Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 09, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | New Leap, Inc. | |
Entity Central Index Key | 1,713,809 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 10,204,000 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 28,727 | $ 7,954 |
Total Current assets | 28,727 | 7,954 |
Total assets | 28,727 | 7,954 |
Current Liabilities: | ||
Account payable to related party | 25,000 | 25,000 |
Other accounts payable | 2,214 | 7,157 |
Promissory note from shareholder | 18,918 | 18,018 |
Total current liabilities | 46,132 | 50,175 |
Total Liabilities | 46,132 | 50,175 |
Commitments and contingencies (Note 4) | ||
Stockholders' Deficit: | ||
Preferred stock; $.0001 par value, 5,000,000 shares authorized, none issued and outstanding | ||
Common stock; $.0001 par value, 50,000,000 shares authorized, 10,204,000 shares issued and outstanding as of March 31, 2018 and 9,000,000 as of December 31, 2017 | 10,204 | 9,000 |
Addition paid-in capital | 60,325 | 22,050 |
Accumulated deficit | (87,934) | (73,271) |
Total stockholder's deficit | (17,405) | (42,221) |
Total liabilities and stockholders' deficit | $ 28,727 | $ 7,954 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Stockholders' Deficit: | ||
Preferred Stock, Par Value | $ .0001 | $ .0001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ .0001 | $ 0.0001 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares Issued | 10,204,000 | 9,000,000 |
Common Stock, Shares Outstanding | 10,204,000 | 9,000,000 |
STATEMENTS OF OPERATIONS AND OT
STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INVOME (LOSS) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statements Of Operations And Other Comprehensive Invome Loss | ||
Revenues | ||
Cost of revenues | ||
Gross profit | ||
Selling, General and Administrative expenses | 14,663 | |
Loss from operations | (14,663) | |
Other income, net | ||
Loss before provision for income taxes | (14,663) | |
Income tax expense | ||
Net Loss | (14,663) | |
Other Comprehensive Income (loss) | $ (14,663) | |
Loss per share | ||
Basic and diluted | $ 0 | |
Weighted average common shares outstanding: | ||
Basic and diluted | 10,204,000 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flow from operating activities: | ||
Net loss | $ (14,663) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Contributed services | 9,450 | |
Changes in operating assets and liabilities: | ||
Increase (decrease) in account payables | (4,943) | |
Net cash used in operating activities | (10,156) | |
Changes in investment activities | ||
Cash flow from financing activities: | ||
Shares issuance | 30,029 | |
Promissory note from shareholder | 900 | |
Net cash provided by financing activities | 30,929 | |
NET CASH DECREASE IN CASH AND CASH EQUIVALENTS | 20,773 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 7,954 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 28,727 |
ORGANIZATIONAL AND GOING CONCER
ORGANIZATIONAL AND GOING CONCERN | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Note 1 - ORGANIZATIONAL AND GOING CONCERN | New Leap, Inc. (the "Company") was formed on June 1, 2017 as a Delaware corporation. During 2017, the Company issued 9,000,000 shares of its common stock in consideration for a business plan at $0.001 per share. The Company has yet to start operational or research and development activities. The Company plans to operate in the field of crowdfunding and to run an online platform for investments in private U.S. companies and companies which are publicly traded in the U.S. (both domestic and foreign). In January and February of 2018, the Company issued a total of 1,204,000 shares of its common stock to various investors at a price of $0.025 per share. The shares were issued pursuant to the Company’s registration statement on Form S-1, which was declared effective by the SEC on October 20, 2017. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has suffered cumulative losses and negative cash flows from operations since inception. Until the Company will achieve profitability and revenues, which is uncertain, it intends to finance its operation through the issuance of its shares. These conditions give rise to substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that may result from the outcome of this uncertainty. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) issued by Financial Accounting Standards Board (“FASB”). The Company’s fiscal year-end is December 31. Use of Estimates The preparation of the 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 dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Recent Accounting Pronouncements From time to time, the FASB or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codifications ("ASC") are communicated through issuance of an Accounting Standards Update. Unless otherwise discussed, we believe that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact on our financial statements upon adoption. |
PROMISSORY NOTE FROM SHAREHOLDE
PROMISSORY NOTE FROM SHAREHOLDER | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Note 3 - PROMISSORY NOTE FROM SHAREHOLDER | The Company has an outstanding note payable provided by the sole shareholder and sole officer and director which is unsecured and bears no interest. The note is payable upon demand. The outstanding balance under the note was $18,918 and $18,018 as of March 31, 2018 and December 31, 2017, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Note 4 - COMMITMENTS AND CONTINGENCIES | In June 2017, the Company engaged a legal counsel in order to receive legal services concerning the registration statement to be filed with the Securities and Exchange Commission ("SEC"). According to the agreement, the fees will be paid if and only upon receiving the first $25,000 from external investors following the effectiveness of the registration statement. Since this expense was probable it was recorded as a provision and as expenses amounting to $25,000 outstanding at December 31, 2017. The legal counsel is considered to be a related party - see also note 5. The legal counsel has agreed to postpone this payment for the time being given the financial condition of the Company. |
TRANSACTION WITH RELATED PARTY
TRANSACTION WITH RELATED PARTY | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Note 5 - TRANSACTION WITH RELATED PARTY | A. During the period from inception (June 1, 2017) and up to the balance sheet date the CEO and major shareholder devoted to the Company approximately 10 hours per week. The expense incurred by the CEO and major shareholder on behalf and for the benefit of the Company for the period of three months ended March 31, 2018 amounted to $9,450 was recorded as contribution to equity. B. The services described in note 4 are provided by a related party. The related party is the son of the major shareholder and provides legal advice to the Company. As of March 31, 2018 and as of December 31, 2017 the liability amounted to $25,000 – see also note 4. C. The Company leases its office space from its sole officer and director at no charge. D. As of March 31, 2018 the company has an outstanding note payable to the sole officer and director. - See Note 3 |
SUMMARY OF SIGNIFICANT ACCOUN11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation | The financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) issued by Financial Accounting Standards Board (“FASB”). The Company’s fiscal year-end is December 31. |
Use of Estimates | The preparation of the 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 dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Recent Accounting Pronouncements | From time to time, the FASB or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codifications ("ASC") are communicated through issuance of an Accounting Standards Update. Unless otherwise discussed, we believe that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact on our financial statements upon adoption. |
ORGANIZATIONAL AND GOING CONC12
ORGANIZATIONAL AND GOING CONCERN (Details Narrative) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
State of Incorporation | Delaware | |
Date of Incorporation | Jun. 1, 2017 | |
Common stock issued as consideration value, price per share | $ 0.001 | |
Common Stock, shares issued | 10,204,000 | 9,000,000 |
January and February, 2018 [Member] | Various investors [Member] | ||
Common stock issued as consideration value, price per share | $ 0.025 | |
Common Stock, shares issued | 1,204,000 |
PROMISSORY NOTE FROM SHAREHOL13
PROMISSORY NOTE FROM SHAREHOLDER (Details Narrative) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Promissory Note From Shareholder Details Narrative | ||
Promissory note from shareholder | $ 18,918 | $ 18,018 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Account payable to related party | $ 25,000 | $ 25,000 |
Legal Counsel [Member] | ||
Account payable to related party | $ 25,000 | $ 25,000 |
TRANSACTION WITH RELATED PARTY
TRANSACTION WITH RELATED PARTY (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Contributed services | $ 9,450 | ||
Account payable to related party | 25,000 | $ 25,000 | |
CEO and Major Shareholder [Member] | |||
Contributed services | $ 9,450 |