Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 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 | Jun. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
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 ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash | $ 6,137 | $ 20,495 |
Accounts receivable | 7,590 | |
Inventory | 4,044 | |
Total current assets | 6,137 | 32,129 |
Total Assets | 6,137 | 32,129 |
Current Liabilities | ||
Accounts payable and accrued expenses | 6,750 | 33,995 |
Accrued payroll | 6,001 | |
Related party loan | 20,000 | |
Total current liabilities | 26,750 | 39,996 |
Payroll Protection Program Advance | 10,488 | |
Long term loans payable - related parties | 5,000 | 5,000 |
Long term loans payable | 40,000 | |
Total long term liabilities | 15,488 | 45,000 |
Total Liabilities | 42,238 | 84,996 |
Commitments and Contingencies | ||
Stockholders’ Deficit: | ||
Common stock, no par value; 100,000,000 shares authorized; 20,943,753 and 20,777,086 issued and outstanding at June 30, 2020 and December 31, 2019. | 821,000 | 821,000 |
Accumulated deficit | (857,101) | (873,867) |
Total Stockholders’ Deficit | (36,101) | (52,867) |
Total Liabilities and Stockholders’Deficit | $ 6,137 | $ 32,129 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 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 | 20,777,086 |
Common stock, shares outstanding | 20,943,753 | 20,777,086 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue | ||||
Product sales and services | $ 32,460 | $ 15,822 | $ 67,711 | $ 38,929 |
Cost of goods sold | (8,230) | (379) | (19,340) | (6,463) |
Gross income | 24,231 | 15,443 | 48,371 | 32,467 |
Expenses: | ||||
Other | 2,171 | 4,439 | 15,553 | 8,078 |
Payroll | 18,830 | 11,250 | 33,519 | 27,599 |
Professional fees | 430 | 10,240 | ||
Rent | 3,482 | 5,857 | ||
Supplies | 744 | 954 | ||
Travel | 78 | 2,076 | 876 | 3,024 |
Total operating expenses | 21,080 | 22,421 | 49,948 | 55,751 |
Net (loss) income before other income and provision for income taxes | 3,151 | (6,978) | (1,577) | (23,285) |
Other income (expense) | ||||
Doubtful account adjustment | 6,800 | (17,856) | ||
Adjustment for forgiven rent | 678 | 29,153 | ||
Miscellaneous income | 3,500 | 2,100 | 3,500 | 2,100 |
Late fee income | 3,547 | 450 | 3,547 | 2,271 |
Total other income | 14,524 | 2,550 | 18,344 | 4,371 |
Net (loss) income | $ 17,675 | $ (4,428) | $ 16,766 | $ (18,914) |
Basic and diluted loss per share (in Dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and diluted weighted average number of shares outstanding (in Shares) | 20,943,753 | 20,943,753 | 20,943,753 | 20,943,753 |
Statement of Stockholders_ Defi
Statement 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 income (loss) | (18,914) | (18,914) | ||
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 | ||
Balance at Mar. 31, 2019 | $ 821,000 | $ (40,000) | (870,970) | (89,970) |
Balance (in Shares) at Mar. 31, 2019 | 20,943,753 | 1,000,000 | ||
Adjustment to reconcile account | 46 | 46 | ||
Net income (loss) | (4,428) | (4,428) | ||
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 | ||
Balance at Dec. 31, 2019 | $ 821,000 | (873,867) | (52,867) | |
Balance (in Shares) at Dec. 31, 2019 | 20,943,753 | |||
Net income (loss) | 16,766 | 16,766 | ||
Balance at Jun. 30, 2020 | $ 821,000 | (857,101) | (36,101) | |
Balance (in Shares) at Jun. 30, 2020 | 20,943,753 | |||
Balance at Mar. 31, 2020 | $ 821,000 | (874,776) | (53,776) | |
Balance (in Shares) at Mar. 31, 2020 | 20,943,753 | |||
Net income (loss) | 17,675 | 17,675 | ||
Balance at Jun. 30, 2020 | $ 821,000 | $ (857,101) | $ (36,101) | |
Balance (in Shares) at Jun. 30, 2020 | 20,943,753 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Income (net loss) | $ 16,766 | $ (18,914) |
Change in operating assets and liabilities | ||
Decrease (increase) in accounts receivable | 7,590 | (2,375) |
Decrease (increase) in inventory | 4,044 | (4,142) |
Increase (decrease) in accrued payroll | (6,001) | (3,189) |
Increase (decrease) in accounts payable and accrued expenses | (27,246) | 1,854 |
Increase (decrease) in deferred revenue | 6,685 | |
Net cash used in operating activities | (4,846) | (20,082) |
Cash flows from investing activities: | ||
Net cash used in investing activities | ||
Cash flows from financing activities: | ||
Common shares sold for cash | 25,000 | |
Repayment of loan | (40,000) | |
Proceeds from Payroll Protection Program | 10,488 | |
Proceeds from loan - related parties | 20,000 | |
Net cash provided by financing activities | (9,513) | 25,000 |
Net increase (decrease) in cash | (14,358) | 4,918 |
Cash at beginning of period | 20,495 | 11,290 |
Cash at end of period | 6,137 | 16,208 |
Cash paid during the period for: | ||
Interest | ||
Income taxes |
Organization and Operations
