Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-55889 | |
Entity Registrant Name | Global Diversified Marketing Group Inc. | |
Entity Central Index Key | 0001725911 | |
Entity Tax Identification Number | 82-3707673 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 4042 Austin Boulevard | |
Entity Address, Address Line Two | Suite B | |
Entity Address, City or Town | Island Park | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11558 | |
City Area Code | 800 | |
Local Phone Number | 550-5996 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,088,266 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 78,583 | $ 312,574 |
Accounts receivable | 8,098 | 174,579 |
Prepaid expenses | 51,984 | |
Inventory | 599,714 | 664,337 |
Other assets | 999 | 999 |
Total current assets | 687,395 | 1,204,472 |
Property and equipment, net | 694 | 833 |
Operating lease right of use assets | 77,036 | 80,271 |
Other assets-security deposit | 65,975 | 1,600 |
Total assets | 831,099 | 1,287,175 |
Current liabilities: | ||
Accounts payable and accrued expense | 241,188 | 491,684 |
Current portion of operating lease payable | 13,508 | 13,508 |
Government loans payable | 529,065 | 529,065 |
Loans payable | 34,741 | 37,807 |
Total current liabilities | 818,501 | 1,072,063 |
Lease liabilities | 63,528 | 66,763 |
Total liabilities | 882,030 | 1,138,826 |
Commitments and contingencies | ||
Stockholders’ Equity(Deficit): | ||
Preferred stock, Series A $0.0001 par value, 1,000,000 shares authorized, 1,000 issued and outstanding | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 14,488,256 and 14,473,256 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 1,449 | 1,447 |
Additional paid-in capital | 27,693,179 | 27,688,665 |
Accumulated deficit | (27,747,453) | (27,543,659) |
Accumulated other comprehensive income | 1,895 | 1,895 |
Total stockholders’ equity(deficit) | (50,930) | 148,349 |
Total liabilities and equity | $ 831,099 | $ 1,287,175 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Series A preferred stock, par value | $ 0.0001 | $ 0.0001 |
Series A preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Series A preferred stock, shares issued | 1,000 | 1,000 |
Series A preferred stock, shares outstanding | 1,000 | 1,000 |
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock shares, issued | 14,488,256 | 14,473,256 |
Common stock, shares outstanding | 14,488,256 | 14,473,256 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Sales, net | $ 332,885 | $ 823,400 |
Cost of goods sold | 224,552 | 488,853 |
Gross margin | 108,332 | 334,547 |
Operating expenses: | ||
Payroll and taxes | 152,449 | 75,320 |
Legal and professional fees | 43,216 | 524,610 |
Rent | 5,245 | 4,356 |
Selling, general and administrative and expenses | 110,137 | 138,129 |
Total operating expenses | 311,047 | 742,415 |
Income (loss) from operations | (202,714) | (407,868) |
Other (expense) | ||
Interest expense | (1,080) | (2,677) |
Total other (expense) | (1,080) | (2,677) |
Income (loss) before income taxes | (203,794) | (410,545) |
Provision for income taxes (benefit) | ||
Net loss | $ (203,794) | $ (410,545) |
Basic and diluted earnings (loss) per common share | $ (0.01) | $ (0.03) |
Weighted-average number of common shares outstanding: | ||
Basic and diluted | 14,488,256 | 13,495,706 |
Comprehensive income (loss): | ||
Net income(loss) | $ (203,794) | $ (410,545) |
Unrealized gain on foreign exchange | (5,265) | |
Comprehensive income (loss) | $ (203,794) | $ (415,810) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 1,313 | $ 26,267,208 | $ (26,329,779) | $ 9,892 | $ (51,366) | |
Balance, shares at Dec. 31, 2020 | 13,132,518 | |||||
Common stock issued for services | $ 35 | 485,503 | 485,538 | |||
Common stock issued for services, shares | 349,681 | |||||
Change in foreign currency translation | (5,265) | (5,265) | ||||
Common stock issued in private placements | $ 42 | 299,958 | 300,000 | |||
Common stock issued in private placements, shares | 415,628 | |||||
Net income (loss) | (410,545) | (410,545) | ||||
Ending balance, value at Mar. 31, 2021 | $ 1,390 | 27,052,669 | (26,740,324) | 4,627 | 318,362 | |
Balance, shares at Mar. 31, 2021 | 1,000 | 13,897,827 | ||||
Beginning balance, value at Dec. 31, 2021 | $ 1,447 | 27,688,665 | (27,543,659) | 1,895 | 148,349 | |
Balance, shares at Dec. 31, 2021 | 1,000 | 14,473,256 | ||||
Common stock issued for services | $ 2 | 4,514 | $ 4,515 | |||
Common stock issued for services, shares | 15,000 | 15,000 | ||||
Change in foreign currency translation | ||||||
Net income (loss) | (203,794) | (203,794) | ||||
Ending balance, value at Mar. 31, 2022 | $ 1,449 | $ 27,693,179 | $ (27,747,454) | $ 1,895 | $ (50,930) | |
Balance, shares at Mar. 31, 2022 | 1,000 | 14,488,256 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net income (loss) | $ (203,794) | $ (410,545) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 139 | 139 |
