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Document and Entity Information - shares
3 Months Ended
Mar. 31, 2017
May 11, 2017
Document and Entity Information [Abstract]    
Entity Registrant Name BLACKSTAR ENTERPRISE GROUP, INC.  
Entity Central Index Key 0001483646  
Document Type 10-Q  
Document Period End Date Mar. 31, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   55,824,970
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2017  
Condensed Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash $ 3,201 $ 14,175
Accrued interest receivable 18,000
Total Current assets 21,201 14,175
Fixed assets    
Furniture and equipment 1,659 1,659
Accumulated depreciation (346) (230)
Total fixed assets 1,313 1,429
Other assets    
Notes receivable 500,000 250,000
Total other assets 500,000 250,000
Total Assets 522,514 265,604
Current liabilities:    
Accounts payable 7,173 1,066
Loan payable - related party 402,500 150,000
Total current liabilities 409,673 151,066
Stockholders' Equity:    
Preferred stock, 10,000,000 shares authorized with $0.0001 par value. 1,000,000 shares issued and outstanding at each period respectively 1,000 1,000
Common stock, 200,000,000 shares authorized with $0.0001 par value. 55,824,970 shares issued and outstanding at each period respectively 55,825 55,825
Additional paid in capital 1,691,528 1,691,528
Additional paid in capital - warrants 1,360,000 1,360,000
Accumulated deficit (2,995,512) (2,993,815)
Total Stockholders' Equity 112,841 114,538
Total Liabilities and Stockholders' Equity $ 522,514 $ 265,604
Condensed Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]    
Preferred stock, par value per share $ 0.0001 $ 0.0001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 1,000,000 1,000,000
Preferred stock, shares outstanding 1,000,000 1,000,000
Common stock, par value per share $ 0.0001 $ 0.0001
Common stock, shares authorized 200,000,000 200,000,000
Common stock, shares issued 55,824,970 55,824,970
Common stock, shares outstanding 55,824,970 55,824,970
Condensed Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
REVENUE
Cost of revenues
GROSS PROFIT
Operating Expenses:    
Depreciation 115
Legal and professional 16,580
General and administrative 3,002 611
Total operating expenses 19,697 611
Income (loss) from operations (19,697) (611)
Other income (expense):    
Interest income (expense) 18,000 (3,750)
Other income (expense) net 18,000 (3,750)
Income (loss) before provision for income taxes (1,697) (4,361)
Provision (credit) for income tax
Net income (loss) $ (1,697) $ (4,361)
Net income (loss) per share (Basic and fully diluted) $ (0.00) $ (0.01)
Weighted average number of common shares outstanding 55,824,970 11,112,421
Statements Of Stockholders' Equity - USD ($)
Common Stock [Member]
Preferred Stock [Member]
Paid-in Capital [Member]
Common Stock Subscribed [Member]
Accumulated Deficit [Member]
Total
Balance at Dec. 31, 2014 $ 11,112 $ 1,484,737 $ (1,821,730) $ (325,881)
Balance, shares at Dec. 31, 2014 11,112,421        
Net loss for the period         (17,800) (17,800)
Balance at Dec. 31, 2015 $ 11,112 1,484,737 (1,839,530) (343,681)
Balance, shares at Dec. 31, 2015 11,112,421        
Shares cancelled $ (1,000)   1,000    
Shares cancelled, shares (1,000,000)         1,000,000
Shares exchanged for debt $ 1,313   51,191     $ 52,504
Shares exchanged for debt, shares 1,312,549          
Shares issued for cash $ 44,400 $ 1,000 154,600 200,000
Shares issued for cash, shares 44,400,000 1,000,000        
Warrants issued     1,328,000     1,328,000
Warrants issued for debt     32,000     32,000
Net loss for the period         (1,154,285) (1,154,285)
Balance at Dec. 31, 2016 $ 55,825 $ 1,000 3,051,528 (2,993,815) 114,538
Balance, shares at Dec. 31, 2016 55,824,970 1,000,000        
Net loss for the period         (1,697) (1,697)
Balance at Mar. 31, 2017 $ 55,825 $ 1,000 $ 3,051,528 $ (2,995,512) $ 112,841
Balance, shares at Mar. 31, 2017 55,824,970 1,000,000        
Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows From Operating Activities:    
Net income (loss) $ (1,697) $ (4,361)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 115
Changes in operating assets and liabilities    
Increase in accounts payable 6,108 611
Increase in accrued receivables (18,000)
Accrued interest payable 3,750
NET CASH USED IN OPERATING ACTIVITIES (13,474)
CASH FLOWS USED IN INVESTING ACTIVITIES    
Increase in notes receivable (250,000)
NET CASH USED IN INVESTING ACTIVITIES (250,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Increase in notes payable - related party 252,500
NET CASH PROVIDED BY FINANCING ACTIVITIES 252,500
Net Increase (Decrease) In Cash (10,974)
Cash At The Beginning Of The Period 14,175
Cash At The End Of The Period 3,201
Supplemental Disclosure    
Cash paid for interest
Cash paid for income taxes
NATURE OF OPERATIONS AND BASIS OF PRESENTATION
3 Months Ended
Mar. 31, 2017
Nature Of Operations And Basis Of Presentation  
NATURE OF OPERATIONS AND BASIS OF PRESENTATION

NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION

BlackStar Enterprise Group, Inc. (the Company” or “BlackStar”) was incorporated in the State of Delaware on December 18, 2007 as NPI08, Inc. (“NPI08”). In January 2010, NPI08 acquired an ownership interest in Black Star Energy Group, Inc., a Colorado Corporation. BlackStar Energy then merged into NPI08, with NPI08 being the surviving entity. Concurrently, NPI08 changed its name to BlackStar Energy Group, Inc. On January 25, 2016, International Hedge Group, Inc. signed an agreement to acquire a 95% interest in the Company. The name was changed to BlackStar Enterprise Group, Inc. in August of 2016.

The Company is a Delaware corporation organized for the purpose of engaging in any lawful business. The Company intends to act as a merchant bank as at the date of these financial statements. It currently trades on the Pink Sheets under the symbol “BEGI”.

The Company’s fiscal year end is December 31st. The Company’s financial statements are presented on the accrual basis of accounting.

Basis of presentation – Unaudited Financial Statements

The accompanying unaudited financial statements have been prepared in accordance with United States generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the financial statements for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission. These unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017.

GOING CONCERN
3 Months Ended
Mar. 31, 2017
Going Concern [Abstract]  
GOING CONCERN

NOTE 2 – GOING CONCERN

The Company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the financial statements for the three months ended March 31, 2017 and the  years ended December 31, 2016 and 2015, the Company has generated no revenues and has incurred losses. . These conditions raise substantial doubt as to the Company's ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The continuation of the Company as a going concern is dependent upon the ability to raise equity or debt financing, and the attainment of profitable operations from the Company's planned business. Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Mar. 31, 2017
Summary Of Significant Accounting Policies  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   

Cash and cash equivalents

The Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties and all highly liquid investments with an original maturity of three months or less as cash equivalents.

Revenue recognition

The Company has realized minimal revenues from operations. The Company recognizes revenues when the sale and/or distribution of products is complete, risk of loss and title to the products have transferred to the customer, there is persuasive evidence of an agreement, acceptance has been approved by the customer, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. Net sales will be comprised of gross revenues less expected returns, trade discounts, and customer allowances that will include costs associated with off-invoice markdowns and other price reductions, as well as trade promotions and coupons. The incentive costs will be recognized at the later of the date on which the Company recognized the related revenue or the date on which the Company offers the incentive.

Basic and Diluted Loss per Share

The Company computes loss per share in accordance with “ASC-260,” “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common share during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive.

Income Taxes

The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.

The Company maintains a valuation allowance with respect to deferred tax asset. Blackstar Enterprise Group 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 Federal tax laws.

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 estimate.

Carrying Value, Recoverability and Impairment of Long-Lived Assets

The Company has adopted paragraph 360-10-35-17 of FASB Accounting Standards Codification for its long-lived assets. The Company’s long –lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.

The company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the assets expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives.

The Company considers the following to be some examples of important indicators that may trigger an impairment review; (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company's overall strategy with respect to the manner of use of the acquired assets or changes in the Company's overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company's stock price for a sustained period of time; and (vi) regulatory changes. The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events.

The impairment charges, if any, are included in operating expenses in the accompanying statements of operations.

Use of Estimates

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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

The Company’s significant estimates include income taxes provision and valuation allowance  of deferred tax assets; the fair value of financial instruments; the carrying value and recoverability of long-lived assets, and the assumption that the Company will continue as a going concern. Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.

Management regularly reviews its estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such reviews, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates.

Fair value of Financial Instruments

The estimated fair values of financial instruments were determined by management using available market information and appropriate valuation methodologies. The carrying amounts of financial instruments including cash approximate their fair value because of their short maturities.

Long Lived Assets

In accordance with ASC 350 the Company regularly reviews the carrying value of intangible and other long lived assets for the existence of facts or circumstances both internally and externally that suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long lived asset exceeds its fair value.

