Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 12, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Teardroppers, Inc. | |
Entity Central Index Key | 0001615780 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 45,920,000 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Entity Small Business | true | |
Entity Emerging Growth | false | |
Entity Shell Company | false | |
Entity File Number | 333-177792 | |
Interactive data current | Yes | |
State of incorporation | NV |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 46,206 | $ 49,473 |
Lease receivable | 1,000 | 1,000 |
Lease receivable - related party (current portion) | 48,478 | 46,816 |
Interest receivable | 555 | 565 |
Prepaid expenses | 3,659 | 4,072 |
Other receivables | 2,000 | 0 |
Total current assets | 101,898 | 101,926 |
Property and equipment: | ||
Cost | 324,202 | 288,089 |
Less accumulated depreciation | (200,511) | (185,153) |
Property and equipment, net | 123,691 | 102,936 |
Lease receivable - related party (net) | 156,469 | 168,957 |
Total Assets | 382,058 | 373,819 |
Current Liabilities | ||
Accounts payable | 345,369 | 319,455 |
Accounts payable - related parties | 353,591 | 336,081 |
Customer deposits | 14,500 | 14,500 |
Contract liability - related party | 11,760 | 11,760 |
Current portion of notes payable | 4,876 | 4,737 |
Current portion of notes payable - related party | 75,095 | 35,932 |
Current portion of right of use asset lease payable - related party | 4,016 | 3,656 |
Accrued interest - related parties | 555 | 566 |
Lines of credit from related party | 958,002 | 867,011 |
Accrued interest payble - unrelated parties | 292,327 | 272,338 |
Total current liabilities | 2,060,091 | 1,866,036 |
Long-term liabilities | ||
Note payable | 61,759 | 63,125 |
Note payable - related party | 0 | 47,747 |
Right of use asset lease payable - related party | 18,433 | 19,386 |
Long-term liabilities - related parties | 80,192 | 130,258 |
Total Liabilities | 2,140,283 | 1,996,294 |
Stockholders' Deficit | ||
Preferred stock, par value $0.001, authorized 20,000,000 shares, issued shares 0 | 0 | 0 |
Common stock, par value $0.001, authorized 200,000,000 shares issued 45,920,000 | 45,920 | 45,920 |
Additional paid in capital | 828,558 | 828,558 |
Accumulated deficit | (2,632,703) | (2,496,953) |
Total Stockholders' Deficit | (1,758,225) | (1,622,475) |
Total Liabilities and Stockholders' Deficit | $ 382,058 | $ 373,819 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 100,000,000 |
Common stock, shares issued | 45,920,000 | 45,920,000 |
Common stock, shares outstanding | 45,920,000 | 45,920,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 13,275 | $ 13,275 |
Operating expenses: | ||
Consulting to related party | 36,000 | 27,000 |
Consulting from unrelated party | 22,500 | 20,970 |
General and administrative | 55,177 | 81,290 |
Professional fees | 18,113 | 38,688 |
Total operating expenses | 131,790 | 167,948 |
Operating loss | (118,515) | (154,673) |
Other income (expense): | ||
Interest income - related parties | 7,023 | 4,410 |
Interest expense - unrelated parties | (1,676) | 0 |
Interest expenses - related parties | (22,582) | (20,211) |
Total other expenses | (17,235) | (15,801) |
Net loss before taxes | (135,750) | (170,474) |
Income tax provision | 0 | 0 |
Net loss | $ (135,750) | $ (170,474) |
Net loss per share (Basic and fully diluted) | $ 0 | $ 0 |
Weighted average common shares outstanding - basic and diluted | 45,920,000 | 45,920,000 |
Lease Revenue Unrelated Parties [Member] | ||
Revenues | $ 1,275 | $ 1,275 |
Lease Revenue Related Parties [Member] | ||
Revenues | $ 12,000 | $ 12,000 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, shares outstanding at Dec. 31, 2019 | 45,920,000 | ||||
Beginning balance, value at Dec. 31, 2019 | $ 45,920 | $ 828,558 | $ (2,044,055) | $ (1,169,577) | |
Net loss for the period | (170,474) | (170,474) | |||
Ending balance, shares outstanding at Mar. 31, 2020 | 45,920,000 | ||||
Ending balance, value at Mar. 31, 2020 | $ 45,920 | 828,558 | (2,214,529) | (1,340,051) | |
Beginning balance, shares outstanding at Dec. 31, 2020 | 45,920,000 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 45,920 | 828,558 | (2,496,953) | (1,622,475) | |
Net loss for the period | (135,750) | (135,750) | |||
Ending balance, shares outstanding at Mar. 31, 2021 | 45,920,000 | ||||
Ending balance, value at Mar. 31, 2021 | $ 45,920 | $ 828,558 | $ (2,632,703) | $ (1,758,225) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (135,750) | $ (170,474) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 15,358 | 17,321 |
Changes in Operating Assets and Liabilities | ||
Decrease in lease receivable | 0 | (4,240) |
Decrease in interest receivable - related party | 10 | 0 |
Decrease in prepaid expenses | 413 | 3,254 |
Decrease in lease receivable - related party | 10,826 | 5,596 |
Increase in other receivable | (2,000) | 0 |
Increase accounts payable - unrelated parties | 25,914 | 37,988 |
Increase (Decrease) in accounts payable - related parties | 17,510 | (19,499) |
Increase in accrued interest - related parties | 19,989 | 16,801 |
Increase in advance lease payments | 0 | 5,003 |
Decrease in accrued interest - unrelated parties | (11) | 0 |
Net cash used in operating activities | (47,741) | (108,250) |
Cash Flows From Investing Activities: | ||
Purchase of vehicle | (36,113) | 0 |
Cash Flows From Financing Activities: | ||
Proceeds from line of credit to related parties | 163,500 | 233,717 |
Repayments on line of credit to related party | (72,509) | (126,149) |
Repayments on notes payable - unrelated parties | (1,227) | 0 |
Repayments on notes payable - related parties | (8,584) | (8,452) |
Repayments on lease payable - related parties | (593) | 0 |
Net cash provided by financing activities | 80,587 | 99,116 |
Net Decrease In Cash | (3,267) | (9,134) |
Cash at The Beginning of The Period | 49,473 | 50,035 |
Cash at The End of The Period | 46,206 | 40,901 |
Non-cash investing and financing activities | ||
Asset transferred in a direct financing lease | 0 | 180,500 |
Cash paid during the year for Interest | 4,280 | 3,410 |
