Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 17, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-208978 | |
Entity Registrant Name | United Royale Holdings Corp. | |
Entity Central Index Key | 0001652842 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity transition | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 141,990,387 | |
Entity State Incorporation | NV |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 9,879 | $ 6,731 |
Prepaid expenses and other receivables | 86,202 | 95,451 |
Current assets from discontinued operation | 0 | (73,695) |
TOTAL CURRENT ASSETS | 96,081 | 28,487 |
NON-CURRENT ASSETS | ||
Non-current assets from discontinued operation | 0 | 41,691 |
TOTAL ASSETS | 96,081 | 70,178 |
CURRENT LIABILITIES | ||
Accrued liabilities | 34,453 | 31,533 |
Due to director | 59,744 | 49,744 |
Current liabilities from discontinued operation | 0 | 23,128 |
TOTAL CURRENT LIABILITIES | 94,197 | 104,405 |
TOTAL LIABILITIES | 94,197 | 104,405 |
STOCKHOLDERS' EQUITY | ||
Preferred stock - Par value $0.0001; Authorized: 200,000,000 None issued and outstanding | 0 | 0 |
Common stock - Par value $ 0.0001; Authorized: 600,000,000 Issued and outstanding: 141,990,387 shares as of March 31, 2021 and December 31, 2020 | 14,199 | 14,199 |
Additional paid-in capital | 789,468 | 789,468 |
Accumulated other comprehensive income/(loss) | 0 | 1,477 |
Accumulated deficit | (801,783) | (839,371) |
TOTAL STOCKHOLDERS' EQUITY/(DEFICIT) | 1,884 | (34,227) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 96,081 | $ 70,178 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 141,990,387 | 141,990,387 |
Common stock, shares outstanding | 141,990,387 | 141,990,387 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
REVENUE | $ 0 | $ 0 |
COST OF REVENUE | 0 | 0 |
GROSS PROFIT | 0 | 0 |
OPERATING EXPENSES: | ||
General and administrative | (19,021) | (47,180) |
LOSS FROM OPERATIONS | (19,021) | (47,180) |
Other income (expense), net | 0 | 0 |
LOSS BEFORE INCOME TAX | (19,021) | (47,180) |
INCOME TAX EXPENSE | 0 | 0 |
LOSS FROM DISCONTINUED OPERATIONS | ||
Loss from discontinued operations | (8,062) | (1,177) |
Gain from disposal of subsidiaries | 65,154 | 0 |
NET INCOME / (LOSS) | 38,071 | (48,357) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Realized foreign currency translation due to disposal of subsidiaries | (482) | 0 |
Foreign currency translation loss | (995) | (3,254) |
Comprehensive income (loss) | $ 36,594 | $ (51,611) |
NET INCOME (LOSS) PER SHARE, BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 141,990,387 | 141,990,387 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Other Comprehensive Income / Loss | Retained Earnings / Accumulated Deficit | Total |
Beginning balance, shares at Dec. 31, 2019 | 141,990,387 | ||||
Beginning balance, value at Dec. 31, 2019 | $ 14,199 | $ 789,468 | $ 953 | $ (712,303) | $ 92,317 |
Disposal of subsidiaries | 0 | ||||
Net income (loss) | (48,357) | (48,357) | |||
Foreign currency translation | (3,254) | (3,254) | |||
Ending balance, shares at Mar. 31, 2020 | 141,990,387 | ||||
Ending balance, value at Mar. 31, 2020 | $ 14,199 | 789,468 | (2,301) | (760,660) | 40,706 |
Beginning balance, shares at Dec. 31, 2020 | 141,990,387 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 14,199 | 789,468 | 1,477 | (839,371) | (34,227) |
Disposal of subsidiaries | (482) | (482) | |||
Net income (loss) | 37,588 | 38,071 | |||
Foreign currency translation | (995) | (995) | |||
Ending balance, shares at Mar. 31, 2021 | 141,990,387 | ||||
Ending balance, value at Mar. 31, 2021 | $ 14,199 | $ 789,468 | $ 0 | $ (801,783) | $ 1,884 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income / (loss) | $ 46,133 | $ (47,179) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization expenses | 0 | 323 |
Gain on disposal of subsidiaries | (65,154) | 0 |
Changes in operating assets and liabilities: | ||
Increase/ (Decrease) in accrued liabilities | 2,920 | (15,450) |
Decrease/ (Increase) in prepaid expenses and other receivables | 9,249 | 4,348 |
Net cash flows used in operating activities | (6,851) | (57,958) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Advance from directors | 10,000 | 2,564 |
