Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2012 | Nov. 20, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'UONLIVE CORP | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 1,996,355 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001081834 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Jun-12 | ' |
Document Fiscal Year Focus | '2012 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Jun. 30, 2012 | Dec. 31, 2011 |
Current assets: | ' | ' |
Cash and cash equivalents | $1,131 | $21,402 |
Non-current assets: | ' | ' |
Plant and equipment, net | 17,912 | 24,356 |
TOTAL ASSETS | 19,043 | 45,758 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 53,000 | 20,329 |
Amount due to a shareholder | 3,108,841 | 3,016,673 |
Total current liabilities | 3,161,841 | 3,037,002 |
Note payable to a shareholder | 167,551 | 167,301 |
Total liabilities | 3,329,392 | 3,204,303 |
Commitments and contingencies | ' | ' |
Stockholders’ deficit: | ' | ' |
Series A, Convertible preferred stock, $0.001 par value; 10,000,000 shares authorized, 500,000 shares issued and outstanding, respectively | 500 | 500 |
Common stock, $0.001 par value; 200,000,000 shares authorized; 1,996,355 shares issued and outstanding, respectively | 1,996 | 1,996 |
Additional paid-in capital | 197,570 | 197,570 |
Accumulated other comprehensive (loss) income | -6,647 | -1,894 |
Accumulated deficit | -3,503,768 | -3,356,717 |
Total stockholders’ deficit | -3,310,349 | -3,158,545 |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $19,043 | $45,758 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Jun. 30, 2012 | Dec. 31, 2011 |
Series A Convertible preferred stock, par value (in Dollars per share) | $0.00 | $0.00 |
Series A, Convertible preferred stock shares authorized | 10,000,000 | 10,000,000 |
Series A, Convertible preferred stock shares issued | 500,000 | 500,000 |
Series A, Convertible preferred stock shares outstanding | 500,000 | 500,000 |
Common stock shares par value (in Dollars per share) | $0.00 | $0.00 |
Common stock shares authorized | 200,000,000 | 200,000,000 |
Common stock shares issued | 1,996,355 | 1,996,355 |
Common stock shares outstanding | 1,996,355 | 1,996,355 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | |
REVENUES, NET | ' | ' | ' | ' |
- Related party | $0 | $3,857 | $0 | $7,710 |
Total revenues, net | ' | 3,857 | ' | 7,710 |
COST OF REVENUE (exclusive of depreciation) | ' | 10,418 | ' | 20,907 |
GROSS LOSS | ' | -6,561 | ' | -13,197 |
Sales and marketing | ' | 1,538 | ' | 3,074 |
General and administrative | 6,153 | 125,521 | 147,051 | 264,552 |
Total operating expenses | 6,153 | 127,059 | 147,051 | 267,626 |
LOSS BEFORE INCOME TAXES | -6,153 | -133,620 | -147,051 | -280,823 |
Income tax expense | 0 | 0 | 0 | 0 |
NET LOSS | -6,153 | -133,620 | -147,051 | -280,823 |
- Foreign currency translation (loss) gain | -2,983 | -1,729 | -4,753 | 118 |
COMPREHENSIVE LOSS | ($9,136) | ($135,349) | ($151,804) | ($280,705) |
Net loss per share – basic and diluted (in Dollars per share) | $0 | ($0.07) | ($0.07) | ($0.14) |
Weighted average common shares outstanding – basic and diluted (in Shares) | 1,996,355 | 1,996,355 | 1,996,355 | 1,996,355 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2012 | Jun. 30, 2011 | |
Cash flow from operating activities: | ' | ' |
Net loss | ($147,051) | ($280,823) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | 6,476 | 7,184 |
Changes in operating assets and liabilities: | ' | ' |
Deposits and other receivables | ' | 3,327 |
Accounts payable and accrued liabilities | 32,671 | -13,337 |
Net cash used in operating activities | -107,904 | -283,649 |
Cash flows from investing activities: | ' | ' |
Purchase of plant and equipment | ' | -2,022 |
Net cash used in investing activities | ' | -2,022 |
Cash flows from financing activities: | ' | ' |
Advances from a shareholder | 87,611 | 278,350 |
Net cash provided by financing activities | 87,611 | 278,350 |
Effect of exchange rate change on cash and cash equivalents | 22 | -3 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -20,271 | -7,324 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 21,402 | 16,367 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,131 | 9,043 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' |
Cash paid for income taxes | ' | ' |
Cash paid for interest | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Stockholders' Deficit (Unaudited) (USD $) | Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Preferred Stock [Member] | ||||||
Balance as of January 1, 2012 at Dec. 31, 2011 | $500 | $1,996 | $197,570 | ($1,894) | ($3,356,717) | ($3,158,545) |
Balance as of January 1, 2012 (in Shares) at Dec. 31, 2011 | 500,000 | 1,996,355 | ' | ' | ' | ' |
Net loss for the period | ' | ' | ' | ' | -147,051 | -147,051 |
Foreign currency translation adjustment | ' | ' | ' | -4,753 | ' | -4,753 |
Balance as of June 30, 2012 at Jun. 30, 2012 | $500 | $1,996 | $197,570 | ($6,647) | ($3,503,768) | ($3,310,349) |
Balance as of June 30, 2012 (in Shares) at Jun. 30, 2012 | 500,000 | 1,996,355 | ' | ' | ' | ' |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2012 | |
Disclosure Text Block [Abstract] | ' |
Basis of Accounting [Text Block] | ' |
NOTE-1 BASIS OF PRESENTATION | |
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, 2011 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 June 30, 2012 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2012 or for any future periods. | |
These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2011. |
Note_2_Description_of_Business
Note 2 - Description of Business and Organization | 6 Months Ended |
