companies were under common control. Assets and liabilities were combined on their carrying values and no recognition of goodwill was made. The Company has presented earnings per share based on the new parent company shares issued to the former shareholders of the Company. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | A summary of significant accounting policies of the Company is presented to assist in understanding the Company’s consolidated financial statements. The accounting policies presented in these footnotes conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the accompanying financial statements. These financial statements and notes are representations of the Company’s management who are responsible for their integrity and objectivity. The Company has not realized revenues from its planned principal business purpose. Basis of Presentation The results for the six months ended June 30, 2018 are not necessarily indicative of the results of operations for the full year. These consolidated financial statements and related footnotes should be read in conjunction with the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10K for the year ended December 31, 2017, filed with the Securities and Exchange Commission. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated. Use of Estimates The preparation of financial statements in accounting principles generally accepted in the United States of America 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. A change in managements’ estimates or assumptions could have a material impact on JobLocationMap Inc.’s financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. JobLocationMap Inc.’s financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all short-term debt securities purchased with maturity of three months or less to be cash equivalents. Revenue Recognition Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to performance obligations in the contract; and • recognize revenue as the performance obligation is satisfied. Under these criteria, this generally means that the Company recognizes revenue when its products are delivered to customers in accordance with the sales terms. Cost of Goods Sold Cost of goods sold includes the following expenses; inventory and various expenses related to sell the products through third party services. Inventory The Company’s inventory consists of oil products. All inventory is finished goods. Inventories are stated at the lower of cost or market value. Inventory is stored off-site and held by a third party. The Company utilizes last-in first-out for inventory items held. Items determined to be obsolete are reserved for. The Company provides for the possible inability to sell its inventories by providing an excess inventory reserve. As at June 30, 2018, the Company determined that no reserve was required. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
NOTE 3 - GOING CONCERN | The Company’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have an established source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to laws or regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the Nature of Business and Trade Name paragraph and eventually attain profitable operations. The accompanying financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern. During the next year, the Company’s foreseeable cash requirements will relate to continual development of the operations of its business, maintaining its good standing and making the requisite filings with the Securities and Exchange Commission, and the payment of expenses associated with research and development. The Company may experience a cash shortfall and be required to raise additional capital. Historically, it has mostly relied upon internally generated funds and funds from the sale of shares of stock to finance its operations and growth. Management may raise additional capital through future public or private offerings of the Company’s stock or through loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Company’s failure to do so could have a material and adverse effect upon it and its shareholders. In the past year, the Company funded operations by using cash proceeds received through the issuance of common stock and loan from related party. For the coming year, the Company plans to continue to fund the Company through debt and securities sales and issuances until the company generates enough revenues through the operations as stated above. |
EQUITY
EQUITY | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
NOTE 4 - EQUITY | The Company has authorized 100,000,000 shares of common stock with a par value of $0.0001 and 50,000,000 shares of preferred stock with a par value of $0.0001. Preferred stock As of June 30, 2018, and December 31, 2017, there was no shares issued and outstanding. Common stock On July 10, 2017, the Company issued 200,000 shares to acquire all of the shares of Bio Health Products Inc. (Note 1). 9,700,000 shares of common stock were issued and outstanding as of June 30, 2018 and December 31, 2017. |
NOTE PAYABLE
NOTE PAYABLE | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
NOTE 5 - NOTE PAYABLE | On June 9, 2017, the Company issued note payable of $7,500 to a third party. The note is a 40 % interest bearing promissory note that is payable on demand. During the six months ended June 30, 2018, the Company recognized interest expense of $1,488. On August 14, 2017, the Company issued note payable of $20,000 to a third party. The note is a 40 % interest bearing promissory note that is payable on demand. During the six months ended June 30, 2018, the Company recognized interest expense of $3,967. On March 31, 2018, the Company issued note payable of $3,957 to a third party. The note is a 57% interest bearing promissory note that is payable on March 31, 2023. During the six months ended June 30, 2018, the Company recognized interest expense of $562. As of June 30, 2018, and December 31, 2017, the Company owed notes payable of $27,500 and $27,500, Long-term note payable of $3,957 and $0 and accrued interest of $10,775 and $4,758, respectively. |
CONVERTIBLE NOTE PAYABLE
CONVERTIBLE NOTE PAYABLE | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