Stock-based Compensation

The Company accounts for stock-based compensation issued to employees based on FASB accounting standard for Share Based Payment. It requires an entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award – the requisite service period (usually the vesting period). It requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. The scope of the FASB accounting standard includes a wide range of share-based compensation arrangements including share options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. The Company currently has no stock based compensation plan in place.

Recent pronouncements

Management has evaluated accounting standards and interpretations issued but not yet effective as of March 31, 2017, and does not expect such pronouncements to have a material impact on the Company’s financial position, operations, or cash flows.

PROPERTY, PLANT AND EQUIPMENT
3 Months Ended
Mar. 31, 2017
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT

NOTE 4 – PROPERTY, PLANT AND EQUIPMENT

During the quarter ended September 30, 2016, the Company purchased certain office equipment for a total of $1,659. This equipment is being depreciated over a three-year life and the Company has recorded a depreciation expense of $116 for the current quarter.

NOTE RECEIVABLE
3 Months Ended
Mar. 31, 2017
Note Receivable  
NOTE RECEIVABLE

NOTE 5 – NOTE RECEIVABLE

During the month of October 2016, the Company identified a target company in which management felt it would be beneficial to invest. The target company was looking for an aggregate investment of $2,500,000, of which the Company agreed to provide $500,000 and provide assistance in raising the remaining $2,000,000.

The terms of this investment are the note shall bear an interest rate of 12% and the lender (Company) shall receive 2 shares of Series B Convertible Preferred stock for each one dollar ($1.00) loaned to the target company. Payments on the note shall commence at such time the target company is generating gross revenues. The payment shall consist of 15% of the gross revenues ratably apportioned among the then existing note holders. Said payments to be applied first to accrued interest and then to the outstanding principal. Notwithstanding the aforementioned payment schedule the entire note becomes due and payable on February 1, 2019. Commencing not later than February 1, 2019, the target company shall pay a 15% dividend to the holders of the Series B Convertible Preferred stock until such time as each holder of the Series B Convertible Preferred stock has received an amount equivalent to their original loan. At such time the Series B Convertible Preferred stock shall be converted into common stock of the target company at the rate of one share of common stock for each share of Convertible stock.

During the month of January 2017, the Company advanced the second tranche of these funds.

As of the date of these financial statements, the target company has not begun to generate the revenues required to make the necessary payments to the lenders.

ACCRUED INTEREST PAYABLE
3 Months Ended
Mar. 31, 2017
Accrued Liabilities [Abstract]  
ACCRUED INTEREST PAYABLE

NOTE 6 – ACCRUED INTEREST PAYABLE

The Company has been accruing interest on a note of $200,000 dated July 11, 2011 and an advance of $50,000 dated September 23, 2011. Each has been accrued at a rate of 6% simple interest. At August 30, 2016 this liability was settled in exchange for stock. For further detail the reader is advised to refer to the note “NOTES PAYABLE”.      

STOCKHOLDER'S DEFICIT
3 Months Ended
Mar. 31, 2017
Stockholders Deficit  
STOCKHOLDERS' DEFICIT

NOTE 7 – STOCKHOLDER’S DEFICIT

The total number of common shares authorized that may be issued by the Company is 200,000,000 shares with a par value of $0.001 per share. The Company is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.001 per share.

On August 25, 2016 the Company issued 1,000,000 shares of its preferred series A stock to IHG in fulfillment of the purchase agreement. As at March 31, 2017 there are 1,000,000 preferred series A shares issued and outstanding. These shares are convertible at a ratio of 100 shares of the common stock of the Company for each share of preferred stock of the Company.

As at March 31, 2017 the total number of common shares outstanding was 55,825,000. The Company has an ongoing program of private placements to raise funds to support the operations. During the period ended March 31, 2016 the Company entered into a purchase agreement with International Hedge Group, Inc. (“IHG”) whereby certain existing stockholders would surrender their stock and IHG would acquire a 95% working interest in the Company. As at the date of these financial statements only one of the stockholders had completed the transaction. IHG’s commitment was to provide at least $200,000 in working capital within 6 months of the date of the agreement. As of the September 30, 2016 financial statements IHG has provided $100,000 of the commitment. On June 30, 2016 the Company signed an extension agreement allowing for an extension to October 30, 2016 for fulfillment of this obligation. During the month of October 2016 International Hedge Group fulfilled the commitment by paying the remaining $100,000.

During the quarter ended September, 30 2016 the Company issued 1,322,579 shares of its common stock to satisfy certain accounts payable and notes payable plus accrued interest. The stock was valued at $0.04 per share which valued the total debt relief at $52,903. The debts discharged in these transactions were valued at $335,072. These transactions were with unrelated parties giving the Company a net gain of $282,569 as gain on debt relief.

