WidFit 10-K 30 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 29, 2023
Details
Registrant CIK	0001912954
Fiscal Year End	--12-31
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	333-263379
Entity Registrant Name	WIDFIT INC
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	38-4045138
Entity Address, Address Line One	Jabotinsky Street
Entity Address, City or Town	Hod Hasharon
Entity Address, Country	IL
Entity Address, Postal Zip Code	4530803
City Area Code	236
Local Phone Number	523-9606
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Financial Statement Error Correction	false
Entity Shell Company	true
Entity Public Float		$ 0
Entity Common Stock, Shares Outstanding		6,575,000
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Auditor Firm ID	6108
Auditor Name	MICHAEL GILLESPIE & ASSOCIATES, PLLC
Auditor Location	Washington

Balance Sheet

Balance Sheet - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 21,117	$ 1,554
Advances	0	7,500
Total current assets	21,117	9,054
Total assets	21,117	9,054
Current liabilities
Due to related parties current	9,250	0
Total Current liabilities	9,250	0
STOCKHOLDERS' EQUITY
Common stock: $0.001 par value, 75,000,000 shares authorized, 6,575,000 shares issued and outstanding as on December 31, 2022, and 5,000,000 shares issued and outstanding as on December 31, 2021, respectively	6,575	5,000
Additional paid-in capital	34,925	5,000
Accumulated deficit	(29,633)	(946)
Total stockholders' equity	11,867	9,054
Total liabilities and stockholders' equity	$ 21,117	$ 9,054

Balance Sheet - Parenthetical

Balance Sheet - Parenthetical - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Balance Sheet
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares, Outstanding	6,575,000	5,000,000
Common Stock, Shares, Issued	6,575,000	5,000,000

Statement of Operations

Statement of Operations - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Operations
REVENUE	$ 0	$ 0
OPERATING EXPENSES
General and administration expenses	8,937	946
Professional fees	19,750	0
Total operating expenses	28,687	946
Net loss before taxes	(28,687)	(946)
Income tax	0	0
Net loss	$ (28,687)	$ (946)
Net loss per common share - basic and diluted	$ 0	$ 0
Weighted average number of shares of common stock outstanding - basic and diluted	$ 5,838,082	$ 5,000,000

Statement of Stockholders' Equi

Statement of Stockholders' Equity - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Equity Balance at Dec. 31, 2020	$ 0	$ 0	$ 0	$ 0
Equity Balance, shares at Dec. 31, 2020	0
Stock issued for cash	$ 5,000	5,000	0	10,000
Stock issued for cash	5,000,000
Net loss	$ 0	0	(946)	(946)
Equity Balance, shares at Dec. 31, 2021	5,000,000
Equity Balance at Dec. 31, 2021	$ 5,000	5,000	(946)	9,054
Stock issued for cash	$ 1,575	29,925	0	31,500
Stock issued for cash	1,575,000
Net loss	$ 0	0	(28,687)	(28,687)
Equity Balance, shares at Dec. 31, 2022	6,575,000
Equity Balance at Dec. 31, 2022	$ 6,575	$ 34,925	$ (29,633)	$ 11,867

Statement of Cash Flows

Statement of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities
Net loss	$ (28,687)	$ (946)
Changes in operating assets and liabilities
(Increase) Decrease in advances	7,500	(7,500)
Net cash used in operating activities	(21,187)	(8,446)
Cash Flows from Financing Activities
Proceeds from related party debt	9,250	0
Proceeds from issuance of common stock	31,500	10,000
Net cash provided by financing activities	40,750	10,000
Net increase (decrease) in cash, cash equivalents and restricted cash	19,563	1,554
Cash, cash equivalents and restricted cash at beginning of the period	1,554	0
Cash, cash equivalents and restricted cash at end of the period	21,117	1,554
Supplemental Cash Flow Information
Cash paid for interest	0	0
Cash paid for income taxes	$ 0	$ 0

Organization And Nature Of Busi

Organization And Nature Of Business	12 Months Ended
	Dec. 31, 2022
Notes
Organization And Nature Of Business	NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS WidFit Inc. (“the Company”, “we”, “us” or “our”) was incorporated on December 13, 2021, in the State of Nevada.

