Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 29, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | EXENT CORP. | |
Entity Central Index Key | 0001726744 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,027,000 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash | $ 1,877 | $ 3,030 |
Accounts Receivables | 10,000 | 0 |
Total Current assets | 11,877 | 3,030 |
Capital Assets | ||
Equipment, net of depreciation | 5,076 | 21,254 |
Total Capital assets | 5,076 | 21,254 |
Total Assets | 16,953 | 24,284 |
Current Liabilities | ||
Loan from related parties | 29,957 | 23,863 |
Accounts Payable | 0 | 2,198 |
Total Liabilities | 29,957 | 26,061 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, $0.001 par value, 75,000,000 shares authorized; 2,027,000 and 2,027,000 shares issued and outstanding as of June 30, 2019 and December 31, 2018 respectively | 2,027 | 2,027 |
Additional paid-in-capital | $ 25,823 | $ 25,823 |
Accumulated Deficit | (40,854) | (29,627) |
Total Stockholders' Equity | (13,004) | (1,777) |
Total Liabilities and Stockholders' Equity | $ 16,953 | $ 24,284 |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock shares issued and outstanding | 2,027,000 | 2,027,000 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 0 | $ 5,016 | $ 0 | $ 5,016 |
Cost of sales | 0 | 2,365 | 0 | 2,365 |
Gross profit | 0 | 2,651 | 0 | 2,651 |
Operating expenses | ||||
Professional fees | 2,000 | 1,700 | 6,450 | 7,950 |
Rent | 700 | 700 | 1,750 | 700 |
General and administrative expenses | 1,878 | 1,015 | 3,027 | 1,588 |
Net loss from operations | (4,578) | (764) | (11,227) | (7,587) |
Loss before taxes | (4,578) | (764) | (11,227) | (7,587) |
Provision for taxes | 0 | 0 | ||
Net loss | $ (4,578) | $ (764) | $ (11,227) | $ (7,587) |
Loss per common share: Basic and Diluted | $ 0 | $ 0 | $ (0.01) | $ 0 |
Weighted Average Number of Common Shares Outstanding: Basic and Diluted | 2,027,000 | 1,663,549 | 2,027,000 | 1,582,226 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Total | Number of Common Shares | Amount | Additional Paid-in- Capital | Deficit accumulated |
Balances at Dec. 31, 2017 | $ 1,276 | $ 1,500 | $ (224) | ||
Balances (in shares) at Dec. 31, 2017 | 1,500,000 | ||||
Common Shares issued for cash at $0.05 per share | 26,350 | 527 | 25,823 | ||
Common Shares issued for cash at $0.05 per share (in shares) | 527,000 | ||||
Net loss for six months | $ (7,587) | (7,587) | |||
Balances at Jun. 30, 2018 | 20,039 | $ 2,027 | $ 25,823 | (7,811) | |
Balances (in shares) at Jun. 30, 2018 | 2,027,000 | ||||
Net loss for six months | (21,816) | (21,816) | |||
Balances at Dec. 31, 2018 | (1,777) | 2,027 | 25,823 | (29,627) | |
Balances (in shares) at Dec. 31, 2018 | 2,027,000 | ||||
Net loss for six months | (11,227) | (11,227) | |||
Balances at Jun. 30, 2019 | $ (13,004) | $ 2,027 | $ 25,823 | $ (40,854) | |
Balances (in shares) at Jun. 30, 2019 | 2,027,000 |
STATEMENT OF CHANGES IN STOCK_2
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Common Shares issued for cash, dividends per share | $ 0.05 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Activities | ||
Net loss | $ (11,227) | $ (7,587) |
Depreciation expense | 1,178 | 593 |
Decrease (increase) in accounts receivables | (10,000) | 0 |
Increase in inventory | 0 | (1,735) |
Increase (Decrease) in accounts payable | (2,198) | 8,000 |
Net cash (used in) provided by operating activities | (22,247) | (729) |
Investing Activities | ||
Purchase of capital assets | 0 | (23,150) |
Sale of Capital Assets | 15,000 | 0 |
Net cash provided by (used in) investing activities | 15,000 | (23,150) |
Financing Activities | ||
Proceeds from sale of common stock | 0 | 26,350 |
Proceeds from loan from shareholder | 6,094 | 23,639 |
Net cash provided by financing activities | 6,094 | 49,989 |
Net decrease in cash and equivalents | (1,153) | 26,110 |
Cash and equivalents at beginning of the period | 3,030 | 1,500 |
Cash and equivalents at end of the period | 1,877 | 27,610 |
Cash paid for: | ||
Interest | 0 | 0 |
Taxes | $ 0 | $ 0 |
- ORGANIZATION AND BASIS OF PRE
- ORGANIZATION AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2019 | |
- ORGANIZATION AND BASIS OF PRESENTATION [Abstract] | |
- ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1 - 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 manufactures and sells drywall steel studs. Since inception through June 30, 2019 the Company has generated $8,694 in revenue and has accumulated losses of $40,854. The accompanying condensed financial statements have been prepared by the Company without audit. Management believes that estimates are proper, all adjustments necessary to present fairly the financial position, results of operations, and cash flows at June 30, 2019 and for the related periods presented. Operating results for the six months ended June 30, 2019 are not necessarily indicative of the final results that may be expected for the year ending December 31, 2019. These financial statements and footnotes should be read in conjunction with the audited financial statements for the year ended December 31, 2018, filed with the Securities and Exchange Commission. 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 $40,854 as of June 30, 2019 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Company's 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 ACCOUN
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2019 | |
