Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 31, 2021 | Jun. 30, 2020 | |
Document And Entity Information | |||
Entity Registrant Name | Logicquest Technology, Inc. | ||
Entity Central Index Key | 0000768216 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 94,467 | ||
Entity Common Stock, Shares Outstanding | 2,301,968 | ||
Auditor Attestation Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation | NV | ||
Entity File Number | 000-22711 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Prepaid expenses and other current assets | $ 1,139 | $ 510 |
Total current assets | 1,139 | 510 |
Total assets | 1,139 | 510 |
Current liabilities: | ||
Accrued liabilities | 3,802,597 | 3,513,273 |
Due to related party | 970,093 | 849,149 |
Note payable | 1,337,600 | 1,337,600 |
Total current liabilities | 6,110,290 | 5,700,022 |
Stockholders' deficit: | ||
Preferred stock | ||
Common stock, $0.001 par value, 200,000,000 shares authorized, 2,301,968 shares issued and outstanding at December 31, 2020 and 2019 | 2,302 | 2,302 |
Additional paid-in capital | 22,487,937 | 22,487,937 |
Accumulated deficit | (28,599,390) | (28,189,751) |
Total stockholders' deficit | (6,109,151) | (5,699,512) |
Total liabilities and stockholders' deficit | 1,139 | 510 |
Series C Convertible Non-Redeemable preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | ||
Undesignated preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | ||
Series D Convertible Non-Redeemable preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock, par value per share | $ 0.001 | |
Common stock, shares authorized | 200,000,000 | |
Common stock, shares issued | 2,301,968 | |
Common stock, shares outstanding | 2,301,968 | |
Undesignated preferred stock [Member] | ||
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 9,999,942 | 9,999,942 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series C Convertible Non-Redeemable preferred stock [Member] | ||
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 48 | 48 |
Preferred stock, shares issued | 48 | 48 |
Preferred stock, shares outstanding | 48 | 48 |
Preferred stock, per share liquidation preference | $ 12,500 | $ 12,500 |
Preferred stock, aggregate liquidation value | $ 600,000 | |
Series D Convertible Non-Redeemable preferred stock [Member] | ||
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10 | 10 |
Preferred stock, shares issued | 10 | 10 |
Preferred stock, shares outstanding | 10 | 10 |
Preferred stock, per share liquidation preference | $ 8,725 | $ 8,725 |
Preferred stock, aggregate liquidation value | $ 87,250 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating expenses | ||
Selling, general and administrative expenses | $ 88,449 | $ 82,698 |
Loss from operations | (88,449) | (82,698) |
Interest expense | (321,190) | (320,640) |
Total other expenses | (321,190) | (320,640) |
Net loss | $ (409,639) | $ (403,338) |
Net loss per share - basic and diluted | $ (0.18) | $ (0.18) |
Basic and diluted weighted average shares outstanding | 2,301,968 | 2,301,968 |
STATEMENTS OF STOCKHOLDERS' DEF
STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Total |
Balance at Dec. 31, 2018 | $ 2,302 | $ 22,487,937 | $ (27,786,413) | $ (5,296,174) | ||
Balance, shares at Dec. 31, 2018 | 2,301,968 | 48 | 10 | |||
Net loss | (403,338) | (403,338) | ||||
Balance at Dec. 31, 2019 | $ 2,302 | 22,487,937 | (28,189,751) | (5,699,512) | ||
Balance, shares at Dec. 31, 2019 | 2,301,968 | 48 | 10 | |||
Net loss | (409,639) | (409,639) | ||||
Balance at Dec. 31, 2020 | $ 2,302 | $ 22,487,937 | $ (28,599,390) | $ (6,109,151) | ||
Balance, shares at Dec. 31, 2020 | 2,301,968 | 48 | 10 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (409,639) | $ (403,338) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (629) | |
Accrued liabilities | 410,268 | 403,338 |
Net cash used in operating activities | ||
Net decrease in cash and cash equivalents | ||
Cash and cash equivalents at beginning of year | ||
Cash and cash equivalents at end of year | ||
Supplemental Disclosure of Cash Flows Information: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Non-cash transactions: | ||
