Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 23, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | GD Acquisition Group, Inc. | |
Entity Central Index Key | 0001740093 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jun. 30, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 100,000 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash | $ 41 | $ 3,010 |
Total current assets | 41 | 3,010 |
Total Assets | 41 | 3,010 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
CURRENT LIABILITIES: | ||
Total Liabilities | ||
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' DEFICIENCY | ||
Preferred stock $0.00001 par value: 20,000,000 shares authorized; none issued and outstanding | ||
Common stock $0.00001 par value: 100,000,000 shares authorized; 100,000 shares issued and outstanding at June 30, 2019 and December 31, 2018 | 1 | 1 |
Additional paid in capital | 8,956 | 5,961 |
Accumulated deficit | (8,916) | (2,952) |
Total Stockholders' Equity | 41 | 3,010 |
Total Liabilities and Stockholders' Equity | $ 41 | $ 3,010 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
STOCKHOLDERS' DEFICIENCY | ||
Preferred stock, shares par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 100,000 | 100,000 |
Common stock, shares outstanding | 100,000 | 100,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) | ||||
Revenue | ||||
Cost of revenue | ||||
Gross profit | ||||
Operating expenses | 1,319 | 5,964 | ||
Net loss from operations | (1,319) | (5,964) | ||
Interest expense | ||||
Net loss before income taxes | (1,319) | (5,964) | ||
Income tax expense | ||||
Net loss | $ (1,319) | $ (5,964) | ||
Loss per share - basic and diluted | $ (0.01) | $ 0 | $ (0.06) | $ 0 |
Weighted average shares - basic and diluted | 100,000 | 100,000 | 100,000 | 100,000 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Total | Common Stock 000001 Par Value Number of Shares | Additional Paid-in Capital | Stock Receivable | Accumulated Deficit |
Beginning Balance, Shares at Dec. 31, 2017 | 100,000 | ||||
Beginning Balance, Amount at Dec. 31, 2017 | $ 1 | $ 5,241 | $ (5,000) | $ (242) | |
Contributed Capital | 720 | 720 | |||
Net loss | |||||
Ending Balance, Shares at Jun. 30, 2018 | 100,000 | ||||
Ending Balance, Amount at Jun. 30, 2018 | 720 | $ 1 | 5,961 | (5,000) | (242) |
Beginning Balance, Shares at Dec. 31, 2018 | 100,000 | ||||
Beginning Balance, Amount at Dec. 31, 2018 | 3,010 | $ 1 | 5,961 | (2,952) | |
Contributed Capital | 2,995 | 2,995 | |||
Net loss | (5,964) | (5,964) | |||
Ending Balance, Shares at Jun. 30, 2019 | 100,000 | ||||
Ending Balance, Amount at Jun. 30, 2019 | $ 41 | $ 1 | $ 8,956 | $ (8,916) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities | ||
Net Loss | $ (5,964) | |
Changes in operating assets and liabilities | ||
Net Cash Used in Operating Activities | (5,964) | |
Cash flows from Financing Activities: | ||
Contributed Capital | 2,995 | 720 |
Net cash provided by financing activities | 2,995 | 720 |
Net increase (decrease) in cash | (2,969) | 720 |
Cash-beginning of period | 3,010 | |
Cash-end of period | 41 | 720 |
Supplemental Cash Information: | ||
Interest paid in cash | ||
Taxes paid in cash |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS | |
NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS | GD Acquisition Group, Inc. (the “Company”) was incorporated in the State of Delaware on December 26, 2017 and established a fiscal year end of December 31st. The Company was formed to engage in any lawful business. The Company’s activities since formation have been limited to continuing to seek acquisition targets for the Company. The Company’s initial business plan was to seek and engage in an unidentified merger or acquisition. The Company continues its business plan and the Company will not restrict its search to any specific business, industry, or geographical location and the Company may participate in a business venture of virtually any kind or nature. This discussion of the proposed business is purposefully general and is not meant to be restrictive of the Company’s virtually unlimited discretion to search for and enter into potential business opportunities. The Company was formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934. |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2019 | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the regulations of the United States Securities and Exchange Commission. The financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These condensed unaudited financial statements should be read in conjunction with a reading of the Company’s financial statements and notes thereto for the year ended December 31, 2018, included in Form 10-12g filed with the SEC on March 11, 2019. Interim results of operations for the six months ended June 30, 2019, are not necessarily indicative of future results for the full year. The Company has not earned any revenue from operations since inception. USE OF ESTIMATES The preparation of financial statements in conformity with GAAP 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 of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and on deposit at banking institutions and can include as well as all highly liquid short-term investments with original maturities of 90 days or less. There were no cash equivalents as of June 30, 2019 or 2018. INCOME TAXES Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of June 30, 2019 and December 31, 2018, there were no deferred tax assets and liabilities due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. LOSS PER COMMON SHARE Basic loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of June 30, 2019 and 2018, there were no outstanding dilutive securities. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of financial assets such as cash, and accounts payable, approximate their fair values because of the short maturity of these instruments. RECENT ACCOUNTING PRONOUNCEMENTS Recent accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s financial statements. We have elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(2) of the JOBS Act, which allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2019 | |
