Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Nov. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q/A | |
Amendment Flag | true | |
Amendment Description | Amendment No. 1 | |
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 | TrueNorth Quantum, Inc. | |
Entity Central Index Key | 0001652842 | |
Entity Tax Identification Number | 98-1253258 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 5428 South Regal Street #30954 | |
Entity Address, City or Town | Spokane | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 99223 | |
City Area Code | 647 | |
Local Phone Number | 400-6927 | |
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 | false | |
Entity Common Stock, Shares Outstanding | 151,043,725 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 0 | $ 6,731 |
Prepaid expenses and other receivables | 7,000 | 21,756 |
Total Current Assets | 7,000 | 28,487 |
Non-current assets from discontinued operation | 0 | 41,691 |
TOTAL ASSETS | 7,000 | 70,178 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 234 | 31,533 |
Due to related party | 0 | 49,744 |
Current liabilities from discontinued operation | 0 | 23,128 |
Total Current Liabilities | 234 | 104,405 |
Total Liabilities | 234 | 104,405 |
Stockholders' Equity (Deficit): | ||
Preferred stock, $0.0001 par value, 200,000,000 shares authorized, none issued and outstanding | 0 | |
Common stock, $0.0001 par value, 600,000,000 shares authorized, 141,990,387 shares issued and outstanding | 14,199 | 14,199 |
Additional paid-in capital | 873,597 | 789,468 |
Accumulated other comprehensive income | 0 | 1,477 |
Accumulated deficit | (881,030) | (839,371) |
Total Stockholders' Equity (Deficit) | 6,766 | (34,227) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 7,000 | $ 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 and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Operating Expenses | ||||
General and administrative | 6,215 | 22,655 | 25,236 | 69,835 |
Total Operating Expenses | 6,215 | 22,655 | 25,236 | 69,835 |
Loss from operations | (6,215) | (22,655) | (25,236) | (69,835) |
Loss from continuing operation | (6,215) | (22,655) | (25,236) | (69,835) |
Loss from discontinued operations | ||||
Loss from discontinued operations | 0 | (1,199) | (8,062) | (2,376) |
Loss from disposal of subsidiaries | 0 | 0 | (8,361) | 0 |
Loss from discontinued operations | 0 | (1,199) | (16,423) | (2,376) |
Net Loss | (6,215) | (23,854) | (41,659) | (72,211) |
Other Comprehensive Income (loss) | ||||
Realized foreign currency translation due to disposal of subsidiaries | 0 | 0 | (482) | 0 |
Foreign currency translation loss | 0 | 398 | (995) | (2,856) |
Comprehensive loss | $ (6,215) | $ (23,456) | $ (43,136) | $ (75,067) |
Net Loss Per Common Share: Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding: Basic and Diluted | 141,990,387 | 464,667,527 | 141,990,387 | 664,499,399 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholder's Equity (Deficit) (Unaudited) - USD ($) | Preferred Stock [Member] | 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 | |
Beginning balance, Shares at Dec. 31, 2019 | 141,990,387 | |||||
Foreign currency translation | (3,254) | (3,254) | ||||
Net loss | (48,357) | (48,357) | ||||
Ending balance, value at Mar. 31, 2020 | $ 14,199 | 789,468 | (2,301) | (760,660) | 40,706 | |
Ending balance, Shares at Mar. 31, 2020 | 141,990,387 | |||||
Beginning balance, value at Dec. 31, 2019 | $ 14,199 | 789,468 | 953 | (712,303) | 92,317 | |
Beginning balance, Shares at Dec. 31, 2019 | 141,990,387 | |||||
Net loss | (72,211) | |||||
Ending balance, value at Jun. 30, 2020 | $ 14,199 | 789,468 | (1,903) | (784,515) | 17,249 | |
Ending balance, Shares at Jun. 30, 2020 | 141,965,520 | |||||
Beginning balance, value at Mar. 31, 2020 | $ 14,199 | 789,468 | (2,301) | (760,660) | 40,706 | |
Beginning balance, Shares at Mar. 31, 2020 | 141,990,387 | |||||
Foreign currency translation | 398 | 398 | ||||
Net loss | (23,854) | (23,854) | ||||
Ending balance, value at Jun. 30, 2020 | $ 14,199 | 789,468 | (1,903) | (784,515) | 17,249 | |
Ending balance, Shares at Jun. 30, 2020 | 141,965,520 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 14,199 | 789,468 | 1,477 | (839,371) | (34,227) | |
Beginning balance, Shares at Dec. 31, 2020 | 141,990,387 | |||||
Disposal of subsidiaries | (482) | (482) | ||||