Cash paid during the year for Franchise and income tax | $ 0 | $ 0 |
1. Organization and Description
1. Organization and Description of Business | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS On June 3, 2013, Teardroppers, Inc. (the “Company”), was incorporated under the laws of the state of Nevada. We are in the business of mobile billboard advertising providing billboard advertising space on custom designed "Teardrop Trailers" and various sizes of cargo type trailers. Teardrop Trailers, are usually designed for short-period accommodations for vacationers and travelers. Teardrop Trailers are designed to be towed behind new and vintage vehicles and pickup trucks. In addition, we own cargo trailers with flat non rivet panel siding that can be used for hauling and transportation. These trailers range in size from 15 feet to 53 feet. We lease these trailers for transportation of goods and for advertising of their respective business or the businesses of lessee clients. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion the financial statements include all adjustments (consisting of normal recurring accruals) necessary in order to make the financial statements not misleading. Operating results for the three months ended March 31, 2021 is not necessarily indicative of the final results that may be expected for the year ended December should be read in conjunction with the audited financial statements for the year ended December 31, 2020 filed with the SEC on April 14, 2021. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Such estimates include management’s assessments of the carrying value of certain assets, lease liabilities, useful lives of assets and related depreciation, and valuation of deferred tax assets methods applied. Cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At March 31, 2021 and December 31, 2020, the Company had no cash equivalents. Fair value of financial instruments The Company adopted the provisions of FASB Accounting Standards Codification (“ASC”) 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. The Fair Value Topic defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. It also establishes a fair value hierarchy, which prioritizes the valuation inputs into three broad levels. The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts payable, accrued expenses, and deferred revenue approximate their fair value because of the short maturity of those instruments. The Company’s loans payable approximates, the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at March 31, 2021 and December 31, 2020. The Company had no assets and/or liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, respectively, using the market and income approaches. Property and equipment Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method over the assets estimated useful life of three (3) years for equipment, five (5) years for automobile, and seven (7) years for furniture and fixtures. Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in statements of operations. Revenue recognition On January 1, 2018, the Company adopted the provisions of ASC 606 Revenue from Contracts with Customers, and related Accounting Standards Updates. This new revenue recognition standard has a five step process: a) Determine whether a contract exists; b) Identify the performance obligations; c) Determine the transaction price; d) Allocate the transaction price; and e) Recognize revenue when (or as) performance obligations are satisfied. The impact of the Company’s initial application of ASC 606 did not have a material impact on its financial statements and disclosures. The primary source of revenue and performance obligation is from the rental of advertising space on custom designed Teardrop Trailers. The length of the rental agreements varies from one to thirty days. Customers pay in advance and revenue is recognized based on the number of days of each contract that have expired. For the three months ended March 31, 2021 and 2020, the Company recognized no income from the rental of the trailers. Subsequent to the adoption of amended accounting guidance for leasing transactions (the “new lease standard”), new leases are classified as sales-type leases, direct financing leases, or operating leases. Leases that commenced prior to the adoption of the new lease standard were not reassessed or restated pursuant to the practical expedients elected and will continue to be accounted for under previous lease accounting guidance. When a contract includes lease and non-lease components, the Company allocates consideration under the contract to each component based on relative standalone selling price. Whenever the terms of the lease transfer control to the lessee, the contract is typically classified as a sales-type lease. All other leases that do not meet the definition of a sales-type lease or direct financing lease are classified as operating leases. The underlying asset in an operating lease arrangement is carried at depreciated cost as “Equipment under operating leases” within Property, plant, and equipment, net on the balance sheets. Depreciation is calculated using the straight-line method over the term of the underlying lease contract and is recognized as Cost of net revenue. The depreciable basis is the original cost of the equipment less the estimated residual value of the equipment at the end of the lease term. The Company recognizes operating lease revenue on a straight-line basis over the lease term and expenses deferred initial direct costs on the same basis. Impairment of equipment under operating leases is assessed on the same basis as other long-lived assets. The Company provides lessees with the option to extend the lease or purchase the underlying asset at the end of the lease term, which is considered when evaluating lease classification. In general, the Company’s lease arrangements do not have variable payment terms and are non-cancelable. In March 2018, the Company entered into a four-year agreement to lease equipment to an unrelated shareholder. In September 