Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-255624 | |
Entity Registrant Name | Thumzup Media Corporation | |
Entity Central Index Key | 0001853825 | |
Entity Tax Identification Number | 85-3651036 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 711 S Carson Street Suite 4 | |
Entity Address, City or Town | Carson City | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89701 | |
City Area Code | 310 | |
Local Phone Number | 237-2887 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,315,670 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 653,856 | $ 424,445 |
Total current assets | 653,856 | 424,445 |
Property and equipment, net | 3,633 | 4,713 |
TOTAL ASSETS | 657,489 | 429,158 |
Accounts payable and accrued liabilities | 39,473 | 34,313 |
Senior Secured Convertible Promissory Notes | 215,300 | 215,000 |
Total current liabilities | 254,773 | 249,313 |
Total liabilities | 254,773 | 249,313 |
Stockholders' equity | ||
Common stock, $0.001 par value, 100,000,000 shares authorized; 6,315,670 and 6,037,836 shares issued and outstanding, respectively | 6,316 | 6,038 |
Additional paid-in capital | 1,758,852 | 1,036,749 |
Accumulated deficit | (1,362,452) | (862,942) |
Total stockholders' equity | 402,716 | 179,845 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ 657,489 | $ 429,158 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 6,315,670 | 6,037,836 |
Common stock, outstanding | 6,315,670 | 6,037,836 |
Statements of Operation
Statements of Operation - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Total revenue | $ 1,398 | $ 4,892 | ||
Operating expenses: | ||||
Sales and marketing | 50,498 | 1,150 | 65,359 | 2,121 |
Research and development | 139,952 | 116,742 | 285,998 | 206,330 |
General and administrative | 81,103 | 11,349 | 143,079 | 17,623 |
Depreciation expense | 540 | 360 | 1,080 | 476 |
Total operating expenses | 272,093 | 129,601 | 495,516 | 226,550 |
(Loss) income from operations | (270,695) | (129,601) | (490,624) | (226,550) |
Interest (expense) | (4,443) | (2,914) | (8,886) | (7,214) |
Total other income (expenses) | (4,443) | (2,914) | (8,886) | (7,214) |
Net income (loss) before income taxes | (275,138) | (132,515) | (499,510) | (233,764) |
Provision for income taxes | ||||
Net (loss) | $ (275,138) | $ (132,515) | $ (499,510) | $ (233,764) |
Earnings per common share - Basic and diluted | $ (0.05) | $ (0.03) | $ (0.08) | $ (0.04) |
Weighted average common shares outstanding -Basic and diluted | $ 6,106,675 | $ 5,064,558 | $ 6,093,703 | $ 5,616,704 |
Statement of Shareholders' Equi
Statement of Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 5,000 | $ (5,000) | $ (5,687) | $ (5,687) |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 5,000,000 | |||
Common stock issued for cash | 724,500 | |||
Net Loss | (233,764) | $ (233,764) | ||
Common stock issued for cash | 725 | 723,775 | 724,500 | |
Common stock issued for advisory | 30 | (30) | ||
Ending balance, value at Jun. 30, 2021 | $ 5,755 | 718,745 | (239,451) | 485,049 |
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 5,754,500 | |||
Beginning balance, value at Mar. 31, 2021 | $ 5,494 | 458,006 | (106,935) | $ 356,564 |
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2021 | 5,493,500 | |||
Common stock issued for cash | 261,000 | |||
Net Loss | (132,515) | $ (132,515) | ||
Common stock issued for cash | 261 | 260,739 | 261,000 | |
Ending balance, value at Jun. 30, 2021 | $ 5,755 | 718,745 | (239,451) | 485,049 |
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 5,754,500 | |||
Beginning balance, value at Dec. 31, 2021 | $ 6,038 | 1,036,749 | (862,942) | $ 179,845 |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 6,037,836 | 6,037,836 | ||
Common stock issued for cash | 275,834 | |||
Common stock issued for services | $ 2 | 18,378 | $ 18,380 | |
Net Loss | (499,510) | (499,510) | ||
Common stock issued for cash | 276 | 703,725 | 704,001 | |
Ending balance, value at Jun. 30, 2022 | $ 6,316 | 1,758,852 | (1,362,452) | $ 402,716 |
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2022 | 6,315,670 | 6,315,670 | ||
Beginning balance, value at Mar. 31, 2022 | $ 6,121 | $ 1,160,166 | $ (1,087,314) | $ 78,973 |
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2022 | 6,120,169 | |||
Common stock issued for cash | 193 | 580,308 | 580,501 | |
Common stock issued for services | $ 2 | $ 18,378 | $ 18,380 | |
Net Loss | (275,138) | (275,138) | ||
Ending balance, value at Jun. 30, 2022 | $ 6,316 | $ 1,758,852 | $ (1,362,452) | $ 402,716 |
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2022 | 6,315,670 | 6,315,670 |
Statement of Shareholders' Eq_2
Statement of Shareholders' Equity (Parenthetical) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
[custom:CommonStockIssuedForCash3] | 193,501 | ||
[custom:CommonStockIssuedForServices2] | 2,000 | 2,000 | 30,000 |
[custom:CommonStockIssuedForCash2] | 580,501 | 275,834 | 724,500 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (499,510) | $ (233,764) |
Depreciation expense | 1,080 | 476 |
Stock issued for services | 18,380 | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Prepaid expenses | (37,416) | |
Accounts payable and accrued expenses | 5,161 | 7,214 |
Net cash used in operating activities | (474,889) | (263,490) |
Cash flows from investing activities | ||
Purchase of property and equipment | (6,449) | |
Purchase of intangible assets, Trademarks | (2,098) | |
Net cash used in investing activities | (8,547) | |
Cash flows from financing activities | ||
Proceeds from sale of common stock | 704,000 | 724,500 |
Proceeds from loan – related party | 300 | |
