Cover
Cover | 9 Months Ended |
Sep. 30, 2020shares | |
Cover [Abstract] | |
Entity Registrant Name | RENAVOTIO, INC. |
Entity Central Index Key | 0001574910 |
Entity File Number | 333-188401 |
Document Type | 10-Q |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Small Business | true |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
Document Period End Date | Sep. 30, 2020 |
Entity Filer Category | Non-accelerated Filer |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2020 |
Entity Common Stock Shares Outstanding | 107,688,241 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Interactive Data Current | Yes |
Entity Incorporation State Country Code | NV |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Current assets | ||
Cash | $ 209,596 | $ 26,962 |
Accounts receivable | 475,015 | 0 |
Prepaid expenses | 13,306 | 1,436 |
Inventory | 125,160 | 0 |
Other receivables - related party | 98,589 | 10,800 |
Other current assets | 17,256 | 7,060 |
Total Current Assets | 938,922 | 46,258 |
Fixed assets, net | 1,006,880 | 0 |
Total Assets | 1,945,802 | 46,258 |
Current Liabilities | ||
Accounts payable | 5,359 | 38,574 |
Accrued expenses | 192,393 | 271,086 |
Other payables | 11,467 | 6,699 |
Notes payable - related party | 0 | 79,468 |
Loan payable- related party | 0 | 170,475 |
Convertible notes | 526,010 | 175,917 |
Notes payable, current portion | 67,585 | 0 |
Income tax payable | 0 | 10,681 |
Total Current Liabilities | 802,814 | 752,900 |
Notes payable, net of current | 3,305,028 | 0 |
Total Liabilities | 4,107,842 | 752,900 |
Commitments and Contingencies | 0 | 0 |
Stockholders' Equity | ||
Common stock, $0.001 par value, 500,000,000 shares authorized; 107,688,241 and 75,135,000 shares issued and outstanding | 107,688 | 75,135 |
Additional paid in capital | 187,280 | 223,705 |
Accumulated deficit | (2,457,323) | (1,008,098) |
Accumulated other comprehensive income (loss) | 0 | 2,616 |
Total stockholders' equity (deficit) | (2,162,040) | (706,642) |
Total liabilities and stockholders' equity (deficit) | 1,945,802 | 46,258 |
Series A Preferred Stock [Member] | ||
Stockholders' Equity | ||
Preferred stock, value | 200 | 0 |
Series C Preferred Stock [Member] | ||
Stockholders' Equity | ||
Preferred stock, value | $ 114 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2020 | Sep. 30, 2019 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 107,688,241 | 75,135,000 |
Common stock, shares outstanding | 107,688,241 | 75,135,000 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 20,000,000 | 20,000,000 |
Preferred stock, shares outstanding | 20,000,000 | 20,000,000 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 11,442,857 | 11,442,857 |
Preferred stock, shares issued | 11,442,857 | 11,442,857 |
Preferred stock, shares outstanding | 11,442,857 | 11,442,857 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenues | $ 329,004 | $ 40,171 | $ 2,149,095 | $ 234,812 |
Cost of Revenues | 302,641 | 12,407 | 1,258,494 | 111,265 |
Gross Profit | 26,363 | 27,764 | 890,601 | 123,547 |
Operating Expenses | ||||
General and Administrative | 746,660 | 156,723 | 1,784,764 | 676,727 |
Other expenses | 132,098 | 0 | 239,087 | 0 |
Net Income (Loss) from Operations before Income Taxes | (852,395) | (128,959) | (1,133,250) | (553,180) |
Provision for Income Taxes | 0 | 0 | 0 | 0 |
Net Income (Loss) | (852,395) | (128,959) | (1,133,250) | (553,180) |
Other Comprehensive Income (Loss) | ||||
Foreign currency translation adjustment | (4,881) | (408) | (2,616) | (66) |
Comprehensive Income (Loss) | $ (857,276) | $ (129,367) | $ (1,135,866) | $ (553,246) |
Earnings (Loss) per Common Share-Basic and Diluted | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) |
Weighted Average Number of Common | ||||
Shares Outstanding Basic and diluted | 99,540,163 | 75,100,000 | 87,911,551 | 75,053,480 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock | Preferred Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total |
Balance, shares at Dec. 31, 2018 | 7,500,000 | |||||
Balance, amount at Dec. 31, 2018 | $ 75,000 | $ 26,340 | $ 444,240 | $ (1,459) | $ 542,121 | |
Net loss | (95,375) | (95,375) | ||||
Foreign currency translation adjustment | 966 | 966 | ||||
Balance, shares at Mar. 31, 2019 | 75,000,000 | |||||
Balance, amount at Mar. 31, 2019 | $ 75,000 | 26,340 | 346,865 | 493 | 447,712 | |
Net loss | (328,846) | (328,846) | ||||
Foreign currency translation adjustment | (624) | (624) | ||||
Shares issued for compensation, shares | 100,000 | |||||
Shares issued for compensation, amount | $ 100 | 99,900 | 100,000 | |||
Balance, shares at Jun. 30, 2019 | 75,100,000 | |||||
Balance, amount at Jun. 30, 2019 | $ 75,100 | 126,240 | 18,019 | (1,117) | 218,242 | |
Net loss | (128,959) | (128,959) | ||||
Foreign currency translation adjustment | (408) | (408) | ||||
Balance, shares at Sep. 30, 2019 | 75,100,000 | |||||
Balance, amount at Sep. 30, 2019 | $ 75,100 | 126,240 | (110,940) | (1,525) | (706,642) | |
Balance, shares at Dec. 31, 2019 | 75,135,000 | |||||
Balance, amount at Dec. 31, 2019 | $ 75,135 | 223,705 | (1,008,372) | 2,616 | (706,642) | |
Net loss | (99,274) | (99,274) | ||||
