10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2021

OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File No. 333-218248

FORGE INNOVATION DEVELOPMENT CORP.

(Exact name of small business issuer as specified in its charter)

NEVADA	6552	81-4635390
(State or other jurisdiction of incorporation or organization)	(Primary Standard Industrial Classification Code Number)	(I.R.S. Employer Identification No.)

6280 Mission Blvd Unit 205

Jurupa Valley, CA 92509

(Address of principal executive offices)

(626) 986-4566

(Registrant’s telephone number, including area code)

( Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 (§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 large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer [  ]	Accelerated filer [  ]
Non-accelerated filer [  ]	Smaller reporting company [X]
	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. [  ]

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [  ] No [X]

The number of shares of Common Stock, $0.0001 par value, of the registrant outstanding at May 14, 2021, was 45,621,868.

FORGE INNOVATION DEVELOPMENT CORP.

QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED MARCH 31, 2020

TABLE OF CONTENTS

	PAGE
Part I. FINANCIAL INFORMATION:
Item 1. Condensed Financial Statements:	1
Balance Sheets as of March 31, 2021 (unaudited) and December 31, 2020	2
Statements of Operations (unaudited) for the Three Months ended March 31, 2021 and 2020	3
Statements of Cash Flows (unaudited) for the Three Months ended March 31, 2021 and 2020	4
Statements of changes in shareholders’ equity	5
Notes to Financial Statements (unaudited)	6
Item 2. Management’s Discussion and Analysis and Plan of Operation	10
Item 3. Quantitative and Qualitative Disclosures About Market Risk	11
Item 4. Controls and Procedures	11
Part II. OTHER INFORMATION:
Item 1. Legal Proceedings	12
Item 1A. Risk Factors	12
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	12
Item 3. Defaults Upon Senior Securities	12
Item 4. Mine Safety Disclosures	12
Item 5. Other Information	12
Item 6. Exhibits	13
SIGNATURES	14
EXHIBIT INDEX	15

i

PART I

ITEM 1. FINANCIAL STATEMENTS

FRORGE INNOVATION DEVELOPMENT CORP.

INDEX TO CONDENSED FINANCIAL STATEMENTS

Balance Sheets, March 31, 2021 (Unaudited) and December 31, 2020	2
Statements of Operations (unaudited), for the Three Months ended March 31, 2021 and 2020	3
Statements of Cash Flows (unaudited), for the Three Months ended March 31, 2021 and 2020	4
Statements of Changes in Shareholders’ Equity (unaudited) for the Three Months ended March 31, 2021 and 2020	5
Notes to Condensed Financial Statements (unaudited)	6

1

FORGE INNOVATION DEVELOPMENT CORP.

CONDENSED BALANCE SHEETS

	March 31,			December 31,
	2021			2020
ASSETS
CURRENT ASSETS
Cash	$	199,147		$	236,586
Account receivable		3,000			3,000
Other receivable - related party		1,297			1,297
Prepaid expense and other current assets		10,359			11,500
Total Current Assets		213,803			252,383
NONCURRENT ASSETS
Operating lease right-of-use assets		47,414			62,773
Property and equipment, net		43,887			24,614
Rent deposit		13,953			13,953
Total Non-Current Assets		105,254			101,340
TOTAL ASSETS	$	319,057		$	353,723
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Other current liabilities	$	33,720		$	11,562
Other payable - related party		56,873			24,000
SBA loan, current		187			116
Operating lease liabilities		49,322			79,554
Total Current Liabilities		140,102			134,632
Payable to related party		14,497			-
SBA Loan, noncurrent		13,813			13,884
TOTAL LIABILITIES		168,412			148,516
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock ($.0001 par value, 50,000,000 shares authorized; no share issued and outstanding as of March 31, 2021 and December 31, 2020)		-			-
Common stock ($.0001 par value, 200,000,000 shares authorized, 45,621,868 shares issued and outstanding as of March 31, 2021 and December 31, 2020)		4,562			4,562
Additional Paid-in Capital		1,469,678			1,469,678
Accumulated Deficit		(1,323,595	)		(1,269,033	)
Total Stockholders’ Equity		150,645			205,207
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	319,057		$	353,723

The accompanying notes are an integral part of these unaudited condensed financial statements.

2

FORGE INNOVATION DEVELOPMENT CORP.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	For the three months ended
	March 31, 2021			March 31, 2020
Service revenue	$	9,000		$	9,000
Operating Expenses
Consulting expenses		18,000			18,000
Other selling, general and administrative expenses		64,962			67,123
Total Operating Expenses		82,962			85,123
Other Income (Expense)
Forgiveness of PPP loan		19,400			-
Total Other Income		19,400			-
Net loss before tax		(54,562	)		(76,123	)
Provision for income tax		-			-
Net loss	$	(54,562	)	$	(76,123	)
Net loss per common share, basic and diluted	$	(0.01	)	$	(0.01	)
Weighted average number of common shares outstanding, basic and diluted		45,621,868			45,621,868

The accompanying notes are an integral part of these unaudited condensed financial statements.

3

FORGE INNOVATION DEVELOPMENT CORP.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the three months ended March 31,
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(54,562	)	$	(76,123	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of ROU		1,225			8
Depreciation expense		3,589			2,445
Forgiveness of PPP loan		(19,400	)		-
Change in operating assets and liabilities:
Prepaid expense and other current assets		1,140			(3,000	)
Other current liabilities		6,059			(2,734	)
Other current liability - related party		26,183			-
Net cash used in operating activities		(35,766)			(79,404	)
CASH FLOWS FROM INVESTING ACTIVITIES
Note receivable		-			110,000
Purchase of property and equipment		(1,673)			-
Net cash (used in) provided by investing activities		(1,673)			110,000
Net (decrease) increase in Cash		(37,439)			30,596
Cash at beginning of period:		236,586			366,270
Cash at end of period:	$	199,147		$	396,866
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFOR
Interest paid	$	-		$	-
Income taxes paid	$			$
NONCASH TRANSACTION OF INVESTING ACTIVITIES
Loan carried through purchase of vehicle	$	22,861		$	-

The accompanying notes are an integral part of these unaudited condensed financial statements.

