Cover
Cover - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Jun. 28, 2019 | |
Cover [Abstract] | ||
Entity Registrant Name | Lazuriton Nano Biotechnology (U.S.A.) Inc. | |
Entity Central Index Key | 0001666178 | |
Document Type | 10-K | |
Amendment Flag | false | |
Entity Voluntary Filers | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Well Known Seasoned Issuer | No | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Dec. 31, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2019 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 100,000,000 | |
Entity Public Float | $ 892,159 | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 1,347 | $ 1,197 |
Prepaid expenses | 0 | 922 |
Total current assets | 1,347 | 2,119 |
Total Assets | 1,347 | 2,119 |
Current liabilities | ||
Accrued expenses | 36,595 | 15,086 |
Due to related parties | 233,288 | 183,794 |
Total current liabilities | 269,883 | 198,880 |
Total Liabilities | 269,883 | 198,880 |
Stockholders' deficit | ||
Common stock, $0.0001 par value; 750,000,000 shares authorized, 100,000,000 shares issued and outstanding | 10,000 | 10,000 |
Additional paid-in capital | 250,000 | 250,000 |
Accumulated deficit | (528,536) | (456,761) |
Total stockholders' deficit | (268,536) | (196,761) |
Total Liabilities and Stockholders' Deficit | $ 1,347 | $ 2,119 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Stockholders' deficit | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 100,000,000 | 100,000,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
STATEMENTS OF OPERATIONS | ||
Net revenue | $ 0 | $ 0 |
General and administrative expenses | 71,775 | 92,526 |
Loss from operations | (71,775) | (92,526) |
Other income | ||
Interest income | 0 | 4 |
Total other income | 0 | 4 |
Loss before income taxes | (71,775) | (92,522) |
Provision for income taxes | 0 | 0 |
Net loss | $ (71,775) | $ (92,522) |
Net loss per share | ||
Basic and diluted | $ 0 | $ 0 |
Weighted Average Shares Outstanding: | ||
Basic and diluted | 100,000,000 | 100,000,000 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities | ||
Net loss | $ (71,775) | $ (92,522) |
Changes in assets and liabilities: | ||
Decrease (increase) in prepaid expenses | 922 | (922) |
Increase in accrued expenses | 21,509 | 3,855 |
Increase in due to related parties | 49,494 | 89,593 |
Net cash provided by operating activities | 150 | 4 |
Net increase in cash and cash equivalents | 150 | 4 |
Cash and Cash Equivalents | ||
Beginning | 1,197 | 1,193 |
Ending | 1,347 | 1,197 |
Cash paid during the year for: | ||
Interest expenses | 0 | 0 |
Income taxes | $ 0 | $ 0 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance, shares at Dec. 31, 2017 | 100,000,000 | |||
Balance, amount at Dec. 31, 2017 | $ (104,239) | $ 10,000 | $ 250,000 | $ (364,239) |
Net loss | (92,522) | $ 0 | 0 | (92,522) |
Balance, shares at Dec. 31, 2018 | 100,000,000 | |||
Balance, amount at Dec. 31, 2018 | (196,761) | $ 10,000 | 250,000 | (456,761) |
Net loss | (71,775) | $ 0 | 0 | (71,775) |
Balance, shares at Dec. 31, 2019 | 100,000,000 | |||
Balance, amount at Dec. 31, 2019 | $ (268,536) | $ 10,000 | $ 250,000 | $ (528,536) |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 12 Months Ended |
Dec. 31, 2019 | |
ORGANIZATION AND BUSINESS | |
NOTE 1. ORGANIZATION AND BUSINESS | Lazuriton Nano Biotechnology (U.S.A.) Inc. (the “Company”), a company in the developmental stage, was incorporated on June 2, 2015 in the State of Nevada. The Company has conducted limited business operations and had no revenues from operations since its inception. The Company’s business plan is to market and distribute Nano fertilizers products. The Company’s year-end is December 31. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2019 | |
GOING CONCERN | |
NOTE 2. GOING CONCERN | These financial statements were prepared on the basis of accounting principles applicable to going concern, which assumes the realization of assets and discharge of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company has incurred net loss of $71,775 and $92,522 for the years ended December 31, 2019 and 2018, respectively, and had accumulated deficit of $528,536 and $456,761 as of December 31, 2019 and 2018, respectively, and it had no revenue from operations. The Company faces all the risks common to companies at development stage, including capitalization and uncertainty of funding sources, high initial expenditure levels, uncertain revenue streams, and difficulties in managing growth. The Company's losses raise substantial doubt about its ability to continue as a going concern. The Company's financial statements do not reflect any adjustments that might result from the outcome of this uncertainty. The Company is currently addressing its liquidity issue