Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Sep. 21, 2021 | |
Details | ||
Registrant CIK | 0001726079 | |
Fiscal Year End | --12-31 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 333-222880 | |
Entity Registrant Name | TIPMEFAST, INC. | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 83-4057513 | |
Entity Address, Address Line One | Raid Chalil | |
Entity Address, Address Line Two | HaShnura St 1 | |
Entity Address, City or Town | ZihronYa’akow | |
Entity Address, Country | IL | |
Entity Address, Postal Zip Code | 30950 | |
City Area Code | 972 | |
Local Phone Number | 373-70057 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 5,600,000 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 |
Balance Sheet
Balance Sheet - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash held in trust | $ 9,830 | $ 20,980 |
Total current assets | 9,830 | 20,980 |
Total assets | 9,830 | 20,980 |
Current liabilities | ||
Accounts payable | 3,500 | 2,000 |
Accrued expenses | 1,500 | 0 |
Total current liabilities | 5,000 | 2,000 |
Total liabilities | 5,000 | 2,000 |
STOCKHOLDERS' EQUITY: | ||
Common stock: $0.001 par value, 75,000,000 shares authorized, 5,600,000 and 5,600,000 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively. | 5,600 | 5,600 |
Additional paid-in capital | 80,415 | 80,415 |
Accumulated deficit | (81,185) | (67,035) |
Total stockholders' equity | 4,830 | 18,980 |
Total liabilities and stockholders' equity | $ 9,830 | $ 20,980 |
Balance Sheet - Parenthetical
Balance Sheet - Parenthetical - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Issued | 5,600,000 | 5,600,000 |
Common Stock, Shares, Outstanding | 5,600,000 | 5,600,000 |
Statement of Operations
Statement of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Details | ||||
REVENUE: | $ 0 | $ 0 | $ 0 | $ 0 |
EXPENSES: | ||||
General and administrative | 1,500 | 1,975 | 3,000 | 3,950 |
Professional fees | 6,750 | 0 | 11,150 | 1,850 |
Total expenses | 8,250 | 1,975 | 14,150 | 5,800 |
OTHER INCOME (EXPENSE): | ||||
Interest income | 0 | 0 | 0 | 0 |
Total other income (expense) | 0 | 0 | 0 | 0 |
Net loss | $ (8,250) | $ (1,975) | $ (14,150) | $ (5,800) |
Net loss per common share - basic | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average of common shares outstanding - basic | 5,600,000 | 5,600,000 | 5,600,000 | 5,600,000 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity - USD ($) | Common Stock | Common StockRestated | Additional Paid-in Capital | Additional Paid-in CapitalRestated | Subscription Received | Subscription ReceivedRestated | Retained Earnings | Retained EarningsRestated | Total | Restated |
Equity Balance at Dec. 31, 2019 | $ 5,600 | $ 80,415 | $ 0 | $ (50,035) | $ 35,980 | |||||
Equity Balance, shares at Dec. 31, 2019 | 5,600,000 | |||||||||
Net loss | $ 0 | $ 0 | $ 0 | $ (5,800) | $ (5,800) | |||||
Equity Balance, shares at Jun. 30, 2020 | 5,600,000 | |||||||||
Equity Balance at Jun. 30, 2020 | $ 5,600 | 80,415 | 0 | (55,835) | 30,180 | |||||
Equity Balance at Mar. 31, 2020 | $ 5,600 | $ 80,415 | $ 0 | $ (53,860) | $ 32,155 | |||||
Equity Balance, shares at Mar. 31, 2020 | 5,600,000 | |||||||||
Net loss | $ 0 | 0 | 0 | (1,975) | (1,975) | |||||
Equity Balance, shares at Jun. 30, 2020 | 5,600,000 | |||||||||
Equity Balance at Jun. 30, 2020 | $ 5,600 | 80,415 | 0 | (55,835) | 30,180 | |||||
Equity Balance at Dec. 31, 2020 | $ 5,600 | 80,415 | 0 | (67,035) | $ 18,980 | |||||
Equity Balance, shares at Dec. 31, 2020 | 5,600,000 | 5,600,000 | ||||||||
Net loss | $ 0 | 0 | 0 | (14,150) | $ (14,150) | |||||
Equity Balance, shares at Jun. 30, 2021 | 5,600,000 | 5,600,000 | ||||||||
Equity Balance at Jun. 30, 2021 | $ 5,600 | 80,415 | 0 | (81,185) | $ 4,830 | |||||
Equity Balance at Mar. 31, 2021 | $ 5,600 | 80,415 | 0 | (72,935) | 13,080 | |||||
Equity Balance, shares at Mar. 31, 2021 | 5,600,000 | |||||||||
Net loss | $ 0 | 0 | 0 | (8,250) | $ (8,250) | |||||
Equity Balance, shares at Jun. 30, 2021 | 5,600,000 | 5,600,000 | ||||||||
Equity Balance at Jun. 30, 2021 | $ 5,600 | $ 80,415 | $ 0 | $ (81,185) | $ 4,830 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities: | ||||
Net loss | $ (8,250) | $ (1,975) | $ (14,150) | $ (5,800) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Increase (decrease) in accounts payable | 1,500 | (4,450) | ||
