SEC Info - Adorbs Inc. - ‘10-K’ for 12/31/20

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Adorbs Inc. – ‘10-K’ for 12/31/20 – ‘EX-101.INS’

On: Wednesday, 2/10/21, at 9:24am ET · For: 12/31/20 · Accession #: 1213900-21-7950 · File #: 0-56213

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/10/21  Adorbs Inc.                       10-K       12/31/20   28:1.1M                                   EdgarAgents LLC/FA

Annual Report — Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    145K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     14K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     11K 
10: R1          Document And Entity Information                     HTML     51K 
11: R2          Balance Sheets                                      HTML     66K 
12: R3          Balance Sheets (Parentheticals)                     HTML     19K 
13: R4          Statement of Operations                             HTML     60K 
14: R5          Statement of Changes in Shareholder's Equity        HTML     35K 
15: R6          Statements of Cash Flows                            HTML     57K 
16: R7          Organization and basis of accounting                HTML     15K 
17: R8          Summary of Significant Accounting Assumptions and   HTML     26K 
                Policies                                                         
18: R9          Related Party Transactions                          HTML     14K 
19: R10         Common Stock                                        HTML     15K 
20: R11         Subsequent Events                                   HTML     13K 
21: R12         Accounting Policies, by Policy (Policies)           HTML     58K 
22: R13         Organization and basis of accounting (Details)      HTML     14K 
23: R14         Summary of Significant Accounting Assumptions and   HTML     35K 
                Policies (Details)                                               
24: R15         Related Party Transactions (Details)                HTML     20K 
25: R16         Common Stock (Details)                              HTML     27K 
27: XML         IDEA XML File -- Filing Summary                      XML     42K 
26: EXCEL       IDEA Workbook of Financial Reports                  XLSX     29K 
 4: EX-101.INS  XBRL Instance -- adob-20201231                       XML    143K 
 6: EX-101.CAL  XBRL Calculations -- adob-20201231_cal               XML     49K 
 7: EX-101.DEF  XBRL Definitions -- adob-20201231_def                XML    186K 
 8: EX-101.LAB  XBRL Labels -- adob-20201231_lab                     XML    357K 
 9: EX-101.PRE  XBRL Presentations -- adob-20201231_pre              XML    188K 
 5: EX-101.SCH  XBRL Schema -- adob-20201231                         XSD     41K 
28: ZIP         XBRL Zipped Folder -- 0001213900-21-007950-xbrl      Zip     38K

‘EX-101.INS’ — XBRL Instance — adob-20201231

This Exhibit is an XBRL XML File.

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<us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Note 1 – Organization and basis of accounting Basis of Presentation and Organization Adorbs Inc. is a Nevada corporation. Adorbs is a developmental stage corporation formed to provide organic children’s clothing designed to be cute, comfortable, and trendy. The Company was incorporated under the laws of the State of Nevada on October 18, 2017. The company office is located at 234 E. Beech Street, Long Beach, NY 11561. On that date, the Company was authorized to issue 75,000,000 shares of common stock at $0.001 par value. The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has realized nominal sales for the year ended December 31, 2020. The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until an amended registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital, or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying 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 the Company to continue as a going concern.

