XBRL Rendering Preview
v3.21.2
Cover - shares
9 Months Ended
Sep. 30, 2021
Nov. 15, 2021
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Sep. 30, 2021  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2021  
Current Fiscal Year End Date --12-31  
Entity File Number 333-257323  
Entity Registrant Name SPECIFICITY, INC.  
Entity Central Index Key 0001840102  
Entity Tax Identification Number 85-4017786  
Entity Incorporation, State or Country Code NV  
Entity Address, Address Line One 801 WEST BAY DR  
Entity Address, Address Line Two #206  
Entity Address, City or Town LARGO  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 33770  
City Area Code (813)  
Local Phone Number 364-4744  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Elected Not To Use the Extended Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   7,971,667
v3.21.2
BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 117,090 $ 217,108
Accounts receivable 7,250
Total current assets 117,090 224,358
Property and equipment, net 50,000 50,000
Deferred offering costs 68,499 13,698
Total assets 235,589 288,056
Current liabilities:    
Account payable 10,275 21,021
Accrued interest, related party 35,417
Note payable 30,000
Total current liabilities 45,692 51,021
Long term liabilities -    
Related party notes payable 1,000,000
Total liabilities 1,045,692 51,021
Stockholders’ Equity:    
Common stock, $0.001 par value; 50,000,000 shares authorized, 7,951,667 and 7,670,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively 7,952 7,670
Additional paid-in capital 433,548 76,330
Subscriptions receivable (200,000) (422,500)
Accumulated deficit (1,702,603) (75,465)
Total stockholders’ equity (810,103) 237,035
Total liabilities and stockholders’ equity 235,589 288,056
Series A Preferred Stock [Member]    
Stockholders’ Equity:    
Preferred stock, Series B; $0.001 par value; 260,000 shares authorized; zero shares issued and outstanding as of September 30, 3021 and December 31, 2020 1,000 1,000
Series B Preferred Stock [Member]    
Stockholders’ Equity:    
Preferred stock, Series B; $0.001 par value; 260,000 shares authorized; zero shares issued and outstanding as of September 30, 3021 and December 31, 2020 650,000 650,000
Subscriptions receivable $ (200,000) $ (400,000)
v3.21.2
BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Sep. 30, 2021
Dec. 31, 2020
Common Stock, Par Value $ 0.001 $ 0.001
Common Stock, Shares Authorized 50,000,000 50,000,000
Common Stock, Shares, Issued 7,951,667 7,670,000
Common Stock, Shares, Outstanding 7,951,667 7,670,000
Series A Preferred Stock [Member]    
Preferred Stock, Par Value $ 0.001 $ 0.001
Preferred Stock, Shares Authorized 1,000,000 1,000,000
Preferred Stock, Shares Issued 1,000,000 1,000,000
Preferred Stock, Shares Outstanding 1,000,000 1,000,000
Series B Preferred Stock [Member]    
Preferred Stock, Par Value $ 0.001 $ 0.001
Preferred Stock, Shares Authorized 260,000 260,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
v3.21.2
STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2021
Income Statement [Abstract]    
Revenue, net $ 214,106 $ 540,412
Cost of revenues 87,614 240,418
Gross profit 126,492 299,994
Operating expenses:    
Sales and marketing 3,845 23,732
General and administrative expenses 260,112 704,748
Officer compensation 20,272 1,163,235
Total operating expenses 284,229 1,891,715
Loss from operations (157,737) (1,591,721)
Other income (expense):    
Interest expense (35,417) (35,417)
Total other income (expense) (35,417) (35,417)
Net loss $ (193,154) $ (1,627,138)
Basic and diluted net loss per common share attributable to common stockholders $ (0.02) $ (0.21)
Weighted-average number of shares used in computing basic and diluted per share amounts 7,836,232 7,803,822
v3.21.2
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($)
Preferred Stock [Member]
Series A Preferred Stock [Member]
Preferred Stock [Member]
Series B Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Subscription Receivable [Member]
Retained Earnings [Member]
Total
Balance, November 25, 2020 - Inception at Nov. 24, 2020
Beginning Balance, Shares at Nov. 24, 2020        
Issuance of founders shares $ 1,000 $ 7,500 (8,500)
Issuance of founders shares, Shares 1,000,000   7,500,000        
Stock issued for services $ 15 7,485 7,500
Stock issued for services, Shares     15,000        
Issuance of common stock for cash $ 155 77,345 (22,500) 55,000
Issuance of common stock for cash, Shares     155,000        
Issuance of preferred stock for cash $ 650,000 (400,000) 250,000
Issuance of preferred stock for cash, Shares   260,000          
Net income (75,465) (75,465)
Ending balance, value at Dec. 31, 2020 $ 1,000 $ 650,000 $ 7,670 76,330 (422,500) (75,465) 237,035
Ending Balance, Shares at Dec. 31, 2020 1,000,000 260,000 7,670,000        
Issuance of common stock for cash $ 282 357,218 22,500 380,000
Issuance of common stock for cash, Shares     281,667        
Issuance of preferred stock for cash 200,000 200,000
Net income (1,627,138) (1,627,138)
Ending balance, value at Sep. 30, 2021 $ 1,000 $ 650,000 $ 7,952 $ 433,548 $ (200,000) $ (1,702,603) $ (810,103)
Ending Balance, Shares at Sep. 30, 2021 1,000,000 260,000 7,951,667        
v3.21.2
STATEMENTS OF CASH FLOWS (Unaudited)
9 Months Ended
Sep. 30, 2021
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net loss $ (1,627,138)
Adjustments to reconcile net loss to net cash used in operating activities:  
Acquisition of Pick Pocket treated as officer compensation 1,000,000
Changes in operating assets and liabilities:  
Accounts receivable 7,250
Prepaids and other current assets
Accounts payable (10,746)
Accrued interest - related party 35,417
Net cash used in operating activities (595,217)
CASH FLOWS FROM INVESTING ACTIVITIES:  
Purchase of property and equipment
Net cash provided by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:  
Proceeds from subscription receivables 222,500
Payments on notes payable (30,000)
Payment of deferred offering costs (54,801)
Proceeds from sale of preferred stock
Proceeds from sale of common stock 357,500
Net cash provided by financing activities 495,199
Change in cash and cash equivalents (100,018)
Cash and cash equivalents, beginning of period 217,108
Cash and cash equivalents, end of period 117,090
Supplemental disclosures of cash flow information:  
Cash paid for interest
Cash paid for income taxes
Non-cash investing and financing activities:  
Issuance of a related party notes payable for Pick Pocket $ 1,000,000
v3.21.2
ORGANIZATION AND DESCRIPTION OF BUSINESS
9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