Increase (decrease) in accrued expenses | 1,500 | 0 | ||
Net cash used in operating activities | (11,150) | (10,250) | ||
Cash Flows from Financing Activities: | ||||
Net cash provided by financing activities | 0 | 0 | ||
Net increase in cash, cash equivalents, and restricted cash | (11,150) | (10,250) | ||
Cash, cash equivalents, and restricted cash at beginning of year | 20,980 | 43,880 | ||
Cash, cash equivalents, and restricted cash at end of year | $ 9,830 | $ 33,630 | 9,830 | 33,630 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||
Cash paid for interest | 0 | 0 | ||
Cash paid for income taxes | $ 0 | $ 0 |
NOTE 1 - ORGANIZATION AND NATUR
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS | 6 Months Ended |
Jun. 30, 2021 | |
Notes | |
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS TipMeFast, Inc. (“the Company”, “we”, “us” or “our”) was incorporated on December 5, 2017 in the State of Nevada. The Company was created to be the simplest way to get paid or pay anyone from a mobile device. With this application you can pay a bartender, barista, server, musician, valet attendant, concierge, traveling pet groomer, nail technician or pool service but have no cash. The Company is a solution to pay and to get paid without exchanging personal information. Our executive offices are located at HaShmura St. 1, ZihronYa’akov, Israel |
NOTE 2 - GOING CONCERN
NOTE 2 - GOING CONCERN | 6 Months Ended |
Jun. 30, 2021 | |
Notes | |
NOTE 2 - 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 no revenues and incurred losses as of June 30, 2021. 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 additional 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. |
NOTE 3 - SUMMARY OF SIGNIFICANT
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Notes | |
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The results for the six months ended June 30, 2021 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report for the year ended December 31, 2020, filed with the Securities and Exchange Commission. The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at June 30, 2021 and for the related periods presented. The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (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 six months ended June 30, 2021. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of six months or less to be cash equivalents. The Company had $9,830 of cash as at June 30, 2021. 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. 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 in 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 those estimates. Fair Value of Financial Instruments 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 used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active 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 exists, 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 ASC 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 potential common shares if their effect is antidilutive. There were no potentially dilutive debt or equity instruments issued or outstanding as of June 30, 2021. Comprehensive Income Comprehensive income is defined as all changes in stockholders’ 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 June 30, 2021, 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 these pronouncements will have a material impact on the Company. |
NOTE 4 - STOCKHOLDERS' EQUITY
NOTE 4 - STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Notes | |
NOTE 4 - STOCKHOLDERS' EQUITY | NOTE 4 – STOCKHOLDERS’ EQUITY The Company has 75,000,000, $0.001 par value shares of common stock authorized. On December 5, 2017, the company issued a total of 3,000,000 common shares to its founder for a cash contribution of $21,000. During the quarter ended December 31, 2018, the company issued a total of 1,170,000 common shares to various investors for cash proceeds of $29,250. During the quarter ended March 31, 2019, the company issued a total of 1,430,000 common shares to various investors for cash proceeds of $35,750. In this shares issue, $35 was received in excess from an investor which has showed in subscription received in balance sheet. It was repaid to the investor subsequently. There were 5,600,000 and 5,600,000 shares of common stock issued and outstanding as of June 30, 2021 and December 31, 2020 respectively. |
