Prestige Capital (PGEC) 10-K 29 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 29, 2021	Jun. 30, 2020
Document And Entity Information
Entity Registrant Name	PRESTIGE CAPITAL CORP
Entity Central Index Key	0000790179
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Entity Incorporation, State or Country Code	NV
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity File Number	000-52855
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Interactive Data 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	2020
Entity Shell Company	true

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash	$ 4,695	$ 105
Total Current Assets	4,695	105
Total Assets	4,695	105
Current Liabilities
Accounts payable - related party	6,000	6,000
Accounts payable		1,200
Accrued interest - related party	49,947	36,646
Loans payable – related party	180,515	161,115
Total Current Liabilities	236,462	204,961
Total Liabilities	236,462	204,961
Stockholders' Deficit
Preferred stock - 10,000,000 shares authorized, par value $0.001 per share. None issued and outstanding
Common Stock - 100,000,000 shares authorized, par value $0.001 per share, 3,332,200 shares issued and outstanding	3,332	3,332
Additional paid in capital	713,573	713,573
Accumulated retained deficit	(948,672)	(921,761)
Total Stockholders' Deficit	(231,767)	(204,856)
Total Liabilities and Stockholders' Deficit	$ 4,695	$ 105

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
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	3,332,200
Common stock, outstanding	3,332,200	3,332,200

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
REVENUES
Operating Expenses
General and administrative	13,610	13,596
Loss from Operations	(13,610)	(13,596)
Other Income (Expense)
Related party interest expense	(13,301)	(12,071)
Total other Income (Expense)	(13,301)	(12,071)
Loss before income taxes	(26,911)	(25,667)
Income tax expense
Net Loss	$ (26,911)	$ (25,667)
Basic and Diluted Loss Per Share	$ (0.01)	$ (0.01)
Basic and Diluted Weighted Average Number of Common Shares Outstanding	3,332,200	3,332,200

Statement of Stockholders_ Defi

Statement of Stockholders’ Deficit - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2018	3,332,200
Beginning balance, amount at Dec. 31, 2018	$ 3,332	$ 713,573	$ (896,094)	$ (179,189)
Net loss			(25,667)	(25,667)
Ending balance, shares at Dec. 31, 2019	3,332,200
Ending balance, amount at Dec. 31, 2019	$ 3,332	713,573	(921,761)	(204,856)
Net loss			(26,911)	(26,911)
Ending balance, shares at Dec. 31, 2020	3,332,200
Ending balance, amount at Dec. 31, 2020	$ 3,332	$ 713,573	$ (948,672)	$ (231,767)

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	$ (26,911)	$ (25,667)
Adjustments to reconcile net loss to net cash used in operations:
Expenses paid by related party	6,000	6,000
Changes in operating assets and liabilities
Increase (decrease) in accounts payable	(1,200)	100
Increase in accrued interest - related party	13,301	12,071
Net cash used in operating activities	(8,810)	(7,496)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash provided by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loan payable - related party	13,400	7,400
Net cash provided by financing activities	13,400	7,400
Increase (Decrease) in Cash	4,590	(96)
Beginning Cash Balance	105	201
Ending Cash Balance	4,695	105
Supplemental Disclosures
Cash paid for interest expense
Cash paid for income taxes
Non-Cash Investing and Financing Activities
Conversion of related party accounts payable into loan payable – related party	$ 6,000	$ 6,600

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2020
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, 2020
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 $231,767 and has incurred losses of $948,672 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. The COVID-19 pandemic could have an impact on our ability to obtain financing to fund our operations. The Company is unable to predict the ultimate impact at this time.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
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 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 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, 2020 and 2019. Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Taxes. 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. 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, Earnings Per Share, 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, 2020 and 2019, the Company did not have any potentially dilutive securities (warrants, options, and convertible preferred stock) outstanding. 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 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 4 – RELATED PARTY TRANSACTIONS As of the years ended December 31, 2020 and 2019, the Company recorded $180,515 and $161,115 loans payable – related party. At December 31, 2020 the $6,000 accounts payable – related party for 2019 were converted into loans payable – related party and at December 31, 2019 the $6,600 accounts payable – related party for 2018 were converted into loans payable – related party. The note is unsecured, due on demand, and bears interest at 8% per annum. Accrued interest through December 31, 2020 and December 31, 2019 was $49,947 and $36,646, respectively. No payments on principle or interest have been made to date. Interest expense for the years ended December 31, 2020 and 2019 was $13,301 and $12,071, respectively. During the years ended December 31, 2020 and 2019, the Company incurred $6,000 and $6,000, respectively in professional fees payable to a related party.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2020
Stockholders' Deficit
STOCKHOLDERS' EQUITY	NOTE 5 – STOCKHOLDERS’ EQUITY No shares were issued in 2020 or 2019.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 6 - INCOME TAXES At December 31, 2020 and 2019, the Company has available unused net operating loss carryforwards of approximately $409,323 and $382,412, 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 $85,958 and $80,306 as of December 31, 2020 and 2019, respectively, with an offsetting valuation allowance of the same amount resulting in a change in the valuation allowance of approximately $(5,652) during the year ended December 31, 2020. 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: Deferred tax asset: For the Years Ended 2020 2019 Net operating loss carryforward (at 21%) $ 85,958 $ 80,306 Valuation allowance (85,958 ) (80,306 ) $ 0 $ 0 A reconciliation of amounts obtained by applying the indicated Federal tax rates of 21% to pre-tax income to income tax benefit is as follows: For the Years Ended 2020 2019 Federal tax benefit (at 21%) $ 5,652 $ 5,390 Change in valuation allowance (5,652 ) (5,390 ) Effect of rate change on Deferred Tax Asset — — $ 0 $ 0 The Company did not have any tax positions for which it is reasonable 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, 2020 and 2019 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, 2020, 2019, 2018 and 2017.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 7 – SUBSEQUENT EVENTS The Company has evaluated events occurring after December 31, 2020 through the date the financial statements were issued and did not identify any material subsequent events requiring adjustment to the accompanying financial statements or disclosure thereto.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
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 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 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.
Concentrations 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, 2020 and 2019.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Taxes. 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. 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, Earnings Per Share, 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, 2020 and 2019, the Company did not have any potentially dilutive securities (warrants, options, and convertible preferred stock) outstanding.
Recent Pronouncements	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 Instruments	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.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred tax asset and valuation account	Deferred tax asset: For the Years Ended 2020 2019 Net operating loss carryforward (at 21%) $ 85,958 $ 80,306 Valuation allowance (85,958 ) (80,306 ) $ 0 $ 0
Reconciliation of pre-tax income to income tax benefit by Federal tax rates	For the Years Ended 2020 2019 Federal tax benefit (at 21%) $ 5,652 $ 5,390 Change in valuation allowance (5,652 ) (5,390 ) Effect of rate change on Deferred Tax Asset — — $ 0 $ 0

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital	$ (231,767)
Accumulated deficit	$ (948,672)	$ (921,761)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Loans payable - related party	$ 180,515	$ 161,115
Accrued interest	$ 49,947	$ 36,646
Interest rate on notes payable - related party	80.00%	8.00%
Interest expense	$ 13,301	$ 12,071
Professional fees payable to related party	$ 6,000	$ 6,000

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax asset and valuation account (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Net operating loss carryforward (at 21%)	$ 85,958	$ 80,306
Valuation allowance	(85,958)	(80,306)
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, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal tax benefit (at 21%)	$ 5,652	$ 5,390
Change in valuation allowance	(5,652)	(5,390)
Effect of rate change on Deferred Tax Asset
Total

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Net operating loss carry-forwards	$ 409,323	$ 382,412