During the quarter ended September 30, 2016, the Company issued 34,000,000 warrants for the purchase of its common stock at $0.05 per share. Using the Black-Scholes valuation model the Company assigned a value of $1,360,000 to these warrants. The Company recorded an expense of $1,328,000 on the operating statement for the quarter ended March 31, 2017. The Company also used 800,000 of these warrants to satisfy an account payable to a service provider. The value of the debt discharged in this transaction was $20,253. This transaction was with an unrelated party giving the Company a net loss of $11,747 on the debt relief.

Total net gain on all debt relief transactions was $270,822.

Super Majority Voting Rights. The record Holders of the Class A Preferred Convertible Stock shall have the right to vote on any matter with holders of Common Stock and may vote as required on any action, which Delaware law provides may or must be approved by vote or consent of the holders of the specific Class of voting preferred shares and the holders of common shares. The Record Holders of the Class  A Preferred Shares shall have the right to vote on any matter with holders of common stock voting together as one (1) class. The Record Holders of the Class A Preferred Shares shall have that number of votes (identical in every other respect to the voting rights of the holders of other Class of voting preferred shares and the holders of common stock entitled to vote at any Regula or Special Meeting of the Shareholders) equal to that number of common shares which is not less than60% of the vote required to approve any action, which Delaware law provides may or must be approved by vote or consent of the holders of other Class of voting preferred shares and the holders of common shares or the holders of other securities entitled to vote, if any.

As at March 31, 2017 IHG is the holder of 79.53% if the outstanding common stock. When the balance of the certificates to be cancelled, 3,825,000, are cancelled then the percentage of ownership held by IHG will be 85.38%. For purposes of control it is to be noted also that at such time as the Class A Preferred Convertible shares are converted at the designated ratio of 100 shares of common stock for each share of Class A Preferred Convertible then the percentage of ownership will be 95.00%.

WARRANTS
3 Months Ended
Mar. 31, 2017
Compensation Related Costs [Abstract]  
WARRANTS

NOTE 8 – WARRANTS

At the time of the issuance of stocks referenced in Note 8 the Company issued 34,000,000 warrants to purchase the Company’s common stock at an exercise price of $0.05 These warrants have an exercise price of $0.05 per share and an expiration date that is three years from the date of issuance. The warrants were issued to the existing shareholders of International Hedge Group. There are 15 stockholders in IHG and 6 of these represent owners of greater than 5% of IHG stock. These 6 stockholders received 57.35% of the warrants issued. 800,000 of these warrants were issued to satisfy outstanding accounts payable. The payable amounted to $20,253 and the warrants were valued at $32,000 giving rise to a loss of $11,747 on the settlement of debt.

Using the Black-Scholes valuation model a value of $1,328,000 is assigned to these warrants. The parameters used in the Black-Scholes model were as follows: stock price $0.04; strike price $0.05; volatility 172%; risk free rate 1.75% and time to expiration of 3 years. This expense is recorded on the books of the Company as “Warrant expense” with an offsetting entry in the Stockholder’s Deficit section as “Additional paid in capital – Warrants.”

As at March 31, 2017 the Company has not received any notifications with respect to any exercise of any outstanding warrants

Shares Under Warrant

Exercise Price

Remaining Life

Balance at December 31, 2015

0

0

0

Granted

  34,000,000

 $             0.05

3.00

Exercised

0

0

0

Expired

0

0

0

Balance at March 31, 2017

34,000,000

 $             0.05

2.42

 

INCOME TAXES
3 Months Ended
Mar. 31, 2017
Income Taxes  
INCOME TAXES

NOTE 9 – INCOME TAXES

A reconciliation of the provision for income taxes at the United States federal statutory rate of 34% and a Colorado state rate of 5% compared to the Company’s income tax expense as reported is as follows:

March 31,

December 31,

December 31,

2017

2016

2015

Net loss before income taxes

$

(1,697)

$

(1,154,285)

$

(15,000)

  Adjustments to net loss

     Warrant expense

                   -  

1,328,000

                -  

     Gain on exchange of debt for stock

                   -  

(270,822)

                -  

Net taxable income (loss)

(1,697)

(97,107)

(15,000)

Income tax rate

39%

39%

39%

Income tax recovery

 662

37,870

5,850

Valuation allowance change

     (662)

(37,870)

(5,850)

Provision for income taxes

$

                   -  

$

               -  

$

                -  

The significant components of deferred income tax assets at March 31, 2017, December 31, 2016 and 2015 are as follows:

