Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2020 | |
Document Information Line Items | ||
Entity Registrant Name | OPTILEAF, INC. | |
Document Type | 10-K | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Public Float | $ 1,253,735 | |
Amendment Flag | false | |
Entity Central Index Key | 0001628228 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 333-169802 | |
Entity Incorporation, State or Country Code | FL | |
Entity Interactive Data Current | Yes |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash | $ 20,495 | $ 11,290 |
Accounts receivable | 7,590 | 2,300 |
Inventory | 4,044 | |
Total current assets | 32,129 | 13,590 |
Total Assets | 32,129 | 13,590 |
Current Liabilities | ||
Accounts payable and accrued expenses | 33,995 | 17,797 |
Accrued payroll | 6,001 | 7,262 |
Deferred revenue | 3,969 | |
Total current liabilities | 39,996 | 29,028 |
Long term loans payable - related parties | 5,000 | 45,000 |
Long term loans payable | 40,000 | 40,000 |
Total long term liabilities | 45,000 | 85,000 |
Total Liabilities | 84,996 | 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 December 31, 2019 and 2018, respectively. | 821,000 | 796,000 |
Treasury Stock, at cost, 0 and 1,000,000 shares at December 31, 2019 and 2018 respectively | (40,000) | |
Accumulated deficit | (873,867) | (856,438) |
Total Stockholders’ Deficit | (52,867) | (100,438) |
Total Liabilities and Stockholders’ Deficit | $ 32,129 | $ 13,590 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common Stock, no 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
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | ||
Product sales and services | $ 109,372 | $ 40,697 |
Product sales and services, related party | 7,000 | |
Total revenue | 109,372 | 47,697 |
Cost of goods sold | (16,314) | (10,810) |
Gross income | 93,058 | 36,887 |
Expenses: | ||
Travel | 4,098 | 1,257 |
Supplies | 817 | 10,744 |
Other | 25,753 | 17,781 |
Professional fees | 5,342 | 19,531 |
Rent | 25,582 | 23,867 |
Payroll | 52,924 | 119,288 |
Total operating expenses | 114,517 | 192,468 |
Net loss before other income and provision for income taxes | (21,458) | (155,581) |
Other income (expense) | ||
Miscellaneous income | 899 | 719 |
Interest income | 3,900 | 4 |
Interest expense | (770) | (1,821) |
Total other income (expense) | 4,029 | (1,098) |
Net loss before provision for income taxes | (17,429) | (156,679) |
Provision for income taxes | ||
Net loss | $ (17,429) | $ (156,679) |
Basic and diluted loss per share (in Dollars per share) | $ 0 | $ (0.01) |
Basic and diluted weighted average number of shares outstanding (in Shares) | 20,914,986 | 20,588,958 |
Statement of Stockholders_ Defi
Statement of Stockholders’ Deficit - 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 | 20,443,752 | 1,000,000 | ||
Common shares sold for cash | $ 50,000 | 50,000 | ||
Common shares sold for cash (in Shares) | 333,334 | |||
Net Loss | (156,679) | (156,679) | ||
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 | |||
Treasury shares used to pay down related party loan | $ 40,000 | 40,000 | ||
Treasury shares used to pay down related party loan, shares | (1,000,000) | |||
Net Loss | (17,429) | (17,429) | ||
Balance at Dec. 31, 2019 | $ 821,000 | $ (873,867) | $ (52,867) | |
Balance (in Shares) at Dec. 31, 2019 | 20,943,753 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (17,429) | $ (156,679) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Decrease (increase) in accounts receivable | (5,290) | 3,850 |
Decrease (increase) in inventory | (4,044) | 4,397 |
Decrease (Increase) in employee advance | 2,255 | |
Decrease in security deposit | 1,144 | |
Increase (decrease) in accrued payroll | (1,261) | 7,262 |
Increase (decrease) in accounts payable and accrued expenses | 16,198 | (7,105) |
Increase (decrease) in deferred revenue | (3,969) | 3,969 |
Net cash used in operating activities | (15,796) | (140,907) |
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 sale of note payable | 40,000 | |
Proceeds from loans from related parties | 0 | 45,000 |
Net cash provided by financing activities | 25,000 | 135,000 |
Net increase (decrease) in cash | 9,204 | (5,907) |
Cash at beginning of period | 11,290 | 17,197 |
Cash at end of period | 20,494 | 11,290 |
Cash paid during the period for: | ||
Interest | 1,821 | |
Income taxes | ||
Supplemental non cash transactions | ||
