Common Stock,
$0.001 Par Value
(Title
of Class)
|
OTC-PK
(Exchange
on which registered)
|
IDENTITY OF DIRECTORS, SENIOR
MANAGEMENT AND ADVISERS
|
5
|
|
OFFER STATISTICS AND
EXPECTED TIMETABLE
|
1
|
|
KEY
INFORMATION
|
1
|
|
INFORMATION ON THE
COMPANY
|
4
|
|
UNRESOLVED STAFF
COMMENTS
|
5
|
|
OPERATING AND FINANCIAL
REVIEW PROSPECTS
|
5
|
|
DIRECTORS, SENIOR
MANAGEMENT AND EMPLOYEES
|
8
|
|
MAJOR SHAREHOLDERS AND
RELATED PARTY TRANSACTIONS
|
10
|
|
FINANCIAL
INFORMATION
|
11
|
|
THE OFFER AND
LISTING
|
12
|
|
ADDITIONAL
INFORMATION
|
14
|
|
QUANTITATIVE AND
QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
15
|
|
DESCRIPTION OF
SECURITIES OTHER THAN EQUITY SECURITIES
|
15
|
|
DEFAULTS, DIVIDEND
ARRERAGES AND DELINQUENCIES
|
16
|
|
MATERIAL MODIFICATIONS
TO THE RIGHTS OF SECURITY HOLDERS AND USE OF
PROCEEDS
|
16
|
|
CONTROLS AND
PROCEDURES
|
16
|
|
AUDIT COMMITTEE
FINANCIAL EXPERT
|
17
|
|
CODE OF
ETHICS
|
17
|
|
PRINCIPAL ACCOUNTANT
FEES AND SERVICES
|
17
|
|
EXEMPTIONS FROM THE
LISTING STANDARDS FOR AUDIT COMMITTEES
|
18
|
|
PURCHASES OF EQUITY
SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS
|
18
|
|
CHANGE IN REGISTRANT'S
CERTIFYING ACCOUNTANT
|
18
|
|
CORPORATE
GOVERNANCE
|
18
|
|
MINE SAFETY
DISCLOSURE
|
19
|
|
FINANCIAL
STATEMENTS
|
20
|
|
FINANCIAL
STATEMENTS
|
20
|
|
EXHIBITS
|
20
|
|
Period
from
Jan. 1, 2017
to
Dec. 31,
2017
|
Period
from
Jan. 1, 2018
to
Dec. 31,
2018
|
Period
from
Jan. 1, 2019
to
Dec. 31,
2019
|
Amounts in
Accordance with US GAAP (Presented in U.S. dollars):
|
|
|
|
Total
assets
|
$4,020
|
$1,865
|
$1,518
|
Operating
revenue
|
-
|
-
|
-
|
Net working
capital
|
$(4,783)
|
$(18,655)
|
$(39,078)
|
Shareholders’
Equity (Deficiency)
|
$(4,783)
|
$(18,655)
|
$(39,078)
|
Net loss from
operations
|
$(22,837)
|
$(13,872)
|
$(20,423)
|
Loss per share
(basic and diluted)
|
$(0.00)
|
$(0.00)
|
$(0.00)
|
Weighted average
number of common shares (basic and diluted)
|
34,548,368
|
34,548,368
|
34,548,368
|
|
For
the years ended December 31
|
||
|
2019
|
2018
|
2017
|
REVENUE:
|
|
|
|
Sales
|
-
|
-
|
-
|
Gross
Profit:
|
-
|
-
|
-
|
EXPENSES:
|
|
|
|
General
and administrative
|
$6,476
|
$3,486
|
$6,574
|
Professional
fees
|
$13,947
|
$10,386
|
$16,263
|
Loss before other
items:
|
$(20,423)
|
$(13,872)
|
$(22,837)
|
Other
Items:
|
|
|
|
Other
Income
|
$0
|
$0
|
$0
|
Loss for the
year:
|
$(20,423)
|
$(13,872)
|
$(22,837)
|
Name
|
Position
|
Other Reporting
Companies
In Canada or the
United States
|
|
Company
|
Position
|
||
Nicholas
W. Baxter
|
President,
Chief Executive Officer and Director
|
Lexaria
Bioscience Corp. (CSE and OTC-QB)
Jericho
Oil Corporation (TSX-V)
|
Director
Director
|
Graham
Crabtree
|
Chief
Financial Officer
|
N/A
|
N/A
|
Stephen
Kenwood
|
Director
|
Majestic
Gold Corp.
