Augmedix (AUGX) 10-K 30 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 30, 2020	Jun. 30, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Malo Holdings Corp
Entity Central Index Key	0001769804
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Filer Category	Non-accelerated Filer
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Current Reporting Status	Yes
Entity Shell Company	true
Entity Filer Number	000-56036
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		5,000,000
Entity Public Float			$ 0
Entity Incorporation State Country Code	DE

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash	$ 224
Stock subscription receivable		25
Total current assets	224	25
Total assets	224	25
Current liabilities
Accrued expenses	3,173	23
Note payable - stockholder	65,510	34,525
Total current liabilities	68,683	34,548
Total liabilities	68,683	34,548
Commitments and contingencies
Stockholders' deficit
Preferred stock, $.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding
Common stock, $.0001 par value, 50,000,000 shares authorized, 5,000,000 shares issued and outstanding	500	500
Accumulated deficit	(68,959)	(35,023)
Total stockholders' deficit	(68,459)	(34,523)
Total liabilities and stockholders' deficit	$ 224	$ 25

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value	$ .0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	5,000,000	5,000,000
Common stock, shares outstanding	5,000,000	5,000,000

Statements of Operations

Statements of Operations - USD ($)	Dec. 31, 2018	Dec. 31, 2019
Income Statement [Abstract]
Revenue
General and administrative expenses	35,000	30,786
Loss from operations	(35,000)	(30,786)
Other expense
Interest expense	23	3,150
Net loss	$ (35,023)	$ (33,936)
Loss per common share - basic and dilutive	$ (0.01)	$ (0.01)
Weighted average common shares outstanding - basic and dilutive	5,000,000	5,000,000

Statement of Changes in Stockho

Statement of Changes in Stockholders' (Deficit) - USD ($)	Preferred Stock	Common Stock	Accumulated Deficit	Total
Balance at Dec. 26, 2018
Balance, shares at Dec. 26, 2018
Sale of common shares		$ 500		500
Sale of common shares, shares		5,000,000
Net loss			(35,023)	(35,023)
Balance at Dec. 31, 2018		$ 500	(35,023)	(34,523)
Balance, shares at Dec. 31, 2018		5,000,000
Net loss			(33,936)	(33,936)
Balance at Dec. 31, 2019		$ 500	$ (68,959)	$ (68,459)
Balance, shares at Dec. 31, 2019		5,000,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	Dec. 31, 2018	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (35,023)	$ (33,936)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Increase in accrued expenses	23	3,150
Net cash (used in) operating activities	(35,000)	(30,786)
Cash flow from financing activities:
Proceeds from the sale of common stock	475
Proceeds from stock subscription receivable		25
Proceeds from note payable - stockholder	34,525	30,985
Net cash provided by financing activities	35,000	31,010
Net change in cash		224
Cash, beginning of period
Cash, end of period		$ 224

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Note 1 - Nature of Operations Malo Holdings Corporation (the "Company") was incorporated in the State of Delaware on December 27, 2018 with the objective to acquire, or merge with, an operating business. The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly traded corporation. The Company's principal business objective is to achieve long-term growth potential through a combination with a business, rather than immediate short-term earnings. The Company will not restrict its potential target companies to any specific business, industry, or geographical location. The analysis of business opportunities will be undertaken by, or under the supervision of, the officer and directors of the Company.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). 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 dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents are reported in the balance sheets at cost, which approximates fair value. For the purpose of the financial statements, cash equivalents include all highly liquid investments with maturity of three months or less. There are no cash equivalents at the balance sheet dates. Income Taxes Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry-forwards, 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. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Loss per Common Share Basic loss per common share has been calculated by dividing the Company's net loss available to common stockholders by the weighted average number of common shares outstanding during the year/period. The diluted (loss) per share is calculated by dividing the Company's net loss available to common stockholders by the diluted weighted average number of shares outstanding for the year/period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. Emerging Growth Company The Company is an "emerging growth company" and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election 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. Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 3 - Income Taxes As of December 31, 2019 and 2018, the Company has net operating loss carryforwards of approximately $69,000 and $35,000, respectively, to reduce future federal and state taxable income through 2039 subject to the change in ownership provisions under IRC 382. This results in a deferred tax asset as of December 31, 2019 and 2018, of approximately $14,000 and $7,400, respectively, against which a full valuation allowance has been recorded because the Company's management believes future realization of the related income tax benefit is uncertain. The Company currently has no federal or state tax examinations in progress nor has it had any federal or state examinations since its inception. All of the Company's tax years are subject to federal and state tax examination. The benefit from income taxes consists of the following: For the For the December 27, December 31, December 31, Current expense: Federal $ - $ - Deferred tax benefit: - - Federal 7,100 7,400 Valuation allowance (7,100 ) (7,400 ) Total $ - $ - The difference between the tax provision at the statutory federal income tax rate on December 31, 2019 and 2018 and the tax provision attributable to loss before income taxes is as follows: For the period For the December 27, December 31, December 31, Statutory federal income tax rates 21 % 21 % Valuation allowance -21 % -21 % Effective tax rate - -

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Common Stock	Note 4 - Common Stock As of December 31, 2019 and 2018, the Company has 50,000,000 shares of common stock, par value of $.0001, authorized and has issued 5,000,000 shares of its $0.0001 par value common stock.