Prepayment and operating expenses directly paid by related party | $ 120,944 | $ 64,276 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Logicquest Technology, Inc. (we, our, the Company) is a Nevada Corporation that previously consisted of the networking service (carrier/circuit) business. It provided internet connectivity to corporate clients on a subscription basis; essentially operating as a value-added provider until it ceased operations effective June 30, 2014. The Company was originally incorporated as Solis Communications, Inc. on July 23, 2001 and adopted a name change to Crescent Communications Inc. upon completion of a reverse acquisition of Berens Industries, Inc. In 2004, we changed our name to Bluegate Corporation (Bluegate). On March 19, 2015, the Company changed its name to Logicquest Technology, Inc. (Logicquest). The Company currently has no operations and the Companys Board of Directors is currently seeking investment opportunities. Following is a summary of the Companys significant accounting policies: SIGNIFICANT ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) 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 dates of the financial statements and the reported amounts of revenues and expenses during the periods. The extent to which the COVID-19 pandemic may directly or indirectly impact our business, financial condition, and results of operations is highly uncertain and subject to change. We considered the potential impact of the COVID-19 pandemic on our estimates and assumptions and there was not a material impact to our consolidated financial statements as of and for the year ended December 31, 2020. Actual results could differ from estimates making it reasonably possible that a change in the estimates could occur in the near term. RELATED PARTY TRANSACTIONS A related party is generally defined as (i) any person that holds 10% or more of the Companys securities and their immediate families, (ii) the Companys management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. FAIR VALUE OF FINANCIAL INSTRUMENTS For certain of the Companys financial instruments, including prepaid expenses and accrued liabilities, the carrying amounts approximate fair values due to their short maturities. Transactions involving related parties cannot be presumed to be carried out on an arms-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arms-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due to related parties and lease and management arrangement with related parties, if any, due to their related party nature. INCOME TAXES The Company uses the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded to reflect the tax consequences on future years of temporary differences between the tax basis of assets and liabilities and their financial amounts at year-end. The Company provides a valuation allowance to reduce deferred tax assets to their net realizable value. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 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 positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. STOCK-BASED COMPENSATION Accounting Standard 718, Accounting for Stock-Based Compensation (ASC 718) established financial accounting and reporting standards for stock-based employee compensation plans. It defines a fair value-based method of accounting for an employee stock option or similar equity instrument. ASC 718 requires companies to recognize in the statement of operations the grant-date fair value of stock options and other equity-based compensation. The Company accounts for compensation cost for stock option plans in accordance with ASC 718. In June 2018, the FASB issued ASU No. 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting (Topic 550 and 718)." The standard simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees (accounted for under ASC 550) would be aligned with the requirements for share-based payments granted to employees (accounted for under ASC 718). LOSS PER SHARE Basic and diluted net loss per share is computed on the basis of the weighted average number of shares of common stock outstanding during each period. The Company does not have any potentially dilutive instruments for the years ended December 31, 2020 and 2019. Accordingly, basic and diluted losses per share were identical for the years ended December 31, 2020 and 2019. LEASES ASU 2016-02, Leases (ASU 2016-02) is codified in ASC 842, Leases (ASC 842). Under ASU 2016-02, lessees will be required to recognize all leases (with the exception of short-term leases) at the commencement date including a lease liability, which is a lessees obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use (ROU) asset, which is an asset that represents the lessees right to use, or control the use of, a specified asset for the lease term. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. In December 2017, January 2018, July 2018, December 2018 and March 2019, the FASB issued ASU 2017-13, ASU 2018-01, ASU 2018-10 & 11, ASU 2018-20 and ASU 2019-01, respectively, which contain modifications and improvements to ASU 2016-02. The amendments provide entities with an additional (and optional) transition method to adopt the new leases standard. Under the Optional Transition Method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. On January 1, 2019, the Company adopted ASC Topic 842 using the modified retrospective approach and elected to utilize the Optional Transition Method. The adoption did not have a material impact on the financial statements. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS All new accounting pronouncements issued but not yet effective or adopted have been deemed not to be relevant to us, hence are not expected to have any impact once adopted. |