4

FORGE INNOVATION DEVELOPMENT CORP.

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

	Number of Shares		Common Shares		Additional Paid-in Capital		Accumulated Deficit			Total Shareholders’ Equity
Balance, January 1, 2020		45,621,868	$	4,562	$	1,469,678	$	(948,904	)	$	525,336
Net loss								(76,123	)		(76,123	)
Balance, March 31, 2020		45,621,868	$	4,562	$	1,469,678	$	(1,025,027	)	$	449,213

	Number of Shares		Common Shares		Additional Paid-in Capital		Accumulated Deficit			Total Shareholders’ Equity
Balance, January 1, 2021		45,621,868	$	4,562	$	1,469,678	$	(1,269,033	)	$	205,207
Net loss								(54,562	)		(54,562	)
Balance, March 31, 2021		45,621,868	$	4,562	$	1,469,678	$	(1,323,595	)	$	150,645

The accompanying notes are an integral part of these unaudited condensed financial statements.

5

Forge Innovation Development Corp.

Notes to the unaudited financial statements

Note 1 - Organization and Description of Business

Forge Innovation Development Corp. (individually “Forge” and collectively with its subsidiary, the “Company”), was initially incorporated in the State of Nevada on January 15, 2016 under the name of You-Go Enterprises, LLC (the “Company Predecessor”). On November 3, 2016, Forge filed an amendment to its Articles of Incorporation in the State of Nevada to change the Company Predecessor’s name to Forge Innovation Development Corp. Our current principle executive office is located at 6280 Mission Blvd Unit 205, Jurupa Valley, CA 92509. Tel: 626-986-4566. The Company’s main business focuses on real estate development, land purchasing and selling and property management. The Company’s common stock is currently traded on OTCQB under the symbol “FGNV”.

On August 17, 2020, the Company established a wholly owned subsidiary, Forge Network Inc, in the State of California. Forge Network Inc is engaged in online retail under the website: http://www.ez2go.us. The website has been formally launched in January 2021.

Note 2 - Summary of Significant Accounting Policies

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10-K, have been omitted.

Use of Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the consolidated financial statements not misleading have been included. Actual results could differ from those estimates.

Revenue Recognition

The Company adopted ASU 2014-09 (ASC 606), Revenue from Contracts with Customers, using the modified retrospective approach on January 1, 2018. Under the standard, revenue is recognized upon transfer of control of promised goods and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods and services.

Property management services: the Company deals directly with prospects and tenants for the owners of properties, which mainly includes marketing property, collecting rent, handling maintenance, repairing issues and responding to tenant complaints. The Company recognizes revenue as earned on a monthly basis under ASC 606.

6

Real estate sales: The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete, and the Company does not have significant continuing involvement.

Recently Issued Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, (FASB ASC Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments which amends the current accounting guidance and requires the use of the new forward-looking “expected loss” model, which requires all expected losses to be determined based on historical experience, current conditions and reasonable and supportable forecasts, rather than the “incurred loss” model. This guidance amends the accounting for credit losses for most financial assets and certain other instruments including trade and other receivables, held-to-maturity debt securities, loans and other instruments. The effective date of ASU No. 2016-13 for smaller reporting companies is postponed to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company believes the adoption of ASU No. 2016-13 will not have a material impact on its financial position and results of operations.

The management does not believe that other than disclosed above, the recently issued but not yet adopted accounting pronouncements will have a material impact on its financial position results of operations or cash flows.

Note 3 - Going Concern

The accompanying consolidated financial statements were prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of obligations in the normal course of business. However, the Company has suffered recurring losses from operations since inception, resulting in an accumulated deficit of $1,323,595 as of March 31, 2021. These conditions raise substantial doubt about the ability of the Company to continue as a going concern.

In view of these matters, continuation as a going concern is dependent upon several factors, including the availability of debt or equity funding upon terms and conditions acceptable to the Company and ultimately achieving profitable operations. Management believes that the Company’s business plan provides it with an opportunity to continue as a going concern. However, management cannot provide assurance that the Company will meet its objectives and be able to continue in operation.

The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of Forge Innovation Development Corp. to continue as a going concern.

Note 4 - Income Taxes

The Company has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the period presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not.

For the three months ended March 31, 2021 and 2020, the Company has incurred a net loss before tax of $54,562 and $76,123, respectively. Net operation losses (“NOLs”) will be expired in 2036. As of March 31, 2021 and December 31, 2020, deferred tax assets resulted from NOLs of approximately $281,337 and $266,497, which was fully off-set by valuation allowance reserved.

Note 5 - Concentration of Risk

The Company maintains cash in two accounts within two local commercial banks located in Southern California. The standard insurance amount is $250,000 per depositors under the FDIC’s general deposit insurance rules. On March 31, 2021 and December 31, 2020, there was no uninsured cash balances for the Company.

For the three months ended March 31, 2021 and 2020, the Company’s revenue generated from one customer in the amount of $9,000 and $9,000, respectively. As of March 31, 2021 and December 31, 2020, the Company had $3,000 and $3,000 accounts receivable from the customer, respectively.

7

Note 6 - Related Party Transactions

During the three months ended March 31, 2021 and 2020, Mr. Liang, the Company’s CEO, paid operating expenses on behalf of the Company in the amount of $754 and $Nil, respectively. As of March 31, 2021 and December 31, 2020, the Company had no payable balance to Mr. Liang.

On January 4, 2021, the Company purchased a vehicle from Patrick Liang, the President of the Company, for daily business operation, in the amount of $22,861, which equals to the remaining vehicle loan with 7.11% interest rate annum for a period of 41 months and monthly repayment of $558. As of March 31, 2021, the loan payments due within the next 12 months is $6,691. The title of the car is under the process of transferring as of March 31, 2021 and car loan balance was $21,188 as of March 31, 2021.

During the three months ended March 31, 2021 and 2020, the Company incurred professional fee with Speedlight Consulting Services Inc. whose owner, Mr. Hengjiang Pang, is our director starting November 9, 2020, in the amount of $14,000 and $9,000, respectively. On March 31, 2021 and December 31, 2020, the Company had balance of due to Speedlight Consulting Services Inc. in the amount of $38,000 and $24,000, respectively.