</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>

<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Note 2 – Summary of significant accounting assumptions and policies Covid-19 In March 2020, the World Health Organization categorized the novel coronavirus (COVID-19) as a pandemic, and it continues to spread throughout the United States and the rest of the world with different geographical locations impacted more than others. The outbreak of COVID-19 and public and private sector measures to reduce its transmission, such as the imposition of social distancing and orders to work-from-home, stay-at-home and shelter-in-place, have had a minimal impact on our day to day operations. However this could impact our efforts to enter into a business combination as other businesses have had to adjust, reduce or suspend their operating activities. The extent of the impact will vary depending on the duration and severity of the economic and operational impacts of COVID-19. The Company is unable to predict the ultimate impact at this time. Going Concern The Company has an accumulated deficit of $137,513 and a working capital deficit of $87,883 as of December 31, 2020, and a working capital deficit of $23,249 as of December 31, 2019. As a result of these factors, management has determined that there is substantial doubt about the Company ability to continue as a going concern. These financial statements of the Company have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business over a reasonable period of time. The financial statements of the Company do not include any adjustments that may result from the outcome of the uncertainties. Cash and Cash Equivalents For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. As of December 31, 2020 and December 31, 2019, the on hand cash balances were $13,593 and $19,865, respectively. Prepaid Expenses Prepaid expenses are recorded at fair market value. As of December 31, 2020 and 2019, the balances of prepaid expenses were $-0- and $12,089 respectively Inventory Inventory, which is comprised of children’s clothing and is charged to inventory when purchased, is stated at the lower of cost or net realizable value with cost determined under the first-in, first-out (“FIFO”) method. The Company evaluates inventory levels quarterly value based upon assumptions about future demand and market conditions. Any inventory that has a cost basis in excess of its expected net realizable value, inventory that becomes obsolete, inventory in excess of expected sales requirements, inventory that fails to meet commercial sale specifications or is otherwise impaired are written down with a corresponding charge to the statement of operations in the period that the impairment is first identified. The Company performed its evaluation on September 30, 2020 and December 30, 2020 and determined that due to nominal sales during the last twelve months and due to the ongoing Covid-19 situation an impairment of the inventory was required. As a result during the year ended December 31, 2020 the Company impaired approximately 100% of its inventory cost and record a write-down of $21,754 which was charged to “loss on the impairment of inventory” on the Company’s. Revenue Recognition The Company recognizes revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. The Company defers any revenue for which the product is subject to right of return until such time as the 30 days has elapsed, and no refund will be required. As of December 31, 2020 and 2019, the Company recorded total deferred revenue of $-0- and $-0- respectively Long-lived assets The Company accounts for its long-lived assets in accordance with FASB ASC 360-10, “Property, Plant and Equipment” which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset’s carrying value and fair value or disposal value. Income Taxes The Company accounts for income taxes pursuant to FASB ASC Topic 740, Income Taxes. Under FASB ASC Topic 740, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. The Company maintains a 100% valuation allowance with respect to deferred tax assets, therefore there are no deferred taxes on the Company’s Balance Sheet. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. As of December 31, 2020 the Company had a net loss carryforward of approximately $137,000. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the reliability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. Fair Value Measurement The Company values its convertible notes and amounts due to related partings and short term loans payable under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. Level 2 - Valuations for assets and liabilities that can be obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company’s principal markets for these securities are the secondary institutional markets, and valuations are based on observable market data in those markets. Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company uses Level 3 to value its derivative instruments. Employee Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations. Estimates The financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. The preparation of 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 as of December 31, 2020 and December 31, 2019, and expenses for the year ended December 31, 2020 and December 31, 2019. Actual results could differ from those estimates made by management. Subsequent Event The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration. Recent Accounting Pronouncements In February 2016, the FASB issued an accounting standards update for leases. The ASU introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in the current accounting guidance as well as the FASB’s new revenue recognition standard. However, the ASU eliminates the use of bright-line tests in determining lease classification as required in the current guidance. The ASU also requires additional qualitative disclosures along with specific quantitative disclosures to better enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The pronouncement is effective for annual reporting periods beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for non-public entities using a modified retrospective approach. Early adoption is permitted. The Company is still evaluating the impact that the new accounting guidance will have on its financial statements and related disclosures and has not yet determined the method by which it will adopt the standard.

</us-gaap:SignificantAccountingPoliciesTextBlock>

<adob:Covid19PoliciesTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Covid-19 In March 2020, the World Health Organization categorized the novel coronavirus (COVID-19) as a pandemic, and it continues to spread throughout the United States and the rest of the world with different geographical locations impacted more than others. The outbreak of COVID-19 and public and private sector measures to reduce its transmission, such as the imposition of social distancing and orders to work-from-home, stay-at-home and shelter-in-place, have had a minimal impact on our day to day operations. However this could impact our efforts to enter into a business combination as other businesses have had to adjust, reduce or suspend their operating activities. The extent of the impact will vary depending on the duration and severity of the economic and operational impacts of COVID-19. The Company is unable to predict the ultimate impact at this time.

</adob:Covid19PoliciesTextBlock>

<us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Going Concern The Company has an accumulated deficit of $137,513 and a working capital deficit of $87,883 as of December 31, 2020, and a working capital deficit of $23,249 as of December 31, 2019. As a result of these factors, management has determined that there is substantial doubt about the Company ability to continue as a going concern. These financial statements of the Company have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business over a reasonable period of time. The financial statements of the Company do not include any adjustments that may result from the outcome of the uncertainties.