Net cash provided by financing activities | 10,000 | 2,564 |
Effect of exchange rate changes in cash and cash equivalents | 0 | (207) |
Net changes in cash and cash equivalents | 3,148 | (55,601) |
Operating cash flows of the discontinued operation | (22,643) | (1,069) |
Investing cash flows of the discontinued operation | 40,342 | (2,288) |
Financing cash flows of the discontinued operation | (15,985) | 0 |
Cash and cash equivalents, beginning of period | 6,731 | 63,839 |
CASH AT END OF PERIOD, CONTINUING OPERATIONS | 9,879 | 4,881 |
CASH AT END OF PERIOD, DISCONTINUED OPERATIONS | 1,692 | 0 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | 0 | 0 |
Interest paid | $ 0 | $ 0 |
1. Basis of Presentation
1. Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION 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 March 31, 2021 which has been derived from unaudited 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, 2021 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2021 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 Form 10-K for the year ended December 31, 2020. |
2. Description of Business and
2. Description of Business and Organization | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Description of Business and Organization | 2. DESCRIPTION OF BUSINESS AND ORGANIZATION United Royale Holdings Corp., formerly known as Bosy Holdings Corp. (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada on June 23, 2015. We intend to offer planting and cultivation services to land owners in regards to the planting and cultivation of Aquilaria Subintegra & Aquilaria Sinensis trees. We also intend to provide services relating to the extraction of Agarwood from such trees through a process known as “inoculation.” On September 30, 2018, the Company and Mr. CHEN Zheru, representing the sole shareholder of IV Enterprises Development Limited, a Seychelles corporation (“IVED”), entered into a Sale and Purchase Agreement, pursuant to which the Company acquired 100% (one hundred percent) of the shareholding of IVED. IVED provides tree nurseries, including planting, cultivation and inoculation services through its wholly-owned subsidiary, Oudh Tech Sdn Bhd, in Malaysia. The acquisition is completed on September 30, 2018. Mr. CHEN Zheru is the common director and major shareholder of the Company and IVED. As a result of this common ownership and in accordance with the FASB Accounting Standards Codification Section 805 “Business Combination” On March 30, 2021, the Company and Mr. Li Gongming (“Mr. Li”), the director of the Company, signed an instrument of transfer, pursuant to which Mr. Li acquired 100% (one hundred percent) of the shareholding of IVED. The consideration was set at $1, same as the consideration that the Company acquired IVED in 2018. There was a gain of $65,154 on disposal of the subsidiaries due to an equity deficit of the disposed subsidiaries. |
3. Summary of Significant Accou
3. Summary of Significant Accounting | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances were eliminated in consolidation. As of March 31, 2021, there was no subsidiary held by the Company. Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheet, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the three months ended March 31, 2021, the Company incurred a loss before income tax of $19,021 and used cash in operations of $6,852. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2020 financial statements, has expressed substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. Despite the amount of funds that we have raised, no assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. Our deposit in Hong Kong is currently deposit in HSBC Hong Kong, and there is a Deposit Protection Scheme protects our eligible deposits held with bank in Hong Kong which is members of the Scheme. The scheme will pay us a compensation up to a limit of HKD500,000, which is equivalent to $64,102, if HSBC Hong Kong fails. Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayments, amount due to a director and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: · Level 1 : Observable inputs such as quoted prices in active markets; · Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and · Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions information regarding the impact of the adoption of ASC 842 on the Company’s financial statements. Recent accounting pronouncements In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18), which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. We adopted the new standard effective January 1, 2018, and the standard did not have a material impact on our financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01), which revises the definition of a business and provides new guidance in evaluating when a set of transferred assets and activities is a business. We adopted the new standard effective January 1, 2018 on a prospective basis. The new standard did not have a material impact on our consolidated financial statements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
4. Prepaid Expenses and Other R
4. Prepaid Expenses and Other Receivables | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Receivables | 4. PREPAID EXPENSES AND OTHER RECEIVABLES The prepaid expenses as of March 31, 2021 included OTCQB annual fee of $10,500, deposit of $100 in transfer agent, and $75,602 in other receivables from our former subsidiaries, while the prepaid expenses as of December 31, 2020 included OTCQB annual fee of $14,000, deposit of $600 and $6,410 in transfer agent and our consultancy firm. |
5. Accrued Liabilities
5. Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 5. ACCRUED LIABILITIES The accrued liabilities as of March 31, 2021 included the auditor’s fee of $6,500, EDGAR fee of $1,025, professional fee to our consultancy firm of $24,359 and $2,569 payable to our former subsidiary, while the accrued liabilities as of December 31, 2020 included the auditor’s fee of $4,750, predecessor auditor consent fee of $5,000 and professional fee to our consulting service provider of $19,231. |
6. Amount Due to Director
6. Amount Due to Director | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Amount Due to Director | 6. AMOUNT DUE TO DIRECTOR As of March 31, 2021, and December 31, 2020, our directors has loaned to the Company $59,744 and $49,744 as working capital, respectively. This loan is unsecured, non-interest bearing and due on demand. |
7. Stockholders' Equity
7. Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 7. STOCKHOLDERS’ EQUITY As of March 31, 2021, and December 31, 2020, there were 141,990,387 and 141,990,387 shares of common stock issued and outstanding respectively. There were no stock options, warrants or other potentially dilutive securities outstanding as of March 31, 2021. |
8. Discontinued Operations
8. Discontinued Operations | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 8. DISCONTINUED OPERATIONS On March 30, 2021, the Company has signed an instrument of transfer with our director, Mr. Li Gongming. Beginning on January 1, 2020, the Company historical financial results for periods prior to the above transaction have been reflected in our statement of income, retrospectively, as discontinued operations. Additionally, the related assets and liabilities associated with the discontinued operations in the prior year balance sheet are classified as discontinued operations. As such, as of March 31, 2021, the Company accounted for all of its assets, liabilities and results of operations up to March 30, 2021 as discontinued operations. During the three months ended March 31, 2021, the Company did not record a gain or loss on this disposal of subsidiaries. The following table shows the results of operations of the Company for three months ended March 31, 2021 and 2020 which are included in the loss from discontinued operations: Three months ended March 31, 2021 Three months ended March 31, 2020 REVENUE $ – $ – COST OF REVENUE – – GROSS PROFIT – – GENERAL AND ADMINISTRATIVE EXPENSES (8,062 ) (1,177 ) LOSS FROM OPERATIONS (8,062 ) (1,177 ) OTHER INCOME/(EXPENSES) – – LOSS BEFORE INCOME TAX (8,062 ) (1,177 ) INCOME TAX REFUND / (EXPENSE) – – NET LOSS $ (8,062 ) $ (1,177 ) The following table shows the carrying amounts of the major classes of assets and liabilities associated with the Company as of March 30, 2021: As of March 30, 2021 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 1,692 Prepaid expenses 724 Total Current Assets 2,416 Non-current Assets Plant and equipment, net 1,116 Biological Assets 38,651 TOTAL ASSETS $ 42,183 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Amount due to director $ 19,800 Amount due to former parent company 73,033 Accounts payable and accrued expenses 14,504 Total Current Liabilities 107,337 TOTAL LIABILITIES $ 107,337 STOCKHOLDERS’ EQUITY Equity (65,154 ) TOTAL STOCKHOLDERS' EQUITY (65,154 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 42,183 |
