Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Sep. 27, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Monetiva Inc. | |
Entity Central Index Key | 0001681309 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2018 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | No | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | true | |
Entity Transition Period | true | |
Entity Common Stock, Shares Outstanding | 22,866,000 | |
Entity File Number | 000-55670 | |
Entity Interactive Data Current | No | |
Entity Incorporation State Country Code | DE |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash | $ 69,643 | |
Prepaid expense | 195,000 | |
Total Current Assets | 264,643 | |
Deposits | 25,136 | |
Total Assets | 289,779 | |
Current Liabilities | ||
Accrued liabilities | 42,690 | 25,100 |
Accrued payroll - officer | 1,900 | 23,700 |
Deferred rent | 10,505 | |
Payable to officer | 200 | |
Total Current Liabilities | 55,295 | 48,800 |
Total Liabilities | 55,295 | 48,800 |
Commitments and Contingencies | ||
Stockholders' Equity (Deficit) | ||
Preferred stock, $0.0001 par value, 20,000,000 shares authorized; none issued and outstanding at June 30, 2018 and December 31, 2017, respectively | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 8,000,000 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively | 800 | 800 |
Additional paid-in capital | 4,312 | 4,312 |
Stock subscriptions received in advance | 525,500 | |
Accumulated deficit | (296,128) | (53,912) |
Total Stockholders' Equity (Deficit) | 234,484 | (48,800) |
Total Liabilities and Stockholders' Deficit | $ 289,779 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
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 | 8,000,000 |
Common stock, shares outstanding | 8,000,000 | 8,000,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Cost of revenue | ||||
Gross profit | ||||
Operating expenses | ||||
General and administrative | 162,967 | 2,000 | 242,216 | 5,800 |
Total Operating expenses | (162,967) | (2,000) | (242,216) | (5,800) |
Loss before income taxes | (162,967) | (2,000) | (242,216) | (5,800) |
Provision for income tax | ||||
Net loss | $ (162,967) | $ (2,000) | $ (242,216) | $ (5,800) |
Loss per share - Basic and Diluted | $ (0.02) | $ 0 | $ (0.03) | $ 0 |
Weighted average shares outstanding - Basic and Diluted | 8,000,000 | 8,000,000 | 8,000,000 | 12,833,978 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock | Additional Paid-in Capital | Stock Subscriptions Receivedin Advance | Accumulated Deficit | Total |
Balance at Dec. 31, 2016 | $ 2,000 | $ 312 | $ (8,062) | $ (5,750) | |
Balance, shares at Dec. 31, 2016 | 20,000,000 | ||||
Issuance of common stock for services | $ 800 | 800 | |||
Issuance of common stock for services, shares | 8,000,000 | ||||
Cancellation of common shares of founders | $ (2,000) | 2,000 | |||
Cancellation of common shares of founders, shares | (20,000,000) | ||||
Contributed capital | 2,000 | 2,000 | |||
Net loss | (5,800) | (5,800) | |||
Balance at Jun. 30, 2017 | $ 800 | 4,312 | (13,862) | (8,750) | |
Balance, shares at Jun. 30, 2017 | 8,000,000 | ||||
Balance at Mar. 31, 2017 | $ 800 | 3,312 | (11,862) | (7,750) | |
Balance, shares at Mar. 31, 2017 | 8,000,000 | ||||
Contributed capital | 1,000 | 1,000 | |||
Net loss | (2,000) | (2,000) | |||
Balance at Jun. 30, 2017 | $ 800 | 4,312 | (13,862) | (8,750) | |
Balance, shares at Jun. 30, 2017 | 8,000,000 | ||||
Balance at Dec. 31, 2017 | $ 800 | 4,312 | (53,912) | (48,800) | |
Balance, shares at Dec. 31, 2017 | 8,000,000 | ||||
Stock subscriptions received in advance | 525,500 | 525,500 | |||
Net loss | (242,216) | (242,216) | |||
Balance at Jun. 30, 2018 | $ 800 | 4,312 | 525,500 | (296,128) | 234,484 |
Balance, shares at Jun. 30, 2018 | 8,000,000 | ||||
Balance at Mar. 31, 2018 | $ 800 | 4,312 | 320,000 | (133,161) | 191,951 |
Balance, shares at Mar. 31, 2018 | 8,000,000 | ||||
Stock subscriptions received in advance | 205,500 | 205,500 | |||
Net loss | (162,967) | (162,967) | |||
Balance at Jun. 30, 2018 | $ 800 | $ 4,312 | $ 525,500 | $ (296,128) | $ 234,484 |
Balance, shares at Jun. 30, 2018 | 8,000,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (242,216) | $ (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: | ||
Prepaid expenses | (195,000) | |
Deposits | (25,136) | |
Accrued liabilities | 17,590 | 3,000 |
Accrued payroll - officer | (21,800) | |
Deferred rent | 10,505 | |
Net Cash Used in Operating Activities | (456,057) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net proceeds from officer | 200 | |
Cash proceeds from stock subscriptions received in advance | 525,500 | |
Net Cash Provided By Financing Activities | 525,700 | |
