IA Energy 10-K 31 May 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Apr. 11, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	333-220706
Entity Registrant Name	SOUTH EAST ASIA DEVELOPMENT CORP.
Entity Central Index Key	0001673431
Entity Tax Identification Number	81-1002497
Entity Incorporation, State or Country Code	WY
Entity Address, Address Line One	Unit 2102, One Global Place
Entity Address, Address Line Two	5th Avenue Corner 25th Street
Entity Address, City or Town	BGC, Taguig City
Entity Address, Country	PH
Entity Address, Postal Zip Code	1630
Country Region	63
City Area Code	2
Local Phone Number	79433419
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	true
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		36,603,800
Document Financial Statement Error Correction [Flag]	false
Auditor Name	Green Growth CPAs
Auditor Location	Los Angeles, California
Auditor Firm ID	6580

Balance Sheet

Balance Sheet - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 0	$ 204
Advances to vendors (See Note 2)	109,689	0
TOTAL CURRENT ASSETS AND TOTAL ASSETS	109,689	204
CURRENT LIABILITIES
Accounts payable and accrued liabilities	16,087	0
Accounts payable, related party	0	33,000
Accrued interest, related party	15,934	0
Loans payable, related party (See Note 6)	291,359	291,231
Total Current Liabilities	323,380	324,231
TOTAL LIABILITIES	323,380	324,231
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, -0- shares issued	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized, 36,603,800 and 36,603,800 shares issued and outstanding, respectively	3,660	3,660
Additional paid-in capital	5,758,240	5,758,240
Accumulated deficit	(5,975,591)	(6,085,927)
Total Stockholders' Equity (Deficit)	(213,691)	(324,027)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 109,689	$ 204

Balance Sheet (Parenthetical)

Balance Sheet (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Shares Issued	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	36,603,800	36,603,800
Common Stock, Shares, Outstanding	36,603,800	36,603,800

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
NET REVENUES	$ 0	$ 0
OPERATING EXPENSES
Consulting fees	106,419	0
Professional and accounting fees	102,037	38,300
Other selling, general and administrative	5,507	6,583
Total Operating Expenses	213,963	44,883
LOSS FROM OPERATIONS	(213,963)	(44,883)
OTHER INCOME (EXPENSES)
Interest expense	(15,934)	0
Gain on forgiveness of debt (See Note 7)	340,233	0
Total Other Income (Expenses)	324,299	0
NET INCOME (LOSS)	$ 110,336	$ (44,883)

Condensed Statements of Opera_2

Condensed Statements of Operations (Unaudited) (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Earnings Per Share, Basic	$ 0	$ 0
Earnings Per Share, Diluted	$ 0	$ 0
Weighted Average Number of Shares Outstanding, Basic	36,603,800	36,603,800
Weighted Average Number of Shares Outstanding, Diluted	36,603,800	36,603,800

Condensed Statements of Stockho

Condensed Statements of Stockholders Equity (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 3,660	$ 5,758,240	$ (6,041,044)	$ (279,144)
Shares, Outstanding, Beginning Balance at Dec. 31, 2021	36,603,800
Net income			(44,883)	(44,883)
Ending balance, value at Dec. 31, 2022	$ 3,660	5,758,240	(6,085,927)	(324,027)
Shares, Outstanding, Ending Balance at Dec. 31, 2022	36,603,800
Net income			110,336	110,336
Ending balance, value at Dec. 31, 2023	$ 3,660	$ 5,758,240	$ (5,975,591)	$ (213,691)
Shares, Outstanding, Ending Balance at Dec. 31, 2023	36,603,800

