Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Feb. 05, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Monetiva Inc. | |
Entity Central Index Key | 1,681,309 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Transition Period | false | |
Entity Common Stock, Shares Outstanding | 22,616,000 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | ||
Total Current Assets | ||
Total Assets | ||
Current Liabilities | ||
Accrued liabilities | 8,750 | 5,750 |
Total Current Liabilities | 8,750 | 5,750 |
Total Liabilities | 8,750 | 5,750 |
Commitments and Contingencies (Note 5) | ||
Stockholders' Deficit | ||
Preferred stock, $0.0001 par value, 20,000,000 shares authorized; none issued and outstanding at June 30, 2017 and at December 31, 2016, respectively | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 8,000,000 shares and 20,000,000 shares issued and outstanding at June 30, 2017 and at December 31, 2016, respectively | 800 | 2,000 |
Additional paid-in capital | 4,312 | 312 |
Accumulated deficit | (13,862) | (8,062) |
Total Stockholders' Deficit | (8,750) | (5,750) |
Total Liabilities and Stockholders' Deficit |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 8,000,000 | 20,000,000 |
Common stock, shares outstanding | 8,000,000 | 20,000,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||
Revenue | ||
Cost of Revenue | ||
Gross Profit | ||
Operating Expenses | 2,000 | 5,800 |
Operating Loss | (2,000) | (5,800) |
Loss before Income Taxes | (2,000) | (5,800) |
Provision for Income Tax | ||
Net Loss | $ (2,000) | $ (5,800) |
Loss per Share - Basic and Diluted | $ 0 | $ 0 |
Weighted Average Shares Outstanding - Basic and Diluted | 8,000,000 | 12,833,978 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Cash Flows from Operating Activities | |
Net loss | $ (5,800) |
Adjustment to reconcile net loss to net cash used in operating activities: | |
Common stock issued for services | 800 |
Expense paid by stockholder and contributed as capital | 2,000 |
Changes in operating assets and liabilities | |
Accrued liabilities | 3,000 |
Net Cash Used in Operating Activities | |
Net Increase in Cash and Cash Equivalents | |
Cash and Cash Equivalents, Beginning of the Period | |
Cash and Cash Equivalents, End of the Period | |
Supplemental Disclosures of Cash Flow Information | |
Cash paid for income taxes | |
Cash paid for interest | |
Supplemental Disclosures of Non-Cash Investing and Financing Activities | |
Common stock issued for services | 800 |
Redemption of common stock in connection with change of control | $ 2,000 |
Nature of Operations, Basis of
Nature of Operations, Basis of Presentation and Going Concern | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN | NOTE 1 – NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN As used herein and except as otherwise noted, the term “Company”, “it(s)”, “our”, “us”, “we”, and “Monetiva” shall mean Monetiva Inc., a Delaware corporation. American Standard Wallet, Inc. (formerly Lark Street Acquisition Corporation) was incorporated on July 22, 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 and its operations to date have been limited to issuing shares to its original shareholders. On March 14, 2017, the Company effected a change of control by cancelling an aggregate of 20,000,000 shares of common stock of existing shareholders, issuing 8,000,000 shares of common stock to its sole officer and director; electing new officer and director and accepting the resignations of its then existing officers and directors. In connection with the change of control, the sole shareholder of the Company and its board of directors unanimously approved the change of the Company’s name from Lark Street Acquisition Corporation to American Standard Wallets, Inc. On November 1, 2017, the sole shareholder and director of the Company unanimously approved the change of the Company from American Standard Wallets, Inc. to Monetiva Inc. Monetiva is a startup company in the development phase of the business cycle. The Company is building out a prepaid card and technology platform and remittance network and is currently engaged with business partners in the United States and globally. Monetiva’s operational plan is to offer prepaid card and money remittance services to underbanked, underserved markets and foreign workers. Basis of Presentation The accompanying interim condensed financial statements are unaudited, but in the opinion of management of the Company, contain all adjustments, which include normal recurring adjustments necessary to present fairly the financial position at June 30, 2017, and the results of operations and cash flows for the three months and six months ended June 30, 2017. The balance sheet as of December 31, 2016 is derived from the Company’s audited financial statements. Certain information and footnote disclosures normally included in financial statements that have been prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although management of the Company believes that the disclosures contained in these interim condensed financial