Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 08, 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 | 000-24970 | ||
Entity Registrant Name | GLOBAL ACQUISITIONS CORPORATION | ||
Entity Central Index Key | 0000930245 | ||
Entity Tax Identification Number | 88-0203976 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 6730 Las Vegas Boulevard South | ||
Entity Address, City or Town | Las Vegas | ||
Entity Address, State or Province | NV | ||
Entity Address, Postal Zip Code | 89119 | ||
City Area Code | (702) | ||
Local Phone Number | 317-7302 | ||
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 | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 3,316,000 | ||
Entity Common Stock, Shares Outstanding | 5,658,123 | ||
Auditor Firm ID | 587 | ||
Auditor Name | RBSM LLP | ||
Auditor Location | New York, NY |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Prepaid expenses and other current assets | $ 64 | $ 69 |
Total current assets | 64 | 69 |
Total Assets | 64 | 69 |
Current liabilities: | ||
Accounts payable and accrued expenses | 11,190 | 22,666 |
Due to related parties | 471,820 | 361,987 |
Total current liabilities | 483,010 | 384,653 |
Stockholders’ Deficit: | ||
Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2021 and December 31, 2020 | ||
Common stock, $0.001 par value, 500,000,000 shares authorized, 5,658,123 and 5,658,123 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively. | 5,658 | 5,658 |
Additional paid-in capital | 28,728,912 | 28,728,912 |
Accumulated deficit | (29,217,516) | (29,119,154) |
Total stockholder’s deficit | (482,946) | (384,584) |
Total Liabilities and Stockholders’ Deficit | $ 64 | $ 69 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, issued | 0 | 0 |
Preferred Stock, outstanding | 0 | 0 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, authorized | 500,000,000 | 500,000,000 |
Common Stock, issued | 5,658,123 | 5,658,123 |
Common Stock, outstanding | 5,658,123 | 5,658,123 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Expenses: | ||
General & administrative | $ 98,362 | $ 70,828 |
Total operating expenses | 98,362 | 70,828 |
Loss from operations | (98,362) | (70,828) |
Total expense | (98,362) | (70,828) |
Net loss before provision for income tax | (98,362) | (70,828) |
Provision for income tax expense | ||
Net Loss | $ (98,362) | $ (70,828) |
Weighted average number of common shares outstanding - basic and fully diluted | 5,658,123 | 5,658,123 |
Net loss per share – basic and fully diluted | $ (0.02) | $ (0.01) |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 5,658 | $ 28,728,912 | $ (29,048,326) | $ (313,756) |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 5,658,123 | |||
Net loss | (70,828) | (70,828) | ||
Ending balance, value at Dec. 31, 2020 | $ 5,658 | 28,728,912 | (29,119,154) | $ (384,584) |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2020 | 5,658,123 | 5,658,123 | ||
Net loss | (98,362) | $ (98,362) | ||
Ending balance, value at Dec. 31, 2021 | $ 5,658 | $ 28,728,912 | $ (29,217,516) | $ (482,946) |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2021 | 5,658,123 | 5,658,123 |
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 | $ (98,362) | $ (70,828) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 5 | |
Accounts payable and accrued expenses | (11,476) | (10,180) |
Net cash used in operating activities | (109,833) | (81,008) |
Cash flows from investing activities | ||
Net cash used in investing activities | ||
Cash flows from financing activities | ||
Proceeds from related parties | 109,833 | 81,008 |
Net cash provided by financing activities | 109,833 | 81,008 |
Net change in cash | ||
Cash, beginning of year | ||
Cash, end of year | ||
Supplemental Disclosures of cash flow information: | ||
Cash paid for taxes | ||
Cash paid for Interest | ||
Supplemental disclosure of noncash and financing activities |
ORGANIZATIONAL STRUCTURE AND BA
ORGANIZATIONAL STRUCTURE AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
ORGANIZATIONAL STRUCTURE AND BASIS OF PRESENTATION | NOTE 1. ORGANIZATIONAL STRUCTURE AND BASIS OF PRESENTATION a. BASIS OF PRESENTATION The financial statements of the Company have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”). b. BUSINESS ACTIVITIES The Company was incorporated in Nevada on March 6, 1984, under the name “Sporting Life, Inc.” The Company’s name was changed to “St. Andrews Golf Corporation” on December 27, 1988, to “Saint Andrews Golf Corporation” on August 12, 1994, and to All-American SportPark, Inc. (“AASP”) on December 14, 1998. Effective February 15, 2021, the name of the Company was changed to “Global Acquisitions Corporation.” In December 1994, the Company completed an initial public offering of 1,000,000 Units, each Unit consisting of one share of Common Stock and one Class A Warrant. The net proceeds to the Company from this public offering were approximately $3,684,000. The Class A Warrants expired unexercised on March 15, 1999. On July 12, 1996, the Company entered into a lease agreement of land in Las Vegas, Nevada, on which the Company developed a Golf Center and All-American SportPark, (“SportPark”) properties. The discontinued SportPark that opened for business in October 1998 was disposed of in May 2001. On June 15, 2011, the Company