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2022
Notes
Going Concern	NOTE 2 – GOING CONCERN The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. As a development-stage company, the Company had no revenues and incurred losses as of December 31, 2022. The Company currently has limited working capital and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. 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.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Notes
Summary Of Significant Accounting Policies	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The results for the year ended December 31, 2022, are not necessarily indicative of the results of operations for the full year. The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at December 31, 2022, and for the related periods presented. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $21,117 of cash as of December 31, 2022. Income Taxes The Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net income, regardless of when reported for tax purposes. Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers Use of Estimates The preparation of financial statements in 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. A change in managements’ estimates or assumptions could have a material impact on Widfit Inc.’s financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. Widfit Inc.’s financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 Level 2 Level 3 In accordance with the fair value accounting requirements, companies may choose to measure eligible financial instruments and certain other items at fair value. The Company has not elected the fair value option for any eligible financial instruments. As of December 31, 2022, the carrying value of loans that are required to be measured at fair value, approximated fair value due to the short-term nature and maturity of these instruments. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Comprehensive Income ASC 220, “Comprehensive Income” establishes standards for the reporting and display of comprehensive income and its components in the financial statements. As at December 31, 2022, the Company had no items that affected comprehensive loss. Foreign Currency Translation The Company’s functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management has adopted ASC 830, “Foreign Currency Translation Matters”. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the statement of operations. Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

NOTE 4 - RELATED PARTY TRANSACT

NOTE 4 - RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Notes
NOTE 4 - RELATED PARTY TRANSACTIONS	NOTE 4 – RELATED PARTY TRANSACTIONS Shares issued to related party On December 13, 2021, the company issued a total of 5,000,000 common shares to its President, Shahira Wely for total proceeds of $10,000, valued at a price of $0.002 per share. On January 25, 2022, Company received $1,750 from Shahira Wely, President of the company as a loan. These loans were unsecured, noninterest bearing and due on demand. On May 20, 2022, Company received $7,500 from Shahira Wely, President of the company as a loan. These loans were unsecured, noninterest bearing and due on demand. As of December 31, 2022, and December 31, 2021, due to related party is $9,250 and $0 respectively.

NOTE 5 - STOCKHOLDERS' EQUITY

NOTE 5 - STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2022
Notes
NOTE 5 - STOCKHOLDERS' EQUITY	NOTE 5 – STOCKHOLDERS’ EQUITY Capital Stock As of December 31, 2021, the Company’s authorized stock consists of 75,000,000 shares of common stock at a par value of $0.001 per share. Common Stock On December 13, 2021, the company issued a total of 5,000,000 common shares to its President, Shahira Wely for total proceeds of $10,000, valued at a price of $0.002 per share. During the three months ended June 30, 2022, the company issued a total of 1,375,000 common shares to various shareholders for total proceeds of $27,500, valued at a price of $0.02 per share. During the three months ended September 30, 2022, the company issued a total of 200,000 common shares to various shareholders for total proceeds of $4,000, valued at a price of $0.02 per share. As of December 31,2022, and December 31, 2021, the Company has 6,575,000 and 5,000,000 shares of common stock issued and outstanding, respectively.

NOTE 6 - SUBSEQUENT EVENTS

NOTE 6 - SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
Notes
NOTE 6 - SUBSEQUENT EVENTS	NOTE 6 – SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after December 31, 2022 through March 29, 2022. The Company determined that it does not have any subsequent event requiring recording or disclosure in the financial statements for the period from April 1, 2022 to December 31, 2022 .

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies: Basis Of Presentation (Policies)	12 Months Ended
	Dec. 31, 2022
Policies
Basis Of Presentation	Basis of presentation The results for the year ended December 31, 2022, are not necessarily indicative of the results of operations for the full year. The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at December 31, 2022, and for the related periods presented.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies: Cash And Cash Equivalents (Policies)	12 Months Ended
	Dec. 31, 2022
Policies
Cash And Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $21,117 of cash as of December 31, 2022.

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies: Income Taxes (Policies)	12 Months Ended
	Dec. 31, 2022
Policies
Income Taxes	Income Taxes The Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net income, regardless of when reported for tax purposes.

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies: Revenue Recognition (Policies)	12 Months Ended
	Dec. 31, 2022
Policies
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies: Use Of Estimates (Policies)	12 Months Ended
	Dec. 31, 2022
Policies
Use Of Estimates	Use of Estimates The preparation of financial statements in 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. A change in managements’ estimates or assumptions could have a material impact on Widfit Inc.’s financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. Widfit Inc.’s financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented.

