Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 23, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Reliant Holdings, Inc. | |
Entity Central Index Key | 1,682,265 | |
Document Type | 10-Q | |
Trading Symbol | RHIS | |
Document Period End Date | Sep. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 14,585,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 | |
Extended Transition Period | false | |
Emerging Growth Company | true | |
Small Business | true |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash | $ 212,398 | $ 18,252 |
Accounts receivable | 3,000 | 570 |
Federal income tax receivable | 10,000 | 10,000 |
Earnings in excess of billings and estimated earnings on uncompleted contracts | 15,088 | |
Total current assets | 225,398 | 43,910 |
Equipment, net of accumulated depreciation of $19,118 and $14,037 September 30, 2018 and December 31, 2017, respectively | 15,808 | 20,889 |
Total Assets | 241,206 | 64,799 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 56,314 | 41,247 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 102,760 | 36,461 |
Current portion of note payable | 5,926 | 5,736 |
Due to related party | 5,000 | 5,000 |
Total current liabilities | 170,000 | 88,444 |
Long-term note payable, net of current portion | 8,780 | 13,248 |
Total Liabilities | 178,780 | 101,692 |
Commitments | ||
Stockholders' Equity (Deficit) | ||
Common stock, 70,000,000 shares authorized, $0.001 par value, 14,585,000 issued and outstanding as of September 30, 2018 and December 31, 2017 | 14,585 | 14,585 |
Additional paid-in capital | 43,365 | 43,365 |
Retained earnings (Accumulated deficit) | 4,476 | (94,843) |
Total Stockholders' Equity (Deficit) | 62,426 | (36,893) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 241,206 | $ 64,799 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 19,118 | $ 14,037 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 70,000,000 | 70,000,000 |
Common stock, shares issued | 14,585,000 | 14,585,000 |
Common stock, shares outstanding | 14,585,000 | 14,585,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Revenue | $ 438,977 | $ 245,176 | $ 1,093,763 | $ 832,178 |
Cost of goods sold | (287,232) | (183,620) | (725,895) | (574,847) |
Gross margin | 151,745 | 61,556 | 367,868 | 257,331 |
Operating expenses | ||||
General and administrative | 85,985 | 106,921 | 268,030 | 357,646 |
Total operating expenses | (85,985) | (106,921) | (268,030) | (357,646) |
Income (Loss) from operations | 65,760 | (45,365) | 99,838 | (100,315) |
Other income / (expense) | ||||
Interest income | 18 | 7 | 39 | 10 |
Interest expense | (170) | (162) | (558) | (741) |
Total other income (expense) | (152) | (155) | (519) | (731) |
Income (Loss) before income taxes | 65,608 | (45,520) | 99,319 | (101,046) |
Net income (Loss) | $ 65,608 | $ (45,520) | $ 99,319 | $ (101,046) |
Net Income (Loss) per share - basic and diluted (in dollars per share) | $ 0 | $ 0 | $ 0.01 | $ (0.01) |
Weighted Average Common Shares Outstanding (in shares) | 14,585,000 | 14,585,000 | 14,585,000 | 14,585,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Activities | ||
Net income (loss) | $ 99,319 | $ (101,046) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation | 5,081 | 5,081 |
Accounts receivable, related party converted to compensation | 13,181 | |
Changes in operating assets and liabilities: | ||
Accounts Receivable | (2,430) | 6,220 |
Costs in excess of billings | 15,088 | 357 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 66,299 | 44,202 |
Accounts payable and accrued liabilities | 15,067 | 1,674 |
Net Cash Provided by (Used In) Operating Activities | 198,424 | (30,331) |
Financing Activities | ||
Payments on note payable | (4,278) | (4,096) |
Proceeds from sale of common stock, net | 5,000 | |
Net Cash Provided By (Used In) Financing Activities | (4,278) | 904 |
Net change in Cash | 194,146 | (29,427) |
Cash - Beginning of Period | 18,252 | 42,673 |
Cash - End of Period | 212,398 | 13,246 |
Supplemental Disclosures | ||
Interest paid | 956 | 508 |
Income taxes paid | $ 0 | $ 0 |
The Company and Summary of Sign
The Company and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Summary of Significant Accounting Policies | Note 1. The Company and Summary of Significant Accounting Policies The Company Reliant Holdings, Inc. (the “Company”) was formed as a Nevada corporation on May 19, 2014. On May 23, 2014, Reliant Holdings, Inc., along with Reliant Pools, Inc., formerly Reliant Pools, G.P., which was formed in September 2013 (“ Reliant Pools Basis of Presentation The financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“ US GAAP The consolidated financial statements and related disclosures as of September 30, 2018 are unaudited, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“ SEC New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“ FASB ASU The new revenue recognition standard prescribes a five-step model that focuses on transfer of control and entitlement to payment when determining the amount of revenue to be