What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2023-03-30 compared with 2022-03-14 · 53 added, 18 removed, 185 unchanged (28% of the section changed)

1 unchanged sentence

INDEX TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firms (PCAOB Firm ID:

Report of Independent Registered Public Accounting Firms

Financial Statements:

8 unchanged sentences

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Green Planet Bioengineering Co., Ltd.

(the Company) as of December 31, 2021 and 2020, and the related statements of operations, stockholders' deficit, and cash flows for each of the years in the two-year period ended December 31, 2021, and the related notes (collectively referred to as the financial statements).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

We have audited the accompanying balance sheet of Green Planet Bioengineering Co., Ltd.

(the Company) as of December 31, 2022, and the related statement of operations, stockholders’ deficit, and cash flows for the year ended December 31, 2022, and the related notes (collectively referred to as the financial statements).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022, and the results of its operations and its cash flows for year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Explanatory Paragraph- Going Concern

The accompanying financial statements have been prepared assuming the Company will continue as a going concern.

As discussed in Note 3 to the financial statements, the Company is currently a public reorganized shell corporation and has no current business activity.

The Company has net loss and stockholders’ deficit of $32,533 and $381,920, respectively, as of December 31, 2022.

The Company's ability to continue as a going concern is dependent on continued support from a related party.

These factors raise substantial doubt about the Company's ability to continue as a going concern.

Management's plans concerning these matters are also described in Note 3.

The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on the Company’s financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.

Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there were no critical audit matters.

/s/ Assurance Dimensions

We have served as the Company’s auditor since 2022.

Margate, Florida

March 30, 2023

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of

Green Planet Bioengineering Co., Ltd.

Opinion on the Financial Statements

We have audited the accompanying balance sheet of Green Planet Bioengineering Co., Ltd.

(the Company) as of December 31, 2021, and the related statements of operations, stockholders' deficit, and cash flows for the years ended December 31, 2021, and the related notes (collectively referred to as the financial statements).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021, and the results of its operations and its cash flows for the year ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

22 unchanged sentences

We determined that there were no critical audit matters.

/s/ Liggett & Webb, P.A.

We have served as the Company's auditor since 2019.

11 unchanged sentences

TOTAL CURRENT LIABILITIES

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ DEFICIT

11 unchanged sentences

Accumulated deficit

( 1,011,540 )

TOTAL STOCKHOLDERS’ DEFICIT

36 unchanged sentences

Preferred Stock

Number of shares

Balance, December 31, 2020

31 unchanged sentences

Cash and cash equivalents include all cash, deposits in banks and other highly liquid investments with initial maturities of three months or less to be cash equivalents.

Balances of cash and cash equivalents in financial institutions may at times exceed the government-insured limits.

Balances of cash and cash equivalents in financial institutions does not exceed the government-insured limits as of December 31, 2022.

The Company accounts for income taxes in accordance with FASB ASC Topic 740 “ Income Taxes ” under which deferred tax assets and liabilities are determined based on temporary differences between accounting and tax bases of assets and liabilities and net operating loss and credit carry forwards, using enacted tax rates in effect for the year in which the differences are expected to reverse.

3 unchanged sentences

The Company’s practice is to recognize interest and/or penalties related to income tax matters as interest expense.

GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements.

GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.

Tax positions not deemed to meet a “more-likely-than-not” threshold would be recorded as a tax expense in the current year.

The Company identifies its major tax jurisdictions as the U.S.

for Federal tax purposes and Delaware for state tax purposes.

The Company has concluded that there are no significant tax positions requiring recognition, measurement or disclosure in the financial statements for all open tax years.

Tax years which are considered open by the relevant jurisdiction are subject to potential examination.

Loss Per Share

14 unchanged sentences

The inputs into the determination of fair value require significant management judgment or estimation.

Recent Changes in Accounting Standards

In June 2018, the FASB issued ASU 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting”, which simplifies the accounting for share-based payments granted to nonemployees for goods and services.

Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees.

The changes take effect for public companies for fiscal years starting after December 15, 2018, including the interim periods within that fiscal year.

For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020.

The adoption of this ASU did not have a material impact on the Company’s financial statements.

In the Company’s financial statements Fair Value is carrying amount.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

1 unchanged sentence

The financial statements have been prepared assuming that the Company will continue as a going concern.

The Company is currently a public reorganized shell corporation and has no current business activity.

The Company is currently a public reorganized shell corporation and has no current business activity with losses of $ 32,533 as of December 31, 2022.

The Company’s ability to continue as a going concern is dependent on continued support from a related party.

This gives rise to substantial doubt about the Company’s ability to continue as a going concern.

This gives rise to substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months after the issuance of these financial statements.

Amount Due to a Related party

12 unchanged sentences

Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

The deferred tax asset and valuation allowance were reduced by approximately $1,000 to reflect the change in the federal tax rate from 34% to 21%.

The valuation allowance decreased by approximately $1,000 to reflect state tax rate of 5.5%.

The provision for Federal income tax consists of the following for the years ended December 31, 2022 and December 31, 2021:

12 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data