Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2018 | |
Document and Entity Information: | ||
Entity Registrant Name | EXENT CORP. | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2018 | |
Trading Symbol | exent | |
Amendment Flag | false | |
Entity Central Index Key | 1,726,744 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 2,027,000 | |
Entity Public Float | $ 0 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | FY |
Statement of Financial Position
Statement of Financial Position - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 3,030 | $ 1,500 |
Assets, Noncurrent | ||
Property, Plant and Equipment, Gross | 21,254 | |
Assets | 24,284 | 1,500 |
Liabilities, Noncurrent | ||
Accounts Payable and Accrued Liabilities, Noncurrent | 2,198 | |
Due to Related Parties, Noncurrent | 23,863 | 224 |
Liabilities | 26,061 | 224 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 2,027 | 1,500 |
Additional Paid in Capital, Common Stock | 25,823 | |
Retained Earnings (Accumulated Deficit) | (29,627) | (224) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (1,777) | $ 1,276 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 2,027,000 | 1,500,000 |
Common Stock, Shares Outstanding | 2,027,000 | 1,500,000 |
Liabilities and Equity | $ 24,284 | $ 1,500 |
Statements of Operations
Statements of Operations - USD ($) | 11 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2018 | |
Revenues | ||
Sales Revenue, Goods, Net | $ 8,694 | |
Cost of Revenue | ||
Cost of Goods Sold | 4,100 | |
Gross Profit | 4,594 | |
Amortization of Deferred Charges | ||
Administrative Expense | $ 224 | 33,997 |
Total Operating Expenses | 224 | 33,997 |
Net loss from operations | (224) | (29,403) |
Interest and Debt Expense | ||
Net Income (Loss) | $ (224) | $ (29,403) |
Earnings Per Share | ||
Weighted Average Number of Shares Outstanding, Basic | 220,312 | 1,806,441 |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - 12 months ended Dec. 31, 2018 - USD ($) | Common Stock | Additional paid-in-capital | Retained Earnings | Total |
Shares issued starting balance at Dec. 31, 2017 | 1,500,000 | 1,500,000 | ||
Stockholders' equity starting balance at Dec. 31, 2017 | $ 1,500 | $ (224) | $ 1,276 | |
Shares issued during period | 527,000 | 527,000 | ||
Net Income (Loss) | (29,403) | $ (29,403) | ||
Adjustment to additional paid-in-capital | $ 0 | $ 25,823 | $ 25,823 | |
Shares issued ending balance at Dec. 31, 2018 | 2,027,000 | 2,027,000 | ||
Stockholders' equity ending balance at Dec. 31, 2018 | $ 2,027 | $ 25,823 | $ (29,627) | $ (1,777) |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 11 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2018 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net loss for the period | $ (224) | $ (29,403) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation | 1,896 | |
Increase (Decrease) in Operating Liabilities | ||
Increase (Decrease) in Accounts Payable | 2,198 | |
Net Cash Provided by (Used in) Operating Activities | (224) | (25,309) |
Net Cash Provided by (Used in) Investing Activities | ||
Payments to Acquire Property, Plant, and Equipment | (23,150) | |
Net Cash Provided by (Used in) Investing Activities | (23,150) | |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from Issuance of Common Stock | 1,500 | 26,350 |
Proceeds from director loans | 224 | 23,639 |
Net Cash Provided by (Used in) Financing Activities | 1,724 | 49,989 |
Cash and Cash Equivalents, Period Increase (Decrease) | 1,500 | 1,530 |
Cash and Cash Equivalents, at Carrying Value | 0 | 1,500 |
Cash and Cash Equivalents, at Carrying Value | $ 1,500 | $ 3,030 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements: | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | ORGANIZATION AND BASIS OF PRESENTATION Organization and Description of Business EXENT CORP. (the Company) was incorporated under the laws of the State of Nevada, U.S. on February 15, 2017. The Company purchased equipment to manufacture and sell drywall steel studs. Since inception through December 31, 2018 the Company has generated $8,694 in revenue and has accumulated losses of $29,627. GOING CONCERN The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since Inception (February 15, 2017) resulting in an accumulated deficit of $ 29,627 as of December 31, 2018 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Companys ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. The Company has adopted December 31 as its fiscal year end. Basic Income (Loss) Per Share The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. At December 31, 2018 and 2017, the Company did not have any dilutive securities and other contracts. As a result, diluted loss per share is the same as basic loss per share for the period presented. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At December 31, 2018 the Company's bank deposits did not exceed the insured amounts. Dividends The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Advertising Costs The Companys policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the year ended December 31, 2018 and for the period from inception to December 31, 2017 . 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. 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. Stock-Based Compensation As of December 31, 2018 the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123(R) (ASC 718). To date, the Company has not adopted a stock option plan and has not granted any stock options. Revenue Recognition On July 1, 2018, the Company adopted Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers that supersedes most current revenue recognition guidance. The updated guidance, and subsequent clarifications, collectively referred to as ASC 606, require an entity to recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Previously we recorded revenue based on ASC Topic 605. Adoption of new accounting standard did not have any material impact on our reported revenue. Revenue is recognized when the following criteria are met: Identification of the contract, or contracts, with customer; Identification of the performance obligations in the contract; Determination of the transaction price; Allocation of the transaction price to the performance obligations in the contract; and Recognition of revenue when, or as, we satisfy performance obligation. Concentrations For the year ended December 31, 2018, the Company had two customers. Recent Accounting Pronouncements The Company has reviewed all the recent accounting pronouncements issued to date of the issuance of these financial statements, and does not believe any of these pronouncements will have a material impact on the Company. Property and Equipment Depreciation Policy The Company purchased a machine for drywall steel studs manufacturing for $17,000 . On May 14, 2018, the Company purchased office equipment for $4,900. Equipment is stated at cost and depreciated on the straight line method over the estimated life of the assets, which is 10 years. For the year ended December 31, 2018, accumulated depreciation was $1,584 compared to $0 for the year ended December 31, 2017. Company purchased a computer for $1,250. It is stated at cost and depreciated on the straight line method over the estimated life of the assets, which is 3 years. For the year ended December 31, 2018, depreciation expense was $312 compared to $0 for the year ended December 31, 2017. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity: | |
Stockholders' Equity Note Disclosure | The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. On November 15, 2017 the Company issued 1,500,000 shares of its common stock at $ 0.001 per share for total proceeds of $1,500. In May and June 2018, the Company sold 527,000 shares of its common stock at $ 0.05 per share for total proceeds of $26,350. As of December 31, 2018 the Company had 2,027,000 shares issued and outstanding. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes: | |
Income Tax Disclosure | INCOME TAX The Company is subject to income tax in the U.S., as well as state of Nevada jurisdictions. As of December 31, 2018 the Company had net operating loss carry forwards of $29,627 that may be available to reduce future years taxable income through 2038. As of December 31, 2017 the Company had net operating loss carry forwards of $224. 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 Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. No tax returns for years ended December 31, 2017 and December 31, 2018 are due as of the filing. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Disclosures: | |
Related Party Transactions Disclosure | RELATED PARTY TRANSACTIONS In support of the Companys efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. Since February 15, 2017 (I nception ) through December 31, 2018, the Companys sole officer and director loaned the Company $ 23,863 to pay for incorporation costs and operating expenses . As of December 31, 2018 , the amount outstanding was $ 23,863 . The loan is non-interest bearing, due upon demand and unsecured. The Companys sole officer and director provided services and office space. The Company does not pay any rent to its sole officer and director and there is no agreement to pay any rent in the future. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events: | |
Subsequent Events | SUBSEQUENT EVENTS In accordance with ASC 855-10 the Company has analyzed its operations subsequent to December 31, 2018 to 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. |
Uncategorized Items - exent-201
Label | Element | Value |
Shares issued during period | us-gaap_StockIssuedDuringPeriodSharesOther | 1,500,000 |
Retained Earnings | ||
Net Income (Loss) | us-gaap_NetIncomeLoss | $ (224) |
Common Stock | ||
Shares issued during period | us-gaap_StockIssuedDuringPeriodSharesOther | 1,500,000 |