0001079973-18-000613.txt : 20181109 0001079973-18-000613.hdr.sgml : 20181109 20181109171117 ACCESSION NUMBER: 0001079973-18-000613 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 37 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181109 DATE AS OF CHANGE: 20181109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Tech Central, Inc. CENTRAL INDEX KEY: 0001639874 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812] IRS NUMBER: 465642819 STATE OF INCORPORATION: WY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55733 FILM NUMBER: 181173961 BUSINESS ADDRESS: STREET 1: ABUNDANCE BUILDING STREET 2: 43537 RIDGE PARK DRIVE CITY: TEMECULA STATE: CA ZIP: 92590 BUSINESS PHONE: 855-998-4710 MAIL ADDRESS: STREET 1: ABUNDANCE BUILDING STREET 2: 43537 RIDGE PARK DRIVE CITY: TEMECULA STATE: CA ZIP: 92590 10-Q 1 techcentral_10q-093018.htm FORM 10-Q

UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
 
FORM 10-Q
 
[X] Quarterly report pursuant section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2018
 
[_] Transition report pursuant section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ________________to ________________
 
Tech Central, Inc.
(Name of small business issuer in its charter)
  
Wyoming
(State or other jurisdiction of incorporation)
333-212438
(Commission File Number)
46-5642819
(IRS Employer Identification No.)
 
Tech Central Inc
Abundance Building
43537 Ridge Park Drive
Temecula CA 92590
855-998-4710
(Address and telephone number of registrant's principal executive offices and principal place of business)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X]      No [_]
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [_]
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [_] No [X]
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer      [_]
Accelerated filer      [_]
 
 
Non-accelerated filer       [_]
Smaller reporting company   [X]
(Do not check if a smaller reporting company)
 
 
 
Emerging growth company[X]
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    [_]
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes [  ]   No [X]
 
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
 
Class
Outstanding at November 8, 2018
Common Stock, $0.001 par value per share
22,765,250


TABLE OF CONTENTS
INDEX
  
 
 
 
Part I.
Financial Information
 
 
 
 
Item 1.
Financial Statements
4
 
 
 
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
12
 
 
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
15
 
 
 
Item 4.
Controls and Procedures
15
 
 
 
Part II.
Other Information
 16
 
 
 
Item 1.
Legal Proceedings
16
 
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
16
 
 
 
Item 3.
Defaults upon Senior Securities
16
 
 
 
Item 4.
Mine Safety Disclosures
16
 
 
 
Item 5.
Other Information
16
 
 
 
Item 6.
Exhibits
 16
 
 
 
Signatures
 
17

2


FINANCIAL STATEMENTS
TECH CENTRAL, INC.
TABLE OF CONTENTS
 
 
Table of Contents to Financial Statements
 
Balance Sheets as of September 30, 2018 (Unaudited and December 31, 2017(Audited)
3
Statements of Operations for the three and nine months Periods Ended September 30, 2018 and September 30, 2017 (Unaudited)  
4
Statements of Cash Flows for the nine months Periods Ended September 30, 2018 and September 30, 2017 (Unaudited)  
5
Notes to the Financial Statements
7 - 11 
 

3


TECH CENTRAL, INC.
BALANCE SHEETS
September 30, 2018 and December 31, 2017

   
September 30,
2018
(Unaudited)
   
December 31, 2017
(Audited)
 
             
Assets
           
Current Assets
           
Cash
 
$
156
   
$
5,616
 
Accounts Receivable, net
   
26,250
     
10,500
 
Total Current Assets
   
26,406
     
16,116
 
 
               
Other Assets
               
Film Equipment, net
   
9,014
     
12,446
 
Script, net
   
49,167
     
-
 
Total Other Assets
   
58,181
     
12,446
 
 
               
Total Assets
 
$
84,587
   
$
28,562
 
 
               
Liabilities And Stockholders' Equity (Deficit)
               
 
               
Current Liabilities
               
Accounts payable
 
$
8,050
   
$
2,600
 
Accounts Payable Related Party
   
-
     
-
 
Total Current Liabilities
   
8,050
     
2,600
 
 
               
Total Liabilities
   
8,050
     
2,600
 
 
               
Commitments &  Contingencies
   
-
     
-
 
 
               
Stockholders' Equity (Deficit)
               
 
               
Common stock $0.001 par value 75,000,000 shares authorized 21,265,250 shares issued and outstanding at September 30, 2018, and 8,836,250 shares issued and outstanding at December 31, 2017
   
21,266
     
8,837
 
Paid in Capital
   
661,009
     
51,988
 
Accumulated Deficit
   
(605,738
)
   
(34,863
)
Total Stockholders' Equity (Deficit)
   
76,537
     
25,962
 
 
               
Total Liabilities and
               
Stockholders' Equity (Deficit)
 
$
84,587
   
$
28,562
 
 
               
See accompanying notes to financial statements.
4


TECH CENTRAL, INC.
Statements of Operations
September 30, 2018 and September 30 2017
Unaudited

 
 
Three Months Ended
September 30, 2018
   
Three Months Ended
September 30, 2017
   
Nine Months Ended
September 30, 2018
   
Nine Months Ended
September 30, 2017
 
Revenue
                       
Sales
 
$
14,250
   
$
3,750
   
$
38,950
   
$
29,250
 
Total Revenue
   
14,250
     
3,750
     
38,950
     
29,250
 
 
                               
                                 
Cost of Goods Sold
   
-
     
-
     
-
     
-
 
 
                               