</us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock>

<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Cash and Cash Equivalents For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

</us-gaap:CashAndCashEquivalentsPolicyTextBlock>

<adob:PrepaidExpensesPolicyTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Prepaid Expenses Prepaid expenses are recorded at fair market value. As of December 31, 2020 and 2019, the balances of prepaid expenses were $-0- and $12,089 respectively

</adob:PrepaidExpensesPolicyTextBlock>

<us-gaap:PrepaidExpenseCurrent unitRef="usd" contextRef="c3_AsOf31Dec2020" decimals="0"> 0 </us-gaap:PrepaidExpenseCurrent>

<us-gaap:PrepaidExpenseCurrent unitRef="usd" contextRef="c4_AsOf31Dec2019" decimals="0"> 12089 </us-gaap:PrepaidExpenseCurrent>

<us-gaap:InventoryPolicyTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Inventory Inventory, which is comprised of children’s clothing and is charged to inventory when purchased, is stated at the lower of cost or net realizable value with cost determined under the first-in, first-out (“FIFO”) method. The Company evaluates inventory levels quarterly value based upon assumptions about future demand and market conditions. Any inventory that has a cost basis in excess of its expected net realizable value, inventory that becomes obsolete, inventory in excess of expected sales requirements, inventory that fails to meet commercial sale specifications or is otherwise impaired are written down with a corresponding charge to the statement of operations in the period that the impairment is first identified. The Company performed its evaluation on September 30, 2020 and December 30, 2020 and determined that due to nominal sales during the last twelve months and due to the ongoing Covid-19 situation an impairment of the inventory was required. As a result during the year ended December 31, 2020 the Company impaired approximately 100% of its inventory cost and record a write-down of $21,754 which was charged to “loss on the impairment of inventory” on the Company’s.

</us-gaap:InventoryPolicyTextBlock>

<adob:ImpairedAssetsPercentage unitRef="pure" contextRef="c3_AsOf31Dec2020" decimals="2"> 1.00 </adob:ImpairedAssetsPercentage>

<us-gaap:ProductionRelatedImpairmentsOrCharges unitRef="usd" contextRef="c0_From1Jan2020To31Dec2020" decimals="0"> 21754 </us-gaap:ProductionRelatedImpairmentsOrCharges>

<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Revenue Recognition The Company recognizes revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. The Company defers any revenue for which the product is subject to right of return until such time as the 30 days has elapsed, and no refund will be required. As of December 31, 2020 and 2019, the Company recorded total deferred revenue of $-0- and $-0- respectively

</us-gaap:RevenueRecognitionPolicyTextBlock>

<us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Long-lived assets The Company accounts for its long-lived assets in accordance with FASB ASC 360-10, “Property, Plant and Equipment” which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset’s carrying value and fair value or disposal value.

</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>

<us-gaap:IncomeTaxPolicyTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Income Taxes The Company accounts for income taxes pursuant to FASB ASC Topic 740, Income Taxes. Under FASB ASC Topic 740, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. The Company maintains a 100% valuation allowance with respect to deferred tax assets, therefore there are no deferred taxes on the Company’s Balance Sheet. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. As of December 31, 2020 the Company had a net loss carryforward of approximately $137,000. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the reliability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate.

</us-gaap:IncomeTaxPolicyTextBlock>

<us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance unitRef="pure" contextRef="c0_From1Jan2020To31Dec2020" decimals="2"> 1.00 </us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>

<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards unitRef="usd" contextRef="c3_AsOf31Dec2020" decimals="0"> 137000 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>

<us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Fair Value Measurement The Company values its convertible notes and amounts due to related partings and short term loans payable under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. Level 2 - Valuations for assets and liabilities that can be obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company’s principal markets for these securities are the secondary institutional markets, and valuations are based on observable market data in those markets. Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company uses Level 3 to value its derivative instruments.

</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>

<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="c0_From1Jan2020To31Dec2020">

Employee Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations.

</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>

<us-gaap:UseOfEstimates contextRef="c0_From1Jan2020To31Dec2020">

Estimates The financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. The preparation of 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 as of December 31, 2020 and December 31, 2019, and expenses for the year ended December 31, 2020 and December 31, 2019. Actual results could differ from those estimates made by management.

</us-gaap:UseOfEstimates>

<us-gaap:SubsequentEventsPolicyPolicyTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Subsequent Event The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration.

</us-gaap:SubsequentEventsPolicyPolicyTextBlock>

<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Recent Accounting Pronouncements In February 2016, the FASB issued an accounting standards update for leases. The ASU introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in the current accounting guidance as well as the FASB’s new revenue recognition standard. However, the ASU eliminates the use of bright-line tests in determining lease classification as required in the current guidance. The ASU also requires additional qualitative disclosures along with specific quantitative disclosures to better enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The pronouncement is effective for annual reporting periods beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for non-public entities using a modified retrospective approach. Early adoption is permitted. The Company is still evaluating the impact that the new accounting guidance will have on its financial statements and related disclosures and has not yet determined the method by which it will adopt the standard.

