Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Dec. 30, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Monetiva Inc. | |
Entity Central Index Key | 0001681309 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation State Country Code | DE | |
Entity File Number | 000-55670 | |
Entity Interactive Data Current | No | |
Entity Current Reporting Status | No | |
Entity Emerging Growth Company | true | |
Entity Transition Period | true | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 26,611,264 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 |
CONDENSED BALANCE SHEETS (UNAUD
CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash | $ 556,963 | $ 10,039 |
Prepaid expenses | 721,780 | 350,480 |
Rent deposits | 40,136 | 25,136 |
Other current assets | 35 | |
Total Current Assets | 1,318,914 | 385,655 |
Right of use asset | 57,166 | |
Total Assets | 1,376,080 | 385,655 |
Current Liabilities | ||
Accrued liabilities | 92,210 | 137,609 |
Accrued payroll - officer | 182,460 | 78,260 |
Deferred rent | 7,960 | |
Operating lease liability | 61,117 | |
Loan payable | 55,000 | |
Payable to officer | 400 | |
Total Current Liabilities | 335,787 | 279,229 |
Total Liabilities | 335,787 | 279,229 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Preferred stock, $0.0001 par value, 20,000,000 shares authorized; none issued and outstanding at June 30, 2019 and December 31, 2018, respectively | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 22,666,000 shares and 8,000,000 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 2,267 | 800 |
Additional paid-in capital | 1,054,545 | 4,312 |
Stock subscriptions received in advance | 1,078,752 | 690,500 |
Stock subscriptions receivable | (200,000) | |
Accumulated deficit | (895,271) | (589,186) |
Total Stockholders' Equity | 1,040,293 | 106,426 |
Total Liabilities and Stockholders' Equity | $ 1,376,080 | $ 385,655 |
CONDENSED BALANCE SHEETS (UNA_2
CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued | ||
Preferred stock,outstanding | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 22,666,000 | 8,000,000 |
Common stock, outstanding | 22,666,000 | 8,000,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Cost of Revenue | ||||
Gross Profit | ||||
Operating Expenses | ||||
General and administrative | 198,629 | 162,967 | 337,322 | 242,216 |
Total Operating Expenses | (198,629) | (162,967) | (337,322) | (242,216) |
Other Income (Expenses) | ||||
Rental income | 18,852 | 31,237 | ||
Total Other Income (Expense) | 18,852 | 31,237 | ||
Loss before Income Taxes | (179,777) | (162,967) | (306,085) | (242,216) |
Provision for Income Tax | ||||
Net Loss | $ (179,777) | $ (162,967) | $ (306,085) | $ (242,216) |
Loss per Share - Basic and Diluted (in dollars per share) | $ (0.01) | $ (0.02) | $ (0.01) | $ (0.03) |
Weighted Average Shares Outstanding - Basic and Diluted (in shares) | 22,666,000 | 8,000,000 | 21,520,011 | 8,000,000 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Stock Subscriptions Received in Advance [Member] | Subscriptions Receivable [Member] | Accumulated Deficit [Member] | Total |
Balance at beginning at Dec. 31, 2017 | $ 800 | $ 4,312 | $ (53,912) | $ (48,800) | ||
Balance at beginning (in shares) at Dec. 31, 2017 | 8,000,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock subscriptions received in advance | 525,500 | 525,500 | ||||
Net loss | (242,216) | (242,216) | ||||
Balance at ending at Jun. 30, 2018 | $ 800 | 4,312 | 525,500 | (296,128) | 234,484 | |
Balance at ending (in shares) at Jun. 30, 2018 | 8,000,000 | |||||
Balance at beginning at Mar. 31, 2018 | $ 800 | 4,312 | 320,000 | (133,161) | 191,951 | |
Balance at beginning (in shares) at Mar. 31, 2018 | 8,000,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock subscriptions received in advance | 205,500 | 205,500 | ||||
Net loss | (162,967) | (162,967) | ||||
Balance at ending at Jun. 30, 2018 | $ 800 | 4,312 | 525,500 | (296,128) | 234,484 | |
Balance at ending (in shares) at Jun. 30, 2018 | 8,000,000 | |||||
Balance at beginning at Dec. 31, 2018 | $ 800 | 4,312 | 690,500 | (589,186) | 106,426 | |
Balance at beginning (in shares) at Dec. 31, 2018 | 8,000,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock issued as compensation to officer | $ 1,200 | 1,200 | ||||
Common stock issued as compensation to officer (in shares) | 12,000,000 | |||||
Common stock issued for stock subscriptions | $ 167 | 550,333 | (690,500) | (140,000) | ||
Common stock issued for stock subscriptions (in shares) | 1,666,000 | |||||
Stock subscriptions received in advance | 1,078,752 | 1,078,752 | ||||
Stock subscriptions receivable | $ 100 | 499,900 | (200,000) | 300,000 | ||
Stock subscriptions receivable (in shares) | 1,000,000 | |||||
Net loss | (306,085) | (306,085) | ||||
Balance at ending at Jun. 30, 2019 | $ 2,267 | 1,054,545 | 1,078,752 | (200,000) | (895,271) | $ 1,040,293 |
Balance at ending (in shares) at Jun. 30, 2019 | 22,666,000 | 22,666,000 | ||||
Balance at beginning at Mar. 31, 2019 | $ 2,267 | 1,054,545 | 360,002 | (200,000) | (715,494) | $ 501,320 |
Balance at beginning (in shares) at Mar. 31, 2019 | 22,666,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock subscriptions received in advance | 718,750 | 718,750 | ||||