Sonoro
Metals Corp.
Ely
Gold Royalties Inc.
|
Director
Director
Director
|
Name
and
Principal
Position
|
Year
|
Annual
Compensation
|
Long-term
|
|
|||
Fees
$
|
Bonus
$
|
Other Annual
Compensation
$
|
Restricted
Stock
Award
$
|
Securities
Underlying
Options
/
SARs
#
|
All
Other
Compensation
$
|
||
Nicholas
W. Baxter
President,
C.E.O. and Director
|
2019
|
$Nil
|
$Nil
|
$Nil
|
$Nil
|
Nil
|
$Nil
|
Graham
Crabtree
C.F.O.
|
2019
|
$Nil
|
$Nil
|
$Nil
|
$Nil
|
Nil
|
$Nil
|
Name and
Position
|
Number
of
Shares
Held
|
Percentage
of
Shares Held (%)
(1)
|
Nicholas
W. Baxter
|
7,573,364
common shares
|
21.9%
|
Graham
Crabtree
|
6,788,333
common shares
|
19.6%
|
Name
|
Number of
Common
Shares
Held
|
Percentage
of
Common Shares
Held
|
Nicholas
W. Baxter
Aberdeen,
Scotland
|
7,573,364
|
21.9%
|
Graham
Crabtree
Anguilla,
B.W.I.
|
6,788,333
|
19.6%
|
National
Association of Securities Dealers OTC Bulletin
Board
|
|
|
Year
Ended:
|
High
(Bid)
|
Low
(Ask)
|
December
31, 2019
|
$0.0055
|
$0.001
|
December
31, 2018
|
$0.0055
|
$0.0013
|
December
31, 2017
|
$0.02
|
$0.01
|
December
31, 2016
|
$0.01
|
$0.01
|
December
31, 2015
|
$0.015
|
$0.0035
|
National Association of Securities Dealers OTC Bulletin
Board
|
|
|
Quarter Ended:
|
High
(Bid)
|
Low
(Ask)
|
January
1, 2020 to April 21, 2020
|
N/A
|
N/A
|
March
31, 2020
|
$0.0029
|
$0.0029
|
December
31, 2019
|
$0.0051
|
$0.0025
|
September
30, 2019
|
$0.0055
|
$0.0055
|
June
30, 2019
|
$0.0055
|
$0.001
|
March
30, 2019
|
$0.005
|
$0.0021
|
December
31, 2018
|
$0.0018
|
$0.0013
|
September
30, 2018
|
$0.0055
|
$0.0036
|
June
30, 2018
|
$0.0036
|
$0.0021
|
March
30, 2018
|
$0.05
|
$0.01
|
National
Association of Securities Dealers OTC Bulletin
Board
|
|
|
Month
Ended
|
High
(Bid)
|
Low
(Ask)
|
April 1
- 21, 2020
|
N/A
|
N/A
|
March,
2020
|
$0.0029
|
$0.0029
|
February,
2020
|
$0.0029
|
$0.0029
|
January,
2020
|
$0.004
|
$0.004
|
December,
2019
|
$0.0051
|
$0.0025
|
November,
2019
|
$0.008
|
$0.003
|
Name
|
Name of
Reporting Issuers
|
Nicholas
W. Baxter
|
Lexaria
Bioscience Corp.