</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>

<us-gaap:DeferredRevenue unitRef="usd" contextRef="c3_AsOf31Dec2020" decimals="0"> 0 </us-gaap:DeferredRevenue>

<us-gaap:DeferredRevenue unitRef="usd" contextRef="c4_AsOf31Dec2019" decimals="0"> 0 </us-gaap:DeferredRevenue>

<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Note 3 – Related party transactions During the year ended December 31, 2020, David Lazar paid accounting and audit expenses on behalf of the Company totaling $31,571 As of December 31, 2020, the Company had a loan payable of $31,911 to David Lazar. As of December 31, 2020 and December 31, 2019, the Company also had a loan payable of $69,137, to Rebecca Lazar, the former President and Chief Executive Officer. These loans are both unsecured, non-interest bearing promissory notes and are payable on demand.

</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>

<us-gaap:OtherLoansPayable unitRef="usd" contextRef="c19_AsOf31Dec2020_DavidLazarMember" decimals="0"> 31571 </us-gaap:OtherLoansPayable>

<us-gaap:LoansPayable unitRef="usd" contextRef="c19_AsOf31Dec2020_DavidLazarMember" decimals="0"> 31911 </us-gaap:LoansPayable>

<us-gaap:LoansPayable unitRef="usd" contextRef="c20_AsOf31Dec2020_ChiefExecutiveOfficerMember_RebeccaLazarMember" decimals="0"> 69137 </us-gaap:LoansPayable>

<us-gaap:LoansPayable unitRef="usd" contextRef="c21_AsOf31Dec2019_ChiefExecutiveOfficerMember_RebeccaLazarMember" decimals="0"> 69137 </us-gaap:LoansPayable>

<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Note 4 – Common stock The Company is authorized to issue 75,000,000 shares of $.001 par value common stock. 2020 There were no share issuances in 2020. 2019 On February 01, 2019, the Company issued a total of 1,500 shares of common stock at par to three individuals for consulting services. On March 22, 2019, the Company donated a total of 14,000 shares of common stock at part to various charitable organizations. On that same date, the company gifted 14,000 shares of common stock at par to 13 individuals. All the above securities issued were offered and issued in reliance upon the exemption from registration pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) and/or Regulation S promulgated thereunder. As of December 31, 2020 and 2019, a total of 23,889,500 and 23,860,000 shares of common stock issued and outstanding.

</us-gaap:StockholdersEquityNoteDisclosureTextBlock>

<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices unitRef="shares" contextRef="c22_From25Jan2019To1Feb2019" decimals="INF"> 1500 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>

<adob:NumberOfIndividuals unitRef="pure" contextRef="c22_From25Jan2019To1Feb2019" decimals="INF"> 3 </adob:NumberOfIndividuals>

<us-gaap:StockIssuedDuringPeriodSharesOther unitRef="shares" contextRef="c23_From10Mar2019To22Mar2019" decimals="INF"> 14000 </us-gaap:StockIssuedDuringPeriodSharesOther>

<adob:CommonStockIssuedForGift unitRef="shares" contextRef="c23_From10Mar2019To22Mar2019" decimals="INF"> 14000 </adob:CommonStockIssuedForGift>

<adob:NumberOfIndividuals unitRef="pure" contextRef="c23_From10Mar2019To22Mar2019" decimals="INF"> 13 </adob:NumberOfIndividuals>

<us-gaap:SubsequentEventsTextBlock contextRef="c0_From1Jan2020To31Dec2020">

Note 5 – Subsequent events In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

</us-gaap:SubsequentEventsTextBlock>

</xbrl>

3 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

12/14/20  Soul Biotechnology Corp.          10-12G/A               5:709K                                   EdgarAgents LLC/FA
11/18/20  Soul Biotechnology Corp.          10-12G/A               6:838K                                   EdgarAgents LLC/FA
 1/19/18  Soul Biotechnology Corp.          S-1                    6:1M                                     S2 Filings LLC/FA

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Filing Submission 0001213900-21-007950 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Adorbs Inc. – ‘10-K’ for 12/31/20 – ‘EX-101.INS’

On: Wednesday, 2/10/21, at 9:24am ET · For: 12/31/20 · Accession #: 1213900-21-7950 · File #: 0-56213

Annual Report — Form 10-KFiling Table of Contents

‘EX-101.INS’ — XBRL Instance — adob-20201231

This Exhibit is an XBRL XML File.

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Annual Report — Form 10-K
Filing Table of Contents