Net loss | (179,777) | (179,777) | ||||
Balance at ending at Jun. 30, 2019 | $ 2,267 | $ 1,054,545 | $ 1,078,752 | $ (200,000) | $ (895,271) | $ 1,040,293 |
Balance at ending (in shares) at Jun. 30, 2019 | 22,666,000 | 22,666,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (306,085) | $ (242,216) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Common stock issued for services | 1,200 | |
Changes in Operating Assets and Liabilities: | ||
(Increase) in prepaid expense | (371,300) | (195,000) |
(Increase) in rent deposits | (15,000) | (25,136) |
(Increase) in other current assets | (35) | |
Increase (decrease) in accrued liabilities | (45,399) | 17,590 |
Increase (decrease) in accrued payroll of officer | 104,200 | (21,800) |
Increase (decrease) in deferred rent | (4,009) | 10,505 |
Net Cash Used in Operating Activities | (636,428) | (456,057) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Cash payments on loan payable | (55,000) | |
Cash proceeds from (payment to) officer for short term advances | (400) | 200 |
Cash proceeds from stock subscriptions received in advance | 1,078,752 | 525,500 |
Cash proceeds from stock subscriptions receivable | 160,000 | |
Net Cash Provided by Financing Activities | 1,183,352 | 525,700 |
Net Increase in Cash | 546,924 | 69,643 |
Cash - Beginning of the Period | 10,039 | |
Cash - End of the Period | 556,963 | 69,643 |
Supplemental Disclosures of Cash Flows | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Common stock issued for stock subscriptions received in advance | 690,500 | |
Common stock issued for stock subscriptions receivable | 360,000 | |
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, 2019 | |
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. As of December 30, 2019, the Company has a total of 26,611,264 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 75.16% 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, 2019, and the results of operations and cash flows for the three months and six months ended June 30, 2019. The balance sheet as of December 31, 2018 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 2018 Annual Report filed with the Securities and Exchange Commission on Form 10-K on November 15, 2019. Effective January 1, 2019, the Company adopted the requirements of Accounting Standards Update ("ASU") ASU, No. 2016-02, Leases Going Concern The Company's financial statements are prepared using generally accepted accounting principles in the United States of America ("GAAP") 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 suffered 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 $306,085 for the six months ended June 30, 2019, used net cash in operating activities of $636,428, and has an accumulated deficit of $895,271 as of June 30, 2019. 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, 2019 | |
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 "GAAP" in all material respects and have been consistently applied in preparing the accompanying financial statements. Except for the accounting policies for leases that were updated, as set forth below, as a result of adopting ASU No. 2016-02, there have been no changes to the Company's significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on November 15, 2019, that have had a material impact on the Company's condensed consolidated financial statements and related notes. 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 $556,963 and $10,039 as of June 30, 2019 and December 31, 2018, 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 Leases The Company has operating leases for its offices. Management determines if an arrangement is a lease at inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. If the contract provides the Company the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, the Company consider it to be, or contain, a lease. The Company records a right-of-use asset and a corresponding lease liability based on the present value of the minimum lease payments. The lease term used in the calculation of right-of-use assets and lease liabilities include renewal and termination options that are reasonably certain to be exercised. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. Our leases do not provide an implicit borrowing rate, and we estimate the Company's incremental borrowing rate to discount the lease payments based on information available at lease commencement. 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 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. 