Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2018shares | |
Document And Entity Information | |
Entity Registrant Name | BioCrude Technologies USA, Inc. |
Entity Central Index Key | 1,690,384 |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity a Well-known Seasoned Issuer | No |
Entity a Voluntary Filer | No |
Entity's Reporting Status Current | Yes |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 50,422,007 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2,018 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash | $ 106,016 | $ 76,839 |
Prepaid Expenses | 51,544 | 33,670 |
TOTAL ASSETS | 157,560 | 110,509 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 28,400 | 14,274 |
Accounts payable and accrued liabilities - related party | 114,561 | 263,218 |
Convertible debt | 20,387 | |
Loans payable | 92,323 | 123,473 |
TOTAL LIABILITIES | 235,284 | 421,352 |
STOCKHOLDERS' DEFICIT | ||
Common stock, $0.001 par value, 75,000,000 shares authorized, 50,422,007 and 50,054,643 shares issued and outstanding as at June 30, 2018 and December 31, 2017, respectively | 50,421 | 50,054 |
Additional Paid in Capital | 7,363,993 | 6,358,560 |
Accumulated other comprehensive income | 28,700 | 28,700 |
Accumulated deficit | (7,520,838) | (6,748,157) |
TOTAL STOCKHOLDERS' DEFICIT | (77,724) | (310,843) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 157,560 | $ 110,509 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 75,000,000 | 75,000,000 |
Common stock, issued | 50,422,007 | 50,054,643 |
Common Stock, outstanding | 50,422,007 | 50,054,643 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
REVENUE | ||||
OPERATING EXPENSES | ||||
General and administrative | 26,867 | 27,443 | 794,323 | 70,075 |
Total operating expenses | 26,867 | 27,443 | 794,323 | 70,075 |
LOSS FROM OPERATIONS | (26,867) | (27,433) | (794,323) | (70,075) |
Interest Expense | (2,373) | (2,199) | (24,940) | (4,694) |
NET LOSS | $ (29,240) | $ (29,642) | $ (819,263) | $ (74,769) |
Net loss per common share - basic and diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic and diluted (in shares) | 50,114,730 | 49,807,453 | 50,114,405 | 49,806,803 |
COMPREHENSIVE INCOME (LOSS) | ||||
Net loss | $ (29,240) | $ (29,642) | $ (819,263) | $ (74,769) |
Other comprehensive income (loss) - gain (loss) on foreign currency translation | 3,410 | (2,759) | 46,581 | (3,669) |
Total comprehensive income (loss) | $ (25,830) | $ (32,401) | $ (772,682) | $ (78,438) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES OF STOCKHOLDERS' DEFICIT - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total |
Beginning balance at Dec. 31, 2017 | $ 50,054 | $ 6,358,560 | $ 28,700 | $ (6,748,157) | $ (310,843) |
Beginning balance (in shares) at Dec. 31, 2017 | 50,054,643 | 50,054,643 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Share based compensation | $ 156 | 623,182 | $ 623,338 | ||
Share based compensation (in shares) | 155,835 | ||||
Issuance of common stock for debt conversion | $ 199 | 328,923 | 329,122 | ||
Issuance of common stock for debt conversion (in shares) | 199,468 | ||||
Proceeds from issuance of common stock for cash | $ 6 | 23,994 | 24,000 | ||
Proceeds from issuance of common stock for cash (in shares) | 6,000 | ||||
Beneficial conversion feature | 19,240 | 19,240 | |||
Net loss | (746,851) | (746,851) | |||
End balance at Mar. 31, 2018 | $ 50,415 | 7,353,899 | 28,700 | (7,495,008) | (61,994) |
End balance (in shares) at Mar. 31, 2018 | 50,415,946 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Share based compensation | |||||
Share based compensation (in shares) | |||||
Issuance of common stock for debt conversion | $ 6 | 9,994 | 10,000 | ||
Issuance of common stock for debt conversion (in shares) | 6,061 | ||||
Proceeds from issuance of common stock for cash | |||||
Proceeds from issuance of common stock for cash (in shares) | |||||
Beneficial conversion feature | 100 | 100 | |||
Net loss | (25,830) | (25,830) | |||
End balance at Jun. 30, 2018 | $ 50,421 | $ 7,363,993 | $ 28,700 | $ (7,520,838) | $ (77,724) |
End balance (in shares) at Jun. 30, 2018 | 50,422,007 | 50,422,007 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flow used in in operating activities | ||
Net loss for the period | $ (772,682) | $ (403,999) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 657,009 | 197,580 |
Shares issued for debt issue costs | 6,211 | |
Accretion and other non-cash interest | 20,615 | 6,895 |
Foreign exchange | 18,247 | |
Changes in operating assets and liabilities | ||
Prepaid expenses | (51,544) | |
Accounts Payable accrued liabilities | 14,126 | 11,491 |
Accounts payable and accrued liabilities-related party | (148,657) | |
Net cash used in operating activities | (281,133) | (163,575) |
Cash flows provided by financing activities | ||
Proceeds (repayments) from related party advances | 79,115 | |
Proceeds from issuance of convertible debt - related parties | ||
Proceeds from subscriptions (private placements) | 24,000 | 48,753 |
Proceeds from issuance of convertible debt | 317,460 | 112,378 |
Proceeds (repayments) of loans payable | (31,150) | |
Net cash provided by financing activities | 310,310 | 240,246 |
Impact on cash from foreign currency translation | ||
NET INCREASE IN CASH | 29,177 | 76,671 |