9. Subsequent Events
9. Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. SUBSEQUENT EVENTS Our Board of Directors, Li Gongming, Teoh Kooi Sooi and Soh Khay Wee resigned from the board of directors on April 7, 2021. On the same day, Teoh Kooi Sooi resigned from the roles of Chief Executive Officer, Chief Financial Officer and Treasurer of the Company, David Edwin Evans resigned from the role of Chief Operation Officer of the Company, Liao Lin resigned from the role of Chief Sales Officer of the Company, Jaya C Rajamanickam resigned from the role of President of the Company while Feliana Binti Johny resigned from the role of Secretary of the Company. On April 7, 2021, Mr. Gary Bartholomew was appointed as the Director, Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer of the Company. |
3. Summary of Significant Acc_2
3. Summary of Significant Accounting (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
BasisOfPresentation | Basis of presentation The accompanying financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances were eliminated in consolidation. As of March 31, 2021, there was no subsidiary held by the Company. |
Use of estimates | Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheet, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. |
Going Concern | Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the three months ended March 31, 2021, the Company incurred a loss before income tax of $19,021 and used cash in operations of $6,852. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2020 financial statements, has expressed substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. Despite the amount of funds that we have raised, no assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. Our deposit in Hong Kong is currently deposit in HSBC Hong Kong, and there is a Deposit Protection Scheme protects our eligible deposits held with bank in Hong Kong which is members of the Scheme. The scheme will pay us a compensation up to a limit of HKD500,000, which is equivalent to $64,102, if HSBC Hong Kong fails. |
Fair value of financial instruments | Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayments, amount due to a director and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: · Level 1 : Observable inputs such as quoted prices in active markets; · Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and · Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions information regarding the impact of the adoption of ASC 842 on the Company’s financial statements. |
Recent accounting pronouncements | Recent accounting pronouncements In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18), which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. We adopted the new standard effective January 1, 2018, and the standard did not have a material impact on our financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01), which revises the definition of a business and provides new guidance in evaluating when a set of transferred assets and activities is a business. We adopted the new standard effective January 1, 2018 on a prospective basis. The new standard did not have a material impact on our consolidated financial statements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
8. Discontinued Operations (Tab
8. Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations financial information | Three months ended March 31, 2021 Three months ended March 31, 2020 REVENUE $ – $ – COST OF REVENUE – – GROSS PROFIT – – GENERAL AND ADMINISTRATIVE EXPENSES (8,062 ) (1,177 ) LOSS FROM OPERATIONS (8,062 ) (1,177 ) OTHER INCOME/(EXPENSES) – – LOSS BEFORE INCOME TAX (8,062 ) (1,177 ) INCOME TAX REFUND / (EXPENSE) – – NET LOSS $ (8,062 ) $ (1,177 ) The following table shows the carrying amounts of the major classes of assets and liabilities associated with the Company as of March 30, 2021: As of March 30, 2021 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 1,692 Prepaid expenses 724 Total Current Assets 2,416 Non-current Assets Plant and equipment, net 1,116 Biological Assets 38,651 TOTAL ASSETS $ 42,183 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Amount due to director $ 19,800 Amount due to former parent company 73,033 Accounts payable and accrued expenses 14,504 Total Current Liabilities 107,337 TOTAL LIABILITIES $ 107,337 STOCKHOLDERS’ EQUITY Equity (65,154 ) TOTAL STOCKHOLDERS' EQUITY (65,154 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 42,183 |
2. Description of Business an_2
2. Description of Business and Organization (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Gain from disposal of subsidiaries | $ 65,154 | $ 0 |
3. Summary of Significant Acc_3
3. Summary of Significant Accounting (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Loss from operations | $ (19,021) | $ (47,180) |
Net cash used in operations | $ (6,851) | $ (57,958) |
4. Prepaid Expenses and Other_2
4. Prepaid Expenses and Other Receivables (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid expenses and other receivables | $ 86,202 | $ 95,451 |
OTCQB Annual Fee [Member] | ||
Prepaid expenses and other receivables | 10,500 | 14,000 |
Transfer Agent Deposit [Member] | ||
Prepaid expenses and other receivables | 100 | 600 |
Other Receivables [Member] | ||
Prepaid expenses and other receivables | $ 75,602 | $ 6,410 |
5. Accrued Liabilities (Details
5. Accrued Liabilities (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued liabilities | $ 34,453 | $ 31,533 |
Auditors Fee [Member] | ||
Accrued liabilities | 6,500 | 4,750 |
Transfer Agent Deposit [Member] | ||
Accrued liabilities | 1,025 | |
Professional Fees [Member] | ||
Accrued liabilities | 24,359 | 19,231 |
Payable to Former Subsidiary [Member] | ||
Accrued liabilities | $ 2,569 | |
Auditor Consent Fee [Member] | ||
Accrued liabilities | $ 5,000 |
6. Amount Due to Director (Deta
6. Amount Due to Director (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Amount due to director | $ 59,744 | $ 49,744 |
7. Stockholders' Equity (Detail
7. Stockholders' Equity (Details Narrative) - shares | Mar. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Common stock, shares issued | 141,990,387 | 141,990,387 |
Common stock, shares outstanding | 141,990,387 | 141,990,387 |
Stock options outstanding | 0 | |
Warrants outstanding | 0 |
8. Discontinued Operations (Det
8. Discontinued Operations (Details - Operations) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
NET LOSS | $ (8,062) | $ (1,177) |
Segment Discontinued Operations [Member] | ||
REVENUE | 0 | 0 |
COST OF REVENUE | 0 | 0 |
GROSS PROFIT | 0 | 0 |
GENERAL AND ADMINISTRATIVE EXPENSES | (8,062) | (1,177) |
LOSS FROM OPERATIONS | (8,062) | (1,177) |
OTHER INCOME/(EXPENSES) | 0 | 0 |
LOSS BEFORE INCOME TAX | (8,062) | (1,177) |
INCOME TAX REFUND / (EXPENSE) | 0 | 0 |
NET LOSS | $ (8,062) | $ (1,177) |
8. Discontinued Operations (D_2
8. Discontinued Operations (Details - Balance Sheet) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 9,879 | $ 6,731 | $ 63,839 | |
Prepaid expenses | 86,202 | 95,451 | ||
Total Current Assets | 96,081 | 28,487 | ||
TOTAL ASSETS | 96,081 | 70,178 | ||
Amount due to director | 59,744 | 49,744 | ||
Total Current Liabilities | 94,197 | 104,405 | ||
TOTAL LIABILITIES | 94,197 | 104,405 | ||
TOTAL STOCKHOLDERS' EQUITY | 1,884 | (34,227) | $ 40,706 | $ 92,317 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 96,081 | $ 70,178 | ||
Segment Discontinued Operations [Member] | ||||
Cash and cash equivalents | 1,692 | |||
Prepaid expenses | 724 | |||
Total Current Assets | 2,416 | |||
Plant and equipment, net | 1,116 | |||
Biological Assets | 38,651 | |||
TOTAL ASSETS | 42,183 | |||
Amount due to director | 19,800 | |||
Amount due to former parent company | 73,033 | |||
Accounts payable and accrued expenses | 14,504 | |||
Total Current Liabilities | 107,337 | |||
TOTAL LIABILITIES | 107,337 | |||
TOTAL STOCKHOLDERS' EQUITY | (65,154) | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 42,183 |