Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 14, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-52855 | ||
Entity Registrant Name | PRESTIGE CAPITAL CORPORATION | ||
Entity Central Index Key | 0000790179 | ||
Entity Tax Identification Number | 93-0945181 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 2157 S. Lincoln Street | ||
Entity Address, Address Line Two | Suite 220 | ||
Entity Address, City or Town | Salt Lake City | ||
Entity Address, State or Province | UT | ||
Entity Address, Postal Zip Code | 84106 | ||
City Area Code | 801 | ||
Local Phone Number | 323-2395 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Elected Not To Use the Extended Transition Period | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 3,332,200 | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Firm ID | 6117 | ||
Auditor Name | Pinnacle Accountancy Group of Utah | ||
Auditor Location | Farmington, Utah |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 673 | $ 4,695 |
Total Current Assets | 673 | 4,695 |
Total Assets | 673 | 4,695 |
Current Liabilities | ||
Accounts payable – related party | 6,000 | 6,000 |
Accounts payable | 2,300 | |
Accrued interest – related party | 64,362 | 49,947 |
Notes payable – related party | 194,515 | 180,515 |
Total Current Liabilities | 267,177 | 236,462 |
Total Liabilities | 267,177 | 236,462 |
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 deficit | (983,409) | (948,672) |
Total Stockholders' Deficit | (266,504) | (231,767) |
Total Liabilities and Stockholders' Deficit | $ 673 | $ 4,695 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 3,332,200 | 3,332,200 |
Common Stock, Shares, Outstanding | 3,332,200 | 3,332,200 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | ||
Operating Expenses | ||
General and administrative | 20,322 | 13,610 |
Loss from Operations | (20,322) | (13,610) |
Other Income (Expense) | ||
Related party interest expense | (14,415) | (13,301) |
Total Other Income (Expense) | (14,415) | (13,301) |
Loss before income taxes | (34,737) | (26,911) |
Income tax expense | ||
Net Loss | $ (34,737) | $ (26,911) |
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 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 3,332 | $ 713,573 | $ (921,761) | $ (204,856) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 3,332,200 | |||
Net loss | (26,911) | (26,911) | ||
Ending balance, value at Dec. 31, 2020 | $ 3,332 | 713,573 | (948,672) | (231,767) |
Shares, Outstanding, Ending Balance at Dec. 31, 2020 | 3,332,200 | |||
Net loss | (34,737) | (34,737) | ||
Ending balance, value at Dec. 31, 2021 | $ 3,332 | $ 713,573 | $ (983,409) | $ (266,504) |
Shares, Outstanding, Ending Balance at Dec. 31, 2021 | 3,332,200 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (34,737) | $ (26,911) |
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 | 2,300 | (1,200) |
Increase in accrued interest – related party | 14,415 | 13,301 |
Net cash used in operating activities | (12,022) | (8,810) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from note payable – related party | 8,000 | 13,400 |
Net cash provided by financing activities | 8,000 | 13,400 |
Increase (Decrease) in Cash | (4,022) | 4,590 |
Beginning Cash Balance | 4,695 | 105 |
Ending Cash Balance | 673 | 4,695 |
Supplemental Disclosures | ||
Interest | ||
Income taxes | ||
Non-Cash Investing and Financing Activities | ||
Conversion of related party accounts payable into note payable – related party | $ 6,000 | $ 6,000 |
NOTE 1 _ ORGANIZATION
NOTE 1 – ORGANIZATION | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 1 – 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. |
NOTE 2 _ GOING CONCERN
NOTE 2 – GOING CONCERN | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 2 – 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 $ 266,504 983,409 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 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. |
NOTE 3 _ SUMMARY OF SIGNIFICANT
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
NOTE 3 – 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 original maturities of three months or less 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 0 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. 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 statements of operations. 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, 2021 and 2020, the Company did not have any potentially dilutive securities (warrants, options, convertible notes, or 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. |
NOTE 4 _ RELATED PARTY TRANSACT
NOTE 4 – RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