entered into a Stock Transfer Agreement with Saint Andrews pursuant to which the Company transferred 49% of the outstanding common stock of All-American Golf Center, Inc. ("AAGC"), a subsidiary of the Company, to Saint Andrews Golf Shop, Ltd. ("Saint Andrews") in exchange for the cancellation of $600,000 of debt owed by the Company to Saint Andrews. Saint Andrews is owned by Ronald Boreta, the Company's President and a Director and John Boreta, his brother. John Boreta is a principal shareholder of the Company and became Director of the Company in 2012. The debt owed by the Company to Saint Andrews was from advances made in the past by Saint Andrews to provide the Company with working capital. On June 10, 2016, the Company entered into a Transfer Agreement for the sale and transfer of the Company’s 51% interest in All American Golf Center, Inc. (“AAGC”), which constituted substantially all of the Company’s assets. On October 18, 2016, the Company completed the closing of the Transfer Agreement pursuant to which the Company transferred the 51% interest in AAGC to Ronald Boreta and John Boreta (the “Boretas”), and also issued to the Boretas 1,000,000 shares of the Company’s common stock, in exchange for the cancellation of promissory notes held by the Boretas and accrued interest of $8,864,255. In connection with the closing of the Transfer Agreement, AAGC assumed the obligation of the Company to pay Ronald Boreta for deferred salary of $340,000. In addition, AAGC cancelled $4,267,802 in advances previously made by it to the Company to fund its operations. Also in connection with the closing of the Transfer Agreement, entities controlled by the Boretas cancelled $1,286,702 owed to them by the Company. In addition, the Company cancelled $27,615 of amounts due from entities controlled by the Boretas. On October 18, 2016, the Company completed the closing of the Transfer Agreement for the sale and transfer of the Company’s 51% interest in All American Golf Center, Inc. (“AAGC”), which constituted substantially all of the Company’s assets. As a result of the closing of the Transfer Agreement, the Company now has no or nominal operations and no or nominal assets and is therefore considered to be a “Shell Company” as that term is defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As a result of the Transfer Agreement, on October 18, 2016, the Company derecognized the assets and liabilities of AAGC. The sale and transfer of the Company’s 51% interest in AAGC to the controlling shareholders of the Company is a common control transaction and recorded at book value. Any difference between the proceeds received by the Company and the book value of assets and liabilities of AAGC, cancellation of promissory notes and accrued interest, assumption of deferred salary, cancellation of amounts due to and due from entities controlled by the Boretas is recognized as a capital transaction with no gain or loss recorded. At this time, the Company’s purpose is to seek, investigate and, if such investigation warrants, acquire an interest in business opportunities presented to the Company by persons or firms who or which desire to seek the perceived advantages of a corporation whose securities are registered pursuant to the Exchange Act. The Company will not restrict our search to any specific business or geographical location. c. COVID-19 IMPACT The COVID-19 outbreak and pandemic has resulted in a widespread health crisis that could materially and adversely affect the economies and financial markets worldwide. In addition, the operations and financial position of any potential target business with which we consummate a business combination could be materially and adversely affected. Furthermore, we may be unable to complete a business combination if continued concerns relating to COVID-19 restrict travel limit the ability to have meetings with the personnel and representatives of potential target companies and may adversely affect our ability to negotiate and consummate a transaction in a timely manner. The extent to which COVID-19 may impact our search for a business combination will depend on future developments which are uncertain and cannot be predicted. If the disruptions posed by COVID-19 or other matters of global concern continue for an extensive period, our ability to consummate a business combination, or the operations of a target business with which we ultimately consummate a business combination may be materially adversely affected. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. 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. Significant estimates and assumptions made by management include, but are not limited to, the determination of the provision for income taxes. The Company bases the estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results could differ from those estimates. b. INCOME TAXES The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is established against deferred tax assets that do not meet the criteria for recognition. In the event the Company were to determine that it would be able to realize deferred income tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the valuation allowance which would reduce the provision for income taxes. The Company follows the accounting guidance which provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized initially and in subsequent periods. Also included is guidance on measurement, de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. c. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company adopted the ASC-820 “Fair Value Measurement” related to fair value measurement at inception. The standard defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The standard applies under other accounting pronouncements that require or permit fair value measurements and, accordingly, does not require any new fair value measurements. The standard clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The recorded values of long-term debt approximate their fair values, as interest approximates market rates. As a basis for considering such assumptions, the standard established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1: Observable inputs such as quoted prices in active markets; • Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. At December 31, 2021, and 2020, the carrying amount of prepaid, accounts payable and accrued liability and due to related parties approximate fair value because of the short maturity of these instruments. d. EARNINGS (LOSS) PER SHARE Basic earnings per share excludes any dilutive effects of options, warrants, and convertible securities. Basic earnings per share is computed using the weighted average number of shares of common stock and common stock equivalent shares outstanding during the period. Common stock equivalent shares are excluded from the computation if their effect is antidilutive. The Company did not have any stock equivalent shares for the years ended December 31, 2021 and 2020. Loss per share is computed by dividing reported net loss by the weighted average number of common shares outstanding during the period. The weighted-average number of common shares used in the calculation of basic loss per share was 5,658,123 in 2021 and 5,658,123 in 2020, respectively. e. RELATED PARTIES Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. f. RECENT ACCOUNTING POLICIES The Company believes there was no new accounting guidance adopted but not yet effective that either has not already been disclosed in prior reporting periods or is relevant to the readers of the Company’s financial statements. The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financials properly reflect the change. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3. GOING CONCERN The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements, for the year ended December 31, 2021, the Company had net loss of $98,362 As of December 31, 2021, the Company had an accumulated deficit of $29,217,516 and a stockholder deficit of $482,946. These factors raise substantial doubt about the company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company’s management believes that its operations may not be sufficient to fund operating cash needs over at least the next 12 months. The Company has no significant assets and continues to depend on affiliates to provide funds to pay its ongoing expenses. There can be no assurance however that the Company will be able to raise additional capital when needed, or at terms deemed acceptable, if at all. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 RELATED PARTY TRANSACTIONS Due to related parties AAGC has advanced funds to pay certain expenses of the Company. The Company formerly owned a 51% interest in AAGC. At December 31, 2021 and December 31, 2020, the total amounts owed to AAGC were $471,820 and $361,987, respectively. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 5 COMMITMENTS The Company has no commitments. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 6. INCOME TAXES The Company accounts for income taxes under ASC Topic 740: Income Taxes, which requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities, and for the expected future tax benefit to be derived from tax losses and tax credit carry-forwards. ASC Topic 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. On December 22, 2017, the U.S. federal government enacted the Tax Cuts and Jobs Act (the “2017 Tax Act”). Management reviewed and incorporated the new tax bill implications in the 2017 financial statements. The main change is the re-measurement of deferred taxes at the new corporate tax rate of 21%, which reduced the Company’s net deferred tax assets, before valuation allowance, by $2.2 million. Due to full valuation allowance, the change in deferred taxes was fully offset by the change in valuation allowance. The components of income tax provision (benefit) for the years ended December 31,2021 and 2020 are as follow: Schedule of Income Tax Provision 2021 2020 Current taxes: Federal $ — $ — Total current taxes — — Deferred tax provision (benefit) — — Income tax provision (benefit) $ — $ — A reconciliation of the income tax (provision) benefit at the statutory rate of 21% for the years ended December 31, 2021 and 2020 to the Company’s effective tax rate is as follows: Schedule of Effective Income Tax Rate Reconciliation 2021 2020 U.S. Statutory tax rate 21.0 % 21.0 % Change in valuation reserve on deferred tax assets (21 )% (21 )% Income tax (provision) benefit — % — % Significant components of the Company’s