Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 07, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Diverse Development Group Inc. | |
Entity Central Index Key | 0001672897 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Sep. 30, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Entity Common Stock Shares Outstanding | 6,515,000 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash & cash equivalents | $ 178 | $ 104 |
Total Current Assets | 178 | 104 |
Total assets | 178 | 104 |
Current liabilities | ||
Accrued liabilities | 3,717 | |
Note payable - related party | 174,015 | 112,142 |
Current liabilities | 174,015 | 115,859 |
Stockholders' deficit | ||
Preferred stock, $0.0001 par value, 20,000,000 shares authorized; none outstanding | ||
Common stock; $0.0001 par value, 100,000,000 shares authorized; 6,515,000 shares issued and outstanding | 652 | 652 |
Discount on Common Stock | (670) | (670) |
Additional paid - in capital | 2,202 | 2,202 |
Accumulated deficit | (176,021) | (117,939) |
Total stockholders' deficit | (173,837) | (115,755) |
Total liabilities and stockholders' deficit | $ 178 | $ 104 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Stockholders' deficit | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized shares | 20,000,000 | 20,000,000 |
Preferred stock, outstanding shares | 0 | 0 |
Preferred stock, issued shares | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, issued shares | 6,515,000 | 6,515,000 |
Common stock, outstanding shares | 6,515,000 | 6,515,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) | ||||
Revenue | ||||
Cost of revenue | ||||
Gross profit | ||||
Operating expenses | 8,912 | 13,276 | 51,820 | 36,163 |
Net loss from operations | (8,912) | (13,276) | (51,820) | (36,163) |
Interest expense | (2,383) | (814) | (6,262) | (1,704) |
Net loss before income taxes | (11,295) | (14,090) | (58,082) | (37,867) |
Income tax expense | ||||
Net loss | $ (11,295) | $ (14,090) | $ (58,082) | $ (37,867) |
Loss per share - basic and diluted | $ 0 | $ 0 | $ (0.01) | $ (0.01) |
Weighted average shares - basic and diluted | 6,515,000 | 7,115,000 | 6,515,000 | 7,115,000 |
CONDENSED STATEMENT OF STOCKHOL
CONDENSED STATEMENT OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Total | Preferred Stock | Common Stock | Discount on Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance, Shares at Dec. 31, 2017 | 7,115,000 | |||||
Balance, Amount at Dec. 31, 2017 | $ (42,804) | $ 712 | $ (670) | $ 2,142 | $ (44,988) | |
Net loss | (10,585) | (10,585) | ||||
Balance, Shares at Mar. 31, 2018 | 7,115,000 | |||||
Balance, Amount at Mar. 31, 2018 | (53,389) | $ 712 | (670) | 2,142 | (55,573) | |
Net loss | (13,192) | (13,192) | ||||
Balance, Shares at Jun. 30, 2018 | 7,115,000 | |||||
Balance, Amount at Jun. 30, 2018 | (66,581) | $ 712 | (670) | 2,142 | (68,765) | |
Net loss | (14,090) | (14,090) | ||||
Balance, Shares at Sep. 30, 2018 | 7,115,000 | |||||
Balance, Amount at Sep. 30, 2018 | (80,671) | $ 712 | (670) | 2,142 | (82,855) | |
Balance, Shares at Dec. 31, 2018 | 6,515,000 | |||||
Balance, Amount at Dec. 31, 2018 | (115,755) | $ 652 | (670) | 2,202 | (117,939) | |
Net loss | (28,914) | (28,914) | ||||
Balance, Shares at Mar. 31, 2019 | 6,515,000 | |||||
Balance, Amount at Mar. 31, 2019 | (144,669) | $ 652 | (670) | 2,202 | (146,853) | |
Net loss | (17,873) | (17,873) | ||||
Balance, Shares at Jun. 30, 2019 | 6,515,000 | |||||
Balance, Amount at Jun. 30, 2019 | (162,542) | $ 652 | (670) | 2,202 | (164,726) | |
Net loss | (11,295) | (11,295) | ||||
Balance, Shares at Sep. 30, 2019 | 6,515,000 | |||||
Balance, Amount at Sep. 30, 2019 | $ (173,837) | $ 652 | $ (670) | $ 2,202 | $ (176,021) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net loss | $ (58,082) | $ (37,867) |
Changes in Operating Assets and Liabilities | ||
Accrued liabilities | (3,717) | (5,653) |
Net cash used in operating activities | (61,799) | (43,520) |
FINANCING ACTIVITIES | ||
Notes payable - related party | 61,873 | 43,394 |
Net cash provided by financing activities | 61,873 | 43,394 |
Net increase (decrease) in cash & cash equivalents | 74 | (126) |
Cash & cash equivalents, beginning of period | 104 | 272 |
Cash & cash equivalents, ending of period | 178 | 146 |
Supplemental cash flow information: | ||
Income tax paid | ||
Interest paid |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2019 | |
NATURE OF OPERATIONS | |