Net Increase in Cash | 69,643 | |
Cash - Beginning of the Period | ||
Cash - End of the Period | 69,643 | |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Common stock issued for services | 800 | |
Redemption of common shares in connection with change of control | 2,000 | |
Accrued compensation of officer | $ 105,800 |
Nature of Operations, Basis of
Nature of Operations, Basis of Presentation and Going Concern | 6 Months Ended |
Jun. 30, 2018 | |
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 Monetiva Inc. (formerly known as American Standard Wallet, Inc. and Lark Street Acquisition Corporation, or "Monetiva" or the "Company"), a Delaware 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, accepting the resignations of its then existing officers and directors, electing a new officer and sole director and issuing 8,000,000 shares of common stock to the new shareholder. In connection with the change of control, the sole director 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 Wallet, Inc. On November 1, 2017, the Company effected a change of control whereby then existing owner Mr. James Koh, the sole shareholder, officer and director of the Company, sold all 8,000,000 of his shares of the Company's common stock to Mr. Pierre Sawaya. The Company accepted the resignation of Mr. Koh as the existing officer and director, electing a new officer and sole director upon issuance of the shares to Mr. Sawaya. In connection with the change of control, Mr. Sawaya, the sole shareholder and director of the Company unanimously approved the change of the Company's name from American Standard Wallet, Inc. to Monetiva, Inc. As of September 26, 2019, the Company has a total of 22,866,000 shares of common stock of the Company issued and outstanding. Of all shares issued and outstanding, a total of 20,000,000 common shares have been issued to the Company's Board of Director and Founder of the Company, representing approximately 87.47% of the total shares issued and outstanding as of the date of this Report. 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, 2018, and the results of operations and cash flows for the six months ended June 30, 2018. The balance sheet as of December 31, 2017 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 2017 Annual Report filed with the Securities and Exchange Commission on Form 10-K on June 21, 2019. 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 $242,216 for the six months ended June 30, 2018, used net cash in operating activities of $456,057, and has an accumulated deficit of $296,128 as of June 30, 2018. 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, 2018 | |
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 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 $69,643 and $0 as of June 30, 2018 and December 31, 2017, 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, deferred rent and payable to related party. Pursuant to ASC 820, " Fair Value Measurements and Disclosures" Financial Instruments" Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update ("ASU") ASU 2016-02, " Leases In June 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting There were other updates recently issued accounting pronouncement. The Company's management does not believe that other than disclosed above, accounting pronouncements that recently issued but not yet adopted will have a material impact on its financial position, results of operations or cash flows. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES | NOTE 3 – ACCRUED LIABILITIES The Company had accrued liabilities primarily consisting of consulting and professional fees, payroll and franchise taxes of $42,690 and $25,100 as of June 30, 2018 and December 31, 2017, respectively. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
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 at $0.0001 per share (par value) to its former President, a former officer and director of the Company, valued at $800 as compensation expense for services performed. In addition, on November 15, 2017, the Company executed an employment agreement with its Chief Executive Officer ("Officer") and granted 12,000,000 shares of its common stock at par value at $1,200, as a sign-on bonus. The 12,000,000 shares of common stock were not issued until January 14, 2019. The Company has recorded the sign-on bonus expense of $1,200 as accrued compensation of officer as of June 30, 2018 and December 31, 2017, respectively. On January 4, 2018, the Officer advanced the Company $200 to open Company's bank account. On February 5, 2018 and March 1, 2018, the Officer paid two instalments of $40,000 and $57,300 from the