Document and Entity Information
Document and Entity Information - $ / shares | Nov. 17, 2017 | Sep. 30, 2017 |
Details | ||
Registrant Name | INNOCOM TECHNOLOGY HOLDINGS, INC. | |
Registrant CIK | 1,076,541 | |
SEC Form | 10-Q | |
Period End date | Sep. 30, 2017 | |
Fiscal Year End | --12-31 | |
Trading Symbol | incm | |
Tax Identification Number (TIN) | 870,618,756 | |
Number of common stock shares outstanding | 220,631,841 | |
Filer Category | Smaller Reporting Company | |
Current with reporting | Yes | |
Voluntary filer | No | |
Well-known Seasoned Issuer | No | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Incorporation, State Country Name | Nevada | |
Entity Address, Address Line One | Unit 2807, 28/F. | |
Entity Address, Address Line Two | 99 Queen’s Road | |
Entity Address, City or Town | Hong Kong | |
Entity Address, Country | PRC | |
City Area Code | 852 | |
Local Phone Number | 3102 1602 | |
Entity Listing, Par Value Per Share | $ 0.001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 27,485 | $ 1,643 |
TOTAL ASSETS | 27,485 | 1,643 |
Current liabilities: | ||
Accounts payable | 84,727 | 84,727 |
Amount due to a related party | 354,272 | 327,003 |
Other payables and accrued liabilities | 341,513 | 291,217 |
Total current liabilities | 780,512 | 702,947 |
Stockholders' deficit: | ||
Common stock, $0.001 par value; 490,000,000 shares authorized; 220,631,841 and 220,631,841 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively | 220,632 | 220,632 |
Additional paid-in capital | 12,200,509 | 12,200,509 |
Accumulated other comprehensive income | 286,846 | 286,884 |
Accumulated deficit | (13,461,014) | (13,409,329) |
Total stockholders' deficit | (753,027) | (701,304) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 27,485 | $ 1,643 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets - Parenthetical - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 490,000,000 | 490,000,000 |
Common Stock, Shares, Issued | 220,631,841 | 220,631,841 |
Common Stock, Shares, Outstanding | 220,631,841 | 220,631,841 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Details | ||||
Revenues, net: | $ 0 | $ 0 | $ 0 | $ 0 |
Cost of revenue | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Operating expenses: | ||||
General and administrative | (17,097) | (29,440) | (51,685) | (106,846) |
Total operating expenses | (17,097) | (29,440) | (51,685) | (106,846) |
LOSS BEFORE INCOME TAXES | (17,097) | (29,440) | (51,685) | (106,846) |
Income tax expense | 0 | 0 | 0 | 0 |
NET LOSS | (17,097) | (29,440) | (51,685) | (106,846) |
Other comprehensive income: | ||||
- Foreign currency translation loss | (19) | (2) | (38) | (1) |
COMPREHENSIVE LOSS | $ (17,116) | $ (29,442) | $ (51,723) | $ (106,847) |
Net loss per share - Basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2017 - USD ($) | Common Stock | Additional Paid-in Capital | Comprehensive Income | Retained Earnings | Total |
Stockholders' Equity, Starting Balance at Dec. 31, 2016 | $ 220,632 | $ 12,200,509 | $ 286,884 | $ (13,409,329) | $ (701,304) |
Shares Outstanding, Starting Balance at Dec. 31, 2016 | 220,631,841 | ||||
NET LOSS | $ 0 | 0 | 0 | (51,685) | (51,685) |
- Foreign currency translation loss | 0 | 0 | (38) | 0 | (38) |
Stockholders' Equity, Ending Balance at Sep. 30, 2017 | $ 220,632 | $ 12,200,509 | $ 286,846 | $ (13,461,014) | $ (753,027) |
Shares Outstanding, Ending Balance at Sep. 30, 2017 | 220,631,841 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (51,685) | $ (106,846) |
Change in operating assets and liabilities: | ||
Other payables and accrued liabilities | 50,276 | 62,836 |
Net cash used in operating activities | (1,409) | (44,010) |
Cash flows from financing activities: | ||
Advances from a related party | 27,322 | 43,625 |
Net cash provided by financing activities | 27,322 | 43,625 |
Effect of exchange rate changes on cash and cash equivalents | (71) | (1) |
Net change in cash and cash equivalents | 25,842 | (386) |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 1,643 | 2,206 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 27,485 | 1,820 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 1 - Basis of Presentation | NOTE The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (GAAP), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, the consolidated balance sheet as of December 31, 2016 which has been derived from audited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended September 30, 2017 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2017 or for any future period. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Managements Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2016. |
Note 2 - Organization and Busin
Note 2 - Organization and Business Background | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 2 - Organization and Business Background | NOTE Innocom Technology Holdings, Inc. (the Company or INCM) was incorporated in the State of Nevada on September 26, 1998. On September 20, 2006, the Company changed its name from Dolphin Productions, Inc. to Innocom Technology Holdings, Inc. We are a shell company with no or nominal operations. We are actively considering various acquisition targets and other business opportunities. We hope to acquire one or more operating businesses or consummate a business opportunity within the next twelve months. INCM and its subsidiaries are hereinafter referred to as (the Company). |
NOTE-3 GOING CONCERN UNCERTAINT
NOTE-3 GOING CONCERN UNCERTAINTIES | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
