Document and Entity Information
Document and Entity Information | 12 Months Ended |
May 31, 2018USD ($)shares | |
Document And Entity Information | |
Entity Registrant Name | Energy Conversion Services, Inc. |
Entity Central Index Key | 0001719323 |
Document Type | 10-K |
Document Period End Date | May 31, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --05-31 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Is Entity Emerging Growth Company? | true |
Elected Not To Use the Extended Transition Period | false |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Shell Company | false |
Entity Public Float | $ | $ 0 |
Entity Common Stock, Shares Outstanding | shares | 15,000,000 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2018 |
Balance Sheet
Balance Sheet - USD ($) | May 31, 2018 | May 31, 2017 |
CURRENT ASSETS | ||
Cash in Bank | $ 116 | $ 2,350 |
Investment: 2,500,000 shares of restricted common stock at $0.04 per share | 19,000 | 0 |
TOTAL ASSETS | 19,116 | 2,350 |
CURRENT LIABILITIES | ||
Interest Payable | 613 | 0 |
Note Payable - Related Party | 7,879 | 0 |
TOTAL CURRENT LIABILITIES | 8,492 | 0 |
LONG TERM LIABILITIES | ||
Convertible Debentures: 12% Interest, maturity 24 mo's, conversion price equal to 50% of avg. closing price of common stock 20 prior trading days prior to conversion, with a floor price of $0.15 per share | 0 | 0 |
Debt Discount - BCF Accreted over 24 months based on the proposed maximum offering price. | 2,559 | 0 |
TOTAL LONG TERM LIABILITIES | 2,559 | 0 |
Total Liabilities | 11,051 | 0 |
STOCKHOLDERS' DEFICIT: | ||
Common stock: .001 Par Value, 50,000,000, 15,000 shares issued and outstanding as of May 31, 2018 | 15,000 | 15,000 |
Common stock issuable: Subscription agreements for 1,555,000 shares at $0.10 as of May 31, 2018 | 15,500 | 0 |
Preferred stock: 0.001 par value 25,000,000 authorized 0 shares issued and outstanding as of May 31, 2018 | 0 | 0 |
CS-Conus Stock | 8 | 0 |
Additional paid-in capital | 139,500 | 0 |
APIC - Bonus Stock | 771 | 0 |
APIC - Debt Discount (for BCF) | 31,662 | 0 |
Deficit accumulated during develeopmental stage | (194,376) | (12,650) |
Total stockholders' deficit | 8,065 | 2,350 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 19,116 | $ 2,350 |
Balance Sheet (Parenthetical)
Balance Sheet (Parenthetical) - $ / shares | May 31, 2018 | May 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ .001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 15,000 | 15,000 |
Common stock, shares outstanding | 15,000 | 15,000 |
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Unaudited Statement Of Operatio
Unaudited Statement Of Operations - USD ($) | 12 Months Ended | |
May 31, 2018 | May 31, 2017 | |
Income Statement [Abstract] | ||
REVENUE | $ 0 | $ 0 |
EXPENSES | ||
General and Administrative | 110,283 | 150 |
Professional Fees | 70,830 | 12,500 |
Total Expenses | 181,113 | 12,650 |
Net Operating Income | (181,113) | (12,650) |
OTHER INCOME (EXPENSE) | ||
Interest Expense | 613 | 0 |
TOTAL OTHER INCOME (EXPENSE) | 613 | 0 |
Net Loss | $ (181,113) | $ (12,650) |
Net loss per common share - basic | $ (0.001) | $ (0.001) |
Weighted average of common shares outstanding - basic | 12,478,992 | 12,478,992 |
Unaudited Statement Of Stockhol
Unaudited Statement Of Stockholders Equity - USD ($) | Common Stock | Preferred Stock | Additional Paid-In Capital | Common Stock Issuable | Accumulated Deficit | Total |
Balance, at beginning at Apr. 07, 2017 | ||||||
Balance, at beginning (in shares) at Apr. 07, 2017 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Loss | (12,650) | (12,650) | ||||
Balance, at end at May. 31, 2017 | $ 15,000 | (12,650) | 2,350 | |||
Balance, at end (in shares) at May. 31, 2017 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common Stock | 139,500 | 15,500 | 155,000 | |||
Net Loss | (181,726) | 181,726 | ||||
Balance, at end at May. 31, 2018 | $ 15,000 | $ 139,500 | $ 15,500 | $ (194,376) | $ 8,065 | |
Balance, at end (in shares) at May. 31, 2018 |
Statement Of Cash Flows
Statement Of Cash Flows - USD ($) | 12 Months Ended | |
May 31, 2018 | May 31, 2017 | |
Cash Flows from Operating Activites: | ||
Net Loss | $ 181,726 | $ 12,650 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Increase in Interest Payable | 613 | 0 |
Increase in Note Payable - Related party | 7,879 | 0 |
Net cash provided by operating activities | 173,234 | 12,650 |
Cash Flows from Investing Activities: | ||
Increase in Investement | 19,000 | 0 |
Net cash provided by investing activities | 19,000 | 0 |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of common stock | 0 | 15,000 |
Cash from convertible debentures | 35,000 | 0 |
Cash from sale of common stock | 155,000 | 0 |
Net cash provided by financing activities | 190,000 | 15,000 |
Net cash increase for period | 2,234 | 2,350 |