Company's funds to a former officer and director to acquire all the issued and outstanding common stock owned by the former officer and director (8,000,000 common shares) of the Company for $97,300. On April 6, 2018, the Officer took a short-term advance from the Company of $8,500. The Company offset the receivable from the Officer against the payroll compensation of $105,800 due to the Officer as of June 30, 2018. As a result, the Company recorded a net payable to officer of $200 at June 30, 2018, and a net payable of accrued compensation to Officer of $1,900 and $23,700 at June 30, 2018 and December 31, 2017, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5 – COMMITMENTS AND CONTINGENCIES Lease Commitments On February 9, 2018, the Company executed a non-cancellable operating lease for its principal office with the lease commencing March 1, 2018 for a period of 21 months maturing on November 30, 2019. The Company paid a security deposit of $25,136. The base rent of the lease was $12,202 for the first twelve months, increasing to $12,568 from the month thirteen to month twenty-one. The lease had a provision for rent abatement for only one month - April 2018. The Company has recorded rent expense of $35,333 and $47,111 for the three months and six months ended June 30, 2018, and $0 for the three months and six months ended June 30, 2017, respectively. In addition, the Company recorded a payable of deferred rent of $10,505 and $0 at June 30, 2018 and December 31, 2017, respectively. Future minimum lease commitments of the Company are as follows: For the years ending December 31,: Amount 2018 $ 73,211 2019 $ 137,514 Total $ 210,725 Employment Agreement with Officer On November 1, 2017, the Company entered into an employment agreement with its Officer for a one-year term, which shall be automatically renewed for successive one-year periods unless either party gives ninety (90) calendar days written notice of nonrenewal prior to the expiration of the then-current term. The Company granted 12,000,000 shares of its common stock to the Officer as a sign-on bonus valued at $1,200, and agreed to pay an annual base salary of $180,000 provided that the Officer's base salary may be reduced to the extent that Officer elects to defer any portion thereof under the terms of any deferred compensation or savings plan maintained by the Company. In addition to the eligibility for consideration of merit-based increases in the discretion of the Board of Directors, Officer's base salary will be increased effective January 1, of each year during the term commencing January 1, 2018 by ten percent (10%). The Company has recorded Officer's compensation expense of $49,500 and $99,000 for the three months and six months ended June 30, 2018 and $0 for the three months and six months ended June 30, 2017, respectively. Prepaid Debit Cards Commitment 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 three (3) Business Identification Numbers ("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. The Company has paid to E1G $195,000 and $0 and recorded it as prepaid expense as of June 30, 2018 and December 31, 2017, respectively. 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. The Company was not aware of any loss contingencies as of June 30, 2018 and December 31, 2017, respectively. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY (DEFICIT) | NOTE 6 – STOCKHOLDERS' EQUITY (DEFICIT) The Company's capitalization at June 30, 2018 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 on 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 shareholder, officer and director. On November 1, 2017, the former sole shareholder, officer and director, Mr. James Koh sold all his 8,000,000 shares of common stock to Mr. Pierre Sawaya, who became the sole shareholder, officer and director of the Company, and was appointed as the President and Chief Executive Officer of Monetiva Inc. On November 1, 2017, the Company entered into an employment agreement with Mr. Pierre Sawaya and awarded him 12,000,000 shares of the Company's common stock valued at $1,200 as a sign-on bonus. The common shares were issued to the Officer in January 2019. 