v3.24.2.u1
Investment in and Due to Related Company (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, All Other Investments [Abstract]  
Schedule of Restatement of Financial Statements

 

Restatement            
For the Consolidated Balance Sheet for June 30, 2023  Originally Reported   Change  

As Restated

 
             
ASSETS               
Current assets               
Cash  $-    -   $- 
Prepaid expenses   4,647    -    4,647 
Total current assets   4,647    -    4,647 
Equipment, net (Note 4)   917    -    917 
Total assets  $5,564    -   $5,564 
                
LIABILITIES AND STOCKHOLDERS’ DEFICIT               
Current liabilities               
Accounts payable and accrued liabilities  $48,388    -   $48,388 
Investment in partnership, related (Note 3)   42,732    (42,732)   - 
Due to related company (Note 3)   42,303    -    42,303 
Due to related parties (Note 5)   1,447,205    -    1,447,205 
Total liabilities   1,580,628    (42,732)   1,537,896 
                
Stockholders’ deficit               
Preferred stock, 5,000,000 shares authorized, $0.000001 par value 2 shares issued and outstanding  $1    -   $1 
Common stock, 500,000,000 shares authorized, $0.000001 par value 131,903,029 issued and outstanding (December 31, 2022 – 131,903,029)   132    -    132 
Additional paid-in capital   10,000,348    -    10,000,348 
Deficit   (11,575,545)   42,732    (11,532,813)
Total stockholders’ deficit   (1,575,064)   42,732    (1,532,332)
Total liabilities and stockholders’ deficit  $5,564    -   $5,564 

 

Consolidated Statements of Operations and Comprehensive Loss  Originally Reported   Change  

As Restated

 
             
For June 30, 2023               
                
Expenses               
Automotive  $4,607    -   $4,607 
Depreciation   250    -    250 
Management fees   247,500    -    247,500 
Office and miscellaneous   3,643    470    4,113 
Professional fees   13,563    -    13,563 
Rent   10,970    (470)   10,500 
Telephone   1,738    -    1,738 
Transfer agent and filing fees   11,170    -    11,170 
Total expenses   293,441    -    293,441 
                
Loss before other income   (293,441)   -    (293,441)
Other income (expense)               
Decrease in equity of investment in partnership   (8,752)   8,752    - 
                
Net loss and comprehensive loss  $(302,193)   8,752   $(293,441)
                
Net loss per share, basic and diluted  $(0.002)       $(0.002)
                
Weighted average number of shares outstanding, basic and diluted   131,903,029         131,903,029 

 

 

   Originally         
Consolidated Statements of Cash Flows for June 30, 2023  Reported   Change   As Restated 
             
Operating Activities:               
Net loss for the period  $(302,193)  $8,752    (293,441)
Decrease in equity of partnership investment   8,752    (8,752)   - 
Depreciation   250    -    250 
Changes in operating assets and liabilities:               
Prepaids   (3,553)   -    (3,553)
Accounts payable and accrued liabilities   10,690    -    10,690 
Due to related company   (21,359)   -    (21,359)
Due to related parties   293,592    (293,592)   - 
                
Net cash used in operating activities   -    (293,592)   (293,592)
                
Cash flows from investing activities:               
Equipment purchase   -    -    - 
                
Net cash used in investing activities   -    -    - 
                
Cash flows from financing activities:               
Advances from related parties   -    293,592    293,592 
                
Net cash provided by financing activities   -    293,592    293,592 
                
                
Change in cash   -    -    (4,227)
Cash, beginning of period   -    -    4,227 
                
Cash, end of period  $-   $–   $- 
                
Supplemental disclosures:               
Interest paid  $–   $–   $- 
Income tax paid  $–   $–   $-