Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Quarterly Report | true | |
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 | |
File Number | 333-229830 | |
Registrant Name | CHARMT, INC. | |
Entity Central Index Key | 0001765048 | |
Tax Identification Number | 32-0575017 | |
Incorporation State | NV | |
Address Line1 | 66 West Flagler Street | |
Address Line2 | Suite 900 - #3040 | |
Address City | Miami | |
Address State | FL | |
Address Postal Zip Code | 33130 | |
City Area Code | 251 | |
Local Phone Number | 2629446 | |
Current Reporting Status | Yes | |
Interactive Data Current | No | |
Filer Category | Non-accelerated Filer | |
Small Business | true | |
Emerging Growth Company | true | |
ExTransition Period | true | |
Shell Company | true | |
Shares Outstanding | 3,870,600 | |
Contact Personnel Email Address | Email: headquarters@charmt.net |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash | $ 304 | $ 1,075 |
Total Current Assets | 304 | 1,075 |
Intangible Assets | ||
Software (net of accumulated amortization of $157 at March 31, 2022) | 21,843 | |
Total Intangible Assets | 21,843 | |
TOTAL ASSETS | 22,147 | 1,075 |
Current Liabilities | ||
Accounts Payable | 5,000 | 100 |
Advances payable to sole officer and director (non-interest bearing and due on demand) | 69,028 | 45,228 |
Total Current Liabilities | 74,028 | 45,328 |
Total Liabilities | 74,028 | 45,328 |
Stockholders` Equity | ||
Common stock, $0.001 par value, 75,000,000 shares authorized; 3,870,600 and 3,870,600 shares issued and outstanding as of March 31, 2022 and December 31, 2021 respectively | 3,871 | 3,871 |
Additional paid in capital | 20,854 | 20,854 |
Accumulated deficit | (76,606) | (68,978) |
Total Stockholders` Equity | (51,881) | (44,253) |
TOTAL LIABILITIES AND STOCKHOLDERS` EQUITY | $ 22,147 | $ 1,075 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
REVENUES | ||
OPERATING EXPENSES | ||
Professional Fees | 5,325 | 5,325 |
Amortization of software asset | 157 | |
General and Administrative Expenses | 2,146 | 227 |
TOTAL OPERATING EXPENSES | 7,628 | 5,552 |
LOSS FROM OPERATIONS | (7,628) | (5,552) |
PROVISION FOR INCOME TAXES | ||
NET LOSS | $ (7,628) | $ (5,552) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 3,870,600 | 3,870,600 |
Statements of Changes in Stockh
Statements of Changes in Stockholders Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jan. 31, 2021 | $ 3,871 | $ 20,854 | $ (37,359) | $ (12,634) |
Net loss | (5,552) | (5,552) | ||
Ending balance, value at Mar. 31, 2021 | 3,871 | 20,854 | (42,911) | $ (18,186) |
Ending balance, shares at Mar. 31, 2021 | 3,870,600 | |||
Beginning balance, value at Dec. 31, 2021 | 3,871 | 20,854 | (68,978) | $ (44,253) |
Beginning balance, shares at Dec. 31, 2021 | 3,870,600 | |||
Net loss | (7,628) | $ (7,628) | ||
Ending balance, value at Mar. 31, 2022 | $ 3,871 | $ 20,854 | $ (76,606) | $ (51,881) |
Ending balance, shares at Mar. 31, 2022 | 3,870,600 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net Loss | $ (7,628) | $ (5,552) |
Adjustments to reconcile Net loss to net cash used in operating activities: | ||
Amortization of software asset | 157 | |
Changes in operating assets and liabilities: | ||
Accounts payable | 4,900 | |
Net cash used in Operating Activities | (2,571) | (5,552) |
FINANCING ACTIVITIES | ||
Advances from sole officer and director | 1,800 | 10,300 |
Net cash provided by Financing Activities | 1,800 | 10,300 |
Net cash increase for period | (771) | 4,748 |
Cash at beginning of period | 1,075 | 1,432 |
Cash at end of period | 304 | 6,180 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Interest | ||
Income taxes | ||
NON CASH INVESTING AND FINANCING ACTIVITIES: | ||
Software acquired using funds transferred from sole officer and director (and credited to advances payable to sole officer and director) to vendor of software | $ 22,000 |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Business | Note 1 – Nature of Business Charmt, Inc. (the “Company”) was incorporated in the State of Nevada on August 2, 2018. The Company is developing a messenger application. It is being designed to provide a chance to alter the speaker’s voice while talking with other people and full functionality of similar messaging apps. The Company intends to develop and publish mobile applications on the iOS, Google Play, Amazon and Ethereum platforms. Charmt, Inc. intends to generate revenues through the sale of branded advertisements and via consumer transactions, including in-app purchases. The management of the Company plans to distribute the application all over the world using various platforms. The Company's address is 66 West Flagler Street, Suite 900 - #3040, Miami, FL 33130. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 2 – Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of March 31, 2022, the Company had cash of $ 304 73,724 Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. There is no assurance that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies B asis 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. F air Value of Financial Instruments The Company’s financial instruments consist of cash, accounts payable, and advances payable to sole officer and director. The carrying amounts of these financial instruments approximates fair value because of the short period of time between the origination of such instruments and their expected realization. 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 and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Software On March 17, 2022 the Company acquired certain quality assurance software and related intellectual property rights for $22,000 cash (which was paid for by the Company's sole officer and director). The cost of the software is being amortized using the straight line method over the estimated 5 years economic life of the software. 9 Charmt, Inc. Notes to the Financial Statements For the three months ended March 31, 2022 (Unaudited) Net Income (Loss) per Common Share Net income (loss) per common share is computed pursuant to FASB Accounting Standards Codification (“ASC”) 260, “Earnings Per Share”. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants. There were no potentially dilutive common shares outstanding for the periods presented. Revenue Recognition The Company’s revenue recognition policies will follow FASB 606, “Revenue from Contracts with Customers”. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer 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. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. An entity must also disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative information about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. I ncome Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements 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. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. F oreign Currency The Company’s functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management follows ASC 830, “Foreign Currency Matters”. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the Statement of Operations. 10 Charmt, Inc. Notes to the Financial Statements For the three months ended March 31, 2022 (Unaudited) Recent Accounting Pronouncements Certain accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company`s financial position and results of operations from adoption of these standards is not expected to be material. |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Capital Stock | Note 4 - Capital Stock The Company has 75,000,000, $0.001 par value shares of common stock authorized. On August 2, 2018, the Company issued 3,000,000 From February 6, 2020 to June 30, 2020, the Company sold a total of 870,600 There were 3,870,600 |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Note 5 - Commitments and Contingencies | Note 5 - Commitments and Contingencies Compensation Agreement To date, the Company has not entered into any compensation agreements with Gediminas Knyzelis or others. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Income Taxes | Note 6 - Income Taxes The provision for (benefit from) income taxes differs Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Expected income tax (benefit) at 21% statutory rate $ (1,602) $ (1,165) Increase in valuation allowance 1, 602 1,165 Provision for income taxes $ - $ - 11 Charmt, Inc. Notes to the Financial Statements For the three months ended March 31, 2022 (Unaudited) At March 31, 2022, the Company has a net operating loss carryforward of $76,606. Based on management’s present assessment, the Company has not yet determined it to be more likely than not that a deferred tax asset of $16,087 attributable to the future utilization of the $76,606 net operating loss carryforward will be realized. Accordingly, the Company has recorded a 100% valuation allowance against the deferred tax asset at March 31, 2022. A t March 31, 2022 and December 31, 2021 deferred tax assets consist March 31, 2022 December 31, 2021 Net operating loss carryforward $ 16,087 $ 14,485 Less valuation allowance (16,087) (14,485) Net deferred tax assets $ - $ - All tax periods are subject to examination by taxing authorities. Current United States income tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited. The Company has had no tax positions since inception. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
asis of Presentation | B asis 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. |
air Value of Financial Instruments | F air Value of Financial Instruments The Company’s financial instruments consist of cash, accounts payable, and advances payable to sole officer and director. The carrying amounts of these financial instruments approximates fair value because of the short period of time between the origination of such instruments and their expected realization. |
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 and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. |
Software | Software On March 17, 2022 the Company acquired certain quality assurance software and related intellectual property rights for $22,000 cash (which was paid for by the Company's sole officer and director). The cost of the software is being amortized using the straight line method over the estimated 5 years economic life of the software. 9 Charmt, Inc. Notes to the Financial Statements For the three months ended March 31, 2022 (Unaudited) |
Net Income (Loss) per Common Share | Net Income (Loss) per Common Share Net income (loss) per common share is computed pursuant to FASB Accounting Standards Codification (“ASC”) 260, “Earnings Per Share”. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants. There were no potentially dilutive common shares outstanding for the periods presented. |
Revenue Recognition | Revenue Recognition The Company’s revenue recognition policies will follow FASB 606, “Revenue from Contracts with Customers”. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer 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. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. An entity must also disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative information about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. |
ncome Taxes | I ncome Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements 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. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. |
oreign Currency | F oreign Currency The Company’s functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management follows ASC 830, “Foreign Currency Matters”. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the Statement of Operations. 10 Charmt, Inc. Notes to the Financial Statements For the three months ended March 31, 2022 (Unaudited) |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
income taxes differs | The provision for (benefit from) income taxes differs Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Expected income tax (benefit) at 21% statutory rate $ (1,602) $ (1,165) Increase in valuation allowance 1, 602 1,165 Provision for income taxes $ - $ - |
t March 31, 2022 and December 31, 2021 deferred tax assets consist | A t March 31, 2022 and December 31, 2021 deferred tax assets consist March 31, 2022 December 31, 2021 Net operating loss carryforward $ 16,087 $ 14,485 Less valuation allowance (16,087) (14,485) Net deferred tax assets $ - $ - |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Company had cash | $ 304 | $ 6,180 |
Company had cash of $304 and negative working capita | $ 73,724 |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - USD ($) | 5 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2022 | Aug. 02, 2018 | |
Equity [Abstract] | |||
shares of common stock to director | $ 3,000,000 | ||
Company sold shares | 870,600 | ||
stock issued and outstanding | 3,870,600 |
income taxes differs (Details)
income taxes differs (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounting Policies [Abstract] | ||
Expected income tax (benefit) at 21% statutory rate | $ (1,602) | $ (1,165) |
Increase in valuation allowance | 1 | 1,165 |
Provision for income taxes |
t March 31, 2022 and December 3
t March 31, 2022 and December 31, 2021 deferred tax assets consist (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Net operating loss carryforward | $ 16,087 | $ 14,485 |
Less valuation allowance | (16,087) | (14,485) |
Net deferred tax assets |
Uncategorized Items - charmt_31
Label | Element | Value |
Shares, Issued | us-gaap_SharesIssued | 3,870.60 |