Cash at beginning of period | 2,350 | 0 |
Cash at end of period | $ 116 | $ 2,350 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 12 Months Ended |
May 31, 2018 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Energy Conversion Services (“the Company”, “we”, “us” or “our”) was incorporated on April 8,2017 in the State of Wyoming. We are a development-stage company formed for the purpose of using portable generating equipment to generate electricity from natural gas, methane, landfill gas, syngas, etc. The resulting product would be sold to an end user o an Electrical Utility. We have the ability to create, or purchase equipment to generate electricity from 250 kilowatts to 2 megawatts. Our systems are clean, quiet and unobtrusive. Our executive offices are located at 2724 Otter Creek Ct 101, Las Vegas, Nevada 89122 |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
May 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. As a development-stage company, the Company had limited revenues and incurred losses as of May 31, 2018. The Company currently has limited working capital and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Management anticipates that the Company will be dependent, for the near future, on the investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
May 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, pursuant to the rules and regulations of the Securities and Exchange Commissions (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the period June 1, 201 to May 23, 2018. Cash and Cash Equivalents The Company considers all highly liquid developments with the original maturities of these months or less to be cash equivalents. The Company had $116.25 of cash as of May 31, 2018. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the among of deferred tax assets that, are based on available evidence, are not expected to be realized. Revenue Recognition The Company will recognize revenue in accordance with ASC topic 605 “Revenue Recognition”. The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. Use of Estimates The preparation of financial statements is conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from their estimates. Fair Value of Financial Investments AS topic 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs and measuring fair value are observable in the market. These tiers include: Level 1 - defined as observable inputs such as quoted prices in markets, Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable, and Level 3 – defined as unobservable inputs in which little or no market data exits, therefore requiring an entity to develop its own assumptions. The carrying value of cash approximates its fair value due to its short-term maturity. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASO Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all the potential commons shares if their effect is antidulitive. There were no potentially dilutive debt or equity instruments issued or outstanding as of May 31, 2018. Comprehensive Income Comprehensive income is defined as changes in stockholder’s deficit, exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available – for – sale securities. As of May 31, 2018, there were no differences between our comprehensive loss and net loss. Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of the pronouncements will have a material impact on the Company. |
STOCKHOLDER'S EQUITY
STOCKHOLDER'S EQUITY | 12 Months Ended |
May 31, 2018 | |
Equity [Abstract] | |
STOCKHOLDER'S EQUITY | NOTE 4 – STOCKHOLDER’S EQUITY The Company has 50,000,000, $0.001 par value shares of common stock and 25,000,000 of preferred stock authorized. The preferred stock has the terms and conditions designated by the board of directors at the time of the issuance. On May 31, 2017 the company issued a total of 15,000,000 common shared to its founder for a cash contribution of $15,000. There were 15,000,000 shares of common stock issued and outstanding as of May 31, 2018. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
May 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5 – COMMITMENTS AND CONTINGENCIES Company has no commitments and contingencies as of May 31, 2018. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