Foreign currency translation adjustment | 891 | 891 | ||||
Balance, shares at Mar. 31, 2020 | 75,135,000 | |||||
Balance, amount at Mar. 31, 2020 | $ 75,135 | 223,705 | (1,107,372) | 3,507 | (805,025) | |
Net loss | (155,385) | (155,385) | ||||
Foreign currency translation adjustment | 1,374 | 1,374 | ||||
Shares cancelled for acquisition, shares | (22,000,000) | |||||
Shares cancelled for acquisition, amount | $ (22,000) | 22,000 | ||||
Shares issued for services, shares | 10,700,000 | |||||
Shares issued for services, amount | $ 10,700 | 310,300 | 321,000 | |||
Shares issued for conversion of notes, shares | 20,600,000 | |||||
Shares issued for conversion of notes, amount | $ 20,600 | 117,028 | 137,628 | |||
Balance, shares at Jun. 30, 2020 | 84,435,000 | |||||
Balance, amount at Jun. 30, 2020 | $ 84,435 | 673,033 | (1,262,757) | 4,881 | (500,408) | |
Net loss | (852,395) | (852,395) | ||||
Shares cancelled for acquisition, shares | (8,000,000) | |||||
Shares cancelled for acquisition, amount | $ (8,000) | 8,000 | ||||
Shares issued for services, shares | 750,000 | |||||
Shares issued for services, amount | $ 750 | 44,250 | 45,000 | |||
Shares issued for services, shares | 11,442,857 | |||||
Shares issued for services, amount | $ 114 | 114 | ||||
Shares issued for conversion of notes, shares | 5,931,813 | |||||
Shares issued for conversion of notes, amount | $ 5,932 | 50,318 | 56,250 | |||
Shares issued for acquisition, shares | 24,571,428 | |||||
Shares issued for acquisition, amount | $ 24,571 | (24,571) | ||||
Shares issued for acquisition, shares | 20,000,000 | |||||
Shares issued for acquisition, amount | $ 200 | (200) | ||||
Effect of reverse merger | (563,549) | (342,171) | (4,881) | (910,601) | ||
Balance, shares at Sep. 30, 2020 | 107,688,241 | 31,442,857 | ||||
Balance, amount at Sep. 30, 2020 | $ 107,688 | $ 314 | $ 187,280 | $ (2,457,323) | $ (2,162,040) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Activities | ||
Net loss of the period | $ (1,133,250) | $ (553,180) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Foreign currency translation adjustment | 0 | (66) |
Stock based compensation | 366,114 | 100,000 |
Amortization on discount of convertible notes | 16,917 | 0 |
Amortization of debt issue cost | 7,545 | 0 |
Effect of reverse merger | 117,232 | 0 |
Change in assets and liabilities | ||
Accounts receivable (increase) decrease | (50,899) | 1,123,422 |
Prepayments (increase) decrease | 0 | (49,523) |
Inventory (increase) decrease | (125,160) | 0 |
Other receivables (increase) decrease | (228,589) | (129,513) |
Advance to director (increase) decrease | 0 | (245,365) |
Other current assets (increase) decrease | (2,165) | 0 |
Accounts payable increase (decrease) | 25,029 | (897,727) |
Accrued expenses increase (decrease) | (9,322) | 132,438 |
Other payables increase (decrease) | 0 | 1,495 |
Income tax payables increase (decrease) | 0 | (106) |
Net cash used in operating activities | (1,016,548) | (518,125) |
Investing Activities | ||
Purchase of fixed assets | (58,417) | 0 |
Proceeds from notes receivable | 2,515 | 0 |
Net cash provided by (used in) investing activities | (55,902) | 0 |
Financing Activities | ||
Proceeds from notes payable | 661,768 | 0 |
Proceeds from related parties | 236,750 | 3,980 |
Proceeds from capital contribution | 254,221 | 0 |
Repayment of credit line | (100,000) | 0 |
Bank transfer | (1,853) | 0 |
Net cash provided by (used in) financing activities | 1,050,886 | 3,980 |
Net decrease in cash and equivalents | (21,565) | (514,145) |
Cash and equivalents at beginning of the period | 231,161 | 520,772 |
Cash and equivalents at end of the period | 209,596 | 26,962 |
Supplemental cash flow information: | ||
Interest paid | 147,390 | 0 |
Income taxes paid | $ 0 | $ 0 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Renavotio, Inc., formerly Success Entertainment Group International, Inc.(“the Company”), was incorporated in the State of Nevada on January 30, 2013 under the name Altimo Group Corp. The Company’s initial business plan was to place and operate frozen yogurt making machines. Effective July 14, 2014, there was a change in control of the Company. Pursuant to a May 5, 2014 stock purchase agreement (the "SPA") by and among Marek Tomaszewski, the seller of an aggregate of 8,000,000 shares of common stock of the Company (the "Control Block Seller"), and Success Holding Group Corp. USA, a Nevada corporation (the "Control Block Purchaser"), the Control Block Purchaser purchased 8,000,000 Common Stock Shares from the Control Block Shareholders. Further, pursuant to the SPA, the Company accepted the resignations of its sole officer/director, Marek Tomaszewski as President/Chief Executive Officer/Secretary/Treasurer/Chief Financial Officer effective July 14, 2014. Simultaneously, the Company’s Board of Directors appointed Steve Chen as Chief Executive Officer/Directorand Brian Kistler as Director/President/Secretary/ Treasurer/Chief Financial Officer. Effective August 22, 2014, the Company changedits name to "Success Entertainment Group International Inc." to better reflect its business operations. Effective