Gross Profit
   
14,250
     
3,750
     
38,950
     
29,250
 
 
                               
Operating Expenses
                               
Depreciation and amortization
   
1,977
     
1,144
     
4,265
     
3,432
 
Computer and Internet
   
-
     
129
     
-
     
978
 
Production Expense
   
-
     
132
     
-
     
29,110
 
Set Building Expense
   
188
     
-
     
188
     
-
 
Consulting Fees
   
565,000
     
25,000
     
576,000
     
32,500
 
Professional Fees
   
9,732
     
3,747
     
23,866
     
17,125
 
Marketing Expense & Advertising
   
-
     
614
     
599
     
3,812
 
Rent Expense
   
205
     
240
     
455
     
615
 
General & Administrative
   
2,472
     
1,848
     
4,452
     
7,297
 
                                 
Total Expenses
   
579,574
     
32,854
     
609,825
     
94,869
 
 
                               
Net Operating Income/Loss
   
(565,324
)
   
(29,104
)
   
(570,875
)
   
(65,619
)
 
                               
Other Income/Expense
                               
   Income taxes
   
-
     
1,864
     
-
     
7,341
 
Total other income/Expense
   
-
     
1,864
     
-
     
7,341
 
 
                               
Net Income
 
$
(565,324
)
 
$
(27,240
)
 
$
(570,875
)
 
$
(58,278
)
 
                               
Basic and Diluted Loss Per Common Share
 
$
(0.03
)
 
$
(0.00
)
 
$
(0.05
)
 
$
(0.01
)
 
                               
Weighted Average Shares Outstanding Basic & Diluted
   
19,820,519
     
8,836,250
     
12,537,909
     
8,836,250
 
 
                               
See accompanying notes to financial statements.
5


TECH CENTRAL, INC.
Statements of Cash Flows
September 30, 2018 and September 30, 2017

 
 
September 30,
   
September 30,
 
 
 
2018
(Unaudited)
   
2017
(Unaudited)
 
Cash Flows from Operating Activities
           
Net Income (loss)
 
$
(570,875
)
 
$
(58,278
)
 
               
Adjustments to Reconcile Net Loss To Net Cash Provided by (Used In) Operating Activities:
               
Change in Accounts receivable
   
(15,750
)
   
29,000
 
Change in Accounts payable
   
5,450
     
(1,359
)
Stock Based Compensation
   
580,000
     
-
 
Change in Income Tax Payable
   
-
     
(7,341
)
Depreciation and amortization 
   
4,265
     
3,432
 
Net Cash Provided by (used in) Operating Activities
   
3,090
 
   
(34,546
)
                 
Investing Activities
               
              Script
   
(8,550
)
   
-
 
Net Cash Provided (used in) Investing Activities
   
(8,550
)
   
-
 
                 
                 
Increase (Decrease) in Cash
   
(5,460
)
   
(34,546
)
                 
 
               
Cash at Beginning of Period
   
5,616
     
41,592
 
 
               
Cash at End of Period
 
$
156
   
$
7,046
 
 Supplemental Cash Flow information
               
Cash paid for Interest
 
$
   
$
 
 
               
Cash paid for income taxes
 
$
   
$
 
 
 Supplemental Disclosure of Non-Cash Investing and Financing Activities:
 
Issuance of stock for services
 
$
580,000
   
$
-
 
Issuance of stock for asset
 
$
41,450
   
$
-
 

See accompanying notes to financial statements.
6


TECH CENTRAL, INC.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDING SEPTEMBER 30, 2018
 
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows.

BUSINESS AND BASIS OF PRESENTATION
Tech Central, Inc. ("TC") was incorporated under the laws of the State of Wyoming on April 28, 2014.
TC was formed as a Media Company engaging in online video and photography content development and distribution; and website and mobile app technology integration design and development.

BASIS OF PRESENTATION
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for September 30, 2018 and December 31, 2017 and for the three and nine months ending September 30, 2018 and 2017.

ESTIMATES
The preparation of the financial statement in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts. Accordingly, actual results could differ from those estimates.

CASH AND CASH EQUIVALENTS
The Company maintains a cash balance in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of September 30, 2018 and December 31, 2017.

PROPERTY AND EQUIPMENT
The Company values its investment in property and equipment at cost less accumulated depreciation. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets ranging from three to five years.

INVENTORY
 Inventory is recorded at lower of cost or market; cost is computed on a first-in first-out basis.  The company had no inventory as of September 30, 2018 and December 31, 2017.
 
 

 
7

ACCOUNTS RECEIVABLE AND REVENUE
Revenue consists substantially of fees earned from movies and videos that we have interests in and commercial video work. In accordance with ASC 606, which we are adopting early, we recognize revenue when we satisfy each performance obligation by transferring control of the promised goods or services to our customers. We recognize revenue from a sale or licensing arrangement of a film when we have transferred control of the licensing right to our customer; We recognize revenue from commercial video services rendered when we have transferred control of the commercial video work completed to our customer. Receivables past due for more than 120 days are considered delinquent. Management determines uncollectible accounts by regularly evaluating individual customer receivables and considering a customer's financial condition, credit history, and current economic conditions and by using historical experience applied to an aging of accounts. Recoveries of trade receivables previously written off are recorded when received.  The September 30, 2018 and December 31, 2017 allowance was determined to be $20,000
 
 FAIR VALUE OF FINANCIAL INSTRUMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS
We have adopted Accounting Standards Codification regarding Disclosure About Derivative Financial Instruments and Fair Value of Financial Instruments. The carrying amounts of cash, accounts payable, accrued expenses, and other current liabilities approximate fair value because of the short maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment, and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. We do not hold or issue financial instruments for trading purposes, nor do we utilize derivative instruments in the management of foreign exchange, commodity price or interest rate market risks.