GOING CONCERN CONSIDERATIONS
GOING CONCERN CONSIDERATIONS | 12 Months Ended |
Dec. 31, 2020 | |
Going Concern Considerations | |
GOING CONCERN CONSIDERATIONS | 2. GOING CONCERN CONSIDERATIONS During the years ended December 31, 2020 and 2019, we have been unable to generate cash flows sufficient to support our operations and have been dependent on debt raised from a related party. We experienced negative financial results as follows: 2020 2019 Net loss $ (409,639 ) $ (403,338 ) Negative working capital (6,109,151 ) (5,699,512 ) Stockholders deficit (6,109,151 ) (5,699,512 ) These factors raise substantial doubt about our ability to continue as a going concern. The financial statements contained herein do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should we be unable to continue in existence. Our ability to continue as a going concern is dependent upon our ability to generate sufficient cash flows to meet our obligations on a timely basis, to obtain additional financing as may be required, and ultimately to attain profitable operations. However, there is no assurance that profitable operations or sufficient cash flows will occur in the future. Our current operations are primarily funded by Logicquest Technology Limited, a company controlled by the Companys Chief Financial Officer, Mr. Cheng Yew Siong. |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES | 3. ACCRUED LIABILITIES The accrued liabilities are summarized below: 2020 2019 Accrued interest on note payable $ 2,950,193 $ 2,629,003 Accrued general and administrative expenses 124,904 156,770 Other payable 727,500 727,500 $ 3,802,597 $ 3,513,273 The other payable balance represented accounts payable owed to Sperco, LLC (SLLC) (an entity controlled by Stephen J. Sperco, the Companys former CEO/President/Director). On September 11, 2014, in connection with the change in ownership, the payable in the amount of $727,500 was assigned to Tang Chuan Choon, a third party. |
NOTE PAYABLE
NOTE PAYABLE | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
NOTE PAYABLE | 4. NOTE PAYABLE The Companys note payable balance is $1,337,600 at December 31, 2020 and 2019. The note payable is unsecured, bears 15% interest per annum and is due on demand. The Company agreed to pay a late charge in the amount of $10,000 on any interest payment more than 15 days delinquent. During the years ended December 31, 2020 and 2019, the Company incurred interest expenses of $321,190. As of December 31, 2020, and 2019, the accrued interest balance was $2,950,193 and $2,629,003, respectively. The accrued interest and late charge are due on demand and are included in accrued liabilities. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 5. RELATED PARTY TRANSACTIONS Due to Relate Party The due to related party is summarized below: 2020 2019 Fees paid by Logicquest Technology Limited, a company controlled by the Companys Chief Financial Officer, Cheng Yew Siong, on behalf of the Company $ 970,093 $ 849,149 During the year ended December 31, 2020 and 2019, Logicquest Technology Limited paid operating expenses of $120,944 and $64,276, respectively, on behalf of the Company. The balance due to related party is unsecured, does not bear interest and is due on demand. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 6. INCOME TAXES On December 22, 2017 U.S. tax reform legislation known as the Tax Cuts and Jobs Act (the 2017 Act) was signed into law. The 2017 Act made substantial changes to U.S. tax law, including a reduction in the corporate tax rate from 34% to 21%, a limitation on deductibility of interest expense, a limitation on the use of net operating losses to offset future taxable income, the allowance of immediate expensing of capital expenditures, deemed repatriation of foreign earnings through a transition tax and significant changes to the taxation of foreign earnings going forward. As a result of the 2017 Act, NOL carryforwards generated in years beginning after December 31, 2017 would carryforward indefinitely, and would apply to 80% of future taxable income. Under the Act, carrybacks of NOLs were disallowed. In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted providing a five-year carryback for losses incurred in 2018, 2019, or 2020, which allows companies to modify tax returns up to five years prior to offset taxable income from those tax years. The CARES Act also suspended the NOL