Optileaf (OPLF) 10-Q 30 Jun 21 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2019shares
Document Information Line Items
Entity Registrant Name	OPTILEAF, INC.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	20,943,753
Amendment Flag	false
Entity Central Index Key	0001628228
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Entity File Number	333-182856
Entity Incorporation, State or Country Code	FL
Entity Interactive Data Current	Yes

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current Assets:
Cash	$ 17,479	$ 11,290
Accounts receivable	2,275	2,300
Inventory	6,143
Total current assets	25,897	13,590
Total Assets	25,897	13,590
Current Liabilities
Accounts payable and accrued expenses	23,118	17,797
Accrued payroll	2,709	7,262
Deferred revenue	12,454	3,969
Total current liabilities	38,281	29,028
Long term loans payable - related parties	45,000	45,000
Long term loans payable	40,000	40,000
Total long term liabilities	85,000	85,000
Total Liabilities	123,281	114,028
Commitments and Contingencies (Note 6)
Stockholders’ Equity (Deficit):
Common stock, no par value; 100,000,000 shares authorized; 20,943,753 and 20,777,086 issued and outstanding at September 30, 2019 and December 31, 2018	821,000	796,000
Treasury Stock, at cost, 0 and 1,000,000 shares at September 30, 2019 and December 31, 2018 respectively	(40,000)	(40,000)
Accumulated deficit	(878,384)	(856,438)
Total Stockholders’ Deficit	(97,384)	(100,438)
Total Liabilities and Stockholders’ Deficit	$ 25,897	$ 13,590

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in Dollars per share)
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	20,943,753	20,777,086
Common stock, shares outstanding	20,943,753	20,777,086
Treasury stock, shares	0	1,000,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue
Product sales and services	$ 21,882	$ 11,158	$ 60,811	$ 29,712
Cost of goods sold	1,174	1,748	7,637	7,242
Gross income	20,709	9,410	53,175	22,470
Expenses:
Other	6,498	1,482	14,576	10,633
Payroll	10,659	35,698	38,258	88,877
Professional fees	1,202	3,330	11,442	12,051
Rent	6,000	3,939	11,857	16,057
Supplies	122	4,540	1,076	10,104
Travel	308	314	3,332	1,026
Total operating expenses	24,789	49,303	80,541	138,748
Net loss before other income and provision for income taxes	(4,080)	(39,893)	(27,366)	(116,278)
Other income	900		3,000	2,175
Interest income	149	2	2,420	4
Total other income	1,049	2	5,420	2,179
Net loss	$ (3,031)	$ (39,891)	$ (21,946)	$ (114,099)
Basic and diluted loss per share (in Dollars per share)	$ 0	$ 0	$ 0	$ (0.01)
Basic and diluted weighted average number of shares outstanding (in Shares)	20,943,753	21,556,071	20,885,742	21,518,233

