Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 11, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | STARK FOCUS GROUP INC. | |
Entity Central Index Key | 0001794942 | |
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, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 9,948,330 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 333-237100 | |
Entity Incorporation State Country Code | NV | |
Entity Interactive Data Current | Yes | |
Entity Address Address Line 1 | 38 S Federal Highway | |
Entity Address Address Line 2 | 10-199 | |
Entity Address City Or Town | Dania Beach | |
Entity Address State Or Province | FL | |
Entity Address Postal Zip Code | 33004 | |
City Area Code | 352 | |
Local Phone Number | 562 - 0289 |
Balance Sheet
Balance Sheet - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash & Cash Equivalents | $ 0 | $ 0 |
TOTAL ASSETS | 0 | 0 |
Current Liabilities | ||
Accounts payable and accrued expenses | 100 | 6,063 |
Demand loan payable - Note 7 | 24,422 | 6,067 |
Total Liabilities | 24,522 | 12,130 |
Stockholders' Deficit | ||
Common stock, ($0.0001 par value, 100,000,000 shares authorized 9,948,330 as of June 30, 2022 and December 31, 2021 | 995 | 995 |
Additional Paid in Capital | 41,879 | 41,879 |
Accumulated deficit | (67,396) | (55,004) |
Total Stockholders' Deficit | (24,522) | (12,130) |
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
Balance Sheet (Parenthetical)
Balance Sheet (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Balance Sheet | ||
Common stock, shares par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 9,948,330 | 9,948,330 |
Common stock, shares outstanding | 9,948,330 | 9,948,330 |
Statement of Operations (Unaudi
Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Operations (Unaudited) | ||||
Selling, General & Administrative Expenses | $ 9,010 | $ 21,582 | $ 12,392 | $ 35,836 |
Loss from operations | (9,010) | (21,582) | (12,392) | (35,836) |
Income (loss) from discontinued operations | 0 | 455 | 0 | (431) |
Net Loss | $ (9,010) | $ (21,127) | $ (12,392) | $ (36,267) |
Basic and diluted earnings per share | $ 0 | $ (0.01) | $ 0 | $ (0.01) |
Weighted average number of common shares outstanding | 9,948,330 | 10,220,830 | 9,948,330 | 10,220,830 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance, shares at Dec. 31, 2020 | 10,220,830 | |||
Balance, amount at Dec. 31, 2020 | $ (55,804) | $ 1,022 | $ 43,026 | $ (99,852) |
Net loss | (36,267) | $ 0 | 0 | (36,267) |
Balance, shares at Jun. 30, 2021 | 10,220,830 | |||
Balance, amount at Jun. 30, 2021 | (92,071) | $ 1,022 | 43,026 | (136,119) |
Balance, shares at Dec. 31, 2021 | 9,948,330 | |||
Balance, amount at Dec. 31, 2021 | (12,130) | $ 995 | 41,879 | (55,004) |
Net loss | (12,392) | $ 0 | 0 | (12,392) |
Balance, shares at Jun. 30, 2022 | 9,948,330 | |||
Balance, amount at Jun. 30, 2022 | $ (24,522) | $ 995 | $ 41,879 | $ (67,396) |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (12,392) | $ (36,267) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | (5,963) | (4,002) |
Net cash used in operating activities | (18,355) | (40,269) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advance from related party | 0 | 40,721 |
Loan from third party | 18,355 | 0 |
Net cash provided by financing activities | 18,355 | 40,721 |
Net increase in cash | 0 | 452 |
Cash at beginning of period | 0 | 3,100 |
Cash at end of period | 0 | 3,552 |
Cash paid during year for : | ||
Interest | 0 | 0 |
Income Taxes | $ 0 | $ 0 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Jun. 30, 2022 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | |
NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Stark Focus Group, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on July 3, 2018. The Company was formed to engage in the development and operation of a business engaged in the supply and distribution of niche apparel products to markets worldwide. On September 27, 2019, Stark Focus Group acquired 100% interest of Common Design Limited of Hong Kong (“Common Design”) as its wholly owned subsidiary. Common Design is a start-up wholesale clothing supplier, established on April 10, 2019 in Hong Kong, specializing in the supply and trading of niche apparel for distribution to markets worldwide. With operating headquarter located in Hong Kong, Common Design designs, sources, and markets a diverse portfolio of dress up, casual and athletic apparel products to its global clients, while maintaining close relationships with its suppliers and manufacturers to ensure competitive pricing and quality management. On August 9, 2021, the Company entered into a share purchase agreement with to sell its 10,000 shares of its wholly owned subsidiary, Common Design Limited of Hong Kong, for a consideration of Ten Thousand Hong Kong Dollars (HK$10,000.00). The 10,000 shares represent all of the issued and outstanding shares of Common Design Limited. The transaction was consummated on September 9, 2021 (See Note 6). |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2022 | |