Jun. 30, 2012 | |
Accounting Policies [Abstract] | ' |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' |
NOTE-2 DESCRIPTION OF BUSINESS AND ORGANIZATION | |
Uonlive Corporation (“UOLI” or the “Company”) was incorporated under the laws of the State of Nevada on January 29, 1998 as Weston International Development Corporation. On July 28, 1998, its name was changed to Txon International Development Corporation. On September 15, 2000, the Company changed its name to China World Trade Corporation. On July 2, 2008, the Company further changed its name to Uonlive Corporation. | |
UOLI, through its subsidiaries, engaged in the provision of online multimedia and advertising service and the operation of online radio stations in Hong Kong. | |
UOLI and its subsidiaries are hereinafter collectively referred to as “the Company”. |
Note_3_Going_Concern_Uncertain
Note 3 - Going Concern Uncertainties | 6 Months Ended |
Jun. 30, 2012 | |
Going Concern [Abstract] | ' |
Going Concern [Text Block] | ' |
NOTE-3 GOING CONCERN UNCERTAINTIES | |
These condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. | |
For the six months ended June 30, 2012, the Company has incurred a net loss of $147,051 and experienced negative cash flows from operations of $107,904 with an accumulated deficit of $3,503,768 as of that date. The continuation of the Company is dependent upon the continuing financial support of shareholders. Management believes the existing stockholders will provide the additional cash to meet the Company’s obligations as they become due. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations. | |
These and other factors raise substantial doubt about the Company’s 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 or the amounts and classification of 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 | 6 Months Ended | ||||||||
Jun. 30, 2012 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||
NOTE-4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
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. | |||||||||
● | 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. | |||||||||
● | Basis of consolidation | ||||||||
The condensed consolidated financial statements include the financial statements of UOLI and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. | |||||||||
● | 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. | |||||||||
● | Accounts receivable | ||||||||
Accounts receivable consist primarily of trade receivables. Accounts receivable are recognized and carried at original invoiced amount less an allowance for any uncollectible accounts. Management reviews and adjusts this allowance periodically based on historical experience, current economic climate as well as its evaluation of the collectibility of outstanding accounts. The Company evaluates the credit risks of its customers utilizing historical data and estimates of future performance. The Company did not provide an allowance for doubtful accounts, nor have been any write-offs during the periods presented. | |||||||||
● | Plant and equipment | ||||||||
Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: | |||||||||
Expected useful life | |||||||||
Furniture, fittings and office equipment | 5 years | ||||||||
Computer and broadcasting equipment | 5 years | ||||||||
Expenditure for maintenance and repairs is expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations. | |||||||||
Depreciation expense for the three months ended June 30, 2012 and 2011 was $3,238 and $3,622, respectively. | |||||||||
Depreciation expense for the six months ended June 30, 2012 and 2011 was $6,476 and $7,184, respectively. | |||||||||
● | Impairment of long-lived assets | ||||||||
Long-lived assets primarily include plant and equipment. In accordance with Accounting Standards Codification (“ASC”) ASC Topic 360-10-5, “Impairment or Disposal of Long-Lived Assets”, the Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives are no longer appropriate. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. There has been no impairment charge for the periods presented. | |||||||||
● | Revenue recognition | ||||||||
The Company derives revenues from the sale of advertising airtime to customers. Revenue is recognized when the following four revenue criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable, and collectibility is reasonably assured, as defined by ASC Topic 605, “Revenue Recognition”. | |||||||||
● | Income taxes | ||||||||
Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any 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. | |||||||||
ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. | |||||||||
For the three and six months ended June 30, 2012 and 2011, the Company did not have any interest and penalties associated with tax positions. As of June 30, 2012, the Company did not have any significant unrecognized uncertain tax positions. | |||||||||
The Company conducts major businesses in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the foreign tax authority. | |||||||||
● | Net loss per share | ||||||||
The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted-average number of common stock outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common stock that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. | |||||||||
● | Comprehensive loss | ||||||||
ASC Topic 220, “Comprehensive Income” establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive income consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit. | |||||||||
● | 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 condensed consolidated statement of operations. | |||||||||
