Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 19, 2019 | |
Details | ||
Registrant CIK | 0000797564 | |
Fiscal Year End | --12-31 | |
Registrant Name | HST Global, Inc. | |
SEC Form | 10-Q | |
Period End date | Jun. 30, 2019 | |
Tax Identification Number (TIN) | 73-1215433 | |
Number of common stock shares outstanding | 51,719,854 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Interactive Data Current | Yes | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | false | |
Entity File Number | 000-15303 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 150 Research Drive | |
Entity Address, City or Town | Hampton | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23666 | |
City Area Code | 757 | |
Local Phone Number | 766-6100 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 0 | $ 0 |
Total Current Assets | 0 | 0 |
Total Assets | 0 | 0 |
Current Liabilities | ||
Bank overdraft payable | 3,702 | 2,957 |
Accounts payable and accrued expenses | 0 | 3.228 |
Accounts payable and accrued expenses - related parties | 96,728 | 505,959 |
Accrued officer compensation | 70,000 | 1,110,000 |
Accrued related party interest | 123,176 | 376,629 |
Notes payable - related party | 671,300 | 1,372,169 |
Total Current Liabilities | 964,906 | 3,370,942 |
Total Liabilities | 964,906 | 3,370,942 |
Stockholders' Deficit | ||
Preferred stock; 5,000,000 shares authorized, at $0.001 par value, - 0- shares issued and outstanding, respectively | 0 | 0 |
Common stock; 100,000,000 shares authorized, at $0.001 par value, 51,719,854 and 36,719,854 shares issued and outstanding, respectively | 51,720 | 36,720 |
Additional paid-in capital | 4,864,800 | 2,384,824 |
Accumulated deficit | (5,881,426) | (5,792,486) |
Total Stockholders' Deficit | (964,906) | (3,370,942) |
Total Liabilities and Stockholders' Deficit | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets - Parenthetical - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Details | ||
Preferred Stock, Shares Authorized | 5,000,000 | |
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, Outstanding | 51,719,854 | 36,719,854 |
Common Stock, Shares, Issued | 51,719,854 | 36,719,854 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Details | |||
Revenues | $ 0 | $ 0 | $ 0 |
Operating Expenses | |||
Consulting | 30,000 | 60,000 | 60,000 |
General and administrative | 5,456 | 11,066 | 13,332 |
Total Operating Expenses | 35,456 | 71,066 | 73,332 |
Loss from Operations | (35,456) | (71,066) | (73,332) |
Other INCOME (Expense) | |||
Interest expense | (8,937) | (17,874) | (17,874) |
Total Other Income (Expense) | (8,937) | (17,874) | (17,874) |
Loss Before Income Taxes | (44,393) | (88,940) | (91,206) |
Provision for Income Taxes | 0 | 0 | 0 |
Net loss | $ (44,393) | $ (88,940) | $ (91,206) |
Basic and Diluted Loss Per Share | $ 0 | $ 0 | $ 0 |
Basic and Diluted Weighted Average Number of Common Shares Outstanding | 36,719,854 | 36,885,600 | 36,719,854 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Deficit - 3 months ended Jun. 30, 2019 - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Parent |
Balance, March 31, 2019 at Mar. 31, 2019 | $ 36,720 | $ 2,384,824 | $ (5,837,731) | $ (3,416,187) |
Conversion of related Party debt | 15,000 | 2,479,976 | 2,494,976 | |
Net loss | 0 | 0 | (43,695) | (43,695) |
Balance, June 30, 2019 at Jun. 30, 2019 | $ 51,720 | $ 4,864,800 | $ (5,881,426) | $ (964,906) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Operating Activities | |
Net loss | $ (91,206) |
Changes in operating assets and liabilities: | |
Bank overdraft payable | 2,342 |
Accounts payable and accrued expenses | (1,101) |
Accrued officer compensation | 60,000 |
Accrued related party interest | 17,874 |
Net Cash Used in Operating Activities | (12,091) |
Investing Activities | |
Net Cash Used in Investing Activities | 0 |
Financing Activities | |
Proceeds from notes payable - related party | 11,800 |
Net Cash Provided by Financing Activities | 11,800 |
Net Change in Cash and Cash Equivalents | (291) |
Cash and Cash Equivalents at Beginning of Period | 291 |
Cash and Cash Equivalents at End of Period | 0 |
Cash paid for interest | 0 |
Cash paid for taxes | 0 |
Common stock issued for debt | $ 0 |
NOTE 1 - ORGANIZATION AND PRINC
NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES | NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES HST Global, Inc. (the "Company") was incorporated on April 11, 1984 under the laws of the State of Delaware under the name of NT Holding Corporation. The Company has made several acquisitions and disposals of various business entities and activities. On May 9, 2008, the Company entered into a Merger and share exchange agreement with Health Source Technologies, Inc. This business acquisition has been accounted for as a reverse merger or recapitalization of Health Source Technologies, Inc. At the time of the merger NT Holding Corporation had disposed of its assets and liabilities and had minimal operations. Immediately after the acquisition the Company changed its name to HST Global, Inc. Health Source Technologies, Inc. was incorporated under the laws of the State of Nevada on August 6, 2007. The Company is currently headquartered in Hampton, Virginia. HST Global, Inc. is an integrated Health and Wellness Biotechnology company that is developing and/or acquiring a network of Wellness Centers worldwide with the primary focus on homeopathic and alternative treatments of late stage cancer and other life threatening diseases. In addition, the Company intends to acquire innovative products for the treatment of life threatening diseases. The Company primarily focuses on homeopathic and alternative product candidates that are undergoing or have already completed significant clinical testing for the treatment of late stage cancer and/or life threatening diseases. |
