Cover
Cover | 3 Months Ended |
Mar. 31, 2021shares | |
Cover [Abstract] | |
Entity Registrant Name | Kenilworth Systems Corporation |
Entity Central Index Key | 0000055234 |
Document Type | 10-Q |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Small Business | true |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | No |
Document Period End Date | Mar. 31, 2021 |
Entity Filer Category | Non-accelerated Filer |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2021 |
Entity Common Stock Shares Outstanding | 6,818,435 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Interactive Data Current | No |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating revenue: | ||
Revenue | $ 0 | $ 0 |
Total revenue | 0 | 0 |
Operating expenses: | ||
Bank Charges & Fees | 45 | 60 |
Legal & Professional Services | 0 | 19,455 |
Miscellaneous | 0 | 2,093 |
Total operating expenses | 45 | 21,608 |
Loss from operations | (45) | (21,608) |
Other Income (expenses) | ||
Total other income/(expense) | 0 | 0 |
Net Income/ loss | $ (45) | $ (21,608) |
Earnings per share | ||
Basic | $ (0.0015) | $ (0.0032) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS Current Assets | ||
Bank | $ 945 | $ 990 |
Due from Related Party | 900 | 12,000 |
Total current assets | 1,845 | 1,890 |
TOTAL ASSETS | 1,845 | 1,890 |
Current Liabilities | ||
Total current liabilities | 0 | 0 |
Total other liabilities | 0 | 0 |
TOTAL LIABILITIES | 0 | 0 |
Stockholders' Equity | ||
Common stock, par value $.01 - authorized 1,000,000,000 shares, 6,818,435 shares issued and outstanding, | 68,184 | 68,184 |
Additional paid-in-capital | 39,195,858 | 39,195,858 |
Accumulated deficit | (39,262,457) | (39,262,412) |
Total stockholders' equity | 1,845 | 1,890 |
Total liabilities and stockholders' equity | 1,845 | 1,890 |
Series A Preferred Stock | ||
Stockholders' Equity | ||
Series A convertible preferred stock, par value $.01 - authorized 50,000, shares, 25,000 shares issued and outstanding | 250 | 250 |
Series B Preferred Stock | ||
Stockholders' Equity | ||
Series A convertible preferred stock, par value $.01 - authorized 50,000, shares, 25,000 shares issued and outstanding | 0 | 0 |
Series C Preferred Stock | ||
Stockholders' Equity | ||
Series A convertible preferred stock, par value $.01 - authorized 50,000, shares, 25,000 shares issued and outstanding | $ 10 | $ 10 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Common stock, par value | $ .01 | $ .01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 6,818,435 | 6,818,435 |
Common stock, shares outstanding | 6,818,435 | 6,818,435 |
Series A Preferred Stock | ||
Preferred stock, par value | $ .01 | $ .01 |
Preferred stock, shares authorized | 50,000 | 50,000 |
Preferred stock, shares issued | 25,000 | 25,000 |
Preferred stock, shares outstanding | 25,000 | 25,000 |
Series B Preferred Stock | ||
Preferred stock, par value | $ .01 | $ .01 |
Preferred stock, shares authorized | 300,000 | 300,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series C Preferred Stock | ||
Preferred stock, par value | $ .01 | $ .01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 1,000 | 1,000 |
Preferred stock, shares outstanding | 1,000 | 1,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss from continuing operations attributable to common stockholders | $ (45) | $ (10,110) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Preferred stock issued for services | 0 | 0 |
Changes in: | ||
Receivables | 0 | 11,100 |
Net cash used in operating activities | (45) | 990 |
Cash flows from investing activities | ||
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities | ||
Net cash provided by financing activities | 0 | 0 |
Net increase in cash | (45) | 990 |
Cash, beginning of period | 990 | 0 |
Cash, end of period | $ 945 | $ 990 |
CONDENSED CONSOLIDATED OF CHANG
CONDENSED CONSOLIDATED OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIT) (unaudited) - USD ($) | Total | Common Stock | Series A, Preferred Stock | Additional Paid-In Capital | Series B, Convertible Preferred Stock | Series C, Preferred Stock | Accumulated Loss |
Balance, shares at Dec. 31, 2017 | 25,000 | ||||||
Balance, amount at Dec. 31, 2017 | $ 0 | $ 250 | |||||
Common stock issued for services, shares | 9,500 | ||||||
Common stock issued for services, amount | $ 32,181 | $ 95 | $ 32,086 | ||||
Common stock issued for bonus | 24,500 | $ 50 | 24,450 | ||||
