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Charmt, Inc. – ‘10-Q’ for 3/31/20 – ‘EX-101.INS’

On:  Wednesday, 5/6/20, at 8:20am ET   ·   For:  3/31/20   ·   Accession #:  1765048-20-5   ·   File #:  333-229830

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

 5/06/20  Charmt, Inc.                      10-Q        3/31/20   36:1M

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    158K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     24K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     14K 
14: R1          Document and Entity Information                     HTML     43K 
24: R2          Balance Sheets (Unaudited)                          HTML     58K 
35: R3          Balance Sheets (Unaudited) (Parenthetical)          HTML     20K 
19: R4          Statements of Operations (Unaudited)                HTML     42K 
15: R5          Statements of Changes in Stockholders' Equity       HTML     31K 
                (Unaudited)                                                      
25: R6          Statements of Changes in Stockholders' Equity       HTML     13K 
                (Parenthetical)                                                  
36: R7          Statements Of Cash Flows (Unaudited)                HTML     49K 
18: R8          Nature of Business                                  HTML     18K 
16: R9          Going Concern                                       HTML     16K 
32: R10         Summary of Significant Accounting Policies          HTML     26K 
28: R11         Capital Stock                                       HTML     24K 
11: R12         Commitments and Contingencies                       HTML     17K 
21: R13         Income Taxes                                        HTML     34K 
31: R14         Subsequent Events                                   HTML     19K 
27: R15         Significant Accounting Policies (Policies)          HTML     25K 
10: R16         Income Taxes (Tables)                               HTML     34K 
20: R17         Nature of Business (Details Text)                   HTML     14K 
33: R18         Going Concern (Details Text)                        HTML     20K 
26: R19         Capital Stock (Details Text)                        HTML     21K 
13: R20         Commitments and Contingencies (Details Text)        HTML     16K 
17: R21         Income Taxes (Details 1)                            HTML     21K 
34: R22         Income Taxes (Details 2)                            HTML     19K 
22: R23         Income Taxes (Details Text)                         HTML     14K 
12: R24         Subsequent Events (Details Text)                    HTML     14K 
23: XML         IDEA XML File -- Filing Summary                      XML     57K 
30: EXCEL       IDEA Workbook of Financial Reports                  XLSX     25K 
 4: EX-101.INS  XBRL Instance -- none-20200331                       XML    173K 
 6: EX-101.CAL  XBRL Calculations -- none-20200331_cal               XML     18K 
 7: EX-101.DEF  XBRL Definitions -- none-20200331_def                XML     46K 
 8: EX-101.LAB  XBRL Labels -- none-20200331_lab                     XML    309K 
 9: EX-101.PRE  XBRL Presentations -- none-20200331_pre              XML    169K 
 5: EX-101.SCH  XBRL Schema -- none-20200331                         XSD     49K 
29: ZIP         XBRL Zipped Folder -- 0001765048-20-000005-xbrl      Zip     28K

‘EX-101.INS’   —   XBRL Instance — none-20200331

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Note 1 - Nature of Business</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Charmt, Inc. (the “Company”) was incorporated in the State of Nevada on August 2, 2018. The Company is developing a messenger application. It is intended to provide the fun of changing your voice while speaking with other people along with full functionality of similar messaging apps. The Company intends to develop and publish mobile applications on the iOS, Google Play, Amazon and Ethereum platforms. Charmt, Inc. also plans to maintain a portfolio of its products and track the user download statistics. It intends to generate revenues through the sale of branded advertisements and via consumer transactions, including in-app purchases. The management of the Company plans to distribute the application all over the world using various platforms.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;vertical-align:baseline;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:11.25pt;">The Company's registration address is </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:11.25pt;">Hobujaama 4, Tallinn, Estonia, 10151</font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:11.25pt;">.</font></p> <p style="margin:0in;margin-bottom:.0001pt;vertical-align:baseline;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:11.25pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;vertical-align:baseline;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:11.25pt;">The Company is presently conducting a public offering of up to 5,000,000 shares of its common stock at a price of $0.025 per share or $125,000 total. The related registration statement which was declared effective by the Securities and Exchange Commission on April 12, 2019 provided for an offering period of 90 days. No shares of common stock were sold in the 90-day offering period which ended July 11, 2019. On October 23, 2019, the Company filed a new prospectus under Rule 424(b)(1) to provide for an offering period of 360 days from the effective date of the prospectus.</font></p>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Note 2 - Going Concern</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. At March 31, 2020, the Company had cash of $10,700 and negative working capital of $(886). For the three months ended March 31, 2020, the Company had no revenues and a net loss of $7,004. These factors raise substantial doubt regarding the Company`s ability to continue as a going concern.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. As discussed in Note 1 above, the Company is planning to raise up to $125,000 through a public offering of up to 5,000,000 shares of its common stock. However, there is no assurance that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</font></p>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Note 3 - Summary of Significant Accounting Policies </font></b></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Basis of Presentation</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.</font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Fair Value of Financial Instruments</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company's financial instruments consist of cash, accounts payable, and advances payable to sole officer and director. The carrying amounts of these financial instruments approximates fair value because of the short period of time between the origination of such instruments and their expected realization.