Net cash provided by financing activities | 704,300 | 724,500 |
Net (decrease) increase in cash | 229,411 | 452,463 |
Cash at the beginning of the period | 424,445 | 201,317 |
Cash at the end of the period | 653,856 | 653,780 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | ||
Cash paid for income taxes |
Business Organization and Natur
Business Organization and Nature of Operations | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Organization and Nature of Operations | Note 1 - Business Organization and Nature of Operations Thumzup Media Corporation (“Thumzup” or “Company”) was incorporated October 27, 2020, under the laws of the State of Nevada, and its headquarters is located in Carson City, Nevada. The Company is a software company dedicated to building an influencer community around its mobile app (“App”). The App generates scalable word-of-mouth product posts and recommendations for advertisers on social media and is designed to connect advertisers with individuals who are willing to promote their products online. The Thumzup App enables users to select a brand they want to post about on social media. Once the Thumzup user selects the brand and takes a photo (using the App), the App will post the photo and a caption to the user’s social media accounts. For the advertiser, the Thumzup system enables brands to get real people to promote their products to their friends, rather than displaying banner ads that people are tuning out. The Company has recorded nominal revenues during the first six months of 2022 and continues with the development of enhancements to its App and marketing efforts. The Company is an “emerging growth company” as that term is used in the Jumpstart our Business Startups Act of 2012, and as such, has elected to comply with certain reduced public company reporting requirements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Presentation - Unaudited Interim Financial Information The accompanying unaudited condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed financial statements reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. Use of Estimates The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America, which requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the financial statements and the reported amounts of expenses during the reported period. These assumptions and estimates could have a material effect on the financial statements. Actual results may differ materially from those estimates. The Company’s management periodically reviews estimates on an ongoing basis based on information currently available, and changes in facts and circumstances may cause the Company to revise these estimates. Cash and Cash Equivalents Cash and cash equivalents include all cash on hand, demand deposits and short-term investments with original maturities of three months or less when purchased. As of June 30, 2022 and December 31, 2021, the Company’s cash and cash equivalents were $653,856 and $424,445, respectively. Prepaid Expenses The Company has no prepaid expenses at June 30, 2022 and December 31, 2021. Property and Equipment Property and equipment, which consists of computer equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives. Ordinary repair and maintenance costs are included in general and administrative expenses on our statement of operations. However, expenditures for additions or improvements that significantly extend the useful life of the asset are capitalized in the period incurred. At the time assets are sold or disposed of, the cost and accumulated depreciation are removed from their respective accounts and the related gains or losses are reflected in the statements of operations in gains from sales of property and equipment, net. The estimated useful life for computer equipment is three years. We periodically evaluate the appropriateness of remaining depreciable lives assigned to computer equipment. Depreciation expense for the six months ended June 30, 2022 and 2021 was $1,080 and $476, respectively. Revenue Recognition The Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers. The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as we fulfill our obligations under each of our agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. Research and Development Costs Research and development expenses primarily consist of outside contractor costs related to engineering, design and development of a working prototype Thumzup TM TM Income Taxes The Company utilizes the asset and liability approach to measure deferred tax assets and liabilities based on temporary differences existing at each balance sheet date using currently enacted tax rates in accordance with ASC 740. ASC 740 considers the differences between financial statement treatment and tax treatment of certain transactions. 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 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 of a change in tax rate is recognized as income or expense in the period that includes the enactment date of that rate. The Company has an accumulated deficit of approximately $1,362,000 as of June 30, 2022, and at the current corporate tax rate of 21% results in an estimated net operating loss (“NOL”) of $286,020. The Company has no income tax effect due to the recognition of a full valuation allowance on the expected tax benefits of future loss carry forwards based on uncertainty surrounding the realization of such tax assets. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 3 – Going Concern The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. However, the Company was only recently formed, has not yet established profitable operations and has incurred losses since inception. These factors raise substantial doubt about the ability of the Company to continue as a going concern. In this regard, management is proposing to raise additional funds not provided by operations through loans or through sales of its common stock. There is no assurance that the Company will be successful in raising this additional capital or in achieving profitable operations. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties. The Company is a beginning revenue, software and services company that has relied on short-term debt and equity funding for its operations. At June 30, 2022 and December 31, 2021, the Company had a cash balance of $ 653,856 424,445 In June 2022 the Company sold 193,501 shares of its common stock for $3.00 per share and received proceeds of $580,500. |