Common stock issued for bonus, shares | 5,000 | ||||||
Common stock issued for directors, shares | 3,000 | ||||||
Common stock issued for directors | 30,000 | $ 30 | 29,970 | ||||
Common stock issued for reverse stock split true-ups, shares | 1,617 | ||||||
Common stock issued for reverse stock split true-ups | $ 16 | (16) | |||||
Common stock issued for loan extinguisment, shares | 3,525,723 | ||||||
Common stock issued for loan extinguisment, amounts | 157,162 | $ 35,257 | 121,905 | ||||
Stock issuance made in error, shares | 4,390 | ||||||
Stock issuance made in errors, amount | 29,960 | $ 44 | 29,916 | ||||
Stock issuances for ESOP, shares | 1,000,000 | ||||||
Stock issuances for ESOP, amount | $ 10,000 | (10,000) | |||||
Issuance of preferred stock, shares | (300,000) | 1,000 | |||||
Issuance of preferred stock, amount | 13,000 | 9,990 | $ (3,000) | $ 10 | |||
Conversion of preferred stock to common stock, shares | 300,000 | ||||||
Conversion of preferred stock to common stock, amount | $ 3,000 | ||||||
Subscription receivable common stock, shares | 2,667 | ||||||
Subscription receivable common stock, amount | (6,141) | $ 27 | (6,167) | ||||
Sale of common stock issued, shares | 146,012 | ||||||
Sale of common stock issued, amount | 510,701 | $ 1,460 | 509,241 | ||||
Net income loss | (953,216) | $ (953,216) | |||||
Balance, shares at Dec. 31, 2018 | 6,818,435 | 25,000 | 0 | 1,000 | |||
Balance, amount at Dec. 31, 2018 | 269,264 | $ 68,184 | $ 250 | 39,195,859 | $ 0 | $ 10 | (39,230,694) |
Common stock issued for services, amount | 0 | ||||||
Common stock issued for bonus | 0 | ||||||
Common stock issued for directors | 0 | ||||||
Common stock issued for reverse stock split true-ups | 0 | ||||||
Common stock issued for loan extinguisment, amounts | 0 | ||||||
Stock issuance made in errors, amount | 0 | ||||||
Stock issuances for ESOP, amount | 0 | ||||||
Issuance of preferred stock, amount | 0 | ||||||
Conversion of preferred stock to common stock, amount | 0 | ||||||
Subscription receivable common stock, amount | 0 | ||||||
Sale of common stock issued, amount | $ 0 | ||||||
Net income loss | (21,608) | (21,608) | |||||
Balance, shares at Dec. 31, 2019 | 6,818,435 | 25,000 | 0 | 1,000 | |||
Balance, amount at Dec. 31, 2019 | 269,264 | $ 68,184 | $ 250 | 39,195,859 | $ 0 | $ 10 | (39,252,302) |
Common stock issued for services, shares | 9,500 | ||||||
Common stock issued for services, amount | $ 95 | 32,086 | |||||
Common stock issued for bonus | 32,086 | $ 32,086 | $ 32,086 | 32,086 | $ 32,086 | $ 32,086 | 32,086 |
Common stock issued for bonus, shares | 32,086 | ||||||
Common stock issued for reverse stock split true-ups | $ 0 | ||||||
Common stock issued for loan extinguisment, amounts | 0 | ||||||
Stock issuance made in errors, amount | 0 | ||||||
Stock issuances for ESOP, amount | 0 | ||||||
Issuance of preferred stock, amount | 0 | ||||||
Conversion of preferred stock to common stock, amount | 0 | ||||||
Subscription receivable common stock, amount | 100 | ||||||
Sale of common stock issued, amount | $ 0 | ||||||
Net income loss | (21,608) | (10,110) | |||||
Balance, shares at Mar. 31, 2020 | 6,818,435 | 25,000 | 0 | 1,000 | |||
Balance, amount at Mar. 31, 2020 | 269,264 | $ 68,184 | $ 250 | 39,195,959 | $ 0 | $ 10 | (39,262,412) |
Balance, shares at Dec. 31, 2019 | 6,818,435 | 25,000 | 0 | 1,000 | |||
Balance, amount at Dec. 31, 2019 | 269,264 | $ 68,184 | $ 250 | 39,195,859 | $ 0 | $ 10 | (39,252,302) |
Net income loss | (10,110) | ||||||
Balance, shares at Dec. 31, 2020 | 6,818,435 | 25,000 | 0 | 1,000 | |||
Balance, amount at Dec. 31, 2020 | 1,890 | $ 68,184 | $ 250 | 39,195,959 | $ 0 | $ 10 | (39,262,412) |
Balance, shares at Mar. 31, 2020 | 6,818,435 | 25,000 | 0 | 1,000 | |||
Balance, amount at Mar. 31, 2020 | 269,264 | $ 68,184 | $ 250 | 39,195,959 | $ 0 | $ 10 | (39,262,412) |
Net income loss | 0 | $ 0 | $ 0 | $ 0 | 0 | ||
Subscription receivables common stock | 100 | ||||||
Balance, shares at Dec. 31, 2020 | 6,818,435 | 25,000 | 0 | 1,000 | |||
Balance, amount at Dec. 31, 2020 | 1,890 | $ 68,184 | $ 250 | 39,195,959 | $ 0 | $ 10 | (39,262,412) |
Common stock issued for services, amount | 0 | ||||||
Common stock issued for bonus | 0 | ||||||
Common stock issued for directors | 0 | ||||||
Common stock issued for reverse stock split true-ups | 0 | ||||||
Common stock issued for loan extinguisment, amounts | 0 | ||||||