Organization and Operations | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [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 | 6 Months Ended |
Jun. 30, 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. 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 June 30, 2020, the Company had $6,137 cash on hand. Accounts Receivable The Company has $0 and $7,590 of trade accounts receivable at June 30, 2020 and December 31, 2019. The Company reviews the accounts receivable, at least quarterly, and, if appropriate, records an allowance for doubtful accounts. On June 30, 2020 an allowance of $17,856 was required. No allowance was required on December 31, 2019. Inventory On June 30, 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 June 30, 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 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2020 the Company has sustained accumulated losses of $857,101. For the six months ended June 30, 2020 the Company had net income of $16,766 and a net loss of $18,914 during the six months ended June 30, 2019. 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 six months ended June 30, 2020 the Company used net cash in operating activities of $4,846 for operating expenses compared to $20,082 during the six months ended June 30, 2019. During the six months ended June 30, 2020 the Company repaid a loan of $40,000 and received funds of $10,488 from the Payroll Protection Plan and $20,000 from related parties. The Company received $25,000 from the sale of common stock, during the six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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. During the six months ended June 30, 2020 the same related parties made an unsecured, non-interest bearing $20,000 loan to the Company, repayable on August 1, 2020. |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 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 June 30, 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 | 6 Months Ended |
Jun. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION CREDIT RISK | Note 6. CONCENTRATION CREDIT RISK All accounts receivable as of June 30, 2020 were fully impaired.. 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Note 8. SUBSEQUENT EVENTS Subsequent to August 22, 2021 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) | 6 Months Ended |
Jun. 30, 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. |
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 June 30, 2020, the Company had $6,137 cash on hand. |
Accounts Receivable | Accounts Receivable The Company has $0 and $7,590 of trade accounts receivable at June 30, 2020 and December 31, 2019. The Company reviews the accounts receivable, at least quarterly, and, if appropriate, records an allowance for doubtful accounts. On June 30, 2020 an allowance of $17,856 was required. No allowance was required on December 31, 2019. |
Inventory | Inventory On June 30, 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 June 30, 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 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 ($) | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||
Cash on hand | $ 6,137 | $ 20,495 | $ 16,208 | $ 11,290 |
Accounts receivable | 0 | 7,590 | ||
Allowance for doubtful accounts | 17,856 | |||
Inventory | $ 0 | $ 4,044 |
Going Concern (Details)
Going Concern (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated losses | $ 857,101 | |
Net income loss | 16,766 | $ 18,914 |
Operating expenses | 4,846 | 20,082 |
Repaid a loan | 40,000 | |
Received funds | 10,488 | |
Related party | $ 20,000 | |
Proceeds from sale of common stock | $ 25,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | 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 | ||
Non interest bearing loan | $ 20,000 | ||
Repayable date | Aug. 1, 2020 |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - USD ($) | 1 Months Ended | |||
Mar. 19, 2019 | Jul. 25, 2018 | Jun. 30, 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 | 20,777,086 | ||
Two Investors [Member] | ||||
Stockholders’ Equity (Details) [Line Items] | ||||
Issuance of shares | 333,334 | |||
Issuance of shares, value (in Dollars) | $ 50,000 | |||
Price per share (in Dollars per share) | $ 0.15 | |||
One Investor [Member] | ||||
Stockholders’ Equity (Details) [Line Items] | ||||
Price per share (in Dollars per share) | $ 0.15 | |||
Issued for cash (in Dollars) | $ 25,000 | |||
Restricted common shares | 166,667 |
Concentration Credit Risk (Deta
Concentration Credit Risk (Details) | 6 Months Ended | |
Jun. 30, 2020USD ($) | Dec. 31, 2019 | |
Concentration Credit Risk (Details) [Line Items] | ||
Federal deposit insurance corporation (FDIC) (in Dollars) | $ 250,000 | |
Accounts Receivable [Member] | ||
Concentration Credit Risk (Details) [Line Items] | ||
Number of non – related customers | 2 | |
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 |