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - 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 June 30, 2019 and 2018, 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 June 30, 2019 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 or declared during any of the periods shown. Income Taxes The Company follows the liability method of accounting for income taxes pursuant to ASC 740. 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 Company's policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the six months ended June 30, 2019 and for the six months ended June 30, 2018 . 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 June 30, 2019 the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Revenue Recognition 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. We adopted Topic 606 since inception on February 15, 2017. Revenues for reporting periods beginning after February 15, 2017 are presented under Topic 606. While Topic 606 requires additional disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, its adoption has not had a material impact on the measurement or recognition of our revenues. 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. 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. On June 6, 2019, the Company sold a machine for drywall steel studs manufacturing for $15,000. This is at book value so there is no gain or loss. Capitalization Policy A “Capital Asset” is a unit of property with a useful life exceeding one year and a per unit acquisition cost exceeding $1,000. Capital assets will be capitalized and depreciated over their useful lives. All Capital Assets are recorded at historical cost as of the date acquired. Tangible assets costing below the aforementioned threshold amount are recorded as an expense in the accounting records and financial statements of the business. In addition, assets with an economic useful life of 12 months or less must be expensed for both book and financial reporting purposes. |
- CAPITAL STOCK
- CAPITAL STOCK | 6 Months Ended |
Jun. 30, 2019 | |
- CAPITAL STOCK [Abstract] | |
- CAPITAL STOCK | NOTE 3 - CAPITAL STOCK 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 June 30, 2019 the Company had 2,027,000 shares issued and outstanding. |
- RELATED PARTY TRANSACTIONS
- RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2019 | |
- RELATED PARTY TRANSACTIONS [Abstract] | |
- RELATED PARTY TRANSACTIONS | NOTE 4 - RELATED PARTY TRANSACTIONS In support of the Company's 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 June 30, 2019, the Company's sole officer and director loaned the Company $ 29,957 to pay for incorporation costs and operating expenses . As of June 30, 2019 , the amount outstanding was $ 29,957 . The loan is non-interest bearing, due upon demand and unsecured. The Company's 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 | 6 Months Ended |
Jun. 30, 2019 | |
- SUBSEQUENT EVENTS [Abstract] | |
- SUBSEQUENT EVENTS | NOTE 5- SUBSEQUENT EVENTS In accordance with ASC 855-10 the Company has analyzed its operations subsequent to June 30, 2019 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. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Significant Accounting Policies (Policies) [Abstract] | |
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. 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 June 30, 2019 and 2018, 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 June 30, 2019 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 or declared during any of the periods shown. Income Taxes The Company follows the liability method of accounting for income taxes pursuant to ASC 740. 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 Company's policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the six months ended June 30, 2019 and for the six months ended June 30, 2018 . 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 June 30, 2019 the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Revenue Recognition 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. We adopted Topic 606 since inception on February 15, 2017. Revenues for reporting periods beginning after February 15, 2017 are presented under Topic 606. While Topic 606 requires additional disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, its adoption has not had a material impact on the measurement or recognition of our revenues. 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. 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. On June 6, 2019, the Company sold a machine for drywall steel studs manufacturing for $15,000. This is at book value so there is no gain or loss. Capitalization Policy A “Capital Asset” is a unit of property with a useful life exceeding one year and a per unit acquisition cost exceeding $1,000. Capital assets will be capitalized and depreciated over their useful lives. All Capital Assets are recorded at historical cost as of the date acquired. Tangible assets costing below the aforementioned threshold amount are recorded as an expense in the accounting records and financial statements of the business. In addition, assets with an economic useful life of 12 months or less must be expensed for both book and financial reporting purposes. |
- ORGANIZATION AND BASIS OF P_2
- ORGANIZATION AND BASIS OF PRESENTATION (Details Text) | 29 Months Ended |
Jun. 30, 2019USD ($) | |
- ORGANIZATION AND BASIS OF PRESENTATION [Abstract] | |
Since inception through June 30, 2019 the Company has generated $8,694 in revenue and has accumulated losses of $40,854. | $ 8,694 |
The Company has incurred a loss since Inception (February 15, 2017) resulting in an accumulated deficit of $40,854 as of June 30, 2019 and further losses are anticipated in the development of its business | $ 40,854 |
- SUMMARY OF SIGNIFICANT ACCO_2
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Text) - USD ($) | Jun. 30, 2019 | Jun. 06, 2019 | May 14, 2018 |
Summary Of Significant Accounting Policies Details [Abstract] | |||
The funds are insured up to $250,000 | $ 250,000 | ||
The Company purchased a machine for drywall steel studs manufacturing for $17,000 | $ 17,000 | ||
On May 14, 2018, the Company purchased office equipment for $4,900 | $ 4,900 | ||
Company purchased a computer for $1,250 | $ 1,250 | ||
On June 6, 2019, the Company sold a machine for drywall steel studs manufacturing for $15,000 | $ 15,000 |
- CAPITAL STOCK (Details Text)
- CAPITAL STOCK (Details Text) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 | Nov. 15, 2017 |
Dividends, Common Stock [Abstract] | |||
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 | $ 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. | 26,350 | ||
As of June 30, 2019 the Company had 2,027,000 shares issued and outstanding. | $ 2,027,000 |
- RELATED PARTY TRANSACTIONS (D
- RELATED PARTY TRANSACTIONS (Details Text) | Jun. 30, 2019USD ($) |
Related Party Transaction, Due from (to) Related Party, Current [Abstract] | |
As of June 30, 2019, the amount outstanding was $29,957 | $ 29,957 |