Prestige Capital (PGEC) 10-K 30 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 16, 2018	Jun. 30, 2017
Document And Entity Information
Entity Registrant Name	Prestige Capital Corp.
Entity Central Index Key	790,179
Document Type	10-K
Document Period End Date	Dec. 31, 2017
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	Smaller Reporting Company
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		2,532,200
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Current Assets
Cash	$ 572	$ 1,168
Total Current Assets	572	1,168
Total Assets	572	1,168
Current Liabilities
Accounts Payable - related party	6,600	58,100
Accrued interest - related party	16,642	71,452
Accrued interest	71,600	4,042
Loans Payable - related party	95,900	129,462
Loans Payable	124,362	26,400
Total Current Liabilities	315,104	289,456
Total Liabilities	315,104	289,456
Stockholders' Deficit
Preferred stock - 10,000,000 shares authorized - None issued and outstanding
Common Stock, 100,000,000 shares authorized having a par value of $0.001 per share, 2,532,200 shares issued and outstanding at December 31, 2017 and 2016	2,532	2,532
Additional Paid in Capital	547,677	547,677
Accumulated Deficit	(864,741)	(838,497)
Total Stockholders' Deficit	(314,532)	(288,288)
Total Liabilities and Stockholders' Deficit	$ 572	$ 1,168

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	2,532,200	2,532,200
Common stock, shares outstanding	2,532,200	2,532,200

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Revenues
Operating Expenses
General and administrative	13,496	14,581
Loss from Operations	(13,496)	(14,581)
Other Expenses
Related party interest expense	(2,890)	(10,357)
Interest expense	(9,858)	(1,827)
Total other expense	(12,748)	(12,184)
Net Loss before income taxes	(26,244)	(26,765)
Income taxes
Net Loss	$ (26,244)	$ (26,765)
Basic and Diluted Loss Per Share	$ (0.01)	$ (0.01)
Basic and Diluted Weighted Average Number of Common Shares Outstanding	2,532,200	2,532,200

Statements of Stockholders' Def

Statements of Stockholders' Deficit - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2015	2,532,200
Beginning balance, amount at Dec. 31, 2015	$ 2,532	$ 547,677	$ (811,732)	$ (261,523)
Net loss for the year			(26,765)	(26,765)
Ending balance, shares at Dec. 31, 2016	2,532,200
Ending balance, amount at Dec. 31, 2016	$ 2,532	547,677	(838,497)	(288,288)
Net loss for the year			(26,244)	(26,244)
Ending balance, shares at Dec. 31, 2017	2,532,200
Ending balance, amount at Dec. 31, 2017	$ 2,532	$ 547,677	$ (864,741)	$ (314,532)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (26,244)	$ (26,765)
Changes in assets and liabilities
Expenses paid by related party	6,600	6,900
Increase in accrued interest - related party	2,890	10,357
Increase in accrued interest	9,858	1,827
Net cash (used in) Operating Activities	(6,896)	(7,681)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans - related party	2,300
Proceeds from loans	4,000	8,500
Net Cash provided by Financing Activities	6,300	8,500
Net Increase (Decrease) in Cash	(596)	819
Beginning Cash Balance	1,168	349
Ending Cash Balance	572	1,168
Supplemental Disclosures
Cash paid for interest expense
Cash paid for income taxes
Conversion of accounts payable - related party to loans payable - related party	58,100
Reclassification of loans payable - related party to loans payable	63,962
Reclassification of accrued interest on loans payable - related party to accrued interest	$ 65,217