statements are adequate to make the information presented therein not misleading. For further information, refer to the financial statements and the notes thereto contained in the Company’s 2016 Annual Report filed with the Securities and Exchange Commission on Form 10-K on April 17, 2017. Going Concern The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not yet generated any revenue and has sustained operating losses since July 22, 2016 (Inception Date) to date and allow it to continue as a going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary financing to continue operations, and the attainment of profitable operations. The Company incurred a net loss of $5,800 from January 1, 2017 to June 30, 2017, has a working capital deficit of $8,750, and has an accumulated deficit of $13,862 as of June 30, 2017. These factors, among others raise a substantial doubt regarding the Company’s ability to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations. The accompanying financial statements do not include any adjustments to reflect the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following summary of significant accounting policies of the Company is presented to assist in the understanding of the Company’s financial statements. The financial statements and notes are the representation of the Company’s management who is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects and have been consistently applied in preparing the accompanying financial statements. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (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 period. The Company regularly evaluates estimates and assumptions related to the valuation of accounts payable, accrued liabilities and payable to related party. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company had a cash balance of $0 as of June 30, 2017 and December 31, 2016, respectively. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “ Income Taxes” The Company follows the provisions of ASC 740-10, “ Accounting for Uncertain Income Tax Positions Earnings (Loss) Per Common Share The Company computes net earnings (loss) per share in accordance with ASC 260, “ Earnings per Share” Fair value of Financial Instruments and Fair Value Measurements ASC 820, “ Fair Value Measurements and Disclosures”, Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of cash, accrued liabilities and payable to related party. Pursuant to ASC 820, “ Fair Value Measurements and Disclosures” Financial Instruments” Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, “ Financial Instruments - Credit Losses In 2015, the FASB issued ASU No. 2015-17, “ Income Taxes” Balance Sheet Classification of Deferred Taxes |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES | NOTE 3 – ACCRUED LIABILITIES The Company had accrued professional fees and franchise taxes of $8,750 and professional fees of $5,750 at June 30, 2017 and December 31, 2016, respectively. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS On March 14, 2017, the Company issued 8,000,000 shares of its common stock to its former President, a former officer and director of the Company valued at $800 as compensation expense for services performed. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5 – COMMITMENTS AND CONTINGENCIES Legal Costs and Contingencies In the normal course of business, the Company incurs costs to hire and retain external legal counsel to advise it on regulatory, litigation and other matters. The Company expenses these costs as the related services are received. If a loss is considered probable and the amount can be reasonable estimated, the Company recognizes an expense for the estimated loss. If the Company has the potential to recover a portion of the estimated loss from a third party, the Company makes a separate assessment of recoverability and reduces the estimated loss if recovery is also deemed probable. |
Stockholders' Deficit
Stockholders' Deficit | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE 6 – STOCKHOLDERS’ DEFICIT The Company’s capitalization at June 30, 2017 was 100,000,000 authorized common shares with a par value of $0.0001 per share, and 20,000,000 authorized preferred shares with a par value of $0.0001 per share. Common Stock On July 22, 2016, the Company issued 20,000,000 shares of its common stock, at par value of $0.0001 per share, to two directors and officers for the services performed at $2,000. On March 14, 2017, the Company effectuated a change in control and redeemed 20,000,000 shares of its then outstanding 20,000,000 shares of common stock upon the resignation of two officers and directors. The Company recorded the cancellation of 20,000,000 shares of common stock at its fair value of $2,000 as additional paid in capital at March 14, 2017. On March 14, 2017, the Company issued 8,000,000 shares of its common stock at par value of $800 to Mr. James Koh for services rendered, accepted resignation of two officers and directors, and pursuant to Section 4(2) of the Securities Act of 1933, appointed Mr. James