 

Specificity, Inc. (the “Company”) is a Nevada Corporation incorporated on November 25, 2020 (“Inception”).

 

The Company is a full-service digital marketing firm that delivers cutting-edge marketing solutions to business-to-business clients as well as business to consumer clients. The Company has developed tools that allow us to identify and market to people who are actively in the buying cycle. We take advantage of the real-time messaging opportunities digital marketing offers to give small and medium-sized businesses a fair chance at online traffic.

 

v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Also see Note 3.

 

The accompanying unaudited financial statements as of and for the three and nine months ended September 30, 2021 have been prepared in accordance with accounting principles generally accepted in the Unites States (“US GAAP”) for interim financial information and pursuant to the requirements of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for the interim periods are not necessarily indicative of the results of operations for the entire year.

 

Use of Estimates

 

The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Concentration of Credit Risk

 

Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits of $250,000 per institution that pays Federal Deposit Insurance Corporation (“FDIC”) insurance premiums. The Company has never experienced any losses related to these balances.

 

Cash and Cash Equivalents

 

The Company classifies its highly liquid investments with maturities of three months or less at the date of purchase as cash equivalents. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the designations of each investment as of the balance sheet date for each reporting period. The Company classifies its investments as either short-term or long-term based on each instrument’s underlying contractual maturity date. Investments with maturities of less than 12 months are classified as short-term and those with maturities greater than 12 months are classified as long-term. The cost of investments sold is based upon the specific identification method.