NOTE-3 GOING CONCERN UNCERTAINTIES | NOTE The accompanying condensed consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. For the period ended September 30, 2017, the Company has experienced a continuous loss of $51,685 with an accumulated deficit of $13,461,014 as of that date. The continuation of the Company as a going concern through September 30, 2018 is dependent upon the continued financial support from its stockholders. Management believes this funding will continue, and is also actively seeking new investors. Management believes the existing stockholders will provide the additional cash to meet the Companys obligations as they become due, and will allow its planned principal business to commence and assembly the production lines of mobile handsets and components in the PRC. These factors raise substantial doubt about the Companys ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. |
Note 4 - Summary of Significant
Note 4 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 4 - Summary of Significant Accounting Policies | NOTE The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying condensed consolidated financial statements and notes. · The Company has ceased all of its business and is currently considered as a shell company. · In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates. · The condensed consolidated financial statements include the financial statements of INCM and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. · Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. · ASC Topic 220, Comprehensive Income · The Company adopts ASC Topic 740 Income Taxes The Company did not have any unrecognized tax positions or benefits and there was no effect on the financial condition or results of operations for the three and nine months ended September 30, 2016. The Company and its subsidiaries are subject to local and various foreign tax jurisdictions. The Companys tax returns remain open subject to examination by major tax jurisdictions. · The Company calculates net loss per share in accordance with ASC Topic 260, Earnings per Share · Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The reporting currency of the Company is United States Dollars ("US$"). The Companys subsidiaries operating in Hong Kong and the PRC maintained their books and records in their local currency, Hong Kong Dollars ("HK$") and Renminbi Yuan ("RMB"), which are functional currencies as being the primary currency of the economic environment in which these entities operate. In general, assets and liabilities are translated into US$, in accordance with ASC Topic 830-30, Translation of Financial Statement Translation of amounts from RMB and HK$ into US$1 has been made at the following exchange rates for the respective period: September 30, 2017 September 30, 2016 Period-end RMB:US$1 exchange rate 6.6545 6.6694 Average period RMB:US$1 exchange rate 6.8057 6.5792 Period-end HK$:US$1 exchange rate 7.8110 7.7548 Average period HK$:US$1 exchange rate 7.7870 7.7633 · Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. · The carrying value of the Companys financial instruments: cash and cash equivalents, prepayments and other receivables, accounts payable, amount due to a related party, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, Fair Value Measurements and Disclosures Level 1 Level 2 Level 3 Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. · The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Note 5 - Amount Due to A Relate
Note 5 - Amount Due to A Related Party | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 5 - Amount Due to A Related Party | NOTE As of September 30, 2017, the balance represented temporary advances made by a director and a major shareholder of the Company, Mr. William Hui, which was unsecured, interest-free with no fixed repayment term. |
Note 6 - Incomes Taxes
Note 6 - Incomes Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 6 - Incomes Taxes | NOTE The Company operates in various countries: United States, British Virgin Island, Hong Kong and the PRC that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America The Company is registered in the State of Nevada and is subject to United States current tax law. British Virgin Island Under the current BVI law, the Company is not subject to tax on income. Hong Kong For the three and nine months ended September 30, 2017, no provision for Hong Kong Profits Tax is made for as the Companys income neither arises in, nor is derived from Hong Kong under its applicable tax law. The PRC The Companys subsidiaries in the PRC are subject to the unified income rate of 25% on the taxable income. For the three and nine months ended September 30, 2017, the Company generated no operating result and accordingly, no provision for income tax has been recorded. |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 7 - Commitments and Contingencies | NOTE For the three and nine months ended September 30, 2017 and 2016, the Company utilized office space of a director and stockholder at no charge. Such costs are immaterial to the financial statements and accordingly are not reflected herein. |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 8 - Subsequent Events | NOTE The Company evaluated subsequent events through the date the financial statements were issued and filed with this Form 10-Q. There were no subsequent events that required recognition or disclosure. |
Note 4 - Summary of Significa15
Note 4 - Summary of Significant Accounting Policies: Shell company (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Shell company | · The Company has ceased all of its business and is currently considered as a shell company. |
Note 4 - Summary of Significa16
Note 4 - Summary of Significant Accounting Policies: Policy 2 - Use of Estimates (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Policy 2 - Use of Estimates | · In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates. |
