Edgemode (EDGM) 10-Q 20 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 15, 2018
Document And Entity Information
Entity Registrant Name	WADENA CORP.
Entity Central Index Key	1,652,958
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		144,525,000
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,018

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash	$ 106,359
Total currents assets	106,359
Property and equipment, Net	412	1,184
Total assets	106,771	1,184
Current liabilities:
Accounts payable	4,817	4,879
Accounts payable - related party	150,341	144,500
Notes payable	244,000	224,000
Notes payable - related party	39,500	38,488
Total current liabilities	438,658	411,867
Total liabilities	438,658	411,867
STOCKHOLDERS' DEFICIT
Preferred stock, $0.001 par value, 500,000,000 shares authorized, none issued and outstanding
Common stock, $0.001 par value, 200,000,000 shares authorized, 144,525,000 and 141,525,000 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	144,525	141,525
Additional paid in capital	36,875	(110,125)
Accumulated deficit	(513,287)	(442,083)
Total stockholders' deficit	(331,887)	(410,683)
Total liabilities and stockholders' deficit	$ 106,771	$ 1,184

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	500,000,000	500,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares Issued	144,525,000	141,525,000
Common Stock, Shares Outstanding	144,525,000	141,525,000

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating expenses:
Depreciation	$ 386	$ 386	$ 772	$ 772
General and administration	51,473	18,063	70,432	35,028
Total operating expenses	51,859	18,449	71,204	35,800
Net loss	$ (51,859)	$ (18,449)	$ (71,204)	$ (35,800)
Net loss per share:
Basic and diluted	$ .00	$ 0	$ 0	$ 0
Weighted average shares outstanding:
Basic and diluted	142,471,154	141,525,000	142,000,691	141,525,000

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (71,204)	$ (35,800)
Adjustment to reconcile net loss to cash used in operating activities:
Depreciation expense	772	772
Net change in:
Accounts payable	(62)	(919)
Accounts payable - related party	5,841	12,000
CASH FLOWS USED IN OPERATING ACTIVITIES	(64,653)	(23,947)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock	150,000
Proceeds from notes payable, related party	20,012	13,500
Payment on notes payable, related party	(19,000)
Proceeds from notes payable	20,000	12,000
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	171,012	25,500
NET CHANGE IN CASH	106,359	1,553
Cash, beginning of period		1,671
Cash, end of period	106,359	3,224
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid on interest expenses
Cash paid for income taxes

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Note 1. Basis of Presentation The accompanying unaudited interim financial statements of Wadena Corp. (“Wadena” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for our interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2017, as reported in the Company’s Form 10-K, have been omitted.

General

General	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
General	Note 2. General The Company was incorporated in Nevada on January 21, 2011. Since its incorporation, the Company has have attempted to become involved in a number of business ventures, all of which were unsuccessful and which it has abandoned. In February 2018 the Company decided to become involved in the marijuana industry. The Company now plans to own and operate medical and adult marijuana cultivation facilities, manufacturing facilities and dispensaries in California. The first step in the Company’s business plan is to acquire licenses to cultivate, manufacture and sell marijuana. The Company will attempt to acquire licenses from persons who have either applied for or been granted marijuana licenses in California. The Company does not intend to acquire a license associated with a facility or dispensary which is in operation. The Company may also apply for a marijuana cultivation, manufacturing or dispensary license in its own name. The Company’s activities are subject to significant risks and uncertainties including the failure to secure the funding needed to properly execute the Company’s business plan. We do not anticipate receiving cash flow from operations in the near future to satisfy our ongoing capital requirements. We are seeking financing in the form of equity capital in order to provide the necessary working capital. Our ability to meet our obligations and continue to operate as a going concern is highly dependent on our ability to obtain additional financing. We cannot predict whether this additional financing will be in the form of equity or debt, or be in another form. We may not be able to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all. In any of these events, we may be unable to implement our current plans which circumstances would have a material adverse effect on our business, prospects, financial conditions and results of operations. During the three months ended June 30, 2018 we sold 3,000,000 shares of our common stock to 13 persons in a private offering at a price of $0.05 per share.