On March 31, 2021 and December 31, 2020, Forge Network Inc. had balance of receivables from Mr. Liang in the amount of $1,297 and $1,297.

Note 7 - Notes Receivable

On March 17, 2017, the Company entered into a Land Transaction Agreement with Steven Zhi Qin, a third party individual. Pursuant to the agreement, the Company sold the undeveloped land located in Desert Hot Spring with value of $283,333, to Steven Zhi Qin in exchange for a Promissory Note in the amount of $310,000. The Promissory Note is secured by a Deed of Trust to Chicago Title Company, a California corporation and an independent institution insuring the Company’s collection right, and was due on March 17, 2018, with interest at the rate of 2% per annum, payable in monthly installment of interest only, in the amount of $517. The Promissory Note also applies to Steven Zhi Qin’s personal property located at 1715 East Cortez Street, West Covina, CA 91791 as additional collateral, of which a lien was recorded against said property. On March 6, 2018, the Company reached an agreement with Steven Zhi Qin, pursuant to which the Company agreed and approved the amendment of the Promissory Note to extend maturity date to March 17, 2019. On March 12, 2019, the Company reached another agreement with Steven Zhi Qin, pursuant to which the Company agreed and approved amendment of the Promissory Note to extend maturity date to June 30, 2019. On June 26, 2019, the Company reached the third amendment with Steven Zhi Qi, pursuant to which the Company agreed and approved amendment of the Promissory Note to extend maturity date to September 30, 2019, and the remaining $110,000 was due on September 30, 2019. On September 30, 2019, the Company reached the fourth amendment with Steven Zhi Qi, pursuant to which the Company agreed and approved amendment of the Promissory Note to extend maturity date to December 31, 2019, and the remaining $110,000 was due on December 31, 2019. On March 12, 2020, the Company received the repayment of the note in the amount of $110,000.

Note 8 - Lease

The Company has operating lease for its lease’s office space from a third party, Puente Hills Business Center II, L.P. (“PHBC-II”), which the Company vacated the premises on or about September 29, 2020. We determined if an arrangement is a lease inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of identified asset for a period of time. The contract provides us the right to obtain substantially all the economic benefits from the use of the identified asset and the right to direct use of the identified asset, we consider it to be, or contain, a lease.

Leases is classified as operating at inception of the lease. Operating leases result in the recognition of ROU assets and lease liabilities on the balance sheet. ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term as of the commencement date. Because our leases do not provide an explicit or implicit rate of return, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments on an individual lease basis. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments for the asset under similar term, which is 5.5%. Lease expense for these leases is recognized on a straight-line basis over the lease term.

Our leases do not contain any residual value guarantees or material restrictive covenants. Leases with a lease term of 12 months or less are not recorded on the balance sheet and lease expense is recognized on a straight-line basis over the lease term. The remaining term as of December 31, 2020 is 12 months. We currently have no finance leases.

During the three months ended March 31, 2021 and 2020, cash paid for amounts included in the measurement of lease liabilities- operating cash flows from operating lease were nil and $16,098, respectively. As of March 31, 2021 and December 31, 2020, $32,841 and $16,098 lease liability were outstanding under the lease agreement, respectively. On October 22, 2020, PHBC-II filed a lawsuit against the Company and its guarantor, Mr. Liang. No judgment has been rendered as of March 31, 2021, and the litigation is in its infancy stage. The Company has retained legal counsel to address the matter.

The components of lease expense consist of the following:

		Three Months Ended March 31,
	Classification	2021		2020
Operating lease cost	G&A expense	$	16,107	$	16,107
Net lease cost		$	16,107	$	16,107

Balance sheet information related to leases consists of the following:

	Classification	March 31, 2021			December 31, 2020
Assets
Operating lease ROU assets	Right-of-use assets	$	47,414		$	62,773
Total leased assets		$	47,414		$	62,773
Liabilities
Current portion
Operating lease liabilities	Current maturities of operating lease liabilities	$	49,322		$	79,554
Non-current portion
Operating lease liabilities	Long-term portion of operating lease liabilities		-			-
Total lease liabilities		$	49,322		$	79,554
Weighted average remaining lease term
Operating leases			0.75			1.0
Weighted average discount rate
Operating leases			5.5	%		5.5	%

Cash flow information related to leases consists of the following:

	Three Months Ended March 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	-	$	14,526
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		15,359		14,533

8

Future minimum lease payment under non-cancellable lease as of March 31, 2021 are as follows:

Ending December 31,	Operating Leases
2021	$	50,229
2022		-
Total lease payments		50,229
Less: Interest		(907	)
Present value of lease liabilities	$	49,322

Note 9 –Loans

On April 16, 2020, the Company received a Promissory Note (the “Note”) in the amount of $19,400 under the Paycheck Protection Program (the “PPP Loan”) through East West Bank (the “Lender”). The interest rate on this Note is a fixed rate of 1.00% per annum. The Company will pay this loan in one payment of all outstanding principal plus all accrued unpaid interest on that date that is two years after the date of this Note (“Maturity Date”). In addition, the Company will pay regular monthly payments in an amount equal to one month’s accrued interest commencing on that date that is seven months after the date of this Note, with all subsequent interest payments to be due on the same day of each month after that. All interest which accrues during the initial six months of the loan period will be deferred to and payable on the Maturity Date. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal.

According to SBA’s PPP description, the PPP loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

The Company submit its application for the forgiveness of the full amount $19,400 PPP Loan and received the approval letter from SBA on March 10, 2021. The Company recognized government grant in the amount of $19,400 for the three months ended March 31, 2021.

On July 14, 2020, the Company entered into a loan agreement with The U.S. Small Business Administration (SBA), pursuant to which the Company obtain a loan in the amount of $14,000 with the term of 30 years and at the interest rate of 3.75%, payable monthly including principal and interest in the amount $69. The first repayment will be on July 13, 2021. The Company received the loan amount of $14,000 from SBA on July 20, 2020.