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 agreed to be sold to private investors at $0.50 per share and to the business promoters of E1G at $0.25 per share. A total of 486,000 common shares were agreed to be 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 agreed to be sold to the business promoters of E1G at $0.25 per share, resulting in a capital raise by the Company of $282,500. Through the offering the Company received a total amount of $525,500 as of June 30, 2018, which was immediately made available to the Company to cover operating expenses, salaries and other development costs. These common shares were not issued until January 14, 2019. As a result of all common stock issuances, the total issued and outstanding shares of common stock at June 30, 2018 and December 31, 2017 were 8,000,000 shares, respectively. Preferred stock No preferred stock was issued and outstanding as of June 30, 2018 and December 31, 2017, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS Management has evaluated subsequent events through September 27, 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 September 24, 2018, an investor executed a stock 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 $300,000 to the Company as of August 9, 2019, and agreed to pay the remaining balance prior to August 31, 2019. The Company has issued the 1,000,000 shares of common stock on January 14, 2019 to the investor and recorded $200,000 as subscription receivable. On November 8, 2018, an investor executed a stock subscription agreement to purchase 30,000 shares of common stock of the Company at $0.50 per share. The subscriber paid $15,000 to the Company on November 8, 2018 and the Company has not issued the 30,000 shares to the subscriber as of September 26, 2019. On November 16, 2018, an investor executed a stock subscription agreement to purchase 20,000 shares of common stock of the Company at $0.50 per share. The subscriber paid $10,000 to the Company on November 16, 2018 and the Company has not issued the 20,000 shares to the subscriber as of September 26, 2019. On January 14, 2019, the Company issued 20,000,000 shares of its common stock to its Officer consisting of 12,000,000 shares of common stock as a sign-on bonus, and 8,000,000 shares acquired from the former Chief Executive Officer. On February 26, 2019, an investor executed a stock subscription agreement to purchase 5,264 shares of common stock of the Company at $1.90 per share. The subscriber has paid $10,001.60 to the Company on February 27, 2019 and the Company has not issued the 5,264 shares of common stock to the investor as of September 26, 2019. On March 3, 2019, an investor executed a stock subscription agreement to purchase 50,000 shares of common stock of the Company at $2.00 per share. The subscriber has paid $100,000 to the Company on March 27, 2019 for the stock subscriptions and the Company has not issued the 50,000 shares of common stock to the investor as of September 26, 2019. On April 3, 2019, an investor executed a stock subscription agreement to purchase 8,000 shares of common stock of the Company at $2.00 per share. The subscriber has paid $16,000 to the Company on April 3, 2019 and the Company has not issued the 8,000 shares of common stock to the investor as of September 26, 2019. On April 9, 2019, the Company received $4,000 from an investor for purchase of its common stock. The investor has not executed a subscription agreement and no shares were issued as of September 26, 2019. On May 16, 2019, an investor executed a stock subscription agreement to purchase 200,000 shares of common stock of the Company at $0.50 per share. The same investor had previously purchased 100,000 shares of common stock on February 26, 2018 at $0.50 per share. The Company received $100,000 from the investor on May 16, 2019. The Company has not issued the 200,000 shares of common stock as of September 26, 2019. On June 17, 2019, an investor executed a stock subscription agreement to purchase 240,000 shares of common stock of the Company at $0.25 per share. The subscriber has paid $60,000 to the Company on June 17, 2019 and the Company has not issued the 240,000 shares of common stock to the investor as of September 26, 2019. Between March 14, 2019 and August 9, 2019, a shareholder has advanced $788,750 to the Company to purchase additional common shares of the Company. The Company and the shareholder are negotiating the terms of purchase of common stock and have not executed a stock subscriptions agreement as of September 26, 2019. On July 10, 2019, the Company received $10,000 from an investor for purchase of common stock. The investor has not executed a subscription agreement and no shares were issued as of September 26, 2019. On July 16, 2019, the Company received $200,000 from an investor for purchase of 200,000 shares of common stock at $1.00 per share. The investor has executed a subscription agreement and the Company issued 200,000 shares on July 24, 2019. On August 22, 2019, the Company became aware of an Securities and Exchange Commission Order Instituting Administrative Proceedings and Notice of Hearing alleging that the Company is delinquent in