Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | May 06, 2024 | Jun. 30, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | HI-GREAT GROUP HOLDING COMPANY | ||
Document Type | 10-K/A | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 100,000,000 | ||
Entity Public Float | $ 0 | ||
Amendment Flag | true | ||
Amendment Description | Amendment No 2 | ||
Entity Central Index Key | 0001807616 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity File Number | 000-56200 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 46-2218131 | ||
Entity Address, Address Line One | 621 South Virgil Ave, | ||
Entity Address, Address Line Two | #460 | ||
Entity Address, City or Town | Los Angeles, | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90005 | ||
City Area Code | (213) | ||
Local Phone Number | 219-7746 | ||
Title of 12(b) Security | None | ||
Entity Interactive Data Current | Yes | ||
Auditor Firm ID | 6662 | ||
Auditor Name | M. S. Madhava Rao | ||
Auditor Location | Bangalore, India | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NONE |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash | $ 30,577 | $ 113,169 |
Inventory | 85,290 | 62,160 |
Advances to Suppliers | 9,250 | |
Receivable from Citi Bank | ||
Total current assets | 125,117 | 175,329 |
Non-current assets: | ||
Right of use asset – operating lease – related party | 57,000 | 115,000 |
Total assets | 182,117 | 290,329 |
Current liabilities: | ||
Accounts payable | 1,400 | 58,740 |
Accounts payable – related party | ||
Notes payable – related party | ||
Loan payable – related party | ||
Accrued royalty– related party | 117,547 | 110,940 |
Deferred revenue | ||
Operating lease obligation, current portion – related party | 14,750 | 18,750 |
State Income Tax Payable | 800 | |
Total current liabilities | 133,697 | 189,230 |
Non-Current Liabilities: | ||
Operating lease obligation – related party | 42,250 | 96,250 |
Total Liabilities | 175,947 | 285,480 |
Commitments and Contingencies | ||
Stockholders’ Deficit: | ||
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, par value $0.001 per share; 1,100,000,000 shares authorized; 100,000,000 shares issued and outstanding as of December 30, 2022 and December 31, 2021, respectively | 100,000 | 100,000 |
Additional paid in capital | 629,566 | 629,566 |
Accumulated Deficit | (723,396) | (724,716) |
Total stockholders’ equity | 6,170 | 4,850 |
Total liabilities and stockholders’ equity | $ 182,117 | $ 290,329 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,100,000,000 | 1,100,000,000 |
Common stock, shares issued | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 100,000,000 | 100,000,000 |
Profit and Loss
Profit and Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Sales | $ 207,854 | $ 264,194 |
Cost of sales-royalty– related party | (51,964) | (66,049) |
Cost of goods sales | (60,870) | (89,190) |
Gross profit | 95,021 | 108,955 |
Operating expenses: | ||
Professional fees | 40,700 | 58,000 |
Rent expense | 30,000 | 30,000 |
General and administrative expenses | 21,021 | 18,069 |
Total operating expense | 91,721 | 106,069 |
Income (Loss) from operations | 3,300 | 2,886 |
Other income (expense): | ||
Interest income | ||
Interest expense | (307) | |
Total other (expense) income | (307) | |
Net income (loss) | $ 3,300 | $ 2,579 |
Net income (loss) per common share – basic and diluted (in Dollars per share) | ||
Weighted average common shares (in Shares) | 100,000,000 | 100,000,000 |
Profit and Loss (Parentheticals
Profit and Loss (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Net income (loss) per common share – basic and diluted (in Dollars per share) | ||
Weighted average common shares (in Shares) | 100,000,000 | 100,000,000 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2019 | $ 100,000 | $ 619,566 | $ (719,802) | $ (236) |
Balance (in Shares) at Dec. 31, 2019 | 100,000,000 | |||
Net income (loss) | (12,782) | (12,782) | ||
Balance at Dec. 31, 2020 | $ 100,000 | 619,566 | (732,584) | (13,018) |
Balance (in Shares) at Dec. 31, 2020 | 100,000,000 | |||
Adjustment – Issuance of Stocks | 10,000 | 10,000 | ||
Adjustment | 5,289 | 5,289 | ||
Net income (loss) | 2,579 | 2,579 | ||
Balance at Dec. 31, 2021 | $ 100,000 | 629,566 | (724,716) | 4,850 |
Balance (in Shares) at Dec. 31, 2021 | 100,000,000 | |||
Adjustment | (1,980) | (1,980) | ||
Net income (loss) | 3,300 | 3,300 | ||
Balance at Dec. 31, 2022 | $ 100,000 | $ 629,566 | $ (723,396) | $ 6,170 |
Balance (in Shares) at Dec. 31, 2022 | 100,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from operating activities: | ||