Foreign currency translation | (995) | (995) | ||||
Net loss | (35,444) | (35,444) | ||||
Ending balance, value at Mar. 31, 2021 | $ 14,199 | 789,468 | (874,815) | (71,148) | ||
Ending balance, Shares at Mar. 31, 2021 | 141,990,387 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 14,199 | 789,468 | 1,477 | (839,371) | (34,227) | |
Beginning balance, Shares at Dec. 31, 2020 | 141,990,387 | |||||
Net loss | (41,659) | |||||
Ending balance, value at Jun. 30, 2021 | $ 14,199 | 873,597 | (881,030) | 6,766 | ||
Ending balance, Shares at Jun. 30, 2021 | 141,990,387 | |||||
Beginning balance, value at Mar. 31, 2021 | $ 14,199 | 789,468 | (874,815) | (71,148) | ||
Beginning balance, Shares at Mar. 31, 2021 | 141,990,387 | |||||
Debt forgiveness | 84,129 | 84,129 | ||||
Net loss | (6,215) | (6,215) | ||||
Ending balance, value at Jun. 30, 2021 | $ 14,199 | $ 873,597 | $ (881,030) | $ 6,766 | ||
Ending balance, Shares 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 loss | $ (41,659) | $ (72,211) |
Accounts receivable - related party | ||
Depreciation expense | 0 | 2,255 |
Loss on disposal of subsidiaries | 8,361 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 14,756 | 7,798 |
Accounts payable and accrued liabilities | (31,299) | (17,091) |
Lease liabilities | 0 | (1,521) |
Discontinued assets and liabilities | 8,725 | 0 |
Net Cash Used in Operating Activities | (41,116) | (80,770) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of biological assets | 0 | (4,522) |
Net cash used in Investing Activities | 0 | (4,522) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advance from directors | 34,385 | 27,987 |
Net cash provided by Financing Activities | 34,385 | 27,987 |
Effect of exchange rate changes in cash and cash equivalents | 0 | (219) |
Net cash decrease for period | (6,731) | (57,524) |
Cash at beginning of period | 6,731 | 63,839 |
Cash at end of period | 0 | 6,315 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | 0 | 0 |
NON CASH INVESTING AND FINANCING ACTIVITIES | ||
Initial recognition of operating lease right-of-use assets and operating lease obligations | 0 | 21,330 |
Debt forgiveness | $ 84,129 | $ 0 |
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 | 1. DESCRIPTION OF BUSINESS AND ORGANIZATION Organization TrueNorth Quantum, Inc., formerly United Royale Holdings Corp., (“the Company”, “TNQ”, “we”, “us” or “our”) was incorporated under the laws of the State of Nevada on June 23, 2015 to offer planting and cultivation services to land owners in regards to the planting and cultivation of Aquilaria Subintegra & Aquilaria Sinensis trees. On February 15, 2017, we changed our name from Bosy Holdings Corp. to United Royale Holdings Corp. to facilitate our re-branding efforts and develop and enhance our business. 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. 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. 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 77.6 On October 4, 2021, the Company amended its Articles of Incorporation to (i) change its name to TrueNorth Quantum Inc. and (ii) designate its Series A Preferred Stock. On October 20, 2021, the board of directors of the Company appointed Witold (Wit) Ostrenko as a director of the Company, and appointed Brad Herr as the Company’s Chief Financial Officer. On October 29, 2021, the Company closed its acquisition of TrueNorth Quantum Inc. (“TNQ”), a corporation existing under the laws of the Province of Alberta, Canada pursuant to the Exchange Agreement, Support Agreement and Trust Agreement disclosed in the Company’s Current Report filed October 13, 2021. On November 8, 2021, the board of directors of the Company appointed William Douglas (Doug) Beynon and David Mironov as directors of the Company. Description of Business TNQ is a technology company that has developed an enterprise platform providing security, connectivity and systems compatibility for existing financial institution’s back and front office. This includes integration into major Banks systems from compliance to customer information, including their trading platforms. The TNQ technology (“Northern Shield”) utilizes quantum cryptography (or Quantum key distribution) to secure the clients private key to their crypto assets and this key is held within the trusted Bank environment with the potential to be insured against cyberattack and theft. Northern