Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Lazuriton Nano Biotechnology (U.S.A.) Inc. | |
Entity Central Index Key | 0001666178 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | No | |
Document Period End Date | Sep. 30, 2020 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 100,000,000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 333-210091 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 37-1786808 | |
Entity Address Address Line 1 | 341, Sec. 2, Wanshou Road, 10th Floor | |
Entity Address Address Line 2 | Guishan District | |
Entity Address City Or Town | Taoyuan City | |
Entity Address Country | CN | |
Entity Address Postal Zip Code | 333 | |
City Area Code | 011 | |
Local Phone Number | 886-3-329-5585 | |
Security 12b Title | None | |
Entity Interactive Data Current | No |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 1,348 | $ 1,347 |
Total current assets | 1,348 | 1,347 |
Total Assets | 1,348 | 1,347 |
Current Liabilities | ||
Accrued expenses | 58,747 | 36,595 |
Due to related parties | 243,428 | 233,288 |
Total current liabilities | 302,175 | 269,883 |
Total Liabilities | 302,175 | 269,883 |
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 | (560,827) | (528,536) |
Total stockholders' deficit | (300,827) | (268,536) |
Total Liabilities and Stockholders' Deficit | $ 1,348 | $ 1,347 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
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 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||
Net revenue | $ 0 | $ 0 | $ 0 | $ 0 |
General and administrative expenses | 10,818 | 17,245 | 32,292 | 52,325 |
Loss from operations | (10,818) | (17,245) | (32,292) | (52,325) |
Other income | ||||
Interest income | 0 | 0 | 1 | 0 |
Total other income | 0 | 0 | 1 | 0 |
Loss before income taxes | (10,818) | (17,245) | (32,291) | (52,325) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net loss | $ (10,818) | $ (17,245) | $ (32,291) | $ (52,325) |
Net loss per share | ||||
Basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Shares Outstanding: | ||||
Basic and diluted | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows from Operating Activities | ||
Net loss | $ (32,291) | $ (52,325) |
Changes in assets and liabilities: | ||
Decrease in prepaid expense | 0 | 922 |
Increase in accrued expenses | 22,152 | 2,059 |
Increase in due to related parties | 10,140 | 49,494 |
Net cash provided by operating activities | 1 | 150 |
Net increase in cash and cash equivalents | 1 | 150 |
Cash and Cash Equivalents | ||
Beginning | 1,347 | 1,197 |
Ending | 1,348 | 1,347 |
Cash paid during the year for: | ||
Interest expenses | 0 | 0 |
Income taxes | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
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 | (20,607) | $ 0 | 0 | (20,607) |
Balance, shares at Mar. 31, 2019 | 100,000,000 | |||
Balance, amount at Mar. 31, 2019 | (217,368) | $ 10,000 | 250,000 | (477,368) |
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 | (52,325) | |||
Balance, shares at Sep. 30, 2019 | 100,000,000 | |||
Balance, amount at Sep. 30, 2019 | (249,086) | $ 10,000 | 250,000 | (509,086) |
Balance, shares at Mar. 31, 2019 | 100,000,000 | |||
Balance, amount at Mar. 31, 2019 | (217,368) | $ 10,000 | 250,000 | (477,368) |
Net loss | (14,473) | $ 0 | 0 | (14,473) |
Balance, shares at Jun. 30, 2019 | 100,000,000 | |||
Balance, amount at Jun. 30, 2019 | (231,841) | $ 10,000 | 250,000 | (491,841) |
Net loss | (17,245) | $ 0 | 0 | (17,245) |
Balance, shares at Sep. 30, 2019 | 100,000,000 | |||
Balance, amount at Sep. 30, 2019 | (249,086) | $ 10,000 | 250,000 | (509,086) |
Balance, shares at Dec. 31, 2019 | 100,000,000 | |||
Balance, amount at Dec. 31, 2019 | (268,536) | $ 10,000 | 250,000 | (528,536) |
Net loss | (11,450) | $ 0 | 0 | (11,450) |
Balance, shares at Mar. 31, 2020 | 100,000,000 | |||
Balance, amount at Mar. 31, 2020 | (279,986) | $ 10,000 | 250,000 | (539,986) |
Balance, shares at Dec. 31, 2019 | 100,000,000 | |||
Balance, amount at Dec. 31, 2019 | (268,536) | $ 10,000 | 250,000 | (528,536) |
Net loss | (32,291) | |||
Balance, shares at Sep. 30, 2020 | 100,000,000 | |||
Balance, amount at Sep. 30, 2020 | (300,827) | $ 10,000 | 250,000 | (560,827) |
Balance, shares at Mar. 31, 2020 | 100,000,000 | |||
Balance, amount at Mar. 31, 2020 | (279,986) | $ 10,000 | 250,000 | (539,986) |
Net loss | (10,023) | $ 0 | 0 | (10,023) |
Balance, shares at Jun. 30, 2020 | 100,000,000 | |||
Balance, amount at Jun. 30, 2020 | (290,009) | $ 10,000 | 250,000 | (550,009) |
Net loss | (10,818) | $ 0 | 0 | (10,818) |
Balance, shares at Sep. 30, 2020 | 100,000,000 | |||
Balance, amount at Sep. 30, 2020 | $ (300,827) | $ 10,000 | $ 250,000 | $ (560,827) |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2020 | |
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | |
NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES Organization Lazuriton Nano Biotechnology (U.S.A.) Inc., a company in the developmental stage (the “Company”), 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. On March 9, 2020, Lazuriton Co., Ltd, a wholly-owned subsidiary was established in the Republic of China, Taiwan. The subsidiary was established for business operations in Taiwan. Going Concern These condensed consolidated 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 condensed consolidated financial statements, the Company has incurred net loss $32,291 for the nine months ended September 30, 2020 and net loss of $52,325 for the nine months ended September 30, 2019, and had accumulated deficit of $560,827 and $528,536 as of September 30, 2020 and December 31, 2019, respectively. 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, it 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 consolidated 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 consolidated financial statements. Principle of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant inter-company accounts and transactions have been eliminated in consolidation. 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. Foreign Currency Translation and Transactions The reporting and functional currency of the Company is the USD. The functional currency of Lazuriton Co., Ltd, a wholly owned subsidiary of the Company, is the New Taiwanese Dollar (“TWD”). For financial reporting purposes, the financial statements of the Company’s Taiwan subsidiary, which are prepared using the TWD, are translated into the Company’s reporting currency, USD. Assets and liabilities are translated using the exchange rate on the balance sheet date. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. Stockholders’ equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders’ deficit. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. The resulting exchange difference, presented as foreign currency transaction gain (loss), is included in the accompanying condensed consolidated statements of operations. Cash and Cash Equivalents Cash and cash equivalents include cash and all highly liquid instruments with original maturities of three months or less. Net Income (Loss) Per Share Basic income (loss) per share is computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. At September 30, 2020 and December 31, 2019, 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 September 30, 2020 and December 31, 2019. 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 expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. 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 The Company has considered all recent accounting pronouncements issued and their potential effects on its financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's condensed financial statements. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Sep. 30, 2020 | |
ACCRUED EXPENSES | |
NOTE 2. ACCRUED EXPENSES | NOTE 2. ACCRUED EXPENSES Accrued expenses consist of the following: September 30, 2020 December 31, 2019 Accrued professional fees $ 55,329 $ 32,329 Accrued edgar agent service fees 868 3,066 Accrued transfer agent fees 2,550 1,200 Total $ 58,747 $ 36,595 |
DUE TO RELATED PARTIES
DUE TO RELATED PARTIES | 9 Months Ended |
Sep. 30, 2020 | |
DUE TO RELATED PARTIES | |
NOTE 3. DUE TO RELATED PARTIES | NOTE 3. DUE TO RELATED PARTIES The Company has received advances from its officers and shareholders for working capital purposes. As of September 30, 2020 and December 31, 2019, there were $243,428 and $233,288 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 | 9 Months Ended |
Sep. 30, 2020 | |
INCOME TAXES | |
NOTE 4. INCOME TAXES | NOTE 4. INCOME TAXES As of September 30, 2020, the Company had net operating loss carryforwards of approximately $560,827 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 nine months ended September 30, 2020 and 2019, respectively: For the Nine Months Ended September 30, 2020 2019 Federal income tax benefit attributable to: Current Operations $ 6,781 $ 10,988 Less: valuation allowance (6,781 ) (10,988 ) Net provision for Federal income taxes $ - $ - The tax effects of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consist of the following as of September 30, 2020 and December 31, 2019, respectively: September 30, 2020 December 31, 2019 Deferred tax asset attributable to: Net operating loss carryover $ 117,774 $ 110,993 Less: valuation allowance (117,774 ) (110,993 ) 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 Nine Months Ended September 30, 2020 2019 Statutory federal tax benefit (21 )% (21 )% Change in deferred tax asset valuation allowance 21 % 21 % Provision for income taxes - % - % For the nine months ended September 30, 2020 and 2019, 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 | 9 Months Ended |
Sep. 30, 2020 | |
SUBSEQUENT EVENT | |
NOTE 5. SUBSEQUENT EVENT | NOTE 5. SUBSEQUENT EVENT In May 2021, the Company’s wholly owned subsidiary, Lazuriton Co., Ltd., 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 September 30, 2020 have been incorporated into these condensed consolidated financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.” |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | |
Organization | Lazuriton Nano Biotechnology (U.S.A.) Inc., a company in the developmental stage (the “Company”), 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. On March 9, 2020, Lazuriton Co., Ltd, a wholly-owned subsidiary was established in the Republic of China, Taiwan. The subsidiary was established for business operations in Taiwan. |