2018, the son of the shareholder became the Chief Financial Officer. At that point the shareholder is considered a related party. For the three months ended March 31, 2021 and 2020, related party lease income was $12,000 and $12,000 respectively. In January 2019, the Company entered into a two-year agreement to lease a vehicle to an unrelated third party. For the three months ended March 31, 2021 and 2020, recognized operating lease income was $1,275 and $1,275, respectively. In January 2015, the Company received $14,500 as a deposit for advertising space to be provided in the future. As of March 31, 2021 and December 31, 2020, the customer has not utilized the space and no revenue has been recognized as the performance obligations have not been satisfied. At the time the service is provided under the terms of the agreement, the Company will recognize the revenue. Net income (loss) per share The Company computes basic and diluted earnings per share amounts pursuant to ASC 260-10-45. Basic earnings per share is computed by dividing net income (loss) available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net income (loss) available to common shareholders by the diluted weighted average number of shares of common stock during the period The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially diluted debt or equity. There were no potentially dilutive shares outstanding as of March 31, 2021 and December 31, 2020, respectively. Recently Issued Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
3. Going Concern
3. Going Concern | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 3 – GOING CONCERN The Company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustment relating to recoverability and classification of recorded amounts of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. The Company has a minimum cash balance available for payment of ongoing operating expenses. As of March 31, 2021, the Company has an accumulated deficit of $2,632,703, net cash outflow from operating activities of $47,741, and a net loss for the current period of $135,750. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months from the issuance date of this report. Its continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. There can be no assurance the necessary debt or equity financing will be available or will be available on terms acceptable to the Company. |
4. Lease Receivable - Related P
4. Lease Receivable - Related Party | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lease Receivable - Related Party | NOTE 4. LEASE RECEIVABLE – RELATED PARTY On November 12, 2019, the company purchased a truck and trailer from a related party for $190,000. On February 1, 2020, the Company leased the asset back to the same related party. The term of the lease is for 48 months with payments of $5,003 per month. At the end of the lease, the related party has the right to purchase the asset for $22,800. The lease is classified as a financing lease under ASC 842. The present value of the lease payments, excluding the end of lease provisions, discounted at an interest rate of 10%, is $197,442. The Company is using the net book value of $180,500 of the asset as the initial value of the lease in accordance with ASC 842-30-55-17A. The undiscounted cash flow principal payments for the remaining term of the lease will be as follows: 2021 (remainder of year) $ 45,027 2022 60,036 2023 60,036 2024 5,004 Total 170,103 Less deferred interest (31,807 ) Less current portion (42,400 ) Long-term lease receivable $ 95,896 On August 1, 2020, the company purchased a vehicle for $69,000 from a related party and leased it to the same related party. The term of the lease is for 60 months with payments of $1,000 per month. At the end of the lease, the related party has the right to purchase the vehicle for $37,000. The lease is classified as a financing lease under ASC 842. The present value of the lease payments, excluding the end of lease provisions, discounted at an interest rate of 10%, is $47,065. The Company is using the net book value of $69,000 of the asset as the initial value of the lease in accordance with ASC 842-30-55-17A. The undiscounted cash flow principal payments for the remaining term of the lease will be as follows: 2021 (remainder of year) $ 9,000 2022 12,000 2023 12,000 2024 12,000 2025 8,000 Purchase option 37,000 Total 90,000 Less deferred interest (23,349 ) Less current portion (6,078 ) Long-term lease receivable $ 60,573 Income from both leases is reflected on the statement of operations as interest income – related parties. For the three months ended March 31, 2021 and 2020 interest income of $7,023 and $4,410, respectively was reported. |
5. Property and Equipment
5. Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property and equipment: | |
Property and Equipment | NOTE 5 – PROPERTY & EQUIPMENT Property and equipment consists of the following at March 31, 2021 and December 31, 2020.: March 31, 2021 December 31, 2020 Property and equipment, purchased $ 294,113 $ 258,000 Property and equipment, leased 30,089 30,089 324,202 288,089 Less: accumulated depreciation (200,511 ) (185,153 ) Property and equipment, net $ 123,691 $ 102,936 Depreciation expense for the three months ended March 31, 2021 and 2020 was $15,358 and $17,321 respectively. On November 12, 2019, the Company acquired for $190,000 a 2008 Freightliner truck and a 2007 Featherlite trailer for use in the business operations. On February 1, 2020, the Company leased a truck and trailer purchased November 2019 for $190,000 to a related party. The lease is classified as a financing lease. The cost of the vehicle and related accumulated depreciation has been reclassified to a lease receivable and is reflected on the balance sheet as lease receivable – related party. See Note 4 for details. On February 4, 2021, the Company purchased for $36,113, a 1983 Toyota truck from a related party for use in the business operations. |
6. Line of Credit from Related