on July 15, 2014, Altimo Group Corp (“Creditor”) executeda general release and waiver of debt agreement with Marek Tomaszekwsi, the Company's prior Chief Executive Officer/Chief Financial Officer, pursuant to which the Creditor agreed to waive and release the debt due and owing to it in the aggregate amount of $5,100. Effective July 15, 2014, pursuant to the change in ownership described above, the focus and direction of the Company became the production and development of internet movies and training films. On December 1, 2014, the Company’s Board of Directors amended its Bylaws to change its fiscal year end from March 31 to December 31. On December 2, 2014, Steve Chen resigned as the Chief Executive Officer and the Company appointed Chris (Chi Jui) Hong as its Chief Executive Officer/Director.On November 19, 2015, the Company acquired 100% shares of Double Growth Investment Ltd. On December 9, 2015, the Company acquired 100%for investment purposes of the shares of Coronet Limited, Fortunate Yields Limited, Solution Elite Limited, Ultimate Concept Limited, Viva Leader Limited, at which time these entities became the Company’s subsidiaries, which were registered in Republic of Seychelles. In 2016, the Company discontinued Coronet Limited, Fortunate Yields Limited, Solution Elite Limited, Ultimate Concept Limited, Viva Leader Limiteddue to non-payment of the annual renewal fee. On December 14, 2017, the Company acquired 100% of the shares of Success Events (Hong Kong) Limited, a company registered in Hong Kong Special Administrative Region. Success Events (Hong Kong) Limited held 60% shares of Shenzhen Internet Media Co., Ltd. and 100% shares of Distribution Network Inc. Shenzhen Internet Media Co., Ltd was registered in China. Distribution Network Inc. was registered in Seychelles and its main business was holding seminars in the Great China Area. On February 28, 2018, Success Events (Hong Kong) Limited transferred 60% shares of Shenzhen Internet Media Co., Ltd. to a China company, Shenzhen Internet Media Co., Ltd., which is no longer a subsidiary of the Company. On May 30, 2018, Success Events (Hong Kong) Limited acquired 100% shares of Success Win (Shanghai) Co., Ltd. On February 27, 2019, SEGN Taiwan Limited was incorporated in Taiwan to hold 100% of its shares. On April 3, 2020, the Company entered into an acquisition agreement to acquire Renavotio Infratech, Inc. (“RII”) pursuant to which a new business plan was adopted consisting of RII, the Delaware corporation, an underground infrastructure installation including fiber optic, 5G,and Medical Infrastructure, including Personal protection equipment sales and production. Also, onApril 3, 2020, Steve Chen resigned as the Company’s Chairman, Chris (Chi Jui) Hong resigned as the Company’s Chief Executive Officer/Director, and Brian Kistler resigned as President. On April 3, 2020, William Robinson was appointed as the Company’s Chairman/Chief Executive Officer/President. Following this appointment, the Company’s Board of Directors consisted of William Robinson, Steve Andrew Chen, and Brian Kistler. On July 15, 2020, the Company completed the purchase of UMC and its two subsidiaries, Utility Management & Construction, LLC (“UMCCO”) and Cross-Bo Construction, LLC (“Cross-Bo,each of which areOklahoma limited liability companies,”).The Company paid a purchase price of $4,500,000.00, as follows: (i) an initial amount of ($354,000 was paid in cash and notes; (ii) RII assumed $2,846,000 in UMC debt; and (iii) $1,300,000 of the common stock of Renavotio, (“SEGN”) common stock to be issued at $.07 a share, which is equivalent to 18,571,428 restricted SEGN shares. On July 29, 2020, we filed an application with FINRA for a name change to Renavotio, Inc. (“RI”) and a new trading symbol, RIII, which was approved by FINRA October 11, 2020, to better illustrate its current business operations. On August 29, 2020 the Company sold its 3 overseas non-core operating subsidiaries, Taiwan Limited, Success Events (Hong Kong) Limited and Double Growth, pursuant to an agreement with Success Holding Group Corp. (“SHGR”). SHGR agreed to assume all of the labilities associated with the overseas operations and to complete its original acquisition of RII, the Company agreed to issue t On October 21, 2020 the Company entered an agreement to purchase Tritanium Labs USA, Inc., an Oklahoma company and its subsidiaries, Tritanium Labs, LLC, an Illinois Limited Liability Company, TruCleanz Distribution, Inc., an Oklahoma Corporation, and Pro N95 USA, LLC, a New Jersey Limited Liability Company.The purchase price of $6,000,000 is to be paid as follows: (i) an initial payment of $250,000) and (ii) such number of shares of the Parent’s common stock, par value $.0001per share (“Parent Stock”), as shall be equal to (x)$5,750,000 divided by (y) (1) [$.12] (the “Share Consideration”). 