Jericho
Oil Corporation
|
Stephen
Kenwood
|
Majestic
Gold Corp.
Sonoro
Metals Corp.
Ely
Gold Royalties Inc.
|
|
EURASIA
ENERGY LIMITED
|
|
|
|
|
|
|
Date: April 30,
2020
|
By:
|
/s/ Nicholas W.
Baxter
|
|
|
|
Nicholas W.
Baxter,
|
|
|
|
President and Chief
Executive Officer
|
|
|
|
|
|
|
|
|
|
Date: April 30,
2020
|
By:
|
/s/ Graham
Crabtree
|
|
|
|
Graham
Crabtree,
|
|
|
|
Chief Financial
Officer
|
|
Vancouver,
Canada
|
Chartered
Professional Accountants
|
EURASIA
ENERGY LIMITED
|
||
BALANCE
SHEETS
|
||
December
31, 2019 and 2018
|
||
|
||
|
December
31,
|
December
31,
|
(Expressed
in U.S. Dollars)
|
2019
|
2018
|
|
|
|
|
|
|
ASSETS
|
|
|
Current
assets
|
|
|
Cash
|
$1,518
|
$1,865
|
Total
assets
|
$1,518
|
$1,865
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' DEFICIENCY
|
|
|
|
|
|
Current
liabilities
|
|
|
Accounts
payable and accrued liabilities
|
$2,750
|
$4,583
|
Total
current liabilities
|
2,750
|
4,583
|
|
|
|
Long
term liabilities
|
|
|
Loan
payable (Note 5)
|
37,846
|
15,937
|
Total
liabilities
|
40,596
|
20,520
|
|
|
|
Stockholders' deficiency (Note
6)
|
|
|
Common stock,
$0.001 par value, 100,000,000 authorized shares
|
|
|
(34,548,368
issued and outstanding as of December 31, 2019 and
2018)
|
34,548
|
34,548
|
Additional paid-in
capital
|
7,104,130
|
7,104,130
|
Accumulated
deficit
|
(7,177,756)
|
(7,157,333)
|
|
|
|
Total
stockholders' deficiency
|
(39,078)
|
(18,655)
|
|
|
|
Total
liabilities and stockholders' deficiency
|
$1,518
|
$1,865
|
|
|
|
Basis of
presentation and going concern (Note 2)
|
|
|
EURASIA
ENERGY LIMITED
|
|||
STATEMENTS
OF OPERATIONS
|
|||
For
the years ended December 31, 2019, 2018 and 2017
|
|||
|
|||
|
|
|
|
|
|
|
|
(Expressed
in U.S. Dollars)
|
2019
|
2018
|
2017
|
|
|
|
|
Expenses
|
|
|
|
General
and administrative
|
$6,476
|
$3,486
|
$6,574
|
Professional
fees
|
13,947
|
10,386
|
16,263
|
Net
loss
|
20,423
|
13,872
|
22,837
|
|
|
|
|
Basic and diluted
loss per common share
|
$(0.00)
|
$(0.00)
|
$(0.00)
|
|
|
|
|
Weighted average
number of common shares outstanding
|
|
|
|
-basic
and diluted
|
34,548,368
|
34,548,368
|
34,548,368
|
EURASIA
ENERGY LIMITED
|
|||||
STATEMENTS
OF STOCKHOLDERS' EQUITY (DEFICIENCY)
|
|||||
For
the years ended December 31, 2019, 2018 and 2017
|
|||||
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
Common
Stock
|
Additional
|
Accumulated
|
Stockholders'
|
|
(Expressed
in U.S. Dollars)
|
Shares
|
Amount
|
Paid-in
Capital
|
Deficit
|
Equity
(Deficiency)
|
|
|
|
|
|
|
Balance,
December 31, 2016
|
34,548,368
|
$34,548
|
$7,104,130
|
$(7,120,624)
|
$18,054
|
|
|
|
|
|
|
Net loss for the
year
|
-
|
-
|
-
|
(22,837)
|
(22,837)
|
|
|
|
|
|
|
Balance,
December 31, 2017
|
34,548,368
|
$34,548
|
$7,104,130
|
$(7,143,461)
|
$(4,783)
|
|
|
|
|
|
|
Net loss for the
year
|
-
|
-
|
-
|
(13,872)
|
(13,872)
|
|
|
|
|
|
|
Balance,
December 31, 2018
|
34,548,368
|
$34,548
|
$7,104,130
|
$(7,157,333)
|
$(18,655)
|
|
|
|
|
|
|
Net loss for the
year
|
-
|
-
|
-
|
(20,423)
|
(20,423)
|
|
|
|
|
|
|
Balance,
December 31, 2019
|
34,548,368
|
$34,548
|
$7,104,130
|
$(7,177,756)
|
$(39,078)
|
EURASIA
ENERGY LIMITED
|
|||
STATEMENTS
OF CASH FLOWS
|
|||
For
the years ended December 31, 2019, 2018 and 2017