by continually seeking additional funds through private placements of its securities and/or capital contributions and loans by Chih-Yuan Hsiao, the President and a member of the board of directors. The Company believes its current and future plans enable it to continue as a going concern. The Company's ability to achieve these objectives cannot be determined at this time, however. If the Company is unable to obtain additional financing, the Company may be required to reduce the scope of its business development activities, which could harm its business plans, financial condition and operating results. Additional funding may not be available on favorable terms, if at all. These financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts which may differ from those in the accompanying financial statements. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The accompanying financial statements and related notes have been prepared in conformity with accounting principles generally accepted in the United States of America. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results. Classification Certain classifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net loss or accumulated deficit. Cash and Cash Equivalents Cash and cash equivalents include cash and all highly liquid instruments with original maturities of three months or less. Net Loss Per Share Basic income (loss) per share is computed by dividing net income by weighted average number of shares of common stock outstanding during each period. Diluted income per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. At December 31, 2019 and 2018, the Company does not have any outstanding common stock equivalents; therefore, a separate computation of diluted loss per share is not presented. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. The deferred income tax assets were $0 as of both December 31, 2019 and 2018, respectively. The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires that the Company recognizes deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities by using enacted tax rates in effect in the years the differences. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some or all of any deferred tax assets will not be realized. Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Income Taxes |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
ACCRUED EXPENSES | |
NOTE 4. ACCRUED EXPENSES | Accrued expenses consist of the following: December 31, 2019 December 31, 2018 Accrued professional fees $ 32,329 $ 12,836 Accrued edgar agent service fees 3,066 - Accrued transfer agent fees 1,200 2,250 Total $ 36,595 $ 15,086 |
DUE TO RELATED PARTIES
DUE TO RELATED PARTIES | 12 Months Ended |
Dec. 31, 2019 | |
DUE TO RELATED PARTIES | |
NOTE 5. DUE TO RELATED PARTIES | The Company has received advances from its officers and shareholders for working capital purposes. As of December 31, 2019 and 2018, there were $233,288 and $183,794 advances outstanding, respectively. The Company has agreed that the outstanding balances bear 0% interest rate and are due upon demand after 30 days written notice by the officer and shareholder. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES | |
NOTE 6. INCOME TAXES | As of December 31, 2019, the Company had net operating loss carryforwards of approximately $528,536 that may be available to reduce future years’ taxable income. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The provision for federal income tax consists of the following for the years ended December 31, 2019 and 2018, respectively: For the Years Ended December 31, 2019 December 31, 2018 Federal income tax benefit attributable to: Current operations $ 15,073 $ 19,430 Less: valuation allowance (15,073 ) (19,430 ) Net provision for Federal income taxes $ - $ - December 31, 2019 December 31, 2018 Deferred tax asset attributable to: Net operating loss carryover $ 110,993 $ 95,920 Less: valuation allowance (110,993 ) (95,920 ) Net deferred tax asset $ - $ - The difference between the effective rate reflected in the provision for income taxes on loss before taxes and the amounts determined by applying the applicable statutory U.S. tax rate are analyzed below: For the Years Ended December 31, 2019 December 31, 2018 Statutory federal tax benefit (21 )% (21 )% Change in deferred tax asset valuation allowance 21 % 21 % Provision for income taxes -% -% For the years ended December 31, 2019 and 2018, the Company had no unrecognized tax benefits and related interest and penalties expenses. Currently, the Company is not subject to examination by major tax jurisdictions. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2019 | |
SUBSEQUENT EVENT | |
