Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Sep. 07, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
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 Tax Identification Number | 98-1253258 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 2 Campbell Drive | |
Entity Address, Address Line Two | Suite 307C | |
Entity Address, City or Town | Uxbridge | |
Entity Address, State or Province | ON | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | L9P 1H6 | |
City Area Code | 647 | |
Local Phone Number | 400-6927 | |
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 | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 141,990,387 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 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 June 30, 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 (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 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 or Stated Value Per Share | $ 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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
REVENUE | $ 0 | $ 0 | $ 0 | $ 0 |
COST OF REVENUE | 0 | 0 | 0 | 0 |
GROSS PROFIT | 0 | 0 | 0 | 0 |
OTHER EXPENSE | ||||
General and administrative | 0 | (23,855) | (19,021) | (72,211) |
LOSS FROM OPERATIONS | 0 | (23,855) | (19,021) | (72,211) |
Other income (expense), net | 0 | 0 | 0 | 0 |
LOSS BEFORE INCOME TAX | 0 | (23,855) | (19,021) | (72,211) |
INCOME TAX EXPENSE | 0 | 0 | 0 | 0 |
NET LOSS | 0 | (23,855) | (19,021) | (72,211) |
LOSS FROM DISCONTINUED OPERATIONS | ||||
Loss from discontinued operations | 0 | 0 | (8,062) | 0 |
Gain from disposal of subsidiaries | 0 | 0 | 65,154 | 0 |
NET INCOME / (LOSS) | 0 | (23,855) | 38,071 | (72,211) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Realized foreign currency translation due to disposal of subsidiaries | 0 | 0 | (482) | 0 |
Foreign currency translation income (loss) | 0 | 398 | (995) | (2,856) |
COMPREHENSIVE LOSS | $ 0 | $ (23,457) | $ (75,067) | $ (75,067) |
NET LOSS PER SHARE, BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 141,990,387 | 141,990,387 | 141,990,387 | 141,990,387 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 14,199 | $ 789,468 | $ 953 | $ (712,303) | $ 92,317 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 141,990,387 | ||||
Net loss | $ 0 | 0 | 0 | (48,357) | (48,357) |
Foreign currency translation | 0 | 0 | (3,254) | 0 | (3,254) |
Ending balance, value at Mar. 31, 2020 | $ 14,199 | 789,468 | (2,301) | (760,660) | 40,706 |
Shares, Outstanding, Ending Balance at Mar. 31, 2020 | 141,990,387 | ||||
Beginning balance, value at Dec. 31, 2019 | $ 14,199 | 789,468 | 953 | (712,303) | 92,317 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 141,990,387 | ||||
Disposal of subsidiaries | 0 | ||||
Net loss | (72,211) | ||||
Foreign currency translation | (2,856) | ||||
Ending balance, value at Jun. 30, 2020 | $ 141,990,387 | 141,990,387 | (1,903) | (784,515) | 17,249 |
Shares, Outstanding, Ending Balance at Jun. 30, 2020 | 141,990,387 | ||||
Beginning balance, value at Mar. 31, 2020 | $ 14,199 | 789,468 | (2,301) | (760,660) | 40,706 |
Shares, Outstanding, Beginning Balance at Mar. 31, 2020 | 141,990,387 | ||||
Disposal of subsidiaries | 0 | ||||
Net loss | $ 0 | 0 | 0 | (23,855) | (23,855) |
Foreign currency translation | 0 | 0 | 398 | 0 | 398 |
Ending balance, value at Jun. 30, 2020 | $ 141,990,387 | 141,990,387 | (1,903) | (784,515) | 17,249 |
Shares, Outstanding, Ending Balance at Jun. 30, 2020 | 141,990,387 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 14,199 | 789,468 | 1,477 | (839,371) | (34,227) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 141,990,387 | ||||
Disposal of subsidiaries | $ 0 | 0 | (482) | 0 | (482) |
Net loss | 0 | 0 | 0 | 37,588 | 37,588 |
Foreign currency translation | 0 | 0 | (995) | 0 | (995) |
Ending balance, value at Mar. 31, 2021 | $ 14,199 | 789,468 | (801,783) | 1,884 | |
Shares, Outstanding, Ending Balance at Mar. 31, 2021 | 141,990,387 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 14,199 | 789,468 | 1,477 | (839,371) | (34,227) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 141,990,387 | ||||
Disposal of subsidiaries | (482) | ||||
Net loss | 38,071 | ||||
Foreign currency translation | (995) | ||||
Ending balance, value at Jun. 30, 2021 | $ 14,199 | 789,468 | (801,783) | 1,884 | |
Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 141,990,387 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 14,199 | 789,468 | (801,783) | 1,884 | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2021 | 141,990,387 | ||||
Disposal of subsidiaries | 0 | ||||
Net loss | $ 0 | 0 | 0 | 0 | 0 |
Foreign currency translation | 0 | 0 | 0 | 0 | 0 |
Ending balance, value at Jun. 30, 2021 | $ 14,199 | $ 789,468 | $ (801,783) | $ 1,884 | |
Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 141,990,387 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income / (loss) | $ 46,133 | $ (72,211) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization expenses | 0 | 2,255 |
Gain on disposal of subsidiaries | (65,154) | 0 |
Changes in operating assets and liabilities: | ||
Increase/ (Decrease) in accrued liabilities | 2,920 | (17,091) |
Decrease in Lease Liabilities | 0 | (1,521) |