FEDERAL INCOME TAXES
Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with Accounting Standards Codification regarding Accounting for Income Taxes, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred taxes are provided for the estimated future tax effects attributable to temporary differences and carryforwards when realization is more likely than not.

NET INCOME PER SHARE OF COMMON STOCK
We have adopted Accounting Standards Codification  (ASC 260) regarding Earnings per Share, which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic earnings per share of common stock is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. We do not have a complex capital structure requiring the computation of diluted earnings per share.

IMPAIRMENT OF LONG-LIVED ASSETS
The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed.
 
 
8


STOCK BASED COMPENSATION
The Company recognizes stock-based compensation in accordance with ASC Topic 718 "Stock Compensation", which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options and employee stock purchases related to an Employee Stock Purchase Plan based on the estimated fair values. For non-employee stock-based compensation, we have adopted ASC Topic 505 "Equity-Based Payments to Non-Employees", which requires stock-based compensation related to non-employees to be accounted for based on the fair value of the related stock or options or the fair value of the services on the grant date, whichever is more readily determinable in accordance with ASC Topic 718.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
As of September 30, 2018, and December 31, 2017, the Company does not expect any of the recently issued accounting pronouncements to have a material impact on its financial condition or results of operations.

Note 2 - Uncertainty, going concern

The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs to allow it to continue as a going concern. As of September 30, 2018, the Company had accumulated deficit of $605,738. As of December 31, 2017, the Company had accumulated deficit of $34,863. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations, which raises substantial doubt about the company’s ability to continue as a going concern.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. The Company is contemplating conducting an offering of its debt or equity securities to obtain additional operating capital. The Company is dependent upon its ability, and will continue to attempt, to secure equity and/or debt financing. There are no assurances that the Company will be successful and without sufficient financing it would be unlikely for the Company to continue as a going concern.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts for amounts and classification of liabilities that might result from this uncertainty.
 
 

 
9

Note 3- Equipment and Other Assets

Equipment
 
September 30,
2018
   
December 31, 2017
 
Film Equipment
 
$
22,884
   
$
22,884
 
Accumulated Depreciation
   
(13,870
)
   
(10,438
)
Net Equipment
 
$
9,014
   
$
12,446
 
 
               

The Company purchased film equipment for $22,884, which is comprised of video, lighting and editing equipment. The depreciation expense for September 30, 2018 was $3,432 and for September 30, 2017, $3,432

Script
 
September 30,
2018
   
December 31, 2017
 
Script Acquisition
 
$
50,000
   
$
-
 
Accumulated Amortization
   
(833
)
   
-
 
Net Equipment
 
$
49,167
   
$
-
 
 
The Company acquired a film script on August 20, 2018 for $50,000 which was paid for with 829,000 shares of stock valued at $.05.  The amortization expense for September 30, 2018 was $833 and for September 30, 2017 was $0.

Note-4 - Commitments and Contingencies

We have an employment agreement with our President Joe Lewis whereby he has agreed to take a salary when he has determined the Company has enough capital to pay a salary. At the quarter ended June 30, 2018 Joe Lewis had a payable of $10,000 for his services. On July 2, 2018 he was issued 10,000,000 shares of stock, of which $10,000 went to reduce the accrued payable. No salary was paid 2017. At September 30, 2018 and 2017 there was no accrual of salaries.

Note 5 - Related Party Transactions

On July 3, 2018, Joe Lewis, CEO was issued 10,000,000 shares of restricted common stock for his services.
 
 

 
10

Note 6 – Common Stock

On July 3, 2018, Joe Lewis, CEO was issued 10,000,000 shares of restricted common at $.05 per shares for his services rendered for a total of $500,000.

On July 25, 2018 one million (1,000,000) shares of stock valued at $.05 per share for a total of $50,000 was paid for services to Rising Phoenix International for services rendered.

On August 2, 2018 one hundred thousand (100,000) shares of stock valued at $.05 per share for a total of $5,000 was paid to Darlene Riede for services rendered.

On August 16, 2018 five hundred thousand (500,000) shares of stock valued at $.05 per share for a total of $25,000 was paid for services to MCR Enterprises LLC for services rendered.

On August 20, 2018 eight hundred and twenty nine thousand (829,000) shares of stock valued at $.05 per share for a total of $41,450 was paid for a film script to Tala Media Corp.

At the quarter ended September 30, 2018 the Company had 21,265,250 shares issued and outstanding. There were no common stock issuances during 2017.

Note 7 – Subsequent Events

Management has reviewed events between September 30, 2018 to the date that the financials were available to be issued, and there were no significant events identified for disclosure except as identified below.

On October 31, 2018 777 Capital invested $30,000 through the company’s Reg D private offering for 1,500,000 shares of restricted common stock valued at $.05 per share.
 
