Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 13, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-205571 | |
Entity Registrant Name | EXSULAR FINANCIAL GROUP INC. | |
Entity Central Index Key | 0001643542 | |
Entity Tax Identification Number | 46-2276094 | |
Entity Incorporation, State or Country Code | CO | |
Entity Address, Address Line One | Room 1105 | |
Entity Address, Address Line Two | 11/F Hip Kwan Commercial Building | |
Entity Address, Address Line Three | No. 38 Pitt Street | |
Entity Address, City or Town | Yau Ma Tei | |
Entity Address, Country | HK | |
City Area Code | +852 | |
Local Phone Number | 29803711 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 5,524,400 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | ||
Prepaid Expenses | ||
Total current assets | ||
Total assets | ||
Current liabilities | ||
Accounts payable | ||
Accrued liabilities | 900 | |
Notes payable, related parties | 95,486 | 87,480 |
Current liabilities | 96,386 | 87,480 |
Total liabilities | 96,386 | 87,480 |
Stockholders’ Deficit | ||
Common stock, $0.001 par value; 100,000,000 shares authorized; 5,524,400 shares issued and outstanding as of March 31, 2022, and December 31, 2021 | 5,524 | 5,524 |
Additional paid-in capital | 62,378 | 62,378 |
Accumulated deficit | (164,288) | (155,382) |
Total Stockholders’ Deficit | (96,386) | (87,480) |
Total Liabilities and Stockholders’ Deficit |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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, 2022 | Mar. 31, 2021 | ||
Revenues | |||
Revenue | |||
Total revenues | |||
Expenses: | |||
Professional fees | 8,400 | 13,800 | |
general and administrative | 506 | 1,438 | |
Total operating expenses | 8,906 | 15,238 | |
Provision for income taxes | |||
Net loss | $ (8,906) | $ (15,238) | |
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, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (8,906) | $ (15,238) |
Changes in operating assets and liabilities: | ||
Accounts and other receivables | ||
Accounts payable | ||
Accrued liabilities | 900 | 1,625 |
Due to related party | 8,006 | 13,613 |
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 Shareholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 5,524 | $ 62,378 | $ (126,050) | $ (58,148) |
Beginning balance, shares at Dec. 31, 2020 | 5,524,400 | |||
Net loss and comprehensive loss | (15,238) | (15,238) | ||
Ending balance, value at Mar. 31, 2021 | $ 5,524 | 62,378 | (141,288) | (73,386) |
Ending balance, shares at Mar. 31, 2021 | 5,524,400 | |||
Beginning balance, value at Dec. 31, 2021 | $ 5,524 | 62,378 | (155,382) | (87,480) |
Beginning balance, shares at Dec. 31, 2021 | 5,524,400 | |||
Net loss and comprehensive loss | (8,906) | (8,906) | ||
Ending balance, value at Mar. 31, 2022 | $ 5,524 | $ 62,378 | $ (164,288) | $ (96,386) |
Ending balance, shares at Mar. 31, 2022 | 5,524,400 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Note 1 — Description of Business Exsular Financial Group, Inc. (the “Company”) was incorporated in the state of Colorado September 19, 2011 The Company had been engaged in the various businesses since its incorporation. The Company was not successful and discontinued the majority of its operation in February 2018. The Company is currently a public shell company seeking to create value for its shareholders by merging with another entity with experienced management and opportunities for growth in return for shares of our common stock. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2022 | |
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 $ 96,386 164,288 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, 2022 | |
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, 2021 and also in the notes to the annual consolidated financial statements for the year ended December 31, 2021. There were no material changes to our significant accounting policies during the interim period ended March 31, 2022. Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, the balance sheet as of December 31, 2021, which has been derived from audited consolidated financial statements, and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended March 31, 2022 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2022 or for any future period. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 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 August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. The Company is currently evaluating the impact that ASU 2020-06 may have on its financial statements and related disclosures when adopted. 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, 2022 | |
Related Party Transactions [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, 2022 and 2023, the major shareholder paid expense of $ 8,006 13,613 95,486 87,480 |
Stockholder Equity
Stockholder Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholder Equity | Note 5 — Stockholder Equity Common Stock The Company is authorized to issue 100,000,000 0.001 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. As of March 31, 2022 and December 31, 2021, 5,524,400 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, the balance sheet as of December 31, 2021, which has been derived from audited consolidated financial statements, and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended March 31, 2022 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2022 or for any future period. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2021. |
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 August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. The Company is currently evaluating the impact that ASU 2020-06 may have on its financial statements and related disclosures when adopted. 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. |
Description of Business (Detail
Description of Business (Details Narrative) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Entity incorporation, state or country code | CO |
Entity Incorporation, Date of Incorporation | Sep. 19, 2011 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Stockholders' deficit | $ 96,386 | $ 87,480 | $ 73,386 | $ 58,148 |
Accumulated deficit | $ 164,288 | $ 155,382 |
Due to a Related Party (Details
Due to a Related Party (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |||
Repayments of notes payable | $ 13,613 | $ 8,006 | |
Due to related parties current | $ 95,486 | $ 87,480 |
Stockholder Equity (Details Nar
Stockholder Equity (Details Narrative) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares outstanding | 5,524,400 | 5,524,400 |
Common stock, shares issued | 5,524,400 | 5,524,400 |