Stock-based compensation | 4,515 | 485,538 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 166,481 | (142,119) |
Prepaid expenses | 51,984 | (35,065) |
Right of use assets | 3,235 | 4,055 |
Inventory | 64,622 | 94,460 |
Other assets | (64,375) | (2,981) |
Operating lease payable | (3,235) | (4,944) |
Accounts payable and accrued expenses | (250,496) | (161,113) |
Net cash provided by (used in) operating activities | (230,925) | (172,575) |
Cash flows from financing activities: | ||
Increase (decrease) in loans payable, net | (3,066) | 68,869 |
Proceeds from private placements | 300,000 | |
Government loans | 29,165 | |
Net cash provided by (used in) financing activities | (3,066) | 398,034 |
Effect of exchange rates on cash and cash and cash equivalents | (5,265) | |
Net increase (decrease) in cash and cash equivalents | (233,991) | 225,459 |
Cash and cash equivalents at beginning of period | 312,574 | 62,555 |
Cash and cash equivalents at end of period | 78,583 | 282,749 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 1,080 | 2,677 |
Cash paid for income taxes |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Global Diversified Marketing Group Inc. (the “Company”), formerly known as Dense Forest Acquisition Corporation, was incorporated in Delaware on December 1, 2017 , and changed its name on June 13, 2018, as part of a change in control. As part of the change in control, its then officers and directors resigned and contributed back to the Company 19,500,000 shares of the 20,000,000 outstanding shares of its common stock , 0.0001 12,500,000 shares of its Common Stock to Paul Adler, the then president of the Company. On November 26, 2018, the Company effected the acquisition of Global Diversified Holdings, Inc. (“GDHI”), a private New York company owned by the Company’s president, with the issuance of 200 shares of the Company’s Common Stock in exchange for all of the outstanding shares of GDHI. GDHI became a wholly-owned subsidiary of the Company, and its activity for the three months ended March 31, 2022 and 2021 is reflected in these financial statements along with the expenses of the Company. Prior to the acquisition of GDHI, the Company had no business and no operations. Pursuant to the acquisition, the Company acquired the operations and business plan of GDHI, which imports and sells snack food products. For accounting purposes, GDHI is considered to be the acquirer, and the equity is presented as if the business combination had occurred on January 1, 2017. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. Certain prior year amounts have been reclassified to conform to the presentation in the current year. The Company has adopted a December 31 year-end. Management’s Representation of Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. Fair Value of Financial Instruments The Company’s financial instruments consist of cash, accounts receivable from customers, accounts payable, and loans payable. The carrying amounts of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Use of Estimates The preparation of 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 and liabilities at the date of the balance sheet. Actual results could differ from those estimates. Stock-Based Compensation The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This Section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. During the three months ended March 31, 2022 and March 31, 2021 stock-based compensation was $ 4,515 485,538 Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. On March 31, 2022, and December 31, 2021, the Company had $ 78,583 312,574 Factoring The Company accounts for the transfer of our accounts receivable to a third party under a factoring agreement in accordance with ASC 860-10-40-5 “ Transfers and Servicing 0 Accounts Receivable Accounts receivable are generated from sales of snack food products to retail outlets throughout the United States. The Company performs ongoing credit evaluations of its customers and adjusts credit limits based on customer payment and current creditworthiness, as determined by review of their current credit information. The Company continuously monitors credit limits for its customers and maintains a provision for estimated credit losses based on its historical experience and any specific customer issues that have been identified. An allowance for doubtful; accounts are provided against accounts receivable for amounts management believes may be uncollectible. The Company historically has not had issues collecting on its accounts receivable from its customers. The Company factors certain of its receivables to improve its cash flow. Bad debt expense for the three months ended March 31, 2022, and 2021 was $- 0 0 0 0 Inventory Inventory consists of snack food products and packaging supplies, and are stated at the lower of cost or market. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the assets. Maintenance, repairs, and renewals that do not materially add to the value of the equipment nor appreciably prolong its useful life are charged to expense as incurred. Revenue Recognition Beginning January 1, 2018, the Company implemented ASC 606, Revenue from Contracts with Customers. Although the new revenue standard is expected to have an immaterial impact, if any, on our ongoing net income, we did implement changes to our processes related to revenue recognition and the control activities within them. These included the development of new policies based on the five-step model provided in the new revenue standard, ongoing contract review requirements, and gathering of information provided for disclosures. The Company recognizes revenue from product sales or services rendered when control of the promised goods are transferred to our clients in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle we apply the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company satisfies a performance obligation. Advertising and Marketing Costs The Company’s policy regarding advertising and marketing is to record the expense when incurred. The Company incurred advertising and marketing expenses of $ 14,884 59,782 Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. 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 differences 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 amount of deferred tax assets that, based on available evidence, are not expected to be realized. The Company’s income tax returns are open for examination for up to the past three years under the statute of limitations. There are no tax returns currently under examination. Comprehensive Income The Company has established standards for reporting and display of comprehensive income, its components, and accumulated balances. When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. During the three months ended March 31, 2022, Company had a balance of $ 1,895 Basic Income (Loss) Per Share Basic income (loss) per share has been calculated based on the weighted average number of shares of Common Stock outstanding during the period. Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position, or cash flow. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 GOING CONCERN As of March 31, 2022, the Company had cash and cash equivalents of $ 78,583 131,107 27,747,453 |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
CAPITAL STOCK | NOTE 3 – CAPITAL STOCK The Company has 100,000,000 shares of $ 0.0001 par value common stock (the “Common Stock”) authorized. The Company had 14,488,256 and 14,473,256 shares of Common Stock issued and outstanding as of March 31, 2022, and December 31, 2021, respectively. During the three months ended March 31, 2022 the Company issued 15,000 shares of its Common Stock for services which were valued at $ 4,515 . All issuances made by the Company are valued based upon the closing trading of the Company’s Common Stock on the date when the Board of Directors authorizes and approves the issuance of such shares 2021 Common stock Issuances During the year ended December 31, 2021, the Company issued a total of 1,340,738 shares of Common Stock as follows: Services 800,110 871,341 125,000 250,250 These charges amounting to $ 1,121,591 932,591 189,000 Preferred Stock The Company has 20,000,000 shares of $ 0.0001 par value preferred stock authorized. On February 24, 2020, the Company filed a Certificate of Designation for a class of preferred stock designated Class A Super Voting Preferred Stock (“A Stock”). There are 1,000,000 shares of A Stock designated. Each share of such stock shall vote with the Common Stock and have 100,000 votes . A Stock has no conversion, dividend, or liquidation rights. Accordingly, the holders of A Stock will, by reason of their voting power, be able to control the affairs of the Company. The Company has issued 1,000 shares of A Stock to Paul Adler, the company’s Chief Executive Officer, and majority shareholder giving him effective voting control over the Registrant’s affairs for the foreseeable future. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS During the three months ended March 31, 2022, and 2021, the Company incurred salary expense of $ 96,500 73,750 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5 – COMMITMENTS AND CONTINGENCIES The Company renewed a 60 -month lease agreement on October 1, 2021, to rent approximately 1,000 square feet of office space in Island Park, New York. The lease requires monthly payments of $ 1,748 five year 5,245 . Future minimum lease payments due under this operating lease, including renewal periods, are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE LIABILITY December 31, 2022 $ 20,980 December 31, 2023 21,137 December 31, 2024 21,771 December 31, 2025 22,425 December 31, 2026 17,194 Total $ 103,509 Under the guidelines of ASC 842, renewal of the lease at the end of its term was not considered probable. The Company record right of use assets and lease liabilities of $ 83,415 |