May 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 6 – INCOME TAXES As of May 31, 2017, the Company had a net operating loss of approximately $12,650 and as of May 2018 a loss of approximately $181,726 and that may be available to reduce future years’ taxable income varying amounts. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly. The provision for federal income tax consists of the following: May 31, May 31, 2017 2018 Federal income tax benefit attributable to: Current Operations. $ 2,656 $ 38,162 Less: valuation (2,656 ) (38,162 ) Net provision for Federal income taxes $ 0 $ 0 The cumulative tax effect at the expected rate of 21% of significant items compromising our net deferred tax amount is as follows: May 31, May 31, 2017 2018 Deferred tax asset attributable to: Net operating loss carryover $ 2,656 $ 38,162 Less: valuation allowance (2,656 ) (38,162 ) Net deferred tax asset $ 0 $ 0 Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $2,657 as of December 31, 2017 and $38,162 as of December 31, 2018 for Federal Income Tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
May 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS In accordance with ASC 855-10 the Company has analyzed its operations from May 31, 2016 to May 29, 2019, the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. |
CONVERTIBLE DEBENTURES
CONVERTIBLE DEBENTURES | 12 Months Ended |
May 31, 2018 | |
Notes to Financial Statements | |
CONVERTIBLE DEBENTURES | NOTE 8 - CONVERTIBLE DEBENTURES "From April 6, 2018 to August 1, 2018, the Company sold eight convertible debentures (the “Convertible Debentures”) to private investors (the “Creditors”) and received $300,000 in gross proceeds. The Convertible Debentures have identical terms, including interest of 12.0% payable quarterly in advance, maturity in 24 months from the date of purchase and are convertible into shares of common stock at a conversion price equal to 50% of the average closing price of our common stock during the 20 prior trading days prior to conversion with a conversion floor price of $0.015 per share. The conversion right becomes effective on the first trading day subsequent to the Company's 20th trading day on the OTC. Additionally, the Creditors received a stock bonus as part of their Convertible Debenture purchase (the ""Bonus Stock""). In total the Company issued 97,000 shares of Bonus Stock. The Company reviewed the terms and conditions of the Convertible Debentures and determined that the conversion feature meets the scope exception under ASC 815 and that the guidance under ASC 470-20 is appropriate. As of May 31, 2018, the Company determined the relative fair value allocation of the proceeds received for the first two Convertible Debentures and allocated the proceeds to the components of the Convertible Debentures, including the Bonus Stock ($875), the Beneficial Conversion Feature ($34,221) and the Convertible Debenture ($0). Since the Company is newly formed with no stock trading history, or stock related transactions, the stock price employed for the fair value allocation calculations was based on the proposed maximum offering price as disclosed in the Companys Form S-1 originally filed with the SEC on October 13, 2017 pursuant to which sales of common stock have occured at a price of $0.10 per share. The intrinsic value of the beneficial conversion feature was computed as the difference between the fair value of the common stock issuable upon conversion of the Convertible Debentures and the total price to convert based on the effective conversion price on the date of issuance. The calculated intrinsic value was $35,779. As this amount resulted in a debt discount that exceeded the Convertible Debentures proceeds, the amount recorded for the beneficial conversion feature was limited to the principal amount of the Convertible Debentures. The resulting $35,000 discount is being accreted over the 24 month term of Convertible Debentures. The Convertible Debentures were sold pursuant to exemptions from the registration requirements afforded by, among others, Rule 506(c) of Regulation D ("Regulation D") and Regulation S ("Regulation S"), as promulgated under the Securities Act of 1933, as amended. Accordingly, the Offering will be available only to investors who reasonably verify to the Company that they are "accredited investors," as such term is defined in Rule 501(a) of Regulation D or who are not U.S. Persons, as such term is defined in Rule 902 of Regulation S. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
May 31, 2018 | |
Schedule of Investments [Abstract] | |
INVESTMENTS | NOTE 9 - INVESTMENTS On April 12, 2018 Energy Conversion Services subscribed for 2,500,000 shares of restricted common stock in Seven Hundred Seventy 7, Inc. at $0.04 per share. The total subscription prce is $100,000, $19,000 of the $100,000 has been paid out in cash as of May 31, 2018. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
May 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, pursuant to the rules and regulations of the Securities and Exchange Commissions (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the period June 1, 201 to May 23, 2018. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid developments with the original maturities of these months or less to be cash equivalents. The Company had $116.25 of cash as of May 31, 2018. |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the among of deferred tax assets that, are based on available evidence, are not expected to be realized. |