NOTE 2 - SIGNIFICANT ACCOUNTING
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements and related notes include the activity of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-K. Interim Financial Statements These interim unaudited financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. Principles of Consolidation The condensed consolidated financial statements include our wholly-owned subsidiary. Intercompany balances and transactions have been eliminated. Accounting Method The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a December 31 year-end. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents We maintain cash balances in non-interest-bearing accounts, which do not currently exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. Basic and Diluted Income (Loss) Per Share The computations of basic loss per share of common stock are based on the weighted average number of shares outstanding at the date of the financial statements. The Company computes net income (loss) per share in accordance with ASC 260. ASC 260 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. The Company had no common stock equivalents outstanding as of June 30, 2018 and 2019. Stock-Based Compensation The Company adopted ASC 718, “Stock Compensation”, Fair Value of Financial Instruments The Company adopted ASC 820 which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under this standard certain assets and liabilities must be measured at fair value, and disclosures are required for items measured at fair value. The Company currently does not have non-financial assets or non-financial liabilities that are required to be measured at fair value on a recurring basis. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. The fair value of the Company’s cash is based on quoted prices and therefore classified as Level 1. Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability. Recently Issued Accounting Pronouncements ASC 842, Leases, was added by ASU 2016-02 on February 25, 2016, effective for fiscal periods beginning after December 15, 2018 and interim periods therein. ASC 842 provides the requirements of financial accounting and reporting for lessees and lessors. The Company has adopted ASC 842 on January 1, 2019and has concluded that no adjustments were needed. Management has considered all other recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
NOTE 3 - GOING CONCERN
NOTE 3 - GOING CONCERN | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
NOTE 3 - GOING CONCERN | NOTE 3 – GOING CONCERN The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern for a period of one year from the issuance of these financial statements. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. Management’s plan to support the Company in its operations and to maintain its business strategy is to raise funds through public offerings and to rely on officers and directors to perform essential functions with minimal compensation. If the Company does not raise all of the money it needs from public offerings, it will have to find alternative sources, such as a second public offering, a private placement of securities, or loans from its officers, directors or others. If the Company requires additional cash and is unable to raise it, it will either have to suspend operations until the cash is raised, or cease business entirely. 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. |
NOTE 4 - RELATED PARTY TRANSACT
NOTE 4 - RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
NOTE 4 - RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS Consulting Agreements The Company has entered into a consulting agreement with Mr. Howell, President of the Company, whereby the Company agreed to pay Mr. Howell $10,000 per month for consulting services through December 31, 2010. The Company had agreed to continue to The Company issued 11,184,920 shares of restricted common shares to Ron Howell CEO for conversion of $1,860,407 owed to him by the Company for loans, consulting fees, reimbursements or other payables to equity in full payment of all obligations. The Company issued 3,639,592 shares of Common stock to The Health Network, Inc., a company controlled by Ron Howell, CEO of the Company for conversion of $605,379, the total amount of money owed to The Health Network, Inc. by