Net Income | $ 3,300 | $ 2,579 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Amortization of right of use asset – operating lease | ||
Changes in operating assets and liabilities: | ||
Inventory | (23,130) | (14,400) |
Advances to Suppliers | (9,250) | |
Receivable from CitiBank | ||
Accounts payable – related party | (57,340) | 36,540 |
Accrued royalty | 6,608 | 66,049 |
Accrued interest | (714) | |
Loan Payable | (2,465) | |
State Income Tax Payable | (800) | |
Operating Lease Obligation (Current Portion) | (4,000) | (10,000) |
Net cash provided (used) by operating activities | (84,612) | 77,589 |
Cash Flows from Investing Activities: | ||
Notes receivable – Related Party | ||
Right of Use Asset – Related Party | 58,000 | 11,250 |
Net cash provided (used) by investing activities | 58,000 | 11,250 |
Cash Flows from Financing Activities: | ||
Proceeds from common stock – related party | 10,000 | |
Proceeds from notes payable – related party | (15,000) | |
Operating Lease Obligation | (54,000) | |
Retained Earnings | (1,980) | 5,289 |
Net cash provided (used) by financing activities | (55,980) | 289 |
Effect of exchange rate changes | ||
Net change in cash | (82,592) | 89,128 |
Cash at beginning of period | 113,169 | 24,041 |
Cash at end of period | 30,577 | 113,169 |
Non-cash investing and financing activities: | ||
Note receivable-related party | ||
Common stock-related party | ||
Right of use asset – operating lease |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization and Description of Business [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Basis of Presentation and Organization Hi-Great Group Holding Company (the “Company”) is a development stage enterprise that was originally incorporated, on September 30, 2010, under the laws of the State of Nevada. On March 8, 2019, the eight judicial District Court of Nevada appointed Custodian Ventures, LLC as custodian for Hi-Great Group Holding Company, proper notice having been given to the officers and directors of Hi-Great Group Holding Company. There was no opposition. On March 15, 2019, the Company filed a certificate of revival with the state of Nevada, appointing David Lazar as President, Secretary, Treasurer and Director. On October 11, 2019, Custodian Ventures entered into a stock purchase agreement whereby they transferred 70,000,000 shares of common stock to Esther Yang in exchange for $225,000 in cash. As a result of the sale, there was a change of control of the Company. There is no family relationship or other relationship between the Seller and the Purchaser. On March 19, 2020, the Company entered in a licensing agreement with SellaCare, Inc. for the licensing of Patents and all future products developed by the SellaCare, Inc. The licensing agreement calls for the Company to pay 25% of all Gross revenues or $1,000, whichever is greater and not less than $1,000, beginning April 30, 2020 and payable the 15 th On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area of Pearblossom, County of Los Angeles, California, in agreement with Sella Property, LLC. Sella Property, LLC is an entity controlled by Esther Yang. The lease calls for rent payments of $30,000 in annual installments due on the 16 th |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Use of estimates 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 may differ from those estimates. Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. Cash and Cash Equivalents For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. There were no cash equivalents for the year ended December 31, 2021 or 2020. Reclassifications Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the year ended December 31, 2021. Revenue Recognition The Company records revenue in accordance with FASB Accounting Standards Codification (“ASC”) as topic 606 (“ASC 606”). The revenue recognition standard in ASC 606 outlines a single comprehensive model for recognizing revenue as performance obligations, defined in a contract with a customer as goods or services transferred to the customer in exchange for consideration, are satisfied. The standard also requires expanded disclosures regarding the Company’s revenue recognition policies and significant judgments employed in the determination of revenue. The Company is involved in Agritourism and sells herbal supplements. The Company sells herbal supplements it buys directly from SellaCare, Inc. and sells those supplements using the SellaCare brand. SellaCare, Inc is a company that is controlled by the Company’s majority shareholder. Cost of Goods Sold Cost of sales includes all direct expenses