Treasury shares issued to pay down related party debt | $ 40,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. 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 December 31, 2019, the Company had no cash equivalents. Accounts Receivable The Company has $7,590 and $2,300 of trade accounts receivable at December 31, 2019 and 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 December 31, 2019 and 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. Property and Equipment Property and equipment are stated at cost. Depreciation is provided over the estimated useful lives (3 years) of the related assets using the straight-line depreciation method. Maintenance and repairs are charged to operations when incurred. Betterments and improvements are capitalized. When property and equipment are sold or otherwise disposed of, the asset account and related accumulated depreciation account are reduced, and any gain or loss is included in operations. Capitalized Software Development Costs Software development costs are expensed as incurred until technological feasibility of the product is established. Development costs incurred subsequent to technological feasibility will be capitalized and amortized on a straight-line basis over the estimated economic life of the product. Capitalization of computer software costs will be discontinued when the computer software product is available to be sold, leased, or otherwise marketed. Amortization will begin when the product is available for release to customers. Management has determined as of December 31, 2019 that the software has not yet reached the stage of technological feasibility. The Company has not maintained specific cost records, but estimates that $46,000 and $107,000 has been expensed for software development, and has been included in payroll costs, during the years ended December 31, 2019 and 2018 respectively. Revenue Recognition The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, Revenue from Contracts with Customers, In general, the Company will record revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company: Revenue will be recognized at the time the product is delivered or services are performed. Provision for sales returns will be estimated based on the Company’s historical return experience. Revenue will be presented net of returns. Research and Development The cost of research and development is charged to expense when incurred. Net Loss per Common Share Basic net (loss) income per common share is calculated using the weighted average common shares outstanding during each reporting period. Diluted net (loss) income per common share adjusts the weighted average common shares for the potential dilution that could occur if common stock equivalents (convertible debt and preferred stock, warrants, stock options and restricted stock shares and units) were exercised or converted into common stock. There were no common stock equivalents at December 31, 2019 and 2018. Income Taxes Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities. ASC 740, Income Taxes, requires a company to first determine whether it is more likely than not (which is defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more likely than not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority. The Federal and state income tax returns of the Company for 2019, 2018, and 2017 are subject to examination by the internal Revenue Service and state taxing authorities for three (3) years from the date filed. Equity instruments granted to non-employees are accounted for in accordance with ASC 505, Equity. The final measurement date for the fair value of equity instruments with performance criteria is the date that each performance commitment for such equity instrument is satisfied or there is a significant disincentive for non-performance. Stock-Based Compensation The Company accounts for equity instruments issued to employees in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires all share-based compensation payments to be recognized in the financial statements based on the fair value using an option pricing model. ASC 718 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates. Equity instruments granted to non-employees are accounted for in accordance with ASC 505, Equity. The final measurement date for the fair value of equity instruments with performance criteria is the date that each performance commitment for such equity instrument is satisfied or there is a significant disincentive for non-performance. Fair Value of Financial Instruments Pursuant to ASC No. 820, “Fair Value Measurement and Disclosures”, the Company is required to estimate the fair value of all financial instruments included on its balance sheet as of December 31, 2019 and December 31, 2018. The Company’s financial instruments consist of accounts payable and accrued expenses. The Company considers the carrying value of such amounts in the financial statements to approximate their fair value due to the short-term nature of these financial instruments. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize most lease liabilities on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. The update states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The update is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. The impact of this guidance will result in the recognition of assets and liabilities for leases that the Company enters into in the future. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2019 | |
Going Concern [Abstract] | |