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 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, rent deposits, and accrued liabilities. The Company believes that the recorded values of all the financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. Recent Accounting Pronouncements New Accounting Pronouncements Effective January 1, 2019 Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The Company adopted the new standard on January 1, 2019 using the modified retrospective approach. The Company has elected to apply the transition method that allows companies to continue applying the guidance under the lease standard in effect at that time in the comparative periods presented in the financial statements and recognize a cumulative-effect adjustment to the opening balance of retained earnings on the date of adoption. The Company also elected the "package of practical expedients", which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. Results for reporting periods beginning after January 1, 2019 are presented under the new standard, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. Upon adoption of the new lease standard, on January 1, 2019, the Company capitalized right-of-use ("ROU") assets of $124,524 and $132,485 of lease liabilities, within the Company's condensed balance sheets upon adoption. Additionally, the Company reversed its deferred rent liability of $7,960, which upon adoption became a component of the right-of-use asset. The adoption of this standard did not have an impact on the Company's condensed statement of operations or cash flows and did not result in a cumulative catch-up adjustment to the opening balance of retained earnings. Accounting Standards Issued but Not Yet Adopted 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. |
PREPAID EXPENSES
PREPAID EXPENSES | 6 Months Ended |
Jun. 30, 2019 | |
Prepaid Expenses | |
PREPAID EXPENSES | NOTE 3 – PREPAID EXPENSES The Company has made prepayments to Endless One Global ("E1G") with regard to E1G's service in providing data processing, transaction processing and related services for the prepaid debit accounts created for the Company's customers. As of June 30, 2019 and December 31, 2018, the prepayment to E1G were $664,280 and $350,480, respectively (See NOTE 8 - Service Agreement). |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES | NOTE 4 – ACCRUED LIABILITIES The Company had accrued liabilities primarily consisting of consulting and professional fees, payroll and franchise taxes of $92,210 and $137,609 as of June 30, 2019 and December 31, 2018, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS Accrued payroll – Officer The Company has recorded payroll expense of its Chief Executive Officer ("Officer") of $54,450 and $108,900 for the three months and six months ended June 30, 2019. During the three months and six months ended June 30, 2019, the Officer received $3,500 of compensation as compared to $0 for the same comparable periods in 2018. The Company has recorded $182,460 and $78,260 as accrued payroll to Officer at June 30, 2019 and December 31, 2018, respectively (See NOTE 8). |
LOAN PAYABLE
LOAN PAYABLE | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
LOAN PAYABLE | NOTE 6 – LOAN PAYABLE On December 11, 2018, the Company received from a stockholder $55,000 in cash, a short-term loan bearing no interest, unsecured, and payable on demand but no later than February 28, 2019. The Company paid back the loan to the stockholder in two payments of $25,000 and $30,000 on February 4, 2019 and February 20, 2019, respectively. The Company recorded the loan payable of $0 and $55,000 as a current liability in the accompanying financial statements at June 30, 2019 and December 31, 2018, respectively. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
LEASES | NOTE 7 – LEASES 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 $70,666 for this non-cancellable lease for its principal office for the three months and six months ended June 30, 2019 and $35,333 and $47,111 for the three months and six months ended June 30, 2018, respectively. The Company executed a month-to-month cancellable operating lease, leasing office space in an executive suite, commencing on January 1, 2019 for $169 per month. The Company recorded rent expense of $507 and $1,014 for the three months and six months ended June 30, 2019. On May 24, 2019, the Company executed a month-to-month rental agreement ("Agreement") to lease furnished premises. The lease term commenced on June 1, 2019 for a one-year term, with a monthly rent of $11,500 per month from June 1, 2019 to May 31, 2020. The landlord required a security deposit of $15,000 on the commencement date of the lease, and an additional $10,000 security deposit on November 1, 2019. On May 30, 2019, the Company paid to the landlord security deposit of $15,000 and prepaid the rent of $69,000 for the six months ended November 30, 2019. The Company recorded the security deposit of $15,000 as rent deposit, and $11,500 as rent expense for the three months and six months ended June 30, 2019 (See NOTE 10). The Company has recorded total rent expense of $47,118 and $83,180 for all its leases for the three months and six months ended June 30, 2019 compared to $35,333 and $47,111 for the three months and six months ended June 30, 2018, respectively. Additional information related to the Company's leases as of and for the six months ended June 30, 2019, is as follows: June 30, Supplemental data Weighted average remaining lease term 0.42 years Weighted average discount rate 9.00 % Cash paid for amounts included in lease liabilities $ 74,675 Maturities of lease liabilities as of June 30, 2019 were as follows: June 30, Year ending December 31, 2019 (remaining) $ 62,839 Total minimum lease payments 62,839 Less: imputed interest (1,722 ) Present value of future minimum lease payments $ 61,117 Fiscal year 2018 lease commitments in accordance with prior guidance Future minimum lease commitments of the Company are as follows: For the years ending December 31, Amount 2019 $ 62,839 Total $ 62,839 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 – COMMITMENTS AND CONTINGENCIES Operating Lease See future minimum lease payments in NOTE 7. 