 

Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable is recorded net of an allowance for doubtful accounts, if needed. The Company considers any changes to the financial condition of its financial institutions used and any other external market factors that could impact the collectability of its receivables in the determination of its allowance for doubtful accounts. The Company does not expect to have write-offs or adjustments to accounts receivable which could have a material adverse effect on its financial position, results of operations or cash flows as the portion which is deemed uncollectible is already taken into account when the revenue is recognized.

 

Revenue Recognition

 

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, codified as Accounting Standards Codification (“ASC”) 606 Revenue from Contracts with Customers, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The Company adopted ASC 606 upon Inception.

 

The Company provides online marketing services. The Company’s revenue is generated on services priced at fixed rates. Revenue is recorded as services are performed which typically all occurs within a calendar month.

 

Fair Value Measurements

 

The Company follows FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) to measure and disclosure the fair value of its financial instruments. ASC 820 establishes a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy defined by ASC 820 are described below:

 

  Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

 

  Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

 

  Level 3 Pricing inputs that are generally unobservable inputs and not corroborated by market data.

 

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

 

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

 

The carrying amounts reported in the Company’s financial statements for cash, accounts receivable, prepaids and other current assets, accounts payable, etc approximate their fair value because of the immediate or short-term mature of these financial instruments.

 

Property and Equipment

 

Property and equipment is recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation of property and equipment is computed by the straight-line method (after taking into account their respective estimated residual values) over the assets estimated useful life of five (5) years. Upon sale or retirement of equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the statement of operations.

 

Impairment of Long-Lived Assets

 

Long-lived assets are reviewed for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the estimated fair value of the asset or asset group. Long-lived assets to be disposed of by sale are reported at the lower of their carrying amounts or their estimated fair values less costs to sell and are not depreciated. As of December 31, 2020, there were no asset impairments.

 

Income Taxes

 

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date.

 

The Company’s income tax returns are based on calculations and assumptions that are subject to examination by the Internal Revenue Service and other tax authorities. In addition, the calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcomes of examinations by tax authorities in determining the adequacy of its provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known. As of September 30, the Company does not believe any provisions are required in connection with uncertain tax positions as there are none.

 

Per Share Information

 

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the year. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the year, increased by the potentially dilutive common shares that were outstanding during the year. As of September 30, 2021 and December 31, 2020, the Company does not have any dilutive shares.

 

Stock Based Compensation

 

The Company recognizes as compensation expense all share-based payment awards made to employees, directors, and consultants including grants of stock, stock options and warrants, based on estimated fair values. Fair value is generally determined based on the closing price of the Company’s common stock on the date of grant and is recognized over the service period.

 

New Accounting Pronouncements

 

The FASB issues ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date that amend the original text of ASC. The Company believes those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not expected to have a significant impact on the Company.

v3.21.2
GOING CONCERN
9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN

NOTE 3 – GOING CONCERN

 

As reflected in the accompanying financial statements, during the nine months ended September 30, 2021, the Company incurred a net loss of $1,627,138 and used cash of $595,217 in operating activities. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. We have evaluated the conditions or events that raise substantial doubt about the Company’s ability as a going concern within one year of issuance of the financial statements.

 

While the Company is continuing operations and generating revenues, the Company’s cash position is not significant enough to support the Company’s daily operations. To fund operations and reduce the working capital deficit, the Company has raised capital through the sale of common and preferred stock. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect, nor can there be assurance that such funds will be at acceptable terms. See Notes 7 and 9 for additional fund received after September 30, 2021 and December 31, 2020. The ability of the Company to continue as a going concern is dependent upon our ability to further implement its business plan and generate revenues and cash flows. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

v3.21.2
FINANCIAL STATEMENT ELEMENTS
9 Months Ended
Sep. 30, 2021
Quarterly Financial Information Disclosure [Abstract]  
FINANCIAL STATEMENT ELEMENTS

NOTE 4 – FINANCIAL STATEMENT ELEMENTS

 

During the period from Inception to December 31, 2020, the Company purchased software for which is to be used in operations with a $50,000 note payable. The software isn’t expected to be implemented until mid-2021 and thus no amortization was recorded at September 30, 2021. See Note 5 for discussion of the note payable terms.