|
|||
|
|
||
|
|
|
|
(Expressed
in U.S. Dollars)
|
2019
|
2018
|
2017
|
|
|
|
|
Cash
flows used in operating activities
|
|
|
|
Net
loss for the year
|
$(20,423)
|
$(13,872)
|
$(22,837)
|
|
|
|
|
Changes
in non-cash working capital items
|
|
|
|
Accrued
interest payable
|
1,589
|
937
|
-
|
Accounts
payable and accrued liabilities
|
(1,833)
|
(4,220)
|
5,403
|
Net cash used in
operating activities
|
(20,667)
|
(17,155)
|
(17,434)
|
|
|
|
|
Cash
flows from financing activities
|
|
|
|
Loan
received
|
20,320
|
15,000
|
-
|
Net cash provided
by financing activities
|
20,320
|
15,000
|
-
|
|
|
|
|
Change
in cash during the year
|
(347)
|
(2,155)
|
(17,434)
|
|
|
|
|
Cash, beginning of year
|
1,865
|
4,020
|
21,454
|
|
|
|
|
Cash, end of year
|
$1,518
|
$1,865
|
$4,020
|
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Equity (Details Narrative) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Equity [Abstract] | |||
Common stock par value | $ 0.001 | $ 0.001 | |
Common stock authorized shares | 100,000,000 | 100,000,000 | |
Common stock issued during the year | 0 | 0 | 0 |
Share purchase warrants outstanding | 0 | 0 | |
Share purchase warrants issued | 0 | 0 | 0 |
Share purchase warrants cancelled | 0 | 0 | 0 |
Share purchase warrants exercised | 0 | 0 | 0 |
Shares available for grant | 3,000,000 | ||
Stock options expired | 2,550,000 | ||
Stock options expired exercise price | $ .05 | ||
Stock options outstanding | 0 | 0 | 0 |
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STATEMENTS OF CASH FLOWS - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Cash flows used in operating activities | |||
Net loss for the year | $ (20,423) | $ (13,872) | $ (22,837) |
Changes in non-cash working capital items | |||
Accrued interest payable | 1,589 | 937 | 0 |
Accounts payable and accrued expenses | (1,833) | (4,220) | 5,403 |
Net cash used in operating activities | (20,667) | (17,155) | (17,434) |
Cash flows from financing activities | |||
Loan received | 20,320 | 15,000 | 0 |
Cash flows from financing activities | 20,320 | 15,000 | 0 |
Change in cash during the year | (347) | (2,155) | (17,434) |
Cash, beginning of year | 1,865 | 4,020 | 21,454 |
Cash, end of year | $ 1,518 | $ 1,865 | $ 4,020 |
BALANCE SHEETS - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Current assets | ||
Cash | $ 1,518 | $ 1,865 |
Total assets | 1,518 | 1,865 |
Current liabilities | ||
Accounts payable and accrued liabilities | 2,750 | 4,583 |
Total current liabilities | 2,750 | 4,583 |
Long term liabilities | ||
Loan payable (Note 5) | 37,846 | 15,937 |
Total liabilities | 40,596 | 20,520 |
Stockholders' deficiency (Note 6) | ||
Common stock, $0.001 par value, 100,000,000 authorized shares (34,548,368 issued and outstanding as of December 31, 2019 and 2018) | 34,548 | 34,548 |
Additional paid-in capital | 7,104,130 | 7,104,130 |
Accumulated deficit | (7,177,756) | (7,157,333) |
Total stockholders' deficiency | (39,078) | (18,655) |
Total liabilities and stockholders' deficiency | $ 1,518 | $ 1,865 |
Equity |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||
Equity [Abstract] | |||||||
Note 6. Equity | Authorized: 100,000,000 common shares, par value $0.001.