NOTE 1- NATURE OF OPERATIONS | NATURE OF OPERATIONS Diverse Development Group, Inc. (“Diverse” or “the Company”) was incorporated on April 4, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the developmental stage since inception. Subsequent to a change in control effected December 17, 2016, the Company’s primary objective is to buy, sell and develop real estate assets located within the United States. However, unlike traditional real estate investment groups, the Company intends to operate using cash and little debt. Should the Company at any time require debt financing to fulfill its business plan, the Company intends to use short-term loans only. The Company may develop its business plan through operations or through a business combination with one or more operating entities. Any such combination would take the form of a merger, stock-for-stock exchange or stock-for-assets exchange and be structured to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. No assurances can be given that the Company will be successful in locating or negotiating with any operating company. Basis of Presentation The accompanying condensed financial statements have been prepared without audit in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. In the opinion of management, such financial information includes all adjustments considered necessary for a fair presentation of the Company’s interim financial statements. Operating results for the interim period ended September 30, 2019 are not necessarily indicative of the results that may be expected for the entire year ending December 31, 2019. Certain information and footnote disclosure normally included in financial statements in accordance with U.S. GAAP have been omitted pursuant to the rules of the United States Securities and Exchange Commission (“SEC”). These unaudited condensed interim financial statements should be read in conjunction with our audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on March 20, 2019. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP 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 reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The cash and cash equivalents were $178 and $104 as of September 30, 2019 and December 31, 2018, respectively. CONCENTRATION OF RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of September 30, 2019 and December 31, 2018. INCOME TAXES Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2019 and December 31, 2018, there were no deferred taxes due to the uncertainty of the realization of net operating loss carry forward prior to expiration. LOSS PER COMMON SHARE Basic loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. Dilutive loss per share excludes all potential common shares in their effect is anti-dilutive. As of September 30, 2019, and December 31, 2018, there were no outstanding dilutive securities. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The Three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. RECENT ACCOUNTING PRONOUNCEMENTS The Company has evaluated recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission, and determined that they do not have a material impact on the Company’s financial statements. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2019 | |
GOING CONCERN | |
NOTE 3 - GOING CONCERN | The Company has not yet generated any revenue and has sustained net losses of $58,082 for the nine months ended September 30, 2019. The Company had working capital deficits of $173,837 and $115,755 as of September 30, 2019 and December 31, 2018, respectively. The Company had an accumulated deficit of $176,021 and $117,939 as of September 30, 2019 and December 31, 2018, respectively. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtain additional financing from its members or other sources, as may be required. The accompanying interim condensed financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. In order to maintain its current level of operations, the Company will require additional working capital from either cash flow borrowings from a related party or from the sale of its equity. However, the Company currently has no commitments from any third parties for the purchase of its equity. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations. |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 9 Months Ended |
Sep. 30, 2019 | |
ACCRUED LIABILITIES | |
NOTE 4 - ACCRUED LIABILITIES | The Company had accrued liabilities of $0 and $3,717 as of September 30, 2019 and December 31, 2018, respectively. |
NOTES PAYABLE RELATED PARTY
NOTES PAYABLE RELATED PARTY | 9 Months Ended |
Sep. 30, 2019 | |