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 – ORGANIZATION Prestige Capital Corporation (the “Company”) was organized under the laws of the State of Utah on February 7, 1986 under the name of Hood Ventures, Inc. On December 31, 1998, the name was changed to Prestige Capital Corporation. On December 31, 1998, Hood Ventures, Inc. of Utah merged with Prestige Capital Corporation, a Nevada Corporation, leaving the Nevada Corporation as the surviving company. After a period of dormancy, the Company experienced a significant change in shareholder ownership on June 21, 2006 and is considered to be reactivated as of that date and is currently seeking business opportunities or potential business acquisitions. The Company currently has no revenue-generating activities. The Company does not intend to pay dividends in the foreseeable future.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 2 – GOING CONCERN The Company's financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. The Company has negative working capital of $314,532 and has incurred losses of $864,741 since inception. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management’s plan to acquire or merge with other operating companies. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. Concentration of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash. Our cash balances are maintained in accounts held by major banks and financial institutions located in the United States. The Company does not maintain amounts on deposit with a financial institution that are in excess of the federally insured limit of $250,000. The Company had $0 of cash balances in excess of federally insured limits at December 31, 2017 and 2016. Fair Value of Financial Instruments The carrying amounts reported on the balance sheets for accounts payable and accrued interest approximate fair value because of the immediate or short-term maturity of these financial instruments. The carrying amounts reported for loans payable approximate fair value because the underlying instruments are at interest rates, which approximate current market rates. Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. In July, 2006, the FASB issued ASC 740, Accounting for Uncertainty in Income Taxes, which clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a return. ASC 740 provides guidance on the measurement, recognition, classification and disclosure of tax positions, along with accounting for the related interest and penalties. ASC 740 became effective as of January 1, 2007 and had no impact on the Company’s financial statements. The charge for taxation is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Basic and Diluted Net income (Loss) per Share The Company computes net income (loss) per share in accordance with ASC 260 which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the years ended December 31, 2017 and 2016, the Company did not have any potentially dilutive securities (warrants, options, and convertible preferred stock) outstanding.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 4 – RELATED PARTY TRANSACTIONS Shareholder Loans – A shareholder and prior officer of the Company has covered corporate expenses and loaned cash to the Company amounting to $93,962 as of December 31, 2017 and December 31, 2016. These loans were sold to third parties in 2011. No amounts were repaid to the note holders. As of December 31, 2017 and December 31, 2016, the amount due to the shareholders for accrued interest was $65,217 and $57,700. The interest expense on the loans for the year ended December 31, 2017 was $7,517. The above-mentioned shareholder loans are due on demand and had interest imputed at an annual rate of 8%. In 2017 it was determined that the above identified loans in the amount of $93,962 should no longer be classified as Loans payable – related party and thus were reclassified as Loans Payable. Accordingly, the accrued interest on these loans of $65,217 was reclassified to Accrued Interest. In prior years, the Company borrowed $35,500 from a related party and an additional $2,300 during 2017. At December 31, 2017, the Company converted $58,100 in accounts payable to this related party to Loans Payable – Related Party, resulting in a $95,900 aggregate loans payable balance. The loans are unsecured, due on demand, and bear interest at 8% per annum. Accrued interest through December 31, 2017 and December 31, 2016 was $16,642 and $13,752, respectively. No payments on principle or interest have been made to date. Interest expense for the year ended December 31, 2017 was $2,890. As of the year ended December 31, 2017 and 2016, the Company incurred $6,600 and $6,900, respectively in professional expenses to a related party.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 5 – STOCKHOLDERS’ EQUITY No shares were issued in 2017 or 2016.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 6 - INCOME TAXES At December 31, 2017 and 2016, the Company had available unused net operating loss carryforwards of approximately $325,392 and $299,148, respectively, which may be applied against future taxable income and which expire in various years from 2024 through 2037. Due to a substantial change in the Company’s ownership during June 2006, there will be an annual limitation on the amount of previous net operating loss carryforwards that can be utilized. The amount of and ultimate realization of the benefits from the net operating loss carryforwards for income tax purposes is dependent, in part, upon the tax laws in effect, the future earnings of the Company, and other future events, the effects of which cannot be determined. Because of the uncertainty surrounding the realization of the net operating loss carryforwards, the Company has established a valuation allowance equal to the tax effect of the net operating loss carryforwards and, therefore, no deferred tax asset has been recognized for the net operating loss carryforwards. The net deferred tax assets are approximately $68,332 and $44,782 as of December 31, 2017 and 2016, respectively, with an offsetting valuation allowance of the same amount resulting in a change in the valuation allowance of approximately $(23,460) during the year ended December 31, 2017. The Company has evaluated Staff Accounting Bulletin No. 118 regarding the impact of the decreased tax rates of the Tax Cuts & Jobs Act. The schedules below reflect the Federal tax provision, deferred tax asset and valuation allow using the new rates adjusted in the period of enactment. Deferred tax assets and the valuation account are as follows: For the Years Ended 2017 2016 Net operating loss carryforward (at 21% and 15%) $ 68,332 $ 44,872 Valuation allowance (68,332 ) (44,872 ) Deferred tax asset $ 0 $ 0 A reconciliation of amounts obtained by applying the indicated Federal tax rates to pre-tax income to income tax benefit is as follows: For the Years Ended 2017 2016 Federal tax benefit (at 21% and 15%) $ 5,511 $ 4,015 Change in valuation allowance (23,460 ) (4,015 ) Effect of rate change on Deferred Tax Asset 17,949 0 $ 0 $ 0 The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease with the next 12 months. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of December 31, 2017 and 2016 the Company had no accrued interest or penalties related to uncertain tax positions. The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2016, 2015 and 2014.