LOANS PAYABLE
LOANS PAYABLE | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
LOANS PAYABLE | NOTE 6 – LOANS PAYABLE As of March 31, 2022 and December 31, 2021 the Company had an unsecured credit line for up to $ 100,000 6 SCHEDULE OF LOANS OUTSTANDING March 31, 2022 December 31,2021 Credit Line - Sterling $ 34,741 $ 37,807 Total loans payable $ 34,741 $ 37,807 |
CONCENTRATIONS
CONCENTRATIONS | 3 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS | NOTE 7 – CONCENTRATIONS The Company does substantially all of its business with 4 customers. These customers accounted for % and 91% of revenues for the three months ended March 31, 2022, and 2021, respectively. SCHEDULE OF CONCENTRATION OF RISK March 31, 2022 March 31, 2021 Customer A 39 31 Customer B 36 23 Customer C 24 19 Customer D - 15 Customer E - 10 Total 99 % 98 % |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS On April 4, 2022, the Company issued 250,000 its director of operations as a bonus on his one year anniversary of employment. 45,000 350,000 61,565 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Global Diversified Marketing Group Inc. (the “Company”), formerly known as Dense Forest Acquisition Corporation, was incorporated in Delaware on December 1, 2017 , and changed its name on June 13, 2018, as part of a change in control. As part of the change in control, its then officers and directors resigned and contributed back to the Company 19,500,000 shares of the 20,000,000 outstanding shares of its common stock , 0.0001 12,500,000 shares of its Common Stock to Paul Adler, the then president of the Company. On November 26, 2018, the Company effected the acquisition of Global Diversified Holdings, Inc. (“GDHI”), a private New York company owned by the Company’s president, with the issuance of 200 shares of the Company’s Common Stock in exchange for all of the outstanding shares of GDHI. GDHI became a wholly-owned subsidiary of the Company, and its activity for the three months ended March 31, 2022 and 2021 is reflected in these financial statements along with the expenses of the Company. Prior to the acquisition of GDHI, the Company had no business and no operations. Pursuant to the acquisition, the Company acquired the operations and business plan of GDHI, which imports and sells snack food products. For accounting purposes, GDHI is considered to be the acquirer, and the equity is presented as if the business combination had occurred on January 1, 2017. |
Basis of Presentation | Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. Certain prior year amounts have been reclassified to conform to the presentation in the current year. The Company has adopted a December 31 year-end. Management’s Representation of Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments consist of cash, accounts receivable from customers, accounts payable, and loans payable. The carrying amounts of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. |
Use of Estimates | Use of Estimates The preparation of 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 and liabilities at the date of the balance sheet. Actual results could differ from those estimates. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This Section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. During the three months ended March 31, 2022 and March 31, 2021 stock-based compensation was $ 4,515 485,538 |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. On March 31, 2022, and December 31, 2021, the Company had $ 78,583 312,574 |
Factoring | Factoring The Company accounts for the transfer of our accounts receivable to a third party under a factoring agreement in accordance with ASC 860-10-40-5 “ Transfers and Servicing 0 |
Accounts Receivable | Accounts Receivable Accounts receivable are generated from sales of snack food products to retail outlets throughout the United States. The Company performs ongoing credit evaluations of its customers and adjusts credit limits based on customer payment and current creditworthiness, as determined by review of their current credit information. The Company continuously monitors credit limits for its customers and maintains a provision for estimated credit losses based on its historical experience and any specific customer issues that have been identified. An allowance for doubtful; accounts are provided against accounts receivable for amounts management believes may be uncollectible. The Company historically has not had issues collecting on its accounts receivable from its customers. The Company factors certain of its receivables to improve its cash flow. Bad debt expense for the three months ended March 31, 2022, and 2021 was $- 0 0 0 0 |