NOTES PAYABLE RELATED PARTY | |
NOTE 5 - NOTES PAYABLE - RELATED PARTY | On December 31, 2018 the Company entered into a note payable with its President and CFO, to pay certain professional fees related to Company governance and compliance with its registration with the SEC. The terms of the note are due on demand at an interest rate of 6% per annum. As of September 30, 2019, the Company has an outstanding balance of $174,015 of notes payable to a related party. The Company incurred $6,262 and $1,704 of interest expense for the nine months ended September 30, 2019 and September 30, 2018, respectively which is included in the balance of the related party note payable. The Company had a balance due to related party of $112,142 at December 31, 2018. For the nine months ended September 30, 2019, the Company borrowed $61,873. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Sep. 30, 2019 | |
COMMON STOCK | |
NOTE 6 - COMMON STOCK | The Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 shares of preferred stock. The Company has common stock outstanding of 6,515,000 shares of outstanding as of September 30, 2019 and December 31, 2018. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2019 | |
SUBSEQUENT EVENTS | |
NOTE 7 - SUBSEQUENT EVENTS | The Company has evaluated subsequent events from the balance sheet date through, the date at which the financial statements were issued, and has determined that there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events”. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) (Policies) | |
USE OF ESTIMATES | The preparation of financial statements in conformity with U.S. GAAP 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 reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
CASH AND CASH EQUIVALENTS | Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The cash and cash equivalents were $178 and $104 as of September 30, 2019 and December 31, 2018, respectively. |
CONCENTRATION OF RISK | Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of September 30, 2019 and December 31, 2018. |
INCOME TAXES | Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2019 and December 31, 2018, there were no deferred taxes due to the uncertainty of the realization of net operating loss carry forward prior to expiration. |
LOSS PER COMMON SHARE | Basic loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. Dilutive loss per share excludes all potential common shares in their effect is anti-dilutive. As of September 30, 2019, and December 31, 2018, there were no outstanding dilutive securities. |
FAIR VALUE OF FINANCIAL INSTRUMENTS | The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The Three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. |
RECENT ACCOUNTING PRONOUNCEMENTS | The Company has evaluated recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission, and determined that they do not have a material impact on the Company’s financial statements. |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) | 9 Months Ended |
Sep. 30, 2019 | |
NATURE OF OPERATIONS (Details Narrative) | |
State of incorporation | Delaware |
Date of incorporation | Apr. 4, 2016 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) (Policies) | |||
Cash and cash equivalents | $ 178 | $ 104 | $ 146 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
GOING CONCERN (Details Narrative) | |||||
Net loss | $ (11,295) | $ (14,090) | $ (58,082) | $ (37,867) | |
Accumulated deficit | (176,021) | (176,021) | $ (117,939) | ||
Working capital deficit | $ (173,837) | $ (173,837) | $ (115,755) |
ACCRUED LIABILITIES (Details Na
ACCRUED LIABILITIES (Details Narrative) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
ACCRUED LIABILITIES (Details Narrative) | ||
Accrued liabilities | $ 3,717 |
NOTES PAYABLE RELATED PARTY (De
NOTES PAYABLE RELATED PARTY (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Borrowing amount | $ 61,873 | $ 61,873 | |||
Note payable - related party | 174,015 | 174,015 | $ 112,142 | ||
Interest expense | 2,383 | $ 814 | 6,262 | $ 1,704 | |
President and CFO [Member] | |||||
Note payable - related party | $ 174,015 | $ 174,015 | $ 112,142 | ||
Interest rate | 6.00% |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - shares | Sep. 30, 2019 | Dec. 31, 2018 |
COMMON STOCK (Details Narrative) | ||
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, issued shares | 6,515,000 | 6,515,000 |
Common stock, outstanding shares | 6,515,000 | 6,515,000 |
Preferred stock, authorized shares | 20,000,000 | 20,000,000 |