 

v3.21.2
NOTES PAYABLE
9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 5 – NOTES PAYABLE

 

The Company entered into a $50,000 note payable in connection with the purchase of software, see Note 4. The note payable does not incur interest and requires five monthly payments of $10,000. As of December 31, 2020, a balance of $30,000 remained for which was paid during the nine months ended September 30, 2021.

 

On January 13, 2021, the Company entered into a share purchase agreement with the Company’s Chief Executive Officer to acquire 80% of Pickpocket, Inc. (“Pickpocket”) for a purchase price of $1.0 million in the form of a promissory note. As of the date of acquisition, Pickpocket did not have any operations or significant assets. Upon acquisition, the Company expensed the $1.0 million as compensation to officer. The transaction was accounted for on a carry over basis as the Chief Executive Officer was the controlling shareholder in both entities. The promissory note incurs interest at a rate of 5% per annum As of September 30, 2021, accrued interest due was $35,417.

 

v3.21.2
COMMITMENTS AND CONTIGENCIES
9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTIGENCIES

NOTE 6 – COMMITMENTS AND CONTIGENCIES

 

Litigation

 

The Company is not party to any pending or threatened litigation.

 

Significant Contracts

 

On January 1, 2021, the Company entered into an employment contract with its Chief Executive Officer for which the initial term of the agreement is for one year and reviews automatically annually. If the Chief Executive Officer is terminated without cause, then the remaining current contract year shall be paid. During the period ended September 30, 2021 and December 31, 2020, the Company paid either the Chief Executive Officer and/or entities affiliated with the Chief Executive Officer $163,235 and $94,774, respectively, which has been classified as officer compensation on the accompanying statement of operations.

v3.21.2
STOCKHOLDERS’ EQUITY
9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 7 – STOCKHOLDERS’ EQUITY

 

Series A Preferred Stock

 

The Company is authorized to issue 1,000,000 shares of $0.001 par value Series A preferred stock (“Series A”). The holder of the Series A preferred stock is entitled to 80% of all voting rights available at the time of any vote. In the event of liquidation or dissolution of the Company, holders of Series A preferred stock are entitled to share ratably in all assets remaining after payment of liabilities and have no liquidation preferences. Holders of Series A preferred stock have a right to convert each share of Series A into five shares common stock. See below for discussion regarding issuance of Series A preferred stock.

 

Series B Preferred Stock

 

The Company is authorized to issue 260,000 shares of $0.001 par value Series B preferred stock (“Series A”). The holder of the Series B preferred stock do not have voting rights. In the event of liquidation or dissolution of the Company, holders of Series B preferred stock are entitled to share ratably in all assets remaining after payment of liabilities and have no liquidation preferences. Holders of Series B preferred stock have a right to convert in the pro rata portion of exactly ten percent of the issued and outstanding common stock of the Company.

 

During the period from Inception to December 31, 2020, the Company sold 260,000 shares of Series B preferred stock to various investors at $2.50 per share resulting in gross proceeds of $650,000. As of September 30, 2021 and December 31, 2020, subscriptions receivable related to these were $200,000 and $400,000, respectively.

 

Common Stock

 

The Company is authorized to issue 50,000,000 shares of $0.001 par value common stock. The holders of common stock are entitled to one vote per share on all matters submitted to a vote of stockholders.

 

At Inception, the Company issued 1,000,000 shares of Series A preferred stock and 7,500,000 shares of common stock to founders of the Company for no consideration.

 

During the period from Inception to December 31, 2020, the Company sold 155,000 shares of common stock to various investors at $0.50 per share resulting in gross proceeds of $77,500. As of September 30, 2021, there were no subscriptions receivable related to these sales.

 

During the nine months ended September 30, 2021, the Company sold 281,667 shares of common stock to various investors at prices ranging from $0.50 to $1.50 per share resulting in gross proceeds of $357,500.

 

Subsequent to September 30, 2021, the Company sold an additional 20,000 shares of common stock to various investors for gross proceeds of $30,000.

 

During the period from Inception to December 31, 2020, the Company issued 15,000 shares of common stock to various advisors for services provided. The shares were earned on the date of issuance. The Company valued the stock issuances based upon a recent per share sale price of $0.50 and recorded $7,500 of stock-based compensation. The amount was expensed to general and administrative expenses on the accompanying statement of operations.