the Company for loans, fees, reimbursements or other payables in full payment of all obligations. The Company issued 116,996 shares of Common stock of HST Global, Inc. shares of Common stock to LIFT, LLC., a company controlled by Ron Howell, CEO of the Company to convert $19,460 the total amount of money owed to LIFT, LLC by the Company for loans, fees, reimbursements or other payables in full payment of all obligations. The Company issued 58,492 shares of Common stock of HST Global, Inc shares of restricted Common stock to Biolifecycle, LLC., a company controlled by Ron Howell, CEO of the Company to convert $9,729 the total amount of money owed to Biolifecycle, LLC by the Company for loans, fees, reimbursements or other payables in full payment of all obligations. The value of the shares based on the trading price on June 26, 2019 was $150,000. The Company determined the difference between the debt calculated and the value of the shares, $2,344,976 was a capital transaction and was recorded in Additional Paid in Capital due to the related party nature of the transactions The Company has entered into a consulting agreement with Eric Clemons, a shareholder of the Company, whereby the Company agreed to pay Mr. Clemons $10,000 per month for consulting services through December 2009. This employment agreement carried the provision that it could be extended beyond this date upon mutual agreement by both parties and that the agreement could be canceled by the Company at any time after that date. Mr. Clemons received 1,471,419 shares of common stock valued at $103,000 as a partial payment for amounts owed under this agreement in January of 2010. The Company continued to accrue amounts owed under this agreement through July of 2010. The balance owed to Mr. Clemons at June 30, 2019 and December 31, 2018 is $70,000 and $70,000, respectively under this agreement. The Company disputes this amount and is currently assessing legal issues surrounding this obligation with the intention of relying on extinguishing this obligation based on the opinion of the Company’s council and accounting guidelines to eliminate this debt by having it determined to be uncollectable. Executive Offices The Company's executive offices are located at 150 Research Dr., Hampton VA. These offices are leased by The Health Network, Inc. ("THN"), of which Ron Howell is President. THN allows the Company to use the office space without a formal sublease or rental agreement. The Company previously accrued $15,000 per month for a general operating fee, which covered the use of office space, certain equipment, and various other services. However, due to the Company having limited available resources, THN has agreed to lease the Company office space at no charge. As of June 28, 2019 , the Company owed THN an amount of $365,462. Included in the agreement for THN to convert the funds owed to it by the Company, THN agreed to include the extinguishment of this payable as part of the debt conversion with HST in the transaction that THN accepted to convert this portion of the THN payable for all debt owed to THN for 3,639,592 shares of the Company’s restricted common stock and at June 30, 2019, the Company owed $0 to THN for this obligations. |
NOTE 5 - COMMON STOCK
NOTE 5 - COMMON STOCK | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
NOTE 5 - COMMON STOCK | NOTE 5 – COMMON STOCK The Company issued 11,184,920 shares of restricted common shares to Ron Howell CEO for conversion of $1,860,407 owed to him by the Company for loans, consulting fees, reimbursements or other payables to equity. In full payment of all obligations. The Company issued 3,639,592 shares of Common stock to Health Net Inc. a company controlled by Ron Howell, CEO of the Company for conversion of $605,379, the total amount of money owed to Health Net, LLC by the Company for loans, fees, reimbursements or other payables. In full payment of all obligations. The Company issued 116,996 shares of Common stock of HST Global, Inc. shares of Common stock to LIFT, LLC., a company controlled by Ron Howell, CEO of the Company to convert $19,460 the total amount of money owed to LIFT, LLC by the Company for loans, fees, reimbursements or other payables in full payment of all obligations The Company issued 58,492 shares of Common stock of HST Global, Inc shares of restricted Common stock to Biolifecycle, LLC., a company controlled by Ron Howell, CEO of the Company to convert $9,729 the total amount of money owed to Biolifecycle, LLC by the Company for loans, fees, reimbursements or other payables in full payment of all obligations. |
NOTE 6 - SUBSEQUENT EVENTS
NOTE 6 - SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