Senior Secured Convertible Prom
Senior Secured Convertible Promissory Notes | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Senior Secured Convertible Promissory Notes Abstract | |
Senior Secured Convertible Promissory Notes | Note 4 - Senior Secured Convertible Promissory Notes On November 19, 2020, the Company issued $215,000 in Senior Secured Convertible Promissory Notes (“Senior Notes”). The Senior Notes mature on November 21, 2022 and accrue interest at eight (8%) per year. Accrued interest may be paid quarterly or converted in to shares of common stock. The Company’s borrowings are subject to a Note Purchase and Security Agreement (“Agreement”) which, among other things, contains certain covenants. In accordance with the Agreement, the Company secures the Senior Notes with all of the Company’s intellectual property now or hereafter owned or created by or on behalf of the Company’s founding shareholders to operate the Company’s business. The Company’s founding shareholders stock (“Founders’ Stock”) is pledged as additional collateral to secure the terms and covenants of the Agreement and the other financing agreements. The Founders’ Stock is held in escrow with legal counsel selected by the Senior Note holders (“Holders”). The founding shareholders (“Founders”) have agreed to take no salaries, consulting fees, loans or payment of any kind from the Company until after full satisfaction of each of the following conditions: (1) registration of the shares underlying the Senior Notes with the SEC on Form S-1; (2) obtaining a trading symbol from FINRA or its successor; (3) listing of the Company’s shares of common stock for trading on OTCQB or a national securities exchange such as Nasdaq; (4) completing an equity raise of at least $3 million at a pre-money valuation for the Company of at least $10 million; and (5) timely having made all periodic and other filings required of a “reporting” company with the SEC for a period of not less than 12 months. The Company may prepay all or any portion of the Senior Notes, after providing 30 days prior written notice, at the Company’s option, pro rata to each Holder, by paying one hundred thirty percent (130%) of (1) the then outstanding principal amount plus (2) accrued and unpaid interest on that principal amount. If pre-payment is offered, the Holders may elect to convert into shares of common stock instead of accepting pre-payment. In the event the Company repays the Senior Notes, a Holder, shall have a right, for a period of 12 months from such repayment date, to acquire up to that number of shares of common stock of the Company that results from dividing the principal amount of prepaid Note by $0.11 per share, which will be adjusted for any stock splits and recapitalizations. At any time while the Senior Notes are outstanding, and at the sole option of a Holder, the Senior Notes may be converted into shares of the common stock of the Company, or any shares of capital stock or other securities of the Company into which such common stock shall hereafter be changed or reclassified. A Holder is not entitled to convert any portion of the Senior Note in excess of that portion of the Senior Note upon conversion of which the sum of (1) the number of shares of common stock beneficially owned by the Holder and its affiliates and (2) the number of conversion shares issuable upon the conversion would result in beneficial ownership by a Holder and its affiliates of more than 4.50% of the then outstanding shares of Common Stock. The per share conversion price into which principal and interest outstanding will be convertible into shares of common stock hereunder is $0.11 per share. The Agreement contains a protection feature (commonly referred to as a “Down Round”); whereupon any issuance by the Company of common stock, or a security that is convertible into common stock, at a price lower than a net receipt to the Company of $0.11 per share, then the conversion price will be adjusted to equal the lower price per share. The Company has accounted for the Down Round as a contingent beneficial feature and will record a benefit to a Holder, if and, when a conversion price adjustment occurs. |
Shareholders_ Equity
