Cloudweb (CLOW) 10-Q 16 Nov 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Nov. 12, 2020
Cover [Abstract]
Entity Registrant Name	Cloudweb, Inc.
Entity Central Index Key	0001619227
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		63,140,557
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current Assets
Total Current Assets	$ 0	$ 0
TOTAL ASSETS	0	0
Current Liabilities
Accounts payable and accrued liabilities	56,359	63,277
Accrued interest	99,015	76,155
Promissory notes payable	2,160	19,193
Convertible notes payable	33,908	0
Total Current Liabilities	191,442	158,625
Convertible notes payable, net of note discount of $4,184 and $5,984, respectively	111,816	110,016
Promissory notes payable	67,326	67,326
Total Liabilities	370,584	335,967
Commitment and contingencies (Note 2)	0	0
Stockholders' Deficit
Common stock, no par value; 500,000,000 shares authorized, 63,140,557 shares and 140,557 shares issued and outstanding, respectively	0	0
Additional paid-in capital	116,806,747	35,369,809
Stock payable	0	46,500,000
Accumulated deficit	(117,081,115)	(82,109,560)
Accumulated deficit from discontinued operations	(96,216)	(96,216)
Total Stockholders' Deficit	(370,584)	(335,967)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 0	$ 0

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Stockholders' Deficit
Common stock, shares par value	$ 0	$ 0
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	63,140,557	140,557
Common stock, shares outstanding	63,140,557	140,557
Convertible notes payable, net of note discount	$ 4,184	$ 5,984

CONDENSED STATEMENT OF OPERATIO

CONDENSED STATEMENT OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
OPERATING EXPENSES
Professional fees	$ 5,550	$ 5,531	$ 18,957	$ 16,786
Web development cost	10,030	0	10,030	0
Stock based compensation	11,625,000	0	34,875,000	0
Total Operating Expenses	11,640,580	5,531	34,903,987	16,786
OTHER EXPENSES
Interest expense	(16,368)	(9,048)	(67,568)	(32,009)
Total Other Expenses	(16,368)	(9,048)	(67,568)	(32,009)
Loss from operations	(11,656,948)	(14,579)	(34,971,555)	(48,795)
Provision for income taxes	0	0	0	0
NET LOSS	$ (11,656,948)	$ (14,579)	$ (34,971,555)	$ (48,795)
NET LOSS PER SHARE: BASIC AND DILUTED	$ (0.18)	$ (0.10)	$ (0.73)	$ (0.35)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	63,140,557	140,557	47,998,221	140,557