NOTE 6 - CONVERTIBLE NOTE PAYABLE | On December 31, 2017, the Company issued a convertible note of $4,875 with a conversion price of $0.01. The convertible note is unsecured, bears interest at 57% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $4,875 and amortized $4,875 for the year ended December 31, 2017. As of June 30, 2018, and December 31, 2017, the Company had a convertible note of $4,875 and accrued interest of $1,386 and $8 respectively. During the six months ended June 30, 2018, the Company recognized interest expense of $1,378. On December 31, 2017, the Company issued a convertible note of $6,803 with a conversion price of $0.01. The convertible note is unsecured, bears interest at 57% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $6,803 and amortized $6,803 for the year ended December 31, 2017. As of June 30, 2018, and December 31, 2017, the Company had a convertible note of $6,803 and accrued interest of $1,934 and $11. During the six months ended June 30, 2018, the Company recognized interest expense of $1,923. On December 31, 2017, the Company issued a convertible note of $11,200 with a conversion price of $0.005. The convertible note is unsecured, bears interest at 50% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $11,200 and amortized $11,200 for the year ended December 31, 2017. As of June 30, 2018, and December 31, 2017, the Company had a convertible note of $11,200 and accrued interest of $2,792 and $15. During the six months ended June 30, 2018, the Company recognized interest expense of $2,777. As of June 30, 2018, and December 31, 2017, the Company owed convertible notes payable of $22,877 and $11,677 and accrued interest of $6,112 and $34, respectively |
RELATED TRANSACTIONS
RELATED TRANSACTIONS | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
NOTE 7 - RELATED TRANSACTIONS | Due to related parties During the six months ended June 30, 2018, the Company received loans from the Related Party Director of $28,669 to pay for operating expenses. During the six months ended June 30, 2017, the Company received loans from the previous Related Party Directors of $21,107 to pay for operating expenses. As of June 30, 2018 and December 31, 2017, related party loan payable outstanding is $103,948 and $75,279, respectively. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
NOTE 8 - SUBSEQUENT EVENT | Management has evaluated potential subsequent events through the date the financial statements were issued. Based on our evaluation no events have occurred that require disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Summary Of Significant Accounting Policies | |
Basis of Presentation | The results for the six months ended June 30, 2018 are not necessarily indicative of the results of operations for the full year. These consolidated financial statements and related footnotes should be read in conjunction with the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10K for the year ended December 31, 2017, filed with the Securities and Exchange Commission. |
Principles of Consolidation | The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated. |
Use of Estimates | The preparation of financial statements in accounting principles generally accepted in the United States of America 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. A change in managements’ estimates or assumptions could have a material impact on JobLocationMap Inc.’s financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. JobLocationMap Inc.’s financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers all short-term debt securities purchased with maturity of three months or less to be cash equivalents. |
Revenue Recognition | Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to performance obligations in the contract; and • recognize revenue as the performance obligation is satisfied. Under these criteria, this generally means that the Company recognizes revenue when its products are delivered to customers in accordance with the sales terms. |
Cost of Goods Sold | Cost of goods sold includes the following expenses; inventory and various expenses related to sell the products through third party services. |
Inventory | The Company’s inventory consists of oil products. All inventory is finished goods. Inventories are stated at the lower of cost or market value. Inventory is stored off-site and held by a third party. The Company utilizes last-in first-out for inventory items held. Items determined to be obsolete are reserved for. The Company provides for the possible inability to sell its inventories by providing an excess inventory reserve. As at June 30, 2018, the Company determined that no reserve was required. |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 10, 2017 | |
State of incorporation | Nevada | |
Date of incorporation | Jun. 15, 2010 | |
Bio Health Products Inc [Member] | ||
Number of shares exchanged for business acquisition | 200,000 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 | Jul. 10, 2017 |
Preferred stock, par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |
Preferred Stock, shares issued | 0 | 0 | |
Preferred Stock, shares outstanding | 0 | 0 | |
Common stock, par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 9,700,000 | 9,700,000 | |
Common stock, shares outstanding | 9,700,000 | 9,700,000 | |
Bio Health Products Inc [Member] | |||
Number of shares exchanged for business acquisition | 200,000 |
NOTE PAYABLE (Details Narrative
NOTE PAYABLE (Details Narrative) - USD ($) | 6 Months Ended | ||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 14, 2017 | Jun. 09, 2017 | |
Note Payable [Line Items] | |||||
Notes payable | $ 27,500 | $ 3,957 | $ 27,500 | $ 20,000 | $ 7,500 |
Notes bear an interest rate | 57.00% | 40.00% | 40.00% | ||
Long-term note payable | 3,957 | ||||
Accrued interest | 10,775 | $ 4,758 | |||
March 31, 2018 [Member] | |||||
Note Payable [Line Items] | |||||
Interest expense | $ 562 | ||||
Maturity date | Mar. 31, 2023 | ||||
August 14, 2017 [Member] | |||||
Note Payable [Line Items] | |||||
Interest expense | $ 3,967 | ||||
June 9, 2017 [Member] | |||||
Note Payable [Line Items] | |||||
Interest expense | $ 1,488 |
CONVERTIBLE NOTE PAYABLE (Detai
CONVERTIBLE NOTE PAYABLE (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | ||
Issuance of convertible note | $ 22,877 | $ 11,677 |
Accrued interest | 6,112 | 34 |
Convertible Notes Payable Two [Member] | ||
Short-term Debt [Line Items] | ||
Issuance of convertible note | $ 11,200 | |
Conversion price | $ 0.005 | |
Interest rate per annum | 50.00% | |
Beneficial conversion feature | $ 11,200 | |
Debt amortized | 11,200 | |
Convertible note | 11,200 | 11,200 |
Accrued interest | 2,792 | 15 |
Interest expense | 2,777 | |
Convertible Notes Payable One [Member] | ||
Short-term Debt [Line Items] | ||
Issuance of convertible note | $ 6,803 | |
Conversion price | $ 0.01 | |
Interest rate per annum | 57.00% | |
Beneficial conversion feature | $ 6,803 | |
Debt amortized | 6,803 | |
Convertible note | 6,803 | 6,803 |
Accrued interest | 1,934 | 11 |
Interest expense | 1,923 | |
Convertible Notes Payable [Member] | ||
Short-term Debt [Line Items] | ||
Issuance of convertible note | $ 4,875 | |
Conversion price | $ 0.01 | |
Interest rate per annum | 57.00% | |
Beneficial conversion feature | $ 4,875 | |
Debt amortized | 4,875 | |
Convertible note | 4,875 | 4,875 |
Accrued interest | 1,386 | $ 8 |
Interest expense | $ 1,378 |
RELATED TRANSACTIONS (Details N
RELATED TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Loan from related parties | $ 28,669 | $ 21,107 | |
Due to related parties | 103,948 | $ 75,279 | |
Director [Member] | |||
Loan from related parties | $ 28,669 | $ 21,107 |