Shield enables banks to “institutionalize” crypto currencies the blockchain market. Crypto currencies such as Bitcoin were originally designed to “decentralize” currency. However, the Northern Shield will provide the vehicle for integration to applications and utility for digital wallets inbound and outbound. Northern Shield is a custody solution with insurance. Currently, crypto holders have an account at the crypto-exchange where they invested in that crypto currency. Our solution enables major banks to possess custody on behalf of their clients providing flexibility to trade on multiple exchanges with access to financial and payment networks in a secure and insured account. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 8 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. 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 (see Note 7). 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 41,116 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 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 | 3. PREPAID EXPENSES AND OTHER RECEIVABLES The prepaid expenses as of June 30, 2021 included OTCQB annual fee of $ 7,000 14,000 600 6,410 |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES | 4. ACCRUED LIABILITIES The accrued liabilities as of June 30, 2021 included transfer agent fee of $ 234 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 | 5. AMOUNT DUE TO DIRECTOR As of June 30, 2021, and December 31, 2020, our directors has loaned to the Company $ 0 49,744 34,385 84,129 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 6. STOCKHOLDERS’ EQUITY As of June 30, 2021, and December 31, 2020, there were 141,990,387 There were no |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | 7. 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 March 30, 2021 as discontinued operations. The following table shows the results of operations of the Company for three and six months ended June 30, 2021 and 2020 which are included in the loss from discontinued operations: Schedule of discontinued operations Three Months Ended Six months ended June 30, June 30, 2021 2020 2021 2020 Revenue $ – $ – $ – $ – General and administrative – 1,199 8,062 2,376 Loss from operations – (1,199 ) (8,062 ) (2,376 ) Other income (expense) – – – – Loss before income tax – (1,199 ) (8,062 ) (2,376 ) Income tax expense (refund) – – – – Net loss from discontinued operations $ – $ (1,199 ) $ (8,062 ) $ (2,376 ) The following table shows the loss from disposal of subsidiaries from carrying amounts of the major classes of assets and liabilities as of March 30, 2021: Schedule of discontinued operations - balance sheet March 30, 2021 Current Assets Cash and cash equivalents $ 1,692 Prepaid expenses 724 Plant and equipment, net 1,116 Biological Assets 38,651 Amount due to director (19,800 ) Accounts payable and accrued expenses (14,504 ) Realized foreign currency translation due to disposal of subsidiaries 482 Loss from disposal of subsidiaries $ 8,361 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 8. 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. On October 4, 2021, the Company amended its Articles of Incorporation to (i) change its name to TrueNorth Quantum Inc. and (ii) designate its Series A Preferred Stock. On October 20, 2021, the board of directors of the Company appointed Witold (Wit) Ostrenko as a director of the Company, and appointed Brad Herr as the Company’s Chief Financial Officer. On October 29, 2021, the Company closed its acquisition of TrueNorth Quantum Inc. (“TNQ”), a corporation existing under the laws of the Province of Alberta, Canada pursuant to the Exchange Agreement, Support Agreement and Trust Agreement disclosed in the Company’s Current Report filed October 13, 2021. On November 5, 2021, TrueNorth Quantum, Inc., a Nevada corporation formerly known as United Royale Holdings Corp. (the “Company”) dismissed Zia Masood Kiani & Co. (“ZMKC”) as the Company’s independent registered public accounting firm. Following a careful deliberation, on November 5, 2021, the Company engaged BF Borger CPA PC (“BFB”) as the Company’s independent registered public accounting firm. On November 8, 2021, the board of directors of the Company appointed William Douglas (Doug) Beynon and David Mironov as directors of the Company. |