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($)	Total	Accumulated Deficit [Member]	Additional Paid-in Capital [Member]	Discontinued Operations Deficit [Member]	Stock Payable [Member]	Common Stock [Member]
Balance, shares at Dec. 31, 2018						140,557
Balance, amount at Dec. 31, 2018	$ (262,742)	$ (35,536,335)	$ 35,369,809	$ (96,216)		$ 0
Net loss	(19,212)	(19,212)	0	0		$ 0
Balance, shares at Mar. 31, 2019						140,557
Balance, amount at Mar. 31, 2019	(281,954)	(35,555,547)	35,369,809	(96,216)		$ 0
Balance, shares at Dec. 31, 2018						140,557
Balance, amount at Dec. 31, 2018	(262,742)	(35,536,335)	35,369,809	(96,216)		$ 0
Net loss	$ (48,795)
Conversion of convertible notes into common stock, shares	23,200,000
Balance, shares at Sep. 30, 2019						140,557
Balance, amount at Sep. 30, 2019	$ (311,537)	(35,585,130)	35,369,809	(96,216)		$ 0
Balance, shares at Mar. 31, 2019						140,557
Balance, amount at Mar. 31, 2019	(281,954)	(35,555,547)	35,369,809	(96,216)		$ 0
Net loss	(15,004)	(15,004)	0	0		$ 0
Balance, shares at Jun. 30, 2019						140,557
Balance, amount at Jun. 30, 2019	(296,958)	(35,570,551)	35,369,809	(96,216)		$ 0
Net loss	(14,579)	(14,579)	0	0		$ 0
Balance, shares at Sep. 30, 2019						140,557
Balance, amount at Sep. 30, 2019	(311,537)	(35,585,130)	35,369,809	(96,216)		$ 0
Balance, shares at Dec. 31, 2019						140,557
Balance, amount at Dec. 31, 2019	(335,967)	(82,109,560)	35,369,809	(96,216)	$ 46,500,000	$ 0
Net loss	(11,662,639)	(11,662,639)	0	0	0	$ 0
Conversion of convertible notes into common stock, shares						3,000,000
Conversion of convertible notes into common stock, amount	9,000	0	9,000	0	0	$ 0
Beneficial Note Conversion Feature	21,801	0	21,801	0	0	$ 0
Stock-based compensation, shares						60,000,000
Stock-based compensation, amount	11,625,000	0	58,125,000	0	(46,500,000)	$ 0
Balance, shares at Mar. 31, 2020						63,140,557
Balance, amount at Mar. 31, 2020	(342,805)	(93,772,199)	93,525,610	(96,216)	0	$ 0
Balance, shares at Dec. 31, 2019						140,557
Balance, amount at Dec. 31, 2019	(335,967)	(82,109,560)	35,369,809	(96,216)	46,500,000	$ 0
Net loss	$ (34,971,555)
Conversion of convertible notes into common stock, shares	51,753,097
Balance, shares at Sep. 30, 2020						63,140,557
Balance, amount at Sep. 30, 2020	$ (370,584)	(117,081,115)	116,806,747	(96,216)	0	$ 0
Balance, shares at Mar. 31, 2020						63,140,557
Balance, amount at Mar. 31, 2020	(342,805)	(93,772,199)	93,525,610	(96,216)	0	$ 0
Net loss	(11,651,968)	(11,651,968)	0	0	0	0
Beneficial Note Conversion Feature	13,800	0	13,800	0	0	0
Stock-based compensation, amount	11,625,000	0	11,625,000	0	0	$ 0
Balance, shares at Jun. 30, 2020						63,140,557
Balance, amount at Jun. 30, 2020	(355,973)	(105,424,167)	105,164,410	(96,216)	0	$ 0
Net loss	(11,656,948)	(11,656,948)	0	0	0	0
Beneficial Note Conversion Feature	7,307	0	7,307	0	0	0
Stock-based compensation, amount	11,625,000	0	11,625,000	0	0	0
Shareholder Contribution	10,030	0	10,030	0	0	$ 0
Balance, shares at Sep. 30, 2020						63,140,557
Balance, amount at Sep. 30, 2020	$ (370,584)	$ (117,081,115)	$ 116,806,747	$ (96,216)	$ 0	$ 0

CONDENSED STATEMENT OF CASH FLO

CONDENSED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss from continuing operations	$ (11,656,948)	$ (14,579)	$ (34,971,555)	$ (48,795)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Amortization of debt discount		600	44,707	9,000
Stock based compensation	11,625,000	0	34,875,000	0
Web development cost	10,030	0	10,030	0
Changes in operating liabilities:
Accounts payable and accrued liabilities			(6,917)	(4,550)
Accrued interest			22,860	23,009
Net cash used in operating activities			(25,875)	(21,336)
CASH FLOWS FROM INVESTING ACTIVITIES			0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of convertible notes			25,875	0
Proceeds from issuance of promissory notes			0	21,336
Net cash provided by financing activities			25,875	21,336
Net change in cash and cash equivalents			0	0
Cash and cash equivalents - beginning of period			0	0
Cash and cash equivalents - end of period	$ 0	$ 0	0	0
Supplemental Cash Flow Disclosures
Cash paid for interest			0	0
Cash paid for income taxes			0	0
Non-Cash Investing and Financing Activity:
Amendment of promissory note to convertible note			17,033	0
Conversion of convertible notes for common stock			9,000	0
Beneficial conversion feature			$ 42,908	$ 0