GOING CONCERN | Note 2. 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 a loss from operations during its development stage as a result of its investment necessary to achieve its operating plan, which is long-range in nature . During the year ended December 31, 2019, the Company incurred a net loss of $17,429 and at December 31, 2019 has accumulated losses, since inception of $873,867. 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 . 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 Company has experienced losses, from operations, during its development stage, as a result of the investment necessary to achieve its operating plan, which is long-range in nature. For the period from inception through December 31, 2019, the Company incurred accumulated losses of $873,867 compared to a cumulative loss through December 31, 2018, of $856,438. For the year ended December 31, 2019, primarily as the result of increased revenue and decreased intellectual property cost of $61,675 and $66,368 respectively, the Company reduced its net loss to $17,429 compared to $156,679 and had negative working capital of $7,867 compared to $15,438 for the year ended December 31, 2018. 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 year ended December 31, 2019 the Company used $24,545 for operating expenses compared to $140,907 during the year ended December 31, 2018. The Company generated $25,000 from the sale of common stock, and $8,750 from a related party loan compared to $50,000 from the sale of common stock, $40,000 from the sale of notes payable and $45,000 from related parties, during the year ended December 31, 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 | 12 Months Ended |
Dec. 31, 2019 | |
Concentration Credit Risk [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 3. RELATED PARTY TRANSACTIONS During the year ended December 31, 2018, two Company officers loaned the Company $45,000, unsecured, maturing on April 1, 2020, bearing interest of 3%. On December 31, 2019, the Company repaid $40,000 of the outstanding debt by issuing 1,000,000 common shares, previously designated as treasury stock, to the two individuals. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS’ EQUITY | Note 4. STOCKHOLDERS’ EQUITY Common stock The Company has authorized 100,000,000 shares of no par value common stock. At December 31, 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 4, 2019 the Company issued, for cash, to one investor, 166,667 restricted common shares for $25,000, recorded at a cost of $0.15 per share. Treasury stock On September 20, 2016, the Board of Directors authorized the Company to repurchase one million shares of common stock for $40,000. These treasury stock shares may, at any time, be canceled upon the Board of Directors approval. The Board has not made such election. On December 31, 2019 the 1,000,000 treasury shares were issued to two related parties to repay $40,000 of a loan that they had made to the Company. |
Concentration Credit Risk
Concentration Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION CREDIT RISK | Note 5. CONCENTRATION CREDIT RISK At December 31, 2019 the Company had two non – related customers that owed 26% and 20% of total accounts receivable and three unrelated customers that owed 12% each of total accounts receivable. At December 31, 2018 the Company had two non – related customers that owed 58.5% and 41.5% of total accounts receivable. 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). On December 31, 2019 and 2018 the Company did not have any cash balances which exceeded the limeit. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 6. 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. No payments were made and the lease was terminated without any liability effective January 1, 2019. The Company has continued to occupy the space, on a month to month, tenancy, with the understanding that some or all of the unpaid portion will be paid as economics permits. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Note 7. INCOME TAXES The Company accounts for income taxes under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 740, Income Taxes The new tax bill reduced the federal income tax rate for corporations from 35% to 21%. At December 31, 2019, the Company has a net operating loss carryforward of approximately $861,010 for Federal and State purposes. This loss will be available to offset future taxable income. If not used, this carryforward will begin to expire in 2035. The deferred tax asset relating to the operating loss carryforward has been fully reserved at December 31, 2019 and 2018. The change in the valuation allowance was approximately $0 and $54,424 for the years ended December 31, 2019 and 2018, respectively. The principal difference between the operating loss for income tax purposes and reporting purposes is disallowed meals and entertainment and a temporary difference in depreciation expense. Utilization of the Company’s net operating losses may be subject to substantial annual limitation if the Company experiences a 50% change in ownership, as provided by the Internal Revenue Code and similar state provisions. Such an ownership change would substantially increase the possibility of net operating losses expiring before complete utilization. Cumulative loss December 31, 2019 and 2018 $ (861,010 ) $ (841,371 ) December 31 2019 2018 Deferred tax benefits $ 180,812 $ 176,688 Valuation allowanve (180,812 ) (176,688 ) Net deferred tax asset $ - $ - |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization | 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. |