 

 
11

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward Looking Statements


This "Management's Discussion and Analysis of Financial Condition and Results of Operations" (MD&A) is intended to provide an understanding of our financial condition, change in financial condition, cash flow, liquidity and results of operations. The following MD&A discussion should be read in conjunction with the financial statements and notes to those statements that appear elsewhere in this Form 10-Q and in the Company's Annual Report on Form 10-K. The following discussion contains forward-looking statements that reflect the Company's plans, estimates and beliefs. The Company's actual results could differ materially from those discussed or referred to in the forward-looking statements. Factors that could cause or contribute to any differences include, but are not limited to, those discussed under the caption "Forward-Looking Information and Factors That May Affect Future Results" and under Part I, Item 1A, of the Company's Annual Report on Form 10-K under the heading "Risk Factors."


GENERAL
 
We were incorporated in Wyoming on April 28, 2014 and we have elected, for the purpose of filing our Registration Statement with the SEC and preparing our audit, December 31 as our fiscal year end.
 
We are a full-service multi-media Company with a multi operational approach focusing on Online video and photography content development and distribution and Website and mobile app technology integration design and development. Websites are a unique mix of textual content, photos, sometimes video and often times apps, which are designed as plug-ins to websites or for mobile devices, aiding in the conveyance of a website's message whether it be business related or personal. We offer products and solutions to help our customers stand out in the ever-changing internet environment. We have been, initially, capitalized through the acquisition of Assets from our founding shareholder, cash flows from multi-media operations and the proceeds from a Private Placement offering.
 
For the three months ended September 30, 2018 we had gross revenues of $14,250 derived primarily from commercial video work and digital video and photo integration into website design, and total expenses of $579,574 and a net loss of $565,324 compared to the nine months ended September 30, 2018 in which we had gross revenues of $38,950 derived primarily from commercial video work and digital video and photo integration into website design, and total expenses of $609,825 and a net loss of $570,875.

For the three months ended September 30, 2017 we had gross revenues of $3,750 derived primarily from commercial video work and digital video and photo integration into website design, and total expenses of $32,854 and a net loss of $27,204 compared to the nine months ended September 30, 2017in which we had gross revenues of $29,500 derived primarily from commercial video work and digital video and photo integration into website design, and total expenses of $65,619 and a net loss of $58,278.

Our plans are to continue to market our multi-media services focusing on the integration of video with web site design and to continue with the development of our aerial footage for California coastal areas. We may also seek equity financing in the future for the California coastal project. At this time, we have no arrangements for any funding source.

In addition, we are seeking potential acquisitions that fit within our business model. At this time, we have not entered into any agreements with any entities.
 
 

 
12

Significant Accounting Policies and Estimates
 
Management's Discussion and Analysis of Financial Condition and Results of Operations discusses the Company's financial statements which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates and judgments on historical experiences and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
 
Revenue Recognition
 
Revenue consists substantially of fees earned from movies and videos that we have interests in and commercial video work. In accordance with ASC 606 we recognize revenue when we satisfy each performance obligation by transferring control of the promised goods or services to our customers. We recognize revenue from a sale or licensing arrangement of a film when we have transferred control of the licensing right to our customer; We recognize revenue from commercial video services rendered when we have transferred control of the commercial video work completed to our customer.
 
Use of Estimates
 
The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires us to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates.
 
Results of Operations
 
For the Three and Nine Months Ended September 30, 2018 Compared to the Three and Nine Months Ended September 30, 2017 

For the three months period ended September 30, 2018, we had gross revenues of $14,250, and total expenses of $579,574 consisting of professional fees of $9,732 which were attributable to expenses relating to our SEC filings and accounting costs, depreciation and amortization of $1,977, computer and internet expense of $0, consulting fees of $565,000, set expense of $188 rent expense of $205 and general & administrative fees of $2,472 resulting in a loss of $565,324.
 
 
13

For the three month period ended September 30, 2017, we recognized revenues of $3,750, which were derived primarily from commercial video work and digital video and photo integration into website design, and total expenses of $32,854 consisting of professional fees of $3,747 which were attributable to expenses relating to our SEC filings and accounting costs, depreciation of $1,144, consulting fees of $25,000, marketing credit of $0, Production Audio Video Expense of $746, computer and internet expense of $129, rent expense of $240, general & administrative fees of $1,848 and a credit to income tax expense$1,864, resulting in a loss of $27,240.
 
For the nine month period ended September 30, 2018, we had gross revenues of $38,950, which were derived primarily from commercial video work and digital video and photo integration into website design, and total expenses of $609,825 consisting of Production Audio Video Expense of  $188, professional fees of $23,866 which were attributable to expenses relating to our SEC filings and accounting costs, depreciation and amortization of $4,265, computer and internet expense of $0, marketing expense of $599 consulting fees of $576,000, rent expense of $455 and general & administrative fees of $4,452, resulting in a loss of $570,875.
 
For the nine month period ended September 30, 2017, we recognized revenues of $29,500, which were derived primarily from commercial video work and digital video and photo integration into website design, and total expenses  of $94,869 consisting of professional fees of $17,125 which were attributable to expenses relating to our SEC filings and accounting costs, depreciation of $3,432, consulting fees of $32,500, marketing expense of $3,812, Production Audio Video Expense of $29,110, computer and internet expense of $978, rent expense of $615 general & administrative fees of $7,297 and a credit to income tax expense$7,341 resulting in a loss of $58,278.

Liquidity and Capital Resources

For the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017.

The change in shareholders' equity at the quarter ended September 30, 2018 was largely attributable to operating losses incurred in the period and the issuances of stock for services rendered in the amount of $580,000 and the acquisition of a film script for $50,000 as compared to the year ended December 31, 2017 which was largely attributable to operating losses incurred in the period

During the quarter ended September 30, 2018 we had net cash provided in operating activities of $3,090 compared to quarter ended September 30, 2017, where we used $(34,546).

