Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019shares | |
Document And Entity Information | |
Entity Registrant Name | Inbit Corp |
Entity Central Index Key | 0001657803 |
Document Type | 10-Q/A |
Document Period End Date | Jun. 30, 2019 |
Amendment Flag | true |
Amendment Description | We are filing this Amendment No. 1 on our Form 10-Q/A for the quarterly period ended June 30, 2019 as filed with the Securities and Exchange Commission on August 12, 2019, (the "Original Filing") to correct the error appears on whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act). As the registrant is still a shell company, we have marked the wrong box in that respect. The correct explanation is "Yes" as amended above. This Amendment No. 1 does not reflect events that may have occurred subsequent to the Original Filing Date. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Filing and our other SEC filings subsequent to the filing of the Original 10-Q as well as any other filings made by the Company with the SEC pursuant to Section 13(a) or 15(d) of Securities Exchange Act of 1934, as amended, subsequent to the filing of the Original Filing. |
Current Fiscal Year End Date | --12-31 |
Entity's Reporting Status Current | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business Flag | true |
Entity Emerging Growth Company | false |
Entity Ex Transition Period | false |
Entity Shell Company | true |
Entity Common Stock, Shares Outstanding | 126,000,000 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2019 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and bank balances | $ 547 | $ 554 |
Other Receivables | 40,334 | 40,334 |
Total assets | 40,881 | 40,888 |
Current liabilities | ||
Accrued liabilities | 7,075 | 10,232 |
Amount owing to directors | 46,192 | 46,192 |
Amount owing to shareholders | 122,330 | 110,791 |
Total liabilities | 175,597 | 167,215 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Authorized: 5,000,000,000 common shares with a par value of $0.001 Issued and Outstanding: 126,000,000 common shares | 6,300 | 6,300 |
Additional paid in capital | 24,700 | 24,700 |
Deficit accumulated during the development stage | (165,716) | (157,327) |
Total stockholders' deficit | (134,716) | (126,327) |
Total liabilities and stockholders' deficit | $ 40,881 | $ 40,888 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 126,000,000 | 126,000,000 |
Common stock, shares outstanding | 126,000,000 | 126,000,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 6 Months Ended | 57 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | |
Income Statement [Abstract] | |||
Revenue | $ 15,351 | $ 21,667 | |
COGS | (11,286) | (13,057) | |
Gross Profit | 4,065 | 8,610 | |
Other income | 11,433 | ||
Operating expenses | |||
General and administrative expenses | (8,389) | (19,187) | (185,759) |
Net loss | $ (8,389) | $ (15,122) | $ (165,716) |
Basic and diluted loss per share | $ 0 | $ 0 | |
Weighted average number of common shares outstanding | 126,000,000 | 126,000,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | 57 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | |
Cash Flows From Operating Activities | |||
Net loss | $ (8,389) | $ (15,122) | $ (165,716) |
Adjustments for: | |||
Depreciation | 350 | ||
Equipment written off | 1,750 | ||
Net change in non-cash working capital balances: | |||
Accounts payable and accrued liabilities | (3,157) | (1,436) | 7,076 |
Other Receivables | (334) | (40,334) | |
Net cash used in operating activities | (11,546) | (16,892) | (196,874) |
Cash Flows From Investing Activities | |||
Purchase of equipment | (2,100) | ||
Net cash used in investing activities | (2,100) | ||
Cash Flows From Financing Activities | |||
Repayment to related party | (156,983) | ||
Proceeds from sale of common stock | 31,000 | ||
Proceeds from loan from directors | 12,780 | 46,192 | |
Proceeds from loan from shareholders | 11,539 | 122,329 | |
Advances from related party | 14,962 | 156,983 | |
Net cash provided by financing activities | 11,539 | 27,742 | 199,521 |
Increase In Cash | (7) | 10,850 | 547 |
Cash, beginning | 554 | ||
Cash, ending | 547 | 10,850 | 547 |
Cash paid for: | |||
Interest | |||
Income taxes |
Unaudited Interim Financial Sta
Unaudited Interim Financial Statements | 6 Months Ended |
Jun. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements These unaudited interim financial statements may not include all information and footnotes required by US GAAP for complete financial statement disclosure. However, except as disclosed herein, there have been no material changes in the information contained in the notes to the audited financial statements for the year ended December 31, 2018, included in the Company’s Form 10-K and filed with the Securities and Exchange Commission. These unaudited interim financial statements should be read in conjunction with the audited financial statements included in the Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation and consisting solely of normal recurring adjustments have been made. Operating results for the six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Going Concern These financial statements have been prepared on a going concern basis. The Company has incurred losses since inception resulting in an accumulated deficit of $165,716 at June 30, 2019 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future 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 plans to seek additional capital through a private placement of its common stock or further director loans as needed. These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control or common significant influence. The due from/to related parties represented the advances from or to the Company’s directors. Such advances are non-interest bearing and due upon demand. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent pronouncements issued by the FASB or other authoritative accounting standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event In accordance with ASC 855, Subsequent Events, |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 165,716 | $ 157,327 |