SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Useful Lives for Property and Equipment |
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 shown in the table below) over the estimated useful lives
of the respective assets.
| Fixed Asset | |
Estimated
Useful Life (Years) |
| Building | |
| 39 | |
| Improvements | |
| 5 | |
| Furniture and office equipment | |
| 5 | |
| Computer Equipment | |
| 5 | |
| Vehicles | |
| 5 | |
|
| Schedule of Retirement of Property and Equipment |
The Company recorded $28,722 of depreciation expense during 2018 and disposed
of a vehicle with original cost of $75,581 and accumulated depreciation of $5,425, resulting in net fixed assets of $1,408,490
at December 31, 2018 as follows:
| Description | |
Total
Acquisition Cost | |
Span
of Life (years) | |
Accumulated
Depreciation |
| | |
| | | |
| | | |
| | |
| Real Estate - Land | |
$ | 102,218 | | |
| — | | |
$ | — | |
| Real Estate - Building | |
| 982,682 | | |
| 39 | | |
| 968 | |
| Improvements | |
| 184,167 | | |
| 5 | | |
| 11,676 | |
| Pods | |
| 95,046 | | |
| 5 | | |
| 5,289 | |
| Office Equipment & Furnitures | |
| 2,399 | | |
| 5 | | |
| 90 | |
| Computer Equipment | |
| 8,840 | | |
| 5 | | |
| 543 | |
| Vehicles | |
| 56,435 | | |
| 5 | | |
| 4,731 | |
| TOTAL: | |
$ | 1,431,787 | | |
| | | |
$ | 23,297 | |
|
| Schedule of Loans Payable |
| LENDER | |
CURRENT LIABILITIES | |
LONG
TERM LIABILITIES | |
TOTAL
DEBT |
| | |
| 2019 | | |
| 2020 | | |
| 2021 | | |
| 2022 | | |
| 2023 | | |
| | |
| 1st
Scotia Bank | |
$ | 9,933 | | |
$ | 9,887 | | |
$ | 9,887 | | |
$ | 9,887 | | |
$ | 6,355 | | |
$ | 45,950 | |
| 707 Flats Rd. | |
| 134,900 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 134,900 | |
| Marsan Properties | |
| 482,500 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 482,500 | |
| Ultegra Partner | |
| 331,417 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 331,417 | |
| Atlas Advanced | |
| 61,898 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 61,898 | |
| Total: | |
$ | 1,020,647 | | |
$ | 9,887 | | |
$ | 9,887 | | |
$ | 9,887 | | |
$ | 6,355 | | |
$ | 1,056,664 | |
|
| Schedule of Fair Value of Financial Instruments |
Items
recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the
following items as of December 31, 2018 and 2017:
| | |
Level
1 | |
Level
2 | |
Level
3 | |
Total |
| | |
| |
| |
| |
December
31, 2018 |
| Derivative
Liability | |
$ | — | | |
$ | — | | |
$ | 2,296,080 | | |
$ | 2,296,080 | |
| | |
Level
1 | |
Level
2 | |
Level
3 | |
Total |
| | |
| |
| |
| |
December
31, 2017 |
| Derivative
Liability | |
$ | — | | |
$ | — | | |
$ | 4,454,993 | | |
$ | 4,454,993 | |
The
Company reflects the fair value for liabilities using the Black Scholes pricing model. The following chart discloses the estimated
fair values for the Company’s derivative financial instruments based on the parameters disclosed in our Notes 5 and 6 hereto:
| LENDERS | |
December
31, 2018 | |
December
31, 2017 |
| | |
| | | |
| | |
| Power Up Lending Group, Ltd | |
$ | 8,175 | | |
$ | 353,071 | |
| Power Up Lending Group, Ltd [2] | |
| — | | |
| 553,851 | |
| Crown Bridge Partners, LLC | |
| — | | |
| 1,679,176 | |
| Kodiak Capital Group, LLC | |
| — | | |
| 680,625 | |
| D&D Capital, Inc | |
| 10,032 | | |
| — | |
| S&E Capital, Inc | |
| 89,926 | | |
| — | |
| Firstfire Global Opportunities Funds, LLC | |
| 590,702 | | |
| — | |
| Eagle Equities | |
| 1,597,245 | | |
| 1,188,270 | |
| Total: | |
$ | 2,296,080 | | |
$ | 4,454,993 | |
| Derivative Liability Reconciliation | |
|
| | |
December 31 |
| | |
2018 | |
2017 |
| Beginning Balance | |
$ | 4,454,993 | | |
$ | — | |
| New Derivative Debt | |
| 5,536,110 | | |
| 590,197 | |
| Debt Converted | |
| 560,945 | | |
| | |
| Change in Fair Value | |
| (8,255,968 | ) | |
| 3,864,796 | |
| Ending Balance | |
$ | 2,296,080 | | |
$ | 4,454,993 | |
|
| Schedule of Computation of Basic and Diluted Earnings Per Share |
The computation of Diluted EPS does not assume exercise or conversion of securities that would have
an anti-dilutive effect on net income per common share.
| | |
December 31, |
| | |
2018 | |
2017 |
| Numerator | |
| | | |
| | |
| Net income (loss) applicable to
common shareholders | |
$ | 1,317,128 | | |
$ | (4,670,373 | ) |
| | |
| | | |
| | |
| Denominator | |
| | | |
| | |
| Weighted average common shares outstanding, basic | |
| 60,132,861 | | |
| 2,885,798 | |
| Convertible preferred stock | |
| 953,000,000 | | |
| - | |
| Convertible promissory
notes | |
| 66,312,109 | | |
| - | |
| Weighted average common
shares outstanding, diluted | |
| 1,079,444,970 | | |
| 2,885,798 | |
| Net Income (loss) per
share - Basic | |
$ | 0.02 | | |
$ | (1.62 | ) |
| Income per shares - Diluted | |
$ | 0.00 | | |
$ | (1.62 | ) |
|