NOTE 5 - SUBSEQUENT EVENTS
NOTE 5 - SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Notes | |
NOTE 5 - SUBSEQUENT EVENTS | NOTE 5 – SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after June 30, 2021 through September 21, 2021. The Company determined that it does not have any subsequent event requiring recording or disclosure in the financial statements for the period ended June 30, 2021 . |
NOTE 3 - SUMMARY OF SIGNIFICA_2
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Basis of presentation | Basis of presentation The results for the six months ended June 30, 2021 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report for the year ended December 31, 2020, filed with the Securities and Exchange Commission. The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at June 30, 2021 and for the related periods presented. The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (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 six months ended June 30, 2021. |
NOTE 3 - SUMMARY OF SIGNIFICA_3
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of six months or less to be cash equivalents. The Company had $9,830 of cash as at June 30, 2021. |
NOTE 3 - SUMMARY OF SIGNIFICA_4
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income Taxes (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
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. |
NOTE 3 - SUMMARY OF SIGNIFICA_5
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
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. |
NOTE 3 - SUMMARY OF SIGNIFICA_6
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in 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 those estimates. |
NOTE 3 - SUMMARY OF SIGNIFICA_7
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair Value of Financial Instruments (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments 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 used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active 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 exists, therefore requiring an entity to develop its own assumptions. The carrying value of cash approximates its fair value due to its short-term maturity. |
NOTE 3 - SUMMARY OF SIGNIFICA_8
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Stock-Based Compensation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
NOTE 3 - SUMMARY OF SIGNIFICA_9
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basic Income (Loss) Per Share (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
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 potential common shares if their effect is antidilutive. There were no potentially dilutive debt or equity instruments issued or outstanding as of June 30, 2021. |
NOTE 3 - SUMMARY OF SIGNIFIC_10
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Comprehensive Income (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Comprehensive Income | Comprehensive Income Comprehensive income is defined as all changes in stockholders’ 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 June 30, 2021, there were no differences between our comprehensive loss and net loss. |
NOTE 3 - SUMMARY OF SIGNIFIC_11
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
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 these pronouncements will have a material impact on the Company. |
NOTE 3 - SUMMARY OF SIGNIFIC_12
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Details | ||
Cash held in trust | $ 9,830 | $ 20,980 |
NOTE 4 - STOCKHOLDERS' EQUITY (
NOTE 4 - STOCKHOLDERS' EQUITY (Details) - USD ($) | Dec. 05, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||
Common Stock, Shares, Issued | 5,600,000 | 5,600,000 | |||||
Common Stock, Shares, Outstanding | 5,600,000 | 5,600,000 | |||||
Common Stock | |||||||
Common Stock, Shares, Outstanding | 5,600,000 | 5,600,000 | 5,600,000 | 5,600,000 | |||
Common Stock | Founder | |||||||
Stock Issued During Period, Shares, New Issues | 3,000,000 | ||||||
Proceeds from Issuance of Common Stock | $ 21,000 | ||||||
Common Stock | Various investors | |||||||
Stock Issued During Period, Shares, New Issues | 1,430,000 | 1,170,000 | |||||
Proceeds from Issuance of Common Stock | $ 35,750 | $ 29,250 | |||||
Excess Subsription Cash Returned | $ 35 |