</font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Use of Estimates</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><a name="_Aci_Pg9" /><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;layout-grid-mode:line;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;layout-grid-mode:line;">9</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Charmt, Inc.</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Notes to the Financial Statements</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">For the three months ended March 31, 2020</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(Unaudited)</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></i></b></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Cash and Cash Equivalents</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.</font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Net Income (Loss) per Common Share</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:11.4pt;">Net income (loss) per common share is computed pursuant to FASB Accounting Standards Codification (“ASC”) 260, “Earnings Per Share”.  Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period.  Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:11.4pt;">There were no potentially dilutive common shares outstanding for the periods presented.</font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Revenue Recognition</font></u></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company's revenue recognition policies will follow FASB ASC 605, “Revenue Recognition”.  Revenue will be recognized when a formal arrangement exists, the price is fixed or determinable, all obligations have been performed pursuant to the terms of the formal arrangement and collectability is reasonably assured.  </font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Income Taxes</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Foreign Currency</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company's functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management follows ASC 830, “Foreign Currency Matters”. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the Statement of Operations.</font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Recent Accounting Pronouncements</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Certain accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company`s financial position and results of operations from adoption of these standards is not expected to be material.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><a name="_Aci_Pg10" /><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;layout-grid-mode:line;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Charmt, Inc.</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Notes to the Financial Statements</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">For the three months ended March 31, 2020</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(Unaudited)</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></i></b></p>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Note 4 - Capital Stock</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company has 75,000,000, $0.001 par value shares of common stock authorized. </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">On August 2, 2018, the Company issued 3,000,000 shares of common stock to </font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gediminas Knyzelis</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> at $0.001 per share for $3,000. The payment for the shares, which was due within 180 days upon the execution of the respective agreement, was collected on January 15, 2019.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">From February 6, 2020 to March 31, 2020, the Company sold a total of 661,000 shares of its common stock in its public offering to 22 investors at a price of $0.025 par share for proceeds of $16,525.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">There were 3,661,000 shares of common stock issued and outstanding as of March 31, 2020.</font></p>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Note 5 - Commitments and Contingencies</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Service Agreement</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">On June 27, 2018, </font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gediminas Knyzelis executed a Virtual Office Service Agreement on behalf of the Company for address and telephone service in Estonia. The agreement had an original term of one year from July 1, 2018 to            June 30, 2019 and was renewed for an additional year to June 30, 2020. The agreement and renewal provides for a monthly service cost of 55 EUR (excluding VAT), or approximately $61 using the March 31, 2020 exchange rate. For the three months ended March 31, 2020 and 2019, the Company incurred expenses of $218 and $226, respectively, under this service agreement.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Compensation Agreement</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">To date, the Company has not entered into any compensation agreements with Gediminas Knyzelis or others.</font></p>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Note 6 - Income Taxes</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The provision for (benefit from) income taxes differs from the amount of income tax determined by applying the United States federal income tax rate of 21% to pretax income (loss) for the three months ended March 31, 2020 and 2019 as follows:</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="88%" style="border-collapse:collapse;margin-left:.75in;"> <tr style="height:23.15pt;page-break-inside:avoid;"> <td valign="bottom" width="59%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;height:23.