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 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 8 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. 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 (see Note 7). |
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 41,116 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 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 Three Months Ended Six months ended June 30, June 30, 2021 2020 2021 2020 Revenue $ – $ – $ – $ – General and administrative – 1,199 8,062 2,376 Loss from operations – (1,199 ) (8,062 ) (2,376 ) Other income (expense) – – – – Loss before income tax – (1,199 ) (8,062 ) (2,376 ) Income tax expense (refund) – – – – Net loss from discontinued operations $ – $ (1,199 ) $ (8,062 ) $ (2,376 ) |
Schedule of discontinued operations - balance sheet | Schedule of discontinued operations - balance sheet March 30, 2021 Current Assets Cash and cash equivalents $ 1,692 Prepaid expenses 724 Plant and equipment, net 1,116 Biological Assets 38,651 Amount due to director (19,800 ) Accounts payable and accrued expenses (14,504 ) Realized foreign currency translation due to disposal of subsidiaries 482 Loss from disposal of subsidiaries $ 8,361 |
DESCRIPTION OF BUSINESS AND O_2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details Narrative) - Cyber North Ventures [Member] | 1 Months Ended |
Apr. 22, 2021shares | |
Restructuring Cost and Reserve [Line Items] | |
Stock Issued During Period, Shares, Acquisitions | 109,423,767 |
Business Acquisition, Percentage | 77.60% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||
Loss before income tax | $ 19,021 | |
Net Cash Provided by (Used in) Operating Activities | $ 41,116 | $ 80,770 |
PREPAID EXPENSES AND OTHER RE_2
PREPAID EXPENSES AND OTHER RECEIVABLES (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Prepaid expenses | $ 7,000 | $ 21,756 |
Otc Annual Fee [Member] | ||
Prepaid expenses | $ 7,000 | 14,000 |
Transfer Agent Fees [Member] | ||
Prepaid expenses | 600 | |
Consultancy Fee [Member] | ||
Prepaid expenses | $ 6,410 |
ACCRUED LIABILITIES (Details Na
ACCRUED LIABILITIES (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Agent Fee Payable [Member] | ||
Accrued liabilities | $ 234 | |
Auditors Fee Payable [Member] | ||
Accrued liabilities | $ 4,750 | |
Prior Auditor Consent Fee Payable [Member] | ||
Accrued liabilities | 5,000 | |
Consultant Fee Payable [Member] | ||
Accrued liabilities | $ 19,231 |
AMOUNT DUE TO DIRECTOR (Details
AMOUNT DUE TO DIRECTOR (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |||
Amount due to director | $ 0 | $ 49,744 | |
Advance from directors | 34,385 | $ 27,987 | |
Debt forgiven | $ 84,129 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - shares | Jun. 30, 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 Option, Outstanding | 0 | |
Warrant, Outstanding | 0 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details - Operation) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net loss from discontinued operations | $ 0 | $ (1,199) | $ (16,423) | $ (2,376) |
Discontinued Operations [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
General and administrative | 0 | 1,199 | 8,062 | 2,376 |
Loss from operations | 0 | (1,199) | (8,062) | (2,376) |
Other income (expense) | 0 | 0 | 0 | 0 |
Loss before income tax | 0 | (1,199) | (8,062) | (2,376) |
Income tax expense (refund) | 0 | 0 | 0 | 0 |
Net loss from discontinued operations | $ 0 | $ (1,199) | $ (8,062) | $ (2,376) |
DISCONTINUED OPERATIONS (Deta_2
DISCONTINUED OPERATIONS (Details - Balance Sheet) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Mar. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents | $ 0 | $ 6,731 | $ 6,315 | $ 63,839 | ||
Prepaid expenses | 7,000 | 21,756 | ||||
Amount due to director | 0 | (49,744) | ||||
Accounts payable and accrued expenses | $ (234) | $ (31,533) | ||||
Realized foreign currency translation due to disposal of subsidiaries | $ (482) | |||||
Discontinued Operations [Member] | ||||||
Cash and cash equivalents | $ 1,692 | |||||
Prepaid expenses | 724 | |||||
Plant and equipment, net | 1,116 | |||||
Biological Assets | 38,651 | |||||
Amount due to director | (19,800) | |||||
Accounts payable and accrued expenses | (14,504) | |||||
Realized foreign currency translation due to disposal of subsidiaries | 482 | |||||
Loss from disposal of subsidiaries | $ 8,361 |