Note 10 – Contingencies

On December 8, 2017, the Company entered into a lease agreement with Puente Hills Business Center II, L.P. (“PHBC-II”) for a lease term of forty-eight months, and which was scheduled to expire on January 14, 2022, at monthly rent of $4,962, subject to increase. On or about September 29, 2020, the Company vacated the premises. On October 22, 2020, PHBC-II filed a lawsuit against the Company and its guarantor, Mr. Liang. No judgment has been rendered as of March 31, 2021, and the litigation is in its infancy stage. The Company has retained legal counsel to address the matter.

Note 11 - Subsequent Event

The Company has evaluated all other subsequent events through the date these consolidated financial statements were issued and determine that there were no other subsequent events or transactions that require recognition or disclosures in the consolidated financial statements.

9

Item 2. Management’s Discussion and Analysis or Plan of Operation

This 10−Q contains forward-looking statements. Our actual results could differ materially from those set forth as a result of general economic conditions and changes in the assumptions used in making such forward-looking statements. The following discussion and analysis of our financial condition and results of operations should be read together with the audited consolidated financial statements and accompanying notes and the other financial information appearing elsewhere in this report. The analysis set forth below is provided pursuant to applicable Securities and Exchange Commission regulations and is not intended to serve as a basis for projections of future events.

Overview

Forge Innovation Development Corp. is a development stage company and was incorporated in the State of Nevada in January 2016. The Company’s primary objective is commercial and residential land development, including the purchase and sale of real estate, targeting properties primarily in Southern California. We also intend to manage properties we own, and properties owned by unaffiliated third parties. Our activities will include securing acquisition rights to properties, obtaining zoning and other entitlements for the properties, securing financing for purchase of the properties, improving the properties’ infrastructure and amenities and selling the properties to homeowner and commercial owners for restaurants, offices and small businesses. Our first property acquisition was 29 acres in the city of Desert Hot Springs in Southern California. Due to problems with permits and adjacent landowners, rather than getting involved in protracted negotiations, the Company sold the property to an independent third party for a profit.

On August 17, 2020, the Company established a wholly owned subsidiary, Forge Network Inc, in the State of California. Forge Network Inc is engaged in online retail under the website: http://www.ez2go.us. The website has been formally launched in January 2021.

Results of Operation for the three months ended March 31, 2021 and 2020

During the three months ended March 31, 2021 and 2020, the Company generated $9,000 and $9,000 of revenues. The revenue was generated from property management service. During the three months ended March 31, 2021 and 2020, the Company incurred general and administrative expenses of $82,962 and $85,123, respectively. The decrease was mainly due to the decrease in payroll expense and head count during the three months ended March 31, 2021. For the three months ended March 31, 2021 and 2020, , our net losses were $54,562 and $76,123, respectively The decrease in net loss was mainly due to the $19,400 PPP loan forgiven for the three months ended March 31, 2021.

Equity and Capital Resources

We have incurred losses since inception of our business in 2016 and, as of March 31, 2021, we had an accumulated deficit of $1,323,595. As of March 31, 2021, we had cash of $199,147 and a working capital of $73,700, compared to cash of $236,586 and a working capital of $117,751 on December 31, 2020. The decrease in the working capital was primarily due to cash used to pay for operating expenses.

Going Concern Assessment

The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. These adverse conditions are negative financial trends, specifically cash outflow from operating activities, operating losses, accumulated deficit and other adverse key financial ratios.

Management’s plan to alleviate the substantial doubt about the Company’s ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations and execute the business plan of the Company in order to meet its operating needs on a timely basis. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company’s ongoing capital expenditures and other requirements.

10

The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

Critical Accounting Policies

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these consolidated financial statements requires making estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

The critical accounting policies are discussed in further detail in the notes to the audited consolidated financial statements appearing elsewhere in this report. Management believes that the application of these policies on a consistent basis enables us to provide useful and reliable financial information about our operating results and financial condition.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a “small reporting company” we are not required to provide this information under this item pursuant to Regulation S-K.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report on Form 10-Q, our President (principal executive officer) and our Chief Financial Officer performed an evaluation of the effectiveness of and the operation of our disclosure controls and procedures as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act. Based on that evaluation, our President and Chief Financial Officer each concluded that as of the end of the period covered by this report on Form 10-Q, our disclosure controls and procedures were not effective in timely alerting them to material information relating to Forge Innovation Development Corp. required to be included in our Exchange Act filings.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or Rule 15d-15 under the Exchange Act that occurred during the quarter ended March 31, 2021 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

11

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

On December 8, 2017, the Company entered into a lease agreement with Puente Hills Business Center II, L.P. (“PHBC-II”) for a lease term of forty-eight months, and which was scheduled to expire on January 14, 2022, at monthly rent of $4,962, subject to increase. On or about September 29, 2020, the Company vacated the premises. On October 22, 2020, PHBC-II filed a lawsuit against the Company and its guarantor, Mr. Liang. No judgment has been rendered, and the litigation is in its infancy stage. The Company has retained legal counsel to address the matter.

Item 1A. Risk Factors.

As a “smaller reporting company”, we are not required to provide this information under this item pursuant to Regulation S-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None

12

Item 6. Exhibits.

(a) Exhibits.

Exhibit	Item
31.1*	Certification of Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002
32.1*	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

13

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	FORGE INNOVATION DEVELOPMENT CORP.
Date: May 14, 2021	/s/ Patrick Liang
	Patrick Liang, President
	(Principal Executive Officer)
Date: May 14, 2021	/s/ Patrick Liang
	Patrick Liang, Chief Financial Officer
	(Principal Financial and Accounting Officer)

14

EXHIBIT INDEX

Exhibit	Item
31.1*	Certification of Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002
32.1*	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

15

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Patrick Liang, certify that:

1.	I have reviewed this report on Form 10-Q of Forge Innovation Development Corp.;
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 registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 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.	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
c.	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.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’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 reasonably likely to adversely affect the registrant’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 registrant’s internal control over financial reporting.

/s/ Patrick Liang

Patrick Liang

President (Principal Executive Officer)

May 14, 2021

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Patrick Liang, certify that:

1.	I have reviewed this report on Form 10-Q of Forge Innovation Development Corp.;
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 registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 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.	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
c.	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.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’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 reasonably likely to adversely affect the registrant’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 registrant’s internal control over financial reporting.

/s/ Patrick Liang

Patrick Liang

Chief Financial Officer

May 14, 2021

EX-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 report of Forge Innovation Development Corp. (the “Company”) on Form 10-Q for the period ending March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on the dates indicated below, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

(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/ Patrick Liang

Patrick Liang

President (Principal Executive Officer)

May 14, 2021

/s/ Patrick Liang

Patrick Liang

Chief Financial Officer

May 14, 2021

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 14, 2021
Cover [Abstract]
Entity Registrant Name	FORGE INNOVATION DEVELOPMENT CORP.
Entity Central Index Key	0001687919
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,621,868
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021

XML

Condensed Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash	$ 199,147	$ 236,586
Account receivable	3,000	3,000
Other receivable - related party	1,297	1,297
Prepaid expense and other current assets	10,359	11,500
Total Current Assets	213,803	252,383
NONCURRENT ASSETS
Operating lease right-of-use assets	47,414	62,773
Property and equipment, net	43,887	24,614
Rent deposit	13,953	13,953
Total Non-Current Assets	105,254	101,340
TOTAL ASSETS	319,057	353,723
CURRENT LIABILITIES:
Other current liabilities	33,720	11,562
Other payable - related party	56,873	24,000
SBA loan, current	187	116
Operating lease liabilities	49,322	79,554
Total Current Liabilities	140,102	134,632
Payable to related party	14,497
SBA Loan, noncurrent	13,813	13,884
TOTAL LIABILITIES	168,412	148,516
STOCKHOLDERS' EQUITY:
Preferred stock ($.0001 par value, 50,000,000 shares authorized; no share issued and outstanding as of March 31, 2021 and December 31, 2020)
Common stock ($.0001 par value, 200,000,000 shares authorized, 45,621,868 shares issued and outstanding as of March 31, 2021 and December 31, 2020)	4,562	4,562
Additional Paid-in Capital	1,469,678	1,469,678
Accumulated Deficit	(1,323,595)	(1,269,033)
Total Stockholders' Equity	150,645	205,207
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 319,057	$ 353,723

XML

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	45,621,868	45,621,868
Common stock, shares outstanding	45,621,868	45,621,868

XML

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Service revenue	$ 9,000	$ 9,000
Operating Expenses
Consulting expenses	18,000	18,000
Other selling, general and administrative expenses	64,962	67,123
Total Operating Expenses	82,962	85,123
Other Income (Expense)
Forgiveness of PPP loan	19,400
Total Other Income	19,400
Net loss before tax	(54,562)	(76,123)
Provision for income tax
Net loss	$ (54,562)	$ (76,123)
Net loss per common share, basic and diluted	$ (0.01)	$ (0.01)
Weighted average number of common shares outstanding, basic and diluted	45,621,868	45,621,868

XML

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (54,562)	$ (76,123)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of ROU	1,225	8
Depreciation expense	3,589	2,445
Forgiveness of PPP loan	(19,400)
Change in operating assets and liabilities:
Prepaid expense and other current assets	1,140	(3,000)
Other current liabilities	6,059	(2,734)
Other current liability - related party	26,183
Net cash used in operating activities	(35,766)	(79,404)
CASH FLOWS FROM INVESTING ACTIVITIES
Note receivable		110,000
Purchase of property and equipment	(1,673)
Net cash (used in) provided by investing activities	(1,673)	110,000
Net (decrease) increase in Cash	(37,439)	30,596
Cash at beginning of period:	236,586	366,270
Cash at end of period:	199,147	396,866
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFOR
Interest paid
NONCASH TRANSACTION OF INVESTING ACTIVITIES
Loan carried through purchase of vehicle	$ 22,861

XML

Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2019	$ 4,562	$ 1,469,678	$ (948,904)	$ 525,336
Balances, shares at Dec. 31, 2019	45,621,868
Net loss			(76,123)	(76,123)
Balance at Mar. 31, 2020	$ 4,562	1,469,678	(1,025,027)	449,213
Balance, shares at Mar. 31, 2020	45,621,868
Balance at Dec. 31, 2020	$ 4,562	1,469,678	(1,269,033)	205,207
Balances, shares at Dec. 31, 2020	45,621,868
Net loss			(54,562)	(54,562)
Balance at Mar. 31, 2021	$ 4,562	$ 1,469,678	$ (1,323,595)	$ 150,645
Balance, shares at Mar. 31, 2021	45,621,868

XML

Organization and Description of Business

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

Note 1 - Organization and Description of Business

Forge Innovation Development Corp. (individually “Forge” and collectively with its subsidiary, the “Company”), was initially incorporated in the State of Nevada on January 15, 2016 under the name of You-Go Enterprises, LLC (the “Company Predecessor”). On November 3, 2016, Forge filed an amendment to its Articles of Incorporation in the State of Nevada to change the Company Predecessor’s name to Forge Innovation Development Corp. Our current principle executive office is located at 6280 Mission Blvd Unit 205, Jurupa Valley, CA 92509. Tel: 626-986-4566. The Company’s main business focuses on real estate development, land purchasing and selling and property management. The Company’s common stock is currently traded on OTCQB under the symbol “FGNV”.

On August 17, 2020, the Company established a wholly owned subsidiary, Forge Network Inc, in the State of California. Forge Network Inc is engaged in online retail under the website: http://www.ez2go.us. The website has been formally launched in January 2021.

XML

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 - Summary of Significant Accounting Policies

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10-K, have been omitted.

Use of Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the consolidated financial statements not misleading have been included. Actual results could differ from those estimates.

Revenue Recognition

The Company adopted ASU 2014-09 (ASC 606), Revenue from Contracts with Customers, using the modified retrospective approach on January 1, 2018. Under the standard, revenue is recognized upon transfer of control of promised goods and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods and services.

Property management services: the Company deals directly with prospects and tenants for the owners of properties, which mainly includes marketing property, collecting rent, handling maintenance, repairing issues and responding to tenant complaints. The Company recognizes revenue as earned on a monthly basis under ASC 606.

Real estate sales: The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete, and the Company does not have significant continuing involvement.