Koh, to be the Company’s Chief Executive Officer, the sole officer and director. The former officers and directors of the Company contributed as additional paid in capital in settlement of Company’s expenses of $312 as of December 31, 2016. On March 31, 2017 and June 30, 2017, the former officers and directors settled payments to a vendor for $2,000 which was recorded as contributed capital in the accompanied financial statements as of June 30, 2017. As a result of all common stock issuances, the total issued and outstanding shares of common stock at June 30, 2017 and December 31, 2016 were 8,000,000 shares and 20,000,000 shares, respectively. Preferred stock No preferred stock was issued and outstanding as of June 30, 2017 and December 31, 2016, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS Management has evaluated subsequent events through February 1, 2019, the date the financial statements were available to be issued, noting the following items would impact the accounting for events or transactions in the current period or require additional disclosure. On November 1, 2017, the sole shareholder and director, Mr. James Koh sold all his 8,000,000 shares of common stock to Mr. Pierre Sawaya, who became the sole shareholder and director of the Company, and was appointed as the President and Chief Executive Officer (the “Executive”) of Monetiva Inc. On November 1, 2017, the Company entered into an employment agreement with the Executive and awarded 12,000,000 shares of the Company’s common stock as a sign on bonus. In addition, the Company agreed to pay the Executive an annual base compensation of $180,000, with salary increasing by 10% each year commencing from January 1, 2018. The term of employment is for a one-year period from the date of this agreement and will be automatically renewed for successive one-year periods unless either party gives ninety days written notice of nonrenewal prior to the expiration of the then-current term. On January 15, 2018, the Company entered into an agreement with Endless One Global, Inc. (“E1G”) whereby, EIG will provide data processing, transaction processing and related services for the prepaid debit accounts created for the customers of the Company, for a period of five years, with a one-time upfront fee of $250,000 for each of the three (3) countries of USA, Mexico and India, for a total fee of $750,000 to initiate the process to establish 3 BINs. Thereafter, the term will automatically be renewed for one (1) year period unless terminated by either party upon providing a written notice. The Company will pay E1G the processing fees as forth in the Agreement, any special fees, new products and technologies introduced by E1G. From February 2, 2018 through April 30, 2018, the Company engaged in a private exempt offering in reliance on Regulation D, Rule 506, whereby a total of 1,616,000 shares were sold to private investors at $0.50 per share and to employees (who were deemed as “Ambassadors” of the Company) at $0.25 per share. A total of 486,000 common shares were issued to private investors at $0.50 per share, resulting in a capital raise by the Company of $243,000. In addition, a total of 1,130,000 common shares were issued to Ambassadors at $0.25 per share, resulting in a capital raise by the Company of $282,500. Through the offering the Company raised a total amount of $525,000, which was immediately made available to the Company to cover operating expenses, salaries and other development costs. These shares were not issued until January 14, 2019. On September 24, 2018, an investor executed a subscription agreement to purchase up to 1,000,000 shares of common stock of the Company at $0.50 per share. The subscriber has paid $140,000 to the Company on September 24, 2018 and agreed to pay the remaining balance prior to January 31, 2019. The Company has recorded $360,000 as subscription receivable as of January 18, 2019 and has issued the 1,000,000 shares of common stock on January 14, 2019 to the investor. As a result of the offerings, a total of 22,616,000 shares of common stock of the Company have been issued and outstanding as of February 1, 2019. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (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 period. The Company regularly evaluates estimates and assumptions related to the valuation of accounts payable, accrued liabilities and payable to related party. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company had a cash balance of $0 as of June 30, 2017 and December 31, 2016, respectively. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “ Income Taxes” The Company follows the provisions of ASC 740-10, “ Accounting for Uncertain Income Tax Positions |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share The Company computes net earnings (loss) per share in accordance with ASC 260, “ Earnings per Share” |