ORGANIZATION AND BUSINESS OPERA

ORGANIZATION AND BUSINESS OPERATIONS	9 Months Ended
	Sep. 30, 2020
ORGANIZATION AND BUSINESS OPERATIONS
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS	Cloudweb, Inc. (the “Company”) is a Florida corporation incorporated on May 25, 2014 as Formigli, Inc. In December, 2015 the Company changed its name to Data Backup, Inc., and on November 4, 2016, the Company changed its name to Data Backup Solutions Inc. On October 1, 2017, the Company changed its name to Cloudweb, Inc. On November 27, 2019, a majority of stockholders of our company and our board of directors approved a reverse stock split of our issued and outstanding shares of common stock on a basis of up to one hundred and fifty (150) old shares for one (1) new share of common stock. The name change and reverse stock split have been reviewed by the Financial Industry Regulatory Authority (“FINRA”) and have been approved for filing with an effective date of December 19, 2019. Articles of Amendment to our Articles of Incorporation were filed on December 9, 2019 with the Florida Secretary of State in connection with the reverse split, with an effective date of December 18, 2019. We are currently seeking to build a marketing strategy in order to advertise our new sites launched in third quarter of 2020 and bring in revenues.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2019 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended December 31, 2019 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on April 3, 2020. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. Fair Value of Financial Instruments ASC 820 “ Fair Value Measurements and Disclosures These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of cash, prepayments and the Company’s loan from shareholder approximates its fair value due to their short-term maturity. Web Development Cost In accordance with FASB ASC350-50 “Web Development Costs”, all costs incurred during the website planning stage are incurred. During the website application and infrastructure development stage, software tool costs and internet domain costs are capitalized, and website hosting costs are expensed. Cost incurred in the graphics development, content development and operating stage are generally expensed unless the costs are software related and should then be capitalized. During the nine months ended September 30, 2020, the Company incurred $10,030 web development cost on three websites contributed by the Company’s director. Share-based Expenses ASC 718 “Compensation – Stock Compensation” prescribes accounting and reporting standards for all share-based payment transactions in which employee services and non-employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees and non-employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). Basic and Diluted Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the three months and nine months ended September 30, 2020 and 2019, convertible notes were dilutive instruments and were not included in the calculation of diluted loss per share as their effect would be anti-dilutive. For the three months and nine months ended September 30, 2020 and 2019, respectively, the following convertible notes were excluded from the computation of diluted net loss per shares as the result of the computation was anti-dilutive: September 30, September 30, 2020 2019 (Shares) (Shares) Convertible notes payable 51,753,097 23,200,000 Recent accounting pronouncements Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Sep. 30, 2020
GOING CONCERN
NOTE 3 - GOING CONCERN	The Company believes that its existing capital resources may not be adequate to enable it to execute its business plan. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. The Company estimates that it will require additional cash resources during 2020 based on its current operating plan and condition. The accompanying financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern. If we fail to generate positive cash flow or obtain additional financing, when required, we may have to modify, delay, or abandon some or all of our business and expansion plans.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2020
RELATED PARTY TRANSACTIONS
NOTE 4 - RELATED PARTY TRANSACTIONS	On January 1, 2017, the Company entered into an agreement with an entity controlled by Mr. Liao, the Company’s executive officer and sole member of the Board of Directors, to issue a promissory note for $137,316 to replace the full amount of related party advances that had been provided to the Company between January 1, 2016 and December 31, 2016. The promissory note bears interest at 28% per annum, and is payable on December 31, 2019. On July 1, 2017, the holder of the promissory note entered into an Interest Purchase Agreement with four non-affiliated assignees whereby each assignee was assigned with a convertible promissory note at the principal amount of $34,000 and accrued interest of $4,806. The convertible notes bear interest at 4% per annum, have an expiry date of June 30, 2019 and are convertible at $0.005 per share for the Company common stock. On June 30, 2019, the maturity dates of the notes were extended for three years to June 30, 2022. The Company assessed the note amendment for a debt extinguishment or modification in accordance with ASC 470-50. As the change in fair value of the convertible notes from the note amendment fell below 10% of the carrying value of the original convertible notes, the note amendment is regarded as a note modification. As of September 30, 2020 and December 31, 2019, the convertible notes payable, net of note discount of $4,184 and $5,984, was $111,816 and $110,016 respectively. On March 5, 2020, the Company issued 60,000,000 shares of restricted common stock valued at $93,000,000 based on stock trading price at $1.55 per share to Letterston Investments Limited, a BVI corporation controlled by the Company’s Chief Executive Officer, as compensation for the payment of the Chief Executive Officer’s salary for the years 2019 and 2020. During the three months and nine months ended September 30, 2020, the Company has recognized $11,625,000 for the third quarter portion of the year 2020 salary and $34,875,000 for the first three quarters portion of the year 2020 salary as the services were provided, respectively. Unrecognized stock compensation of $11,625,000 will be recognized during last quarter of 2020. During the nine months ended September 30, 2020, the Company incurred $10,030 web development cost on three new websites contributed by the Company’s director.

