Augmedix (AUGX) 10-Q 1 Oct 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2020shares
Document Information Line Items
Entity Registrant Name	Malo Holdings Corp
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	5,000,000
Amendment Flag	false
Entity Central Index Key	0001769804
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	true
Entity Ex Transition Period	false
Entity File Number	000-56036
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash	$ 3,956	$ 224
Total current assets	3,956	224
Total assets	3,956	224
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts payable and accrued expenses	13,010	3,173
Note payable - stockholder	98,010	65,510
Total current liabilities	111,020	68,683
Total liabilities	111,020	68,683
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	(107,564)	(68,959)
Total stockholders’ deficit	(107,064)	(68,459)
Total liabilities and stockholders’ deficit	$ 3,956	$ 224

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock par value (in Dollars per share)	$ 0.0001	$ 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 (in Dollars per share)	$ 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

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue
General and administrative expenses	16,964	7,862	34,767	23,356
Loss from operations	(16,964)	(7,862)	(34,767)	(23,356)
Other expense
Interest expense	1,458	854	3,838	2,197
Net loss	$ (18,422)	$ (8,716)	$ (38,605)	$ (25,553)
Loss per common share - basic and dilutive (in Dollars per share)	$ 0	$ 0	$ (0.01)	$ (0.01)
Weighted average common shares outstanding - basic and dilutive (in Shares)	5,000,000	5,000,000	5,000,000	5,000,000

Condensed Statement of Changes

Condensed Statement of Changes in Stockholders' (Deficit) (Unaudited) - 9 months ended Sep. 30, 2020 - USD ($)	Preferred Stock	Common Stock	Accumulated Deficit	Total
Balance at Dec. 31, 2019		$ 500	$ (68,959)	$ (68,459)
Balance, shares (in Shares) at Dec. 31, 2019		5,000,000
Net loss			(38,605)	(38,605)
Balance at Sep. 30, 2020		$ 500	$ (107,564)	$ (107,064)
Balance, shares (in Shares) at Sep. 30, 2020		5,000,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (38,605)	$ (25,553)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Increase in accounts payable and accrued expenses	9,837	2,197
Net cash (used in) operating activities	(28,768)	(23,356)
Cash flow from financing activities:
Proceeds from the sale of common stock		25
Proceeds from note payable - stockholder	32,500	23,485
Net cash provided by financing activities	32,500	23,510
Net change in cash	3,732	154
Cash, beginning of period	224
Cash, end of period	$ 3,956	$ 154

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2020
Accounting Policies [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 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in the Form 10-K filed with the SEC on March 30, 2020 December 31, 2019 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 the Company 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. Recent Accounting Pronouncements Management does not believe that any recently issued yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed financial statements.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 3 – Income Taxes As of September 30, 2020 2040 The provision for income taxes is as follows: For the Nine Months Ended For the Nine Months Ended Current expense: Federal $ - $ - Deferred tax benefit: - - Federal 8,100 5,400 Valuation allowance (8,100 ) (5,400 ) Total $ - $ - As of September 30, 2020 The differences between our effective income tax rate and the U.S. federal income tax rate is as follows: For the Nine Months Ended For the Nine Months Ended Statutory federal income tax rates 21 % 21 % Valuation allowance -21 % -21 % Effective tax rate - - Pursuant to Section 382 of the Internal Revenue Code of 1986 As of September 30, 2020 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.

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Common Stock	Note 4 – Common Stock As of September 30, 2020

Preferred Stock

Preferred Stock	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Preferred Stock	Note 5 – Preferred Stock As of September 30, 2020

Commitments and Related Party T

Commitments and Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Commitments and Related Party Transactions	Note 6 – Commitments and Related Party Transactions Office Space As of September 30, 2020 Note Payable - Stockholder On December 27, 2018 As of September 30, 2020

Going Concern

Going Concern	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Note 7 – Going Concern The accompanying condensed interim 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 September 30, 2020

COVID-19

COVID-19	9 Months Ended
	Sep. 30, 2020
COVI D19 Disclosure [Abstract]
COVID-19	Note 8 – COVID-19 On March 11, 2020