6. Line of Credit from Related Party | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Line of Credit from Related Party | NOTE 6 – LINE OF CREDIT FROM RELATED PARTY On February 25, 2014, the Company entered into a line of credit with DEVCAP Partners, LLC, a California limited liability company (“DEVCAP”), for an amount up to $450,000 with an extended maturity date of December 31, 2023, bearing interest of 10% per annum. Effective July 1, 2019, the loan was assumed by FinTekk AP, LLC, a California limited liability company (“Fintekk”). The terms of the line of credit are unchanged. Both DEVCAP and FinTekk are solely owned by the majority shareholder of the Company and are related parties. As of March 31, 2021 and December 31, 2020, the balance of the line of credit was $257,385 and $226,385, respectively. The Company recorded accrued interest of $32,507 and $27,374 on the line of credit at March 31, 2021 and December 31, 2020, respectively. On August 13, 2015, the Company entered into a line of credit with General Pacific Partners, LLC, a California limited liability company, for an amount up to $450,000. The line of credit is a demand loan bearing interest of 10% per annum. General Pacific Partners, LLC is a related party to the Company as it is owned by a majority shareholder of the Company. On July 5, 2017, the balance of $25,000 was converted into 500,000 shares of stock valued at $.05 per share. The balance of the line of credit was $0 as of March 31, 2021 and December 31, 2020. The Company owes accrued interest of $4,732 as of March 31, 2021 and December 31, 2020, respectively. During 2014, the Company entered into a line of credit agreement with Gemini Southern, LLC, a related party. The line of credit is a demand loan with a maximum of $950,000 bearing interest at 10%, maturing December 2023. As of March 31, 2021 and December 31, 2020, the balance due on the line was $700,617 and $640,626, respectively. The Company recorded accrued interest of $109,332 and $94,600 as of March 31, 2021 and December 31, 2020, respectively. |
7. Long-term Liabilities- Relat
7. Long-term Liabilities- Related Party | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Liabilities- Related Party | NOTE 7 – LONG-TERM LIABILITIES – RELATED PARTY During 2014, the Company entered into a loan agreement with Gemini Southern, LLC, pursuant to which monies were to be paid to the Company by Gemini Southern, LLC, pursuant to the Consulting Agreement dated September 20, 2013. The balance was to be paid with interest commencing January 1, 2015 at a rate of 10% per annum, with a maturity date of December 12, 2018. On April 1, 2018, the balance of the debt, $525,000, was converted into 4,375,000 shares of common stock of the Company. The Company recorded accrued interest on this loan of $145,632 as of March 31, 2021 and December 31, 2020, respectively. The accrued interest was not part of the conversion agreement and continues to be reflected as a liability. On October 1, 2017, the Company acquired from Gemini Southern, LLC a 2006 Ultra-Comp 53” NASCAR type vehicle transport hauler (the “Hauler”) to be used for promotional / advertising services. The purchase price of the Hauler was $165,000. The Company paid for the Hauler with a promissory note (the “Hauler Note”). The Hauler Note bears interest at 12% per annum and is payable as follows: (i) interest only from October 1, 2017 through February 28, 2018; (ii) $3,670 per month from March 1, 2018 through February 28, 2022; and $45,000 on February 1, 2022. The trailer is collateral for the promissory note. The balance of the loan was $75,095 and $83,679 as of March 31, 2021 and December 31, 2020, respectively. On April 2, 2021, the company sold the trailer to a related party Rick Ware Racing, LLC and paid off the promissory note in the amount of $75,095. Principal payments for the remaining term of the loan will be as follows: 2021 (reminder of year) $ 27,342 2022 47,753 Total 75,095 Less current portion (75,095 ) Long-term liability $ – On December 22, 2018, the Company leased a vehicle from the majority shareholder. The term of the lease is 84 months with payments of $423 per month. At the end of the lease the Company can purchase the vehicle for $2,500. As of March 31, 2021, it is reasonably expected that the Company will exercise the purchase option. The value of the right of use asset and corresponding liability at the date of inception was $30,089, the net present value of the lease payments, including the purchase option, using an interest rate of 6.649% in accordance with the provisions of ASC 842. The right of use asset is included in property and equipment as a leased asset. The undiscounted cash flow principal payments for the next five years will be as follows: 2021 (remainder of year) $ 3,807 2022 5,078 2023 5,078 2024 5,078 2025 7,156 Total 26,197 Less deferred interest (3,748 ) Less current portion (4,016 ) Long-term right of use asset lease liability $ 18,433 On August 1, 2020, the Company borrowed $69,000 from an unrelated party to purchase a 2020 Porsche Maran that was subsequently leased to a related party. See Note 4 for details of the lease agreement. The term of the loan is 60 months with payments of $912 per month with interest at 10%. A final payment of $42,434 is due in August 2025. The loan is secured by the vehicle. Principal payments for the next five years will be as follows: 2021 (reminder of year) $ 3,704 2022 4,870 2023 5,380 2024 5,943 2025 46,738 Total 66,635 Less current portion (4,876 ) Long-term liability $ 61,759 |
8. Other Related Party Transact