PROMISSORY NOTES

PROMISSORY NOTES	9 Months Ended
	Sep. 30, 2020
PROMISSORY NOTES
NOTE 5 - PROMISSORY NOTES	Issuance Month September 30, 2020 December 31, 2019 Expiry Date Interest Rate Promissory Note November 2017 $ 2,160 $ 2,160 Due on demand 60% per annum Promissory Note December 2017 - 17,033 Due on demand 60% per annum Promissory Note March 2018 15,296 15,296 3/31/2028 30% per annum Promissory Note June 2018 12,249 12,249 6/30/2028 30% per annum Promissory Note September 2018 5,408 5,408 9/30/2028 30% per annum Promissory Note December 2018 6,137 6,137 12/31/2028 30% per annum Promissory Note March 2019 7,150 7,150 3/31/2029 30% per annum Promissory Note June 2019 10,105 10,105 6/30/2029 30% per annum Promissory Note September 2019 4,081 4,081 9/30/2029 30% per annum Promissory Note December 2019 6,900 6,900 12/31/2029 30% per annum 69,486 86,519 Less current portion of promissory note payable (2,160 ) (19,193 ) Long-term promissory notes payable $ 67,326 $ 67,326 As of September 30, 2020 and December 31, 2019, the accrued interest on the promissory notes was $40,388 and $44,752, respectively.