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Three Months Ended March 31, 2020</font></b></p> </td> <td valign="bottom" width="3%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="18%" style="border-bottom:solid windowtext 1.0pt;height:23.15pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><b><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Three Months Ended March 31, 2019</font></b></p> </td> </tr> <tr style="height:23.15pt;page-break-inside:avoid;"> <td valign="bottom" width="59%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Expected income tax (benefit) at 21% statutory rate </font></p> </td> <td valign="top" width="2%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="top" width="18%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">               (1,471)   </font></p> </td> <td valign="bottom" width="3%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="18%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">(1,179)</font></p> </td> </tr> <tr style="height:16.65pt;page-break-inside:avoid;"> <td valign="bottom" width="59%" style="height:16.65pt;padding:0in 0in 4.0pt 0in;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Increase in valuation allowance</font></p> </td> <td valign="top" width="2%" style="height:16.65pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;height:16.65pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">   </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">                1,471</font></p> </td> <td valign="bottom" width="3%" style="height:16.65pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="18%" style="border-bottom:solid windowtext 1.0pt;height:16.65pt;padding:0in 0in 4.0pt 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">1,179</font></p> </td> </tr> <tr style="height:16.15pt;page-break-inside:avoid;"> <td valign="bottom" width="59%" style="height:16.15pt;padding:0in 0in 4.0pt 0in;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Provision for income taxes</font></p> </td> <td valign="top" width="2%" style="height:16.15pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> $</font></p> </td> <td valign="top" width="18%" style="border-bottom:double windowtext 2pt;height:16.15pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">                    -</font></p> </td> <td valign="bottom" width="3%" style="height:16.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="18%" style="border-bottom:double windowtext 2pt;height:16.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:7.65pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> </tr> </table></div> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;layout-grid-mode:line;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;layout-grid-mode:line;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;layout-grid-mode:line;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;layout-grid-mode:line;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><a name="_Aci_Pg11" /><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;layout-grid-mode:line;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;layout-grid-mode:line;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;layout-grid-mode:line;">11</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Charmt, Inc.</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Notes to the Financial Statements</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">For the three months ended March 31, 2020</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(Unaudited)</font></i></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">At March 31, 2020, the Company has a net operating loss carryforward of $20,411. Based on management's present assessment, the Company has not yet determined it to be more likely than not that a deferred tax asset of $4,286 attributable to the future utilization of the $20,411 net operating loss carryforward will be realized. Accordingly, the Company has recorded a 100% valuation allowance against the deferred tax asset at March 31, 2020.</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;text-decoration:none;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">At March 31, 2020 and December 31, 2019, deferred tax assets consist of:</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="98%" style="border-collapse:collapse;margin-left:6.75pt;margin-right:6.75pt;"> <tr style="height:10.7pt;page-break-inside:avoid;"> <td valign="bottom" width="68%" style="height:10.7pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="2%" style="height:10.7pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="13%" style="border-bottom:solid black 1.0pt;height:10.7pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">March 31, 2020</font></p> </td> <td valign="bottom" width="2%" style="height:10.7pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;height:10.7pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">December 31, 2019</font></p> </td> </tr> <tr style="height:24.55pt;page-break-inside:avoid;"> <td valign="bottom" width="68%" style="height:24.55pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Net operating loss carryforward</font></p> </td> <td valign="bottom" width="2%" style="height:24.55pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="13%" style="height:24.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">        4,286</font></p> </td> <td valign="bottom" width="2%" style="height:24.55pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="15%" style="height:24.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">                2,816</font></p> </td> </tr> <tr style="height:16.65pt;page-break-inside:avoid;"> <td valign="bottom" width="68%" style="height:16.65pt;padding:0in 0in 4.0pt 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Less valuation allowance</font></p> </td> <td valign="bottom" width="2%" style="height:16.65pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="13%" style="border-bottom:solid windowtext 1.0pt;height:16.65pt;padding:0in 0in 4.0pt 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:9.0pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">   (4,286)</font></p> </td> <td valign="bottom" width="2%" style="height:16.65pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:9.0pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:16.65pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">(2,816)</font></p> </td> </tr> <tr style="height:13.15pt;page-break-inside:avoid;"> <td valign="bottom" width="68%" style="height:13.15pt;padding:0in 0in 4.0pt 0in;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:9.45pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Net deferred tax assets</font></p> </td> <td valign="bottom" width="2%" style="height:13.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="13%" style="border-bottom:double windowtext 2pt;height:13.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:9.0pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> <td valign="bottom" width="2%" style="height:13.15pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:9.0pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="15%" style="border-bottom:double windowtext 2pt;height:13.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> </tr> </table></div> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">All tax periods are subject to examination by taxing authorities.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Current United States income tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company has had no tax positions since inception.