Statement of Stockholders_ Defi

Statement of Stockholders’ Deficit (Unaudited) - USD ($)	Common Stock	Treasury Stock	Accumulated Deficit	Total
Balance at Dec. 31, 2017	$ 746,000	$ (40,000)	$ (699,759)	$ 6,241
Balance (in Shares) at Dec. 31, 2017	20,433,752	1,000,000
Common shares sold for cash	$ 50,000			50,000
Common shares sold for cash (in Shares)	333,334
Net loss			(114,099)	(114,099)
Balance at Sep. 30, 2018	$ 796,000	$ (40,000)	(813,858)	(57,858)
Balance (in Shares) at Sep. 30, 2018	20,767,086	1,000,000
Balance at Jun. 30, 2018	$ 746,000	$ (40,000)	(773,969)	(67,969)
Balance (in Shares) at Jun. 30, 2018	20,433,752	1,000,000
Common shares sold for cash	$ 50,000			50,000
Common shares sold for cash (in Shares)	333,334
Net loss			(39,889)	(39,891)
Balance at Sep. 30, 2018	$ 796,000	$ (40,000)	(813,858)	(57,858)
Balance (in Shares) at Sep. 30, 2018	20,767,086	1,000,000
Balance at Dec. 31, 2018	$ 796,000	$ (40,000)	(856,438)	(100,438)
Balance (in Shares) at Dec. 31, 2018	20,777,086	1,000,000
Common shares sold for cash	$ 25,000			25,000
Common shares sold for cash (in Shares)	166,667
Net loss			(21,946)	(21,946)
Balance at Sep. 30, 2019	$ 821,000	$ (40,000)	(878,384)	(97,384)
Balance (in Shares) at Sep. 30, 2019	20,943,753	1,000,000
Balance at Jun. 30, 2019	$ 821,000	$ (40,000)	(875,352)	(94,352)
Balance (in Shares) at Jun. 30, 2019	20,943,753	1,000,000
Net loss			(3,032)	(3,031)
Balance at Sep. 30, 2019	$ 821,000	$ (40,000)	$ (878,384)	$ (97,384)
Balance (in Shares) at Sep. 30, 2019	20,943,753	1,000,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net loss	$ (21,946)	$ (114,099)
Change in opeerating assets and liabilities
Decrease (increase) in accounts receivable	25	5,256
Decrease (increase) in inventory	(6,143)	827
Decrease in security deposit		1,144
Increase (decrease) in accrued payroll	(4,553)
Increase (decrease) in accounts payable and accrued expenses	5,321	(14,358)
Increase (decrease) in deferred revenue	8,485
Net cash used in operating activities	(18,811)	(121,230)
Cash flows from investing activities:
Net cash used in investing activities
Cash flows from financing activities:
Common shares sold for cash	25,000	50,000
Proceeds from loan - related parties		85,000
Net cash provided by financing activities	25,000	135,000
Net increase (decrease) in cash	6,189	13,770
Cash at beginning of period	11,290	17,197
Cash at end of period	17,479	30,967
Supplemental cash flow information:
Interest
Income taxes

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 2019
Organization and Operations [Abstract]
ORGANIZATION AND OPERATIONS	Note 1. ORGANIZATION AND OPERATIONS Organization OptiLeaf Incorporated (“OptiLeaf” or the “Company”) was incorporated in Florida in August 2014. The Company has been in the infancy stage since inception and has generated minimal sales to date. The Company plans to develop, market and sell integrated software and hardware to the agriculture industry for the seamless tracking and management of growth, task automation and sale of their clients’ products.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	Note 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies The accompanying unaudited interim financial statements of OptiLeaf, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto for the period ended December 31, 2018 contained in the Company’s Form 10K originally filed with the Securities and Exchange Commission on March 27, 2019. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the period ended December 31, 2018, as reported on March 27, 2019 in the Company’s Form 10K, have been omitted. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents consisted of money market funds. At September 30, 2019, the Company had no cash equivalents. Accounts Receivable The Company has $3,275 and $2,300 of trade accounts receivable at September 30, 2019 and December 31, 2018. The Company reviews the accounts receivable, at least quarterly, and, if appropriate, records an allowance for doubtful accounts. No allowance was required as of September 30, 2019 and December 31, 2018 . Inventory On September 30, 2019 and December 31, 2018 the Company had $6,143 and $0 worth of inventory. The inventory consists of equipment and other items necessary to enable customers to utilize the Company’s proprietary software. Inventory is valued at cost and reviewed each quarter for obsolescence, No impairment was deemed necessary at either September 30, 2019 or December 31, 2018. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Revenue Recognition The Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The Company has assessed the impact of the guidance by performing the following five steps analysis: Step 1: Identify the contract Step 2: Identify the performance obligations Step 3: Determine the transaction price Step 4: Allocate the transaction price Step 5: Recognize revenue The Company generates revenue from the sale of its software service. Revenue is recognized monthly through a subscription application which requires the user to pay monthly in advance. If the user does not pay the monthly access fee the Company has the right to cancel the users’ access to the software. Revenue is recognized each month under the terms of a contract with the customer. Satisfaction of contract terms is continuous, but, may be terminated at the Company’s discretion if payment is not received. The amount of consideration the Company expects to receive consists of the agreed upon subscription fee adjusted for any agreed upon changes. In applying judgment, the Company considers customer expectations of performance, materiality and the core principles of ASC Topic 606. The Company’s performance obligations are generally transferred to the customer at a point in time. The Company’s contracts with customers generally do not include any other variable considerations. Recent Accounting Pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financials properly reflect the change. The Company currently does not have any recent accounting pronouncements that they are studying and feel may be applicable.