 

v3.21.2
SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 8 – SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855 and has determined that no material subsequent events exist other than those disclosed below.

 

See Note 7 for additional subsequent events.

v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Also see Note 3.

 

The accompanying unaudited financial statements as of and for the three and nine months ended September 30, 2021 have been prepared in accordance with accounting principles generally accepted in the Unites States (“US GAAP”) for interim financial information and pursuant to the requirements of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for the interim periods are not necessarily indicative of the results of operations for the entire year.

 

Use of Estimates

Use of Estimates

 

The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Concentration of Credit Risk

Concentration of Credit Risk

 

Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits of $250,000 per institution that pays Federal Deposit Insurance Corporation (“FDIC”) insurance premiums. The Company has never experienced any losses related to these balances.

 

Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company classifies its highly liquid investments with maturities of three months or less at the date of purchase as cash equivalents. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the designations of each investment as of the balance sheet date for each reporting period. The Company classifies its investments as either short-term or long-term based on each instrument’s underlying contractual maturity date. Investments with maturities of less than 12 months are classified as short-term and those with maturities greater than 12 months are classified as long-term. The cost of investments sold is based upon the specific identification method.

 

Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable is recorded net of an allowance for doubtful accounts, if needed. The Company considers any changes to the financial condition of its financial institutions used and any other external market factors that could impact the collectability of its receivables in the determination of its allowance for doubtful accounts. The Company does not expect to have write-offs or adjustments to accounts receivable which could have a material adverse effect on its financial position, results of operations or cash flows as the portion which is deemed uncollectible is already taken into account when the revenue is recognized.

 

Revenue Recognition

Revenue Recognition

 

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, codified as Accounting Standards Codification (“ASC”) 606 Revenue from Contracts with Customers, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The Company adopted ASC 606 upon Inception.

 

The Company provides online marketing services. The Company’s revenue is generated on services priced at fixed rates. Revenue is recorded as services are performed which typically all occurs within a calendar month.

 

Fair Value Measurements

Fair Value Measurements

 

The Company follows FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) to measure and disclosure the fair value of its financial instruments. ASC 820 establishes a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy defined by ASC 820 are described below:

 

  Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

 

  Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

 

  Level 3 Pricing inputs that are generally unobservable inputs and not corroborated by market data.

 

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

 

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

 

The carrying amounts reported in the Company’s financial statements for cash, accounts receivable, prepaids and other current assets, accounts payable, etc approximate their fair value because of the immediate or short-term mature of these financial instruments.

 

Property and Equipment

Property and Equipment

 

Property and equipment is recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation of property and equipment is computed by the straight-line method (after taking into account their respective estimated residual values) over the assets estimated useful life of five (5) years. Upon sale or retirement of equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the statement of operations.

 

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

 

Long-lived assets are reviewed for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the estimated fair value of the asset or asset group. Long-lived assets to be disposed of by sale are reported at the lower of their carrying amounts or their estimated fair values less costs to sell and are not depreciated. As of December 31, 2020, there were no asset impairments.

 

Income Taxes

Income Taxes

 

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date.

 

The Company’s income tax returns are based on calculations and assumptions that are subject to examination by the Internal Revenue Service and other tax authorities. In addition, the calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcomes of examinations by tax authorities in determining the adequacy of its provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known. As of September 30, the Company does not believe any provisions are required in connection with uncertain tax positions as there are none.

 

Per Share Information

Per Share Information

 

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the year. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the year, increased by the potentially dilutive common shares that were outstanding during the year. As of September 30, 2021 and December 31, 2020, the Company does not have any dilutive shares.

 

Stock Based Compensation

Stock Based Compensation

 

The Company recognizes as compensation expense all share-based payment awards made to employees, directors, and consultants including grants of stock, stock options and warrants, based on estimated fair values. Fair value is generally determined based on the closing price of the Company’s common stock on the date of grant and is recognized over the service period.