No common stock was issued during the years ended December 31, 2019, 2018 and 2017.
The Company did not have any outstanding share purchase warrants at December 31, 2019 and December 31, 2018.
During the years ended December 31, 2019, 2018 and 2017, the Company did not have any share purchase warrants issued, cancelled or exercised.
The Company has adopted a stock option plan (the “Plan”) to grant options to directors, officers, employees, and consultants. Under the Plan, the Company may grant options to acquire up to 3,000,000 common shares of the Company. The exercise price of each option will not be less than the fair market value price of the Company’s stock on the date of grant. The Plan is administered by the Board of Directors.
During the year ended December 31, 2017, 2,550,000 stock options with exercise price of $0.05 per stock expired unexercised.
At December 31, 2019, 2018 and 2017, there was no outstanding stock option.
|
Significant Accounting Policies (Policies) |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Accounting | These financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S.”).
|
Use of Estimates | The preparation of financial statements in conformity with U.S. GAAP 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. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Actual results could differ from those estimates.
|
Cash | The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. At December 31, 2019 and December 31, 2018, there was no cash equivalent.
|
Income Taxes | The Company follows the asset and liability method of accounting for income taxes whereby deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective income tax bases (temporary differences). Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is included in profit or loss in the period in which the change occurs. The amount of deferred income tax assets recognized is limited to the amount that is more likely than not to be realized.
|
Earnings (Loss) Per Share | Basic earnings (loss) per share is computed by dividing net earnings (loss) for the year attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net loss for the year attributable to common stockholders by the weighted average number of common shares outstanding and dilutive common stock equivalents for the period. At December 31, 2019 and December 31, 2018, there was no stock option outstanding.
|
Stock-Based Compensation | The Company grants stock options to buy common shares of the Company to directors, officers, employees and consultants. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides services similar to those performed by an employee.
The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model and is recognized over the vesting period. Consideration paid for the shares on the exercise of stock options is credited to share capital.
In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment, using the Black-Scholes option pricing model.
|
Foreign Currency Translation | The Company maintains a U.S. dollar bank account at a financial institution in Canada. Foreign currency transactions are translated into their functional currency, which is the U.S. dollar, in the following manner:
At the transaction date, each asset, liability, revenue and expense is translated into the functional currency by the use of the exchange rate in effect at that date. At the period end, monetary assets and liabilities are translated into U.S. dollars by using the exchange rate in effect at that date. Transaction gains and losses that arise from exchange rate fluctuations are included in the results of operations.
|
Financial Instruments | The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount.
Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income.
