Optileaf (OPLF) 10-Q 15 Sep 21 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2020shares
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	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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 ($)	Mar. 31, 2020	Dec. 31, 2019
Current Assets:
Cash	$ 14,047	$ 20,495
Accounts receivable		7,590
Inventory		4,044
Total current assets	14,047	32,129
Total Assets	14,047	32,129
Current Liabilities
Accounts payable and accrued expenses	11,846	33,995
Accrued payroll		6,001
Deferred revenue	10,977
Total current liabilities	22,823	39,996
Long term loans payable - related parties	5,000	5,000
Long term loans payable	40,000	40,000
Total long term liabilities	45,000	45,000
Total Liabilities	67,823	84,996
Commitments and Contingencies (Note 7)
Stockholders’ Deficit
Common stock, no par value; 100,000,000 shares authorized; 20,943,753 issued and outstanding at March 31, 2020 and December 31, 2019	821,000	821,000
Accumulated deficit	(874,776)	(873,867)
Total Stockholders’ Deficit	(53,776)	(52,867)
Total Liabilities and Stockholders’ Deficit	$ 14,047	$ 32,129

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	20,943,753
Common stock, shares outstanding	20,943,753	20,943,753

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue
Product sales and services	$ 35,251	$ 23,107
Cost of goods sold	(11,110)	(6,083)
Gross income	24,140	17,024
Expenses:
Other	38,038	3,639
Payroll	14,688	16,350
Professional fees		9,810
Rent		2,374
Supplies		210
Travel	798	948
Total operating expenses	53,525	33,331
Net loss before other income and provision for income taxes	(29,384)	(16,307)
Other income (expense)
Rent forgiven	28,475
Interest income		1,821
Total other income (expense)	28,475	1,821
Net loss before provision for income taxes	(909)	(14,486)
Provision for income taxes
Net loss	$ (909)	$ (14,486)
Basic and diluted loss per share (in Dollars per share)	$ 0	$ 0
Basic and diluted weighted average number of shares outstanding (in Shares)	20,827,086	20,827,086

Statements of Stockholders_ (De

Statements of Stockholders’ (Deficit) (unaudited) - USD ($)	Common Stock	Treasury Stock	Accumulated Deficit	Total
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	166,667
Net loss			(14,486)	(14,486)
Balance at Mar. 31, 2019	$ 821,000	$ (40,000)	(870,924)	(89,924)
Balance (in Shares) at Mar. 31, 2019	20,943,753	1,000,000
Balance at Dec. 31, 2019	$ 821,000		(873,867)	(52,867)
Balance (in Shares) at Dec. 31, 2019	20,943,753
Net loss			(909)	(909)
Balance at Mar. 31, 2020	$ 821,000		$ (874,776)	$ (53,776)
Balance (in Shares) at Mar. 31, 2020	20,943,753

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (909)	$ (14,486)
Change in operating assets and liabilities
Decrease (increase) in accounts receivable	7,590	(2,435)
Decrease (increase) in inventory	4,044	(4,230)
Increase (decrease) in accrued payroll	(6,001)	(1,519)
Increase (decrease) in accounts payable and accrued expenses	(22,149)	417
Increase (decrease) in deferred revenue	10,977	4,292
Net cash used in operating activities	(6,448)	(17,961)
Cash flows from investing activities:
Net cash used in investing activities
Cash flows from financing activities:
Common shares sold for cash		25,000
Net cash provided by financing activities		25,000
Net increase (decrease) in cash	(6,448)	7,039
Cash at beginning of period	20,495	11,290
Cash at end of period	14,047	18,329
Cash paid during the period for:
Interest
Income taxes