Going Concern

Going Concern	6 Months Ended
	Jun. 30, 2018
Going Concern
Going Concern	Note 3. Going Concern These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At June 30, 2018 the Company had not yet achieved profitable operations, has accumulated losses of $513,287 and expects to incur further losses in the development of its business, all of which raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Note 4. Related Party Transactions Notes payable-related party are due to the former director and President of the Company for funds advanced. The advances are unsecured, non-interest bearing and have no specific terms for repayment. As of December 31, 2017, the notes totaled $38,488. During the period ended June 30, 2018, the Company received a note payable, net of a repayment, in the amount of $1,012 from the President of the Company. The note is unsecured, non-interest bearing and had no specific terms for repayment. As of June 30, 2018, the note payable totaled $39,500. The Company is charged management fees by the former President of the Company when funds are available. Effective March 1, 2012, the Company agreed to pay the President of the Company $4,000 per month for management services if funds are available or to accrue such amount if funds are not available. Effective July 1, 2016, the Company agreed to pay the President of the Company $2,000 per month for management services if funds are available or to accrue such amount if funds are not available. Accounts payable – related party are the fees earned but not yet paid of $150,341 and $144,500 at June 30, 2018 and December 31, 2017, respectively. The table below shows management fees charged to expense for the periods indicated. Six months ended June 30, 2018 Six months ended June 30, 2017 Management fees $ 12,000 $ 12,000

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Notes Payable	Note 5. Notes Payable During the period ended June 30, 2018, the Company received advances of $20,000 from an unrelated third party. The advances are unsecured, non-interest bearing and have no specific terms for repayment. As of June 30, 2018 and December 31, 2017 the advances totaled $244,000 and $224,000, respectively.

Equity Transactions

Equity Transactions	6 Months Ended
	Jun. 30, 2018
Equity Transactions
Equity Transactions	Note 6. Equity Transactions During the three months ended June 30, 2018 the Company sold 3,000,000 shares of its common stock to 13 persons in a private offering at a price of $0.05 per share.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 7. Subsequent Events On August 7, 2018 the Company entered into agreements with LGM, Org and Lean Green Machine, Inc. (collectively “LGM”) to acquire licenses LGM may be awarded by the state of California in Long Beach and the City of Commerce. LGM has applied for licenses to operate cultivation and manufacturing facilities in these two cities. A cultivation and manufacturing license, awarded together, is known as a “micro license”. If LGM is awarded a micro license for Long Beach, the Company will issue LGM 35,381,250 shares of its common stock in consideration for the assignment of the license to the Company. If LGM is awarded a micro license for the City of Commerce, the Company will issue LGM 35,381,250 shares of its common stock in consideration for the assignment of the license to the Company. J. Jacob Isaacs, the Company’s only officer and director, and the owner of 78,750,000 shares of the Company’s common stock, will sell to the Company, for $100, the same number of shares which the Company may issue to LGM. In July 2018, the Company sold 234,000 shares of common stock to two third party investors at a price of $0.05 per share, for a total proceeds of $11,700. Management has evaluated subsequent events through the date that these financial statements were available to be issued. Other than the foregoing, there have been no events that would required adjustment to or disclosure in the financial statements.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Six months ended June 30, 2018 Six months ended June 30, 2017 Management fees $ 12,000 $ 12,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Related Party Transactions [Abstract]
Management fees	$ 12,000	$ 12,000

Related Party Transactions (D15

Related Party Transactions (Details Narrative) - USD ($)	Jul. 02, 2016	Mar. 01, 2012	Jun. 30, 2018	Dec. 31, 2017
Accounts payable - related party are the fees earned but not yet paid			$ 150,341	$ 144,500
President [Member]
Management Services to President per month	$ 2,000	$ 4,000

Equity Transactions (Details Na

Equity Transactions (Details Narrative)	3 Months Ended
	Jun. 30, 2018$ / sharesshares
Disclosure Equity Transactions Details Narrative Abstract
Number of common stock sold | shares	3,000,000
Offering price per share | $ / shares	$ .05