Prestige Capital (PGEC) 10-K 26 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 26, 2019	Jun. 30, 2018
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, 2018
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
Is Entity Emerging Growth Company?	true
Elected Not To Use the Extended Transition Period	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		3,332,200
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,018
Entity Shell Company	true

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Current Assets
Cash	$ 201	$ 572
Total Current Assets	201	572
Total Assets	201	572
Liabilities
Accounts Payable - related party	6,600	6,600
Accounts Payable	1,100
Accrued interest - related party	24,575	16,642
Accrued interest		71,600
Loans Payable - related party	147,115	95,900
Loans Payable - other		124,362
Total Current Liabilities	179,390	315,104
Total Liabilities	179,390	315,104
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, 3,332,200 shares issued and outstanding at December 31, 2018 and 2,532,200 shares issued and outstanding at December 31, 2017	3,332	2,532
Additional Paid in Capital	713,573	547,677
Accumulated Retained Deficit	(896,094)	(864,741)
Total Stockholders' Equity (Deficit)	(179,189)	(314,532)
Total Liabilities and Stockholders' Equity (Deficit)	$ 201	$ 572

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued
Preferred stock, outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	100,000,000	100,000,000
Common stock, issued	3,332,200	2,532,200
Common stock, outstanding	3,332,200	2,532,200

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Revenues
Operating Expense
General and administrative	13,471	13,496
Loss from Operations	(13,471)	(13,496)
Other Income (Expense)
Related party interest expense	(7,933)	(2,890)
Other interest expense	(9,949)	(9,858)
Total other Income (Expense)	(17,882)	(12,748)
Net Loss before income taxes	(31,353)	(26,244)
Income taxes
Net Loss	$ (31,353)	$ (26,244)
Basic and Diluted Loss Per Share	$ (0.01)	$ (0.01)
Basic and Diluted Weighted Average Number of Common Shares Outstanding	2,534,192	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, 2016	2,532,200
Beginning balance, amount at Dec. 31, 2016	$ 2,532	$ 547,677	$ (838,497)	$ (288,288)
Net loss			(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)
Conversion of loans and accrued interest into common stock, shares	800,000
Conversion of loans and accrued interest into common stock, amount	$ 800	165,896		166,696
Net loss			(31,353)	(31,353)
Ending balance, shares at Dec. 31, 2018	3,332,200
Ending balance, amount at Dec. 31, 2018	$ 3,332	$ 713,573	$ (896,094)	$ (179,189)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (31,353)	$ (26,244)
Changes in assets and liabilities:
Expenses paid by related party	6,600	6,600
Increase in accounts payable	1,100
Increase in accrued interest - related party	7,933	2,890
Increase in accrued interest	9,949	9,858
Net cash (used in) Operating Activities	(5,771)	(6,896)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash provided by Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans - related parties	5,400	2,300
Proceeds from loans		4,000
Net cash provided by Financing Activities	5,400	6,300
Net Increase (Decrease) in Cash	(371)	(596)
Beginning Cash Balance	572	1,168
Ending Cash Balance	201	572
Supplemental Disclosures
Cash paid for interest expense
Cash paid for income taxes
Conversion of accounts payable - related party to loans payable - related party	6,600	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
Conversion of loans and accrued interest to common stock	166,696
Reclassification of loans payable and accrued interest to loans payable - related party	$ 39,215