NOTE 6 - SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS On August 9, 2019, HST Global, Inc., a Nevada corporation (the “ Company ”), entered into an Asset Purchase Agreement (the “ Agreement ”) with Orbital Group, Inc., a Nevada corporation (the “ Seller ”) to purchase the Seller’s contract rights (the “ Assets ”) to a revenue sharing agreement between Orbital Group, Inc. (also referred to herein as “Seller” or “OGI”) and VeraClaim, Ltd. (referred to herein as VeraClaim)Acquisition. Subject to the terms and conditions of Agreement between VeraClaim, Ltd. and Orbital Group, Inc., Orbital Group, Inc has limited Rights to market the services and products know as and based on the RevSource Platform and its associated products and services owned by VeraClaim, Ltd. in the Territory, which includes all countries of the world to potential clients in all countries of the world. VeraClaim, Ltd. has not sold, transferred or assigned to Orbital Group, Inc. intellectual and physical property relating to the RevSource Platform or any and associated products or services. The Acquisition is subject to customary closing conditions and is expected to close on or around August 9, 2019. Prior to closing the Acquisition, the Company will effect a reverse stock split of its common stock sufficient to ensure that no more than 3,450,000 shares of common stock are outstanding immediately prior to closing the Acquisition, and at closing of the Acquisition, the Company will pay to the Seller 19,500,000 shares of Company common stock as the purchase price for the Assets. |
NOTE 2 - SIGNIFICANT ACCOUNTI_2
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Policies | |
Basis of Presentation | Basis of Presentation The accompanying financial statements and related notes include the activity of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-K. |
NOTE 2 - SIGNIFICANT ACCOUNTI_3
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Interim Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Policies | |
Interim Financial Statements | Interim Financial Statements These interim unaudited financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. |
NOTE 2 - SIGNIFICANT ACCOUNTI_4
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Principles of Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Policies | |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include our wholly-owned subsidiary. Intercompany balances and transactions have been eliminated. |
NOTE 2 - SIGNIFICANT ACCOUNTI_5
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Accounting Method (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Policies | |
Accounting Method | Accounting Method The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a December 31 year-end. |
NOTE 2 - SIGNIFICANT ACCOUNTI_6
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
NOTE 2 - SIGNIFICANT ACCOUNTI_7
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents We maintain cash balances in non-interest-bearing accounts, which do not currently exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. |
NOTE 2 - SIGNIFICANT ACCOUNTI_8
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Basic and Diluted Income (Loss) Per Share (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Policies | |
Basic and Diluted Income (Loss) Per Share | Basic and Diluted Income (Loss) Per Share The computations of basic loss per share of common stock are based on the weighted average number of shares outstanding at the date of the financial statements. The Company computes net income (loss) per share in accordance with ASC 260. ASC 260 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. The Company had no common stock equivalents outstanding as of June 30, 2018 and 2019. |
NOTE 2 - SIGNIFICANT ACCOUNTI_9
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Stock-Based Compensation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Policies | |
Stock-Based Compensation | Stock-Based Compensation The Company adopted ASC 718, “Stock Compensation”, |
NOTE 2 - SIGNIFICANT ACCOUNT_10
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Fair Value of Financial Instruments (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company adopted ASC 820 which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under this standard certain assets and liabilities must be measured at fair value, and disclosures are required for items measured at fair value. The Company currently does not have non-financial assets or non-financial liabilities that are required to be measured at fair value on a recurring basis. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. The fair value of the Company’s cash is based on quoted prices and therefore classified as Level 1. Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability. |
NOTE 2 - SIGNIFICANT ACCOUNT_11
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Recently Issued Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Policies | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements ASC 842, Leases, was added by ASU 2016-02 on February 25, 2016, effective for fiscal periods beginning after December 15, 2018 and interim periods therein. ASC 842 provides the requirements of financial accounting and reporting for lessees and lessors. The Company has adopted ASC 842 on January 1, 2019and has concluded that no adjustments were needed. Management has considered all other recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |