Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 14, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | DKG Capital Inc. | |
Entity Central Index Key | 1,592,411 | |
Document Type | 10-Q | |
Trading Symbol | DKGH | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 14,893,714 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
Balance Sheets (unaudited)
Balance Sheets (unaudited) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Total assets | $ 0 | $ 0 |
Current liabilities | ||
Accounts payable and accrued liabilities | 2,500 | 8,500 |
Amount due to former director | 2,306 | 2,306 |
Amount due to shareholder | 16,648 | |
Total current liabilities | 21,454 | 10,806 |
Stockholders' deficit | ||
Common stock, 5,000,000,000 shares authorized, at $0.001 par value, 14,893,714 shares issued and outstanding, respectively | 14,894 | 14,894 |
Additional paid-in capital | 2,782,620 | 2,782,620 |
Accumulated deficit | (2,818,968) | (2,808,320) |
Total stockholders' deficit | (21,454) | (10,806) |
Total liabilities and stockholders' deficit | $ 0 | $ 0 |
Balance Sheets (unaudited) (Par
Balance Sheets (unaudited) (Parenthetical) - $ / shares | Jun. 30, 2017 | Jan. 11, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | |||
Common stock, authorized | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, issued | 14,893,714 | 14,893,714 | |
Common stock, outstanding | 14,893,714 | 14,893,714 |
Statements of Operations (unaud
Statements of Operations (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating expenses | ||||
General and administrative | $ 1,500 | $ 10,167 | $ 10,648 | $ 17,540 |
Total operating expenses | 1,500 | 10,167 | 10,648 | 17,540 |
Loss from operations | (1,500) | (10,167) | (10,648) | (17,540) |
Other expenses | ||||
Interest expense | (500) | |||
Total other expenses | (500) | |||
Loss before provision for income taxes | (1,500) | (10,167) | (10,648) | (18,040) |
Net loss | $ (1,500) | $ (10,167) | $ (10,648) | $ (18,040) |
Basic and diluted net loss per common share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding Basic and diluted (in shares) | 14,893,714 | 14,893,714 | 14,893,714 | 14,893,714 |
Statements of Cash Flows (unaud
Statements of Cash Flows (unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flow from operating activities | ||
Net loss | $ (10,648) | $ (18,040) |
Adjustment to reconcile net loss to cash used in operating activities | ||
Amortization of intangible asset | 1,067 | |
Change in assets and liabilities | ||
Increase (decrease) in accounts payables and accruals | 10,648 | 498 |
Net cash used in operating activities | (16,475) | |
Cash flows from financing activities | ||
Net proceeds from note payable-related party | 9,210 | |
Net cash provided by financing activities | 9,210 | |
Net decrease in cash | (7,265) | |
Cash, beginning | 11,651 | |
Cash, ending | 4,386 | |
Cash paid: | ||
Interest | ||
Income taxes | ||
Non-cash Investing and Financing Activities: | ||
Former related party notes and payables forgiven | 93,515 | |
Due to shareholder for payment of expenses on behalf of the Company | $ 16,648 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND OPERATIONS | NOTE 1 - ORGANIZATION AND OPERATIONS DKG Capital, Inc. (“we”, “our”, the “Company”), located in Las Vegas, Nevada, was incorporated on October 2, 2013, in the State of Nevada. Mr. Andy Kim resigned as President and Chief Executive Officer, Secretary and Treasurer of our Company on January 11, 2017 and Mr. Tesheb Casimir became the President and Chief Executive Officer, Secretary and Treasurer. Mr. Tesheb Casimir ended the binary option software development. Mr. Tesheb Casimir’s new business focuses are: 1. Mobile application development; 2. Provision of online marketing services; 3. Operation of self-developed social media platform; and 4. Provision of various leisure services to high net worth clients who are users of our social media platform. On January 11, 2017 our Board of Directors and a majority of our shareholders’ voting power approved (1) a corporate name change to “DKG Capital, Inc.”, (2) an increase in our authorized shares of common stock to 5,000,000,000 shares from 100,000,000 shares and (3) a 30:1 forward split of our common stock. These corporate actions are now effective. All share and per share amounts herein have been retroactively restated to reflect the split. On July 6, 2017, the Company's Board of Directors approved a 1 for 35 reverse split of our common stock. These corporate actions are now effective. All share and per share amounts herein have been retroactively restated to reflect the split. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim financial statements of DKG Capital, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto for the years ended December 31, 2016 and 2015, contained in the Company's Form 10K, originally filed with the Securities and Exchange Commission on April 7, 2017. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 - GOING CONCERN The accompanying unaudited interim financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and marketing. As a result, the Company has incurred net recurring losses and an accumulated deficit. As of June 30, 2017, the Company has a working capital deficit. These conditions raise substantial doubt as to the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock or through debt financing and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS As of June 30, 2017 and December 31, 2016, the Company was obligated to a former director for an unsecured, non-interest demand bearing loan with a balance of $2,306. As of June 30, 2017, the Company was obligated to Mr. Tesheb Casimir, CEO for an unsecured, non-interest demand bearing loan with a balance of $16,648, for the Company’s business expenses paid directly by the CEO on behalf of the Company. The Company has been provided office space by its chief executive officer at no cost. Management has determined that such cost is nominal and has not recognized any rent expense in its financial statements. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' deficit | |
STOCKHOLDERS' EQUITY | NOTE 5 – STOCKHOLDERS’ EQUITY On January 11, 2017 our Board of Directors and a majority of our shareholders’ voting power approved an increase in our authorized shares of common stock to 5,000,000,000 shares from 100,000,000 shares and a 30:1 forward split of our common stock. These corporate actions are now effective. All share and per share amounts herein have been retroactively restated to reflect the split. On July 6, 2017, the Company's Board of Directors approved a 1 for 35 reverse split of our common stock. These corporate actions are now effective. All share and per share amounts herein have been retroactively restated to reflect the split. The total number of common shares authorized that may be issued by the Company is 5,000,000,000 shares with a par value of $0.001 per share (100,000,000 shares with a par value of $0.001 per share prior to forward split). There are no preferred shares authorized to be issued. There were 14,893,714 shares (17,376,000 shares prior to forward split) of common stock issued and outstanding at June 30, 2017. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 –SUBSEQUENT EVENTS On July 6, 2017, the Company’s Board of Directors approved a merger with DKG Mobilepay Inc., a wholly owned subsidiary incorporated in the State of Nevada. The Merger is related to the Company’s revised business plan and the Company will be the surviving company of the Merger. The plan of merger provides for an exchange ratio of 1:35 for the common stock of both constituent corporations, which has the practical effect of a 1 for 35 reverse split of the Company’s common stock, with fractional shares to be rounded up to the nearest whole number of shares. This corporate action was approved by the Company’s Board of Directors. The 1 for 35 reverse stock split effected by the Merger went effective April 4, 2017. Subsequent to June 30, 2017, certain expenses were paid by Tesheb Casimir, the major shareholder and sole director of the Company. The borrowings are due on demand and non-interest bearing. |
ORGANIZATION AND OPERATIONS (De
ORGANIZATION AND OPERATIONS (Details Narrative) - shares | Jul. 06, 2017 | Jan. 11, 2017 | Jan. 11, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Common stock, authorized | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | |
Common stock previously authorized | 100,000,000 | 100,000,000 | |||
Stock split | 30:1 forward split | 30:1 | |||
Subsequent Event [Member] | |||||
Stock split | 1 for 35 reverse split |
RELATED TRANSACTIONS (Details N
RELATED TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Loan payable - related party | $ 16,648 | |
Unsecured Debt [Member] | Former Officer & Director [Member] | ||
Related Party Transaction [Line Items] | ||
Loan payable - related party | $ 2,306 | $ 2,306 |
Description of interest rate terms | Loan is non-interest bearing | |
Unsecured Debt [Member] | Chief Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Loan payable - related party | $ 16,648 | |
Description of interest rate terms | Loan is non-interest bearing |
STOCKHOLDERS' EQUITY (Details N
STOCKHOLDERS' EQUITY (Details Narrative) - $ / shares | Jul. 06, 2017 | Jan. 11, 2017 | Jan. 11, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Common stock, authorized | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | |
Common stock previously authorized | 100,000,000 | 100,000,000 | |||
Description of forward split | 30:1 forward split | 30:1 | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |||
Common stock, issued | 14,893,714 | 14,893,714 | |||
Common stock, outstanding | 14,893,714 | 14,893,714 | |||
Subsequent Event [Member] | |||||
Description of forward split | 1 for 35 reverse split | ||||
Prior Forward Split [Member] | |||||
Common stock, authorized | 100,000,000 | ||||
Common stock, par value (in dollars per share) | $ 0.001 | ||||
Common stock, issued | 17,376,000 | ||||
Common stock, outstanding | 17,376,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | Jul. 06, 2017 | Jan. 11, 2017 | Jan. 11, 2017 |
Stock split | 30:1 forward split | 30:1 | |
Subsequent Event [Member] | |||
Stock split | 1 for 35 reverse split |