8. Other Related Party Transactions and Related Parties Accounts Payable | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Other Related Party Transactions and Related Parties Accounts Payable | NOTE 8 – OTHER RELATED PARTY TRANSACTIONS and RELATED PARTIES ACCOUNTS PAYABLE Line of credit from related parties The Company has two line of credit agreements with related parties. FinTekk AP, LLC is also the majority shareholder in the Company. DEVCAP Partners, LLC is owned by the same related party that owns Fintekk AP. See Note 6 for further disclosure. Consulting expense to related party (FinTekk AP, LLC) On January 1, 2014, the Company executed a three-year consulting agreement with DEVCAP Partners, LLC, (“DEVCAP”), whereby the Company agreed to pay approximately $7,500 a month for consulting services to be provided to the Company such as marketing, architectural development, accounting, finance, corporate structure and tax planning. Effective July 1, 2019, the agreement was transferred to FinTekk AP, LLC (“FinTekk”). All amounts due to DEVCAP and all future services will be assumed by FinTekk. For the three months ended March 31, 2021 and 2020, the Company recorded consulting fee expense of $22,500, respectively. The amount due but unpaid is $242,835 and $243,825 at March 31, 2021 and December 31, 2020, respectively, and is included in accounts payable related parties on the balance sheets. Consulting expense to related party (Ray Gerrity) On January 1, 2014, the Company entered into a verbal consulting agreement with its Chief Executive Officer, Ray Gerrity, whereby the Company agreed to pay $2,500 per quarter for consulting services related to his duties as Chief Executive Officer. Mr. Gerrity resigned his position effective March 31, 2018. The amount due but unpaid was $32,500 at March 31, 2021 and December 31, 2020, respectively, and was included on the balance sheet as accounts payable - related parties. Consulting expense to related party (Robert Wilson) On January 1, 2014, the Company entered into a verbal consulting agreement with its Chief Financial Officer, Robert Wilson, whereby the Company agreed to pay $2,500 per quarter for consulting services related to his duties as Chief Financial Officer. Mr. Wilson resigned effective April 1, 2017. The amount due but unpaid was $17,500 at March 31, 2021 and December 31, 2020, respectively, and was included on the balance sheet as accounts payable - related parties. Consulting expense to related party (Cody Ware) On January 1, 2019, the Company entered into a consulting agreement Expense reimbursements The majority shareholder of the Company pays certain ongoing operating costs from personal funds and is periodically reimbursed. As of March 31, 2021 and December 31, 2020 the amounts due to the shareholder was $34,250 and $29,250 and is reflected in accounts payable – related parties on the balance sheet. Other related party transactions On January 9, 2019, the Company leased a 2018 Ford F-150 truck for a term of two years at $425 per month. The truck was acquired December 22, 2018 from the majority shareholder as described in Note 10. The lessee is an outside consultant for the Company. Additionally, as of March 31, 2021 and December 31, 2020, there was an outstanding payable balance of $10,006 advances owed to related parties. On February 4, 2021, the Company purchased a 1983 Toyota truck from the majority shareholder for use in the business operations. |
9. Stockholders' Equity (Defici
9. Stockholders' Equity (Deficit) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | NOTE 9 – STOCKHOLDERS’ DEFICIT At the time of incorporation, the Company was authorized to issue 10,000 shares of common stock and 1,000 shares of preferred stock with a par value of $0.001. The Company amended its articles of incorporation to increase it authorized shares to 200,000,000 shares of common stock and 20,000,000 shares of preferred stock, both $0.001 par value. |
10. Operating Leases
10. Operating Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Operating Leases | NOTE 10 – OPERATING LEASES Operating Leases - Lessee On December 22, 2018, the Company leased a vehicle from the majority shareholder. See further details of this lease in Note 7. Operating Leases – Lessor The Company entered into an agreement with a principal vendor for the lease of a Company vehicle. The lease is classified as a lessor operating lease under ASC 842. The term of the lease is 24 months, effective January 2019 and expiring December 2020. Depreciation expense for the vehicle subject to the lease is provided on the straight-line method over the useful life of the vehicle in accordance with the Company’s normal depreciation policy. Estimated and actual residual values are reviewed on a regular basis to determine that depreciation amounts are appropriate. Depreciation expense related to the vehicle was $6,018 for the years ended December 31, 2020 and 2019. Investments in operating leases are as follows at March 31, 2021 and December 31, 2020: 2021 2020 Machinery and equipment, at cost $ 30,089 $ 30,089 Accumulated depreciation (13,540 ) (12,036 ) Net investments in operating leases $ 16,549 $ 18,053 |
11. Contingencies and Commitmen
11. Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | NOTE 11—CONTINGENCIES AND COMMITMENTS The Company’s ability to collect on receivables and pay liabilities is connected to NASCAR race schedule. The 2020 NASCA schedule was severely disrupted by Covid, which caused delays in both collections and payments. Management believes the 2021 NASCAR schedule will not be disrupted. This will allow collections on receivables and payments on liabilities to be timely made. There are no other commitments or contingencies related to the assets and liabilities that are not disclosed above. The COVID-19 outbreak in 2020 had a significant impact on business in general. The NASCAR race schedule was severely disrupted. The Company’s operations are directly connected to the NASCAR schedule. Due to the disruption in NASCAR events, collection of revenues and payment of expenses was delayed in some cases. Overall, revenues and expenses for 2020 were consistent with prior periods. The Company did not experience a significant detrimental change. Management believes the 2021 NASCAR race schedule will not be significantly impacted and should not have a material impact on future operations. Due to the level of risk this virus may have on the global economy, it is at least reasonably possible that it could have an impact on the operations of the Company in the near term that could materially impact the Company’s financials. |
12. Subsequent Events
12. Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 12 – SUBSEQUENT EVENTS On April 2, 2021, the Company sold its interest in the 2005 Ultra Comp trailer to Rick Ware Racing, LLC. The sale price of the trailer was $75,095. |
2. Summary of Significant Acc_2
2. Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion the financial statements include all adjustments (consisting of normal recurring accruals) necessary in order to make the financial statements not misleading. Operating results for the three months ended March 31, 2021 is not necessarily indicative of the final results that may be expected for the year ended December should be read in conjunction with the audited financial statements for the year ended December 31, 2020 filed with the SEC on April 14, 2021. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Such estimates include management’s assessments of the carrying value of certain assets, lease liabilities, useful lives of assets and related depreciation, and valuation of deferred tax assets methods applied. |
Cash equivalents | Cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At March 31, 2021 and December 31, 2020, the Company had no cash equivalents. |
Fair value of financial instruments | Fair value of financial instruments The Company adopted the provisions of FASB Accounting Standards Codification (“ASC”) 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. The Fair Value Topic defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. It also establishes a fair value hierarchy, which prioritizes the valuation inputs into three broad levels. The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts payable, accrued expenses, and deferred revenue approximate their fair value because of the short maturity of those instruments. The Company’s loans payable approximates, the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at March 31, 2021 and December 31, 2020. The Company had no assets and/or liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, respectively, using the market and income approaches. |
Property and equipment | Property and equipment Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method over the assets estimated useful life of three (3) years for equipment, five (5) years for automobile, and seven (7) years for furniture and fixtures. Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in statements of operations. |
Revenue recognition | Revenue recognition On January 1, 2018, the Company adopted the provisions of ASC 606 Revenue from Contracts with Customers, and related Accounting Standards Updates. This new revenue recognition standard has a five step process: a) Determine whether a contract exists; b) Identify the performance obligations; c) Determine the transaction price; d) Allocate the transaction price; and e) Recognize revenue when (or as) performance obligations are satisfied. The impact of the Company’s initial application of ASC 606 did not have a material impact on its financial statements and disclosures. The primary source of revenue and performance obligation is from the rental of advertising space on custom designed Teardrop Trailers. The length of the rental agreements varies from one to thirty days. Customers pay in advance and revenue is recognized based on the number of days of each contract that have expired. For the three months ended March 31, 2021 and 2020, the Company recognized no income from the rental of the trailers. Subsequent to the adoption of amended accounting guidance for leasing transactions (the “new lease standard”), new leases are classified as sales-type leases, direct financing leases, or operating leases. Leases that commenced prior to the adoption of the new lease standard were not reassessed or restated pursuant to the practical expedients elected and will continue to be accounted for under previous lease accounting guidance. When a contract includes lease and non-lease components, the Company allocates consideration under the contract to each component based on relative standalone selling price. Whenever the terms of the lease transfer control to the lessee, the contract is typically classified as a sales-type lease. All other leases that do not meet the definition of a sales-type lease or direct financing lease are classified as operating leases. The underlying asset in an operating lease arrangement is carried at depreciated cost as “Equipment under operating leases” within Property, plant, and equipment, net on the balance sheets. Depreciation is calculated using the straight-line method over the term of the underlying lease contract and is recognized as Cost of net revenue. The depreciable basis is the original cost of the equipment less the estimated residual value of the equipment at the end of the lease term. The Company recognizes operating lease revenue on a straight-line basis over the lease term and expenses deferred initial direct costs on the same basis. Impairment of equipment under operating leases is assessed on the same basis as other long-lived assets. The Company provides lessees with the option to extend the lease or purchase the underlying asset at the end of the lease term, which is considered when evaluating lease classification. In general, the Company’s lease arrangements do not have variable payment terms and are non-cancelable. In March 2018, the Company entered into a four-year agreement to lease equipment to an unrelated shareholder. In September 2018, the son of the shareholder became the Chief Financial Officer. At that point the shareholder is considered a related party. For the three months ended March 31, 2021 and 2020, related party lease income was $12,000 and $12,000 respectively. In January 2019, the Company entered into a two-year agreement to lease a vehicle to an unrelated third party. For the three months ended March 31, 2021 and 2020, recognized operating lease income was $1,275 and $1,275, respectively. In January 2015, the Company received $14,500 as a deposit for advertising space to be provided in the future. As of March 31, 2021 and December 31, 2020, the customer has not utilized the space and no revenue has been recognized as the performance obligations have not been satisfied. At the time the service is provided under the terms of the agreement, the Company will recognize the revenue. |