For the quarters ended September 30, 2018 we used $8,550 in investing activities and 2017 we did not use any funds in investing activities. 

For the quarter ended September 30, 2018 we neither generated nor used any funds in financing activities.
and for the quarter ended September 30, 2017 we neither generated nor used any funds in financing activities.

The company has insufficient cash resources available to fund its primary operations. If we do not receive any additional revenue or receive additional funding we would not have the ability to implement our business plan. The Company has no agreements in place with its shareholders, officer and director or with any third parties to fund operations. The Company has not negotiated nor has available to it any other third party sources of liquidity.

The Company has no, current, off balance sheet arrangements and does not anticipate entering into any off balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition.
 
 
14

Plan of Operation

Our plans are to continue to market our multi-media services focusing on the integration of video with web site design and to continue with the development of our aerial footage for California coastal areas. We may also seek equity financing in the future for the California coastal project. At this time, we have no arrangements for any funding source. In addition, we are seeking potential acquisitions that fit within our business model. At this time, we have not entered into any agreements with any entities.

Marketing and Sales efforts:

Our marketing efforts will primarily be related to marketing our multimedia services and upon completion, the marketing and sales of our California Coast video project.

We plan on optimizing Search Engine Optimization ("SEO") work and internet marketing, and subsequently believe sales will be initially supported through our website. We also plan on engaging a call center for developing interest in our products within the next fiscal year. Successful implementation of our business strategy depends on factors specific to the further development of our products, regulations regarding equities trading, additional financing through equity or debt sources and numerous other factors that may be beyond our control. Adverse changes in the following factors could undermine our business strategy and have a material adverse effect on our business, financial condition, and results of operations and cash flow:

-  The ability to anticipate changes in consumer preferences and to meet customers' needs for trading products in a timely cost effective manner; and;

-  The ability to establish, maintain and eventually grow market share in a competitive environment.

Income Taxes

We had taxes payable of $0 at the quarter ended September 30, 2018 as compared to taxes payable of $0 at the year ended December 31, 2017.

Item 3. Quantitative and Qualitative Disclosures about Market Risk
 
As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.
 
Item 4. Controls and Procedures
   
Evaluation of Disclosure Controls and Procedures
 
An evaluation was performed under the supervision of our management, including our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial and accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report. Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that, as of September 30, 2018, our disclosure controls and procedures were not effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms due to material weaknesses in our internal controls as described in the December 31, 2017 annual report.
 
Changes in Internal Control Over Financial Reporting.
 
We have made no change in our internal control over financial reporting during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
 
 
15

PART II - OTHER INFORMATION
Item 1. Legal Proceedings

The Company was not subject to any legal proceedings during the nine months period ended September 30, 2018 or 2017 and to the best of our knowledge and belief no proceedings are currently threatened or pending.
 
Item 1A. Risk Factors
 
As a "smaller reporting company" as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
During the nine months ended September 30 2018, 12,429,000 unregistered equity securities were issued and no unregistered equity securities were issued during the nine months ended September 30, 2017. 

Subsequent to the quarter ended September 30, 2018 on October 31, 2018, 777 Capital invested $30,000 through the company’s Reg D private offering for 1,500,000 shares of restricted common stock valued at $.05 per share.

Item 3. Defaults upon Senior Securities
 
No senior securities were issued and outstanding during the three months and nine months ended September 30, 2018 and 2017.
 
Item 4. Mining Safety Disclosures
 
Not applicable to our Company.
 
Item 5. Other Information
 
None.

ITEM 6. EXHIBITS
 
Number
         Exhibit
31.1**
32.1**
101**
Interactive Data files
** Filed Herewith
16



SIGNATURES




Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized


 

 Dated: November 8, 2018
TECH CENTRAL, INC.
 
 
 
 
By:
/s/ Joe Lewis
 
 
Joe Lewis,
 
 
Chief Executive Officer
 



17
EX-31.1 2 ex31x1.htm EXHIBIT 31.1
 
 
EXHIBIT 31.1
 
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, Joseph Lewis, certify that:
 
1. I have reviewed this Form 10-Q of TECH CENTRAL INC.;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods present in this report;
 
4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
 
(a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c)
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
(d)
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer's board of directors (or persons performing the equivalent functions):
 
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and
 
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.
 
Date: November 8, 2018
 
/s/ Joseph Lewis
Joseph Lewis, Principal Executive Officer Tech Central Inc.
  
 
 
 
 
 
 
 
 
 

EX-32.1 3 ex32x1.htm EXHIBIT 32.1
 
 
EXHIBIT 32.1
 
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the accompanying Quarterly Report on Form 10-Q of Tech Central, Inc., for the Period ended September 30, 2018, I, Joseph Lewis, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:
 
1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
/s/ Joseph Lewis
 
Joseph Lewis
Principal Executive Officer, Tech Central, Inc.
 
