Trans Global (TGGI) 10-Q 12 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 12, 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	033-20966
Entity Registrant Name	TRANS GLOBAL GROUP INC.
Entity Central Index Key	0001891791
Entity Tax Identification Number	88-0298190
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	Rm 2701
Entity Address, Address Line Two	Block A
Entity Address, Address Line Three	Zhantao Technology Building
Entity Address, Address Line Four	Minzhi Street
Entity Address, City or Town	Shenzhen
Entity Address, Country	CN
Entity Address, Postal Zip Code	518000
City Area Code	+86
Local Phone Number	138 2338 3535
Title of 12(b) Security	Common stock
Trading Symbol	TGGI
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		20,665,578,306

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
CURRENT LIABILITIES
Accrued liabilities	$ 98,018	$ 18,000
Amount due to a director	85,244	60,170
TOTAL CURRENT LIABILITIES	183,262	78,170
TOTAL LIABILITIES	183,262	78,170
STOCKHOLDERS’ DEFICIT
Preferred stock, $0.0001 par value, 1,500,000 shares authorized, 20,000 and 220,000 shares issued and outstanding, June 30, 2022 and December 31, 2021, respectively	2	22
Common stock, $0.0001 par value, 99,995,000,000 shares authorized, 20,665,578,306 and 8,665,578,306 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	2,066,558	866,558
Additional paid-in capital		215,523
Accumulated deficit	(2,249,822)	(1,160,273)
TOTAL STOCKHOLDERS’ DEFICIT	(183,262)	(78,170)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,500,000	1,500,000
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	99,995,000,000	99,995,000,000
Common stock, shares issued	20,665,578,306	8,665,578,306
Common stock, shares outstanding	20,665,578,306	8,665,578,306
Series B Preferred Stock [Member]
Preferred stock, shares issued	20,000	220,000
Preferred stock, shares outstanding	20,000	220,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
REVENUES
COST OF REVENUES
GROSS PROFIT
OPERATING EXPENSES
Audit fee	$ 66,400		68,400
Consulting expenses	3,000	2,468	5,234	12,468
Edgar filing fee	5,003		5,003
Franchise tax expenses				820
Legal expenses	20,000		20,000
OTC markets expenses		5,500		5,500
Stock agency expenses	6,455	2,475	6,455	2,475
TOTAL OPERATING EXPENSES	100,858	10,443	105,092	21,263
OPERATING LOSS	(100,858)	(10,443)	(105,092)	(21,263)
OTHER EXPENSES
LOSS BEFORE INCOME TAX	(100,858)	(10,443)	(105,092)	(21,263)
INCOME TAX EXPENSE
NET LOSS	(100,858)	(10,443)	(105,092)	(21,263)
Other comprehensive income
Foreign currency translation adjustment
COMPREHENSIVE LOSS	$ (100,858)	$ (10,443)	$ (105,092)	$ (21,263)
Net loss per share- Basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted Average Number of shares outstanding	20,665,578,306	8,665,578,306	20,665,578,306	8,665,578,306

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2020	$ 22	$ 866,558	$ 215,523	$ (1,111,335)	$ (29,232)
Beginning balance, shares at Dec. 31, 2020	220,000	8,665,578,306
Net loss				(10,820)	(10,820)
Ending balance, value at Mar. 31, 2021	$ 22	$ 866,558	215,523	(1,122,155)	(40,052)
Ending balance, shares at Mar. 31, 2021	220,000	8,665,578,306
Net loss				(10,443)	(10,443)
Ending balance, value at Jun. 30, 2021	$ 22	$ 866,558	215,523	(1,132,598)	(50,495)
Ending balance, shares at Jun. 30, 2021	220,000	8,665,578,306
Beginning balance, value at Dec. 31, 2021	$ 22	$ 866,558	215,523	(1,160,273)	(78,170)
Beginning balance, shares at Dec. 31, 2021	220,000	8,665,578,306
Conversion, series AA preferred stock converted into common stock	$ (20)	$ 1,200,000	(215,523)	(984,457)
Conversion, series AA preferred stock converted into common stock (in Shares)	(200,000)	12,000,000,000
Net loss				(4,234)	(4,234)
Ending balance, value at Mar. 31, 2022	$ 2	$ 866,558		(2,148,964)	(82,404)
Ending balance, shares at Mar. 31, 2022	20,000	20,665,578,306
Net loss				(100,858)	(100,858)
Ending balance, value at Jun. 30, 2022	$ 2	$ 866,558		$ (2,249,822)	$ (183,262)
Ending balance, shares at Jun. 30, 2022	20,000	20,665,578,306

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (105,092)	$ (21,263)
Changes in operating assets and liabilities:
Accounts payable		1,243
Accrued liabilities	80,018
Net cash used in operating activities	(25,074)	(20,020)
CASH FLOWS FROM FINANCING ACTIVITIES:
Advanced from a director	25,074	20,020
Net cash used in financing activities	25,074	20,020
Effect of exchange rate changes on cash and cash equivalents
Net change in cash and cash equivalents
Cash and cash equivalents, beginning of period
CASH AND CASH EQUIVALENTS, END OF PERIOD
SUPPLEMENTAL CASH FLOWS INFORMATION
Cash paid for income taxes
Cash paid for interest paid

ORGANIZATION AND BUSINESS BACKG

ORGANIZATION AND BUSINESS BACKGROUND	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
ORGANIZATION AND BUSINESS BACKGROUND	NOTE 1 – ORGANIZATION AND BUSINESS BACKGROUND Trans Global Group, Inc. (the “Company”) was formed in the State of Delaware on December 31, 1993 as Teletek, Inc. On October, 2007, the Company changed its name to Trans Global Group, Inc., its current name. The Company’s purpose is to seek, investigate and, if such investigation warrants, acquire an interest in business opportunities presented to it by persons or firms who or which desire to seek the perceived advantages of an issuer who has complied with the Exchange Act. The Company will not restrict its search to any specific business, industry, or geographical location and the Company may participate in a business venture of virtually any kind or nature and we have not established any particular criteria upon which we consider a business opportunity. This discussion of the proposed business herein is purposefully general and is not meant to be restrictive of the Company’s virtually unlimited discretion to search for and enter into potential business opportunities. Management anticipates that it may be able to participate in only one potential business venture because the Company has nominal assets and limited financial resources. The Company’s accounting year-end is December 31.