BASIS OF PRESENTATION | |
NOTE 2. BASIS OF PRESENTATION | NOTE 2. BASIS OF PRESENTATION The Company’s interim financial statements included herein are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. While the information presented in the accompanying interim financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operation and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. Operating results for the period ended June 30, 2022 are not necessarily indicative of the results that can be expected for the year ended December 31, 2022. The Company has a December 31, year-end. Functional and Presentation Currency The Company’s foreign operations are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company uses US Dollars as its functional and presentation currency. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2022 | |
GOING CONCERN | |
NOTE 3. GOING CONCERN | NOTE 3. GOING CONCERN These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Corporation and its subsidiaries will be able to meet its obligations and continue its operations for next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Corporation be unable to continue as a going concern. At June 30, 2022, the Company had no cash and there were outstanding liabilities of $24,522. Management does not believe that the company’s current financial position is sufficient to cover the expenses they will incur during the next twelve months. This condition raises substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. These financial statements do not include any adjustments related to the recovery or classification of assets or the amounts and classifications of liabilities that might be necessary should the company be unable to continue as going concern. In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. It has also disrupted the normal operations of many businesses, including the Company’s. This outbreak could decrease spending, adversely affect demand for the Company’s product and harm the Company’s business and results of operations. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or results of operations at this time. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 4. Summary of significant accounting policies a. Use of Estimates and Assumptions 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. b. Fair Value of Financial Instruments ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2022. Due to the effect of COVID-19, certain financial assets and liabilities may not longer have inputs to justify its fair value level classification in the fair value hierarchy. In these cases, the Company may be required to use different inputs or sources of input to reclassify fair value measurements. However, COVID-19’s current and foreseeable impact on the Company’s fair value measurement is immaterial as the fair values of the Company’s financial instruments were assumed to approximate carrying values of on-balance-sheet financial instruments since they are short term in nature. These financial instruments include cash, accounts payable, and related party loan payable. c. Earnings per Share ASC No. 260, “Earnings Per Share”, specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC No. 260. Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company. d. Deconsolidation Once the Company ceases to have a controlling interest in a subsidiary, the Company deconsolidates the accounts of the subsidiary as provided by ASC Topic 810, Consolidation. The aggregate of the fair value of consideration received, the fair value of any retained noncontrolling investment and the carrying amount of the former subsidiary’s assets and liabilities are recognized as a gain or loss on disposition. e. Revenue Recognition In May 2014, the FASB issued guidance on the recognition of Revenue from Contracts with Customers. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. To achieve this core principle, the guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. The guidance addresses several areas including transfer of control, contracts with multiple performance obligations, and costs to obtain and fulfill contracts. The guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs f. Discontinued operations Discontinued operations are components of an entity that either have been disposed or abandoned or is classified as held for sale. Additionally, in order to qualify as a discontinued operation, the disposal or abandonment must represent a strategic shift that has or will have, a major effect on an entity’s operations and financial results. g. Income taxes The Company