Stock issuance made in errors, amount | 0 | ||||||
Stock issuances for ESOP, amount | 0 | ||||||
Issuance of preferred stock, amount | 0 | ||||||
Conversion of preferred stock to common stock, amount | 0 | ||||||
Subscription receivable common stock, amount | 100 | ||||||
Sale of common stock issued, amount | 0 | ||||||
Net income loss | (45) | $ 0 | |||||
Sale of common stock issued | 0 | ||||||
Balance, shares at Mar. 31, 2021 | 6,818,435 | 25,000 | 0 | 1,000 | |||
Balance, amount at Mar. 31, 2021 | $ 1,845 | $ 68,184 | $ 250 | $ 39,196,059 | $ 0 | $ 10 | $ (39,262,457) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2021 | |
BASIS OF PRESENTATION | |
NOTE 1 - BASIS OF PRESENTATION | In the opinion of management, the accompanying audited condensed consolidated financial statements of Kenilworth Systems Corporation and subsidiaries (“Kenilworth”) beginning as of January 1, 2021 contain all adjustments (consisting of only normal accruals) necessary to present fairly the consolidated balance sheets as of March 31, 2021 and the related statements of operations and cash flows for the three (3) month periods ended March 31, 2021. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on FORM 10-K for the fiscal year ended December 31, 2020. The results of operations for the three (3) month period ended March 31, 2021 are not necessarily indicative of the anticipated results for the entire year ending December 31, 2021. |
THE COMPANY AND NATURE OF BUSIN
THE COMPANY AND NATURE OF BUSINESS | 3 Months Ended |
Mar. 31, 2021 | |
THE COMPANY AND NATURE OF BUSINESS | |
NOTE 2 - THE COMPANY AND NATURE OF BUSINESS | THE COMPANY Kenilworth Systems Corporation hereinafter referred to as “Kenilworth”, the “Company” or “we”, was incorporated on April 25, 1968, under the laws of the State of New York. Kenilworth has been a publicly traded Company since August 1968 formerly on the National NASDAQ Market, presently on the OTC Pink Sheet Market since emerging from Bankruptcy Proceedings in September 1998. Kenilworth has since been presented as a Development Stage Company, a designation we still ardently object to. GENERAL Since early in the year 2019 we have been solely engaged in developing patents, markets and investigating how best to obtain Governmental approvals, by engaging lobbyists and consultants that would allow Internet, television, satellite, cable subscribers. Kenilworth Systems is a leader in developing state of the art software for corporate licensing relating to technological design fields. Kenilworth’s revenues will generate from its licenses and patents 49% interest in a joint-venture operation to develop on- line secure tools for its clients and vendors of clients. EMPLOYEES Kenilworth, at present, has no employees MARKETING STRATEGY/SALES PLAN As of December 31 st COMPETITION Our business is subject to significant competition. Competition exists from larger companies that possess substantially greater technical, financial, sales and marketing resources that Kenilworth presently possesses. Such competition is expected to increase. Such increased competition may have a material adverse effect on Kenilworth’s ability to successfully market its products. PATENTS, TRADEMARKS AND INTELLECTUAL PROPERTY On June 10, 2003, the U.S. Patent for the various aspects of wagering on live in-progress casino table games was granted by the U.S. Patent Office to Herbert Lindo, the Inventor and which Patent was assigned by Herbert Lindo to the Company in August 2000. We filed the Patent for approval in fifty-one (51) countries in the industrialized world including Russia and China. There can be no assurances that foreign patents will be issued, and the challenges will not be instituted against the validity or enforceability of our patent”. GOVERNMENT REGULATIONS Kenilworth has no licenses from any casino regulating authorities and may not require any casino licenses at the present time and may never become able to obtain any licenses that may be required in the future. Each state has its own regulations, and in states where Kenilworth does business, Kenilworth will have to comply with these regulations and there can be no assurances that it will be able to do so or obtain the necessary license in an applicable jurisdiction. This discussion is not necessarily complete or current, regarding laws and regulations that may be applicable to us. Any present laws are also subject to future change, amendment or cancellation and there is no assurance that Kenilworth will be able to meet those requirements. |
