0001511161
--12-31
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2019
Q1
10-Q
2019-03-31
ASTIKA HOLDINGS INC.
Florida
274601693
Level 1
725 Rosebank Road
Avondale
Auckland
1348
New Zealand
(64)
9 929 0502
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<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'><u>NOTE 1 - DESCRIPTION OF BUSINESS</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>Astika Holdings, Inc. (the “Company”, “we”, “us”, “our”), Astika Holdings, Inc., a Florida corporation, is refocusing and preparing to relaunch the Company through a variety of strategic acquisitions in the textile, service, and industrial sectors to complement and capture the next wave of growth companies from Asia and New Zealand.</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'><u>NOTE 2- GOING CONCERN ANALYSIS AND MANAGEMENT PLANS</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>The Company’s unaudited interim financial statements are prepared using accounting principles generally accepted 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 an accumulated deficit and no cash flows from operating activities at March 31, 2019. The Company has not yet established an ongoing source of revenue sufficient to cover its operating costs and allow it to continue as a going concern. 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. These factors raise substantial doubt about the Company’s ability to continue as a going concern.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plans focus is on a variety of strategic acquisitions in service, agriculture and industrial companies to compliment and grow Astika Holdings, Inc.’s business. The Company is positioning to capture the next wave of growth companies from Asia. As the centerpieces for Astika Holdings in Asia, the focus is on rapid economic growth and increased foreign investment sector companies which management believes is poised for accelerated economic growth with national modernization. Astika’s planned focus is also on adding value through successful project development, efficient operations, and opportunistic acquisitions while maintaining a low risk profile through project diversification, astute financial management and operating in secure jurisdictions. Management’s plan to obtain such resources for the Company include (i) obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses; (ii) obtaining funding from outside sources through the sale of its debt and/or equity securities; and (iii) completing a merger with or acquisition of an existing operating company. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'><u>NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'><i>Basis of presentation</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>The accompanying unaudited interim financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for the presentation of interim financial information, but do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. The accompanying financial statements should be read in conjunction with the December 31, 2019 financial statements that were filed in our annual report on Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ended December 31, 2019.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'><i>Use of Estimates</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'><i>Stock-Based Compensation</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>We recognize compensation cost for stock-based awards to employees in accordance with ASC Topic 718, over the requisite service period for each separately vesting tranche, as if multiple awards were granted. Compensation cost is based on grant-date fair value using quoted market prices for our common stock. We recognize compensation cost for stock-based awards to nonemployees in accordance with ASC Topic 505.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'><i>Income Taxes</i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The Company accounts for income taxes as outlined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, “Income Taxes”. Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'><i>Basic and Diluted Loss Per Share</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>The Company computes earnings per share in accordance with ASC 260, “Earnings Per Share” (ASC 260). Under the provisions of ASC 260, basic earnings per share is computed by dividing the net income (loss) for the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing the net income (loss) for the period by the weighted average number of common and potentially dilutive shares of common stock outstanding during the period. The Company had net losses for the three months ended March 31, 2019 and 2018, as such, the diluted earnings per share excludes all dilutive potential shares because their effect is anti-dilutive.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'><i>Related Parties</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>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 with 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.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'><i>Fair Value of Financial Instruments</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>ASC 820, “Fair Value Measurements” (ASC 820) and ASC 825, “Financial Instruments” (ASC 825)<i>, </i>requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'><i>Level 1 – quoted prices in active markets for identical assets or liabilities.</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'><i>Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable.</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'><i>Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions).</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>The carrying values of cash, accounts payable, and accrued liabilities approximate fair value. Pursuant to ASC 820 and 825, the fair value of cash is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white'><i>Recent accounting pronouncements</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white'>Management does not believe that any recently issued, but not yet effective accounting pronouncements will have a material effect on the accompanying financial statements.</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'><i>Basis of presentation</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>The accompanying unaudited interim financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for the presentation of interim financial information, but do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. The accompanying financial statements should be read in conjunction with the December 31, 2019 financial statements that were filed in our annual report on Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ended December 31, 2019.