limit of 80% of taxable income, but the NOLs generated in 2018 and forward will still carryforward indefinitely. The composition of deferred tax assets at December 31, 2020 and 2019 were as follows: 2020 2019 Deferred tax assets Benefit from carryforward of net operating loss $ 2,201,000 $ 2,115,000 Less valuation allowance (2,201,000 ) (2,115,000 ) Net deferred tax asset $ $ The difference between the income tax benefit in the accompanying statement of operations and the amount that would result if the U.S. Federal statutory rate of 21% were applied to pre-tax loss for 2020 and 2019, is attributable to the valuation allowance. At December 31, 2020, for federal income tax reporting purposes, the Company has $9,108,809 in unused net operating losses available for carryforward to future years which will expire in various years through 2040, and $1,372,942 that will carryforward indefinitely. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 7. COMMITMENTS AND CONTINGENCIES On May 27, 2016, the Company entered into an agreement for the lease of a virtual office in Princeton, NJ for monthly rental of $200. The lease began on May 12, 2016 on monthly basis and can be cancelled at either partys discretion with a three-month notice. |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ESTIMATES | SIGNIFICANT ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) 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 dates of the financial statements and the reported amounts of revenues and expenses during the periods. The extent to which the COVID-19 pandemic may directly or indirectly impact our business, financial condition, and results of operations is highly uncertain and subject to change. We considered the potential impact of the COVID-19 pandemic on our estimates and assumptions and there was not a material impact to our consolidated financial statements as of and for the year ended December 31, 2020. Actual results could differ from estimates making it reasonably possible that a change in the estimates could occur in the near term. |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS A related party is generally defined as (i) any person that holds 10% or more of the Companys securities and their immediate families, (ii) the Companys management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS For certain of the Companys financial instruments, including prepaid expenses and accrued liabilities, the carrying amounts approximate fair values due to their short maturities. Transactions involving related parties cannot be presumed to be carried out on an arms-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arms-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due to related parties and lease and management arrangement with related parties, if any, due to their related party nature. |
INCOME TAXES | INCOME TAXES The Company uses the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded to reflect the tax consequences on future years of temporary differences between the tax basis of assets and liabilities and their financial amounts at year-end. The Company provides a valuation allowance to reduce deferred tax assets to their net realizable value. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 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 positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Accounting Standard 718, Accounting for Stock-Based Compensation (ASC 718) established financial accounting and reporting standards for stock-based employee compensation plans. It defines a fair value-based method of accounting for an employee stock option or similar equity instrument. ASC 718 requires companies to recognize in the statement of operations the grant-date fair value of stock options and other equity-based compensation. The Company accounts for compensation cost for stock option plans in accordance with ASC 718. In June 2018, the FASB issued ASU No. 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting (Topic 550 and 718)." The standard simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees (accounted for under ASC 550) would be aligned with the requirements for share-based payments granted to employees (accounted for under ASC 718). |
LOSS PER SHARE | LOSS PER SHARE Basic and diluted net loss per share is computed on the basis of the weighted average number of shares of common stock outstanding during each period. The Company does not have any potentially dilutive instruments for the years ended December 31, 2020 and 2019. Accordingly, basic and diluted losses per share were identical for the years ended December 31, 2020 and 2019. |
