Optileaf (OPLF) 10-Q 30 Sep 21 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 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	Sep. 30, 2020
Document Fiscal Year Focus	2020
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, 2020	Dec. 31, 2019
Current Assets:
Cash	$ 37,647	$ 20,495
Accounts receivable		7,590
Inventory		4,044
Total current assets	37,647	32,129
Total Assets	37,647	32,129
Current Liabilities
Accounts payable and accrued expenses	1,683	33,995
Accrued payroll	2,142	6,001
Current portion of long term debt	1,284
Related party loan	20,000
Total current liabilities	25,109	39,996
Payroll Protection Program Advance	10,488
Long term loans payable - related parties	5,000	5,000
Long term loans payable	42,796	40,000
Total long term liabilities	58,284	45,000
Total Liabilities	83,393	84,996
Commitments and Contingencies (Note 6)
Stockholders’ Equity (Deficit):
Common stock, no par value; 100,000,000 shares authorized; 20,943,753 and 20,943,753 issued and outstanding at September 30, 2020 and December 31, 2019	821,000	821,000
Accumulated deficit	(866,746)	(873,867)
Total Stockholders’ Deficit	(45,746)	(52,867)
Total Liabilities and Stockholders’ Deficit	$ 37,647	$ 32,129

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Sep. 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	20,943,753
Common stock, shares outstanding	20,943,753	20,943,753

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue
Product sales and services	$ 26,236	$ 21,882	$ 93,947	$ 60,811
Cost of goods sold	(2,183)	(1,174)	(21,523)	(7,637)
Gross income	24,053	20,709	72,424	53,175
Expenses:
Other	3,373	6,498	18,926	14,576
Payroll	13,959	10,659	47,477	38,258
Professional fees	12,297	1,202	12,297	11,442
Rent		6,000		11,857
Supplies		122		1,076
Travel	262	308	1,139	3,332
Total operating expenses	29,891	24,789	79,839	80,541
Net loss before other income and provision for income taxes	(5,838)	(4,080)	(7,415)	(27,366)
Other income (expense)
Doubtful account adjustment	(6,912)		(24,769)
Adjustment for forgiven rent			29,153
Other income	1,200	900	4,700	3,000
Interest income	1,905	149	5,451	2,420
Total other income	(3,808)	1,049	14,536	5,420
(Net loss) income for the three and nine months	$ (9,645)	$ (3,031)	$ 7,121	$ (21,946)
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 (in Shares)	166,667
Net income (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 income (loss)			(3,031)	(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
Balance at Dec. 31, 2019	$ 821,000		(873,867)	(52,867)
Balance (in Shares) at Dec. 31, 2019	20,943,753
Net income (loss)			7,121	7,121
Balance at Sep. 30, 2020	$ 821,000		(866,746)	(45,746)
Balance (in Shares) at Sep. 30, 2020	20,943,753
Balance at Jun. 30, 2020	$ 821,000		(857,101)	(36,101)
Balance (in Shares) at Jun. 30, 2020	20,943,753
Net income (loss)			(9,645)	(9,645)
Balance at Sep. 30, 2020	$ 821,000		$ (866,746)	$ (45,746)
Balance (in Shares) at Sep. 30, 2020	20,943,753

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ 7,121	$ (21,946)
Change in opeerating assets and liabilities
Decrease in accounts receivable	7,590	25
Decrease (increase) in inventory	4,044	(6,143)
Increase (decrease) in accounts payable and accrued expenses	(32,313)	5,321
Increse in accrued interest	180
Increase (decrease) in accrued payroll	(3,859)	(4,553)
Increase in deferred revenue		8,485
Net cash used in operating activities	(17,236)	(18,811)
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 Pllan	10,488
Proceeds of SBA loan	43,900
Proceeds from loan - related parties	20,000
Net cash provided by financing activities	34,388	25,000
Net increase (decrease) in cash	17,152	6,189
Cash at beginning of period	20,495	11,290
Cash at end of period	37,647	17,479
Cash paid during the period for:
Interest
Income taxes