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 110,336	$ (44,883)
Adjustments to reconcile net loss to net cash used by operating activities:
Gain on forgiveness of debt	(340,233)	0
Interest expense	15,934	0
Changes in operating assets and liabilities:
Advances to vendor	(109,689)	0
Accounts payable and accrued liabilities	323,448	0
Accounts payable, related party	0	6,000
Net Cash Used by Operating Activities	(204)	(38,883)
CASH FLOWS FROM INVESTING ACTIVITIES	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on related party loans	0	(500)
Proceeds from related party loans	0	38,431
Net Cash Provided by Financing Activities	0	37,931
NET DECREASE IN CASH AND CASH EQUIVALENTS	(204)	(952)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	204	1,156
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	204
Non-cash Activities:
Gain on forgiveness of debt	$ 340,233	$ 0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure [Table]
Net Income (Loss) Attributable to Parent	$ 110,336	$ (44,883)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS IA Energy Corp. (the Company) was incorporated in the State of Wyoming on January 6, 2016. Prior to the Change in Control we were an emerging growth waste-to-energy solutions company. Our operations to date, including after the Change of Control, have been devoted primarily to start-up and development activities, which include: (i) formation of the Company; and, (ii) development of our business plan. On May 4, 2023, the Company filed Articles of Amendment with the Wyoming Secretary of State to change the name of the Company to South East Asia Development Corp.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 2 - GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has sustained significant net losses which have resulted in an accumulated deficit at December 31, 2023 of $ 5,975,591 213,691 324,027 The continuation of the Company as a going concern is dependent upon obtaining additional working capital. The management of the Company has developed a strategy which it believes will accomplish this objective through short term loans from related parties and additional equity investments which will enable the Company to continue operations for the coming year. However, there is no assurance that these objectives will be met. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from the outcome of this uncertainty.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. The following policies are considered to be significant: a. Accounting Method The Company recognizes income and expenses based on the accrual method of accounting. The Company has elected a calendar year-end. b. Cash and Cash Equivalents Cash equivalents are generally comprised of certain highly liquid investments with original maturities of less than three months. c. Advances to Vendors During the year ended December 31, 2023, the Company advanced a total of $ 109,689 d. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles 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 period. Actual results could differ from those estimates. The Company determines revenue recognition based upon the following five (5) criteria: Step 1 Identification of the contract with the customer. Step 2 Identification of promised goods and services and evaluation of whether the promised goods and services are distinct performance obligations. Step 3 Determination of the transaction price. Step 4 Allocation of the transaction price to distinct performance obligations Step 5 Attribution of revenue for each distinct performance obligation During the years ended December 31, 2023 and 2022, respectively, the Company recorded $- 0 e. Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred income taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which differences are expected to reverse. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that all or some portion of such deferred tax assets will not be realized. A full allowance against deferred tax assets was provided as of December 31, 2023 and 2022. At December 31, 2023, the Company had net operating loss carryforwards which may be offset against future taxable income. No tax benefit has been reported in the financial statements because the potential tax benefits of the net operating loss carryforwards are offset by a valuation allowance of the same amount. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a significant change in ownership occur, net operating loss carryforwards may be limited as to future use. f. Basic and Diluted Net Loss per Share of Common Stock Basic net loss per common share is based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. g. Recent Accounting Pronouncements Certain accounting pronouncements have been issued by the FASB and other standard-setting organizations which are not yet effective and have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from adoption of these standards is not expected to be material. h. Use of Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 period. Actual results could differ from these estimates.

EQUITY TRANSACTIONS

EQUITY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
EQUITY TRANSACTIONS	NOTE 4 - EQUITY TRANSACTIONS The Company has 500,000,000 0.0001

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS	NOTE 5 - FINANCIAL INSTRUMENTS Our financial instruments consist of cash and cash equivalents, accounts payable and loans payable. The carrying amount of these assets and liabilities approximate fair value due to their short-term nature.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 6 - RELATED PARTY TRANSACTIONS Loans Payable, Related Party The Company periodically received advances from a corporation controlled by John Munoz, previous beneficial owner of 25,000,000 shares of our common stock and Chief Executive Officer of the Company from inception on January 6, 2016 to July 25, 2017. These loans were non-interest bearing and due on demand. During the years ended December 31, 2023 and 2022, the Company received additional loans of $ 16,002 38,431 0 291,231 Sublease Agreements Effective December 1, 2019, the Company entered into a Sublease Agreement with the related party described in the first paragraph of Note 6 for the Company’s use of office space in Long Beach, California at a Monthly Base Rent of $500 per month. The Sublease is month to month and terminable by either party upon 30 days written notice. For the years ended December 31, 2023 and 2022, the Company recorded $- 0 6,000 0 33,000 Advances from related party During the year ended December 31, 2023, a company controlled by JJ Javier, Chief Executive Officer of the Company, advanced to the Company a total $ 291,359