March 31,

December 31,

December 31,

2017

2016

2015

Net operating loss carryforward

$

            98,804

 $

          97,107

 $

                -  

Valuation allowance

(98,804)

         (97,107)

                -  

Net deferred income tax asset

$

                   -  

 $

                -  

 $

                -  

 

As of March 31, 2017, the Company has no unrecognized income tax benefits. Based on management’s understanding of IRC Sec 383 the substantial change in ownership and change in business activities precludes any carryforward of the accumulated net operating losses. The Company’s policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded during the years ended December 31, 2015 and 2014, and no interest or penalties have been accrued as of March 31, 2017. As of December 31, 2015 and 2014 the Company did not have any amounts recorded pertaining to uncertain tax positions.

As at March 31, 2017 the current management of the Company has been unable to ascertain when the last corporation income tax returns were filed. Management will use its best efforts to bring current all the necessary filings. The Company is currently not under examination by the Internal Revenue Service or any other taxing authorities. The Company has not recorded any liability for an uncertain tax position related to the lack of return filings since the Company records show a continuing pattern of losses for the periods in question. Since penalties are commonly assessed based on tax amounts owed management has deemed in unnecessary to record any liability.

LOAN PAYABLE
3 Months Ended
Mar. 31, 2017
Loan Payable  
LOAN PAYABLE

NOTE 10 – LOAN PAYABLE

During the quarter ended March 31, 2017 International Hedge Group, the holder of a majority of the common stock and all of the preferred stock of the Company has advanced a total of $402,500 to the Company. This loan is not secured, bears no interest, is not documented in writing and is payable on demand of the lender.

NOTES PAYABLE
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 11 – NOTES PAYABLE

On September 23, 2011 the Company received $50,000 in the form of cash as a temporary loan from a director of the Company. The Company has elected to accrue interest at the rate of 6% per annum non-compounding. The Company has not received any notice of default and has continued to accrue interest on its books at the rate of 6% each year. During the month of August 2016 the Company agreed to issue 200,000 shares of its common stock in satisfaction for this indebtedness along with all accrued interest, and authorized the shares conditioned upon receipt of a release.

On July 11, 2011 the Company received $200,000 in the form of cash in exchange for a promissory note bearing interest at the rate of 6% per annum. The; note does not specify that the interest is compounding therefore the Company is accruing the expense at a simple interest rate of 6%. The Company has not received any notice of default and has continued to accrue interest on its books at the rate of 6% each year. During the month of August 2016 the Company issued 700,000 shares of its common stock in exchange for this indebtedness along with all accrued interest.

GENERAL AND ADMINISTRATIVE EXPENSES
3 Months Ended
Mar. 31, 2017
General And Administrative Expenses  
GENERAL AND ADMINISTRATIVE EXPENSES

NOTE 12 – GENERAL AND ADMINISTRATIVE EXPENSES

Three Months Ended

 

March 31,

2017

 

2016

 

Filing fees

        550

Meals and entertainment

        265

Rent expense

        522

          -  

Transfer Agent

        706

        611

Utilities

        509

Website

        450

          -  

 $   3,002

 $     611

STOCK PURCHASE AGREEMENT
3 Months Ended
Mar. 31, 2017
Stock Purchase Agreement  
STOCK PURCHASE AGREEMENT

NOTE 13 – STOCK PURCHASE AGREEMENT

On January 25, 2016 the Company received and agreed to a purchase of its common stock from International Hedge Group, Inc.(IHG) to purchase a 95% controlling interest in the Company. At the closing IHG was to provide the Company with a promissory note in the amount of $200,000 payable over a 180 day period in increments as the buyer is able to achieve funding. As at the date of these financial statements the Company has received $200,000 in cash.

SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 14 - SUBSEQUENT EVENTS

Subsequent to the signing of the agreement between International Hedge Group, Inc. and the Company six major stockholders have agreed to surrender a total of 4,825,000 shares of common stock. As of the date of these financial statements a total of 1,000,000 shares have been surrendered. During the month of October 2016 the Company received the certificates for 3,825,000 shares to be submitted to the transfer agent for official cancellation. To date the certificates have not been submitted for cancellation.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Cash and cash equivalents

Cash and cash equivalents

The Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties and all highly liquid investments with an original maturity of three months or less as cash equivalents.