recognized. The new model requires companies to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time for each of these obligations. We adopted the requirements of the new standard effective January 1, 2018 and used the modified retrospective adoption approach. The impact to our results is not material because the analysis of our contracts under the new revenue recognition standard supports the recognition of revenue over time under the cost-to-cost method of our construction contracts, which is consistent with our current revenue recognition model. Our construction contracts will continue to be recognized over time because of the continuous transfer of control to the customer as all of the work is performed at the customer’s site and therefore, the customer controls the asset as it is being constructed. Under the new standard, the cost-to-cost measure of progress continues to best depict the transfer of control of assets to the customer, which occurs as we incur costs. In addition, the number of performance obligations under the new standard is not materially different from our contract segments under the existing standard. Lastly, the accounting for the estimate of variable consideration is not materially different compared to our current practice. |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Accounts Receivable | Note 2. Accounts Receivable Accounts receivable consisted of the following: September 30, December 31, 2018 2017 Contract receivables $ 3,000 $ 570 Less: Allowance for doubtful accounts — — $ 3,000 $ 570 The Company recognized bad debt expense of $0 and $0 respectively, during the nine months ended September 30, 2018 and 2017. |
Contracts in Process
Contracts in Process | 9 Months Ended |
Sep. 30, 2018 | |
Contractors [Abstract] | |
Contracts in Process | Note 3. Contracts in Process The net asset (liability) position for contracts in process consisted of the following: September 30, December 31, 2018 2017 Costs on uncompleted contracts $ 91,212 $ 56,032 Estimated earnings 44,925 27,598 136,137 83,630 Less: Progress billings (238,897 ) (105,003 ) $ (102,760 ) $ (21,373 ) The net asset (liability) position for contracts in process is included in the accompanying consolidated balance sheets as follows: September 30, December 31, 2018 2017 Costs and estimated earnings in excess of billings on uncompleted contracts $ — $ 15,088 Billings in excess of costs and estimated earnings on uncompleted contracts (102,760 ) (36,461 ) $ (102,760 ) $ (21,373 ) |
Concentration of Risk
Concentration of Risk | 9 Months Ended |
Sep. 30, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Note 4. Concentration of Risk The Company had gross revenue of $1,093,763 and $832,178 for the nine months ended September 30, 2018 and 2017, respectively. The Company had 3 customers representing more than 10% of gross revenue, and combined 34% of revenue for the nine months ended September 30, 2018. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 5. Commitments The Company leases approximately 1,000 square feet of office space in Austin, Texas. The lease was to expire in September 2017 with a monthly rent of $1,695. On September 5, 2017 and effective on September 30, 2017, the Company extended its office space lease from October 1, 2017 to September 30, 2018. In connection with the extension, the Company agreed to a rental increase to $1,745 per month. Lease expense was $16,805 and $15,857 for the nine months ended September 30, 2018 and 2017, respectively. Effective on September 14, 2018, the Company extended its office space lease from October 1, 2018 to September 30, 2019. In connection with the extension, the Company agreed to a rental increase to $1,795 per month. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6. Related Party Transactions During the year ended December 31, 2017, Mr. Chavez advanced $5,000 to the Company. The advance is due on demand, unsecured and has no stated interest rate. |
Long Term Debt
Long Term Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long Term Debt | Note 7. Long Term Debt September 30, December 31, 2018 2017 Term note with a bank secured by truck, payable in monthly installments of $537, including interest at 4.35% through February 11, 2021 $ 14,706 $ 18,985 Total long-term debt 14,706 18,985 Less: current portion (5,926 ) (5,736 ) Long-term debt net of current portion $ 8,780 $ 13,248 |
The Company and Summary of Si_2