incurred to produce the revenue for the period. This includes, but is not limited to, product cost and shipping. Cost of goods sold are recorded in the same period as the resulting revenue. The company pays a sales based royalty payment of 25% of gross revenue to SellaCare, Inc., its related party. This royalty expense is included in cost of goods sold. Leases The Company adopted the new lease accounting standard, “Accounting Standards Codification Topic 842 Leases (ASC 842)” using the modified retrospective basis for all agreements existing as of January 1, 2019 as described further below under Accounting Standards Adopted The Company recognizes a right-of-use asset and lease liability for all financing and operating leases with terms greater than twelve months. The lease liability is measured based on the present value of the lease payments not yet paid. The right-of-use asset is measured based on the initial measurement of the lease liability adjusted for any direct costs incurred upon commencement of the lease. The right-of-use assets are amortized on a straight-line basis over the lease term and are tested for impairment in a manner consistent with the other long-lived assets held by the Company. Stock-based Compensation In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 allows companies to account for nonemployee awards in the same manner as employee awards. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. We adopted this ASU on January 1, 2019. The adoption of ASU 2018-07 did not have a material impact on our financial statements. Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable amates the fair value of such instruments as the notes bear interest rates that are consistent with current market rates. Income taxes The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires 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 tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal 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 the Statements of Income in the period that includes the enactment date. The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. Net income (loss) per common share Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. 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 outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. The Company’s diluted loss per share is the same as the basic loss per share for the years ended December 31, 2021 and 2020, as the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss. Adoption of Recent Accounting Pronouncements The Company has implemented all new accounting applicable pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2022 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS On December 27, 2019, the company obtained a loan in the amount of $5,000 from Jung Ho Yang. The note bears an interest rate of 5% and matures on November 30, 2020. As of December 31, 2020, there is $253 of interest accrued on this note. This note is paid. On January 28, 2020, the company obtained a loan in the amount of $10,000 from Sellacare America, Inc. The note bears an interest rate of 5% and matures on November 30, 2020 As of December 31, 2020, there is $463 of interest accrued on this note. This note is paid. On March 19, 2020, the Company entered in a licensing agreement with SellaCare, Inc. for the licensing of Patents and all future products developed by the SellaCare, Inc. The licensing agreement calls for the Company to pay 25% of all Gross revenues or $1,000, whichever is greater and not less than $1,000, beginning April 30, 2020 and payable the 15 th On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area in Pearblossom, County of Los Angeles, California, in agreement with Sella Property, LLC. Sella Property, LLC is an entity controlled by Company’s majority shareholder. The lease calls for rent payments of $30,000 in annual installments due on the 16th day of March each year. The lease begins March 16, 2020 and matures March 16, 2025. As of December 31, 2021, a total of $0 in loan payable to related party. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2022 | |
Preferred Stock [Abstract] | |
PREFERRED STOCK | NOTE 5 – PREFERRED STOCK The Preferred Stock may be issued from time to time in one or more series. The Board is authorized to fix the number of shares of any series of Preferred Stock and to determine the designation of any such series. The Board is also authorized to determine or alter the rights, preferences, privileges, and restrictions granted to or imposed upon any wholly unissued series of Preferred Stock and, within the limits and restrictions stated in any resolution or resolutions of the Board originally fixing the number of shares constituting any series, to increase or decrease (but not below the number of shares of such series than outstanding) the number of shares of any such series subsequent to the issue of shares of that series. Currently, no preferred shares have been designated. |