Decrease/ (Increase) in prepaid expenses and other receivables | 9,249 | (80,770) |
(Increase)/ Decrease in biological assets | 0 | (4,522) |
Net cash flows used in operating activities | (6,851) | (85,292) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Advance from directors | 10,000 | 27,987 |
Net cash provided by financing activities | 10,000 | 27,987 |
Effect of exchange rate changes in cash and cash equivalents | 0 | (219) |
Net changes in cash and cash equivalents | 3,148 | (57,524) |
Operating cash flows of the discontinued operation | (22,643) | 0 |
Investing cash flows of the discontinued operation | 40,342 | 0 |
Financing cash flows of the discontinued operation | (15,985) | 0 |
Total changes in cash and cash equivalents including discontinued operations | 1,714 | (57,524) |
Cash and cash equivalents, beginning of period | 6,731 | 63,839 |
CASH AT END OF PERIOD, CONTINUING OPERATIONS | 9,879 | 6,315 |
CASH AT END OF PERIOD, DISCONTINUED OPERATIONS | 1,692 | 0 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | 0 | 0 |
Interest paid | $ 0 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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. |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [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 intended to offer planting and cultivation services to land owners in regards to the planting and cultivation of Aquilaria Subintegra & Aquilaria Sinensis trees. We also intended 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 was completed on September 30, 2018. Mr. CHEN Zheru was 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 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. On April 22, 2021, CyberNorth Ventures Inc. acquired an aggregate of 109,423,767 shares of Common Stock of the Company, representing approximately 77.6% of the issued and outstanding shares of Common Stock of the Company as of such date, from the previous majority shareholders of the Company. As a result of such acquisition CyberNorth Ventures Inc. is able to unilaterally control the election of our board of directors, all matters upon which shareholder approval is required and, ultimately, the direction of our Company. CyberNorth Ventures Inc. is wholly owned by our director, Gary Bartholomew. The Company does not currently have operations. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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 June 30, 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 six months ended June 30, 2021, the Company incurred a loss before income tax of $ 19,021 6,851 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. 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. |
PREPAID EXPENSES AND OTHER RECE
PREPAID EXPENSES AND OTHER RECEIVABLES | 6 Months Ended |
Jun. 30, 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 June 30, 2021 included OTCQB annual fee of $ 10,500 100 75,602 14,000 600 6,410 |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES | 5. ACCRUED LIABILITIES The accrued liabilities as of June 30, 2021 included the auditor’s fee of $ 6,500 1,025 24,359 2,569 4,750 5,000 19,231 |
AMOUNT DUE TO DIRECTOR
AMOUNT DUE TO DIRECTOR | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
AMOUNT DUE TO DIRECTOR | 6. AMOUNT DUE TO DIRECTOR As of June 30, 2021, and December 31, 2020, our directors has loaned to the Company $59,744 and $ 49,744 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 7. STOCKHOLDERS’ EQUITY As of June 30, 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 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 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 June 30, 2021, the Company accounted for all of its assets, liabilities and results of operations up to June 30, 2021 as discontinued operations. During the three months ended June 30, 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 June 30, 2021 and 2020 which are included in the loss from discontinued operations: Schedule of discontinued operations Six months ended June 30, 2021 Six months ended June 30, 2020 REVENUE $ – $ – COST OF REVENUE – – GROSS PROFIT – – GENERAL AND ADMINISTRATIVE EXPENSES (8,062 ) – LOSS FROM OPERATIONS (8,062 ) – OTHER INCOME/(EXPENSES) – – LOSS BEFORE INCOME TAX (8,062 ) – INCOME TAX REFUND / (EXPENSE) – – NET LOSS $ (8,062 ) $ – The following table shows the carrying amounts of the major classes of assets and liabilities associated with the Company as of June 30, 2021: Schedule of discontinued operations - balance sheet As of June 30, 2021 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 9,879 Prepaid expenses 86,202 Total Current Assets 96,081 Non-current Assets Plant and equipment, net – Biological Assets – TOTAL ASSETS $ 96,081 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Amount due to director $ 59,744 Amount due to former parent company – Accounts payable and accrued expenses 34,453 Total Current Liabilities 94,197 TOTAL LIABILITIES $ 94,197 STOCKHOLDERS’ EQUITY Equity 1,884 TOTAL STOCKHOLDERS' EQUITY 1,884 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 96,081 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 9. SUBSEQUENT EVENTS On September 3, 2021, the Company’s sole director and shareholder holding a majority of the Company’s voting stock approved the following actions by written consent: change of the Company’s name to TrueNorth Quantum, Inc., designation of one share of Series A Preferred Stock with special voting rights, and approval of a stock incentive plan and deferred stock unit plan. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | 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 June 30, 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 six months ended June 30, 2021, the Company incurred a loss before income tax of $ 19,021 6,851 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. |