GOING CONCERN | |
NOTE 3 - GOING CONCERN | The Company has yet to generate any revenue since inception to date. The Company had an accumulated deficit of $8,916 as of June 30, 2019. The Company’s continuation as a going concern is dependent on its ability to obtain additional financing from its stockholders or other sources, as may be required. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. The Company currently has no commitments for the purchase of its equity. If the Company is unable to acquire additional working capital, it may not be able to execute its business plan. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2019 | |
STOCKHOLDERS' EQUITY | |
NOTE 4 - STOCKHOLDERS' EQUITY | Effective February 23, 2018, the Company issued a total of One Hundred Thousand (100,000) shares of $0.00001 par value common stock to the Company’s two officers and directors. The shares were issued for $0.00001 per share for a total of One Dollar ($1). Management invested $5,000 for the shares. The Company is authorized to issue 100,000,000 shares of common stock, par value $0.00001 and 20,000,000 shares of preferred stock, par value $0.00001. As of June 30, 2019 and December 31, 2018, there are 100,000 shares of common stock and no shares of preferred stock issued and outstanding. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2019 | |
RELATED PARTY TRANSACTIONS | |
NOTE 5 - RELATED PARTY TRANSACTIONS | As of June 30, 2019, the Company’s sole officers and directors have provided the Company with its only cash for operations. That is the Company’s sole officers and directors purchased a total of 100,000 shares of common stock for a total of $5,000. During 2018, Garrett Schmidt, the Company’s CEO paid $720 for operating expenses. This amount is not expected to be repaid by the Company and was recorded as Donated Capital. From April 1, 2019 to June 30, 2019, Garrett, the Company’s CEO contributed capital of $2,995 for operating expenses. This amount is not expected to be repaid by the Company and was recorded as Contributed Capital. The Company uses the office of an officer and director, without charge. The same officer has also provided legal services to the Company to date, without charge. The Company has a policy for related person transactions. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2019 | |
SUBSEQUENT EVENTS | |
NOTE 6 - SUBSEQUENT EVENTS | Management has reviewed subsequent events through August 23, 2019, which is the date the combined financial statements were available for issuance. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | |
USE OF ESTIMATES | The preparation of financial statements in conformity with GAAP 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 of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
CASH AND CASH EQUIVALENTS | Cash and cash equivalents include cash on hand and on deposit at banking institutions and can include as well as all highly liquid short-term investments with original maturities of 90 days or less. There were no cash equivalents as of June 30, 2019 or 2018. |
INCOME TAXES | Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of June 30, 2019 and December 31, 2018, there were no deferred tax assets and liabilities due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. |
LOSS PER COMMON SHARE | Basic loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of June 30, 2019 and 2018, there were no outstanding dilutive securities. |
FAIR VALUE OF FINANCIAL INSTRUMENTS | The carrying amounts of financial assets such as cash, and accounts payable, approximate their fair values because of the short maturity of these instruments. |
RECENT ACCOUNTING PRONOUNCEMENTS | Recent accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s financial statements. We have elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(2) of the JOBS Act, which allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates. |
ORGANIZATION AND NATURE OF OP_2
ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative) | 6 Months Ended |
Jun. 30, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative) | |
State of Incorporation | Delaware |
Date of Incorporation | Dec. 26, 2017 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
GOING CONCERN (Details Narrative) | ||
Accumulated deficit | $ (8,916) | $ (2,952) |
STOCKHOLDERS' EQUITY (Details N
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($) | 1 Months Ended | ||
Feb. 23, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | |
Common Stock Shares Authorized | 100,000,000 | 100,000,000 | |
Common Stock shares outstanding | 100,000 | 100,000 | |
Common Stock Shares Issued | 100,000 | 100,000 | |
Common Stock Par Value | $ 0.00001 | $ 0.00001 | |
Preferred Stock Shares Authorized | 20,000,000 | 20,000,000 | |
Preferred Stock Par Value | $ 0.00001 | $ 0.00001 | |
Preferred Stock Shares Issued | 0 | 0 | |
Preferred Stock shares outstanding | 0 | 0 | |
Two officers and directors | |||
Common Stock Shares Issued | 100,000 | ||
Common Stock Par Value | $ 0.00001 | ||
Proceeds from stock receivable | $ 5,000 | ||
Proceeds from issuance of common stock | $ 1 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Common Stock Shares Issued | 100,000 | 100,000 | |
Contributed Capital | $ 2,995 | $ 720 | |
Sole officers and directors [Member] | |||
Common Stock Shares Issued | 100,000 | ||
Proceeds from issuance of common stock | $ 5,000 | ||
Chief Executive Officer [Member] | |||
Contributed Capital | $ 2,995 | $ 720 |