LEASES | LEASES ASU 2016-02, Leases (ASU 2016-02) is codified in ASC 842, Leases (ASC 842). Under ASU 2016-02, lessees will be required to recognize all leases (with the exception of short-term leases) at the commencement date including a lease liability, which is a lessees obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use (ROU) asset, which is an asset that represents the lessees right to use, or control the use of, a specified asset for the lease term. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. In December 2017, January 2018, July 2018, December 2018 and March 2019, the FASB issued ASU 2017-13, ASU 2018-01, ASU 2018-10 & 11, ASU 2018-20 and ASU 2019-01, respectively, which contain modifications and improvements to ASU 2016-02. The amendments provide entities with an additional (and optional) transition method to adopt the new leases standard. Under the Optional Transition Method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. On January 1, 2019, the Company adopted ASC Topic 842 using the modified retrospective approach and elected to utilize the Optional Transition Method. The adoption did not have a material impact on the financial statements. |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS All new accounting pronouncements issued but not yet effective or adopted have been deemed not to be relevant to us, hence are not expected to have any impact once adopted. |
GOING CONCERN CONSIDERATIONS (T
GOING CONCERN CONSIDERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Going Concern Considerations | |
Schedule of Financial Results | We experienced negative financial results as follows: 2020 2019 Net loss $ (409,639 ) $ (403,338 ) Negative working capital (6,109,151 ) (5,699,512 ) Stockholders deficit (6,109,151 ) (5,699,512 ) |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | The accrued liabilities are summarized below: 2020 2019 Accrued interest on note payable $ 2,950,193 $ 2,629,003 Accrued general and administrative expenses 124,904 156,770 Other payable 727,500 727,500 $ 3,802,597 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The due to related party is summarized below: 2020 2019 Fees paid by Logicquest Technology Limited, a company controlled by the Companys Chief Financial Officer, Cheng Yew Siong, on behalf of the Company $ 970,093 $ 849,149 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets | The composition of deferred tax assets at December 31, 2020 and 2019 were as follows: 2020 2019 Deferred tax assets Benefit from carryforward of net operating loss $ 2,201,000 $ 2,115,000 Less valuation allowance (2,201,000 ) (2,115,000 ) Net deferred tax asset $ $ |
GOING CONCERN CONSIDERATIONS (D
GOING CONCERN CONSIDERATIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Going Concern Considerations | |||
Net loss | $ (409,639) | $ (403,338) | |
Negative working capital | (6,109,151) | (5,699,512) | |
Total stockholders' deficit | $ (6,109,151) | $ (5,699,512) | $ (5,296,174) |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued interest on note payable | $ 2,950,193 | $ 2,629,003 |
Accrued general and administrative expenses | 124,904 | 156,770 |
Other payable | 727,500 | 727,500 |
Accrued liabilities | $ 3,802,597 | $ 3,513,273 |
NOTE PAYABLE (Narrative) (Detai
NOTE PAYABLE (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | ||
Note payable | $ 1,337,600 | $ 1,337,600 |
Debt instrument, interest rate | 15.00% | 15.00% |
Late charge owed on any late interest payments | $ 10,000 | $ 10,000 |
Interest expense | 321,190 | 321,190 |
Accrued interest | $ 2,950,193 | $ 2,629,003 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions [Abstract] | ||
Operating expenses directly paid by related party | $ 120,944 | $ 64,276 |
Expenses paid by Logicquest Technology Limited, a company controlled by the Company's Chief Financial Officer, Cheng Yew Siong, on behalf of the Company | $ 970,093 | $ 849,149 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
U.S. Federal statutory rate | 21.00% | 21.00% | 34.00% |
Operating loss carryforward amount | $ 9,108,809 | ||
Operating loss carryforwards, carryforward indefinitely | $ 1,372,942 | ||
Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforward expiration date | Dec. 31, 2040 |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Benefit from carryforward of net operating loss | $ 2,201,000 | $ 2,115,000 |
Less valuation allowance | (2,201,000) | (2,115,000) |
Net deferred tax asset |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | May 27, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Monthly Rent Expense for Virtual Office | $ 200 |
Lease Description | On May 27, 2016, the Company entered into an agreement for the lease of a virtual office in Princeton, NJ for monthly rental of $200. The lease began on May 12, 2016 on monthly basis and can be cancelled at either party’s discretion with a three-month notice. |