Inventory | Inventory Inventory consists of snack food products and packaging supplies, and are stated at the lower of cost or market. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the assets. Maintenance, repairs, and renewals that do not materially add to the value of the equipment nor appreciably prolong its useful life are charged to expense as incurred. |
Revenue Recognition | Revenue Recognition Beginning January 1, 2018, the Company implemented ASC 606, Revenue from Contracts with Customers. Although the new revenue standard is expected to have an immaterial impact, if any, on our ongoing net income, we did implement changes to our processes related to revenue recognition and the control activities within them. These included the development of new policies based on the five-step model provided in the new revenue standard, ongoing contract review requirements, and gathering of information provided for disclosures. The Company recognizes revenue from product sales or services rendered when control of the promised goods are transferred to our clients in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle we apply the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company satisfies a performance obligation. |
Advertising and Marketing Costs | Advertising and Marketing Costs The Company’s policy regarding advertising and marketing is to record the expense when incurred. The Company incurred advertising and marketing expenses of $ 14,884 59,782 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. |
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 differences 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 amount of deferred tax assets that, based on available evidence, are not expected to be realized. The Company’s income tax returns are open for examination for up to the past three years under the statute of limitations. There are no tax returns currently under examination. |
Comprehensive Income | Comprehensive Income The Company has established standards for reporting and display of comprehensive income, its components, and accumulated balances. When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. During the three months ended March 31, 2022, Company had a balance of $ 1,895 |
Basic Income (Loss) Per Share | Basic Income (Loss) Per Share Basic income (loss) per share has been calculated based on the weighted average number of shares of Common Stock outstanding during the period. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position, or cash flow. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE LIABILITY | SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE LIABILITY December 31, 2022 $ 20,980 December 31, 2023 21,137 December 31, 2024 21,771 December 31, 2025 22,425 December 31, 2026 17,194 Total $ 103,509 |
LOANS PAYABLE (Tables)
LOANS PAYABLE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LOANS OUTSTANDING | SCHEDULE OF LOANS OUTSTANDING March 31, 2022 December 31,2021 Credit Line - Sterling $ 34,741 $ 37,807 Total loans payable $ 34,741 $ 37,807 |
CONCENTRATIONS (Tables)
CONCENTRATIONS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATION OF RISK | The Company does substantially all of its business with 4 customers. These customers accounted for % and 91% of revenues for the three months ended March 31, 2022, and 2021, respectively. SCHEDULE OF CONCENTRATION OF RISK March 31, 2022 March 31, 2021 Customer A 39 31 Customer B 36 23 Customer C 24 19 Customer D - 15 Customer E - 10 Total 99 % 98 % |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Nov. 26, 2018 | Jun. 14, 2018 | Jun. 13, 2018 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Restructuring Cost and Reserve [Line Items] | ||||||
Entity Incorporation, State or Country Code | DE | |||||
Entity Incorporation, Date of Incorporation | Dec. 1, 2017 | |||||
Common Stock, Shares, Outstanding | 14,488,256 | 14,473,256 | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Stock-based compensation | $ 4,515 | $ 485,538 | ||||
Cash | 78,583 | $ 312,574 | ||||
Loan payable due to factors | 0 | $ 0 | ||||
Bad debts expense | 0 | 0 | ||||
Allowance for doubtful accounts | 0 | 0 | ||||
Advertising and marketing expenses | 14,884 | $ 59,782 | ||||
Unrealized gain due to foreign currency fluctuations | $ 1,895 | |||||
Paul Adler [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 12,500,000 | |||||
Common Stock [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Stock Redeemed or Called During Period, Shares | 19,500,000 | |||||
Common Stock, Shares, Outstanding | 20,000,000 | |||||
Stock Issued During Period, Shares, New Issues | 415,628 | |||||
