ORGANIZATION AND BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND BASIS OF PRESENTATION

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

Organization

BioCrude Technologies USA, Inc. (the “Company” and/or “BioCrude”) was originally organized in the State of Nevada on August 4, 2015 and is a startup company that provides consulting as well as supplies waste management services, more particularly, with specialization in the Waste to Energy (W2E) milieu. The mission and ethos of the Company is to acquire the necessary Concessions from appropriate Governmental Authorities of municipalities/countries responsible for same, in order for the Company to implement its technical expertise and knowhow to develop its proposed “Integrated Municipal Solid Waste (“MSW”) to Renewable Energy Complex” for the treatment and disposal of MSW for municipal applications.

On April 4, 2017, the Company entered a Joint Venture Agreement with Sinoconst Hong Kong Co., Limited (“Sinoconst”) whereby a Special Purpose Vehicle (“SPV”) is formed for the design, construction, and financing of municipal solid waste to energy facilities. During the six months ended June 30, 2017, BioCrude Technologies (Hong Kong) Limited., a SPV was incorporated for such purposes and is jointly owned by the Company and Sinoconst.

Interim Financial Statements

The unaudited interim consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2016 included in the Company’s registration statement on Form S-1/A, filed with the SEC. The unaudited interim consolidated financial statements should be read in conjunction with those financial statements included in Form S-1/A. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six-month period ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017.

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements of the Company have been prepared in accordance with GAAP in the United States of America and the rules of the Securities and Exchange Commission (“SEC”).

The consolidated financial statements herein have been prepared in accordance with GAAP and include the accounts of the Company and its wholly-owned subsidiary as follows:

Name of Subsidiary	Country of Incorporation	Ownership	Principle Activities
BioCrude Technologies (Hong Kong) Limited.	China	70%	Waste management

All intercompany accounts and transactions have been eliminated.