Going Concern

Going Concern	9 Months Ended
	Sep. 30, 2019
Going Concern [Abstract]
GOING CONCERN	Note 3. GOING CONCERN The Company’s financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has experienced losses, as a result of the investment necessary to achieve its operating plan, which is long-range in nature, during its infancy stage. As of September 30, 2019 the Company has sustained accumulated losses of $878,384. For the nine months ended September 30, 2019 and 2018 the Company sustained a losses of $21,946 and $114,099 and had negative working capital of $12,384. In addition, the Company has minimal revenue generating operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. During the nine months ended September 30, 2019 the Company has net cash used in operating activities of $20,082 for operating expenses compared to $87,889 during the nine months ended September 30, 2018. The Company received $25,000 from the sale of common stock, during the nine months ended September 30, 2019 compared to $85,000 from the issuance of a note payable during the nine months ended September 30, 2018. The ability of the Company to continue as a going concern is in doubt and dependent upon achieving a profitable level of operations or on the ability of the Company to obtain necessary financing to fund ongoing operations. Management believes that its current and future plans enable it to continue as a going concern for the next twelve months. To meet these objectives, the Company continues to seek other sources of financing in order to support existing operations and expand the range and scope of its business. However, there are no assurances that any such financing can be obtained on acceptable terms and timely manner, if at all. The failure to obtain the necessary working capital would have a material adverse effect on the business prospects and, depending upon the shortfall, the Company may have to curtail or cease its operations. The accompanying financial statements do not include any adjustment to the recorded assets or liabilities that might be necessary should the Company have to curtail operations or be unable to continue in existence.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Concentration Credit Risk [Abstract]
RELATED PARTY TRANSACTIONS	Note 4. RELATED PARTY TRANSACTIONS During the year ended December 31, 2018, two related party shareholders made unsecured loans, to the Company, totaling $45,000, maturing on April 1, 2020, bearing interest of 3%. $40,000 was repaid on December 31, 2019 by the transfer, of the 1,000,000 previously issued treasury shares, to the two related party shareholders.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	Note 5. STOCKHOLDERS’ EQUITY Common stock The Company has authorized 100,000,000 shares of no par value common stock. At September 30, 2019, the number of shares of common stock issued was 20,943,753. On July 25, 2018, the Company issued, for cash, to two investors, 333,334 restricted common shares for a total of $50,000, recorded at a cost of $0.15 per share. On March 19, 2019, the Company issued, for cash of $25,000, to an investor, 166,667 restricted common shares recorded at a cost of $0.15 per share.

Concentration Credit Risk

Concentration Credit Risk	9 Months Ended
	Sep. 30, 2019
Risks and Uncertainties [Abstract]
CONCENTRATION CREDIT RISK	Note 6. CONCENTRATION CREDIT RISK At September 30, 2019 the Company had 3 non – related customers that owed 30%, 30% and 19% of total accounts receivable, compared to June 30, 2018 when 2 non – related customers owed minimal amounts. The Company maintains its cash balances in a local financial institution which at times may exceed the $250,000 amount insured by the Federal Deposit Insurance Corporation (FDIC).