Going Concern | These condensed consolidated 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 condensed consolidated financial statements, the Company has incurred net loss $32,291 for the nine months ended September 30, 2020 and net loss of $52,325 for the nine months ended September 30, 2019, and had accumulated deficit of $560,827 and $528,536 as of September 30, 2020 and December 31, 2019, respectively. 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, it 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 consolidated 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 consolidated financial statements. |
Principle of Consolidation | The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant inter-company accounts and transactions have been eliminated in consolidation. |
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. |
Foreign Currency Translation and Transactions | The reporting and functional currency of the Company is the USD. The functional currency of Lazuriton Co., Ltd, a wholly owned subsidiary of the Company, is the New Taiwanese Dollar (“TWD”). For financial reporting purposes, the financial statements of the Company’s Taiwan subsidiary, which are prepared using the TWD, are translated into the Company’s reporting currency, USD. Assets and liabilities are translated using the exchange rate on the balance sheet date. Revenue and expenses are translated using average exchange rates prevailing during each reporting period. Stockholders’ equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders’ deficit. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. The resulting exchange difference, presented as foreign currency transaction gain (loss), is included in the accompanying condensed consolidated statements of operations. |
Cash and Cash Equivalents | Cash and cash equivalents include cash and all highly liquid instruments with original maturities of three months or less. |
Net Income (Loss) Per Share | Basic income (loss) per share is computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. At September 30, 2020 and December 31, 2019, 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 September 30, 2020 and December 31, 2019. 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 expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. 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 | The Company has considered all recent accounting pronouncements issued and their potential effects on its financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's condensed financial statements. |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
ACCRUED EXPENSES | |
Schedule of accrued expenses | September 30, 2020 December 31, 2019 Accrued professional fees $ 55,329 $ 32,329 Accrued edgar agent service fees 868 3,066 Accrued transfer agent fees 2,550 1,200 Total $ 58,747 $ 36,595 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
INCOME TAXES | |
Schedule of provision for federal income tax | For the Nine Months Ended September 30, 2020 2019 Federal income tax benefit attributable to: Current Operations $ 6,781 $ 10,988 Less: valuation allowance (6,781 ) (10,988 ) Net provision for Federal income taxes $ - $ - |
Schedule of tax effects of temporary differences and carryforwards | September 30, 2020 December 31, 2019 Deferred tax asset attributable to: Net operating loss carryover $ 117,774 $ 110,993 Less: valuation allowance (117,774 ) (110,993 ) Net deferred tax asset $ - $ - |
Schedule of effective rate reflected in provision for income taxes on loss before taxes | For the Nine Months Ended September 30, 2020 2019 Statutory federal tax benefit (21 )% (21 )% Change in deferred tax asset valuation allowance 21 % 21 % Provision for income taxes - % - % |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Detail Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | |||||||||
Net loss | $ (10,818) | $ (10,023) | $ (11,450) | $ (17,245) | $ (14,473) | $ (20,607) | $ (32,291) | $ (52,325) | |
Accumulated deficit | (560,827) | (560,827) | $ (528,536) | ||||||
Deferred income tax assets | $ 0 | $ 0 | $ 0 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
ACCRUED EXPENSES | ||
Accrued professional fees | $ 55,329 | $ 32,329 |
Accrued edgar agent service fees | 868 | 3,066 |
Accrued transfer agent fees | 2,550 | 1,200 |
Total | $ 58,747 | $ 36,595 |
DUE TO RELATED PARTIES (Detail
DUE TO RELATED PARTIES (Detail Narrative) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
DUE TO RELATED PARTIES | ||
Due to related parties | $ 243,428 | $ 233,288 |
Percentage of interest rates on advances outstanding | 0.00% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Federal income tax benefit attributable to: | ||||
Current operations | $ 6,781 | $ 10,988 | ||
Less: Valuation allownce | (6,781) | (10,988) | ||
Net provision for Federal income taxes | $ 0 | $ 0 | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 117,774 | $ 110,993 |
Less: valuation allowance | (117,774) | (110,993) |
Net deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 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) | Sep. 30, 2020USD ($) |
INCOME TAXES | |
Net operating loss carry forwards | $ 560,827 |