Recently Issued Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, (FASB ASC Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments which amends the current accounting guidance and requires the use of the new forward-looking “expected loss” model, which requires all expected losses to be determined based on historical experience, current conditions and reasonable and supportable forecasts, rather than the “incurred loss” model. This guidance amends the accounting for credit losses for most financial assets and certain other instruments including trade and other receivables, held-to-maturity debt securities, loans and other instruments. The effective date of ASU No. 2016-13 for smaller reporting companies is postponed to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company believes the adoption of ASU No. 2016-13 will not have a material impact on its financial position and results of operations.

The management does not believe that other than disclosed above, the recently issued but not yet adopted accounting pronouncements will have a material impact on its financial position results of operations or cash flows.

XML

Going Concern

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern

Note 3 - Going Concern

The accompanying consolidated financial statements were prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of obligations in the normal course of business. However, the Company has suffered recurring losses from operations since inception, resulting in an accumulated deficit of $1,323,595 as of March 31, 2021. These conditions raise substantial doubt about the ability of the Company to continue as a going concern.

In view of these matters, continuation as a going concern is dependent upon several factors, including the availability of debt or equity funding upon terms and conditions acceptable to the Company and ultimately achieving profitable operations. Management believes that the Company’s business plan provides it with an opportunity to continue as a going concern. However, management cannot provide assurance that the Company will meet its objectives and be able to continue in operation.

The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of Forge Innovation Development Corp. to continue as a going concern.

XML

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 4 - Income Taxes

The Company has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the period presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not.

For the three months ended March 31, 2021 and 2020, the Company has incurred a net loss before tax of $54,562 and $76,123, respectively. Net operation losses (“NOLs”) will be expired in 2036. As of March 31, 2021 and December 31, 2020, deferred tax assets resulted from NOLs of approximately $281,337 and $266,497, which was fully off-set by valuation allowance reserved.

XML

Concentration of Risk

3 Months Ended

Mar. 31, 2021

Risks and Uncertainties [Abstract]

Concentration of Risk

Note 5 - Concentration of Risk

The Company maintains cash in two accounts within two local commercial banks located in Southern California. The standard insurance amount is $250,000 per depositors under the FDIC’s general deposit insurance rules. On March 31, 2021 and December 31, 2020, there was no uninsured cash balances for the Company.

For the three months ended March 31, 2021 and 2020, the Company’s revenue generated from one customer in the amount of $9,000 and $9,000, respectively. As of March 31, 2021 and December 31, 2020, the Company had $3,000 and $3,000 accounts receivable from the customer, respectively.

XML

Related Party Transactions

3 Months Ended

Mar. 31, 2021

Related Party Transactions [Abstract]

Related Party Transactions

Note 6 - Related Party Transactions

During the three months ended March 31, 2021 and 2020, Mr. Liang, the Company’s CEO, paid operating expenses on behalf of the Company in the amount of $754 and $Nil, respectively. As of March 31, 2021 and December 31, 2020, the Company had no payable balance to Mr. Liang.

On January 4, 2021, the Company purchased a vehicle from Patrick Liang, the President of the Company, for daily business operation, in the amount of $22,861, which equals to the remaining vehicle loan with 7.11% interest rate annum for a period of 41 months and monthly repayment of $558. As of March 31, 2021, the loan payments due within the next 12 months is $6,691. The title of the car is under the process of transferring as of March 31, 2021 and car loan balance was $21,188 as of March 31, 2021.

During the three months ended March 31, 2021 and 2020, the Company incurred professional fee with Speedlight Consulting Services Inc. whose owner, Mr. Hengjiang Pang, is our director starting November 9, 2020, in the amount of $14,000 and $9,000, respectively. On March 31, 2021 and December 31, 2020, the Company had balance of due to Speedlight Consulting Services Inc. in the amount of $38,000 and $24,000, respectively.

On March 31, 2021 and December 31, 2020, Forge Network Inc. had balance of receivables from Mr. Liang in the amount of $1,297 and $1,297.

XML

Notes Receivable

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Notes Receivable

Note 7 - Notes Receivable

On March 17, 2017, the Company entered into a Land Transaction Agreement with Steven Zhi Qin, a third party individual. Pursuant to the agreement, the Company sold the undeveloped land located in Desert Hot Spring with value of $283,333, to Steven Zhi Qin in exchange for a Promissory Note in the amount of $310,000. The Promissory Note is secured by a Deed of Trust to Chicago Title Company, a California corporation and an independent institution insuring the Company’s collection right, and was due on March 17, 2018, with interest at the rate of 2% per annum, payable in monthly installment of interest only, in the amount of $517. The Promissory Note also applies to Steven Zhi Qin’s personal property located at 1715 East Cortez Street, West Covina, CA 91791 as additional collateral, of which a lien was recorded against said property. On March 6, 2018, the Company reached an agreement with Steven Zhi Qin, pursuant to which the Company agreed and approved the amendment of the Promissory Note to extend maturity date to March 17, 2019. On March 12, 2019, the Company reached another agreement with Steven Zhi Qin, pursuant to which the Company agreed and approved amendment of the Promissory Note to extend maturity date to June 30, 2019. On June 26, 2019, the Company reached the third amendment with Steven Zhi Qi, pursuant to which the Company agreed and approved amendment of the Promissory Note to extend maturity date to September 30, 2019, and the remaining $110,000 was due on September 30, 2019. On September 30, 2019, the Company reached the fourth amendment with Steven Zhi Qi, pursuant to which the Company agreed and approved amendment of the Promissory Note to extend maturity date to December 31, 2019, and the remaining $110,000 was due on December 31, 2019. On March 12, 2020, the Company received the repayment of the note in the amount of $110,000.

XML

Lease

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Lease

Note 8 - Lease

The Company has operating lease for its lease’s office space from a third party, Puente Hills Business Center II, L.P. (“PHBC-II”), which the Company vacated the premises on or about September 29, 2020. We determined if an arrangement is a lease inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of identified asset for a period of time. The contract provides us the right to obtain substantially all the economic benefits from the use of the identified asset and the right to direct use of the identified asset, we consider it to be, or contain, a lease.