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%) (See NOTE 5). Service Agreement On January 15, 2018, the Company entered into an agreement with E1G whereby, E1G agreed to 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 is expanding its footprint to additional counties and territories as part of its development plan to provide the same services. These territories will include Europe, Philippines, United Arab Emirates, Pakistan and China. The Company agreed to pay E1G the processing fees as forth in the Agreement, any special fees, new products and technologies introduced by E1G (See NOTE 3). 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, 2019 and December 31, 2018, respectively. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 9 – STOCKHOLDERS' EQUITY The Company's capitalization at June 30, 2019 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 January 14, 2019, the Company issued 12,000,000 shares of its common stock to its Officer as a sign-on bonus. On January 14, 2019, the Company issued 1,616,000 shares of its common stock to investors and business promotors who had subscribed for the Company's common stock during the year ended December 31, 2018 On January 14, 2019, the Company issued 1,000,000 shares of its common stock to an investor who had subscribed for the Company's common stock on September 24, 2018 for the purchase price of $0.50 per share. The subscriber had paid $140,000 on September 24, 2018 which the Company had recorded as subscriptions received in advance as of December 31, 2018. The Company received from the subscriber $160,000 in cash consideration during the six months ended June 30, 2019. The Company has recorded $200,000 and $0 as subscriptions receivable as of June 30, 2019 and December 31, 2018, respectively. On February 25, 2019, the Company issued 50,000 shares of its common stock to two investors who had subscribed for the Company's common stock in November 2018. Subscriptions Received in Advance On February 27, 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 investor paid $10,002 to the Company on February 27, 2019. The Company has recorded $10,002 as subscriptions received in advance as of June 30, 2019. On October 10, 2019, the Company issued to the investor 5,264 shares of common stock for the stock subscriptions. On March 14, 2019, a former shareholder executed a stock subscription agreement to purchase 3,155,000 shares of common stock for $0.25 per share. The Company received a cash consideration of $788,750 from the shareholder, and has recorded $788,750 as subscriptions received in advance as of June 30, 2019. On October 10, 2019, the Company issued 2,030,000 shares of common stock to the shareholder and 1,125,000 shares of common stock distributed between the seventeen (17) family members for the stock subscriptions. On March 20, 2019, an investor executed a stock subscription agreement to purchase 50,000 shares of common stock of the Company at $2.00 per share. On March 27, 2019, the investor paid $100,000 to the Company for the stock subscriptions. The Company has recorded $100,000 as subscriptions received in advance as of June 30, 2019. On October 10, 2019, the Company issued to the investor 50,000 shares of common stock for the stock subscriptions. 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 investor paid $16,000 to the Company on April 3, 2019 and the Company recorded $16,000 as subscriptions received in advance as of June 30, 2019. The Company has issued the 8,000 shares of common stock to the investor on October 10, 2019. On April 9, 2019, an investor advanced the Company $4,000 towards the purchase of 16,000 shares of common stock. The Company has recorded $4,000 as stock subscriptions received in advance as of June 30, 2019. On October 10, 2019, the Company issued to the stockholder 16,000 shares of common stock for these stock subscriptions. 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, and the Company received cash consideration of $100,000 from the investor on the same day. The Company recorded $100,000 as subscription received in advance as of June 30, 2019. The Company has issued the 200,000 shares of common stock to the investor on October 10, 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 and paid the Company a cash consideration of $60,000 on the same date. The Company has recorded $60,000 as stock subscriptions received in advance as of June 30, 2019 for the purchase of the common stock. The Company issued 240,000 shares of common stock to the investor on October 10, 2019. As a result of all common stock issuances, the total issued and outstanding shares of common stock were 22,666,000 shares and 8,000,000 shares at June 30, 2019 and December 31, 2018, respectively. In addition, the Company recorded $1,078,752 and $690,500 as stock subscriptions received in advance as of June 30, 2019 and December 31, 2018, respectively. Preferred stock No preferred stock was issued and outstanding as of June 30, 2019 and December 31, 2018, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS Management has evaluated subsequent events through the date of this Form 10-Q, 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. Equity Transactions On June 14, 2019, an investor executed a stock subscription agreement to purchase 5,000 shares of common stock of the Company at $2.00 per share. The Company received the cash consideration of $10,000 from an investor on July 10, 2019. On October 10, 2019, the Company issued to the investor 5,000 shares of its common stock for stock subscriptions. On June 18, 2019, an investor executed a stock subscription agreement to purchase 200,000 shares of common stock of the Company at $1.00 per share. The subscriber had paid $200,000 to the Company on July 16, 2019 for the purchase of the common stock. The Company issued 200,000 shares of common stock to the investor on July 24, 2019. On August 14, 2019, a stockholder executed a stock subscription agreement to purchase 8,000 shares of the Company's common stock for $2.00 per share. The Company received a cash consideration of $16,000 from the investor on August 16, 2019. On October 10, 2019, the Company issued to the investor 8,000 shares of its common stock for stock subscriptions. On September 17, 2019, two investors executed two separate subscription agreements to purchase 17,500 shares of the Company's common stock at $2.00 per share. The Company received cash consideration of $35,000 from the investors on September 27, 2019. On October 23, 2019, the Company issued to the investors 17,500 shares of its common stock for stock subscriptions. On September 19, 2019, a stockholder executed a stock subscription agreement to purchase 44,000 shares of the Company's common stock at $0.25 per share. On April 9, 2019, the stockholder had advanced the Company $4,000 towards the purchase of these shares and the remaining $7,000 were received by the Company on August 30, 2019 for these stock subscriptions. On October 10, 2019, the Company issued to the investor 44,000 shares of common stock for these stock subscriptions. On September 25, 2019, an investor executed a stock subscription agreement to purchase 12,500 shares of the Company's common stock at $2.00 per share. The Company received cash consideration of $25,000 from the investors on September 27, 2019. On October 23, 2019, the Company issued to the investors 12,500 shares of its common stock for stock subscriptions. As a result of the offerings, a total of 26,611,264 shares of common stock of the Company have been issued and outstanding as of the date of this Form 10-Q. Lease Transaction On October 1, 2019, pursuant to the terms of the lease Agreement, the Company paid $79,000 to the landlord, consisting of an additional security deposit of $10,000, and $69,000 as prepaid rent for the six months term commencing from December 1, 2019 to May 31, 2020 (See NOTE 7). Securities and Exchange Commission Order 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 and filed an answer in response to the assertions made by the Commission. On September 18, 2019, the Division of Enforcement of the Securities and Exchange Commission filed with the Office of the Secretary a Motion for Ruling on the Pleadings Against the Company seeking an order to revoke each class of securities of the Company registered with the Commission pursuant to Section 12(j) of the Securities Exchange Act of 1934. At this time, the Company is diligently working to eliminate its filing delinquencies, and intends to become current on its filings on or before December 31, 2019. Service Agreement with E1G On or about September 30, 2019, the Company entered into an oral agreement with E1G to provide data processing, transaction processing and related services for the prepaid debit accounts created for the Company's customers in the following additional countries Europe, Philippines, United Arab Emirates, Pakistan and China. All other terms and conditions to remain the same as per the January 15, 2018 agreement with E1G. As of November 30, 2019, the Company has paid to E1G $924,780 as the processing fees to initiate and establish BINs for the Company in these selected countries. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
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 $556,963 and $10,039 as of June 30, 2019 and December 31, 2018, 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 |
Leases | Leases The Company has operating leases for its offices. Management determines if an arrangement is a lease at inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. If the contract provides the Company the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, the Company consider it to be, or contain, a lease. The Company records a right-of-use asset and a corresponding lease liability based on the present value of the minimum lease payments. The lease term used in the calculation of right-of-use assets and lease liabilities include renewal and termination options that are reasonably certain to be exercised. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. Our leases do not provide an implicit borrowing rate, and we estimate the Company's incremental borrowing rate to discount the lease payments based on information available at lease commencement. |