Organization

Organization	9 Months Ended
	Sep. 30, 2020
Organization And Operations [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.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 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 year 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 September 30, 2020, the Company had cash of $37,647 on hand. Accounts Receivable The Company has $0 and $7,590 of trade accounts receivable at September 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 September 30, 2020 an allowance of $33,253 was required. No allowance was required on December 31, 2019. Inventory On September 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 September 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 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, 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 September 30, 2020 the Company has sustained accumulated losses of $866,746. For the nine months ended September 30, 2020 the Company had net income of $7,121 and a net loss of $21,946 during the nine months ended September 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 nine months ended September 30, 2020 the Company used net cash in operating activities of $17,236 for operating expenses compared to $18,811 during the nine months ended September 30, 2019. During the nine months ended September 30, 2020 the Company received funds of $10,488 from the Payroll Protection Plan, $43,900 from the Small Business Administration and $20,000 from related parties, and repaid a loan payable of $40,000. The Company received $25,000 from the sale of common stock, during the nine months ended September 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.

Loans Payable

Loans Payable	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
LOANS PAYABLE	Note 4: LOANS PAYABLE On April 29, 2020 the Company received, a two year advance of $10,488, from Legacy Bank, under the Paycheck Protection Program. Forgiveness was applied for on June 1, 2021. On August 21, 2020, the Company received a, thirty year, loan from the Small Business Administration, in the amount of $43,900 bearing interest of 3.75%. First payment of $241 due on June 17, 2021.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	Note 5. 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 nine months ended September 30, 2020 the same related parties made an unsecured, non-interest bearing $20,000 loan to the Company, repayable on August 1, 2020. The loan was repaid, on April 15, 2012, with interest of $276. Common stock The Company has authorized 100,000,000 shares of no par value common stock. At September 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	9 Months Ended
	Sep. 30, 2020
Risks and Uncertainties [Abstract]
CONCENTRATION CREDIT RISK	Note 6. CONCENTRATION CREDIT RISK All accounts receivable as of September 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Note 7. 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)	9 Months Ended
	Sep. 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 year 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 September 30, 2020, the Company had cash of $37,647 on hand.
Accounts Receivable	Accounts Receivable The Company has $0 and $7,590 of trade accounts receivable at September 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 September 30, 2020 an allowance of $33,253 was required. No allowance was required on December 31, 2019.
Inventory	Inventory On September 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 September 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 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, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash on hand	$ 37,647	$ 20,495	$ 17,479	$ 11,290
Accounts receivable	0	7,590
Allowance for doubtful accounts	33,253
Inventory	$ 0	$ 4,044

Going Concern (Details)

Going Concern (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated losses	$ 866,746
Net income (loss)	7,121	$ 21,946
Operating expenses	17,236	18,811
Received funds	10,488
Amount of small business administration	43,900
Related party	20,000
Repaid a loan	$ 40,000
Proceeds from sale of common stock		$ 25,000

Loans Payable (Details)

Loans Payable (Details) - USD ($)	Jun. 17, 2021	Aug. 21, 2020	Apr. 29, 2020
Loans Payable (Details) [Line Items]
Amount received in advance		$ 43,900	$ 10,488
Bearing interest rate		3.75%
Forecast [Member]
Loans Payable (Details) [Line Items]
First payment	$ 241

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	1 Months Ended
	Mar. 19, 2019	Jul. 25, 2018	Apr. 15, 2012	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions (Details) [Line Items]
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
Interest expense			$ 276
Common stock, shares authorized (in Shares)				100,000,000	100,000,000
Common stock, shares issued (in Shares)				20,943,753	20,943,753
Two Investors [Member]
Related Party Transactions (Details) [Line Items]
Issuance of shares (in Shares)		333,334
Issuance of shares, value		$ 50,000
Price per share (in Dollars per share)		$ 0.15
One Investor [Member]
Related Party Transactions (Details) [Line Items]
Price per share (in Dollars per share)	$ 0.15
Issued for cash	$ 25,000
Restricted common shares (in Shares)	166,667

Concentration Credit Risk (Deta

Concentration Credit Risk (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Concentration Credit Risk (Details) [Line Items]
Federal deposit insurance corporation (FDIC) (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