Note 4 - Summary of Significa17
Note 4 - Summary of Significant Accounting Policies: Basis of consolidation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Basis of consolidation | · The condensed consolidated financial statements include the financial statements of INCM and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. |
Note 4 - Summary of Significa18
Note 4 - Summary of Significant Accounting Policies: Policy 4 - Cash and Cash Equivalents (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Policy 4 - Cash and Cash Equivalents | · Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Note 4 - Summary of Significa19
Note 4 - Summary of Significant Accounting Policies: Policy 5 - Comprehensive Income or Loss (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Policy 5 - Comprehensive Income or Loss | · ASC Topic 220, Comprehensive Income |
Note 4 - Summary of Significa20
Note 4 - Summary of Significant Accounting Policies: Policy 6 - Income Taxes (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Policy 6 - Income Taxes | · The Company adopts ASC Topic 740 Income Taxes The Company did not have any unrecognized tax positions or benefits and there was no effect on the financial condition or results of operations for the three and nine months ended September 30, 2016. The Company and its subsidiaries are subject to local and various foreign tax jurisdictions. The Companys tax returns remain open subject to examination by major tax jurisdictions. |
Note 4 - Summary of Significa21
Note 4 - Summary of Significant Accounting Policies: Policy 7 - Net Loss Per Share (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Policy 7 - Net Loss Per Share | · The Company calculates net loss per share in accordance with ASC Topic 260, Earnings per Share |
Note 4 - Summary of Significa22
Note 4 - Summary of Significant Accounting Policies: Policy 8 - Foreign Currencies Translation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Policy 8 - Foreign Currencies Translation | · Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The reporting currency of the Company is United States Dollars ("US$"). The Companys subsidiaries operating in Hong Kong and the PRC maintained their books and records in their local currency, Hong Kong Dollars ("HK$") and Renminbi Yuan ("RMB"), which are functional currencies as being the primary currency of the economic environment in which these entities operate. In general, assets and liabilities are translated into US$, in accordance with ASC Topic 830-30, Translation of Financial Statement Translation of amounts from RMB and HK$ into US$1 has been made at the following exchange rates for the respective period: September 30, 2017 September 30, 2016 Period-end RMB:US$1 exchange rate 6.6545 6.6694 Average period RMB:US$1 exchange rate 6.8057 6.5792 Period-end HK$:US$1 exchange rate 7.8110 7.7548 Average period HK$:US$1 exchange rate 7.7870 7.7633 |
Note 4 - Summary of Significa23
Note 4 - Summary of Significant Accounting Policies: Policy 9 - Related Parties (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Policy 9 - Related Parties | · Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Note 4 - Summary of Significa24
Note 4 - Summary of Significant Accounting Policies: Policy 10 - Fair Value of Financial Instruments (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Policy 10 - Fair Value of Financial Instruments | · The carrying value of the Companys financial instruments: cash and cash equivalents, prepayments and other receivables, accounts payable, amount due to a related party, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, Fair Value Measurements and Disclosures Level 1 Level 2 Level 3 Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Note 4 - Summary of Significa25
Note 4 - Summary of Significant Accounting Policies: Policy 11 - Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Policy 11 - Recent Accounting Pronouncements | · The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Note 4 - Summary of Significa26
Note 4 - Summary of Significant Accounting Policies: Policy 8 - Foreign Currencies Translation: Schedule of Currency Translation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Tables/Schedules | |
Schedule of Currency Translation | September 30, 2017 September 30, 2016 Period-end RMB:US$1 exchange rate 6.6545 6.6694 Average period RMB:US$1 exchange rate 6.8057 6.5792 Period-end HK$:US$1 exchange rate 7.8110 7.7548 Average period HK$:US$1 exchange rate 7.7870 7.7633 |
Note 2 - Organization and Bus27
Note 2 - Organization and Business Background (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Details | |
Entity Incorporation, State Country Name | Nevada |
Entity Incorporation, Date of Incorporation | Sep. 26, 1998 |
Entity Information, Date to Change Former Legal or Registered Name | Sep. 20, 2006 |
Entity Information, Former Legal or Registered Name | Dolphin Productions, Inc. |
NOTE-3 GOING CONCERN UNCERTAI28
NOTE-3 GOING CONCERN UNCERTAINTIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Details | |||||
NET LOSS | $ (17,097) | $ (29,440) | $ (51,685) | $ (106,846) | |
Accumulated deficit | $ (13,461,014) | $ (13,461,014) | $ (13,409,329) |
Note 4 - Summary of Significa29
Note 4 - Summary of Significant Accounting Policies: Policy 8 - Foreign Currencies Translation: Schedule of Currency Translation (Details) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Details | ||
Period-end RMB:US$1 exchange rate | 6.6545 | 6.6694 |
Average period RMB:US$1 exchange rate | 6.8057 | 6.5792 |
Period-end HK$:US$1 exchange rate | 7.8110 | 7.7548 |
Average period HK$:US$1 exchange rate | 7.7870 | 7.7633 |