The Company and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“ US GAAP The consolidated financial statements and related disclosures as of September 30, 2018 are unaudited, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“ SEC |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“ FASB ASU The new revenue recognition standard prescribes a five-step model that focuses on transfer of control and entitlement to payment when determining the amount of revenue to be recognized. The new model requires companies to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time for each of these obligations. We adopted the requirements of the new standard effective January 1, 2018 and used the modified retrospective adoption approach. The impact to our results is not material because the analysis of our contracts under the new revenue recognition standard supports the recognition of revenue over time under the cost-to-cost method of our construction contracts, which is consistent with our current revenue recognition model. Our construction contracts will continue to be recognized over time because of the continuous transfer of control to the customer as all of the work is performed at the customer’s site and therefore, the customer controls the asset as it is being constructed. Under the new standard, the cost-to-cost measure of progress continues to best depict the transfer of control of assets to the customer, which occurs as we incur costs. In addition, the number of performance obligations under the new standard is not materially different from our contract segments under the existing standard. Lastly, the accounting for the estimate of variable consideration is not materially different compared to our current practice. |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Schedule of accounts receivable | Accounts receivable consisted of the following: September 30, December 31, 2018 2017 Contract receivables $ 3,000 $ 570 Less: Allowance for doubtful accounts — — $ 3,000 $ 570 |
Contracts in Process (Tables)
Contracts in Process (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Contractors [Abstract] | |
Schedule of net asset (liability) position for contracts in process | The net asset (liability) position for contracts in process consisted of the following: September 30, December 31, 2018 2017 Costs on uncompleted contracts $ 91,212 $ 56,032 Estimated earnings 44,925 27,598 136,137 83,630 Less: Progress billings (238,897 ) (105,003 ) $ (102,760 ) $ (21,373 ) The net asset (liability) position for contracts in process is included in the accompanying consolidated balance sheets as follows: September 30, December 31, 2018 2017 Costs and estimated earnings in excess of billings on uncompleted contracts $ — $ 15,088 Billings in excess of costs and estimated earnings on uncompleted contracts (102,760 ) (36,461 ) $ (102,760 ) $ (21,373 ) |
Long Term Debt (Tables)
Long Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of long term debt | September 30, December 31, 2018 2017 Term note with a bank secured by truck, payable in monthly installments of $537, including interest at 4.35% through February 11, 2021 $ 14,706 $ 18,985 Total long-term debt 14,706 18,985 Less: current portion (5,926 ) (5,736 ) Long-term debt net of current portion $ 8,780 $ 13,248 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Contract receivables | $ 3,000 | $ 570 |
Less: Allowance for doubtful accounts | 0 | 0 |
Accounts receivable | $ 3,000 | $ 570 |
Accounts Receivable (Details Na
Accounts Receivable (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Receivables [Abstract] | ||
Bad debt expenses | $ 0 | $ 0 |
Contracts in Process (Details)
Contracts in Process (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Contractors [Abstract] | ||
Costs on uncompleted contracts | $ 91,212 | $ 56,032 |
Estimated earnings | 44,925 | 27,598 |
Total | 136,137 | 83,630 |
Less: Progress billings | (238,897) | (105,003) |
Billings in excess of cost | (102,760) | (21,373) |
Costs and estimated earnings in excess of billings on uncompleted contracts | 15,088 | |
Billings in excess of costs and estimated earnings on uncompleted contracts | $ (102,760) | $ (36,461) |
Concentration of Risk (Details
Concentration of Risk (Details Narrative) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Concentration Risk [Line Items] | ||||
Revenue | $ 438,977 | $ 245,176 | $ 1,093,763 | $ 832,178 |
Customer Concentration Risk [Member] | Gross Revenue [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration percentage | 34.00% | |||
Number of customers | 3 | |||
Customer Concentration Risk [Member] | Gross Revenue [Member] | Minimum [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration percentage | 10.00% |
Commitments (Details Narrative)
Commitments (Details Narrative) | 1 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)ft² | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)ft² | Sep. 30, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Area of office space leased | ft² | 1,000 | 1,000 | |||
Monthly rent payment | $ 1,795 | $ 1,745 | $ 1,695 | ||
Lease expense | $ 16,805 | $ 15,857 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Mr. Michael Chavez [Member] | |
Advance from related party | $ 5,000 |
Long Term debt (Details)
Long Term debt (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Term note with a bank secured by truck, payable in monthly installments of $537, including interest at 4.35% through February 11, 2021 | $ 14,706 | $ 18,984 |
Total long-term debt | 14,706 | 18,984 |
Less: current portion | (5,926) | (5,736) |
Long-term debt net of current portion | $ 8,780 | $ 13,248 |