Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 20, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Exsular Financial Group Inc. | |
Entity Central Index Key | 0001643542 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 5,524,400 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | ||
Prepaid Expenses | ||
Total current assets | ||
Total assets | 0 | 0 |
Current liabilities | ||
Accounts payable | ||
Accrued liabilities | 2,900 | 1,275 |
Notes payable, related parties | 70,486 | 56,873 |
Current liabilities | 73,386 | 58,148 |
Total liabilities | 73,386 | 58,148 |
Stockholders' Deficit | ||
Common stock, $0.001 par value; 100,000,000 shares authorized; 5,524,400 shares issued and outstanding as of March 31, 2021, and December 31, 2020 | 5,524 | 5,524 |
Additional paid-in capital | 62,378 | 62,378 |
Accumulated deficit | (141,288) | (126,050) |
Total Stockholders' Deficit | (73,386) | (58,148) |
Total Liabilities and Stockholders' Deficit | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 5,524,400 | 5,524,400 |
Common stock, shares outstanding | 5,524,400 | 5,524,400 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenues | |||
Revenue | |||
Total revenues | |||
Expenses: | |||
Professional fees | 13,800 | 4,225 | |
general and administrative | 1,438 | 1,286 | |
Total operating expenses | 15,238 | 5,511 | |
Provision for income taxes | |||
Net loss | $ (15,238) | $ (5,511) | |
Net Loss per common share | |||
Basic and diluted | [1] | $ 0 | $ 0 |
Weighted average shares outstanding | |||
Basic and diluted | 5,524,400 | 5,524,400 | |
[1] | denotes net loss per common share of less than $0.01 per share. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (15,238) | $ (5,511) |
Changes in operating assets and liabilities: | ||
Accrued liabilities | 1,625 | 1,225 |
Due to related party | 13,613 | 4,286 |
Net cash used in operating activities | ||
Cash flows from investing activities: | ||
Net cash provided by (used in) investing activities | ||
Cash flows from financing activities: | ||
Proceeds from the sale of common stock | ||
Payment to notes payable, related party | ||
Contributions to additional paid-in capital | ||
Net cash provided by financing activities | ||
Net increase (decrease) in cash and cash equivalents | ||
Cash and cash equivalents at beginning of period | ||
Cash and cash equivalents at end of period | ||
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | ||
Cash paid during the period for income taxes |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes of Shareholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2019 | $ 5,524 | $ 62,378 | $ (80,737) | $ (12,835) |
Balance, Shares at Dec. 31, 2019 | 5,524,400 | |||
Net loss and comprehensive loss | (5,511) | (5,511) | ||
Balance at Mar. 31, 2020 | $ 5,524 | 62,378 | (86,248) | (18,346) |
Balance, Shares at Mar. 31, 2020 | 5,524,400 | |||
Balance at Dec. 31, 2020 | $ 5,524 | 62,378 | (126,050) | (58,148) |
Balance, Shares at Dec. 31, 2020 | 5,524,400 | |||
Net loss and comprehensive loss | (15,238) | (15,238) | ||
Balance at Mar. 31, 2021 | $ 5,524 | $ 62,378 | $ (141,288) | $ (73,386) |
Balance, Shares at Mar. 31, 2021 | 5,524,400 |
Interim Financial Statements
Interim Financial Statements | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Financial Statements | Note 1 — Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required for audited annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the condensed consolidated financial statements not misleading have been included. The balance sheet at December 31, 2019, has been derived from the Company’s audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and the notes thereto that are included in the same report (10-K) for the year ended December 31, 2020. The results of operations for the three ended March 31, 2021, are not necessarily indicative of the results to be expected for the full year. The unaudited condensed consolidated financial statements include the accounts of the Company and Smile Producer, Inc., its wholly owned subsidiary. Intercompany balances and transactions have been eliminated in consolidation. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 2 — Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. The Company currently has limited operations and has a stockholders’ deficit of $73,386 with an accumulated deficit of $141,288. The Company intends to find a merger target in the form of an operating entity. The Company cannot be certain that it will be successful in this strategy. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 — Summary of Significant Accounting Policies The significant accounting policies followed by the Company for interim reporting are consistent with those included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and also in the notes to the annual consolidated financial statements for the year ended December 31, 2020. There were no material changes to our significant accounting policies during the interim period ended March 31, 2021. Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistent application among reporting entities. The guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. Upon adoption, the Company must apply certain aspects of this standard retrospectively for all periods presented while other aspects are applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The adoption of this standard did not have a material impact on the Company’s financial statements In January 2020, the FASB issued ASU 2020-01 to clarify the interaction of the accounting for equity securities under ASC 321 and investments accounted for under the equity method of accounting in ASC 323 and the accounting for certain forward contracts and purchased options accounted for under ASC 815. With respect to the interactions between ASC 321 and ASC 323, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting when applying the measurement alternative in ASC 321, immediately before applying or upon discontinuing the equity method of accounting. With respect to forward contracts or purchased options to purchase securities, the amendments clarify that when applying the guidance in ASC 815-10-15-141(a), an entity should not consider whether upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in ASC 323 or the fair value option in accordance with ASC 825. The ASU is effective for interim and annual reporting periods beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. The adoption of this standard did not have a material impact on the Company’s financial statements. Management believes that 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 do not have a material impact on the Company’s present or near future financial statements. |