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies: Fair Value Of Financial Istruments (Policies)	12 Months Ended
	Dec. 31, 2022
Policies
Fair Value Of Financial Istruments	Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 Level 2 Level 3 In accordance with the fair value accounting requirements, companies may choose to measure eligible financial instruments and certain other items at fair value. The Company has not elected the fair value option for any eligible financial instruments. As of December 31, 2022, the carrying value of loans that are required to be measured at fair value, approximated fair value due to the short-term nature and maturity of these instruments.

Summary Of Significant Accoun_8

Summary Of Significant Accounting Policies: Stock-Based Compensation (Policies)	12 Months Ended
	Dec. 31, 2022
Policies
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.

Summary Of Significant Accoun_9

Summary Of Significant Accounting Policies: Basic Income (Loss) Per Share (Policies)	12 Months Ended
	Dec. 31, 2022
Policies
Basic Income (Loss) Per Share	Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

Summary Of Significant Accou_10

Summary Of Significant Accounting Policies: Comprehensive Income (Policies)	12 Months Ended
	Dec. 31, 2022
Policies
Comprehensive Income	Comprehensive Income ASC 220, “Comprehensive Income” establishes standards for the reporting and display of comprehensive income and its components in the financial statements. As at December 31, 2022, the Company had no items that affected comprehensive loss.

Summary Of Significant Accou_11

Summary Of Significant Accounting Policies: Foreign Currency Translation (Policies)	12 Months Ended
	Dec. 31, 2022
Policies
Foreign Currency Translation	Foreign Currency Translation The Company’s functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management has adopted ASC 830, “Foreign Currency Translation Matters”. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the statement of operations.

Summary Of Significant Accou_12

Summary Of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)	12 Months Ended
	Dec. 31, 2022
Policies
Recent Accounting Pronouncements	Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

Summary Of Significant Accou_13

Summary Of Significant Accounting Policies: Cash And Cash Equivalents (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Details
Cash and cash equivalents	$ 21,117	$ 1,554

NOTE 4 - RELATED PARTY TRANSA_2

NOTE 4 - RELATED PARTY TRANSACTIONS (Details) - USD ($)				12 Months Ended
	May 20, 2022	Jan. 25, 2022	Dec. 13, 2021	Dec. 31, 2022	Dec. 31, 2021
Proceeds from issuance of common stock				$ 31,500	$ 10,000
Proceeds from related party debt				9,250	0
Due to related parties current				$ 9,250	$ 0
Common Stock
Stock issued for cash				1,575,000	5,000,000
Shahira Wely | Loans Payable
Proceeds from related party debt	$ 7,500	$ 1,750
Debt Instrument, Description	These loans were unsecured, noninterest bearing and due on demand	These loans were unsecured, noninterest bearing and due on demand
Shahira Wely | Common Stock
Stock issued for cash			5,000,000
Proceeds from issuance of common stock			$ 10,000
Sale of Stock, Price Per Share			$ 0.002

NOTE 5 - STOCKHOLDERS' EQUITY (

NOTE 5 - STOCKHOLDERS' EQUITY (Details) - USD ($)		3 Months Ended		12 Months Ended
	Dec. 13, 2021	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Common Stock, Shares Authorized				75,000,000	75,000,000
Common Stock, Par or Stated Value Per Share				$ 0.001	$ 0.001
Proceeds from issuance of common stock				$ 31,500	$ 10,000
Stock issued for cash				$ 31,500	$ 10,000
Common Stock, Shares, Issued				6,575,000	5,000,000
Common Stock, Shares, Outstanding				6,575,000	5,000,000
Common Stock
Stock issued for cash				1,575,000	5,000,000
Stock issued for cash				$ 1,575	$ 5,000
Shahira Wely | Common Stock
Stock issued for cash	5,000,000
Proceeds from issuance of common stock	$ 10,000
Sale of Stock, Price Per Share	$ 0.002
Various Shareholders | Common Stock
Stock issued for cash		200,000	1,375,000
Sale of Stock, Price Per Share		$ 0.02	$ 0.02
Stock issued for cash		$ 4,000	$ 27,500