November 8, 2018
 
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Document and Entity Information - shares
9 Months Ended
Sep. 30, 2018
Nov. 08, 2018
Document And Entity Information    
Entity Registrant Name Tech Central, Inc.  
Entity Central Index Key 0001639874  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity's Reporting Status Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Emerging Growth Company true  
Entity Small Business false  
Entity Ex Transition Period false  
Entity Common Stock, Shares Outstanding   22,765,250
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  
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Balance Sheet (Unaudited) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current Assets    
Cash $ 156 $ 5,616
Accounts receivable 26,250 10,500
Total Current Assets 26,406 16,116
Other Assets    
Film Equipment, net 9,014 12,446
Script, net 49,167 0
Total Other Assets 58,181 12,446
Total Assets 84,587 28,562
Current Liabilities    
Accounts payable 8,050 2,600
Accounts Payable Related Party 0 0
Total Current Liabilities 8,050 2,600
Total Liabilities 8,050 2,600
Commitments and Contingencies 0 0
Stockholders' Equity (Deficit)    
Common stock $0.001 par value 75,000,000 shares authorized 21,265,250 shares issued and outstanding at September 30, 2018, and 8,836,250 shares issued and outstanding at December 31, 2017 21,266 8,837
Additional paid in capital 661,009 51,988
Accumulated Deficit (605,738) (34,863)
Total Stockholders' Equity (Deficit) 76,537 25,962
Total Liabilities and Stockholders' Equity (Deficit) $ 84,587 $ 28,562
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Balance Sheet (Unaudited) (Parenthetical) - $ / shares
Sep. 30, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
Common stock par value $ .001 $ 0.001
Common stock shares authorized 75,000,000 75,000,000
Common stock shares issued 21,265,250 8,836,250
Common stock shares outstanding 21,265,250 8,836,250
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Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenue        
Sales $ 14,250 $ 3,750 $ 38,950 $ 29,250
Total Revenue 14,250 3,750 38,950 29,250
Cost of Goods Sold 0 0 0 0
Gross Profit 14,250 3,750 38,950 29,250
Operating Expenses        
Depreciation and amortization 1,977 1,144 4,265 3,432
Computer and Internet 0 129 0 978
Production Expense 0 132 0 29,110
Set Building Expense 188 0 188 0
Consulting Fees 565,000 25,000 576,000 32,500
Professional Fees 9,732 3,747 23,866 17,125
Marketing & Advertising Expense 0 614 599 3,812
Rent Expense 205 240 455 615
General & Administrative 2,472 1,848 4,452 7,297
Total Expenses 579,574 32,854 609,825 94,869
Net Operating Income/Loss (565,324) (29,104) (570,875) (65,619)
Other Income/Expense        
Income taxes 0 1,864 0 7,341
Total other income/Expense 0 1,864 0 7,341
Net Income $ (565,324) $ (27,240) $ (570,875) $ (58,278)
Basic and Diluted Loss Per Common Share $ (0.03) $ (0.00) $ (0.05) $ (0.01)
Weighted Average Shares Outstanding Basic & Diluted 19,820,519 8,836,250 12,537,909 8,836,250
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Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows from Operating Activities    
Net Income (Loss) $ (570,875) $ (58,278)
Adjustments to Reconcile Net Loss To Net Cash Provided by (Used In) Operating Activities:    
Change in Accounts receivable (15,750) 29,000
Change in Accounts payable 5,450 (1,359)
Stock Based Compensation 580,000 0
Change in Income Tax Payable 0 (7,341)
Depreciation and amortization 4,265 3,432
Net Cash Provided by (Used in) Operating Activities 3,090 (34,546)
Investing Activities    
Script (8,550) 0
Net Cash Provided (used in) Investing Activities (8,550) 0
Increase (Decrease) in Cash (5,460) (34,546)
Cash at Beginning of Period 5,616 41,592
Cash at End of Period 156 7,046
Supplemental Cash flow Information    
Cash paid for Interest 0 0
Cash paid for income taxes 0 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Issuance of stock for services 580,000 0
Issuance of stock for asset $ 41,450 $ 0
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows.

 

BUSINESS AND BASIS OF PRESENTATION

Tech Central, Inc. ("TC") was incorporated under the laws of the State of Wyoming on April 28, 2014.

TC was formed as a Media Company engaging in online video and photography content development and distribution; and website and mobile app technology integration design and development.

 

BASIS OF PRESENTATION

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for September 30, 2018 and December 31, 2017 and for the three and nine months ending September 30, 2018 and 2017.

 

ESTIMATES

The preparation of the financial statement in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts. Accordingly, actual results could differ from those estimates.

 

CASH AND CASH EQUIVALENTS

The Company maintains a cash balance in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of September 30, 2018 and December 31, 2017.

 

PROPERTY AND EQUIPMENT

The Company values its investment in property and equipment at cost less accumulated depreciation. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets ranging from three to five years.

 

INVENTORY

Inventory is recorded at lower of cost or market; cost is computed on a first-in first-out basis.  The company had no inventory as of September 30, 2018 and December 31, 2017.

 

ACCOUNTS RECEIVABLE AND REVENUE

Revenue consists substantially of fees earned from movies and videos that we have interests in and commercial video work. In accordance with ASC 606, which we are adopting early, we recognize revenue when we satisfy each performance obligation by transferring control of the promised goods or services to our customers. We recognize revenue from a sale or licensing arrangement of a film when we have transferred control of the licensing right to our customer; We recognize revenue from commercial video services rendered when we have transferred control of the commercial video work completed to our customer. Receivables past due for more than 120 days are considered delinquent. Management determines uncollectible accounts by regularly evaluating individual customer receivables and considering a customer's financial condition, credit history, and current economic conditions and by using historical experience applied to an aging of accounts. Recoveries of trade receivables previously written off are recorded when received.  The September 30, 2018 and December 31, 2017 allowance was determined to be $20,000

 

 FAIR VALUE OF FINANCIAL INSTRUMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS

We have adopted Accounting Standards Codification regarding Disclosure About Derivative Financial Instruments and Fair Value of Financial Instruments. The carrying amounts of cash, accounts payable, accrued expenses, and other current liabilities approximate fair value because of the short maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment, and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. We do not hold or issue financial instruments for trading purposes, nor do we utilize derivative instruments in the management of foreign exchange, commodity price or interest rate market risks.