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></b></p>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Note 7 - Subsequent Events</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">From April 1, 2020 to April 10, 2020, the Company sold a total of 181,400 shares of its common stock to 6 investors in its public offering at a price of $0.025 par share for proceeds of $4,495. </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><a name="_Aci_Pg12" /><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">12</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Basis of Presentation</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.</font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Fair Value of Financial Instruments</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company's financial instruments consist of cash, accounts payable, and advances payable to sole officer and director. The carrying amounts of these financial instruments approximates fair value because of the short period of time between the origination of such instruments and their expected realization.</font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Use of Estimates</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><a name="_Aci_Pg9" /><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;layout-grid-mode:line;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;layout-grid-mode:line;">9</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Charmt, Inc.</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Notes to the Financial Statements</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">For the three months ended March 31, 2020</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(Unaudited)</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></i></b></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Cash and Cash Equivalents</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.</font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Net Income (Loss) per Common Share</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:11.4pt;">Net income (loss) per common share is computed pursuant to FASB Accounting Standards Codification (“ASC”) 260, “Earnings Per Share”.  Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period.  Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:11.4pt;">There were no potentially dilutive common shares outstanding for the periods presented.</font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Revenue Recognition</font></u></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company's revenue recognition policies will follow FASB ASC 605, “Revenue Recognition”.  Revenue will be recognized when a formal arrangement exists, the price is fixed or determinable, all obligations have been performed pursuant to the terms of the formal arrangement and collectability is reasonably assured.  </font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Income Taxes</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Foreign Currency</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company's functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management follows ASC 830, “Foreign Currency Matters”. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the Statement of Operations.</font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Recent Accounting Pronouncements</font></u></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Certain accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company`s financial position and results of operations from adoption of these standards is not expected to be material.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><a name="_Aci_Pg10" /><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;layout-grid-mode:line;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Charmt, Inc.</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Notes to the Financial Statements</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">For the three months ended March 31, 2020</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(Unaudited)</font></i></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></i></b></p>
</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="Context37">
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The provision for (benefit from) income taxes differs from the amount of income tax determined by applying the United States federal income tax rate of 21% to pretax income (loss) for the three months ended March 31, 2020 and 2019 as follows:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="88%" style="border-collapse:collapse;margin-left:.75in;"> <tr style="height:23.15pt;page-break-inside:avoid;"> <td valign="bottom" width="59%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;height:23.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Three Months Ended March 31, 2020</font></b></p> </td> <td valign="bottom" width="3%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="18%" style="border-bottom:solid windowtext 1.0pt;height:23.15pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><b><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Three Months Ended March 31, 2019</font></b></p> </td> </tr> <tr style="height:23.15pt;page-break-inside:avoid;"> <td valign="bottom" width="59%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Expected income tax (benefit) at 21% statutory rate </font></p> </td> <td valign="top" width="2%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="top" width="18%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">               (1,471)   </font></p> </td> <td valign="bottom" width="3%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="18%" style="height:23.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">(1,179)</font></p> </td> </tr> <tr style="height:16.65pt;page-break-inside:avoid;"> <td valign="bottom" width="59%" style="height:16.65pt;padding:0in 0in 4.0pt 0in;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Increase in valuation allowance</font></p> </td> <td valign="top" width="2%" style="height:16.65pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;height:16.65pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">   </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">                1,471</font></p> </td> <td valign="bottom" width="3%" style="height:16.65pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="18%" style="border-bottom:solid windowtext 1.0pt;height:16.65pt;padding:0in 0in 4.0pt 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">1,179</font></p> </td> </tr> <tr style="height:16.15pt;page-break-inside:avoid;"> <td valign="bottom" width="59%" style="height:16.15pt;padding:0in 0in 4.0pt 0in;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Provision for income taxes</font></p> </td> <td valign="top" width="2%" style="height:16.15pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> $</font></p> </td> <td valign="top" width="18%" style="border-bottom:double windowtext 2pt;height:16.15pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">                    -</font></p> </td> <td valign="bottom" width="3%" style="height:16.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="18%" style="border-bottom:double windowtext 2pt;height:16.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:7.65pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> </tr> </table>