CASH AT THE BEGINNING OF THE PERIOD | 76,839 | 168 |
CASH AT THE END OF THE PERIOD | 106,016 | 76,839 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Cash paid for income taxes | ||
Cash paid for interest expense | ||
Noncash investing and financing activities: | ||
Beneficial conversion feature discount related to the issuance of convertible debt | 19,340 | 6,352 |
Conversion of convertible debt to common stock | $ 319,882 | $ 128,737 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1 Organization & Nature of Operations BioCrude Technologies USA, Inc. (the “Company” and/or “BioCrude”) was originally organized in the State of Nevada on August 4, 2015 and is a startup company that provides consulting as well as supplies waste management services, more particularly, with specialization in the Waste to Energy (W2E) milieu. The mission and ethos of the Company is to acquire the necessary Concessions from appropriate Governmental Authorities of municipalities/countries responsible for same, in order for the Company to implement its technical expertise and knowhow to develop its proposed “Integrated Municipal Solid Waste (“MSW”) to Renewable Energy Complex” for the treatment and disposal of MSW for municipal applications. Interim Financial Statements The unaudited interim consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2017 included in the Company’s 2017 annual report on Form 10-K, filed with the SEC. The unaudited interim consolidated financial statements should be read in conjunction with those financial statements included in Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three-month period ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with GAAP in the United States of America and the rules of the Securities and Exchange Commission (“SEC”). The consolidated financial statements herein have been prepared in accordance with GAAP and include the accounts of the Company and its holdings of a partially-owned subsidiary as follows : Name of Subsidiary Country of Incorporation Ownership Principle Activities BioCrude Technologies (Hong Kong) Limited. China 70% Waste management All intercompany accounts and transactions have been eliminated |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2018 | |
Going Concern | |
GOING CONCERN | NOTE 2 As of June 30, 2018, the Company had an accumulated deficit of $7,520,838 and negative working capital of $77,724. Losses have principally occurred as a result of the substantial resources required for marketing and lobbying efforts of the Company’s concessions pursuit worldwide which included the general and administrative expenses associated with its organization and product development. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. Management plans to obtain additional funding and implement its strategic plan to allow the opportunity for the Company 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 3 Basis of presentation These consolidated financial statements and related notes are presented in accordance with US GAAP and are presented in United States dollars Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Stock-Based Compensation The Company accounts for all share-based payment awards made to employees and directors, based on their fair value. The Company measures share-based compensation to consultants by recognizing the fair value of the awards over the period the services are rendered or goods are provided. Basic and Diluted Loss per Share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Income Taxes The company has elected to account for income taxes using the taxes payable method. The taxes payable and provision for income taxes are based on the corporate income tax returns filed. There is no adjustment for income taxes related to temporary differences and no recognition of the benefit of income tax losses carried forward resulting from the net operating loss in the current period. Foreign Currency Translation and Transaction The Company’s reporting currency is the United States dollar. For the year ended December 31, 2017, the Company’s functional currency was predominantly the Canadian dollar, as opposed to the United States dollar. At January 1, 2017, as a result of the majority of the Company’s financing and operating activities being denominated in United States dollar, the Company re-evaluated its functional currency and determined it to be the United States dollar. Gains and losses that resulted from translation from Canadian dollars to the reporting currency and included in other comprehensive income will remain in the foreign currency translation reserve. The Subsidiary’s functional and reporting currency is the United States dollar. Foreign exchange gains and losses on the settlement of foreign currency transactions are included in foreign exchange expense. Except for translations of intercompany balances, all translations of monetary balances to the functional currency at the year-end exchange rate are included in foreign exchange expense. The translations of intercompany balances to the functional currency at the year-end exchange rate are included in accumulated other comprehensive income or loss. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. Share-based Expense ASC 718, “ Compensation – Stock Compensation The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees.” Earnings Per Share Information FASB ASC 260, “Earnings Per Share” provides for calculation of “basic” and “diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net loss available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity similar to fully diluted earnings per share. Basic and diluted loss per share were the same, at the reporting dates, as there were no common stock equivalents outstanding. Fair Value Measurements The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents, payables to related parties, and accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that be used to measure fair value: Level 1 - quoted prices in active markets for identical assets or Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 - inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company’s financial assets and liabilities are subsequent measured at amortized cost, but their carrying amount approximates their fair value due to the short period of time until maturity. New and Recently Issued Accounting Pronouncements In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 amends previous guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company expects that the affected amounts on its balance sheets will be reclassified within the balance sheets upon adoption of this ASU to conform to this standard. The Company does not expect the adoption of any other recently issued accounting pronouncements to have a material impact on its financial statements. Subsequent Events The Company has evaluated all transactions from June 30, 2018 through August 24, 2018, the financial statement issuance date, for subsequent event disclosure consideration, and as such, has determined that there are no significant transactions within this aforesaid timeframe that merit disclosure. |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | NOTE 4 Due to Related Party As of June 30, 2018, the Company had outstanding advances due to the Company’s Chief Executive Officer of $84,041 (December 31, 2017 - $263,218) included in accounts payable – related parties. These amounts are unsecured, due on demand and bear no interest. During the six months ended June 30, 2018, the Company made net repayments of $148,657 (2017 - $15,391) to the Company’s Chief Executive Officer for amounts previously advanced to the Company. Loans Payable – Related Parties As of June 30, 2018, the Company had CAD $40,000 (December 31, 2017 – CAD $40,000) of outstanding loans payable to related parties that are past due and have an annual interest rate of 4%. As of June 30, 2018, accrued interest relating to this loan is $4,383 (December 31, 2017 - $3,695). During the six months ended June 30, 2018, the Company recorded interest expenses of $5,066 (2017 - $8,888). As of June 30, 2018, the Company has accrued interest balances of $13,954 (December 31, 2017 - $5,968). Related Party Transactions During the six months ended June 30, 2018, the Company incurred $15,745 in professional fees to the Company’s Chief Executive Officer. |
CONVERTIBLE DEBTS
CONVERTIBLE DEBTS | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE DEBTS | NOTE 5 During the six months ended June 30, 2018, the Company agreed to convert $10,000 of an outstanding convertible debt into 6,061 shares of common stock of the Company. Remaining accrued interest of $100 has been waived as part of the settlement. |
SHARE CAPITAL
SHARE CAPITAL | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
SHARE CAPITAL | NOTE 6 The Company is authorized to issue up to 75,000,000 shares of common stock at par value $0.001 per share. As of June 30, 2018, the Company had 50,422,007 (December 31, 2017 - 50,054,643) shares of common stock issued and outstanding, respectively. |
SUMMARY OF SIGNIFICANT ACCOUN13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These consolidated financial statements and related notes are presented in accordance with US GAAP and are presented in United States dollars |
Use of Estimates | Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for all share-based payment awards made to employees and directors, based on their fair value. The Company measures share-based compensation to consultants by recognizing the fair value of the awards over the period the services are rendered or goods are provided. |
Basic and Diluted Loss per Share | Basic and Diluted Loss per Share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. |
Income Taxes | Income Taxes The company has elected to account for income taxes using the taxes payable method. The taxes payable and provision for income taxes are based on the corporate income tax returns filed. There is no adjustment for income taxes related to temporary differences and no recognition of the benefit of income tax losses carried forward resulting from the net operating loss in the current period. |