Net income (loss) per share | Net income (loss) per share The Company computes basic and diluted earnings per share amounts pursuant to ASC 260-10-45. Basic earnings per share is computed by dividing net income (loss) available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net income (loss) available to common shareholders by the diluted weighted average number of shares of common stock during the period The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially diluted debt or equity. There were no potentially dilutive shares outstanding as of March 31, 2021 and December 31, 2020, respectively. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
4. Lease Receivable - Related_2
4. Lease Receivable - Related Party (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Future minimum lease receivable schedule | The undiscounted cash flow principal payments for the remaining term of the lease will be as follows: 2021 (remainder of year) $ 45,027 2022 60,036 2023 60,036 2024 5,004 Total 170,103 Less deferred interest (31,807 ) Less current portion (42,400 ) Long-term lease receivable $ 95,896 The undiscounted cash flow principal payments for the remaining term of the lease will be as follows: 2021 (remainder of year) $ 9,000 2022 12,000 2023 12,000 2024 12,000 2025 8,000 Purchase option 37,000 Total 90,000 Less deferred interest (23,349 ) Less current portion (6,078 ) Long-term lease receivable $ 60,573 |
5. Property and Equipment (Tabl
5. Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property and equipment: | |
Property and equipment | Property and equipment consists of the following at March 31, 2021 and December 31, 2020.: March 31, 2021 December 31, 2020 Property and equipment, purchased $ 294,113 $ 258,000 Property and equipment, leased 30,089 30,089 324,202 288,089 Less: accumulated depreciation (200,511 ) (185,153 ) Property and equipment, net $ 123,691 $ 102,936 |
7. Long-term Liabilities- Rel_2
7. Long-term Liabilities- Related Party (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Maturity of Long-term Debt payments | Principal payments for the remaining term of the loan will be as follows: 2021 (reminder of year) $ 27,342 2022 47,753 Total 75,095 Less current portion (75,095 ) Long-term liability $ – |
Maturities of capital lease payments | The undiscounted cash flow principal payments for the next five years will be as follows: 2021 (remainder of year) $ 3,807 2022 5,078 2023 5,078 2024 5,078 2025 7,156 Total 26,197 Less deferred interest (3,748 ) Less current portion (4,016 ) Long-term right of use asset lease liability $ 18,433 Principal payments for the next five years will be as follows: 2021 (reminder of year) $ 3,704 2022 4,870 2023 5,380 2024 5,943 2025 46,738 Total 66,635 Less current portion (4,876 ) Long-term liability $ 61,759 |
10. Operating Leases (Tables)
10. Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of operating leases | Investments in operating leases are as follows at March 31, 2021 and December 31, 2020: 2021 2020 Machinery and equipment, at cost $ 30,089 $ 30,089 Accumulated depreciation (13,540 ) (12,036 ) Net investments in operating leases $ 16,549 $ 18,053 |
2. Summary of Significant Acc_3
2. Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Cash Equivalents | $ 0 | $ 0 | |
Fair value of assets/liabilities | $ 0 | $ 0 | |
Potentially dilutive shares outstanding | 0 | 0 | |
Leased Vehicle [Member] | |||
Revenues from contracts with customers | $ 1,275 | $ 1,275 | |
Rental of trailers [Member] | |||
Revenues from contracts with customers | 0 | 0 | |
Leased Equipment [Member] | |||
Revenues from related parties | $ 12,000 | $ 12,000 | |
Equipment [Member] | |||
Property and equipment estimated useful lives | P3Y | ||
Automobiles [Member] | |||
Property and equipment estimated useful lives | P5Y | ||
Furniture and Fixtures [Member] | |||
Property and equipment estimated useful lives | P7Y |
3. Going Concern (Details Narra
3. Going Concern (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ (2,632,703) | $ (2,496,953) | |
Cash used in operations | (47,741) | $ (108,250) | |
Net loss | $ (135,750) | $ (170,474) |
4. Lease Receivable - Related_3
4. Lease Receivable - Related Party (Details) | Mar. 31, 2021USD ($) |
Truck and Trailer [Member] | |
Cash flow payment from sale leaseback, 2021 (remainder of year) | $ 45,027 |
Cash flow payment from sale leaseback, 2022 | 60,036 |
Cash flow payment from sale leaseback, 2023 | 60,036 |
Cash flow payment from sale leaseback, 2024 | 5,004 |
Cash flow payment from sale leaseback, Total | 170,103 |
Less deferred interest | (31,807) |
Less current portion | (42,400) |
Long-term lease receivable | 95,896 |
Vehicle [Member] | |
Cash flow payment from sale leaseback, 2021 (remainder of year) | 9,000 |
Cash flow payment from sale leaseback, 2022 | 12,000 |
Cash flow payment from sale leaseback, 2023 | 12,000 |
Cash flow payment from sale leaseback, 2024 | 12,000 |
Cash flow payment from sale leaseback, 2025 | 8,000 |
Purchase option | 37,000 |
Cash flow payment from sale leaseback, Total | 90,000 |
Less deferred interest | (23,349) |
Less current portion | (6,078) |
Long-term lease receivable | $ 60,573 |
4. Lease Receivable - Related_4
4. Lease Receivable - Related Party (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 7 Months Ended | ||
Feb. 01, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Aug. 01, 2020 | Dec. 31, 2020 | |
Initial net book value of leased asset | $ 30,089 | $ 30,089 | |||
Interest income related party | $ 7,023 | $ 4,410 | |||
Truck and Trailer [Member] | |||||
Lease term | 48 months | ||||
Lease payment frequency | monthly | ||||
Lease payment | $ 5,003 | ||||
Right to purchase asset | 22,800 | ||||
Present value of lease | $ 197,442 | ||||
Lease discount interest rate | 10.00% | ||||
Initial net book value of leased asset | $ 180,500 | ||||
Vehicle [Member] | |||||