follows the guideline under ASC Topic 740 Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Since the Company is in the developmental stage and has losses, no deferred tax asset or income taxes have been recorded in the financial statements. There are no uncertain tax positions as at December 31, 2021 and 2020. h. Cancellation of common stock In accounting for transaction in its common stock, the Company the guideline under ASC Topic 505 – 30 Equity, Treasury Stock. Under that guidance, when a corporation retires its stock, an excess of repurchase price over par or stated value may be allocated to additional paid-in capital and retained earnings. Alternatively, the excess may be charged entirely to retained earnings. The Company has opted to allocate a portion of the access to paid-in capital and in so doing, is subject to prorating that amount based on the amount of paid-in capital of the same issue. I. Foreign Currency Translation and Balances Transactions in foreign currencies are initially recorded by the Company at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange at the reporting date. Exchange gains or losses arising from translation are recognized in the statement of operation. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Foreign operations The assets and liabilities of foreign operations are translated to U.S. dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated into U.S. dollars at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income in the accumulated other comprehensive income (loss). Foreign exchange gains or losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely to occur in the foreseeable future and which in substance is considered to form part of the net investment in the foreign operation, are recognized in other comprehensive income in the cumulative amount of foreign currency translation differences. j. Recently Issued Accounting Guidance The Company has evaluated all the recent accounting pronouncements through the date the financial statements were issued and filed with the Securities and Exchange Commission and believe that none of them will have a material effect on the company’s financial statements. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
RELATED PARTY TRANSACTIONS | |
NOTE 5. RELATED PARTY TRANSACTIONS | NOTE 5. RELATED PARTY TRANSACTIONS On September 13, 2021, a majority shareholder of the Company entered into a debt cancellation agreement with the Company. As a result of this agreement, an amount of $122,511 due to related parties has been cancelled and recorded as gain on debt forgiveness. |
SALE OF SUBSIDIARY, DECONSOLIDA
SALE OF SUBSIDIARY, DECONSOLIDATION AND DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 2022 | |
SALE OF SUBSIDIARY, DECONSOLIDATION AND DISCONTINUED OPERATIONS | |
NOTE 6. SALE OF SUBSIDIARY, DECONSOLIDATION AND DISCONTINUED OPERATIONS | NOTE 6. SALE OF SUBSIDIARY, DECONSOLIDATION AND DISCONTINUED OPERATIONS On August 9, 2021, the Company entered into a share purchase agreement with an individual to sell its 10,000 shares of its wholly owned subsidiary, Common Design Limited of Hong Kong, for a consideration of Ten Thousand Hong Kong Dollars (HK$10,000.00) or (CAD1,610.00). The 10,000 shares represent all of the issued and outstanding shares of Common Design Limited. The transaction was consummated on September 9, 2021. The Company recorded a gain of $1,812 for the disposal of the subsidiary. A breakdown is as follows: Proceeds received $ 1,277 Carrying value of investment - Carrying value of accounts of subsidiary at time of disposal Asset $ 1,773 Liabilities 2,308 Net gain on elimination of net liabilities 535 Gain on disposal and deconsolidation $ 1,812 As a result of the sale, operating results of Common Design Limited has been reclassified as discontinued operations. Prior period results have been reclassed for comparative purposes. |
DEMAND LOAN PAYABLE
DEMAND LOAN PAYABLE | 6 Months Ended |
Jun. 30, 2022 | |
DEMAND LOAN PAYABLE | |
NOTE 7. DEMAND LOAN PAYABLE | NOTE 7. DEMAND LOAN PAYABLE During the year ended December 31, 2021, the Company secured a loan facility from an independent third party. The loan is non-interest bearing and due upon demand. The Company intends to use this loan facility as working capital. As of June 30, 2022, the Company has utilized $24,422 of this loan facility. |
SHARE CAPITAL
SHARE CAPITAL | 6 Months Ended |
Jun. 30, 2022 | |
SHARE CAPITAL | |