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 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. 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 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, rent deposits, and accrued liabilities. The Company believes that the recorded values of all the financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements New Accounting Pronouncements Effective January 1, 2019 Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The Company adopted the new standard on January 1, 2019 using the modified retrospective approach. The Company has elected to apply the transition method that allows companies to continue applying the guidance under the lease standard in effect at that time in the comparative periods presented in the financial statements and recognize a cumulative-effect adjustment to the opening balance of retained earnings on the date of adoption. The Company also elected the "package of practical expedients", which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. Results for reporting periods beginning after January 1, 2019 are presented under the new standard, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. Upon adoption of the new lease standard, on January 1, 2019, the Company capitalized right-of-use ("ROU") assets of $124,524 and $132,485 of lease liabilities, within the Company's condensed balance sheets upon adoption. Additionally, the Company reversed its deferred rent liability of $7,960, which upon adoption became a component of the right-of-use asset. The adoption of this standard did not have an impact on the Company's condensed statement of operations or cash flows and did not result in a cumulative catch-up adjustment to the opening balance of retained earnings. Accounting Standards Issued but Not Yet Adopted 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. |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of leases | June 30, Supplemental data Weighted average remaining lease term 0.42 years Weighted average discount rate 9.00 % Cash paid for amounts included in lease liabilities $ 74,675 |
Schedule of maturities of lease | June 30, Year ending December 31, 2019 (remaining) $ 62,839 Total minimum lease payments 62,839 Less: imputed interest (1,722 ) Present value of future minimum lease payments $ 61,117 |
Schedule of future minimum lease commitments | For the years ending December 31, Amount 2019 $ 62,839 Total $ 62,839 |
NATURE OF OPERATIONS, BASIS O_2
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 23, 2019 | Dec. 31, 2018 | |
Accumulated deficit | $ (895,271) | $ (895,271) | $ (589,186) | |||
Net loss | $ (179,777) | $ (162,967) | (306,085) | $ (242,216) | ||
Net cash used in operating activities | $ (636,428) | (456,057) | ||||
Common stock, shares issued | 22,666,000 | 22,666,000 | 8,000,000 | |||
Common stock, shares outstanding | 22,666,000 | 22,666,000 | 8,000,000 | |||
Common Stock [Member] | ||||||
Common stock issued | 12,000,000 | |||||
Net loss | ||||||
Common stock, shares outstanding | 22,666,000 | 8,000,000 | 22,666,000 | 8,000,000 | ||
Common Stock [Member] | Forecast [Member] | ||||||
Common stock, shares issued | 26,611,264 | |||||
Common stock, shares outstanding | 26,611,264 | |||||
Board of Director and Founder [Member] | Forecast [Member] | ||||||
Common stock, shares issued | 20,000,000 | |||||
Common stock, shares outstanding | 20,000,000 | |||||
Percentage of issued and outstanding | 75.16% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash balance | $ 556,963 | $ 10,039 | $ 69,643 | |
Lease liabilities | 124,524 | |||
Deferred rent liability | $ 7,960 |
PREPAID EXPENSES (Details Narra
PREPAID EXPENSES (Details Narrative) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Endless One Global, Inc. [Member] | Prepaid Debit Cards Commitment [Member] | ||
Prepaid expense | $ 664,280 | $ 350,480 |
ACCRUED LIABILITIES (Details Na
ACCRUED LIABILITIES (Details Narrative) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accrued professional fees,rent and franchise taxes | $ 92,210 | $ 137,609 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accrued payroll | $ 104,200 | $ (21,800) | |||
Officer [Member] | |||||
Payable of accrued payroll to Officer | $ 184,460 | 184,460 | $ 78,260 | ||
Accrued payroll | 54,450 | 108,900 | |||
Addition to receivable against payroll compensation | $ 3,500 | $ 0 | $ 3,500 | $ 0 |
LOAN PAYABLE (Details Narrative
LOAN PAYABLE (Details Narrative) - USD ($) | Dec. 11, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Loan payable | $ 55,000 | ||
Received from a stockholder | $ 55,000 | ||
February 4, 2019 [Member] | |||
Loan to stockholder | 25,000 | ||
February 20, 2019 [Member] | |||
Loan to stockholder | $ 30,000 |
LEASES (Details)
LEASES (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Supplemental data | |
Weighted average remaining lease term | 5 months 1 day |
Weighted average discount rate | 9.00% |
Cash paid for amounts included in lease liabilities | $ 74,675 |
LEASES (Details 1)
LEASES (Details 1) | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2019 (remaining) | $ 62,839 |
Total minimum lease payments | 62,839 |
Less: imputed interest | (1,722) |
Present value of future minimum lease payments | $ 61,117 |