Fair value of Financial Instruments and Fair Value Measurements | Fair value of Financial Instruments and Fair Value Measurements ASC 820, “ Fair Value Measurements and Disclosures”, Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of cash, accrued liabilities and payable to related party. Pursuant to ASC 820, “ Fair Value Measurements and Disclosures” Financial Instruments” |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, “ Financial Instruments - Credit Losses In 2015, the FASB issued ASU No. 2015-17, “ Income Taxes” Balance Sheet Classification of Deferred Taxes |
Nature of Operations, Basis o_2
Nature of Operations, Basis of Presentation and Going Concern (Details) - USD ($) | Mar. 14, 2017 | Mar. 14, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Nature of Operations, Basis of Presentation and Going Concern (Textual) | |||||
Cancelling common stock of existing shareholders | 20,000,000 | 20,000,000 | |||
Common stock issued | 8,000,000 | 8,000,000 | |||
Working capital deficit | $ 8,750 | $ 8,750 | |||
Accumulated deficit | (13,862) | (13,862) | $ (8,062) | ||
Net loss | $ (2,000) | $ (5,800) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Summary of Significant Accounting Policies (Textual) | ||
Cash and cash equivalents |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued Liabilities (Textual) | ||
Accrued professional fees and franchise taxes | $ 8,750 | $ 5,750 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Mar. 14, 2017 | Mar. 14, 2017 |
Related Party Transactions (Textual) | ||
Common stock to president, officer and director | $ 800 | |
Common stock to president, officer and director, shares | 8,000,000 | 8,000,000 |
Stockholders' Deficit (Details)
Stockholders' Deficit (Details) - USD ($) | Mar. 14, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Stockholders' Deficit (Textual) | |||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 8,000,000 | 20,000,000 | |
Common stock, shares outstanding | 8,000,000 | 20,000,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, total amount for services | $ 2,000 | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding | |||
Additional paid in capital | $ 4,312 | $ 312 | |
Payment to vendor | $ 2,000 | ||
Description on repurchase of shares | The Company effectuated a change in control and redeemed 20,000,000 shares of its then outstanding 20,000,000 shares of common stock upon the resignation of two officers and directors. The Company recorded the cancellation of 20,000,000 shares of common stock at its fair value of $2,000 as additional paid in capital at March 14, 2017. | ||
Directors and officers [Member] | July 22, 2016 [Member] | |||
Stockholders' Deficit (Textual) | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, founder shares for services | 20,000,000 | ||
Common stock, total amount for services | $ 2,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 15, 2018 | Sep. 24, 2018 | Nov. 01, 2017 | Apr. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2016 |
Subsequent Events (Textual) | ||||||
Sale of shares, description | The offerings, a total of 22,616,000 shares of common stock of the Company have been issued and outstanding as of February 5, 2019. | |||||
Common shares issued | 8,000,000 | 20,000,000 | ||||
Common stock, per share | $ 0.0001 | $ 0.0001 | ||||
Forecast [Member] | ||||||
Subsequent Events (Textual) | ||||||
Subscription agreement, description | The subscriber has paid $140,000 to the Company on September 24, 2018 and agreed to pay the remaining balance prior to January 31, 2019. The Company has recorded $360,000 as subscription receivable as of January 18, 2019 and has issued the 1,000,000 shares of common stock on January 14, 2019 to the investor. | |||||
Subsequent Event [Member] | ||||||
Subsequent Events (Textual) | ||||||
Share transfer director to director | 8,000,000 | |||||
Executive and awarded shares | 12,000,000 | |||||
Annual base compensation | $ 180,000 | |||||
Percentage of salary increasing | 10.00% | |||||
Sale of shares, description | The Company engaged in a private exempt offering in reliance on Regulation D, Rule 506, whereby a total of 1,616,000 shares were sold to private investors at $0.50 per share and to employees (who were deemed as "Ambassadors" of the Company) at $0.25 per share. A total of 486,000 common shares were issued to private investors at $0.50 per share, resulting in a capital raise by the Company of $243,000. | |||||
Common shares issued | 1,000,000 | |||||
Common stock, per share | $ 0.50 | |||||
Total capital raise amount | $ 525,000 | |||||
Description of transaction process | The prepaid debit accounts created for the customers of the Company, for a period of five years, with a one-time upfront fee of $250,000 for each of the three (3) countries of USA, Mexico and India, for a total fee of $750,000 to initiate the process to establish 3 BINs. Thereafter, the term will automatically be renewed for one (1) year period unless terminated by either party upon providing a written notice. | |||||
Subsequent Event [Member] | Ambassadors [Member] | ||||||
Subsequent Events (Textual) | ||||||
Common shares issued | 1,130,000 | |||||
Discounted price per share | $ 0.25 | |||||
Capital raise amount | $ 282,500 |