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NATURE OF BUSINESS | 12 Months Ended
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Dec. 31, 2021
Accounting Policies [Abstract] |
NATURE OF BUSINESS | NOTE 1. NATURE OF BUSINESS 12 ReTech Corporation is primarily a technology company focused on the retail experience, both online and in physical stores, for consumers and smaller merchants. Our software, both deployed and in development, is designed to allow the smaller merchants to compete effectively with the retail behemoths like Walmart and Amazon, and to attract, retain, and delight consumers both online and in physical stores, without being dependent on Google, Facebook/Instagram, and Amazon. Our AI Social Shopping platform App, which is currently in development, will allow merchants to connect with consumers directly, and will give merchants tools to protect their brand and lower their marketing costs which will be focused on results not just “looky-loos”. For consumers, the App allows them to support their favorite local businesses and find new merchants that may be of interest to them, while earning money through their social communications and posts. The Company has also acquired retail and wholesale operating companies that will allow us to test our tech on real consumers and demonstrate their success for other merchants while earning revenues for the Company. As an innovative retail technology company that has been built through acquisitions and ideas, we will continue to search for additional synergistic acquisitions that bring incremental revenues and profitability, and access to products that will incentivize both merchants and consumers to quickly adopt our social shopping App. The Company’s technology solutions are designed to benefit from the latest changes in the world-wide Retail market. Global retail sales were projected to be around 26.7 trillion U.S. dollars by 2022, up from approximately 23.6 trillion U.S. dollars in 2018. The retail industry encompasses the entire journey of a good or service. This typically starts with the manufacturing of a product, and ends with said product being purchased by a consumer from a retailer. Retail establishments come in many forms such as grocery stores, restaurants, and bookstores. As a result of globalization and trade agreements between various markets and countries, many retailers are capable of doing business on a global scale. Many of the world’s leading retailers are American companies; Walmart, Amazon, The Kroger Co., Costco, and Target are examples of such American retailers with global reaches, with Walmart being the largest. The success of U.S. retailers can also be seen through their performance in online retail; the U.S. domestic market is lucrative and it is one in which many companies compete. Our AI Social Shopping platform App is designed to allow smaller merchants to compete directly with these major retail chains without being dependent on “advertising” through competitors like Amazon, Facebook/Instagram, and Google, who ALL have their own shopping solutions. We were contactless before it was cool!™ In 2018, we launched our 12 Sconti App in Europe which, among other things, allowed subscribed consumers to receive offers from participating nearby retailers, and make purchases right from their smart phone, then walk into the retailer and pick up their goods, just by showing their QR code. The lessons we learned from 12 Sconti are being applied to our new social shopping app, which is now in development. The company, unlike many others, has weathered the Global storm caused by the Covid-19 Pandemic, and is poised to take advantage of the return to normalcy that is currently occurring in most markets, and assist smaller merchants through their recovery with our AI Social Shopping platform App to attract customers back to their businesses. The Company targets for acquisition those synergistic companies that provide immediate revenue and the potential for growth in revenue and earnings, and/or may provide entries to license or sell our software and technology to other businesses and consumer brands, and/or will provide support services to our existing operations. Therefore, we target acquisitions that can benefit from our technology platform and expertise to grow their operations, brands that can give us entry into other businesses, and other companies that can provide support for our brands and technologies. We now target for acquisition those companies with at least $3 million in annual sales, and that have existing management teams which complement our own. We will also acquire smaller companies that, when added to our own, allow us to leverage our existing operations without significantly increasing our costs. Other candidates would be companies with existing software complimentary to our technology subsidiary, or companies where we can demonstrate the effectiveness of our technology. We are, of course, always looking to acquire larger companies or brands. In fact, we are still in talks with larger entities, but these are our minimum requirements. Reverse Stock Split and increase in authorized shares On October 18, 2019, the Company completed a 100-for-1 reverse common stock split reducing the outstanding common shares to 25,410,391. Upon the stock split, the Company’s authorized common shares of 8,000,000,000 did not change. The reverse split has been retroactively applied to share amounts in these consolidated financial statements. As a subsequent event, as of May 18, 2021 the authorized was increased to 20,000,000,000 shares of common stock.

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- Definition The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -URI http://asc.fasb.org/topic&trid=2122149 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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