PRINCIPLES OF CONSOLIDATION
PRINCIPLES OF CONSOLIDATION | 3 Months Ended |
Mar. 31, 2021 | |
PRINCIPLES OF CONSOLIDATION | |
NOTE 3 - PRINCIPLES OF CONSOLIDATION | The consolidated financial statements include the accounts of Kenilworth Systems Corporation and its wholly owned subsidiaries: Kenilworth Systems Nevada Corporation, Kenilworth Satellite Broadcasting Corporation, KenSysCo Corporation, KenSysCo International and Convergent Networks. None of these subsidiaries has any assets or liabilities, except for KenSysCo Corporation. |
GOING CONCERN UNCERTAINTY
GOING CONCERN UNCERTAINTY | 3 Months Ended |
Mar. 31, 2021 | |
GOING CONCERN UNCERTAINTY | |
NOTE 4 - GOING CONCERN UNCERTAINTY | For the years ended December 31, 2020, and December 31, 2019, the Company incurred net losses of approximately $10,110 and $21,608 respectively. For the three (3) months ending March 31, 2021 the company incurred losses of approximately $45. Also, it has not yet received any revenues from its operations. These factors create substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company generating cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations. Management’s plans include selling its equity securities and obtaining debt financing to fund its capital requirement and ongoing operations; however, there can be no assurance the Company will be successful in these efforts. |
NON-CASH TRANSACTIONS
NON-CASH TRANSACTIONS | 3 Months Ended |
Mar. 31, 2021 | |
NON-CASH TRANSACTIONS | |
NOTE 5 - NON-CASH TRANSACTIONS | 2021: The Company issued 2,685,750 common shares to shareholders. 2020: No new issuances 2011: The Company issued 28,000,000 shares to directors, officers and employees as compensation for services rendered, valued at $44,000; 45,354,760 shares were issued for legal and consulting services valued at $257,376 and a vendor debt was settled for 1,875,000 shares, valued at $12,200. 2010: The Company issued six million (6,000,000) shares to Directors and employees as compensation for services rendered in the twelve (12) months ended December 31, 2010. 2009: The Company issued 23,179,000 shares as compensation for services rendered. The services were valued at $347,686. 2008: The Company issued 20,675,000 shares as compensation for services rendered. The services were valued at $418,500. PREPAID EXPENSES Prepaid expenses consist of consulting retainers and the unamortized value of stock issued to directors for their services for the twelve (12) month period ending June 30, 2011. The balance will be amortized on a straight-line basis over the remaining term. The directors receive no other compensation. |
PAYROLL TAXES PAYABLE
PAYROLL TAXES PAYABLE | 3 Months Ended |
Mar. 31, 2021 | |
PAYROLL TAXES PAYABLE | |
NOTE 6 - PAYROLL TAXES PAYABLE | The Company has not had payroll and no payroll taxes due as since 2012. These balances were assigned to personally to President Dan Snyder by the IRS as stated in the prior reported December 31 , 2020 Form 10K |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2021 | |
SUBSEQUENT EVENTS | |
NOTE 7 - SUBSEQUENT EVENTS | On March 3rd, 2021, Kenilworth Systems Corp has signed a Letter of Intent (LOI) to acquire ACL Group’s Arete Data as well as intellectual property and database asset. Management is performing an evaluation of Company activity through July 30, 2021. |
GOING CONCERN UNCERTAINTY (Deta
GOING CONCERN UNCERTAINTY (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
GOING CONCERN UNCERTAINTY | ||||||
Net income loss | $ (45) | $ (21,608) | $ 0 | $ (10,110) | $ (21,608) | $ (953,216) |
NON-CASH TRANSACTIONS (Details
NON-CASH TRANSACTIONS (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 |
Common stock issued | 2,685,750 | ||||
Legal and consulting services [Member] | |||||
Common stock issued | 45,354,760 | ||||
Common stock issued, value | $ 257,376 | ||||
Vendor debt [Member] | |||||
Common stock issued | 1,875,000 | ||||
Common stock issued, value | $ 12,200 | ||||
Director, officers and employees [Member] | |||||
Common stock issued | 28,000,000 | 6,000,000 | 23,179,000 | 20,675,000 | |
Common stock issued, value | $ 44,000 | $ 347,686 | $ 418,500 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | Mar. 31, 2021shares |
SUBSEQUENT EVENTS | |
Common stock issued | 2,685,750 |