CONVERTIBLE NOTES

CONVERTIBLE NOTES	9 Months Ended
	Sep. 30, 2020
CONVERTIBLE NOTES
NOTE 6 - CONVERTIBLE NOTES	September 30, December 31, Expiry Date 2020 2019 Convertible Notes - July 2017 6/30/2022 $ 116,000 $ 116,000 Convertible Notes - January 2020 Due on demand 8,033 - Convertible Notes - March 2020 Due on demand 4,768 - Convertible Notes - June 2020 Due on demand 13,800 - Convertible Notes - September 2020 Due on demand 7,307 Less debt discount (4,184 ) (5,984 ) 145,724 110,016 Less current portion of convertible note payable (33,908 ) - Long-term convertible notes payable $ 111,816 $ 110,016 Convertible Notes – July 2017 On July 1, 2017, the Company replaced the promissory notes held by the four non-affiliated assignees with convertible notes at principal amount of $34,000, for total note principal amount of $136,000. The convertible notes bear interest at 4% per annum, expire on June 30, 2019 and are convertible at $0.005 per share for the Company common stock. The Company assessed the note amendment for a debt extinguishment or modification in accordance with ASC 470-50. The addition of a substantive conversion feature that is not bifurcated indicates the note amendment is regarded as a note extinguishment. As a result of note extinguishment, we recognized $73,140 and $11,896 as discount on note from beneficial conversion feature and fair value difference and gain on extinguishment of debt, respectively, for the year ended December 31, 2017. On January 2, 2018, the four non-affiliated holders of the convertible notes at principal amount of $34,000 issued on July 1 2017 elected to convert $5,000 principal portion of their notes for 1,000,000 shares of common stock at $0.005 per share. An aggregate $20,000 principal amount of the four convertible notes were converted for 4,000,000 common shares. Convertible Note – January 2020 On January 2, 2020, the Company replaced a promissory note of $17,033 originally issued to an unaffiliated party on December 31, 2017 with a convertible note of $17,033. The convertible note is due on demand, bear interest at 10% per annum and is convertible at $0.003 per share. The discount on convertible note from beneficial conversion feature of $17,033 was fully amortized during the nine months ended September 30, 2020. Convertible Note – March 2020 On March 4, 2020, the convertible note comprising of principal amount of $17,033 and accrued interest of $21,073 was sold to another unaffiliated party. On March 23, 2020, the principal amount of the convertible note of $9,000 was converted into 3,000,000 shares of common stock. (see Note 7) On March 31, 2020, the Company issued to an unaffiliated party a convertible note at $4,768 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $4,768 was fully amortized during the nine months ended September 30, 2020. Convertible Note – June 2020 On June 30, 2020, the Company issued to an unaffiliated party a convertible note at $13,800 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $13,800 was fully amortized during the nine months ended September 30, 2020. Convertible Note – September 2020 On September 30, 2020, the Company issued to an unaffiliated party a convertible note at $7,307 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $7,307 was fully amortized during the nine months ended September 30, 2020. During the nine months ended September 30, 2020 and 2019, the Company recognized amortization of debt discount and beneficial conversion feature of $44,707 and $9,000, respectively. During the three months ended September 30, 2020 and 2019, the Company recognized amortization of debt discount and beneficial conversion feature of $7,307 and $600, respectively. As of September 30, 2020 and December 31, 2019, the convertible notes payable was $111,816 and $110,016, net of note discount of $4,184 and $5,984, and accrued interest payable was $58,627 and $31,403, respectively.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2020
EQUITY
NOTE 7 - EQUITY	Authorized Stock The Company’s authorized common stock consists of 500,000,000 shares with no par value. Transactions described herein reflect the impact of the reverse acquisition and re-capitalization completed on January 28, 2016. Common Shares On November 27, 2019, a majority of stockholders of our company and our board of directors approved a reverse stock split of our issued and outstanding shares of common stock on a basis of up to one hundred and fifty (150) old shares for one (1) new share of common stock. The name change and reverse stock split have been reviewed by the Financial Industry Regulatory Authority (“FINRA”) and have been approved for filing with an effective date of December 19, 2019. Articles of Amendment to our Articles of Incorporation were filed on December 9, 2019 with the Florida Secretary of State in connection with the reverse split, with an effective date of December 18, 2019. On March 5, 2020, the Company issued 60,000,000 shares of restricted common stock valued at $93,000,000 to a corporation controlled by the Company’s CEO. (Note 4) On March 23, 2020, principal amount of $9,000 from a convertible note was converted for 3,000,000 shares of common stock at stock trading price of $1.25 per share. (Note 6) As at September 30, 2020 and December 31, 2019, we had a total of 63,140,557 and 140,557 shares issued and outstanding.

RISKS AND UNCERTAINTIES

RISKS AND UNCERTAINTIES	9 Months Ended
	Sep. 30, 2020
RISKS AND UNCERTAINTIES
NOTE 8 - RISKS AND UNCERTAINTIES	In early 2020, the World Health Organization declared the rapidly spreading coronavirus disease (COVID-19) outbreak a pandemic. This pandemic has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s results of operations and financial position at September 30, 2020. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company in the future. The Company is not 10 may

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2019 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended December 31, 2019 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on April 3, 2020.
Use of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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.
Fair Value of Financial Instruments	ASC 820 “ Fair Value Measurements and Disclosures These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of cash, prepayments and the Company’s loan from shareholder approximates its fair value due to their short-term maturity.
Web Development Cost	In accordance with FASB ASC350-50 “Web Development Costs”, all costs incurred during the website planning stage are incurred. During the website application and infrastructure development stage, software tool costs and internet domain costs are capitalized, and website hosting costs are expensed. Cost incurred in the graphics development, content development and operating stage are generally expensed unless the costs are software related and should then be capitalized. During the nine months ended September 30, 2020, the Company incurred $10,030 web development cost on three websites contributed by the Company’s director.
Share-based Expenses	ASC 718 “Compensation – Stock Compensation” prescribes accounting and reporting standards for all share-based payment transactions in which employee services and non-employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees and non-employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).
Basic and Diluted Income (Loss) Per Share	The Company computes income (loss) per share in accordance with FASB ASC 260, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the three months and nine months ended September 30, 2020 and 2019, convertible notes were dilutive instruments and were not included in the calculation of diluted loss per share as their effect would be anti-dilutive. For the three months and nine months ended September 30, 2020 and 2019, respectively, the following convertible notes were excluded from the computation of diluted net loss per shares as the result of the computation was anti-dilutive: September 30, September 30, 2020 2019 (Shares) (Shares) Convertible notes payable 51,753,097 23,200,000
Recent accounting pronouncements	Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
Schedule of anti-dilutive securities excluded from computation of earnings per share	September 30, September 30, 2020 2019 (Shares) (Shares) Convertible notes payable 51,753,097 23,200,000