 

New Accounting Pronouncements

New Accounting Pronouncements

 

The FASB issues ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date that amend the original text of ASC. The Company believes those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not expected to have a significant impact on the Company.

v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Useful Life of Assets 5 years
v3.21.2
GOING CONCERN (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Dec. 31, 2020
Sep. 30, 2021
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Net Income (Loss) Attributable to Parent $ 75,465 $ 193,154 $ 1,627,138
Net Cash Provided by (Used in) Operating Activities     $ 595,217
v3.21.2
FINANCIAL STATEMENT ELEMENTS (Details Narrative)
Nov. 30, 2020
USD ($)
Quarterly Financial Information Disclosure [Abstract]  
Payments to Acquire Software $ 50,000
v3.21.2
NOTES PAYABLE (Details Narrative) - USD ($)
1 Months Ended 9 Months Ended
Jan. 13, 2021
Nov. 30, 2020
Dec. 31, 2020
Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]        
Payments to Acquire Software   $ 50,000    
Monthly Installment   10,000 $ 10,000 $ (30,000)
Payment on Notes Payable   $ (10,000) (10,000) 30,000
Payment on Notes Payable     30,000  
Accured Interest     $ 35,417
Pickpocket, Inc. [Member]        
Restructuring Cost and Reserve [Line Items]        
Business Acquisition, Percentage of Business Acquired 80.00%      
Payments to Acquire Businesses, Gross $ 1,000,000.0      
Company Expenses as Officer Compensation $ 1,000,000.0      
v3.21.2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
1 Months Ended 2 Months Ended 9 Months Ended
Nov. 26, 2020
Dec. 31, 2020
Nov. 15, 2021
Sep. 30, 2021
Class of Stock [Line Items]        
Issuance of preferred stock for cash   $ 250,000   $ 200,000
Subscriptions receivable   $ 422,500   $ 200,000
Common Stock, Shares Authorized   50,000,000   50,000,000
Common Stock, Par or Stated Value Per Share   $ 0.001   $ 0.001
Proceeds from Issuance of Common Stock   $ 77,500   $ 357,500
Issuance of common stock for cash   55,000   380,000
Stock Issued During Period, Value, Issued for Services   7,500    
Subsequent Event [Member]        
Class of Stock [Line Items]        
Issuance of common stock for cash     $ 30,000  
Common Stock [Member]        
Class of Stock [Line Items]        
Issuance of preferred stock for cash    
Stock Issued During Period, Shares, New Issues 7,500,000 7,500,000    
Issuance of common stock for cash, Shares   155,000   281,667
Issuance of common stock for cash   $ 155   $ 282
Stock Issued During Period, Shares, Issued for Services   15,000    
Stock Issued During Period, Value, Issued for Services   $ 15    
Common Stock [Member] | Subsequent Event [Member]        
Class of Stock [Line Items]        
Issuance of common stock for cash, Shares     20,000  
Series A Preferred Stock [Member]        
Class of Stock [Line Items]        
Preferred Stock, Shares Authorized   1,000,000   1,000,000
Preferred Stock, Par or Stated Value Per Share   $ 0.001   $ 0.001
Preferred Stock, Voting Rights       The holder of the Series A preferred stock is entitled to 80% of all voting rights available at the time of any vote.
Series A Preferred Stock [Member] | Preferred Stock [Member]        
Class of Stock [Line Items]        
Issuance of preferred stock for cash    
Stock Issued During Period, Shares, New Issues 1,000,000 1,000,000    
Issuance of common stock for cash    
Stock Issued During Period, Value, Issued for Services      
Series B Preferred Stock [Member]        
Class of Stock [Line Items]        
Preferred Stock, Shares Authorized   260,000   260,000
Preferred Stock, Par or Stated Value Per Share   $ 0.001   $ 0.001
Preferred Stock, Voting Rights       The holder of the Series B preferred stock do not have voting rights.
Subscriptions receivable   $ 400,000   $ 200,000
Series B Preferred Stock [Member] | Preferred Stock [Member]        
Class of Stock [Line Items]        
Issuance of preferred stock for cash, Shares   260,000    
Issuance of preferred stock for cash   $ 650,000  
Issuance of common stock for cash    
Stock Issued During Period, Value, Issued for Services