Due to a Related Party
Due to a Related Party | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Due to a Related Party | Note 4 — Due to a Related Party The Company does not have cash resource or bank account. The Company’s major shareholder pays the expenses for the company’s operations. For the three months ended March 31, 2021 and 2020, the major shareholder paid expense of $13,613 and $4,286, respectively. As of March 31, 2021 and December 31, 2020, the balances due to the major shareholder were $70,486 and 56,873, respectively. These advances from the major shareholder are unsecured, non-interest bearing and payable on demand. There are no written agreements for these advances. |
Stockholder Equity
Stockholder Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholder Equity | Note 5 — Stockholder Equity Common Stock The Company is authorized to issue 100,000,000 shares of common stock, par value $0.001 per share. All shares of the Company’s common stock have equal rights and privileges with respect to voting, liquidation, and dividend rights. Each share of Common Stock entitles the holder thereof to: a) One non-cumulative vote for each share held of record on all matters submitted to a vote of the stockholders; b) To participate equally and to receive any and all such dividends as may be declared by the Board of Directors out of funds legally available; therefore, and c) To participate pro rata in any distribution of assets available for distribution upon liquidation. Stockholders have no pre-emptive rights to acquire additional shares of common stock or any other securities. Common shares are not subject to redemption and carry no subscription or conversion rights. All outstanding shares of common stock are fully paid and non-assessable. In 2015, the Company filed an S-1 Registration Statement to register 1,000,000 shares of the Company’s common stock to be sold to the public at the price of $0.05 per share for a total of $50,000. The Registration Statement became effective on December 30, 2015. During the nine months ended September 30, 2017 and 2016, the Company sold 403,400 and 59,000 shares, respectively, at $0.05 per share for gross proceeds of $20,170 and $2,950, respectively. The shares were sold by the officers and Directors of the Company and no broker commissions were paid as a result of the sales. As of June 30, 2017, 480,400 shares of common stock have been sold pursuant to the S-1 Registration Statement at $0.05 per share for total gross proceeds of $24,020. There can be no assurances that additional shares of common stock will be sold on the S-1 offering or that a trading market will develop for the shares. As of March 31, 2021 and December 31, 2020, 5,524,400 shares of common stock were issued and outstanding. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 6 — Subsequent Events The Company has evaluated subsequent events through the date of the filing of these interim financial statements. Based on this evaluation, the Company did not identify any significant subsequent events that would be reportable. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistent application among reporting entities. The guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. Upon adoption, the Company must apply certain aspects of this standard retrospectively for all periods presented while other aspects are applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The adoption of this standard did not have a material impact on the Company’s financial statements In January 2020, the FASB issued ASU 2020-01 to clarify the interaction of the accounting for equity securities under ASC 321 and investments accounted for under the equity method of accounting in ASC 323 and the accounting for certain forward contracts and purchased options accounted for under ASC 815. With respect to the interactions between ASC 321 and ASC 323, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting when applying the measurement alternative in ASC 321, immediately before applying or upon discontinuing the equity method of accounting. With respect to forward contracts or purchased options to purchase securities, the amendments clarify that when applying the guidance in ASC 815-10-15-141(a), an entity should not consider whether upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in ASC 323 or the fair value option in accordance with ASC 825. The ASU is effective for interim and annual reporting periods beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. The adoption of this standard did not have a material impact on the Company’s financial statements. Management believes that 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 do not have a material impact on the Company’s present or near future financial statements. |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Stockholders' Deficit | $ (73,386) | $ (58,148) | $ (18,346) | $ (12,835) |
Accumulated deficit | $ (141,288) | $ (126,050) |
Due to a Related Party (Details
Due to a Related Party (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |||
Major shareholder paid expense | $ 13,613 | $ 4,286 | |
Due to related parties | $ 70,486 | $ 56,873 |
Stockholder Equity (Details Nar
Stockholder Equity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2020 | |
Equity [Abstract] | |||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||||
Common stock voting rights | One non-cumulative vote for each share held of record on all matters submitted to a vote of the stockholders | ||||||||
Number of common stock sold | 1,000,000 | 480,400 | 403,400 | 59,000 | |||||
Sale of price per share | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | |||||
Number of common stock sold, value | $ 50,000 | ||||||||
Gross proceeds from issuance of common stock | $ 24,020 | $ 20,170 | $ 2,950 | ||||||
Common stock, shares issued | 5,524,400 | 5,524,400 | |||||||
Common stock, shares outstanding | 5,524,400 | 5,524,400 |