The Company classifies its financial instruments as follows:
Cash is classified as held for trading and is measured at fair value using Level 1 inputs. Accounts payable and accrued liabilities, and loan payable are classified as other financial liabilities, and have a fair value approximating its carrying value, due to its short-term.
|
Organization of the Company and Description of the Business |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Note 1. Organization of the Company and Description of the Business | Eurasia Energy Limited (“the Company”) was incorporated as Pacific Alliance Ventures Ltd. in the State of Nevada on October 20, 2003. The Company changed its name to Eurasia Energy Limited on November 28, 2005. The Company completed a continuation of its jurisdiction from Nevada to Anguilla, B.W.I. on December 31, 2007 and is currently inactive.
|
BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Stockholders' deficiency (Note 6) | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock authorized shares | 100,000,000 | 100,000,000 |
Common stock issued shares | 34,548,368 | 34,548,368 |
Common stock outstanding shares | 34,548,368 | 34,548,368 |
Related Party Transactions |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Note 7. Related Party Transactions | During the years ended December 31, 2019, 2018 and 2017, the Company did not incur any transactions with related parties.
At December 31, 2019 and December 31, 2018, there was no outstanding balance with related parties.
|
Basis of Presentation and Going Concern (Details Narrative) - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash | $ 1,518 | $ 1,865 | $ 4,020 | $ 21,454 |
Related Party Transactions (Details Narrative) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Related Party Transactions [Abstract] | |||
Related party transactions | $ 0 | $ 0 | $ 0 |
Due to related parties | $ 0 | $ 0 |
Significant Accounting Policies |
12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Note 3. Significant Accounting Policies |
These financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S.”).
The preparation of financial statements in conformity with U.S. GAAP 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. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Actual results could differ from those estimates.
The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. At December 31, 2019 and December 31, 2018, there was no cash equivalent.
The Company follows the asset and liability method of accounting for income taxes whereby deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective income tax bases (temporary differences). Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is included in profit or loss in the period in which the change occurs. The amount of deferred income tax assets recognized is limited to the amount that is more likely than not to be realized.
Basic earnings (loss) per share is computed by dividing net earnings (loss) for the year attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net loss for the year attributable to common stockholders by the weighted average number of common shares outstanding and dilutive common stock equivalents for the period. At December 31, 2019 and December 31, 2018, there was no stock option outstanding.
The Company grants stock options to buy common shares of the Company to directors, officers, employees and consultants. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides services similar to those performed by an employee.
The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model and is recognized over the vesting period. Consideration paid for the shares on the exercise of stock options is credited to share capital.
In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment, using the Black-Scholes option pricing model.
The Company maintains a U.S. dollar bank account at a financial institution in Canada. Foreign currency transactions are translated into their functional currency, which is the U.S. dollar, in the following manner:
At the transaction date, each asset, liability, revenue and expense is translated into the functional currency by the use of the exchange rate in effect at that date. At the period end, monetary assets and liabilities are translated into U.S. dollars by using the exchange rate in effect at that date. Transaction gains and losses that arise from exchange rate fluctuations are included in the results of operations.
The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount.
Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income.
The Company classifies its financial instruments as follows:
Cash is classified as held for trading and is measured at fair value using Level 1 inputs. Accounts payable and accrued liabilities, and loan payable are classified as other financial liabilities, and have a fair value approximating its carrying value, due to its short-term.
|
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY) - USD ($) |
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total |
---|---|---|---|---|
Beginning balance, shares at Dec. 31, 2016 | 34,548,368 | |||
Beginning balance, amount at Dec. 31, 2016 | $ 34,548 | $ 7,104,130 | $ (7,120,624) | $ 18,054 |
Net loss for the year | (22,837) | (22,837) | ||
Ending balance, shares at Dec. 31, 2017 | 34,548,368 | |||
Ending balance, amount at Dec. 31, 2017 | $ 34,548 | 7,104,130 | (7,143,461) | (4,783) |
Net loss for the year | (13,872) | (13,872) | ||
Ending balance, shares at Dec. 31, 2018 | 34,548,368 | |||
Ending balance, amount at Dec. 31, 2018 | $ 34,548 | 7,104,130 | (7,157,333) | (18,655) |
Net loss for the year | (20,423) | (20,423) | ||
Ending balance, shares at Dec. 31, 2019 | 34,548,368 | |||
Ending balance, amount at Dec. 31, 2019 | $ 34,548 | $ 7,104,130 | $ (7,177,756) | $ (39,078) |
Document and Entity Information |
12 Months Ended |
---|---|
Dec. 31, 2019
shares
| |
Document And Entity Information | |
Entity Registrant Name | EURASIA ENERGY LTD |
Entity Central Index Key | 0001278465 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | true |
Entity Interactive Data Current | Yes |
Entity Incorporation, State or Country Code | X0 |
Entity Common Stock, Shares Outstanding | 34,548,368 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
Loan Payable (Details Narrative) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Loans Payable [Abstract] | |||
Loan received | $ 20,320 | $ 15,000 | $ 0 |
Loan payable | 35,320 | $ 15,000 | |
Interest on loan payable | $ 2,526 |
Loan Payable |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Loans Payable [Abstract] | |
Note 5. Loan Payable | During the year ended December 31, 2018, the Company obtained a loan of $15,000 from a third-party bearing interest at 10% per annum. The loan has no repayment terms and can be repaid at any time.