NOTE 7. SUBSEQUENT EVENT | On March 12, 2020, the Company formed a wholly owned subsidiary, Lazuriton Co., Ltd., a foreign corporation in Taiwan for the operations in Taiwan. In May, 2021, the subsidiary was terminated by the local government due to inactivity. Management has evaluated subsequent events through the date which the financial statements are available to be issued. All subsequent events requiring recognition as of December 31, 2019 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.” |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The accompanying financial statements and related notes have been prepared in conformity with accounting principles generally accepted in the United States of America. |
Use of Estimates | The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results. |
Classification | Certain classifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net loss or accumulated deficit. |
Cash and Cash Equivalents | Cash and cash equivalents include cash and all highly liquid instruments with original maturities of three months or less. |
Net Loss Per Share | Basic income (loss) per share is computed by dividing net income by weighted average number of shares of common stock outstanding during each period. Diluted income per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. At December 31, 2019 and 2018, the Company does not have any outstanding common stock equivalents; therefore, a separate computation of diluted loss per share is not presented. |
Income Taxes | Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. The deferred income tax assets were $0 as of both December 31, 2019 and 2018, respectively. The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires that the Company recognizes deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities by using enacted tax rates in effect in the years the differences. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some or all of any deferred tax assets will not be realized. |
Recent Accounting Pronouncements | In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Income Taxes |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ACCRUED EXPENSES | |
Schedule of accrued expenses | December 31, 2019 December 31, 2018 Accrued professional fees $ 32,329 $ 12,836 Accrued edgar agent service fees 3,066 - Accrued transfer agent fees 1,200 2,250 Total $ 36,595 $ 15,086 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES | |
Schedule of provision for federal income tax | For the Years Ended December 31, 2019 December 31, 2018 Federal income tax benefit attributable to: Current operations $ 15,073 $ 19,430 Less: valuation allowance (15,073 ) (19,430 ) Net provision for Federal income taxes $ - $ - |
Schedule of tax effects of temporary differences and carryforwards | December 31, 2019 December 31, 2018 Deferred tax asset attributable to: Net operating loss carryover $ 110,993 $ 95,920 Less: valuation allowance (110,993 ) (95,920 ) Net deferred tax asset $ - $ - |
Schedule of effective rate reflected in provision for income taxes on loss before taxes | For the Years Ended December 31, 2019 December 31, 2018 Statutory federal tax benefit (21 )% (21 )% Change in deferred tax asset valuation allowance 21 % 21 % Provision for income taxes -% -% |
GOING CONCERN (Detail Narrative
GOING CONCERN (Detail Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
GOING CONCERN | ||
Net loss | $ (71,775) | $ (92,522) |
Accumulated deficit | $ (528,536) | $ (456,761) |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Deferred income tax assets | $ 0 | $ 0 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
ACCRUED EXPENSES | ||
Accrued professional fees | $ 32,329 | $ 12,836 |
Accrued edgar agent service fees | 3,066 | 0 |
Accrued transfer agent fees | 1,200 | 2,250 |
Total | $ 36,595 | $ 15,086 |
DUE TO RELATED PARTIES (Detail
DUE TO RELATED PARTIES (Detail Narrative) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
DUE TO RELATED PARTIES | ||
Due to related parties | $ 233,288 | $ 183,794 |
Percentage of interest rates on advances outstanding | 0.00% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal income tax benefit attributable to: | ||
Current operations | $ 15,073 | $ 19,430 |
Less: Valuation allownce | (15,073) | (19,430) |
Net provision for Federal income taxes | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 110,993 | $ 95,920 |
Less: valuation allowance | (110,993) | (95,920) |
Net deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2019 | |
INCOME TAXES | ||
Statutory federal tax benefit | (21.00%) | (21.00%) |
Change in deferred tax asset valuation allowance | 21.00% | 21.00% |
Provision for income taxes | 0.00% | 0.00% |
INCOME TAXES (Detail Narrative)
INCOME TAXES (Detail Narrative) | Dec. 31, 2019USD ($) |
INCOME TAXES | |
Net operating loss carry forwards | $ 528,536 |