certain of its periodic filings with the Commission and indicating that administrative proceedings are intended to be held (i) to determine all delinquent filings and any defenses of the Company for any such delinquent filings, and (ii) to make a decision as whether it may be appropriate to take any action to suspend or revoke the Company's registration of its securities. The date of the Commission Order is August 14, 2019. The Company is actively working to resolve any delinquent filings as quickly as possible and intends to demonstrate to the Commission its diligence in that regard. As of September 26, 2019, the Company has paid to E1G $726,780 as the processing fees to initiate and establish BINs for the Company. As a result of the offerings, a total of 22,866,000 shares of common stock of the Company have been issued and outstanding as of September 27, 2019. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with 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 $69,643 and $0 as of June 30, 2018 and December 31, 2017, 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, deferred rent and payable to related party. Pursuant to ASC 820, " Fair Value Measurements and Disclosures" Financial Instruments" |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update ("ASU") ASU 2016-02, " Leases In June 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting There were other updates recently issued accounting pronouncement. The Company's management does not believe that other than disclosed above, accounting pronouncements that recently issued but not yet adopted will have a material impact on its financial position, results of operations or cash flows. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies | |
Schedule of future minimum lease commitments | For the years ending December 31,: Amount 2018 $ 73,211 2019 $ 137,514 Total $ 210,725 |
Nature of Operations, Basis o_2
Nature of Operations, Basis of Presentation and Going Concern (Details) - USD ($) | Nov. 01, 2017 | Mar. 14, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 27, 2019 | Sep. 26, 2019 | Jul. 24, 2019 | Jan. 14, 2019 | Sep. 24, 2018 | Dec. 31, 2017 |
Nature of Operations, Basis of Presentation and Going Concern (Textual) | ||||||||||||
Cancelling common stock of existing shareholders | 20,000,000 | |||||||||||
Accumulated deficit | $ (296,128) | $ (296,128) | $ (53,912) | |||||||||
Net loss | $ (162,967) | $ (2,000) | (242,216) | $ (5,800) | ||||||||
Net cash used in operating activities | $ (456,057) | |||||||||||
Common stock, shares issued | 8,000,000 | 8,000,000 | 8,000,000 | |||||||||
Common stock, shares outstanding | 8,000,000 | 8,000,000 | 8,000,000 | |||||||||
Common stock [Member] | ||||||||||||
Nature of Operations, Basis of Presentation and Going Concern (Textual) | ||||||||||||
Net loss | ||||||||||||
Scenario, Forecast [Member] | ||||||||||||
Nature of Operations, Basis of Presentation and Going Concern (Textual) | ||||||||||||
Common stock, shares issued | 22,866,000 | 20,000,000 | 1,000,000 | |||||||||
Common stock, shares outstanding | 22,866,000 | |||||||||||
Scenario, Forecast [Member] | Common stock [Member] | ||||||||||||
Nature of Operations, Basis of Presentation and Going Concern (Textual) | ||||||||||||
Common stock, shares issued | 22,866,000 | 200,000 | ||||||||||
Common stock, shares outstanding | 22,866,000 | |||||||||||
Director [Member] | ||||||||||||
Nature of Operations, Basis of Presentation and Going Concern (Textual) | ||||||||||||
Common stock issued | 8,000,000 | 8,000,000 | ||||||||||
Director [Member] | Scenario, Forecast [Member] | ||||||||||||
Nature of Operations, Basis of Presentation and Going Concern (Textual) | ||||||||||||
Common stock, shares issued | 20,000,000 | |||||||||||
Common stock, shares outstanding | 20,000,000 | |||||||||||
Percentage of issued and outstanding | 87.47% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Summary of Significant Accounting Policies (Textual) | ||||
Cash balance | $ 69,643 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Accrued Liabilities (Textual) | ||
Accrued professional fees and franchise taxes | $ 42,690 | $ 25,100 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Feb. 05, 2018 | Nov. 15, 2017 | Mar. 14, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 14, 2019 | Jan. 04, 2018 | Dec. 31, 2017 | Apr. 06, 2017 |
Related Party Transactions (Textual) | |||||||||
Increase in receivable from officer | $ (21,800) | ||||||||
Officer [Member] | |||||||||
Related Party Transactions (Textual) | |||||||||
Stock based compensation expense | 1,200 | ||||||||
Officer short-term advance | $ 200 | ||||||||