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 The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented. Income Taxes The Company follows FASB ASC Subtopic 740, Income Taxes, for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Stock-based Compensation The Company follows FASB ASC Subtopic 718, Stock Compensation, for accounting for stock-based compensation. The guidance requires that new, modified and unvested share-based payment transactions with employees, such as grants of stock options and restricted stock, be recognized in the consolidated financial statements based on their fair value at the grant date and recognized as compensation expense over their vesting periods. The Company also follows the guidance for equity instruments issued to consultants. Basic Loss Per Share FASB ASC Subtopic 260, Earnings Per Share, provides for the calculation of “Basic” and “Diluted” earnings per share. Basic earnings per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding for the period. All potentially dilutive securities have been excluded from the computations since they would be antidilutive. However, these dilutive securities could potentially dilute earnings per share in the future. Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with maturities of three months or less when purchased. Cash and cash equivalents are on deposit with financial institutions without any restrictions. As of June 30, 2022 and December 31, 2021, cash equivalents amounted to $Nil 0 0

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 assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company had accumulated losses as of June 30, 2022 of $ 2,249,822 The ability of the Company to continue as a going concern is dependent on the undertaking of its shareholders to provide continuing financial support to enable the Company to meet its liabilities as and when they fall due.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 4 - STOCKHOLDERS’ EQUITY Authorized Capital Stock Common Stock The Company is authorized to issue 99,995,000,000 0.0001 20,665,578,306 Preferred Stock The Company is authorized to issue 1,500,000 0.0001 20,000 Capital Stock Issued On January 30, 2020, the Company exchanged 1,200,000 shares of old series AA preferred stock for 200,000 shares of new series AA preferred stock. On September 20, 2020, the Company issued 800,000,000 shares of common stock to VS Services, LLC for conversion of note and accrued interests. On September 22, 2020, the Company issued 20,000 series B preferred stock to Chen Ren. On March 7, 2022, 200,000 shares of series AA preferred stock were converted into 12,000,000,000 shares of common stock.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	6 Months Ended
	Jun. 30, 2022
Accrued Liabilities
ACCRUED LIABILITIES	NOTE 5 - ACCRUED LIABILITIES As of June 30, 2022, our accrued liabilities balance $ 98,018

AMOUNT DUE TO A DIRECTOR

AMOUNT DUE TO A DIRECTOR	6 Months Ended
	Jun. 30, 2022
Amount Due To Director
AMOUNT DUE TO A DIRECTOR	NOTE 6 - AMOUNT DUE TO A DIRECTOR The amount due is unsecured, interest-free with no fixed payment term, for working capital purpose.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 7 - RELATED PARTY TRANSACTIONS None.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 8 - SUBSEQUENT EVENTS On August 8, 2022, the Company has completed the acquisition of ZXG Holdings Limited. The Company is going to generate revenue primarily from the sales of beverages directly to agents, wholesalers and end users, and planning to developing and optimizing our online platform and offline channel.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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”). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented.
Income Taxes	Income Taxes The Company follows FASB ASC Subtopic 740, Income Taxes, for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change.
Stock-based Compensation	Stock-based Compensation The Company follows FASB ASC Subtopic 718, Stock Compensation, for accounting for stock-based compensation. The guidance requires that new, modified and unvested share-based payment transactions with employees, such as grants of stock options and restricted stock, be recognized in the consolidated financial statements based on their fair value at the grant date and recognized as compensation expense over their vesting periods. The Company also follows the guidance for equity instruments issued to consultants.
Basic Loss Per Share	Basic Loss Per Share FASB ASC Subtopic 260, Earnings Per Share, provides for the calculation of “Basic” and “Diluted” earnings per share. Basic earnings per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding for the period. All potentially dilutive securities have been excluded from the computations since they would be antidilutive. However, these dilutive securities could potentially dilute earnings per share in the future.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with maturities of three months or less when purchased. Cash and cash equivalents are on deposit with financial institutions without any restrictions. As of June 30, 2022 and December 31, 2021, cash equivalents amounted to $Nil 0 0

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash equivalents	$ 0	$ 0

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated losses	$ 2,249,822	$ 1,160,273

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - $ / shares	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, shares authorized	99,995,000,000	99,995,000,000
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares issued	20,665,578,306	8,665,578,306
Common stock, shares outstanding	20,665,578,306	8,665,578,306
Preferred stock, shares authorized	1,500,000	1,500,000
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, description	On January 30, 2020, the Company exchanged 1,200,000 shares of old series AA preferred stock for 200,000 shares of new series AA preferred stock. On September 20, 2020, the Company issued 800,000,000 shares of common stock to VS Services, LLC for conversion of note and accrued interests. On September 22, 2020, the Company issued 20,000 series B preferred stock to Chen Ren. On March 7, 2022, 200,000 shares of series AA preferred stock were converted into 12,000,000,000 shares of common stock.
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	20,000	220,000
Preferred stock, shares outstanding	20,000	220,000

ACCRUED LIABILITIES (Details Na

ACCRUED LIABILITIES (Details Narrative) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Accrued Liabilities
Accrued liabilities	$ 98,018	$ 18,000