During the year ended December 31, 2019, the Company obtained an advance of $20,320 from a third-party. The advance was without repayment terms and interest. The advance was converted to as a loan to the Company bearing interest at 10% per annum effective from December 16, 2019. The loan has no repayment terms and can be repaid at any time.
At December 31, 2019, the outstanding loan payable was $35,320 (December 31, 2018: $15,000) and an accrued interest of $2,526 was recorded as part of the loan payable.
|
Income Taxes |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Note 9. Income Taxes | The Company was liable for taxes in the United States until it completed its continuation from the State of Nevada, U.S.A. to Anguilla, British West Indies since December 31, 2007. There is no income tax imposed on companies by the government of Anguilla, British West Indies.
For the years ended December 31, 2019, 2018 and 2017, the Company did not have any income for tax purposes and therefore, no tax liability or expense has been recorded in these financial statements.
For U.S. tax reporting purpose, the Company has available net operating loss carryforwards of approximately $1,338,000 for tax purposes to offset future taxable income which expires commencing 2026 through the year 2029. Pursuant to the Tax Reform Act of 1986, annual utilization of the Company’s net operating loss carryforwards may be limited if a cumulative change in ownership of more than 50% is deemed to occur within any three-year period.
The deferred tax asset associated with the tax loss carryforwards is approximately $475,000 at December 31, 2019. The Company has provided a full valuation allowance against the deferred tax asset.
|
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Income Taxes (Details Narrative) |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
| |
Income Tax Disclosure [Abstract] | |
Net operating loss carryforwards | $ 1,338,000 |
Net operating loss carryforwards expiration | Expires commencing 2026 through the year 2029. |
Deferred tax asset tax loss carryforwards | $ 475,000 |
STATEMENTS OF OPERATIONS - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Expenses | |||
General and administrative | $ 6,476 | $ 3,486 | $ 6,574 |
Professional fees | 13,947 | 10,386 | 16,263 |
Net loss | $ 20,423 | $ 13,872 | $ 22,837 |
Basic and diluted loss per share | $ (0.00) | $ (0.00) | $ (0.00) |
Weighted average number of common shares outstanding - basic and diluted | 34,548,368 | 34,548,368 | 34,548,368 |
Basis of Presentation and Going Concern |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Note 2. Basis of Presentation and Going Concern | The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).
Going Concern
The accompanying financial statements are prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.
The Company has and is expected to incur net losses and cash outflows from operations in pursuit of maintaining the listing status of the Company.
During the year ended December 31, 2019, the Company has not raised any funds or generated any revenue from operations and has limited assets to explore investment opportunities. At December 31, 2019, the Company had cash of $1,518. Management anticipates that the Company will have to raise additional funds and/or generate revenue from investors within twelve months to continue operations. Additional funding will be needed to explore investment opportunities and maintain the listing status of the Company. Obtaining additional funding will be subject to a number of factors, including general market conditions. These factors may impact the timing, amount, terms or conditions of additional financing available to us. If the Company is unable to raise sufficient funds, management will be forced to de-list the Company or cease our operations.