Shareholders’ Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Shareholders’ Equity | Note 5 – Shareholders’ Equity The Company is authorized to issue 100 million shares of common stock, par value $0.001 per share. As June 30, 2022 and December 31, 2021, the Company had 6,315,670 and 6,037,836 shares issued and outstanding, respectively. The initial shares were issued as follows: 3,500,000 shares to Robert Steele (Founder and CEO) and 1,500,000 shares to Danny Lupinelli (Founder). The Founders’ common stock is pledged as collateral on the Senior Secured Convertible Promissory Notes (See Note 4). During the six months ended June 30, 2022, the Company sold 82,333 shares of common stock at $1.50 per share and 193,501 shares of common stock at $3.00 per share to accredited investors within the meaning of the federal securities laws in transactions exempt from registration under the Securities Act of 1933, as amended. The Company issued 2,000 shares of common stock to an outside consultant for services and recognized an expense of $18,380. During the three months ended March 31, 2021, the Company issued 30,000 shares of common stock to its legal counsel at par value per share of $0.001, pursuant to an engagement letter entered into in December 2020, and sold 463,500 shares of common stock at $1.00 per share to accredited investors within the meaning of the federal securities laws in transactions exempt from registration under the Securities Act of 1933, as amended. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 6 – Contingencies COVID-19 The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The severity of the impact of the COVID-19 pandemic on the Company’s business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company’s customers, service providers and suppliers, all of which are uncertain and cannot be predicted. As of the date of issuance of Company’s financial statements, the extent to which the COVID-19 pandemic may in the future materially impact the Company’s financial condition, liquidity or results of operations is uncertain. Russia-Ukraine conflict The Russian-Ukraine conflict is a global concern. The Company does not have any direct exposure to Russia or Ukraine through its operations, employee base, investments or sanctions. We have no basis to evaluate the possible risks of this conflict. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation - Unaudited Interim Financial Information | Basis of Presentation - Unaudited Interim Financial Information The accompanying unaudited condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed financial statements reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. |
Use of Estimates | Use of Estimates The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America, which requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the financial statements and the reported amounts of expenses during the reported period. These assumptions and estimates could have a material effect on the financial statements. Actual results may differ materially from those estimates. The Company’s management periodically reviews estimates on an ongoing basis based on information currently available, and changes in facts and circumstances may cause the Company to revise these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all cash on hand, demand deposits and short-term investments with original maturities of three months or less when purchased. As of June 30, 2022 and December 31, 2021, the Company’s cash and cash equivalents were $653,856 and $424,445, respectively. |
Prepaid Expenses | Prepaid Expenses The Company has no prepaid expenses at June 30, 2022 and December 31, 2021. |
Property and Equipment | Property and Equipment Property and equipment, which consists of computer equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives. Ordinary repair and maintenance costs are included in general and administrative expenses on our statement of operations. However, expenditures for additions or improvements that significantly extend the useful life of the asset are capitalized in the period incurred. At the time assets are sold or disposed of, the cost and accumulated depreciation are removed from their respective accounts and the related gains or losses are reflected in the statements of operations in gains from sales of property and equipment, net. The estimated useful life for computer equipment is three years. We periodically evaluate the appropriateness of remaining depreciable lives assigned to computer equipment. Depreciation expense for the six months ended June 30, 2022 and 2021 was $1,080 and $476, respectively. |
Revenue Recognition | Revenue Recognition The Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers. The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as we fulfill our obligations under each of our agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. |
Research and Development Costs | Research and Development Costs Research and development expenses primarily consist of outside contractor costs related to engineering, design and development of a working prototype Thumzup TM TM |
Income Taxes | Income Taxes The Company utilizes the asset and liability approach to measure deferred tax assets and liabilities based on temporary differences existing at each balance sheet date using currently enacted tax rates in accordance with ASC 740. ASC 740 considers the differences between financial statement treatment and tax treatment of certain transactions. 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 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 of a change in tax rate is recognized as income or expense in the period that includes the enactment date of that rate. The Company has an accumulated deficit of approximately $1,362,000 as of June 30, 2022, and at the current corporate tax rate of 21% results in an estimated net operating loss (“NOL”) of $286,020. The Company has no income tax effect due to the recognition of a full valuation allowance on the expected tax benefits of future loss carry forwards based on uncertainty surrounding the realization of such tax assets. |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash | $ 653,856 | $ 424,445 |