</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'><i>Use of Estimates</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'><i>Stock-Based Compensation</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>We recognize compensation cost for stock-based awards to employees in accordance with ASC Topic 718, over the requisite service period for each separately vesting tranche, as if multiple awards were granted. Compensation cost is based on grant-date fair value using quoted market prices for our common stock. We recognize compensation cost for stock-based awards to nonemployees in accordance with ASC Topic 505.</p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'><i>Income Taxes</i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The Company accounts for income taxes as outlined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, “Income Taxes”. Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'><i>Basic and Diluted Loss Per Share</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>The Company computes earnings per share in accordance with ASC 260, “Earnings Per Share” (ASC 260). Under the provisions of ASC 260, basic earnings per share is computed by dividing the net income (loss) for the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing the net income (loss) for the period by the weighted average number of common and potentially dilutive shares of common stock outstanding during the period. The Company had net losses for the three months ended March 31, 2019 and 2018, as such, the diluted earnings per share excludes all dilutive potential shares because their effect is anti-dilutive.</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'><i>Related Parties</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>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 with 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.</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'><i>Fair Value of Financial Instruments</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>ASC 820, “Fair Value Measurements” (ASC 820) and ASC 825, “Financial Instruments” (ASC 825)<i>, </i>requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'><i>Level 1 – quoted prices in active markets for identical assets or liabilities.</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'><i>Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable.</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'><i>Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions).</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>The carrying values of cash, accounts payable, and accrued liabilities approximate fair value. Pursuant to ASC 820 and 825, the fair value of cash is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white'><i>Recent accounting pronouncements</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white'>Management does not believe that any recently issued, but not yet effective accounting pronouncements will have a material effect on the accompanying financial statements.</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'><u>NOTE 4 - LOAN TRANSACTION</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>The Company purchased a recorded music compilation from EuGene Gant for a purchase price of $5,000 pursuant to a Bill of Sale and Assignment dated June 15, 2012, an Exclusive Songwriter Agreement dated June 15, 2012, and a Promissory Note that the Company concurrently executed and delivered to him on the same date. The Company made a payment to Mr. Gant in the amount of $1,000 on June 15, 2012 and $2,000 on October 1, 2012, and $1,000 on June 15, 2013, and the remaining $1,000 principal amount under Promissory Note bears interest at five percent (5%) per annum, and there is one remaining principal installment payment in the amount of $1,162 due. Accrued and unpaid interest on the Promissory Note is also due in the amount of $18 for the three-month period ended March 31, 2019, and $17 for the three-month period ended March 31, 2018. As of March 31, 2019 and December 31, 2018, total outstanding short-term debt was $1,508 and $1,490, respectively. The note matured on June 15, 2013 and the loan is currently in default.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>On October 22, 2015, Artfield Investment paid $2,100 in expenses on behalf of the Company. This loan is unsecured, due on demand, and carries no interest. At March 31, 2019 and December 31, 2018, the total amount owed was $2,100 and $2,100, respectively.</p>
5000
1000
2000
1000
1508
1490
2100
2100
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'><u>NOTE 5 - RELATED PARTY TRANSACTIONS</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>The Company has entered into transactions with the related party, IQ Acquisition (NY), Ltd, owned by Mr. Richards, the CEO of the Company. IQ Acquisition (NY), Ltd, the major shareholder of the Company, has paid expenses on behalf of the Company in the amount of $30,300 and $10,408 during the three-months ended March 31, 2019 and 2018, respectively. The Company reimbursed IQ acquisition (NY) in the amount of $0 and $42,101 during the three months ended March 31, 2019 and 2018, respectively. The balance due to related party as of March 31, 2019 and December 31, 2018 was $36,107 and $5,807, respectively. The advances are unsecured, payable on demand, and carry no interest.</p>
30300
10408
0
42101
36107
5807
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'><u><font style='background:white'>NOTE 6 - EQUITY TRANSACTIONS</font></u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>The Company has authorized 10,000,000 shares of Preferred Stock and 140,000,000 shares of Common Stock at par value of $0.001. As of March 31, 2019 and December 31, 2018, the Company had 29,890,066 and 29,890,066 shares of common stock, and 2,090,000 and 2,090,000 preferred shares, issued and outstanding, respectively.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white'>During the three months ended March 31, 2019 and 2018, the Company did not issue any additional shares of common stock.  As of March 31, 2019, no preferred shares have been converted to shares of common stock.  </p>
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140000000
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<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'><u>NOTE 7 - SUBSEQUENT EVENTS</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in;line-height:normal;background:white'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white'>The Company has evaluated subsequent events that have occurred after the date of the balance sheet through the date of issuance of these financial statements and determined that no subsequent event requires recognition or disclosure to the financial statements.</p>
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