In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or ability to raise funds.
Management has determined that there is substantial doubt about the Company's ability to continue as a going concern within one year after the financial statements are issued. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
Recent Accounting Pronouncements |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Note 4. Recent Accounting Pronouncements | Accounting Pronouncements Adopted During the Period
In February 2018, the FASB issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”) to allow for the reclassification from accumulated other comprehensive income to retained earnings of stranded tax effects resulting from the Tax Cuts and Jobs Act enacted in December 2017. The Company adopted ASU 2018-02 on January 1, 2019. The adoption of ASU 2018-02 did not have a material impact on our financial position, results of operations or cash flows.
In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Non-employee Share-based Payment Accounting. The standard expands the scope of Topic 718 to include share-based payments issued to nonemployees for goods or services, simplifying the accounting for share-based payments to non-employees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The Company adopted ASU 2018-07 on January 1, 2019. The adoption of ASU 2018-02 did not have a material impact on our financial position, results of operations or cash flows.
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations recognizing lease assets and lease liabilities on the balance sheet. This ASU will require lessees to recognize a right-of-use (“ROU”) asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation for leases with terms of more than twelve months. Accounting by lessors will remain largely unchanged from current GAAP. This ASU also requires expanded quantitative and qualitative disclosures for both lessees and lessors. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which provides entities with an additional (and optional) transition method in which the entity applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company has applied the new transition method upon adoption. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842): Narrow Scope Improvements for Lessors, which clarifies the treatment of sales taxes and other taxes collected from lessees, lessor costs paid directly by lessees, and recognition of variable payments for contracts with lease and non-lease components. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements, which aligned the new lease guidance with the existing guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers. It also clarified an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the board’s new lease accounting standard. The Company adopted the guidance in these ASUs on January 1, 2019 and has not restated comparative periods. The adoption of these ASUs did not have any impact on our financial position, results of operations or cash flows as the Company currently does not have any lease arrangements.
Recent Accounting Pronouncements Not Yet Adopted
In December 2019, the FASB issued ASU 2019-12, “(Topic 740) Simplifying the Accounting for Income Taxes,” (“ASU 2019-12”) to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within that reporting period. The adoption of ASU 2019-12 is not expected to have a material impact on our financial position, results of operations or cash flows.
In November 2018, the FASB issued ASU No. 2018-18, which amended ASC 808, Collaborative Arrangements and ASC 606, Revenue from Contracts with Customers (“ASU 2018-18”), to require that transactions in collaborative arrangements be accounted for under ASC 606 if the counterparty is a customer for a good or service (or bundle of goods and services) that is a distinct unit of account. The amendments also preclude entities from presenting consideration from transactions with a collaborator that is not a customer together with revenue recognized from contracts with customers. The standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. Early adoption is permitted, including in any interim period, provided an entity has already adopted ASC 606 or does so concurrently with the adoption of this guidance. The Company is currently evaluating the impact of its pending adoption of ASU 2018-18 on its financial statements.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement against or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. Early adoption is permitted upon issuance of the update. The Company does not expect the adoption of this guidance to have a material impact on its financial statements.
Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption.
|
Fair Value Accounting |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Note 8. Fair Value Accounting | Fair value measurement is based on a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value which are:
Level 1 - Quoted prices that are available in active markets for identical assets or liabilities. Level 2 - Quoted prices in active markets for similar assets that are observable. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The Company’s cash is measured at fair value using Level 1 inputs.
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Significant Accounting Policies (Details Narrative) - USD ($) |
12 Months Ended | |
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Dec. 31, 2019 |
Dec. 31, 2018 |
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Accounting Policies [Abstract] | ||
Cash equivalents | $ 0 | $ 0 |
Anti dilutive stock options outstanding | 0 | 0 |