Proposed Merger Agreement

Proposed Merger Agreement	9 Months Ended
	Sep. 30, 2020
Proposed Merger Agreement [Abstract]
Proposed Merger Agreement	Note 9 – Proposed Merger Agreement On September 21, 2020 Augmedix is a provider of remote medical documentation and live clinical support services with a mission to rehumanize the clinician-patient relationship so that doctors can focus on what they do best — patient care. The company is headquartered in San Francisco, California. Pursuant to the terms of the proposed Merger Agreement, it is expected that all outstanding equity interests of Augmedix will be converted into shares of our Common Stock, such that the holders of Augmedix equity before the proposed Merger will own approximately 88% of the outstanding shares of our Common Stock after the Merger (before giving effect to a potential private placement offering of Common Stock by the Company that we expect will be consummated simultaneously with or immediately after the proposed Merger), resulting in a change of control of the Company. Completion of a private placement financing is expected to be a condition to completion of the Merger. Certain other information regarding the proposed Merger and proposed changes to the management and share ownership of the Company is set forth in the Schedule 14F-1. The foregoing description of the proposed Merger Agreement and potential Common Stock private placement and related matters does not purport to be complete and is qualified in its entirety by the terms of the actual Merger Agreement and of terms and documentation for a private placement, none of which has yet been completed and executed. The proposed Merger is expected to be subject to satisfaction of a number of other conditions precedent, and there can be no assurance that the Merger Agreement will be signed or that the Merger or Common Stock private placement will be consummated or other such conditions satisfied. If and when the Merger Agreement is signed, it will be further described in and filed by the Company with the SEC as an exhibit to a Current Report on Form 8-K. If and when a Common Stock private placement is consummated, it will be further described in, and material agreements relating thereto will be filed by the Company with the SEC as exhibits to a Current Report on Form 8-K.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in the Form 10-K filed with the SEC on March 30, 2020 December 31, 2019
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 the Company 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed financial statements.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	For the Nine Months Ended For the Nine Months Ended Current expense: Federal $ - $ - Deferred tax benefit: - - Federal 8,100 5,400 Valuation allowance (8,100 ) (5,400 ) Total $ - $ -
Schedule of differences between our effective income tax rate and the U.S. federal income tax rate	For the Nine Months Ended For the Nine Months Ended Statutory federal income tax rates 21 % 21 % Valuation allowance -21 % -21 % Effective tax rate - -

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2020USD ($)
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 108,000
Future federal and state taxable income examination, description	2040
Deferred tax asset	$ 22,600
Net operating loss carryforwards, description	the annual utilization of a company’s net operating loss carryforwards could be limited if the Company experiences a change in ownership of more than 50 percentage points within a three-year period. An ownership change occurs with respect to a corporation if it is a loss corporation on a testing date and, immediately after the close of the testing date, the percentage of stock of the corporation owned by one or more five-percent stockholders has increased by more than 50 percentage points over the lowest percentage of stock of such corporation owned by such stockholders at any time during the testing period.

Income Taxes (Details) - Schedu

Income Taxes (Details) - Schedule of provision for income taxes - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Current expense:
Federal
Deferred tax benefit:
Federal	8,100	5,400
Valuation allowance	(8,100)	(5,400)
Total

Income Taxes (Details) - Sche_2

Income Taxes (Details) - Schedule of differences between our effective income tax rate and the U.S. federal income tax rate	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Schedule of differences between our effective income tax rate and the U.S. federal income tax rate [Abstract]
Statutory federal income tax rates	21.00%	21.00%
Valuation allowance	(21.00%)	(21.00%)
Effective tax rate

Common Stock (Details)

Common Stock (Details) - $ / shares	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Common Stock (Details) [Line Items]
Common stock, shares authorized	50,000,000	50,000,000
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock shares issued	5,000,000	5,000,000
Founders [Member]
Common Stock (Details) [Line Items]
Founders shares	500

Preferred Stock (Details)

Preferred Stock (Details) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Disclosure Text Block Supplement [Abstract]
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001

Commitments and Related Party_2

Commitments and Related Party Transactions (Details) - USD ($)	Sep. 30, 2020	Dec. 27, 2018
Related Party Transactions [Abstract]
Interest rate, percentage		6.00%
Total amount due under the note	$ 105,021
Accrued interest	$ 7,011

Going Concern (Details)

Going Concern (Details)	Sep. 30, 2020USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Incurred losses from inception	$ 108,000
Negative working capital	$ 107,000

Proposed Merger Agreement (Deta

Proposed Merger Agreement (Details)	9 Months Ended
	Sep. 30, 2020
Disclosure Text Block Supplement [Abstract]
Outstanding shares percentage	88.00%