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Preferred Stock	Note 5 - Preferred Stock As of December 31, 2019 and 2018, the Company has 5,000,000 shares of preferred stock, par value of $.0001, authorized and none issued or outstanding.

Commitments and Related Party T

Commitments and Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Commitments and Related Party Transactions	Note 6 - Commitments and Related Party Transactions Office Space As of December 31, 2019, the Company's office facilities are located in Boca Raton, Florida. Such facilities are leased by the sole officer and a stockholder of the Company and used by the Company at no charge. Note Payable - Stockholder On December 27, 2018, the Company issued a promissory note (the "Note") to a stockholder of the Company pursuant to which the Company agreed to repay the sum of any and all amounts advanced to the Company, on or before the date that the Company consummates a business combination with a private company or reverse takeover transaction or other transaction after which the Company would cease to be a shell company. Interest shall accrue on the outstanding principal amount of the Note on the basis of a 360-day year from the date of borrowing until paid in full at the rate of six percent (6%) per annum. As of December 31, 2019 and 2018, the total amount due under the Note was $68,683 and $34,548 including accrued interest of $3,173 and $23, respectively, which is reported as a component of accrued expenses in the accompanying balance sheets.

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2019
Going Concern [Abstract]
Going Concern	Note 7 – Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As of December 31, 2019, the Company has incurred losses from inception of approximately $69,000 and has negative working capital of approximately $68,000. Management believes these conditions raise substantial doubt about the Company's ability to continue as a going concern for the twelve months following the date these condensed financial statements are issued. Management intends to finance operations over the next twelve months through additional borrowings from the existing Note. The accompanying financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 8 – Subsequent Events The World Health Organization characterized the COVID-19 virus as a global pandemic on March 11, 2020. The duration and economic impact of this pandemic are uncertain. At this time, management is unable to quantify its potential effects in the operations and financial performance of the Company.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
Use of Estimates	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 dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are reported in the balance sheets at cost, which approximates fair value. For the purpose of the financial statements, cash equivalents include all highly liquid investments with maturity of three months or less. There are no cash equivalents at the balance sheet dates.
Income Taxes	Income Taxes Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry-forwards, 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. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Loss per Common Share	Loss per Common Share Basic loss per common share has been calculated by dividing the Company's net loss available to common stockholders by the weighted average number of common shares outstanding during the year/period. The diluted (loss) per share is calculated by dividing the Company's net loss available to common stockholders by the diluted weighted average number of shares outstanding for the year/period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity.
Emerging Growth Company	Emerging Growth Company The Company is an "emerging growth company" and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	For the For the December 27, December 31, December 31, Current expense: Federal $ - $ - Deferred tax benefit: - - Federal 7,100 7,400 Valuation allowance (7,100 ) (7,400 ) Total $ - $ -
Schedule of differences between our effective income tax rate and the U.S. federal income tax rate	For the period For the December 27, December 31, December 31, Statutory federal income tax rates 21 % 21 % Valuation allowance -21 % -21 % Effective tax rate - -

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2019
Current expense:
Federal
Deferred tax benefit:
Federal	7,400	7,100
Valuation allowance	(7,400)	7,100
Total

Income Taxes (Details 1)

Income Taxes (Details 1)	Dec. 31, 2018	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Statutory federal income tax rates	21.00%	21.00%
Valuation allowance	(21.00%)	(21.00%)
Effective income rate, net

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Taxes (Textual)
Net operating loss carryforwards	$ 69,000	$ 35,000
Deferred tax asset	$ 14,000	$ 7,400
Future federal and state taxable income examination, description	2039

Common Stock (Details)

Common Stock (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Common Stock (Textual)
Common stock, shares authorized	50,000,000	50,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	5,000,000	5,000,000
Common stock, shares outstanding	5,000,000	5,000,000

Preferred Stock (Details)

Preferred Stock (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Preferred Stock (Textual)
Preferred stock, par value	$ .0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Commitments and Related Party_2

Commitments and Related Party Transactions (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 28, 2018
Commitments and Related Party Transactions (Textual)
Total amount due under the note	$ 68,683	$ 34,548
Accrued interest	$ 3,173	$ 23
Interest rate, percentage			6.00%

Going Concern (Details)

Going Concern (Details)	Dec. 31, 2019USD ($)
Going Concern (Textual)
Incurred losses from inception	$ 69,000
Negative working capital	$ 68,000