PROMISSORY NOTES (Tables)

PROMISSORY NOTES (Tables)	9 Months Ended
	Sep. 30, 2020
PROMISSORY NOTES (Tables)
Schedule of promissory notes	Issuance Month September 30, 2020 December 31, 2019 Expiry Date Interest Rate Promissory Note November 2017 $ 2,160 $ 2,160 Due on demand 60% per annum Promissory Note December 2017 - 17,033 Due on demand 60% per annum Promissory Note March 2018 15,296 15,296 3/31/2028 30% per annum Promissory Note June 2018 12,249 12,249 6/30/2028 30% per annum Promissory Note September 2018 5,408 5,408 9/30/2028 30% per annum Promissory Note December 2018 6,137 6,137 12/31/2028 30% per annum Promissory Note March 2019 7,150 7,150 3/31/2029 30% per annum Promissory Note June 2019 10,105 10,105 6/30/2029 30% per annum Promissory Note September 2019 4,081 4,081 9/30/2029 30% per annum Promissory Note December 2019 6,900 6,900 12/31/2029 30% per annum 69,486 86,519 Less current portion of promissory note payable (2,160 ) (19,193 ) Long-term promissory notes payable $ 67,326 $ 67,326

CONVERTIBLE NOTES (Tables)

CONVERTIBLE NOTES (Tables)	9 Months Ended
	Sep. 30, 2020
CONVERTIBLE NOTES (Tables)
Schedule of convertible notes	September 30, December 31, Expiry Date 2020 2019 Convertible Notes - July 2017 6/30/2022 $ 116,000 $ 116,000 Convertible Notes - January 2020 Due on demand 8,033 - Convertible Notes - March 2020 Due on demand 4,768 - Convertible Notes - June 2020 Due on demand 13,800 - Convertible Notes - September 2020 Due on demand 7,307 Less debt discount (4,184 ) (5,984 ) 145,724 110,016 Less current portion of convertible note payable (33,908 ) - Long-term convertible notes payable $ 111,816 $ 110,016

ORGANIZATION AND BUSINESS OPE_2

ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) - Restricted Stock [Member] - FINRA [Member]	1 Months Ended
	Nov. 27, 2019	Nov. 27, 2017
Reverse stock split	on a basis of up to one hundred and fifty (150) old shares for one (1) new share of common stock.	On a basis of up to one hundred and fifty (150) old shares for one (1) new share of common stock.
Effective date of AOA	Dec. 9, 2019