Payable of accrued compensation to Officer | 1,900 | $ 23,700 | |||||||
Net payable to officer | 200 | ||||||||
President [Member] | |||||||||
Related Party Transactions (Textual) | |||||||||
Common stock to president, officer and director, shares | 8,000,000 | ||||||||
Officer and director [Member] | |||||||||
Related Party Transactions (Textual) | |||||||||
Common stock to president, officer and director | $ 40,000 | $ 800 | $ 57,300 | ||||||
Par value | $ 0.0001 | ||||||||
Common stock to president, officer and director, shares | 8,000,000 | ||||||||
Number of shares granted | 12,000,000 | ||||||||
Issuance of common stock value | $ 1,200 | ||||||||
Increase in receivable from officer | $ 105,800 | ||||||||
Officer short-term advance | $ 8,500 | ||||||||
Officer and director [Member] | Subsequent Event [Member] | |||||||||
Related Party Transactions (Textual) | |||||||||
Common stock shares are not issued until period | 12,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | Jun. 30, 2018USD ($) |
For the years ending December 31,: | |
2018 | $ 73,211 |
2019 | 137,514 |
Total | $ 210,725 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) - USD ($) | Feb. 09, 2018 | Jan. 15, 2018 | Jan. 02, 2018 | Nov. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments and Contingencies (Textual) | ||||||||||
Operating lease, description | The Company executed a non-cancellable operating lease for its principal office with the lease commencing March 1, 2018 for a period of 21 months maturing on November 30, 2019. The Company paid a security deposit of $25,136. The base rent of the lease was $12,202 for the first twelve months, increasing to $12,568 from the month thirteen to month twenty-one. The lease had a provision for rent abatement for only one month - April 2018. | |||||||||
Rent expense | $ 35,333 | $ 0 | $ 47,111 | $ 0 | ||||||
Rent paid in advance | 10,505 | 10,505 | $ 0 | |||||||
Employment Agreement with Officer [Member] | ||||||||||
Commitments and Contingencies (Textual) | ||||||||||
Number of shares granted | 12,000,000 | |||||||||
Issuance of common stock value | $ 1,200 | |||||||||
Stock based compensation expense | 49,500 | $ 0 | 99,000 | $ 0 | ||||||
Annual base salary | $ 180,000 | |||||||||
Employment agreement term | 1 year | |||||||||
Accrued payroll | $ 1,200 | 1,200 | 23,700 | |||||||
Percent of commencing | 10.00% | |||||||||
One time upfront fee | $ 250,000 | |||||||||
Employment Agreement with Officer [Member] | Prepaid Debit Cards Commitment [Member] | ||||||||||
Commitments and Contingencies (Textual) | ||||||||||
One time upfront fee | $ 750,000 | $ 195,000 | $ 0 |
Stockholders' Deficit (Details)
Stockholders' Deficit (Details) - USD ($) | Mar. 14, 2017 | Apr. 30, 2018 | Nov. 01, 2017 | Jul. 22, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Stockholders' Deficit (Textual) | |||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |||||
Common stock, shares issued | 8,000,000 | 8,000,000 | |||||
Common stock, shares outstanding | 8,000,000 | 8,000,000 | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||
Common stock, total amount for services | $ 800 | ||||||
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 | $ 4,312 | |||||
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 on 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 shareholder, officer and director. | ||||||
Shares sold to private investors | 1,616,000 | ||||||
Director [Member] | |||||||
Stockholders' Deficit (Textual) | |||||||
Issuance share to officer for services, shares | 8,000,000 | ||||||
Director [Member] | July 22, 2016 [Member] | |||||||
Stockholders' Deficit (Textual) | |||||||
Common stock, par value | $ 0.0001 | ||||||
Common stock, founder shares for services | 20,000,000 | ||||||
Common stock, total amount for services | $ 2,000 | ||||||
Officer [Member] | |||||||
Stockholders' Deficit (Textual) | |||||||
Common stock, par value | $ 0.25 | ||||||
Common stock, founder shares for services | 320,000 | ||||||
Common stock, total amount for services | $ 1,200 | ||||||
Additional paid in capital | $ 282,500 | ||||||
Issuance share to officer for services, shares | 12,000,000 | ||||||
Private investors [Member] | |||||||
Stockholders' Deficit (Textual) | |||||||
Common stock, par value | $ 0.50 | ||||||
Common stock, founder shares for services | 486,000 | ||||||
Additional paid in capital | $ 243,000 | ||||||
Shares sold to private investors | 556,000 | ||||||
Price per share | $ 0.50 | ||||||
Ambassadors [Member] | |||||||
Stockholders' Deficit (Textual) | |||||||
Common stock, par value | $ 0.25 | ||||||
Common stock, founder shares for services | 1,130,000 | ||||||
Employees [Member] | |||||||
Stockholders' Deficit (Textual) | |||||||