LEASES (Details 2)
LEASES (Details 2) | Jun. 30, 2019USD ($) |
For the years ending December 31, | |
2019 | $ 62,839 |
Total | $ 62,839 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | May 24, 2019 | Feb. 09, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 02, 2019 | Nov. 30, 2019 | May 30, 2019 | Nov. 01, 2018 |
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 | $ 35,333 | $ 70,666 | $ 47,111 | ||||||
Issuance of common stock value | (140,000) | |||||||||
Rental Agreement [Member] | ||||||||||
Operating lease, description | On May 24, 2019, the Company executed a month-to-month rental agreement (“Agreement”) to lease furnished premises. The lease term commenced on June 1, 2019 for a one-year term, with a monthly rent of $11,500 per month from June 1, 2019 to May 31, 2020. | |||||||||
Rent expense | 11,500 | 11,500 | ||||||||
Rent per month | $ 11,500 | |||||||||
Description of rent terms | June 1, 2019 to May 31, 2020 | |||||||||
Rent agreement maturity terms | 1 year | |||||||||
Increasing in rent | $ 13,167 | |||||||||
Security deposit | $ 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | $ 15,000 | $ 10,000 | |||
Rental Agreement [Member] | Subsequent Event [Member] | ||||||||||
Prepaid rent | $ 69,000 | |||||||||
Rental Agreement [Member] | ||||||||||
Rent expense | 47,118 | $ 35,333 | 83,180 | $ 47,111 | ||||||
Office Space [Member] | ||||||||||
Rent expense | $ 507 | $ 1,014 | ||||||||
Cancellable operating lease per month | $ 169 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | Jan. 15, 2018 | Jan. 02, 2018 | Nov. 01, 2017 | Jun. 30, 2019 |
Issuance of common stock value | $ (140,000) | |||
Employment Agreement with Officer [Member] | ||||
Number of shares granted | 12,000,000 | |||
Issuance of common stock value | $ 1,200 | |||
Annual base salary | $ 180,000 | |||
Employment agreement term | 1 year | |||
Percent of commencing | 10.00% | |||
Endless One Global, Inc. [Member] | ||||
Employment agreement term | 5 years | |||
One time upfront fee | $ 250,000 | |||
Endless One Global, Inc. [Member] | Prepaid Debit Cards Commitment [Member] | ||||
One time upfront fee | $ 750,000 |
STOCKHOLDERS' EQUITY (Details
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($) | Oct. 10, 2019 | Jun. 17, 2019 | May 16, 2019 | Apr. 09, 2019 | Apr. 03, 2019 | Mar. 27, 2019 | Mar. 20, 2019 | Mar. 14, 2019 | Feb. 27, 2019 | Feb. 25, 2019 | Jan. 14, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Number of common stock issued, value | $ (140,000) | |||||||||||||
Stock subscriptions received in advance | $ 1,078,752 | $ 690,500 | ||||||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||||||||||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||||||
Common stock, shares issued | 22,666,000 | 8,000,000 | ||||||||||||
Common stock, shares outstanding | 22,666,000 | 8,000,000 | ||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | ||||||||||||
Investor [Member] | ||||||||||||||
Number of common stock issued, value | $ 140,000 | |||||||||||||
Cash consideration | $ 160,000 | |||||||||||||
Stock subscriptions received in advance | $ 140,000 | |||||||||||||
Stock subscriptions receivable | 200,000 | $ 0 | ||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||
Number of common stock issued, value | $ 10,002 | |||||||||||||
Number of common stock issued | 5,264 | |||||||||||||
Share price (in dollars per share) | $ 1.90 | |||||||||||||
Stock subscriptions received in advance | $ 10,002 | |||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | Subsequent Event [Member] | ||||||||||||||
Number of common stock issued | 5,264 | |||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||
Number of common stock issued, value | $ 100,000 | |||||||||||||
Number of common stock issued | 50,000 | |||||||||||||
Share price (in dollars per share) | $ 2 | |||||||||||||
Stock subscriptions received in advance | $ 100,000 | |||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | Subsequent Event [Member] | ||||||||||||||
Number of common stock issued | 50,000 | |||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||
Number of common stock issued | 3,155,000 | |||||||||||||
Cash consideration | 788,750 | |||||||||||||
Share price (in dollars per share) | $ 0.25 | |||||||||||||
Stock subscriptions received in advance | 788,750 | |||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | Subsequent Event [Member] | ||||||||||||||
Number of common stock issued | 2,030,000 | |||||||||||||
Seventeen Family Members Of Investor [Member] | Stock Subscription Agreement [Member] | Subsequent Event [Member] | ||||||||||||||
Number of common stock issued | 1,125,000 | |||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||
Number of common stock issued, value | $ 16,000 | 16,000 | ||||||||||||
Number of common stock issued | 8,000 | |||||||||||||
Share price (in dollars per share) | $ 2 | |||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | Subsequent Event [Member] | ||||||||||||||
Number of common stock issued | 8,000 | |||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||
Number of common stock issued, value | $ 4,000 | |||||||||||||
Number of common stock issued | 16,000 | |||||||||||||
Stock subscriptions received in advance | 4,000 | |||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | Subsequent Event [Member] | ||||||||||||||