75% of the number of shares constituting the Share Consideration is required to be delivered to the Seller as part of the Closing Consideration and 25% of such |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The accompanying unaudited financial statements have been prepared in accordance with the instructions from Regulation S-X and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim period(s), and to make the financial statements not misleading, have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim period(s) are not necessarily indicative of operations for a full year. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. Principles of Consolidation The consolidated financial statements include the accounts of the Company and all its majority-owned subsidiaries which require consolidation. Inter-company transactions have been eliminated in consolidation. Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses. Comprehensive Income The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of members’ capital, except those due to investments by members, changes in paid-in capital and distributions to members. Comprehensive income for the nine months ended September 30, 2020 is included net income and foreign currency translation adjustments. 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $209,596 of cash as of September 30, 2020. The Company’s bank accounts are deposited in insured institutions. At September 30, 2020, the Company’s bank deposits did not exceed the insured amounts. Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollected amounts through a charge to earnings and a credit to an allowance for bad debts based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the allowance for bad debts and a credit to accounts receivable. Fair Value of Financial Instruments ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as input other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company. Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s financial instruments consist of cash, a related party loan and note payable related party. The carrying amount of these financial instruments approximates fair value due their short-term maturity. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Revenue Recognition The Company will recognize revenue in accordance with ASC. 605, “Revenue Recognition”. ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. The major revenue streams of the Company are a series of human spirit stimulation training seminars. Training seminars have its agenda and speaking topics and other decoration details defined within the contract.The Company recognizes revenue when services have been provided, and collection is reasonably assured. Advertising Costs The Company policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 for the nine months ended September 30, 2020. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. As of September 30, 2020, the Company has not adopted a stock option plan and has not granted any stock options. Basic and Diluted Income (Loss) per Share Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. For the nine months ended September 30, 2020, the potential dilution associated with convertible debt was excluded from the calculation as it will create an anti-dilutive effect. Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations. |
OTHER RECEIVABLES - RELATED PAR
OTHER RECEIVABLES - RELATED PARTY | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
NOTE 3 - OTHER RECEIABLES- RELATED PARTY | NOTE 3 – OTHER RECEIVABLES – RELATED PARTY As of September 30, 2020, the Company has $98,589of other receivables from companies under the control of William Robinson, the Company’s Chairman/ CEO. |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 9 Months Ended |
Sep. 30, 2020 | |
Convertible Debt [Abstract] | |
NOTE 4 - CONVERTIBLE NOTES | NOTE 4 – CONVERTIBLE NOTES On October 22, 2019, the Company completed a Securities Purchase Agreement,dated as of September 5, 2019under which the Company has issued a 5% Convertible Note in the aggregate principal amount of $75,000 for purchase price of $67,500.The Note will mature on September 5, 2020. The Note is convertible into shares of common stock at any time on or after the 180th calendar day after the issue dateand the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date, or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. For the nine months ended September 30, 2020, this note was totally converted to 8,600,000 shares. On November 15, 2019, the Company completed a Securities Purchase Agreement, under which the Company has issued a 5% Convertible Notein the aggregate principal amount of $75,000 for purchase price of $67,500. The Note will mature on July 31, 2020. The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion.For the nine months ended September 30, 2020, this note was totally converted to 7,750,000 shares . On November 22, 2019, the Company completed a Securities Purchase Agreement, under which the Company has issued a 5% Convertible Note in the aggregate principal amount of $40,500 for purchase price of $36,500. The Note will mature on November 22, 2020. The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) 50% multiplied by the lowest “Trading Price” (defined below) (representing a discount rate of 50% during the prior date of his Note or (ii) the Variable Conversion Price (defined below) (subject