NOTE 8. SHARE CAPITAL | NOTE 8. SHARE CAPITAL On July 3, 2018, the Company incorporated with a seed capital of $31 (CAD$40) for 200,000 common stock. On December 28, 2018, the Company closed a private placement and issued 1,643,000 common stock for gross proceeds of $37,943 (CAD$49,290). On August 8, 2019, 330,000 of these common stocks were cancelled due to the withdrawal of subscription, resulting in a reduction of $7,621 (CAD$9,900) in share equity. On February 28, 2019, the Company closed a private placement and issued 707,830 common stock for gross proceeds of $16,108 (CAD$21,235). On September 27, 2019, the Company issued 8,000,000 common stock to acquire 100% interest of Common Design as its wholly owned subsidiary (See Note 6). On December 3, 2021, the Board of Directors approved a plan with certain shareholders of the Company to repurchase an aggregate of 272,500 common shares for $15,871 (CAD$20,000). These shares were subsequently cancelled effective December 8, 2021. As of June 30, 2022, the Company had 9,948,330 shares of common stock issued and outstanding. As of June 30, 2022, the company did not have any warrants or options outstanding. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 6 Months Ended |
Jun. 30, 2022 | |
SUBSEQUENT EVENT | |
NOTE 9. SUBSEQUENT EVENT | NOTE 9. SUBSEQUENT EVENT In accordance with ASC 855-10 management has performed an evaluation of subsequent events from June 30, 2022 through the date the financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Use of Estimates and Assumptions | 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. |
Fair Value of Financial Instruments | ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2022. Due to the effect of COVID-19, certain financial assets and liabilities may not longer have inputs to justify its fair value level classification in the fair value hierarchy. In these cases, the Company may be required to use different inputs or sources of input to reclassify fair value measurements. However, COVID-19’s current and foreseeable impact on the Company’s fair value measurement is immaterial as the fair values of the Company’s financial instruments were assumed to approximate carrying values of on-balance-sheet financial instruments since they are short term in nature. These financial instruments include cash, accounts payable, and related party loan payable. |
Earnings per Share | ASC No. 260, “Earnings Per Share”, specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC No. 260. Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company. |
Deconsolidation | Once the Company ceases to have a controlling interest in a subsidiary, the Company deconsolidates the accounts of the subsidiary as provided by ASC Topic 810, Consolidation. The aggregate of the fair value of consideration received, the fair value of any retained noncontrolling investment and the carrying amount of the former subsidiary’s assets and liabilities are recognized as a gain or loss on disposition. |
Revenue Recognition | In May 2014, the FASB issued guidance on the recognition of Revenue from Contracts with Customers. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. To achieve this core principle, the guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. The guidance addresses several areas including transfer of control, contracts with multiple performance obligations, and costs to obtain and fulfill contracts. The guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs |
Discontinued operations | Discontinued operations are components of an entity that either have been disposed or abandoned or is classified as held for sale. Additionally, in order to qualify as a discontinued operation, the disposal or abandonment must represent a strategic shift that has or will have, a major effect on an entity’s operations and financial results. |
Income Taxes | The Company follows the guideline under ASC Topic 740 Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Since the Company is in the developmental stage and has losses, no deferred tax asset or income taxes have been recorded in the financial statements. There are no uncertain tax positions as at December 31, 2021 and 2020. |
Cancellation of common stock | In accounting for transaction in its common stock, the Company the guideline under ASC Topic 505 – 30 Equity, Treasury Stock. Under that guidance, when a corporation retires its stock, an excess of repurchase price over par or stated value may be allocated to additional paid-in capital and retained earnings. Alternatively, the excess may be charged entirely to retained earnings. The Company has opted to allocate a portion of the access to paid-in capital and in so doing, is subject to prorating that amount based on the amount of paid-in capital of the same issue. |