deferred tax assets (liabilities) as of December 31, 2021 and 2020 are as follows: Schedule of Deferred Tax Assets and Liabilities 2021 2020 Deferred tax assets: Net operating loss carryforward $ 1,934,775 $ 1,914,121 Total deferred tax assets 1,934,775 1,914,121 Valuation reserve (1,934,775 ) (1,914,121 ) Net deferred tax assets (liability) $ — $ — As of December 31, 2021 and 2020, the Company had available for income tax purposes approximately $9.2 million and $9.1 million respectively in federal net operating loss carry forwards, which may be available to offset future taxable income. These loss carry-forwards expire in 2021 through 2040. The Company may be limited by Internal Revenue Code Section 382 in its ability to fully utilize its net operating loss carry forwards due to possible future ownership changes. Management has established a 100% valuation allowance against the net deferred tax asset since it appears more likely than not that it will not be realized. The provision (benefit) for income taxes attributable to income (loss) from continuing operations does not differ materially from the amount computed at the federal income tax statutory rate. |
CAPITAL STOCK, STOCK OPTIONS, A
CAPITAL STOCK, STOCK OPTIONS, AND INCENTIVES | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
CAPITAL STOCK, STOCK OPTIONS, AND INCENTIVES | NOTE 7. CAPITAL STOCK, STOCK OPTIONS, AND INCENTIVES PREFERRED STOCK Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2021 and December 31, 2020. The Company’s Board of Directors shall determine the rights, preferences, privileges and restrictions of the preferred stock, including dividends rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of any series. COMMON STOCK Effective February 15, 2021, the number of authorized common stock, $0.001 par value, was increased to 500,000,000 shares. There were 5,658,123 and 5,658,123 shares of common stock issued and outstanding as of December 31, 2021 and December 31, 2020, respectively. On August 15, 2017, the Company granted 34,000 shares of restricted common stock to one employee for services. The restricted common stock granted to the employee was valued at $33,660 and will vest as follows: 33% of the shares on January 1, 2018, an additional 33% of the shares on January 1, 2020, and the remaining 34% of the shares on January 1, 2021. The share-based compensation was amortized ratably over the three year vesting period. The Company recorded share-based compensation of $0 and $14,177 for the years ended December 31, 2021 and 2020, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 SUBSEQUENT EVENTS Management has evaluated all subsequent events through the date of the filing and determined that there were none. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
USE OF ESTIMATES | a. 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. Significant estimates and assumptions made by management include, but are not limited to, the determination of the provision for income taxes. The Company bases the estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results could differ from those estimates. |
INCOME TAXES | b. INCOME TAXES The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is established against deferred tax assets that do not meet the criteria for recognition. In the event the Company were to determine that it would be able to realize deferred income tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the valuation allowance which would reduce the provision for income taxes. The Company follows the accounting guidance which provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized initially and in subsequent periods. Also included is guidance on measurement, de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. |
FAIR VALUE OF FINANCIAL INSTRUMENTS | c. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company adopted the ASC-820 “Fair Value Measurement” related to fair value measurement at inception. The standard defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The standard applies under other accounting pronouncements that require or permit fair value measurements and, accordingly, does not require any new fair value measurements. The standard clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The recorded values of long-term debt approximate their fair values, as interest approximates market rates. As a basis for considering such assumptions, the standard established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1: Observable inputs such as quoted prices in active markets; • Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. At December 31, 2021, and 2020, the carrying amount of prepaid, accounts payable and accrued liability and due to related parties approximate fair value because of the short maturity of these instruments. |
EARNINGS (LOSS) PER SHARE | d. EARNINGS (LOSS) PER SHARE Basic earnings per share excludes any dilutive effects of options, warrants, and convertible securities. Basic earnings per share is computed using the weighted average number of shares of common stock and common stock equivalent shares outstanding during the period. Common stock equivalent shares are excluded from the computation if their effect is antidilutive. The Company did not have any stock equivalent shares for the years ended December 31, 2021 and 2020. Loss per share is computed by dividing reported net loss by the weighted average number of common shares outstanding during the period. The weighted-average number of common shares used in the calculation of basic loss per share was 5,658,123 in 2021 and 5,658,123 in 2020, respectively. |