to equitable adjustment as further described herein). The “Variable Conversion Price” meaning, 50% multiplied by the Market Price (as defined herein)(representing a discount rate of 50%). “Market Price” means, for any security as of any date, the lowest traded price on the Over-the-Counter Pink Marketplace, OTCQB, or applicable trading market (the “Principal Market”)as reported by a reliable reporting service (“Reporting Service”) designated by Crown Bridge Partners (i.e. Bloomberg) or, if the Principal Market is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foreign manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Company and the holders of a majority in interest of the Notes being converted for which the calculation of the Trading Price is required in order to determine the Conversion Price of such notes.For the nine monthsended September 30, 2020, this note was totally converted to 10,181,813 shares. On May 4, 2020, the Company completed execution of a Securities Purchase Agreement, under which the Company has issued a 12% Convertible Note in the aggregate principal amount of $103,000. The Note will mature on May 4, 2021. The default interest rate is 22%. The Company entered into a settlement agreement and agreed to pay this note off by November 3, 2020. On June 8, 2020, the Company completed execution of a Securities Purchase Agreement, under which the Company has issued a 12% Convertible Note in the aggregate principal amount of $63,000. The Note will mature on June 8, 2021. The default interest rate is 22%.The company entered into a settlement agreement and agreed to pay this note off by December 7, 2020. On July 7, 2020, the Company completed a Securities Purchase Agreement, under which the Company has issued a 6% Convertible Note in the aggregate principal amount of $112,000. The Note will mature on July 7, 2021. The default interest rate is 24%. On July 20, 2020, the Company completed a Securities Purchase Agreement, under which the Company has issued a 6% Convertible Note in the aggregate principal amount of $112,000. The Note will mature on July 20, 2021. The default interest rate is 24%. On September 16, 2020, the Company completed a Securities Purchase Agreement, under which the Company has issued a 10% Convertible Note in the aggregate principal amount of $112,500. The Note will mature on July 20, 2021. The discount on for these convertible notes is amortized over the term of the notes. For the nine months ended September 30, 2020, amortization for discount on these convertible notes is $16,917. |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Sep. 30, 2020 | |
Notes and Loans Payable, Current [Abstract] | |
NOTE 5- NOTES PAYABLE | NOTE 5 – NOTES PAYABLE On March 27, 2018, in connection with a change in ownership, UMCCO entered into a SBA Note Payable Agreement pursuant to which a promissory note was issued in the principal amount of $1,021,000 secured by all UMCCO assets. The note matures on March 27, 2031 and requires monthly principal and interest payments of $10,125 with interest at prime plus 2.75%. At September 30, 2020, the unpaid principal balance of the note totaled $905,164. On March 27, 2018, in connection with a change in ownership, UMCCO entered into a SBA Note Payable Agreement pursuant to which a promissory note was issued in the principal amount of $50,000, which was funded during August 2019. The note requires monthly interest payments with interest at prime plus 3.25%. At September 30, 2020, the unpaid principal balance of the note totaled $40,000. On November 15, 2018, UMCCO entered into a Note Payable Agreement pursuant to which a zero interest unsecured promissory note was issued in the principal amount of $50,000. The note matured on June 30, 2019 and no required payments until maturity. The note was repaid in full during the first quarter of 2019. On April 14, 2020, UMCCO received loan proceeds in the amount of $211,518 under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses and organizations for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest are forgivable after eight weeks as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the eight-week period. The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1.00%, with a deferral of payments for the first six months. UMCCO used the proceeds for purposes consistent with the PPP. On November 1, 2018, in connection with a change in ownership, Cross-Bo entered into a SBA Note Payable Agreement pursuant to which a promissory note was issued in the principal amount of $1,569,800 secured by all Cross-Bo assets. The note matures on November 1, 2028 and requires monthly principal and interest payments of $19,049 with interest at prime plus 2.75%. At September 30, 2020, the unpaid principal balance of the note totaled $1,369,985. On November 16, 2018, in connection with a change in ownership, Cross-Bo entered into a Note Payable Agreement pursuant to which zero interest unsecured promissory note was issued in the principal amount of $84,200 due to the former owner. The note matures on November 14, 2033 and requires monthly principal and interest payments of $1,403 beginning in December 2028. At September 30, 2020, the unpaid principal balance of the note totaled $84,200. On September 26, 2019, Cross-Bo entered into a Note Payable Agreement with a third party pursuant to which a promissory note was issued in the principal amount of $75,000. The note matured on December 25, 2019. The note required monthly interest payments with interest at prime plus 8.50%. On February 21, 2020, the maturity of the note was extended to August 19, 2020. At September 30, 2020, the unpaid principal balance of the note totaled $67,585. On December 7, 2019, Cross-Bo entered into a SBA Note Payable Agreement pursuant to which a promissory note was issued in the principal amount of $50,000. The note requires monthly interest payments with interest at prime plus 3.25%. At September 30, 2020, the unpaid principal balance of the note totaled $49,000. On April 14, 2020, Cross-Bo received loan proceeds in the amount of $139,677 under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses and organizations for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest are forgivable after eight weeks as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the eight-week period. The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1.00%, with a deferral of payments for the first six months. Cross-Bo used the proceeds for purposes consistent with the PPP. On May 6, 2020, Cross-Bo entered into a Note Payable Agreement with the former owner pursuant to which a distribution payable to the former owner was converted into a promissory note in the principal amount of $355,484. The note matures on May 6, 2025 and requires monthly principal and interest payments of $6,873 with interest at 6.00%. At September 30, 2020, the unpaid principal balance of the note totaled $355,484. On July 21, 2020, the Companyentered into a SBALoan Agreement with principle amount of $150,000. The annual interest rate is 3.75%. The loan require monthly payment, including principle and interest, of $375 beginning from 12 months from the date of the promissory note. The balance of principal and interest will be payable Thirty 30 years from the date of the promissory note. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
NOTE 6 - COMMON STOCK | NOTE 6 – COMMON STOCK The Company has 500,000,000 of common stock authorized, $0.001 par value. There were 107,688,241 shares of common stock issued and outstanding as of September 30, 2020. |
PREFERRED STOCK
PREFERRED STOCK | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
NOTE 7 - PREFERRED STOCK | NOTE 7 – PREFERRED STOCK The Company has 20,000,000, $0.0001 par value shares of Series A Preferred stock authorized and 20,000,000 issued and outstanding The Company has 1,000,000, $0.0001 par value shares of Series B Preferred stock authorized, no shares if which are issued and outstanding The Company has 11,442,857, $0.0001 par value shares of Series C Preferred stock authorized and issued |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
NOTE 8 - COMMITMENTS AND CONTINGENCIES | NOTE 8 – COMMITMENTS AND CONTINGENCIES We were not subject to any legal proceedings on September 30, 2020 and no legal proceedings are pending or threatened to the next of our knowledge or belief. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | Interim Financial Statements The accompanying unaudited financial statements have been prepared in accordance with the instructions from Regulation S-X and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim period(s), and to make the financial statements not misleading, have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim period(s) are not necessarily indicative of operations for a full year. |
Basis of Presentation | Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and all its majority-owned subsidiaries which require consolidation. Inter-company transactions have been eliminated in consolidation. |
Reclassification | Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses. |
Comprehensive Income | Comprehensive Income The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of members’ capital, except those due to investments by members, changes in paid-in capital and distributions to members. Comprehensive income for the nine months ended September 30, 2020 is included net income and foreign currency translation adjustments. |
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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $209,596 of cash as of September 30, 2020. The Company’s bank accounts are deposited in insured institutions. At September 30, 2020, the Company’s bank deposits did not exceed the insured amounts. |
Accounts Receivable | Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollected amounts through a charge to earnings and a credit to an allowance for bad debts based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the allowance for bad debts and a credit to accounts receivable. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as input other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company. Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s financial instruments consist of cash, a related party loan and note payable related party. The carrying amount of these financial instruments approximates fair value due their short-term maturity. |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. |