Foreign Currency Translation and Balances | Transactions in foreign currencies are initially recorded by the Company at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange at the reporting date. Exchange gains or losses arising from translation are recognized in the statement of operation. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Foreign operations The assets and liabilities of foreign operations are translated to U.S. dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated into U.S. dollars at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income in the accumulated other comprehensive income (loss). Foreign exchange gains or losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely to occur in the foreseeable future and which in substance is considered to form part of the net investment in the foreign operation, are recognized in other comprehensive income in the cumulative amount of foreign currency translation differences. |
Recently Issued Accounting Guidance | The Company has evaluated all the recent accounting pronouncements through the date the financial statements were issued and filed with the Securities and Exchange Commission and believe that none of them will have a material effect on the company’s financial statements. |
SALE OF SUBSIDIARY, DECONSOLI_2
SALE OF SUBSIDIARY, DECONSOLIDATION AND DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
SALE OF SUBSIDIARY, DECONSOLIDATION AND DISCONTINUED OPERATIONS (Tables) | |
Schedule of Sale of Subsidiary | Proceeds received $ 1,277 Carrying value of investment - Carrying value of accounts of subsidiary at time of disposal Asset $ 1,773 Liabilities 2,308 Net gain on elimination of net liabilities 535 Gain on disposal and deconsolidation $ 1,812 |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - HKD ($) | Aug. 09, 2021 | Sep. 27, 2019 |
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) | ||
Equity method investment ownership | 100% | |
Shares issued | 10,000 | |
Share issued under stock purchase agreement | 10,000 | |
Proceeds from stock purchase agreement | $ 10,000 | |
Share ouststanding | 10,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
GOING CONCERN | ||
Cash | $ 0 | |
Outstanding liabilities | $ 24,522 | $ 12,130 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Sep. 13, 2021 USD ($) |
RELATED PARTY TRANSACTIONS | |
Due to related parties | $ 122,511 |
SALE OF SUBSIDIARY, DECONSOLI_3
SALE OF SUBSIDIARY, DECONSOLIDATION AND DISCONTINUED OPERATIONS (Details) - USD ($) | Aug. 09, 2021 | Aug. 09, 2021 | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | $ 0 | $ 0 | ||
Liabilities | $ 24,522 | $ 12,130 | ||
Gain on disposal and deconsolidation | $ 1,812 | |||
Sale of Subsidiary [Member] | ||||
Proceeds received | $ 1,277 | |||
Carrying value of investment | 0 | 0 | ||
Assets | 1,773 | 1,773 | ||
Liabilities | 2,308 | $ 2,308 | ||
Net gain on elimination of net liabilities | 535 | |||
Gain on disposal and deconsolidation | $ 1,812 |
SALE OF SUBSIDIARY, DECONSOLI_4
SALE OF SUBSIDIARY, DECONSOLIDATION AND DISCONTINUED OPERATIONS (Details Narrative) - Aug. 09, 2021 | HKD ($) shares | CAD ($) shares | USD ($) shares |
Shares owned subsidiary | shares | 10,000 | 10,000 | 10,000 |
Gain on disposal of subsidiary | $ | $ 1,812 | ||
Shares outstanding | shares | 10,000 | 10,000 | 10,000 |
Share purchases Agreements [Member] | |||
Shares outstanding | shares | 10,000 | 10,000 | 10,000 |
Proceed from consideration hong kong dollar | $ | $ 10,000 | ||
Proceed from consideration CAD | $ | $ 1,610 |
DEMAND LOAN PAYABLE (Details Na
DEMAND LOAN PAYABLE (Details Narrative) | Jun. 30, 2022 USD ($) |
DEMAND LOAN PAYABLE | |
Loan facility utilized | $ 24,422 |
SHARE CAPITAL (Details Narrativ
SHARE CAPITAL (Details Narrative) | 1 Months Ended | ||||||||||||
Dec. 03, 2021 USD ($) shares | Dec. 03, 2021 CAD ($) shares | Jul. 03, 2018 USD ($) shares | Jul. 03, 2018 CAD ($) shares | Aug. 08, 2019 USD ($) shares | Aug. 08, 2019 CAD ($) shares | Feb. 28, 2019 USD ($) shares | Feb. 28, 2019 CAD ($) shares | Dec. 28, 2018 USD ($) shares | Dec. 28, 2018 CAD ($) shares | Jun. 30, 2022 shares | Dec. 31, 2021 shares | Sep. 27, 2019 shares | |
Common stock shares issued | shares | 200,000 | 200,000 | 9,948,330 | 9,948,330 | 8,000,000 | ||||||||
Repurchase of common stock share | shares | 272,500 | 272,500 | |||||||||||
Repurchase of common stock value CAD | $ 20,000 | ||||||||||||
Repurchase of common stock value | $ 15,871 | ||||||||||||
Proceeds from issuance of common stock CAD | $ 40 | ||||||||||||
Proceeds from issuance of common stock | $ 31 | ||||||||||||
Equity method investment ownership | 100% | ||||||||||||
Common stock shares outstanding | shares | 9,948,330 | 9,948,330 | |||||||||||
Private Placement [Member] | |||||||||||||
Common stock shares issued | shares | 707,830 | 707,830 | 1,643,000 | 1,643,000 | |||||||||
Common stock shares cancelled | shares | 330,000 | 330,000 | |||||||||||
Common stock shares reduction CAD | $ 9,900 | ||||||||||||
Common stock shares reduction | $ 7,621 | ||||||||||||
Gross proceeds from issuance of private placement | $ 16,108 | $ 37,943 | |||||||||||
Gross proceeds from issuance of private placement CAD | $ 21,235 | $ 49,290 |