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Convertible notes payable	51,753,097	23,200,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Web development cost	$ 10,030	$ 0	$ 10,030	$ 0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jul. 01, 2017	Jan. 01, 2017	Mar. 05, 2020	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 04, 2020	Jan. 02, 2020	Dec. 31, 2019	Dec. 31, 2017
Stock based compensation					$ 11,625,000	$ 0	$ 0	$ 0	$ 34,875,000	$ 0
Unrecognized stock compensation					11,625,000
Debt discount					4,184				4,184				$ 5,984
Web development cost					10,030	$ 0			10,030	$ 0
Promissory note principal amount					$ 0				$ 0		$ 0	$ 0	$ 0	$ 0
Common stock per share					$ 0				$ 0				$ 0
Convertible notes payable					$ 111,816				$ 111,816				$ 110,016
Letterston Investments Ltd [Member] | Chief Executive Officer [Member]
Restricted common stock shares issued			60,000,000
Stock trading price per share			$ 1.55
Restricted common stock valued			$ 93,000,000
Convertible Notes Payable [Member] | Shares [Member]
Promissory note bearing interest rate					28.00%				28.00%
Maturity date		Dec. 31, 2019
Due to related parties	$ 137,316												0
Waiver Release And Indemnity Agreement [Member]
Debt discount					$ (4,184)				$ (4,184)				(5,984)
Promissory note bearing interest rate					0.04%				0.04%
Common stock per share					$ 0.005				$ 0.005
Note amendment rate				0.10%			0.10%	0.10%
Convertible notes payable					$ 111,816				$ 111,816				$ 110,016
Maturity date description				The maturity dates of the notes were extended for three years to June 30, 2022
Mr Liao [Member]
Promissory note principal amount		$ 137,316									$ 0	$ 0		$ 0
Promissory note bearing interest rate													28.00%
Mr Liao [Member] | Share Exchange Agreement [Member]
Promissory note principal amount	$ 34,000		$ 0
Promissory note bearing interest rate	4.00%
Accrued interest	$ 4,806
Maturity date	Jun. 30, 2019
Common stock per share	$ 0.005

PROMISSORY NOTES (Details)

PROMISSORY NOTES (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Promissory Note	$ 69,486	$ 86,519
Less current portion of promissory note payable	(2,160)	(19,193)
Long-term promissory notes payable	67,326	67,326
November 2017 [Member]
Promissory Note	$ 2,160	$ 2,160
Interest rate	60.00%
Issuance month	November 2017	November 2017
December 2017 [Member]
Promissory Note	$ 0	$ 17,033
Interest rate	60.00%
Issuance month	December 2017	December 2017
March 2018 [Member]
Promissory Note	$ 15,296	$ 15,296
Interest rate	30.00%
Issuance month	March 2018	March 2018
Expiry Date	Mar. 31, 2028	Mar. 31, 2028
June 2018 [Member]
Promissory Note	$ 12,249	$ 12,249
Interest rate	30.00%
Issuance month	June 2018	June 2018
Expiry Date	Jun. 30, 2028	Jun. 30, 2028
September 2018 [Member]
Promissory Note	$ 5,408	$ 5,408
Interest rate	30.00%
Issuance month	September 2018	September 2018
Expiry Date	Sep. 30, 2028	Sep. 30, 2028
December 2018 [Member]
Promissory Note	$ 6,137	$ 6,137
Interest rate	30.00%
Issuance month	December 2018	December 2018
Expiry Date	Dec. 31, 2028	Dec. 31, 2028
March 2019 [Member]
Promissory Note	$ 7,150	$ 7,150
Interest rate	30.00%
Issuance month	March 2019	March 2019
Expiry Date	Mar. 31, 2029	Mar. 31, 2029
June 2019 [Member]
Promissory Note	$ 10,105	$ 10,105
Interest rate	30.00%
Issuance month	June 2019	June 2019
Expiry Date	Jun. 30, 2029	Jun. 30, 2029
September 2019 [Member]
Promissory Note	$ 4,081	$ 4,081
Interest rate	30.00%
Issuance month	September 2019	September 2019
Expiry Date	Sep. 30, 2029	Sep. 30, 2029
December 2019 [Member]
Promissory Note	$ 6,900	$ 6,900
Interest rate	30.00%
Issuance month	December 2019	December 2019
Expiry Date	Dec. 31, 2029	Dec. 31, 2029

PROMISSORY NOTES (Details Narra

PROMISSORY NOTES (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
PROMISSORY NOTES (Details Narrative)
Accrued interest on promissory notes	$ 40,388	$ 44,752

CONVERTIBLE NOTES (Details)