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2020
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	3 Months Ended
	Mar. 31, 2020
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, 2019 contained in the Company’s Form 10K originally filed with the Securities and Exchange Commission on July 1, 2021. 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, 2019, as reported on July 1, 2021 in the Company’s Form 10K, have been omitted. The outbreak of COVID19 coronavirus in China and Asia starting from the beginning of 2020 has resulted in implementation delays for our business. The Company followed the restrictive measures implemented in the United States, by suspending contacting clients or contacting clients remotely during February and March 2020. The Company gradually resumed contacting clients in person starting in April 2021. The recent developments of COVID 19 are expected to result in lower revenue and net income in 2020. Other financial impact could occur though such potential impact is unknown at this time. 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 March 31, 2020, the Company had $14,047 cash on hand. Accounts Receivable The Company had $24,656 and $7,590 of trade accounts receivable at March 31, 2020 and December 31, 2019. The Company reviews the accounts receivable, at least quarterly, and, if appropriate, records an allowance for doubtful accounts. An allowance for doubtful accounts of $24,656 was recorded on March 31, 2020. No allowance was considered necessary on December 31, 2019. Inventory On March 31, 2020 and December 31, 2019 the Company had $0 and $4,044 worth of inventory. The inventory consisted 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 March 31, 2020 or December 31, 2019. 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	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [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 March 31, 2020 the Company has sustained accumulated losses of $874,776. For the three months ended March 31, 2020 and 2019 the Company sustained a losses of $909 and $14,486 and had negative working capital of $8,776 and $7,867 respectively. 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 three months ended March 31, 2020 the Company used net cash in operating activities of $6,448 for operating expenses compared to $17,961 during the three months ended March 31, 2019. The Company received $25,000 from the sale of 166,667 common shares, during the three months ended March 31, 2019. 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	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020, 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	3 Months Ended
	Mar. 31, 2020
Risks and Uncertainties [Abstract]
CONCENTRATION CREDIT RISK	Note 6. CONCENTRATION CREDIT RISK There were no accounts receivable on March 31, 2020. On December 31, 2019 the Company had 2 non – related customers that owed 25.6% and 19.6% 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).

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
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	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Note 7. SUBSEQUENT EVENTS Subsequent to August 22, 2022 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)	3 Months Ended
	Mar. 31, 2020
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, 2019 contained in the Company’s Form 10K originally filed with the Securities and Exchange Commission on July 1, 2021. 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, 2019, as reported on July 1, 2021 in the Company’s Form 10K, have been omitted. The outbreak of COVID19 coronavirus in China and Asia starting from the beginning of 2020 has resulted in implementation delays for our business. The Company followed the restrictive measures implemented in the United States, by suspending contacting clients or contacting clients remotely during February and March 2020. The Company gradually resumed contacting clients in person starting in April 2021. The recent developments of COVID 19 are expected to result in lower revenue and net income in 2020. Other financial impact could occur though such potential impact is unknown at this time.
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 March 31, 2020, the Company had $14,047 cash on hand.
Accounts Receivable	Accounts Receivable The Company had $24,656 and $7,590 of trade accounts receivable at March 31, 2020 and December 31, 2019. The Company reviews the accounts receivable, at least quarterly, and, if appropriate, records an allowance for doubtful accounts. An allowance for doubtful accounts of $24,656 was recorded on March 31, 2020. No allowance was considered necessary on December 31, 2019.
Inventory	Inventory On March 31, 2020 and December 31, 2019 the Company had $0 and $4,044 worth of inventory. The inventory consisted 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 March 31, 2020 or December 31, 2019.
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 ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash on hand	$ 14,047	$ 20,495	$ 18,329	$ 11,290
Accounts receivable	24,656	7,590
Allowance for doubtful accounts	24,656
Inventory	$ 0	$ 4,044

Going Concern (Details)

Going Concern (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated losses	$ 874,776
Net loss	909	$ 14,486
Negative working capital	8,776	7,867
Operating expenses	$ 6,448	17,961
Proceeds from sale of common stock		$ 25,000
Sale of common shares (in Shares)		166,667

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 amount	$ 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	Mar. 31, 2020	Dec. 31, 2019
Stockholders’ Equity (Details) [Line Items]
Common stock, shares authorized			100,000,000	100,000,000
Common stock, shares issued			20,943,753	20,943,753
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]
issued for cash (in Dollars)	$ 25,000
Restricted common shares	166,667

Concentration Credit Risk (Deta

Concentration Credit Risk (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
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		25.60%
Customer Two [Member]
Concentration Credit Risk (Details) [Line Items]
Percentage of total accounts receivable	19.60%

Commitments and Contingencies (

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