Number of common stock issued | 16,000 | |||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||
Number of common stock issued | 200,000 | |||||||||||||
Cash consideration | $ 100,000 | |||||||||||||
Share price (in dollars per share) | $ 0.50 | |||||||||||||
Stock subscriptions received in advance | 100,000 | |||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||
Number of common stock issued | 240,000 | |||||||||||||
Cash consideration | $ 60,000 | $ 60,000 | ||||||||||||
Share price (in dollars per share) | $ 0.25 | |||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | Subsequent Event [Member] | ||||||||||||||
Number of common stock issued | 240,000 | |||||||||||||
Investors And Business Promotors [Member] | ||||||||||||||
Number of common stock issued | 1,616,000 | |||||||||||||
Two Investors [Member] | ||||||||||||||
Number of common stock issued | 50,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Nov. 30, 2019 | Oct. 23, 2019 | Oct. 10, 2019 | Oct. 01, 2019 | Sep. 30, 2019 | Sep. 27, 2019 | Sep. 25, 2019 | Sep. 19, 2019 | Sep. 17, 2019 | Aug. 16, 2019 | Aug. 14, 2019 | Jul. 24, 2019 | Jul. 16, 2019 | Jul. 10, 2019 | Jun. 18, 2019 | Jun. 17, 2019 | Jun. 14, 2019 | Nov. 30, 2019 | Jun. 30, 2019 | Nov. 19, 2019 | Aug. 30, 2019 | Dec. 31, 2018 |
Subsequent Events (Textual) | ||||||||||||||||||||||
Common shares issued | 22,666,000 | 8,000,000 | ||||||||||||||||||||
Common stock, shares outstanding | 22,666,000 | 8,000,000 | ||||||||||||||||||||
Common stock, per share | $ 0.0001 | $ 0.0001 | ||||||||||||||||||||
Number of common stock issued, value | $ (140,000) | |||||||||||||||||||||
Stock subscriptions received in advance | 1,078,752 | $ 690,500 | ||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Number of common stock issued (in dollars per share) | $ 1 | |||||||||||||||||||||
Number of common stock issued | 200,000 | |||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Number of common stock issued (in dollars per share) | $ 0.25 | |||||||||||||||||||||
Number of common stock issued | 240,000 | |||||||||||||||||||||
Cash consideration | $ 60,000 | $ 60,000 | ||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Number of common stock issued (in dollars per share) | $ 2 | |||||||||||||||||||||
Number of common stock issued | 5,000 | |||||||||||||||||||||
Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Number of common stock issued, value | $ 300,000 | |||||||||||||||||||||
Subsequent Event [Member] | Lease Agreement [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Description of lease agreement | On October 1, 2019, pursuant to the terms of the lease agreement, the Company paid $79,000 to the landlord, consisting of an additional security deposit of $10,000 and $69,000 as prepaid rent for the six months term December 1, 2019 to May 31, 2020 (See NOTE 7). | |||||||||||||||||||||
Subsequent Event [Member] | Endless One Global, Inc. [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Common shares issued | 26,611,264 | |||||||||||||||||||||
Common stock, shares outstanding | 26,611,264 | |||||||||||||||||||||
Processing fees | $ 924,780 | |||||||||||||||||||||
Subsequent Event [Member] | Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Number of common stock issued (in dollars per share) | $ 2 | |||||||||||||||||||||
Number of common stock issued | 12,500 | 12,500 | ||||||||||||||||||||
Cash consideration | $ 25,000 | |||||||||||||||||||||
Subsequent Event [Member] | Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Number of common stock issued | 44,000 | |||||||||||||||||||||
Stock subscriptions received in advance | $ 7,000 | |||||||||||||||||||||
Subsequent Event [Member] | Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Number of common stock issued (in dollars per share) | $ 0.25 | |||||||||||||||||||||
Number of common stock issued | 44,000 | |||||||||||||||||||||
Subsequent Event [Member] | Two Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Number of common stock issued (in dollars per share) | $ 2 | |||||||||||||||||||||
Number of common stock issued | 17,500 | 17,500 | ||||||||||||||||||||
Cash consideration | $ 35,000 | |||||||||||||||||||||
Subsequent Event [Member] | Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Number of common stock issued (in dollars per share) | $ 2 | |||||||||||||||||||||
Number of common stock issued | 8,000 | 8,000 | ||||||||||||||||||||
Cash consideration | $ 16,000 | |||||||||||||||||||||
Subsequent Event [Member] | Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Number of common stock issued, value | $ 200,000 | |||||||||||||||||||||
Number of common stock issued | 200,000 | |||||||||||||||||||||
Subsequent Event [Member] | Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Number of common stock issued | 240,000 | |||||||||||||||||||||
Subsequent Event [Member] | Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Number of common stock issued | 5,000 | |||||||||||||||||||||
Cash consideration | $ 10,000 | |||||||||||||||||||||
Subsequent Event [Member] | Investor [Member] | Stock Subscription Agreement [Member] | ||||||||||||||||||||||
Subsequent Events (Textual) | ||||||||||||||||||||||
Cash consideration | $ 538,750 |