Foreign Currency Translation and Transaction | Foreign Currency Translation and Transaction The Company’s reporting currency is the United States dollar. For the year ended December 31, 2017, the Company’s functional currency was predominantly the Canadian dollar, as opposed to the United States dollar. At January 1, 2017, as a result of the majority of the Company’s financing and operating activities being denominated in United States dollar, the Company re-evaluated its functional currency and determined it to be the United States dollar. Gains and losses that resulted from translation from Canadian dollars to the reporting currency and included in other comprehensive income will remain in the foreign currency translation reserve. The Subsidiary’s functional and reporting currency is the United States dollar. Foreign exchange gains and losses on the settlement of foreign currency transactions are included in foreign exchange expense. Except for translations of intercompany balances, all translations of monetary balances to the functional currency at the year-end exchange rate are included in foreign exchange expense. The translations of intercompany balances to the functional currency at the year-end exchange rate are included in accumulated other comprehensive income or loss. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. |
Share-based Expense | Share-based Expense ASC 718, “ Compensation – Stock Compensation The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees.” |
Earnings Per Share Information | Earnings Per Share Information FASB ASC 260, “Earnings Per Share” provides for calculation of “basic” and “diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net loss available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity similar to fully diluted earnings per share. Basic and diluted loss per share were the same, at the reporting dates, as there were no common stock equivalents outstanding. |
Fair Value Measurements | Fair Value Measurements The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents, payables to related parties, and accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that be used to measure fair value: Level 1 - quoted prices in active markets for identical assets or Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 - inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company’s financial assets and liabilities are subsequent measured at amortized cost, but their carrying amount approximates their fair value due to the short period of time until maturity. |
New and Recently Issued Accounting Pronouncements | New and Recently Issued Accounting Pronouncements In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 amends previous guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company expects that the affected amounts on its balance sheets will be reclassified within the balance sheets upon adoption of this ASU to conform to this standard. The Company does not expect the adoption of any other recently issued accounting pronouncements to have a material impact on its financial statements. |
Subsequent Events | Subsequent Events The Company has evaluated all transactions from June 30, 2018 through August 24, 2018, the financial statement issuance date, for subsequent event disclosure consideration, and as such, has determined that there are no significant transactions within this aforesaid timeframe that merit disclosure. |
ORGANIZATION AND BASIS OF PRE14
ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of wholly-owned subsidiaries by company | The consolidated financial statements herein have been prepared in accordance with GAAP and include the accounts of the Company and its wholly-owned subsidiary as follows: Name of Subsidiary Country of Incorporation Ownership Principle Activities BioCrude Technologies (Hong Kong) Limited. China 70% Waste management |
ORGANIZATION AND BASIS OF PRE15
ORGANIZATION AND BASIS OF PRESENTATION (Details) - BioCrude Technologies (Hong Kong) Limited. [Member] | 6 Months Ended |
Jun. 30, 2018 | |
Country of Incorporation | China |
Ownership | 70.00% |
Principle Activities | Waste management |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Going Concern | ||
Accumulated deficit | $ (7,520,838) | $ (6,748,157) |
Working capital | $ (77,724) |
RELATED-PARTY TRANSACTIONS (Det
RELATED-PARTY TRANSACTIONS (Details Narrative) | 6 Months Ended | ||||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017CAD ($) | |
Outstanding loans payable to related parties | $ 40,000 | $ 40,000 | |||
Accrued interest payable | $ 13,954 | $ 5,968 | |||
Interest rate | 4.00% | ||||
Interest expenses | $ 5,066 | $ 8,888 | |||
Chief Executive Officer [Member] | |||||
Advances from related parties | 84,041 | 263,218 | |||
Repayment of related party debt | 148,657 | $ 15,391 | |||
Professional fees | 15,745 | ||||
Related Parties [Member] | Loans Payable [Member] | |||||
Accrued interest payable | $ 4,383 | $ 3,695 | |||
Description of collateral | Loan is unsecured | ||||
Description of interest rate terms | Bears no interest | ||||
Description of repayment terms | Loan is repayable on demand |
CONVERTIBLE DEBTS (Details Narr
CONVERTIBLE DEBTS (Details Narrative) - Convertible Debt Member | 6 Months Ended |
Jun. 30, 2018USD ($)shares | |
Debt conversion amount | $ 10,000 |
Number of shares issued upon debt conversion | shares | 6,061 |
Accrued interest waived for settlement | $ 100 |
SHARE CAPITAL (Details Narrativ
SHARE CAPITAL (Details Narrative) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Subsequent Events [Abstract] | ||
Common stock authorized | 75,000,000 | 75,000,000 |
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock issued | 50,422,007 | 50,054,643 |
Common stock outstanding | 50,422,007 | 50,054,643 |