Revenue Recognition | Revenue Recognition The Company will recognize revenue in accordance with ASC topic 605 “Revenue Recognition”. The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. |
Use of Estimates | Use of Estimates The preparation of financial statements is conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from their estimates. |
Fair Value of Financial Investments | Fair Value of Financial Investments AS topic 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs and measuring fair value are observable in the market. These tiers include: Level 1 - defined as observable inputs such as quoted prices in markets, Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable, and Level 3 – defined as unobservable inputs in which little or no market data exits, therefore requiring an entity to develop its own assumptions. The carrying value of cash approximates its fair value due to its short-term maturity. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASO Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
Basic Income (Loss) Per Share | Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all the potential commons shares if their effect is antidulitive. There were no potentially dilutive debt or equity instruments issued or outstanding as of May 31, 2018. |
Comprehensive Income | Comprehensive Income Comprehensive income is defined as changes in stockholder’s deficit, exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available – for – sale securities. As of May 31, 2018, there were no differences between our comprehensive loss and net loss. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of the pronouncements will have a material impact on the Company. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
May 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for federal income tax | The provision for federal income tax consists of the following: May 31, May 31, 2017 2018 Federal income tax benefit attributable to: Current Operations. $ 2,656 $ 38,162 Less: valuation (2,656 ) (38,162 ) Net provision for Federal income taxes $ 0 $ 0 |
Schedule of deferred tax | The cumulative tax effect at the expected rate of 21% of significant items compromising our net deferred tax amount is as follows: May 31, May 31, 2017 2018 Deferred tax asset attributable to: Net operating loss carryover $ 2,656 $ 38,162 Less: valuation allowance (2,656 ) (38,162 ) Net deferred tax asset $ 0 $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | May 31, 2018 | May 31, 2017 | May 31, 2016 |
Accounting Policies [Abstract] | |||
Cash | $ 116 | $ 2,350 | $ 0 |
STOCKHOLDER_S EQUITY (Details N
STOCKHOLDER’S EQUITY (Details Narrative) - USD ($) | 12 Months Ended | |
May 31, 2017 | May 31, 2018 | |
Equity [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, par value | $ 0.001 | $ .001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 15,000 | 15,000 |
Common Stock, shares outstanding | 15,000 | 15,000 |
Number of shares issued to founder, Shares | 15,000,000 | |
Cash contribution | $ 15,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | May 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | $ 0 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
May 31, 2018 | May 31, 2017 | |
Federal income tax benefit attributable to | ||
Current Operations | $ 2,656 | $ 38,162 |
Less: valuation | (2,656) | (38,162) |
Net provision for Federal income taxes | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | May 31, 2018 | May 31, 2017 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 2,656 | $ 38,162 |
Less: valuation allowance | (2,656) | (38,162) |
Net deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |||
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Net operating loss | $ 12,650 | $ 38,162 | $ 2,657 | $ 181,726 |
Income tax rate | 21.00% |
CONVERTIBLE DEBENTURES (Details
CONVERTIBLE DEBENTURES (Details Narrative) - USD ($) | 4 Months Ended | 12 Months Ended |
Aug. 01, 2018 | May 31, 2018 | |
Notes to Financial Statements | ||
Proceeds from convertible debentures | $ 300,000 | |
Conversion Price | $ 0.015 | |
Ineterst rate | 12.00% | |
Number of bonus stock | 97,000 | |
Bonus Stock | $ 875 | |
Beneficial Conversion Feature | 34,221 | |
Convertible Debenture | 0 | |
Intrinsic value of the beneficial conversion feature | 35,779 | |
Discount accreated | $ 35,000 |
INVESTMENTS (Details Narrative)
INVESTMENTS (Details Narrative) | Apr. 12, 2018USD ($)$ / sharesshares |
Schedule of Investments [Abstract] | |
Restricted common stock subscribed | shares | 2,500,000 |
Stock price | $ / shares | $ 0.04 |
Subscription price | $ | $ 100,000 |