Leases is classified as operating at inception of the lease. Operating leases result in the recognition of ROU assets and lease liabilities on the balance sheet. ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term as of the commencement date. Because our leases do not provide an explicit or implicit rate of return, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments on an individual lease basis. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments for the asset under similar term, which is 5.5%. Lease expense for these leases is recognized on a straight-line basis over the lease term.

Our leases do not contain any residual value guarantees or material restrictive covenants. Leases with a lease term of 12 months or less are not recorded on the balance sheet and lease expense is recognized on a straight-line basis over the lease term. The remaining term as of December 31, 2020 is 12 months. We currently have no finance leases.

During the three months ended March 31, 2021 and 2020, cash paid for amounts included in the measurement of lease liabilities- operating cash flows from operating lease were nil and $16,098, respectively. As of March 31, 2021 and December 31, 2020, $32,841 and $16,098 lease liability were outstanding under the lease agreement, respectively. On October 22, 2020, PHBC-II filed a lawsuit against the Company and its guarantor, Mr. Liang. No judgment has been rendered as of March 31, 2021, and the litigation is in its infancy stage. The Company has retained legal counsel to address the matter.

The components of lease expense consist of the following:

		Three Months Ended March 31,
	Classification	2021		2020
Operating lease cost	G&A expense	$	16,107	$	16,107
Net lease cost		$	16,107	$	16,107

Balance sheet information related to leases consists of the following:

	Classification	March 31, 2021			December 31, 2020
Assets
Operating lease ROU assets	Right-of-use assets	$	47,414		$	62,773
Total leased assets		$	47,414		$	62,773
Liabilities
Current portion
Operating lease liabilities	Current maturities of operating lease liabilities	$	49,322		$	79,554
Non-current portion
Operating lease liabilities	Long-term portion of operating lease liabilities		-			-
Total lease liabilities		$	49,322		$	79,554
Weighted average remaining lease term
Operating leases			0.75			1.0
Weighted average discount rate
Operating leases			5.5	%		5.5	%

Cash flow information related to leases consists of the following:

	Three Months Ended March 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	-	$	14,526
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		15,359		14,533

8

Future minimum lease payment under non-cancellable lease as of March 31, 2021 are as follows:

Ending December 31,	Operating Leases
2021	$	50,229
2022		-
Total lease payments		50,229
Less: Interest		(907	)
Present value of lease liabilities	$	49,322

XML

Loans

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Loans

Note 9 –Loans

On April 16, 2020, the Company received a Promissory Note (the “Note”) in the amount of $19,400 under the Paycheck Protection Program (the “PPP Loan”) through East West Bank (the “Lender”). The interest rate on this Note is a fixed rate of 1.00% per annum. The Company will pay this loan in one payment of all outstanding principal plus all accrued unpaid interest on that date that is two years after the date of this Note (“Maturity Date”). In addition, the Company will pay regular monthly payments in an amount equal to one month’s accrued interest commencing on that date that is seven months after the date of this Note, with all subsequent interest payments to be due on the same day of each month after that. All interest which accrues during the initial six months of the loan period will be deferred to and payable on the Maturity Date. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal.

According to SBA’s PPP description, the PPP loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

The Company submit its application for the forgiveness of the full amount $19,400 PPP Loan and received the approval letter from SBA on March 10, 2021. The Company recognized government grant in the amount of $19,400 for the three months ended March 31, 2021.

On July 14, 2020, the Company entered into a loan agreement with The U.S. Small Business Administration (SBA), pursuant to which the Company obtain a loan in the amount of $14,000 with the term of 30 years and at the interest rate of 3.75%, payable monthly including principal and interest in the amount $69. The first repayment will be on July 13, 2021. The Company received the loan amount of $14,000 from SBA on July 20, 2020.

XML

Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Note 10 – Contingencies

On December 8, 2017, the Company entered into a lease agreement with Puente Hills Business Center II, L.P. (“PHBC-II”) for a lease term of forty-eight months, and which was scheduled to expire on January 14, 2022, at monthly rent of $4,962, subject to increase. On or about September 29, 2020, the Company vacated the premises. On October 22, 2020, PHBC-II filed a lawsuit against the Company and its guarantor, Mr. Liang. No judgment has been rendered as of March 31, 2021, and the litigation is in its infancy stage. The Company has retained legal counsel to address the matter.

XML

Subsequent Event

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Event

Note 11 - Subsequent Event

The Company has evaluated all other subsequent events through the date these consolidated financial statements were issued and determine that there were no other subsequent events or transactions that require recognition or disclosures in the consolidated financial statements.

XML

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the consolidated financial statements not misleading have been included. Actual results could differ from those estimates.

Revenue Recognition

Revenue Recognition

The Company adopted ASU 2014-09 (ASC 606), Revenue from Contracts with Customers, using the modified retrospective approach on January 1, 2018. Under the standard, revenue is recognized upon transfer of control of promised goods and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods and services.

Property management services: the Company deals directly with prospects and tenants for the owners of properties, which mainly includes marketing property, collecting rent, handling maintenance, repairing issues and responding to tenant complaints. The Company recognizes revenue as earned on a monthly basis under ASC 606.

Real estate sales: The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete, and the Company does not have significant continuing involvement.

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, (FASB ASC Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments which amends the current accounting guidance and requires the use of the new forward-looking “expected loss” model, which requires all expected losses to be determined based on historical experience, current conditions and reasonable and supportable forecasts, rather than the “incurred loss” model. This guidance amends the accounting for credit losses for most financial assets and certain other instruments including trade and other receivables, held-to-maturity debt securities, loans and other instruments. The effective date of ASU No. 2016-13 for smaller reporting companies is postponed to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company believes the adoption of ASU No. 2016-13 will not have a material impact on its financial position and results of operations.

The management does not believe that other than disclosed above, the recently issued but not yet adopted accounting pronouncements will have a material impact on its financial position results of operations or cash flows.