Price per share | $ 0.25 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jul. 16, 2019 | Jul. 10, 2019 | Apr. 09, 2019 | Apr. 03, 2019 | Mar. 03, 2019 | Nov. 08, 2018 | Sep. 26, 2019 | Aug. 22, 2019 | Jun. 17, 2019 | May 16, 2019 | Feb. 26, 2019 | Nov. 16, 2018 | Sep. 24, 2018 | Apr. 30, 2018 | Feb. 26, 2018 | Jun. 30, 2018 | Sep. 27, 2019 | Jul. 24, 2019 | Mar. 14, 2019 | Jan. 14, 2019 | Dec. 31, 2017 |
Subsequent Events (Textual) | |||||||||||||||||||||
Sale of shares, description | The Company engaged in a private exempt offering in reliance on Regulation D, Rule 506, whereby a total of 556,000 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 266,000 common shares were issued to private investors at $0.50 per share, resulting in a capital raise by the Company of $133,000. | ||||||||||||||||||||
Common shares issued | 8,000,000 | 8,000,000 | |||||||||||||||||||
Common stock, shares outstanding | 8,000,000 | 8,000,000 | |||||||||||||||||||
Common stock, per share | $ 0.0001 | $ 0.0001 | |||||||||||||||||||
Stock subscription agreement to purchase shares | 100,000 | ||||||||||||||||||||
Shares sold to private investors | 1,616,000 | ||||||||||||||||||||
Ambassadors [Member] | |||||||||||||||||||||
Subsequent Events (Textual) | |||||||||||||||||||||
Common stock, per share | $ 0.25 | ||||||||||||||||||||
Discounted price per share | $ 0.25 | ||||||||||||||||||||
Officer [Member] | |||||||||||||||||||||
Subsequent Events (Textual) | |||||||||||||||||||||
Common stock, per share | $ 0.25 | ||||||||||||||||||||
Common stock [Member] | |||||||||||||||||||||
Subsequent Events (Textual) | |||||||||||||||||||||
Common stock, per share | $ 0.50 | ||||||||||||||||||||
Scenario, Forecast [Member] | |||||||||||||||||||||
Subsequent Events (Textual) | |||||||||||||||||||||
Common shares issued | 1,000,000 | 22,866,000 | 20,000,000 | ||||||||||||||||||
Common stock, shares outstanding | 22,866,000 | ||||||||||||||||||||
Common stock, per share | $ 2 | $ 2 | $ 0.25 | $ 0.50 | $ 1.90 | $ 0.50 | $ 0.50 | ||||||||||||||
Subscription agreement, description | The subscriber has paid $300,000 to the Company as of August 9, 2019, and agreed to pay the remaining balance prior to August 31, 2019. The Company has issued the 1,000,000 shares of common stock on January 14, 2019 to the investor and recorded $200,000 as subscription receivable. | ||||||||||||||||||||
Stock subscription agreement to purchase shares | 8,000 | 50,000 | 60,000 | 200,000 | 5,264 | 20,000 | |||||||||||||||
Amount of subscriber paid | $ 16,000 | $ 100,000 | $ 10,001 | $ 10,000 | |||||||||||||||||
Processing fees | $ 726,780 | ||||||||||||||||||||
Company has not issued shares to subscriber | 8,000 | 50,000 | 240,000 | 200,000 | 5,264 | 20,000 | 788,750 | ||||||||||||||
Proceeds form investors for purchase of common stock | $ 4,000 | $ 100,000 | |||||||||||||||||||
Commission and administrative proceedings, description | (i) to determine all delinquent filings and any defenses of the Company for any such delinquent filings, and (ii) to make a decision as whether it may be appropriate to take any action to suspend or revoke the Company's registration of its securities. The date of the Commission Order is August 14, 2019. The Company is actively working to resolve any delinquent filings as quickly as possible and intends to demonstrate to the Commission its diligence in that regard. | ||||||||||||||||||||
Scenario, Forecast [Member] | Subscription Agreement [Member] | |||||||||||||||||||||
Subsequent Events (Textual) | |||||||||||||||||||||
Common stock, per share | $ 0.50 | ||||||||||||||||||||
Stock subscription agreement to purchase shares | 30,000 | ||||||||||||||||||||
Amount of subscriber paid | $ 15,000 | ||||||||||||||||||||
Company has not issued shares to subscriber | 30,000 | ||||||||||||||||||||
Scenario, Forecast [Member] | Officer [Member] | |||||||||||||||||||||
Subsequent Events (Textual) | |||||||||||||||||||||
Common shares issued | 12,000,000 | ||||||||||||||||||||
Scenario, Forecast [Member] | Chief Executive Officer [Member] | |||||||||||||||||||||
Subsequent Events (Textual) | |||||||||||||||||||||
Common shares issued | 8,000,000 | ||||||||||||||||||||
Scenario, Forecast [Member] | Common stock [Member] | |||||||||||||||||||||
Subsequent Events (Textual) | |||||||||||||||||||||
Common shares issued | 22,866,000 | 200,000 | |||||||||||||||||||
Common stock, shares outstanding | 22,866,000 | ||||||||||||||||||||
Common stock, per share | $ 1 | ||||||||||||||||||||
Stock subscription agreement to purchase shares | 200,000 | 10,000 | |||||||||||||||||||
Proceeds form investors for purchase of common stock | $ 200,000 |