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2018
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, 2018
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 $179,189 and has incurred losses of $896,094 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, 2018
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, 2018 and 2017. 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 notes 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, 2018 and 2017, 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, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 4 – RELATED PARTY TRANSACTIONS Shareholder Loans – A shareholder and prior officer of the Company had covered corporate expenses and loaned cash to the Company amounting to $93,962. These loans were sold to third parties in 2011. No amounts were repaid to the note holders. In prior years, the Company had borrowed $37,800 from a related party and an additional $5,400 during 2018 in the form of loans payable–related party. At December 1, 2017, the Company converted an additional $58,100 in accounts payable to this related party to notes payable-related party. In 2018 this related party acquired a promissory note from a non-related party in the amount of $39,215. Also an additional $6,600 of accounts payable was converted to promissory notes–related party. These resulted in a $147,115 aggregate note payable–related party balance. The notes are unsecured, due on demand, and bear interest at 8% per annum. Accrued interest through December 31, 2018 and December 31, 2017 was $24,575 and $16,642, respectively. No payments on principle or interest have been made to date. Interest expense for the year ended December 31, 2018 was $7,933. As of the year ended December 31, 2018 and 2017, the Company incurred $6,600 and $6,600, respectively in professional fees payable to a related party.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 5 – STOCKHOLDERS’ EQUITY At December 31, 2018 the Company issued a total of 800,000 common shares to convert two promissory notes and related accrued interest totaling $166,696. The issue price was $0.208 per share. No shares were issued in 2017.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 6 - INCOME TAXES At December 31, 2018 and 2017, the Company has available unused net operating loss carryforwards of approximately $356,745 and $325,392, 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 $74,916 and $68,332 as of December 31, 2018 and 2017, respectively, with an offsetting valuation allowance of the same amount resulting in a change in the valuation allowance of approximately $(6,584) during the year ended December 31, 2018. 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 allowance using the new rates adjusted in the period of enactment. Deferred tax assets and the valuation account are as follows: Deferred tax asset: For the Years Ended 2018 2017 Net operating loss carryforward (at 21%) $ 74,916 $ 68,332 Valuation allowance (74,916 ) (68,332 ) $ 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 2018 2017 Federal tax benefit (at 21%) $ 6,584 $ 5,511 Change in valuation allowance (6,584 ) (23,460 ) Effect of rate change on Deferred Tax Asset — 17,949 $ 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 within the next 12 months. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations and in the provision for income taxes. As of December 31, 2018 and 2017 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, 2017, 2016 and 2015.

RECENT PRONOUNCEMENTS

RECENT PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2018
Accounting Changes and Error Corrections [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 OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
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, notes 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, 2018
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 issued and did not identify any material subsequent events requiring adjustment to the accompanying financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017.
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 notes 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, 2018 and 2017, 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, 2018
Income Tax Disclosure [Abstract]
Deferred tax assets and valuation account	Deferred tax asset: For the Years Ended 2018 2017 Net operating loss carryforward (at 21%) $ 74,916 $ 68,332 Valuation allowance (74,916 ) (68,332 ) $ 0 $ 0
Income tax benefit reconciliation	For the Years Ended 2018 2017 Federal tax benefit (at 21%) $ 6,584 $ 5,511 Change in valuation allowance (6,584 ) (23,460 ) Effect of rate change on Deferred Tax Asset — 17,949 $ 0 $ 0

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital	$ (179,189)
Accumulated deficit	$ (896,094)	$ (864,741)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Amount due to shareholders for loans		$ 93,962
Amount due to shareholders for accrued interest		65,217
Interest expense on shareholder loans	$ (7,517)
Notes payable - related party	147,115	95,900
Accrued interest	$ 24,575	$ 16,642
Interest rate on notes payable	8.00%	8.00%
Related party interest expense	$ (7,933)	$ (2,890)
Professional fees payable to related party	$ 6,600	$ 6,600

STOCKHOLDERS' EQUITY (Details N

STOCKHOLDERS' EQUITY (Details Narrative)	12 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares
Equity [Abstract]
Common stock issued in conversion of promissory notes and related accrued interest, shares | shares	800,000
Common stock issued in conversion of promissory notes and related accrued interest, amount | $	$ 166,696
Common stock issued in conversion of promissory notes and related accrued interest, price per share | $ / shares	$ 0.208

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets and valuation account (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Deferred tax asset:
Net operating loss carryforward (at 21%)	$ 74,916	$ 68,332
Valuation allowance	(74,916)	(68,332)
Net deferred tax assets

INCOME TAXES - Income tax benef

INCOME TAXES - Income tax benefit reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal tax benefit (at 21%)	$ 6,584	$ 5,511
Change in valuation allowance	(6,584)	(23,460)
Effect of rate change on Deferred Tax Asset		17,949
Tax reconciliation amount, net

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Unused net operating loss carryforwards	$ 356,745	$ 325,392