RECENT PRONOUNCEMENTS

RECENT PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
RECENT PRONOUNCEMENTS	NOTE 7 – RECENT PRONOUNCEMENTS The Company has evaluated Recent Accounting Pronouncements and has determined that all such pronouncements either do not apply or their impact is insignificant to the financial statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 8 – FAIR VALUE OF FINANCIAL INSTRUMENTS If required by authoritative literature, the Company would account for certain assets and liabilities at fair value. The cash, accounts payable, loans payable and accrued interest have fair values that approximate their carrying values due to the short term nature of these instruments.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 9 – SUBSEQUENT EVENTS The Company has evaluated events occurring after the date of the accompanying balance sheets through the date the financial statements were available to be issued and did not identify any material subsequent events requiring adjustment to the accompanying financial statements.

SUMMARY OF SIGNIFICANT ACCOUN16

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash. Our cash balances are maintained in accounts held by major banks and financial institutions located in the United States. The Company does not maintain amounts on deposit with a financial institution that are in excess of the federally insured limit of $250,000. The Company had $0 of cash balances in excess of federally insured limits at December 31, 2017 and 2016.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts reported on the balance sheets for accounts payable and accrued interest approximate fair value because of the immediate or short-term maturity of these financial instruments. The carrying amounts reported for loans payable approximate fair value because the underlying instruments are at interest rates, which approximate current market rates.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. In July, 2006, the FASB issued ASC 740, Accounting for Uncertainty in Income Taxes, which clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a return. ASC 740 provides guidance on the measurement, recognition, classification and disclosure of tax positions, along with accounting for the related interest and penalties. ASC 740 became effective as of January 1, 2007 and had no impact on the Company’s financial statements. The charge for taxation is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Basic and Diluted Net income (Loss) per Share	Basic and Diluted Net income (Loss) per Share The Company computes net income (loss) per share in accordance with ASC 260 which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the years ended December 31, 2017 and 2016, the Company did not have any potentially dilutive securities (warrants, options, and convertible preferred stock) outstanding.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Deferred tax assets and valuation account	For the Years Ended 2017 2016 Net operating loss carryforward (at 21% and 15%) $ 68,332 $ 44,872 Valuation allowance (68,332 ) (44,872 ) Deferred tax asset $ 0 $ 0
Reconciliation of pre-tax income to income tax benefit by Federal tax rates	For the Years Ended 2017 2016 Federal tax benefit (at 21% and 15%) $ 5,511 $ 4,015 Change in valuation allowance (23,460 ) (4,015 ) Effect of rate change on Deferred Tax Asset 17,949 0 $ 0 $ 0

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative)	138 Months Ended
	Dec. 31, 2017USD ($)
Going Concern Details Narrative
Working capital	$ (314,532)
Net losses since inception	$ (864,741)

SUMMARY OF SIGNIFICANT ACCOUN19

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Summary Of Significant Accounting Policies Details Narrative
FDIC maximum deposit account amount	$ 250,000	$ 250,000
Cash balances in excess of federally insured limits	$ 0	$ 0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Loans borrowed		$ 95,900
Incurred professional expenses to a related party	$ 6,600	6,900
Loans sold by shareholder and prioer officer to third parties
Loans borrowed	93,962	93,962
Accrued interest on loans	65,217	57,700
Interest expense on loans	$ 7,517
Interest rate on loans	8.00%
Loans borrowed from a related party
Loans borrowed	$ 2,300	35,500
Accrued interest on loans	16,642	$ 13,752
Interest expense on loans	$ 2,890
Interest rate on loans	8.00%

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets and valuation account (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Income Taxes - Deferred Tax Assets And Valuation Account Details
Net operating loss carryforward (at 21% and 15%)	$ 68,332	$ 44,872
Valuation allowance	(68,332)	(44,872)
Deferred tax asset

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of pre-tax income to income tax benefit by Federal tax rates (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Federal tax benefit (at 21% and 15%)	$ 5,511	$ 4,015
Change in valuation allowance	(23,460)	(4,015)
Effect of rate change on Deferred Tax Asset	17,949
Total

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Net operating loss carry-forwards	$ 325,392	$ 299,148
Net deferred tax assets	68,332	44,782
Change in valuation allowance	$ (23,460)	$ (4,015)