Revenue Recognition | Revenue Recognition The Company will recognize revenue in accordance with ASC. 605, “Revenue Recognition”. ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. The major revenue streams of the Company are a series of human spirit stimulation training seminars. Training seminars have its agenda and speaking topics and other decoration details defined within the contract.The Company recognizes revenue when services have been provided, and collection is reasonably assured. |
Advertising Costs | Advertising Costs The Company policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 for the nine months ended September 30, 2020. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. As of September 30, 2020, the Company has not adopted a stock option plan and has not granted any stock options. |
Basic and Diluted Income (Loss) per Share | Basic and Diluted Income (Loss) per Share Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. For the nine months ended September 30, 2020, the potential dilution associated with convertible debt was excluded from the calculation as it will create an anti-dilutive effect. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations. |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($) | Dec. 14, 2017 | Oct. 21, 2020 | Aug. 29, 2020 | Jul. 15, 2020 | Feb. 28, 2018 | Nov. 19, 2015 | May 30, 2018 | Jul. 15, 2014 | May 05, 2014 |
Double Growth Investment Ltd. [Member] | |||||||||
Acquired shares percentage | 100.00% | ||||||||
Description of acquisitions for future investment purpose | The Company acquired 100% shares of Double Growth Investment. | ||||||||
Utility Management Corp [Member] | |||||||||
Business Combination, Consideration Transferred | $ 4,500,000 | ||||||||
Business acquired payments term, description | (i) an initial amount of ($354,000 was paid in cash and notes; (ii) RII assumed $2,846,000 in UMC debt; and (iii) $1,300,000 of the common stock of Renavotio, (“SEGN”) common stock to be issued at $.07 a share, which is equivalent to 18,571,428 restricted SEGN shares. | ||||||||
Hong Kong [Member] | |||||||||
Acquired shares percentage | 100.00% | 100.00% | |||||||
Description of acquisitions for future investment purpose | Success Events (Hong Kong) Limited holds 60% shares of Shenzhen Internet Media Co., Ltd. and 100% shares of Distribution Network Inc. | Success Events (Hong Kong) Limited transferred 60% shares of Shenzhen Internet Media Co., Ltd. to a company in China. | |||||||
SHGR [Member] | |||||||||
Business Combination, Consideration Transferred | $ 6,000,000 | ||||||||
Tritanium Labs USA, Inc. [Member] | Subsequent Event [Member] | |||||||||
Business Combination, Consideration Transferred | $ 6,000,000 | ||||||||
Business acquired payments term, description | (i) an initial payment of $250,000) and (ii) such number of shares of the Parent’s common stock, par value $.0001per share (“Parent Stock”), as shall be equal to (x)$5,750,000 divided by (y) (1) [$.12] (the “Share Consideration”). 75% of the number of shares constituting the Share Consideration is required to be delivered to the Seller as part of the Closing Consideration and 25% of such shares designated as Holdback Shares will be held back by Buyer to secure Seller’s indemnity obligationsand will be released to Seller upon the expiration of 1 year from the Closing Date. | ||||||||
Released Debt [Member] | |||||||||
Waive and release debt | $ 5,100 | ||||||||
Stock Purchase Agreement [Member] | |||||||||
Common stock shares | 8,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Accounting Policies [Abstract] | |
Cash | $ 209,596 |
Advertising expense | $ 0 |
OTHER RECEIVABLES - RELATED P_2
OTHER RECEIVABLES - RELATED PARTY (Details Narrative) - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Other receivables | $ 98,589 | $ 10,800 |
William Robinson [Member] | ||
Other receivables | $ 98,589 |
CONVERTIBLE NOTES (Details Narr
CONVERTIBLE NOTES (Details Narrative) - USD ($) | Sep. 09, 2020 | Jul. 07, 2020 | Jul. 20, 2020 | Jun. 08, 2020 | May 04, 2020 | Nov. 22, 2019 | Nov. 15, 2019 | Oct. 22, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 16, 2020 |
Amortization for discount | $ 16,917 | $ 0 | |||||||||
Convertible Note [Member] | |||||||||||
Amortization for discount | $ 16,917 | ||||||||||
Securities Purchase Agreement [Member] | |||||||||||
Principal amount | $ 112,000 | $ 112,000 | $ 112,500 | ||||||||
Maturity date | Jul. 20, 2021 | Jul. 7, 2021 | Jul. 20, 2021 | ||||||||
Convertible note, rate of interest | 6.00% | 6.00% | 10.00% | ||||||||
Default interest rate | 24.00% | 24.00% | |||||||||
Securities Purchase Agreement [Member] | Convertible Note [Member] | |||||||||||
Principal amount | $ 75,000 | ||||||||||
Conversion description | The Note will mature on September 5, 2020. The Note is convertible into shares of common stock at any time on or after the 180th calendar day after the issue date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. | ||||||||||