CHANGE OF CONTROL

CHANGE OF CONTROL	12 Months Ended
	Dec. 31, 2023
Change Of Control
CHANGE OF CONTROL	NOTE 7 - CHANGE OF CONTROL Southeast Asia Development (“ Company Seller Purchaser Agreement The Seller indicated that he was the beneficial and owners of record of 25,025,000 Shares of Common Stock (“ Control Shares On January 18, 2023, the Parties described in Note 7 entered into the First Amendment to Stock Purchase Agreement (“Amendment”). The Amendment provided that the Purchaser was to purchase all 25,943,800 shares of Common Stock (the “Control Shares”) owned by Munoz for the aggregate purchase price of $300,000, which was an additional 918,800 shares of common stock. The Control Shares sold pursuant to the Agreement and the Amendment represents 70.877% of the issued and outstanding shares of the Company. Additionally, Munoz had periodically advanced funds to the Company, which is reflected as Loans Payable, Related Party (“Related Party Loan”) under Current Liabilities on the financial statements of the Company. The amounts due and owing by the Company to Munoz, as of December 31, 2022 was $ 291,231 Additionally, as a result of a Sublease between the Company and Munoz, the financial statements reflect as Accounts Payable, Related Party (“Related Party Accounts Payable”) under Current Liabilities on the financial statements of the Company, such amounts due and owing by the Company which as of December 31, 2022 was $ 33,000 The Amendment provided that the full amount of any Related Party Loan and Related Party Accounts Payable then owing as of the Closing of the transactions contemplated by the Purchase Agreement, were to be forgiven effective as of the Closing, in total amount of $ 340,233 Prior to the Closing, the sole officer and director of the Company, pursuant to Section 17-16-810(c) of the Wyoming Business Corporations Act, which provides that a vacancy that will occur at a later date, by reason of a resignation effective at a later date under W.S. 17-16-807(b) or otherwise, may be filled before the vacancy occurs, but the new director may not take office until the vacancy occurs, appointed Javier the Sole Director, and President, Secretary, and Chief Financial Officer. The Closing under the Agreement, the Amendment, and the Escrow occurred on January 18, 2023. At Closing Munoz transferred the Control Shares to Javier, the sole officer and director of the Company resigned, simultaneously with Javier becoming the Sole Director, the President, the Secretary, and Chief Financial Officer. At Closing, the balance of $225,000 was paid by the Escrow Agent to Munoz.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Accounting Method	a. Accounting Method The Company recognizes income and expenses based on the accrual method of accounting. The Company has elected a calendar year-end.
Cash and Cash Equivalents	b. Cash and Cash Equivalents Cash equivalents are generally comprised of certain highly liquid investments with original maturities of less than three months.
Advances to Vendors	c. Advances to Vendors During the year ended December 31, 2023, the Company advanced a total of $ 109,689
Use of Estimates in the Preparation of Financial Statements	d. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles 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 period. Actual results could differ from those estimates. The Company determines revenue recognition based upon the following five (5) criteria: Step 1 Identification of the contract with the customer. Step 2 Identification of promised goods and services and evaluation of whether the promised goods and services are distinct performance obligations. Step 3 Determination of the transaction price. Step 4 Allocation of the transaction price to distinct performance obligations Step 5 Attribution of revenue for each distinct performance obligation During the years ended December 31, 2023 and 2022, respectively, the Company recorded $- 0
Income Taxes	e. Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred income taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which differences are expected to reverse. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that all or some portion of such deferred tax assets will not be realized. A full allowance against deferred tax assets was provided as of December 31, 2023 and 2022. At December 31, 2023, the Company had net operating loss carryforwards which may be offset against future taxable income. No tax benefit has been reported in the financial statements because the potential tax benefits of the net operating loss carryforwards are offset by a valuation allowance of the same amount. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a significant change in ownership occur, net operating loss carryforwards may be limited as to future use.
Basic and Diluted Net Loss per Share of Common Stock	f. Basic and Diluted Net Loss per Share of Common Stock Basic net loss per common share is based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period.
Recent Accounting Pronouncements	g. Recent Accounting Pronouncements Certain accounting pronouncements have been issued by the FASB and other standard-setting organizations which are not yet effective and have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from adoption of these standards is not expected to be material.
Use of Estimates and Assumptions	h. Use of Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 period. Actual results could differ from these estimates.

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Retained Earnings (Accumulated Deficit)	$ 5,975,591	$ 6,085,927
Equity, Attributable to Parent	$ 213,691	$ 324,027	$ 279,144

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
[custom:AdvancesToVendors-0]	$ 109,689	$ 0
Revenues	$ 0	$ 0

EQUITY TRANSACTIONS (Details Na

EQUITY TRANSACTIONS (Details Narrative) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Loans payable - related party	$ 291,359	$ 291,231
Rent expense	0	6,000
Accrued Rent, Current	0	33,000
John Munoz [Member]
Related Party Transaction [Line Items]
Proceeds from related party	16,002	38,431
Loans payable - related party	0	$ 291,231
J J Javier [Member]
Related Party Transaction [Line Items]
Proceeds from related party	$ 291,359

CHANGE OF CONTROL (Details Narr

CHANGE OF CONTROL (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loans payable, related party		$ 291,359	$ 291,231
Accrued Rent, Current		0	33,000
Gain (Loss) on Extinguishment of Debt	$ 340,233	$ 340,233	0
John Munoz [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loans payable, related party			$ 291,231