Operating Lease
Operating Lease | 12 Months Ended |
Dec. 31, 2022 | |
Lease Obligation [Abstract] | |
OPERATING LEASE | NOTE 6 – OPERATING LEASE On February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The ASU introduces a new leasing model for both lessees and lessors. Topic 842 provides guidance in how to identify whether a lease arrangement exists. Management has evaluated its leasing arrangement and has classified it as operating lease. Operating Lease Obligations On March 16, 2020, the Company entered into a land lease for property located in the unincorporated area Pearblossom, County of Los Angeles, State of California.in agreement with Sella Property, LLC. Sella Property, LLC is a company controlled by the majority shareholder of the Company. The lease calls for rent payments of $30,000 in annual installments due on the 16th day of March each year. The lease begins March 16, 2020 and matures March 16, 2025. Lease obligations at , 2022 consisted of the following: For the year ended December 31: 2021 $ 0 2022 0 2023 20,750 2024 30,000 2025 6,250 Total Obligation as of December 31, 2022 $ 57,000 Total Payments Made as of December 31, 2022 93,000 Total Obligation $ 150,000 Lease Obligation - Current portion 0 Add: Lease Obligation – Long term $ 57,000 Total Right of Use of Asset $ 57,000 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were issued and has determined that no material subsequent events exist. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Use of estimates | Use of estimates 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 may differ from those estimates. |
Concentrations of Credit Risk | Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. There were no cash equivalents for the year ended December 31, 2021 or 2020. |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the year ended December 31, 2021. |
Revenue Recognition | Revenue Recognition The Company records revenue in accordance with FASB Accounting Standards Codification (“ASC”) as topic 606 (“ASC 606”). The revenue recognition standard in ASC 606 outlines a single comprehensive model for recognizing revenue as performance obligations, defined in a contract with a customer as goods or services transferred to the customer in exchange for consideration, are satisfied. The standard also requires expanded disclosures regarding the Company’s revenue recognition policies and significant judgments employed in the determination of revenue. The Company is involved in Agritourism and sells herbal supplements. The Company sells herbal supplements it buys directly from SellaCare, Inc. and sells those supplements using the SellaCare brand. SellaCare, Inc is a company that is controlled by the Company’s majority shareholder. |
Cost of Goods Sold | Cost of Goods Sold Cost of sales includes all direct expenses incurred to produce the revenue for the period. This includes, but is not limited to, product cost and shipping. Cost of goods sold are recorded in the same period as the resulting revenue. The company pays a sales based royalty payment of 25% of gross revenue to SellaCare, Inc., its related party. This royalty expense is included in cost of goods sold. |
Leases | Leases The Company adopted the new lease accounting standard, “Accounting Standards Codification Topic 842 Leases (ASC 842)” using the modified retrospective basis for all agreements existing as of January 1, 2019 as described further below under Accounting Standards Adopted The Company recognizes a right-of-use asset and lease liability for all financing and operating leases with terms greater than twelve months. The lease liability is measured based on the present value of the lease payments not yet paid. The right-of-use asset is measured based on the initial measurement of the lease liability adjusted for any direct costs incurred upon commencement of the lease. The right-of-use assets are amortized on a straight-line basis over the lease term and are tested for impairment in a manner consistent with the other long-lived assets held by the Company. |