NOTE 4 – RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS As of December 31, 2021 and 2020, the Company reported $ 194,515 180,515 6,000 6,000 8 64,362 49,947 14,415 13,301 During the years ended December 31, 2021 and 2020, the Company incurred $ 6,000 6,000 |
NOTE 5 _ STOCKHOLDERS_ EQUITY
NOTE 5 – STOCKHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
NOTE 5 – STOCKHOLDERS’ EQUITY | NOTE 5 – STOCKHOLDERS’ EQUITY No shares were issued in 2021 or 2020. |
NOTE 6 _ INCOME TAXES
NOTE 6 – INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
NOTE 6 – INCOME TAXES | NOTE 6 – INCOME TAXES At December 31, 2021 and 2020 the Company has available unused net operating loss carryforwards of approximately $ 444,060 409,323 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 $ 93,253 85,958 7,295 5,652 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 2021 2020 Net operating loss carryforward (at 21%) $ 93,253 $ 85,958 Valuation allowance (93,253 ) (85,958 ) $ — $ — 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 2021 2020 Federal tax benefit (at 21%) $ 7,295 $ 5,652 Change in valuation allowance (7,295 ) (5,652 ) Effect of rate change on Deferred Tax Asset — — $ — $ — 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, 2021 and 2020 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, 2021, 2020, 2019, and 2018. |
NOTE 7 _ SUBSEQUENT EVENTS
NOTE 7 – SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
NOTE 7 – SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS The Company has evaluated subsequent events occurring after December 31, 2021 through the date the financial statements were issued and did not identify any material subsequent events requiring adjustment to the accompanying financial statements or disclosures thereto. |
NOTE 3 _ SUMMARY OF SIGNIFICA_2
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 original maturities of three months or less 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 0 |
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. 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 statements of operations. 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, 2021 and 2020, the Company did not have any potentially dilutive securities (warrants, options, convertible notes, or 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. |
NOTE 6 _ INCOME TAXES (Tables)
NOTE 6 – INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Valuation Allowance [Table Text Block] | Deferred tax asset: For the Years Ended 2021 2020 Net operating loss carryforward (at 21%) $ 93,253 $ 85,958 Valuation allowance (93,253 ) (85,958 ) $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended 2021 2020 Federal tax benefit (at 21%) $ 7,295 $ 5,652 Change in valuation allowance (7,295 ) (5,652 ) Effect of rate change on Deferred Tax Asset — — $ — $ — |
NOTE 2 _ GOING CONCERN (Details
NOTE 2 – GOING CONCERN (Details Narrative) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Banking Regulation, Total Capital, Actual | $ (266,504) | |
Retained Earnings (Accumulated Deficit) | $ (983,409) | $ (948,672) |
NOTE 3 _ SUMMARY OF SIGNIFICA_3
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Dec. 31, 2021USD ($) |
Accounting Policies [Abstract] | |
Cash, FDIC Insured Amount | $ 250,000 |
Cash, Uninsured Amount | $ 0 |
NOTE 4 _ RELATED PARTY TRANSA_2
NOTE 4 – RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Notes Payable, Related Parties, Current | $ 194,515 | $ 180,515 |
[custom:ConversionOfRelatedPartyAccountsPayableIntoNotePayableRelatedParty] | $ 6,000 | $ 6,000 |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% |
Accrued Liabilities and Other Liabilities | $ 64,362 | $ 49,947 |
Increase (Decrease) in Due to Other Related Parties | 14,415 | 13,301 |
Costs and Expenses, Related Party | $ 6,000 | $ 6,000 |
Deferred tax assets and the val
Deferred tax assets and the valuation account (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward (at 21%) | $ 93,253 | $ 85,958 |
Valuation allowance | (93,253) | (85,958) |
Reconciliation of federal incom
Reconciliation of federal income tax rates (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal tax benefit (at 21%) | $ 7,295 | $ 5,652 |
Change in valuation allowance | $ (7,295) | $ (5,652) |
Effect of rate change on Deferred Tax Asset | ||
NOTE 6 _ INCOME TAXES (Details
NOTE 6 – INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Operating Loss Carryforwards | $ 444,060 | $ 409,323 |
Deferred Tax Assets, Operating Loss Carryforwards | 93,253 | 85,958 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 7,295 | $ 5,652 |