 

FEDERAL INCOME TAXES

Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with Accounting Standards Codification regarding Accounting for Income Taxes, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred taxes are provided for the estimated future tax effects attributable to temporary differences and carryforwards when realization is more likely than not.

 

NET INCOME PER SHARE OF COMMON STOCK

We have adopted Accounting Standards Codification  (ASC 260) regarding Earnings per Share, which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic earnings per share of common stock is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. We do not have a complex capital structure requiring the computation of diluted earnings per share.

 

IMPAIRMENT OF LONG-LIVED ASSETS

The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed.

 

STOCK BASED COMPENSATION

The Company recognizes stock-based compensation in accordance with ASC Topic 718 "Stock Compensation", which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options and employee stock purchases related to an Employee Stock Purchase Plan based on the estimated fair values. For non-employee stock-based compensation, we have adopted ASC Topic 505 "Equity-Based Payments to Non-Employees", which requires stock-based compensation related to non-employees to be accounted for based on the fair value of the related stock or options or the fair value of the services on the grant date, whichever is more readily determinable in accordance with ASC Topic 718.

 

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

As of September 30, 2018, and December 31, 2017, the Company does not expect any of the recently issued accounting pronouncements to have a material impact on its financial condition or results of operations.

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Uncertainty, Going Concern
9 Months Ended
Sep. 30, 2018
Uncertainty Going Concern  
Uncertainty, going concern:

Note 2 - Uncertainty, going concern

 

The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs to allow it to continue as a going concern. As of September 30, 2018, the Company had accumulated deficit of $605,738. As of December 31, 2017, the Company had accumulated deficit of $34,863. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations, which raises substantial doubt about the company’s ability to continue as a going concern.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. The Company is contemplating conducting an offering of its debt or equity securities to obtain additional operating capital. The Company is dependent upon its ability, and will continue to attempt, to secure equity and/or debt financing. There are no assurances that the Company will be successful and without sufficient financing it would be unlikely for the Company to continue as a going concern.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts for amounts and classification of liabilities that might result from this uncertainty.

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Equipment and Other Assets
9 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
Equipment

Note 3- Equipment and Other Assets

 

Equipment  

September 30,

2018

    December 31, 2017  
Film Equipment   $ 22,884     $ 22,884  
Accumulated Depreciation     (13,870 )     (10,438 )
Net Equipment   $ 9,014     $ 12,446  
                 

 

The Company purchased film equipment for $22,884, which is comprised of video, lighting and editing equipment. The depreciation expense for September 30, 2018 was $3,432 and for September 30, 2017, $3,432

 

Script  

September 30,

2018

    December 31, 2017  
Script Acquisition   $ 50,000     $ -  
Accumulated Amortization     (833 )     -  
Net Equipment   $ 49,167     $ -  

 

The Company acquired a film script on August 20, 2018 for $50,000 which was paid for with 829,000 shares of stock valued at $.05.  The amortization expense for September 30, 2018 was $833 and for September 30, 2017 was $0.

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Commitments and Contingencies
9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note-4 - Commitments and Contingencies

 

We have an employment agreement with our President Joe Lewis whereby he has agreed to take a salary when he has determined the Company has enough capital to pay a salary. At the quarter ended June 30, 2018 Joe Lewis had a payable of $10,000 for his services. On July 2, 2018 he was issued 10,000,000 shares of stock, of which $10,000 went to reduce the accrued payable. No salary was paid 2017. At September 30, 2018 and 2017 there was no accrual of salaries.

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Related Party Transactions
9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

Note 5 - Related Party Transactions

 

On July 3, 2018, Joe Lewis, CEO was issued 10,000,000 shares of restricted common stock for his services.

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Common Stock
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Common Stock

Note 6 – Common Stock

 

On July 3, 2018, Joe Lewis, CEO was issued 10,000,000 shares of restricted common at $.05 per shares for his services rendered for a total of $500,000.

 

On July 25, 2018 one million (1,000,000) shares of stock valued at $.05 per share for a total of $50,000 was paid for services to Rising Phoenix International for services rendered.

 

On August 2, 2018 one hundred thousand (100,000) shares of stock valued at $.05 per share for a total of $5,000 was paid to Darlene Riede for services rendered.

 

On August 16, 2018 five hundred thousand (500,000) shares of stock valued at $.05 per share for a total of $25,000 was paid for services to MCR Enterprises LLC for services rendered.

 

On August 20, 2018 eight hundred and twenty nine thousand (829,000) shares of stock valued at $.05 per share for a total of $41,450 was paid for a film script to Tala Media Corp.

 

At the quarter ended September 30, 2018 the Company had 21,265,250 shares issued and outstanding. There were no common stock issuances during 2017.

XML 21 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events
9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

Note 7 – Subsequent Events

 

Management has reviewed events between September 30, 2018 to the date that the financials were available to be issued, and there were no significant events identified for disclosure except as identified below.