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. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of discontinued operations | Schedule of discontinued operations Six months ended June 30, 2021 Six months ended June 30, 2020 REVENUE $ – $ – COST OF REVENUE – – GROSS PROFIT – – GENERAL AND ADMINISTRATIVE EXPENSES (8,062 ) – LOSS FROM OPERATIONS (8,062 ) – OTHER INCOME/(EXPENSES) – – LOSS BEFORE INCOME TAX (8,062 ) – INCOME TAX REFUND / (EXPENSE) – – NET LOSS $ (8,062 ) $ – |
Schedule of discontinued operations - balance sheet | Schedule of discontinued operations - balance sheet As of June 30, 2021 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 9,879 Prepaid expenses 86,202 Total Current Assets 96,081 Non-current Assets Plant and equipment, net – Biological Assets – TOTAL ASSETS $ 96,081 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Amount due to director $ 59,744 Amount due to former parent company – Accounts payable and accrued expenses 34,453 Total Current Liabilities 94,197 TOTAL LIABILITIES $ 94,197 STOCKHOLDERS’ EQUITY Equity 1,884 TOTAL STOCKHOLDERS' EQUITY 1,884 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 96,081 |
DESCRIPTION OF BUSINESS AND O_2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Gain (Loss) on Disposition of Stock in Subsidiary | $ 0 | $ 0 | $ 65,154 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 0 | $ 23,855 | $ 19,021 | $ 72,211 |
Net Cash Provided by (Used in) Operating Activities | $ 6,851 | $ 85,292 |
PREPAID EXPENSES AND OTHER RE_2
PREPAID EXPENSES AND OTHER RECEIVABLES (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | ||
prepaid | $ 86,202 | $ 95,451 |
Otc Annual Fee [Member] | ||
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | ||
prepaid | 10,500 | 14,000 |
Transfer Agent Fees [Member] | ||
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | ||
prepaid | 100 | 600 |
Other Receivables From Former Subsidiaries [Member] | ||
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | ||
prepaid | $ 75,602 | |
Consultancy Fee [Member] | ||
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | ||
prepaid | $ 6,410 |
ACCRUED LIABILITIES (Details Na
ACCRUED LIABILITIES (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | ||
accrued | $ 34,453 | $ 31,533 |
Auditors Fee Payable [Member] | ||
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | ||
accrued | 6,500 | 4,750 |
EDGAR Fees Payable [Member] | ||
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | ||
accrued | 1,025 | |
Consultant Fee Payable [Member] | ||
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | ||
accrued | 24,359 | 19,231 |
Payable To Former Subsidiary [Member] | ||
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | ||
accrued | $ 2,569 | |
Prior Auditor Consent Fee Payable [Member] | ||
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | ||
accrued | $ 5,000 |
AMOUNT DUE TO DIRECTOR (Details
AMOUNT DUE TO DIRECTOR (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Amount due to director | $ 59,744 | $ 49,744 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) | Jun. 30, 2021shares |
Equity [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 |
Class of Warrant or Right, Outstanding | 0 |
Schedule of discontinued operat
Schedule of discontinued operations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
NET LOSS | $ 0 | $ 0 | $ (8,062) | $ 0 |
Discontinued Operations [Member] | ||||
REVENUE | 0 | 0 | ||
COST OF REVENUE | 0 | 0 | ||
GROSS PROFIT | 0 | 0 | ||
GENERAL AND ADMINISTRATIVE EXPENSES | (8,062) | |||
LOSS FROM OPERATIONS | (8,062) | |||
OTHER INCOME/(EXPENSES) | 0 | 0 | ||
LOSS BEFORE INCOME TAX | (8,062) | |||
INCOME TAX REFUND / (EXPENSE) | 0 | 0 | ||
NET LOSS | $ (8,062) |
Schedule of discontinued oper_2
Schedule of discontinued operations - balance sheet (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 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 | $ 1,884 | (34,227) | $ 17,249 | $ 40,706 | $ 92,317 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 96,081 | $ 70,178 | ||||
Discontinued Operations [Member] | ||||||
Cash and cash equivalents | 9,879 | |||||
Prepaid expenses | 86,202 | |||||
Total Current Assets | 96,081 | |||||
Plant and equipment, net | 0 | |||||
Biological Assets | 0 | |||||
TOTAL ASSETS | 96,081 | |||||
Amount due to director | 59,744 | |||||
Amount due to former parent company | 0 | |||||
Accounts payable and accrued expenses | 34,453 | |||||
Total Current Liabilities | 94,197 | |||||
TOTAL LIABILITIES | 94,197 | |||||
TOTAL STOCKHOLDERS' EQUITY | 1,884 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 96,081 |