Dense forest acquistion corporation [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Entity Incorporation, State or Country Code | DE | |||||
Global Diversified Holdings, Inc. [Member] | President [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Stock Issued During Period, Shares, Acquisitions | 200 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash and cash equivalents | $ 78,583 | $ 312,574 |
Working capital deficit | 131,107 | |
Accumulated deficit | $ 27,747,453 | $ 27,543,659 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - USD ($) | Feb. 24, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Jun. 13, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common Stock, Shares, Outstanding | 14,488,256 | 14,473,256 | |||
Stock issued during period shares issued for services, share | 15,000 | ||||
Stock issued during period value issued for services, value | $ 4,515 | $ 485,538 | |||
Professional fees for service | $ 43,216 | $ 524,610 | |||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |||
Class A Super Voting Preferred Stock [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Common Stock, Voting Rights | Each share of such stock shall vote with the Common Stock and have 100,000 votes | ||||
Preferred Stock [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Preferred Stock, Shares Authorized | 1,000,000 | 20,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | ||||
Shares Issued Service [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Charges, net | $ 1,121,591 | ||||
Professional fees for service | 932,591 | ||||
Payroll for services | $ 189,000 | ||||
Consultants and One Employee [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Stock issued during period shares issued for services, share | 800,110 | ||||
Stock issued during period value issued for services, value | $ 871,341 | ||||
Four Independent Directors [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Stock issued during period shares issued for services, share | 125,000 | ||||
Stock issued during period value issued for services, value | $ 250,250 | ||||
Paul Adler [Member] | Class A Super Voting Preferred Stock [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
[custom:IssuanceOfSuperVotingPreferredStockShares] | 1,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Chief Executive Officer [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Salary expense | $ 96,500 | $ 73,750 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE LIABILITY (Details) | Mar. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
December 31, 2022 | $ 20,980 |
December 31, 2023 | 21,137 |
December 31, 2024 | 21,771 |
December 31, 2025 | 22,425 |
December 31, 2026 | 17,194 |
Total | $ 103,509 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Oct. 01, 2021USD ($)ft² | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Lessee, Operating Lease, Term of Contract | 60 months | ||
Area of Land | ft² | 1,000 | ||
Lease description | The lease requires monthly payments of $1,748 for the first 24 months and after that increases by approximately 3% each year, and contains one five year renewal option | ||
Payments for Rent | $ 1,748 | ||
Lease renewal term | 5 years | ||
Operating Leases, Rent Expense | $ 5,245 | ||
Operating lease right of use assets | 77,036 | $ 80,271 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating lease right of use assets | $ 83,415 |
SCHEDULE OF LOANS OUTSTANDING (
SCHEDULE OF LOANS OUTSTANDING (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||
Total loans payable | $ 34,741 | $ 37,807 |
Credit Line Sterling [Member] | ||
Short-Term Debt [Line Items] | ||
Total loans payable | $ 34,741 | $ 37,807 |
LOANS PAYABLE (Details Narrativ
LOANS PAYABLE (Details Narrative) - Lender[Member] | Mar. 31, 2022USD ($) |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |
Unsecured debt | $ 100,000 |
Debt instrument interest rate stated percentage | 6.00% |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Total | 39.00% | 31.00% |
Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Total | 36.00% | 23.00% |
Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Total | 24.00% | 19.00% |
Customer D [Member] | ||
Concentration Risk [Line Items] | ||
Total | 15.00% | |
Customer E [Member] | ||
Concentration Risk [Line Items] | ||
Total | 10.00% | |
Customer [Member] | ||
Concentration Risk [Line Items] | ||
Total | 99.00% | 98.00% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - Common Stock [Member] - USD ($) | Apr. 25, 2022 | Apr. 04, 2022 |
Director [Member] | ||
Subsequent Event [Line Items] | ||
Number of shares issued | 250,000 | |
Value of shares, Granted | $ 45,000 | |
Four Director [Member] | ||
Subsequent Event [Line Items] | ||
Value of shares, Granted | $ 61,565 | |
Number of shares, Granted | 350,000 |