XML

Lease (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of Lease Expense

The components of lease expense consist of the following:

		Three Months Ended March 31,
	Classification	2021		2020
Operating lease cost	G&A expense	$	16,107	$	16,107
Net lease cost		$	16,107	$	16,107

Schedule of Balance Sheet Information Related to Leases

Balance sheet information related to leases consists of the following:

	Classification	March 31, 2021			December 31, 2020
Assets
Operating lease ROU assets	Right-of-use assets	$	47,414		$	62,773
Total leased assets		$	47,414		$	62,773
Liabilities
Current portion
Operating lease liabilities	Current maturities of operating lease liabilities	$	49,322		$	79,554
Non-current portion
Operating lease liabilities	Long-term portion of operating lease liabilities		-			-
Total lease liabilities		$	49,322		$	79,554
Weighted average remaining lease term
Operating leases			0.75			1.0
Weighted average discount rate
Operating leases			5.5	%		5.5	%

Schedule of Cash Flow Information Related to Leases

Cash flow information related to leases consists of the following:

	Three Months Ended March 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	-	$	14,526
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		15,359		14,533

Schedule of Future Minimum Lease Payment Under Non-cancellable Lease

Future minimum lease payment under non-cancellable lease as of March 31, 2021 are as follows:

Ending December 31,	Operating Leases
2021	$	50,229
2022		-
Total lease payments		50,229
Less: Interest		(907	)
Present value of lease liabilities	$	49,322

XML

Going Concern (Details Narrative) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (1,323,595)	$ (1,269,033)

XML

Income Taxes (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Net loss before tax	$ (54,562)	$ (76,123)
Expiration date for tax operating loss carryforwards	Dec. 31, 2036
Deferred tax assets	$ 281,337	$ 266,497

XML

Concentration of Risk (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Risks and Uncertainties [Abstract]
FDIC's standard insurance amount	$ 250,000
Uninsured cash balances
Revenue	9,000	$ 9,000
Receivable from customer	$ 3,000		$ 3,000

XML

Related Party Transactions (Details Narrative) - USD ($)		3 Months Ended
	Jan. 04, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Operating expense		$ 82,962	$ 85,123
Due to related party		56,873		$ 24,000
Professional fees		18,000	18,000
Due from related party		1,297		1,297
Car Loan [Member]
Debt, outstanding		21,188
Mr. Liang [Member]
Operating expense		754
Due to related party	$ 22,861
Interest rate	7.11%
Debt periodic payment description	41 months
Monthly repayment	$ 558
Loan repayment due to next 12 months		6,691
Mr.Hengjiang Pang [Member]
Due to related party		38,000		$ 24,000
Professional fees		$ 14,000	$ 9,000

XML

Notes Receivable (Details Narrative) - USD ($)						1 Months Ended
	Mar. 12, 2020	Sep. 30, 2019	Mar. 12, 2019	Mar. 06, 2018	Mar. 17, 2017	Jun. 26, 2019
Promissory note maturity date				Mar. 17, 2019
Land Transaction Agreement [Member] | Steven Zhi Qin [Member]
Sold undeveloped land located in Desert Hot Spring					$ 283,333
Promissory note amount					$ 310,000
Promissory note interest rate					2.00%
Promissory note monthly installment of interest amount					$ 517
Promissory note maturity date		Dec. 31, 2019	Jun. 30, 2019			Sep. 30, 2019
Promissory note description		The Company reached the fourth amendment with Steven Zhi Qi, pursuant to which the Company agreed and approved amendment of the Promissory Note to extend maturity date to December 31, 2019, and the remaining $110,000 was due on December 31, 2019.
Promissory note remaining amount		$ 110,000				$ 110,000
Proceeds from promissory note	$ 110,000

XML

Lease (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Leases [Abstract]
Lease interest rate	5.50%		5.50%
Lease term, description	Leases with a lease term of 12 months or less are not recorded on the balance sheet and lease expense is recognized on a straight-line basis over the lease term
Operating cash flows from operating lease		$ 16,098
Remaining operating lease term	12 months
Operating lease liability, outstanding	$ 32,841		$ 16,098

XML

Lease - Schedule of Lease Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 16,107	$ 16,107
Net lease cost	$ 16,107	$ 16,107

XML

Lease - Schedule of Balance Sheet Information Related to Leases (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease ROU assets	$ 47,414	$ 62,773
Total leased assets	47,414	62,773
Current portion Operating lease liabilities	49,322	79,554
Non-current portion Operating lease liabilities
Total lease liabilities	$ 49,322	$ 79,554
Weighted average remaining lease term Operating leases	9 months	1 year
Weighted average discount rate Operating leases	5.50%	5.50%

XML

Lease - Schedule of Cash Flow Information Related to Leases (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases		$ 14,526
Right-of-use assets obtained in exchange for lease obligations: Operating leases	$ 15,359	$ 14,533

XML

Lease - Schedule of Future Minimum Lease Payment Under Non-cancellable Lease (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2021	$ 50,229
2022
Total lease payments	50,229
Less: Interest	(907)
Present value of lease liabilities	$ 49,322	$ 79,554

XML

Loans (Details Narrative) - USD ($)				3 Months Ended
	Jul. 20, 2020	Jul. 14, 2020	Apr. 16, 2020	Mar. 31, 2021
Government grant				$ 19,400
Paycheck Protection Program Loan [Member]
Promissory note amount			$ 19,400
Debt fixed percentage			1.00%
Debt instrument description			At least 75% of the forgiven amount must have been used for payroll).
Loan amount forgiven				$ 19,400
SBA Loan [Member]
Promissory note amount		$ 14,000
Debt instrument description		The first repayment will be on July 13, 2021. The Company received the loan amount of $14,000 from SBA on July 20, 2020.
Loan amount received	$ 14,000
Debt instrument principal and interest		$ 69
Debt instruemnt term		30 years
Debt interest percentage		3.75%

XML

Contingencies (Details Narrative) - USD ($)		3 Months Ended
	Dec. 08, 2017	Mar. 31, 2021
Lease description		Leases with a lease term of 12 months or less are not recorded on the balance sheet and lease expense is recognized on a straight-line basis over the lease term
Puente Hills Business Center II, L.P [Member]
Lease term	48 months
Lease expire date	Jan. 14, 2022
Monthly rent	$ 4,962
Lease description	On or about September 29, 2020, the Company vacated the premises. On October 22, 2020, PHBC-II filed a lawsuit against the Company and its guarantor, Mr. Liang.