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 7. COMMITMENTS AND CONTINGENCIES On August 10, 2018 the Company leased its offices for six years, payable at the rate of $2,000 per month, plus the Company’s pro rata share of operating expenses. The space was not utilized and the agreement was terminated, on January 1, 2019, without penalty, by mutual consent.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Note 7. SUBSEQUENT EVENTS Subsequent to September 30, 2019 and through the date when this report was completed, the Company has evaluated subsequent events through the date the financial statements were issued and has not identified any reportable events.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying unaudited interim financial statements of OptiLeaf, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto for the period ended December 31, 2018 contained in the Company’s Form 10K originally filed with the Securities and Exchange Commission on March 27, 2019. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the period ended December 31, 2018, as reported on March 27, 2019 in the Company’s Form 10K, have been omitted.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents consisted of money market funds. At September 30, 2019, the Company had no cash equivalents.
Accounts Receivable	Accounts Receivable The Company has $3,275 and $2,300 of trade accounts receivable at September 30, 2019 and December 31, 2018. The Company reviews the accounts receivable, at least quarterly, and, if appropriate, records an allowance for doubtful accounts. No allowance was required as of September 30, 2019 and December 31, 2018 .
Inventory	Inventory On September 30, 2019 and December 31, 2018 the Company had $6,143 and $0 worth of inventory. The inventory consists of equipment and other items necessary to enable customers to utilize the Company’s proprietary software. Inventory is valued at cost and reviewed each quarter for obsolescence, No impairment was deemed necessary at either September 30, 2019 or December 31, 2018.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition The Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The Company has assessed the impact of the guidance by performing the following five steps analysis: Step 1: Identify the contract Step 2: Identify the performance obligations Step 3: Determine the transaction price Step 4: Allocate the transaction price Step 5: Recognize revenue The Company generates revenue from the sale of its software service. Revenue is recognized monthly through a subscription application which requires the user to pay monthly in advance. If the user does not pay the monthly access fee the Company has the right to cancel the users’ access to the software. Revenue is recognized each month under the terms of a contract with the customer. Satisfaction of contract terms is continuous, but, may be terminated at the Company’s discretion if payment is not received. The amount of consideration the Company expects to receive consists of the agreed upon subscription fee adjusted for any agreed upon changes. In applying judgment, the Company considers customer expectations of performance, materiality and the core principles of ASC Topic 606. The Company’s performance obligations are generally transferred to the customer at a point in time. The Company’s contracts with customers generally do not include any other variable considerations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financials properly reflect the change. The Company currently does not have any recent accounting pronouncements that they are studying and feel may be applicable.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Accounts receivable	$ 3,275	$ 2,300
Inventory	$ 6,143	$ 0

Going Concern (Details)

Going Concern (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated losses	$ (878,384)
Net loss	(21,946)	$ (114,099)
Negative working capital	12,384
Operating expenses	20,082	87,889
Sale of common stock	$ 25,000	$ 85,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Unsecured loans		$ 45,000
Maturity date		Apr. 1, 2020
Bearing interest		3.00%
Repaid	$ 40,000
Treasury shares (in Shares)	1,000,000

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) - USD ($)	1 Months Ended
	Mar. 19, 2019	Jul. 25, 2018	Sep. 30, 2019	Dec. 31, 2018
Stockholders’ Equity (Details) [Line Items]
Common stock, shares authorized			100,000,000	100,000,000
Common stock, shares issued			20,943,753	20,777,086
Price per share (in Dollars per share)	$ 0.15	$ 0.15
Two Investors [Member]
Stockholders’ Equity (Details) [Line Items]
Issuance of shares		333,334
Issuance of shares, value (in Dollars)		$ 50,000
One Investor [Member]
Stockholders’ Equity (Details) [Line Items]
Issuance of shares	25,000
Issuance of shares, value (in Dollars)	$ 166,667

Concentration Credit Risk (Deta

Concentration Credit Risk (Details)	9 Months Ended
	Sep. 30, 2019USD ($)
Concentration Credit Risk (Details) [Line Items]
Federal Deposit Insurance Corporation (FDIC) Insured Amount (in Dollars)	$ 250,000
Customer One [Member]
Concentration Credit Risk (Details) [Line Items]
Percentage of total accounts receivable	30.00%
Customer Two [Member]
Concentration Credit Risk (Details) [Line Items]
Percentage of total accounts receivable	30.00%
Customer Three [Member]
Concentration Credit Risk (Details) [Line Items]
Percentage of total accounts receivable	19.00%

Commitments and Contingencies (

Commitments and Contingencies (Details)	Aug. 10, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Monthly minimum lease payments	$ 2,000