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<us-gaap:IncomeTaxPolicyTextBlock contextRef="Context37">
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">At March 31, 2020 and December 31, 2019, deferred tax assets consist of:</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <table border="0" cellpadding="0" cellspacing="0" width="98%" style="border-collapse:collapse;margin-left:6.75pt;margin-right:6.75pt;"> <tr style="height:10.7pt;page-break-inside:avoid;"> <td valign="bottom" width="68%" style="height:10.7pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="2%" style="height:10.7pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="13%" style="border-bottom:solid black 1.0pt;height:10.7pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">March 31, 2020</font></p> </td> <td valign="bottom" width="2%" style="height:10.7pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;height:10.7pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">December 31, 2019</font></p> </td> </tr> <tr style="height:24.55pt;page-break-inside:avoid;"> <td valign="bottom" width="68%" style="height:24.55pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Net operating loss carryforward</font></p> </td> <td valign="bottom" width="2%" style="height:24.55pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="13%" style="height:24.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">        4,286</font></p> </td> <td valign="bottom" width="2%" style="height:24.55pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:7.05pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="15%" style="height:24.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">                2,816</font></p> </td> </tr> <tr style="height:16.65pt;page-break-inside:avoid;"> <td valign="bottom" width="68%" style="height:16.65pt;padding:0in 0in 4.0pt 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Less valuation allowance</font></p> </td> <td valign="bottom" width="2%" style="height:16.65pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="13%" style="border-bottom:solid windowtext 1.0pt;height:16.65pt;padding:0in 0in 4.0pt 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:9.0pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">   (4,286)</font></p> </td> <td valign="bottom" width="2%" style="height:16.65pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:9.0pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:16.65pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">(2,816)</font></p> </td> </tr> <tr style="height:13.15pt;page-break-inside:avoid;"> <td valign="bottom" width="68%" style="height:13.15pt;padding:0in 0in 4.0pt 0in;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:9.45pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">Net deferred tax assets</font></p> </td> <td valign="bottom" width="2%" style="height:13.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="13%" style="border-bottom:double windowtext 2pt;height:13.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:9.0pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> <td valign="bottom" width="2%" style="height:13.15pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:9.0pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="15%" style="border-bottom:double windowtext 2pt;height:13.15pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> </tr> </table>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:CommonStockCapitalSharesReservedForFutureIssuance contextRef="Context3" unitRef="Unit4" decimals="0"> 125000 </us-gaap:CommonStockCapitalSharesReservedForFutureIssuance>
<us-gaap:IncomeLossFromContinuingOperations contextRef="Context38" unitRef="Unit2" decimals="0"> 7004 </us-gaap:IncomeLossFromContinuingOperations>
<us-gaap:CommonStockValue contextRef="Context39" unitRef="Unit2" decimals="0"> 3000 </us-gaap:CommonStockValue>
<!-- ELement Id us-gaap_CommonStockSharesSubscriptions -->
<us-gaap:CommonStockSharesSubscriptions contextRef="Context40" unitRef="Unit2" decimals="0"> 16525 </us-gaap:CommonStockSharesSubscriptions>
<us-gaap:CommonStockValueOutstanding contextRef="Context3" unitRef="Unit2" decimals="0"> 3661000 </us-gaap:CommonStockValueOutstanding>
<us-gaap:AccruedProfessionalFeesCurrent contextRef="Context3" unitRef="Unit2" decimals="0"> 218 </us-gaap:AccruedProfessionalFeesCurrent>
<us-gaap:AccruedProfessionalFeesCurrent contextRef="Context20" unitRef="Unit2" decimals="0"> 226 </us-gaap:AccruedProfessionalFeesCurrent>
<us-gaap:IncomeTaxExpenseBenefit contextRef="Context38" unitRef="Unit2" decimals="0"> -1471 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit contextRef="Context41" unitRef="Unit2" decimals="0"> -1179 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount contextRef="Context38" unitRef="Unit2" decimals="0"> 1471 </us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount>
<us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount contextRef="Context41" unitRef="Unit2" decimals="0"> 1179 </us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount>
<us-gaap:CurrentStateAndLocalTaxExpenseBenefit contextRef="Context38" unitRef="Unit2" decimals="0"> 0 </us-gaap:CurrentStateAndLocalTaxExpenseBenefit>
<us-gaap:CurrentStateAndLocalTaxExpenseBenefit contextRef="Context41" unitRef="Unit2" decimals="0"> 0 </us-gaap:CurrentStateAndLocalTaxExpenseBenefit>
<us-gaap:OperatingLossCarryforwards contextRef="Context3" unitRef="Unit2" decimals="0"> 4286 </us-gaap:OperatingLossCarryforwards>
<us-gaap:OperatingLossCarryforwards contextRef="Context4" unitRef="Unit2" decimals="0"> 2816 </us-gaap:OperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="Context3" unitRef="Unit2" decimals="0"> -4286 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="Context4" unitRef="Unit2" decimals="0"> -2816 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsNet contextRef="Context3" unitRef="Unit2" decimals="0"> 0 </us-gaap:DeferredTaxAssetsNet>
<us-gaap:DeferredTaxAssetsNet contextRef="Context4" unitRef="Unit2" decimals="0"> 0 </us-gaap:DeferredTaxAssetsNet>
<us-gaap:DeferredIncomeTaxesAndTaxCredits contextRef="Context42" unitRef="Unit2" decimals="0"> 20411 </us-gaap:DeferredIncomeTaxesAndTaxCredits>
<!-- ELement Id us-gaap_SharesIssued -->
<us-gaap:SharesIssued contextRef="Context43" unitRef="Unit4" decimals="0"> 4495 </us-gaap:SharesIssued>
</xbrl>

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