CONVERTIBLE NOTES (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Less debt discount	$ (4,184)	$ (5,984)
Convertible note payable	145,724	110,016
Less current portion of convertible note payable	(33,908)	0
Long-term convertible notes payable	111,816	110,016
July 2017 [Member]
Convertible note payable	$ 116,000	$ 116,000
Expiry Date	Jun. 30, 2022	Jun. 30, 2022
January 2020 [Member]
Convertible note payable	$ 8,033	$ 0
Expiry Date	Due on demand	Due on demand
March 2020 [Member]
Convertible note payable	$ 4,768	$ 0
Expiry Date	Due on demand	Due on demand
June 2020 [Member]
Convertible note payable	$ 13,800	$ 0
Expiry Date	Due on demand	Due on demand
September 2020 [Member]
Convertible note payable	$ 7,307	$ 0
Expiry Date	Due on demand	Due on demand

CONVERTIBLE NOTES (Details Narr

CONVERTIBLE NOTES (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 23, 2020	Mar. 23, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Mar. 31, 2020	Mar. 04, 2020	Jan. 02, 2020	Dec. 31, 2017
Convertible note principal amount				$ 0		$ 0		$ 0	$ 0	$ 0
Beneficial conversion feature and fair value difference		$ 0		73,140
Amortization of debt discount			$ 600	44,707	$ 9,000
Gain on debt extinguishment				11,896
Convertible notes payable				111,816		110,016
Accrued interest payable				58,627		31,403
Original Discount				4,184		5,984
Debt conversion, amount				69,486		86,519
Principal amount				33,908		0
Conversion of convertible notes into common stock	3,000,000
Convertible note				145,724		110,016
January 2020 [Member]
Convertible note				8,033		0
March 2020 [Member]
Convertible note principal amount	$ 9,000	$ 9,000		0		0			0	0
Principal amount								17,033
Conversion of convertible notes into common stock		3,000,000
Convertible note				4,768		0
Accrued interest								$ 21,073
June 2020 [Member]
Convertible note				13,800		$ 0
July 1, 2017 [Member]
Convertible note principal amount				34,000			$ 0
Principal amount				$ 136,000			0
Convertible notes bear interest rate				0.04%
Conversion Price per share				$ 0.005
Expiry date				Jun. 30, 2019
Unaffiliated Party [Member] | January 2020 [Member]
Convertible note principal amount							0		$ 0	$ 17,033
Amortization of debt discount				$ 17,033
Convertible notes bear interest rate									0.10%
Conversion Price per share									$ 0.003
Promissory note									$ 17,033
Unaffiliated Party [Member] | March 2020 [Member]
Amortization of debt discount				4,768
Convertible note							$ 4,768
Convertible notes bear interest rate							0.30%
Conversion Price per share							$ 0.001
Unaffiliated Party [Member] | June 2020 [Member]
Amortization of debt discount				13,800
Convertible note				$ 13,800
Convertible notes bear interest rate				0.30%
Conversion Price per share				$ 0.001
Unaffiliated Party [Member] | September 30 2020 [Member]
Amortization of debt discount				$ 7,307
Convertible note				$ 7,307
Convertible notes bear interest rate				0.30%
Conversion Price per share				$ 0.001
Four Non-affiliated Holders [Member] | January 2, 2018 [Member]
Debt conversion, amount				$ 1,000,000
Conversion of convertible notes into common stock				4,000,000
Conversion Price per share				$ 0.005
Debt conversion, description				The four non- affiliated holders elected to convert $5,000 principal portion of their notes for 1,000,000 shares of common stock

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)	1 Months Ended
	Mar. 23, 2020	Mar. 05, 2020	Nov. 27, 2019	Nov. 27, 2017	Sep. 30, 2020	Dec. 31, 2019
Common stock, shares authorized					500,000,000	500,000,000
Common stock, shares outstanding					63,140,557	140,557
Common stock, shares issued					63,140,557	140,557
Debt conversion, converted instrument, principle	$ 9,000
Debt conversion, converted instrument, shares issued	3,000,000
Debt conversion, shares price	$ 1.25
Chief Executive Officer [Member]
Common stock restricted value		$ 93,000,000
Common stock restricted shares issued		60,000,000
Restricted Stock [Member] | FINRA [Member]
Reverse stock split			on a basis of up to one hundred and fifty (150) old shares for one (1) new share of common stock.	On a basis of up to one hundred and fifty (150) old shares for one (1) new share of common stock.