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 December 31, 2019, the Company had no cash equivalents. |
Accounts Receivable | Accounts Receivable The Company has $7,590 and $2,300 of trade accounts receivable at December 31, 2019 and 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 December 31, 2019 and 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. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Depreciation is provided over the estimated useful lives (3 years) of the related assets using the straight-line depreciation method. Maintenance and repairs are charged to operations when incurred. Betterments and improvements are capitalized. When property and equipment are sold or otherwise disposed of, the asset account and related accumulated depreciation account are reduced, and any gain or loss is included in operations. |
Capitalized Software Development Costs | Capitalized Software Development Costs Software development costs are expensed as incurred until technological feasibility of the product is established. Development costs incurred subsequent to technological feasibility will be capitalized and amortized on a straight-line basis over the estimated economic life of the product. Capitalization of computer software costs will be discontinued when the computer software product is available to be sold, leased, or otherwise marketed. Amortization will begin when the product is available for release to customers. Management has determined as of December 31, 2019 that the software has not yet reached the stage of technological feasibility. The Company has not maintained specific cost records, but estimates that $46,000 and $107,000 has been expensed for software development, and has been included in payroll costs, during the years ended December 31, 2019 and 2018 respectively. |
Revenue Recognition | Revenue Recognition The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, Revenue from Contracts with Customers, In general, the Company will record revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company: Revenue will be recognized at the time the product is delivered or services are performed. Provision for sales returns will be estimated based on the Company’s historical return experience. Revenue will be presented net of returns. |
Research and Development | Research and Development The cost of research and development is charged to expense when incurred. |
Net Loss per Common Share | Net Loss per Common Share Basic net (loss) income per common share is calculated using the weighted average common shares outstanding during each reporting period. Diluted net (loss) income per common share adjusts the weighted average common shares for the potential dilution that could occur if common stock equivalents (convertible debt and preferred stock, warrants, stock options and restricted stock shares and units) were exercised or converted into common stock. There were no common stock equivalents at December 31, 2019 and 2018. |
Income Taxes | Income Taxes Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities. ASC 740, Income Taxes, requires a company to first determine whether it is more likely than not (which is defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more likely than not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority. The Federal and state income tax returns of the Company for 2019, 2018, and 2017 are subject to examination by the internal Revenue Service and state taxing authorities for three (3) years from the date filed. Equity instruments granted to non-employees are accounted for in accordance with ASC 505, Equity. The final measurement date for the fair value of equity instruments with performance criteria is the date that each performance commitment for such equity instrument is satisfied or there is a significant disincentive for non-performance. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for equity instruments issued to employees in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires all share-based compensation payments to be recognized in the financial statements based on the fair value using an option pricing model. ASC 718 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates. Equity instruments granted to non-employees are accounted for in accordance with ASC 505, Equity. The final measurement date for the fair value of equity instruments with performance criteria is the date that each performance commitment for such equity instrument is satisfied or there is a significant disincentive for non-performance. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Pursuant to ASC No. 820, “Fair Value Measurement and Disclosures”, the Company is required to estimate the fair value of all financial instruments included on its balance sheet as of December 31, 2019 and December 31, 2018. The Company’s financial instruments consist of accounts payable and accrued expenses. The Company considers the carrying value of such amounts in the financial statements to approximate their fair value due to the short-term nature of these financial instruments. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize most lease liabilities on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. The update states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The update is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. The impact of this guidance will result in the recognition of assets and liabilities for leases that the Company enters into in the future. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of cumulative taxes | Cumulative loss December 31, 2019 and 2018 $ (861,010 ) $ (841,371 ) |
Schedule of deferred tax asset | December 31 2019 2018 Deferred tax benefits $ 180,812 $ 176,688 Valuation allowanve (180,812 ) (176,688 ) Net deferred tax asset $ - $ - |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Accounts receivable | $ 7,590 | $ 2,300 |
Expensed for software development | $ 46,000 | $ 107,000 |
Going Concern (Details)
Going Concern (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net loss | $ (17,429) | |
Accumulated loss | 873,867 | $ 873,867 |
Cumulative loss | 856,438 | |
Increases revenue | 61,675 | |
Decreased in intellectual property cost | 66,368 | |
Decrease in net loss | 17,429 | 156,679 |
Decrease in negative working capital | 7,867 | 15,438 |
Operating expenses | 24,545 | 140,907 |
Sale of common stock | 25,000 | |
Related party loan | 8,750 | 50,000 |
Sale of notes payable | $ 40,000 | $ 45,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Sep. 20, 2016 | |
Related Party Transactions (Details) [Line Items] | |||
Maturity date | Apr. 1, 2020 | ||
Bearing interest | 3.00% | ||
Outstanding debt | $ 40,000 | ||
Treasury stock common shares (in Shares) | 1,000,000 | 1,000,000 | |
Officer [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Unsecured loans | $ 45,000 |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - USD ($) | Mar. 04, 2019 | Jul. 25, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 20, 2016 |
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 | |||
Common stock shares repurchase | 1,000,000 | 1,000,000 | |||
Treasury stock common value (in Dollars) | $ 40,000 | ||||
Treasury stock shares issued | 1,000,000 | ||||
Related parties repay (in Dollars) | $ 40,000 | ||||
Two Investors [Member] | |||||
Stockholders’ Equity (Details) [Line Items] | |||||
Restricted common shares | 333,334 | ||||
Restricted common shares value (in Dollars) | $ 50,000 | ||||
Cost per share (in Dollars per share) | $ 0.15 | ||||
One Investor [Member] | |||||
Stockholders’ Equity (Details) [Line Items] | |||||
Restricted common shares | 166,667 | ||||
Restricted common shares value (in Dollars) | $ 25,000 | ||||
Cost per share (in Dollars per share) | $ 0.15 |
Concentration Credit Risk (Deta
Concentration Credit Risk (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 26.00% | 41.50% |
Customer Two [Member] | ||
Concentration Credit Risk (Details) [Line Items] | ||
Percentage of total accounts receivable | 20.00% | |
Customer Three [Member] | ||
Concentration Credit Risk (Details) [Line Items] | ||
Percentage of total accounts receivable | 12.00% | |
Customer [Member] | ||
Concentration Credit Risk (Details) [Line Items] | ||
Percentage of total accounts receivable | 58.50% |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Aug. 10, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Monthly minimum lease payments | $ 2,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes (Details) [Line Items] | ||
Net operating loss carryforward | $ 861,010 | |
Change in the valuation allowance | $ 0 | $ 54,424 |
Ownership percentage | 50.00% | |
Maximum [Member] | ||
Income Taxes (Details) [Line Items] | ||
Federal income tax rate | 35.00% | |
Minimum [Member] | ||
Income Taxes (Details) [Line Items] | ||
Federal income tax rate | 21.00% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of cumulative taxes - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of cumulative taxes [Abstract] | ||
Cumulative loss December 31, 2019 and 2018 | $ (861,010) | $ (841,371) |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of deferred tax asset - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of deferred tax asset [Abstract] | ||
Deferred tax benefits | $ 180,812 | $ 176,688 |
Valuation allowanve | (180,812) | (176,688) |
Net deferred tax asset |