Stock-based Compensation | Stock-based Compensation In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 allows companies to account for nonemployee awards in the same manner as employee awards. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. We adopted this ASU on January 1, 2019. The adoption of ASU 2018-07 did not have a material impact on our financial statements. |
Fair value of financial instruments | Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable amates the fair value of such instruments as the notes bear interest rates that are consistent with current market rates. |
Income taxes | Income taxes The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires 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 tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal 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 the Statements of Income in the period that includes the enactment date. The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. |
Net income (loss) per common share | Net income (loss) per common share Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. 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 outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. The Company’s diluted loss per share is the same as the basic loss per share for the years ended December 31, 2021 and 2020, as the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss. |
Adoption of Recent Accounting Pronouncements | Adoption of Recent Accounting Pronouncements The Company has implemented all new accounting applicable pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Operating Lease (Tables)
Operating Lease (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease Obligation [Abstract] | |
Schedule of lease obligations | For the year ended December 31: 2021 $ 0 2022 0 2023 20,750 2024 30,000 2025 6,250 Total Obligation as of December 31, 2022 $ 57,000 Total Payments Made as of December 31, 2022 93,000 Total Obligation $ 150,000 Lease Obligation - Current portion 0 Add: Lease Obligation – Long term $ 57,000 Total Right of Use of Asset $ 57,000 |
Organization and Description _2
Organization and Description of Business (Details) - USD ($) | Mar. 19, 2020 | Oct. 11, 2019 | Mar. 16, 2020 |
Accounting Policies [Abstract] | |||
Common stock shares (in Shares) | 70,000,000 | ||
Common stock, exchange for cash | $ 225,000 | ||
Licensing agreement percentage | 25% | ||
Gross revenues | $ 1,000 | ||
Less than gross revenues | $ 1,000 | ||
Rent payment | $ 30,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Royalty payment, percentage | 25% |
Tax benefits recognized | 50% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Mar. 19, 2020 | Jan. 28, 2020 | Dec. 27, 2019 | Mar. 16, 2020 | Dec. 31, 2020 | Dec. 31, 2021 | |
Related Party Transactions (Details) [Line Items] | ||||||
Licensing agreement, description | On March 19, 2020, the Company entered in a licensing agreement with SellaCare, Inc. for the licensing of Patents and all future products developed by the SellaCare, Inc. The licensing agreement calls for the Company to pay 25% of all Gross revenues or $1,000, whichever is greater and not less than $1,000, beginning April 30, 2020 and payable the 15th of every month thereafter. | |||||
Licensing expense | $ 44,891 | |||||
Rent payments | $ 30,000 | |||||
Loan payable to related party | $ 0 | |||||
Jung Ho Yang [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Loan amount | $ 5,000 | |||||
Interest rate percentage | 5% | |||||
Matures date | Nov. 30, 2020 | |||||
Interest accrued | 253 | |||||
Sellacare America, Inc [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Loan amount | $ 10,000 | |||||
Interest rate percentage | 5% | |||||
Matures date | Nov. 30, 2020 | |||||
Interest accrued | $ 463 | |||||
Sellacare America, Inc [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Lease term description | The lease begins March 16, 2020 and matures March 16, 2025. |
Operating Lease (Details)
Operating Lease (Details) | 1 Months Ended |
Mar. 16, 2020 USD ($) | |
Operating Lease (Details) [Line Items] | |
Rent payments | $ 30,000 |
Operating Lease Obligations [Member] | |
Operating Lease (Details) [Line Items] | |
Maturity date, description | The lease begins March 16, 2020 and matures March 16, 2025. |
Operating Lease (Details) - Sch
Operating Lease (Details) - Schedule of lease obligations | Dec. 31, 2022 USD ($) |
Schedule of Lease Obligations [Abstract] | |
2021 | $ 0 |
2022 | 0 |
2023 | 20,750 |
2024 | 30,000 |
2025 | 6,250 |
Total Obligation as of December 31, 2022 | 57,000 |
Total Payments Made as of December 31, 2022 | 93,000 |
Total Obligation | 150,000 |
Lease Obligation - Current portion | 0 |
Add: Lease Obligation – Long term | 57,000 |
Total Right of Use of Asset | $ 57,000 |