Lease term | 60 months | ||||
Lease payment frequency | monthly | ||||
Lease payment | $ 1,000 | ||||
Right to purchase asset | 37,000 | ||||
Present value of lease | $ 47,065 | ||||
Lease discount interest rate | 10.00% | ||||
Initial net book value of leased asset | $ 69,000 |
5. Property and Equipment (Deta
5. Property and Equipment (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Property and equipment: | ||
Property and equipment, purchased | $ 294,113 | $ 258,000 |
Property and equipment, leased | 30,089 | 30,089 |
Total property and equipment | 324,202 | 288,089 |
Less: Accumulated depreciation | (200,511) | (185,153) |
Property and equipment, net | $ 123,691 | $ 102,936 |
5. Property and Equipment (De_2
5. Property and Equipment (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 04, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | |
Depreciation expense | $ 15,358 | $ 17,321 | ||
2008 Freightliner Truck and 2007 Featherlite trailer [Member] | ||||
Property and equipment additions | $ 190,000 | |||
Toyota Truck [Member] | ||||
Property and equipment additions | $ 36,113 |
6. Line of Credit from Relate_2
6. Line of Credit from Related Party (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Credit line balance | $ 958,002 | $ 867,011 |
Accrued interest | 555 | 566 |
FinTekk AP, LLC [Member] | ||
Line of credit maximum amount | $ 450,000 | |
Maturity date | Dec. 31, 2023 | |
Interest rate | 10.00% | |
Credit line balance | $ 257,385 | 226,385 |
Accrued interest | 32,507 | 27,374 |
General Pacific Partners, LLC [Member] | ||
Line of credit maximum amount | $ 450,000 | |
Maturity date | Aug. 13, 2020 | |
Interest rate | 10.00% | |
Credit line balance | $ 0 | 0 |
Accrued interest | 4,732 | 4,732 |
Gemini Southern [Member] | ||
Line of credit maximum amount | $ 950,000 | |
Interest rate | 10.00% | |
Credit line balance | $ 700,617 | 640,626 |
Accrued interest | $ 109,332 | $ 94,600 |
7. Long-term Liabilities - Rela
7. Long-term Liabilities - Related Party (Details - Debt maturities) | Mar. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
Future minimum principal payment 2021 (reminder of year) | $ 27,342 |
Future minimum principal payment 2022 | 47,753 |
Future minimum principal payment total | 75,095 |
Less current portion | (75,095) |
Long-term liability | $ 0 |
7. Long-term Liabilities - Re_2
7. Long-term Liabilities - Related Party (Details - Capital lease maturities) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Less current portion | $ (4,016) | $ (3,656) |
Leased Vehicle [Member] | ||
2021 (reminder of year) | 3,807 | |
2022 | 5,078 | |
2023 | 5,078 | |
2024 | 5,078 | |
2025 | 7,156 | |
Total minimum lease payments | 26,197 | |
Less deferred interest | (3,748) | |
Less current portion | (4,016) | |
Long-term lease liability | 18,433 | |
Porsche Moran [Member] | ||
2021 (reminder of year) | 3,704 | |
2022 | 4,870 | |
2023 | 5,380 | |
2024 | 5,943 | |
2025 | 46,738 | |
Total minimum lease payments | 66,635 | |
Less current portion | (4,876) | |
Long-term lease liability | $ 61,759 |
7. Long-term Liabilities - Re_3
7. Long-term Liabilities - Related Party (Details Narrative) - USD ($) | Apr. 02, 2021 | Jan. 01, 2015 | Mar. 31, 2021 | Mar. 31, 2020 | Aug. 01, 2020 | Dec. 22, 2018 | Dec. 31, 2020 | Oct. 01, 2017 |
Note payable balance | $ 61,759 | $ 63,125 | ||||||
Repayment of note payable | 1,227 | $ 0 | ||||||
Gemini Southern [Member] | ||||||||
Debt stated interest rate | 10.00% | |||||||
Accrued interest | 145,632 | 145,632 | ||||||
Maturity date | Dec. 12, 2018 | |||||||
Gemini Southern [Member] | Subsequent Event [Member] | ||||||||
Repayment of note payable | $ 75,095 | |||||||
Hauler Note [Member] | ||||||||
Debt face amount | $ 165,000 | |||||||
Debt stated interest rate | 12.00% | |||||||
Note payable balance | 75,095 | $ 83,679 | ||||||
Monthly payment | $ 3,670 | $ 423 | ||||||
Periodic payments | Monthly | Monthly | ||||||
Other Vehicle [Member] | ||||||||
Debt stated interest rate | 6.649% | |||||||
Right of use asset | $ 30,089 | |||||||
Porsche Maran [Member] | ||||||||
Debt face amount | $ 69,000 | |||||||
Debt stated interest rate | 10.00% | |||||||
Monthly payment | $ 912 | |||||||
Periodic payments | Monthly |
8. Other Related Party Transa_2
8. Other Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Consulting fees to related party | $ 36,000 | $ 27,000 | |
Accounts payable - related parties | 353,591 | $ 336,081 | |
Long-term lease | 30,089 | 30,089 | |
Ford F-150 [Member] | |||
Monthly payment | $ 425 | ||
Periodic payments | Monthly | ||
FinTekk AP, LLC [Member] | |||
Consulting fees to related party | $ 22,500 | 22,500 | |
Accounts payable - related parties | 242,835 | 243,825 | |
Monthly payment | $ 7,500 | ||
Periodic payments | Monthly | ||
Ray Gerrity [Member] | |||
Accounts payable - related parties | $ 32,500 | 32,500 | |
Monthly payment | $ 2,500 | ||
Periodic payments | Quarterly | ||
Robert Wilson [Member] | |||
Accounts payable - related parties | $ 17,500 | 17,500 | |
Monthly payment | $ 2,500 | ||
Periodic payments | Quarterly | ||
Cody Ware [Member] | |||
Consulting fees to related party | $ 13,500 | $ 4,500 | |
Accounts payable - related parties | 16,500 | 3,000 | |
Monthly payment | $ 4,500 | ||
Periodic payments | Monthly | ||
Majority Shareholder [Member] | |||
Accounts payable - related parties | $ 34,250 | $ 29,250 |
9. Stockholders' Equity (Defi_2
9. Stockholders' Equity (Deficit) (Details Narrative) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Common stock, shares authorized | 200,000,000 | 100,000,000 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
10. Operating Leases (Details -
10. Operating Leases (Details - Operating leases) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Machinery and equipment, at cost | $ 30,089 | $ 30,089 |
Accumulated depreciation | (13,540) | (12,036) |
Net investments in operating leases | $ 16,549 | $ 18,053 |
10. Operating Leases (Details N
10. Operating Leases (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Depreciation expense for operating leased property | $ 6,018 | $ 6,018 |