RELATED PARTIES | e. RELATED PARTIES Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. |
RECENT ACCOUNTING POLICIES | f. RECENT ACCOUNTING POLICIES The Company believes there was no new accounting guidance adopted but not yet effective that either has not already been disclosed in prior reporting periods or is relevant to the readers of the Company’s financial statements. The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financials properly reflect the change. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | Schedule of Income Tax Provision 2021 2020 Current taxes: Federal $ — $ — Total current taxes — — Deferred tax provision (benefit) — — Income tax provision (benefit) $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | Schedule of Effective Income Tax Rate Reconciliation 2021 2020 U.S. Statutory tax rate 21.0 % 21.0 % Change in valuation reserve on deferred tax assets (21 )% (21 )% Income tax (provision) benefit — % — % |
Schedule of Deferred Tax Assets and Liabilities | Schedule of Deferred Tax Assets and Liabilities 2021 2020 Deferred tax assets: Net operating loss carryforward $ 1,934,775 $ 1,914,121 Total deferred tax assets 1,934,775 1,914,121 Valuation reserve (1,934,775 ) (1,914,121 ) Net deferred tax assets (liability) $ — $ — |
ORGANIZATIONAL STRUCTURE AND _2
ORGANIZATIONAL STRUCTURE AND BASIS OF PRESENTATION (Details Narrative) | 12 Months Ended |
Dec. 31, 2021USD ($)shares | |
Defined Benefit Plan Disclosure [Line Items] | |
Disposal Group, Including Discontinued Operation, Description and Timing of Disposal | On June 10, 2016, the Company entered into a Transfer Agreement for the sale and transfer of the Company’s 51% interest in All American Golf Center, Inc. (“AAGC”), which constituted substantially all of the Company’s assets. On October 18, 2016, the Company completed the closing of the Transfer Agreement pursuant to which the Company transferred the 51% interest in AAGC to Ronald Boreta and John Boreta (the “Boretas”), and also issued to the Boretas 1,000,000 shares of the Company’s common stock, in exchange for the cancellation of promissory notes held by the Boretas and accrued interest of $8,864,255. |
Debt Conversion, Converted Instrument, Shares Issued | shares | 1,000,000 |
Extinguishment of Debt, Amount | $ 8,864,255 |
Increase (Decrease) in Deferred Compensation | $ 340,000 |
All American Golf Center [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Interest in Subsidiary transferred | 51.00% |
Boretas [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Forgiveness of Payable - Related Party | $ 1,286,702 |
Forgiveness of Receivable - Related Party | $ 27,615 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Weighted Average Number of Shares Outstanding, Diluted | 5,658,123 | 5,658,123 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Operating Income (Loss) | $ 98,362 | $ 70,828 | |
Accumulated deficit | $ 29,217,516 | $ 29,119,154 | $ 29,217,516 |
Stockholder deficit | $ 482,946 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Due to Related Parties | $ 471,820 | $ 361,987 |
Schedule of Income Tax Provisio
Schedule of Income Tax Provision (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current taxes: | ||
Federal | ||
Total current taxes | ||
Deferred tax provision (benefit) | ||
Income tax provision (benefit) |
Schedule of Effective Income Ta
Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
U.S. Statutory tax rate | 21.00% | 21.00% |
Income tax (provision) benefit |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carryforward | $ 1,934,775 | $ 1,914,121 |
Total deferred tax assets | 1,934,775 | 1,914,121 |
Valuation reserve | (1,934,775) | (1,914,121) |
Net deferred tax assets (liability) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 21.00% | |
[custom:NetDeferredTaxAssetsBeforeValuationAllowanceDifference] | $ 2,200,000 | |
Federal Net Operating Loss Carry Forwards | $ 9,200,000 | $ 9,100,000 |
CAPITAL STOCK, STOCK OPTIONS,_2
CAPITAL STOCK, STOCK OPTIONS, AND INCENTIVES (Details Narrative) - USD ($) | Aug. 15, 2017 | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |
Preferred Stock, issued | 0 | 0 | |
Preferred Stock, outstanding | 0 | 0 | |
Common Stock, par value | $ 0.001 | $ 0.001 | |
Common Stock, authorized | 500,000,000 | 500,000,000 | |
Common Stock, Shares, Issued | 5,658,123 | 5,658,123 | |
Common Stock, outstanding | 5,658,123 | 5,658,123 | |
Share Compensation Shares Granted in Period for Services | 34,000 | ||
Share Compenstion Shares Granted Share Value for Services | $ 33,660 | ||
Share Based Compensation | $ 0 | $ 14,177 | |
Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Rights | 33% of the shares on January 1, 2018 | ||
Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Rights | 33% of the shares on January 1, 2020 | ||
Share-based Payment Arrangement, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Rights | 34% of the shares on January 1, 2021 |