Revenue recognition

Revenue recognition

The Company has realized minimal revenues from operations. The Company recognizes revenues when the sale and/or distribution of products is complete, risk of loss and title to the products have transferred to the customer, there is persuasive evidence of an agreement, acceptance has been approved by the customer, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. Net sales will be comprised of gross revenues less expected returns, trade discounts, and customer allowances that will include costs associated with off-invoice markdowns and other price reductions, as well as trade promotions and coupons. The incentive costs will be recognized at the later of the date on which the Company recognized the related revenue or the date on which the Company offers the incentive.

Basic and Diluted Loss per Share

Basic and Diluted Loss per Share

The Company computes loss per share in accordance with “ASC-260,” “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common share during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive.

Income Taxes

Income Taxes

The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.

The Company maintains a valuation allowance with respect to deferred tax asset. Blackstar Enterprise Group 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 Federal tax laws.

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 estimate.

Carrying Value, Recoverability and Impairment of Long-Lived Assets

Carrying Value, Recoverability and Impairment of Long-Lived Assets

The Company has adopted paragraph 360-10-35-17 of FASB Accounting Standards Codification for its long-lived assets. The Company’s long –lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.

The company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the assets expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives.

The Company considers the following to be some examples of important indicators that may trigger an impairment review; (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company's overall strategy with respect to the manner of use of the acquired assets or changes in the Company's overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company's stock price for a sustained period of time; and (vi) regulatory changes. The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events.

The impairment charges, if any, are included in operating expenses in the accompanying statements of operations.

Use of Estimates

Use of Estimates

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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

The Company’s significant estimates include income taxes provision and valuation allowance  of deferred tax assets; the fair value of financial instruments; the carrying value and recoverability of long-lived assets, and the assumption that the Company will continue as a going concern. Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.

Management regularly reviews its estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such reviews, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates.

Fair value of Financial Instruments

Fair value of Financial Instruments

The estimated fair values of financial instruments were determined by management using available market information and appropriate valuation methodologies. The carrying amounts of financial instruments including cash approximate their fair value because of their short maturities.

Long Lived Assets

Long Lived Assets

In accordance with ASC 350 the Company regularly reviews the carrying value of intangible and other long lived assets for the existence of facts or circumstances both internally and externally that suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long lived asset exceeds its fair value.

Stock-based Compensation

Stock-based Compensation

The Company accounts for stock-based compensation issued to employees based on FASB accounting standard for Share Based Payment. It requires an entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award – the requisite service period (usually the vesting period). It requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. The scope of the FASB accounting standard includes a wide range of share-based compensation arrangements including share options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. The Company currently has no stock based compensation plan in place.

Recent Pronouncements

Recent pronouncements

Management has evaluated accounting standards and interpretations issued but not yet effective as of March 31, 2017, and does not expect such pronouncements to have a material impact on the Company’s financial position, operations, or cash flows.

WARRANTS (Tables)
3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Warrants Activity

 

Shares Under Warrant

Exercise Price

Remaining Life

Balance at December 31, 2015

0

0

0

Granted

  34,000,000

 $             0.05

3.00

Exercised

0

0

0

Expired

0

0

0

Balance at March 31, 2017

34,000,000

 $             0.05

2.42

INCOME TAXES (Tables)
3 Months Ended
Mar. 31, 2017
Income Taxes Tables  
Reconciliation of the Provision for Income Taxes to Reported Income Tax Expense

 

March 31,

December 31,

December 31,

2017

2016

2015

Net loss before income taxes

$

(1,697)

$

(1,154,285)

$

(15,000)

  Adjustments to net loss

     Warrant expense

                   -  

1,328,000

                -  

     Gain on exchange of debt for stock

                   -  

(270,822)

                -  

Net taxable income (loss)

(1,697)

(97,107)

(15,000)

Income tax rate

39%

39%

39%

Income tax recovery

 662

37,870

5,850

Valuation allowance change

     (662)

(37,870)

(5,850)

Provision for income taxes

$

                   -  

$

               -  

$

                -  

Significant Components of Deferred Income Tax Assets

 

March 31,

December 31,

December 31,

2017

2016

2015

Net operating loss carryforward

$

            98,804

 $

          97,107

 $

                -  

Valuation allowance

(98,804)

         (97,107)

                -  

Net deferred income tax asset

$

                   -  

 $

                -  

 $

                -  

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)
3 Months Ended
Mar. 31, 2017
General And Administrative Expenses Tables  
Schedule of General and Administrative Expenses

 

Three Months Ended

 

March 31,

2017

 

2016

 

Filing fees

        550

Meals and entertainment

        265

Rent expense

        522

          -  

Transfer Agent

        706

        611

Utilities

        509

Website

        450

          -  

 $   3,002

 $     611

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details)
Jan. 25, 2016
International Hedge Group, Inc. [Member]  
Percentage of Company purchased 95.00%
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
3 Months Ended
Mar. 31, 2017
Sep. 30, 2016
Mar. 31, 2016
Property, Plant and Equipment [Line Items]      
Purchases of office equipment   $ 1,659  
Depreciation expense $ 115  
Office Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Useful life 3 years    
Depreciation expense $ 116    
NOTE RECEIVABLE (Details)
3 Months Ended
Mar. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Debt Instrument [Line Items]    
Note receivable $ 500,000 $ 250,000
Loan To Target Company [Member]    
Debt Instrument [Line Items]    
Amount of investment sought 2,500,000  
Agreed amount of investment 500,000  
Remaining amount the company will provide assistance in raising $ 2,000,000  
Interest rate 12.00%  
Number of shares of Series B Convertible Preferred stock received for each dollar loaned to Target 2  
Maturity date Feb. 01, 2019  
Dividend rate 15.00%  
ACCRUED INTEREST PAYABLE (Details) - USD ($)
Sep. 23, 2011
Jul. 11, 2011
Note Dated July 11, 2011 [Member]    
Debt Instrument [Line Items]    
Amount of liability   $ 200,000
Interest rate   6.00%
Advance dated September 23, 2011 [Member]    
Debt Instrument [Line Items]    
Amount of liability $ 50,000  
Interest rate 6.00%  
STOCKHOLDER'S DEFICIT (Details) - USD ($)
1 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended 12 Months Ended
Aug. 25, 2016
Oct. 31, 2016
Mar. 31, 2017
Sep. 30, 2016
Sep. 30, 2016
Sep. 30, 2016
Dec. 31, 2016
Jan. 25, 2016
Class of Stock [Line Items]                
Common stock, par value per share     $ 0.0001       $ 0.0001  
Common stock, shares authorized     200,000,000       200,000,000  
Common stock, shares outstanding     55,824,970       55,824,970  
Preferred stock, par value per share     $ 0.0001       $ 0.0001  
Preferred stock, shares authorized     10,000,000       10,000,000  
Preferred stock, shares issued     1,000,000       1,000,000  
Preferred stock, shares outstanding     1,000,000       1,000,000  
Preferred stock, conversion ratio     100          
Shares exchanged for debt, shares         1,322,579      
Shares exchanged for debt, price per share       $ 0.04 $ 0.04 $ 0.04    
Shares exchanged for debt         $ 52,903   $ 52,504  
Value of debt discharged         335,072      
Gain (loss) on debt relief       $ 282,569 $ 270,822 270,822  
Number of warrants issued       34,000,000 34,000,000 34,000,000    
Warrants, exercise price per share       $ 0.05 $ 0.05 $ 0.05    
Value of warrants       $ 1,360,000 $ 1,360,000 $ 1,360,000    
Warrant expense           1,328,000  
Voting right of Chass A Preferred Shareholders     The Record Holders of the Class A Preferred Shares shall have that number of votes (identical in every other respect to the voting rights of the holders of other Class of voting preferred shares and the holders of common stock entitled to vote at any Regular or Special Meeting of the Shareholders) equal to that number of common shares which is not less than 60% of the vote required to approve any action          
Warrant [Member]                
Class of Stock [Line Items]                
Shares exchanged for debt, shares       800,000        
Value of debt discharged       $ 20,253        
Gain (loss) on debt relief       (11,747)        
Value of warrants     $ 1,328,000 $ 32,000 32,000 $ 32,000    
Series A Preferred Stock [Member]                
Class of Stock [Line Items]                
Shares issued for cash, shares 1,000,000              
International Hedge Group, Inc. [Member]                
Class of Stock [Line Items]                
Percentage of Company purchased               95.00%
Percentage of Company owned     79.53%          
Working capital commitment               $ 200,000
Proceeds from purchase agreement   $ 100,000     $ 100,000   $ 200,000  
International Hedge Group, Inc. [Member] | Upon Conversion of Class A Preferred Convertible Shares [Member]                
Class of Stock [Line Items]                
Percentage of Company owned     95.00%          
International Hedge Group, Inc. [Member] | Upon Cancellation Of Certificates [Member]                
Class of Stock [Line Items]                
Percentage of Company owned     85.38%          
Certificates to be cancelled   3,825,000            
WARRANTS (Narrative) (Details) - USD ($)
3 Months Ended 8 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2017
Sep. 30, 2016
Sep. 30, 2016
Sep. 30, 2016
Dec. 31, 2016
Number of warrants issued   34,000,000 34,000,000 34,000,000  
Warrants, exercise price per share   $ 0.05 $ 0.05 $ 0.05  
Warrants, expiration period 3 years        
Warrants exchanged for debt, shares     1,322,579    
Value of warrants   $ 1,360,000 $ 1,360,000 $ 1,360,000  
Value of debt discharged     335,072    
Loss on debt relief   (282,569) (270,822) $ (270,822)
Warrant [Member]          
Warrants exchanged for debt, shares   800,000      
Value of warrants $ 1,328,000 $ 32,000 $ 32,000 $ 32,000  
Value of debt discharged   20,253      
Loss on debt relief   $ 11,747      
Stock price $ 0.04        
Strike price $ 0.05        
Volatility 172.00%        
Risk free rate 1.75%        
Time to expiration 3 years        
International Hedge Group, Inc. [Member]          
Ownership percentage of six stockholders 5.00%        
Percentage of warrants issued received by six stockholders 57.35%        
WARRANTS (Schedule of Warrant Activity) (Details) - Warrant [Member] - $ / shares
12 Months Ended 15 Months Ended
Dec. 31, 2015
Mar. 31, 2017
Shares Under Warrant    
Balance   0
Granted   34,000,000
Exercised   0
Expired   0
Balance 0 34,000,000
Exercise Price Per Share    
Balance   $ 0
Granted   0.05
Exercised   0
Expired   0
Balance $ 0 $ 0.05
Remaining Life    
Granted   3 years
Exercised   0 years
Expired   0 years
Balance 0 years 2 years 5 months 1 day
INCOME TAXES (Narrative) (Details)
3 Months Ended
Mar. 31, 2017
Income Taxes Narrative Details  
Federal income tax rate 34.00%
State income tax rate 5.00%
INCOME TAXES (Reconciliation of the Provision fo Income Taxes to Reported Provision For Income Taxes) (Details) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Dec. 31, 2015
Income Taxes Reconciliation Of Provision Fo Income Taxes To Reported Provision For Income Taxes Details        
Net loss before income taxes $ (1,697) $ (4,361) $ (1,154,285) $ (15,000)
Adjustments to net loss        
Warrant expense   1,328,000
Gain on exchange of debt for stock   (270,822)
Net taxable income (loss) $ (1,697)   $ (97,107) $ (15,000)
Income tax rate 39.00%   39.00% 39.00%
Income tax recovery $ 662   $ 37,870 $ 5,850
Valuation allowance change (662)   (37,870) (5,850)
Provision for income taxes
INCOME TAXES (Schedule of Deferred Tax Assets) (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Deferred tax assets:      
Net operating loss carryforwards $ 98,804 $ 97,107
Valuation allowance (98,804) (97,107)
Net deferred tax assets
LOAN PAYABLE (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Loan payable - related party $ 402,500 $ 150,000
International Hedge Group, Inc. [Member]    
Loan payable - related party $ 402,500  
NOTES PAYABLE (Details) - USD ($)
1 Months Ended 8 Months Ended
Aug. 31, 2016
Sep. 30, 2016
Sep. 23, 2011
Jul. 11, 2011
Shares exchanged for debt, shares   1,322,579    
Advance dated September 23, 2011 [Member]        
Amount of liability     $ 50,000  
Interest rate     6.00%  
Shares exchanged for debt, shares 200,000      
Note Dated July 11, 2011 [Member]        
Amount of liability       $ 200,000
Interest rate       6.00%
Shares exchanged for debt, shares 700,000      
GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
General And Administrative Expenses Details    
Filing fees $ 550
Meals and entertainment 265
Rent expense 522
Transfer Agent 706 611
Utilities 509
Website 450
General and administrative expenses $ 3,002 $ 611
STOCK PURCHASE AGREEMENT (Details) - International Hedge Group, Inc. [Member] - USD ($)
1 Months Ended 8 Months Ended 12 Months Ended
Oct. 31, 2016
Sep. 30, 2016
Dec. 31, 2016
Jan. 25, 2016
Percentage of Company purchased       95.00%
Working capital commitment       $ 200,000
Proceeds from purchase agreement $ 100,000 $ 100,000 $ 200,000  
SUBSEQUENT EVENTS (Details) - shares
12 Months Ended
Dec. 31, 2016
May 11, 2017
Oct. 31, 2016
Shares surrendered, shares 1,000,000    
International Hedge Group, Inc. [Member] | Upon Cancellation Of Certificates [Member]      
Certificates to be cancelled     3,825,000
International Hedge Group, Inc. [Member] | Upon Cancellation Of Certificates [Member] | Subsequent Event [Member]      
Certificates to be cancelled   4,825,000  
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