 

On October 31, 2018 777 Capital invested $30,000 through the company’s Reg D private offering for 1,500,000 shares of restricted common stock valued at $.05 per share.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
BUSINESS AND BASIS OF PRESENTATION

BUSINESS AND BASIS OF PRESENTATION

Tech Central, Inc. ("TC") was incorporated under the laws of the State of Wyoming on April 28, 2014.

TC was formed as a Media Company engaging in online video and photography content development and distribution; and website and mobile app technology integration design and development.

BASIS OF PRESENTATION

BASIS OF PRESENTATION

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for September 30, 2018 and December 31, 2017 and for the three and nine months ending September 30, 2018 and 2017.

ESTIMATES

ESTIMATES

The preparation of the financial statement in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts. Accordingly, actual results could differ from those estimates.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS

The Company maintains a cash balance in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of September 30, 2018 and December 31, 2017.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

The Company values its investment in property and equipment at cost less accumulated depreciation. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets ranging from three to five years.

INVENTORY

INVENTORY

Inventory is recorded at lower of cost or market; cost is computed on a first-in first-out basis.  The company had no inventory as of September 30, 2018 and December 31, 2017.

ACCOUNTS RECEIVABLE AND REVENUE

ACCOUNTS RECEIVABLE AND REVENUE

Revenue consists substantially of fees earned from movies and videos that we have interests in and commercial video work. In accordance with ASC 606, which we are adopting early, we recognize revenue when we satisfy each performance obligation by transferring control of the promised goods or services to our customers. We recognize revenue from a sale or licensing arrangement of a film when we have transferred control of the licensing right to our customer; We recognize revenue from commercial video services rendered when we have transferred control of the commercial video work completed to our customer. Receivables past due for more than 120 days are considered delinquent. Management determines uncollectible accounts by regularly evaluating individual customer receivables and considering a customer's financial condition, credit history, and current economic conditions and by using historical experience applied to an aging of accounts. Recoveries of trade receivables previously written off are recorded when received.  The September 30, 2018 and December 31, 2017 allowance was determined to be $20,000

FAIR VALUE OF FINANCIAL INSTRUMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS

We have adopted Accounting Standards Codification regarding Disclosure About Derivative Financial Instruments and Fair Value of Financial Instruments. The carrying amounts of cash, accounts payable, accrued expenses, and other current liabilities approximate fair value because of the short maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment, and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. We do not hold or issue financial instruments for trading purposes, nor do we utilize derivative instruments in the management of foreign exchange, commodity price or interest rate market risks.

FEDERAL INCOME TAXES

FEDERAL INCOME TAXES

Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with Accounting Standards Codification regarding Accounting for Income Taxes, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred taxes are provided for the estimated future tax effects attributable to temporary differences and carryforwards when realization is more likely than not.

NET INCOME PER SHARE OF COMMON STOCK

NET INCOME PER SHARE OF COMMON STOCK

We have adopted Accounting Standards Codification  (ASC 260) regarding Earnings per Share, which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic earnings per share of common stock is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. We do not have a complex capital structure requiring the computation of diluted earnings per share.

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS

The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION

The Company recognizes stock-based compensation in accordance with ASC Topic 718 "Stock Compensation", which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options and employee stock purchases related to an Employee Stock Purchase Plan based on the estimated fair values. For non-employee stock-based compensation, we have adopted ASC Topic 505 "Equity-Based Payments to Non-Employees", which requires stock-based compensation related to non-employees to be accounted for based on the fair value of the related stock or options or the fair value of the services on the grant date, whichever is more readily determinable in accordance with ASC Topic 718.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

As of September 30, 2018, and December 31, 2017, the Company does not expect any of the recently issued accounting pronouncements to have a material impact on its financial condition or results of operations.

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equipment and Other Assets (Tables)
9 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
Equipment
Equipment  

September 30,

2018

    December 31, 2017  
Film Equipment   $ 22,884     $ 22,884  
Accumulated Depreciation     (13,870 )     (10,438 )
Net Equipment   $ 9,014     $ 12,446  
                 
Script
Script  

September 30,

2018

    December 31, 2017  
Script Acquisition   $ 50,000     $ -  
Accumulated Amortization     (833 )     -  
Net Equipment   $ 49,167     $ -  
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Cash equivalents $ 0 $ 0
Inventory 0 0
Allowance for Doubtful Accounts Receivable $ 20,000 $ 20,000
Minimum [Member]    
Estimated useful life 3 years  
Maximum [Member]    
Estimated useful life 5 years  
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Uncertainty, Going Concern (Details Narrative) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Uncertainty Going Concern    
Accumulated Deficit $ (605,738) $ (34,863)
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equipment and Other Assets (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Property, Plant and Equipment [Abstract]    
Film Equipment $ 22,884 $ 22,884
Accumulated Depreciation (13,870) (10,438)
Net Equipment $ 9,014 $ 12,446
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equipment and Other Assets (Details 1) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Script    
Script Acquisition $ 50,000 $ 0
Accumulated Amortization (833) 0
Net Equipment $ 49,167 $ 0
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equipment and Other Assets (Details Narrative) - USD ($)
1 Months Ended 9 Months Ended
Aug. 20, 2018
Sep. 30, 2018
Sep. 30, 2017
Purchased film equipment   $ 22,884  
Depreciation expense   3,432 $ 3,432
Amortization expense   $ 833 $ 0
Tala Media Corp [Member]      
Stock issued for film script acquisition, value $ 50,000    
Stock issued for film script acquisition 829,000    
Share Price $ 0.05