Purchase price | $ 67,500 | ||||||||||
Maturity date | Sep. 5, 2020 | ||||||||||
Converted shares | 8,600,000 | ||||||||||
Convertible note, rate of interest | 5.00% | ||||||||||
Securities Purchase Agreement [Member] | Convertible Note One [Member] | |||||||||||
Principal amount | $ 75,000 | ||||||||||
Conversion description | The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. | ||||||||||
Purchase price | $ 67,500 | ||||||||||
Maturity date | Jul. 31, 2020 | ||||||||||
Converted shares | 7,750,000 | ||||||||||
Convertible note, rate of interest | 5.00% | ||||||||||
Securities Purchase Agreement [Member] | Convertible Note Two [Member] | |||||||||||
Principal amount | $ 63,000 | $ 103,000 | $ 40,500 | ||||||||
Conversion description | The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) 50% multiplied by the lowest “Trading Price” (defined below) (representing a discount rate of 50% during the prior date of his Note or (ii) the Variable Conversion Price (defined below) (subject to equitable adjustment as further described herein). | ||||||||||
Purchase price | $ 36,500 | ||||||||||
Maturity date | Jun. 8, 2021 | May 4, 2021 | Nov. 22, 2020 | ||||||||
Converted shares | 10,181,813 | ||||||||||
Convertible note, rate of interest | 12.00% | 12.00% | 5.00% | ||||||||
Default interest rate | 22.00% | 22.00% | |||||||||
Variable conversion price | 50% multiplied by the Market Price | ||||||||||
Discount rate | 50.00% |
NOTES PAYABLE - RELATED PARTY (
NOTES PAYABLE - RELATED PARTY (Details Narrative) - USD ($) | May 06, 2020 | Apr. 14, 2020 | Dec. 07, 2019 | Jul. 21, 2020 | Sep. 26, 2019 | Nov. 16, 2018 | Nov. 15, 2018 | Nov. 02, 2018 | Mar. 27, 2018 | Sep. 30, 2020 |
Paycheck Protection Program [Member] | ||||||||||
Interest rate | 1.00% | |||||||||
Proceeds from loan | $ 211,518 | |||||||||
Paycheck Protection Program [Member] | Cross-Bo [Member] | ||||||||||
Interest rate | 1.00% | |||||||||
Note Payable [Member] | SBA Note Payable Agreement [Member] | ||||||||||
Principal amount | $ 1,021,000 | |||||||||
Maturity date | Mar. 27, 2031 | |||||||||
Periodic payment, monthly | $ 10,125 | |||||||||
Note payable | $ 905,164 | |||||||||
Note Payable [Member] | SBA Note Payable Agreement [Member] | Cross-Bo [Member] | ||||||||||
Principal amount | $ 1,569,800 | |||||||||
Maturity date | Nov. 1, 2028 | |||||||||
Periodic payment, monthly | $ 19,049 | |||||||||
Note payable | 1,369,985 | |||||||||
Interest rate | 2.75% | |||||||||
Note Payable [Member] | Note Payable Agreement [Member] | Cross-Bo [Member] | ||||||||||
Principal amount | $ 84,200 | |||||||||
Maturity date | Nov. 14, 2033 | |||||||||
Periodic payment, monthly | $ 1,403 | |||||||||
Note payable | 84,200 | |||||||||
Note Payable One [Member] | SBA Note Payable Agreement [Member] | ||||||||||
Principal amount | $ 50,000 | |||||||||
Maturity date | Aug. 31, 2019 | |||||||||
Note payable | 40,000 | |||||||||
Interest rate | 3.25% | |||||||||
Note Payable One [Member] | SBA Note Payable Agreement [Member] | Cross-Bo [Member] | ||||||||||
Principal amount | $ 50,000 | |||||||||
Note payable | 49,000 | |||||||||
Interest rate | 3.25% | |||||||||
Note Payable One [Member] | Note Payable Agreement [Member] | ||||||||||
Principal amount | $ 50,000 | |||||||||
Maturity date | Jun. 30, 2019 | |||||||||
Note Payable One [Member] | Note Payable Agreement [Member] | Cross-Bo [Member] | ||||||||||
Principal amount | $ 75,000 | |||||||||
Maturity date | Dec. 25, 2019 | |||||||||
Note payable | 67,585 | |||||||||
Interest rate | 0.50% | |||||||||
Note Payable Two [Member] | SBA Note Payable Agreement [Member] | Cross-Bo [Member] | ||||||||||
Principal amount | $ 150,000 | |||||||||
Periodic payment, monthly | $ 375 | |||||||||
Interest rate | 3.75% | |||||||||
Note Payable Two [Member] | Note Payable Agreement [Member] | Cross-Bo [Member] | ||||||||||
Principal amount | $ 355,484 | |||||||||
Maturity date | May 6, 2025 | |||||||||
Periodic payment, monthly | $ 6,873 | |||||||||
Note payable | $ 355,484 | |||||||||
Interest rate | 6.00% |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | Sep. 30, 2020 | Sep. 30, 2019 |
Stockholders' Equity Note [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 107,688,241 | 75,135,000 |
Common stock, shares outstanding | 107,688,241 | 75,135,000 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
PREFERRED STOCK (Details Narrat
PREFERRED STOCK (Details Narrative) - $ / shares | Sep. 30, 2020 | Sep. 30, 2019 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares issued | 20,000,000 | 20,000,000 |
Preferred stock, shares outstanding | 20,000,000 | 20,000,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized | 1,000,000 | |
Preferred stock, par value | $ 0.00001 | |
Preferred stock, shares issued | 0 | |
Preferred stock, shares outstanding | 0 | |
Series C Preferred Stock [Member] | ||
Preferred stock, shares authorized | 11,442,857 | 11,442,857 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares issued | 11,442,857 | 11,442,857 |
Preferred stock, shares outstanding | 11,442,857 | 11,442,857 |