Prestige Capital (PGEC) 10-K 14 Mar 22 2021 FY Annual report Financial data

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