The reporting currency of the Company is the United States Dollars ("US$") and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, the Company’s subsidiary in Hong Kong maintain its books and record in its local currency, Hong Kong Dollars ("HK$"), which is its functional currency and the primary currency of the economic environment in which their operations are conducted. | |||||||||
In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ deficit. | |||||||||
Translation of amounts from HK$ into US$1 has been made at the following exchange rates for the respective period: | |||||||||
30-Jun-12 | 30-Jun-11 | ||||||||
Period-end HK$:US$1 exchange rate | 7.7575 | 7.7835 | |||||||
Period average HK$:US$1 exchange rate | 7.7616 | 7.783 | |||||||
● | Segment reporting | ||||||||
ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. The Company operates in one reportable segment in Hong Kong. | |||||||||
● | Related parties | ||||||||
For the purposes of these financial statements, parties are considered to be related if one party has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. | |||||||||
● | Fair value of financial instruments | ||||||||
The carrying value of the Company’s financial instruments: cash, accounts receivable, deposits and other receivables, accounts payable and accrued liabilities and amount due to a shareholder approximate at their fair values because of the short-term nature of these financial instruments. | |||||||||
The Company also follows the guidance of ASC Topic 820-10, “Fair Value Measurements and Disclosures” ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: | |||||||||
● | Level 1 : Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets; | ||||||||
● | Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||
● | Level 3 : Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. | ||||||||
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. | |||||||||
● | Recent accounting pronouncements | ||||||||
The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do 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, as follows: | |||||||||
In May 2012, the Financial Accounting Standard Board (“FASB”) issued ASU 2012-04, which is an update to Topic 820, “Fair Value Measurement”. This update establishes common requirements for measuring fair value and related disclosures in accordance with accounting principles generally accepted in the United Sates and international financial reporting standards. This amendment did not require additional fair value measurements. ASU 2012-04 is effective for all interim and annual reporting periods beginning after December 15, 2012. The Company does not expect the adoption of this guidance to have a material impact on its financial position or results of operations. | |||||||||
In June 2012, the FASB issued ASU 2012-05, which is an update to Topic 220, “Comprehensive Income”. This update eliminates the option of presenting the components of other comprehensive income as part of the statement of changes in stockholders’ equity, requires consecutive presentation of the statement of net income and other comprehensive income and requires reclassification adjustments from other comprehensive income to net income to be shown on the financial statements. ASU 2012-05 is effective for all interim and annual reporting periods beginning after December 15, 2012. The Company does not expect the adoption of this guidance to have a material impact on its financial position or results of operations. |
Note_5_Amount_Due_to_and_Note_
Note 5 - Amount Due to and Note Payable to a Shareholder | 6 Months Ended |
Jun. 30, 2012 | |
Disclosure Text Block [Abstract] | ' |
Long-term Debt [Text Block] | ' |
NOTE-5 AMOUNT DUE TO AND NOTE PAYBLE TO A SHAREHOLDER | |
(a) Amount due to a shareholder | |
As of June 30, 2012, the balance represented temporary advances made by a major shareholder, Mr. Samuel Tsun for working capital purposes, which was unsecured, interest-free with no fixed terms of repayment. | |
(b) Note payable to a shareholder | |
As of June 30, 2012, the note payable due to a major shareholder, Mr. Samuel Tsun, was unsecured, interest free and not repayable within the next twelve months. |
Note_6_Income_Taxes
Note 6 - Income Taxes | 6 Months Ended | ||||||||
Jun. 30, 2012 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
NOTE-6 INCOME TAXES | |||||||||
The Company generated an operating loss for the six months ended June 30, 2012 and 2011 and did not record income tax expense. The Company has operations in various countries and is subject to tax in the jurisdictions in which they operate, as follows: | |||||||||
United States of America | |||||||||
UOLI is registered in the State of Nevada and is subject to United States of America tax law. No provision for income taxes have been made as UOLI has generated no taxable income for the periods presented. The Company has not completed filings of these US tax returns. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in its income tax provision. The Company has adopted ASC 740-10 "Accounting for Income Taxes" and recorded a liability for an uncertain income tax position, tax penalties and any imputed interest thereon. The amount, recorded as an obligation, is $50,000 at June 30, 2012. | |||||||||
British Virgin Island | |||||||||
Under the current BVI law, the Company is not subject to tax on income. | |||||||||
Hong Kong | |||||||||
The Company’s subsidiary operating in Hong Kong is subject to Hong Kong Profits Tax at the statutory rate of 16.5% on its assessable income for the six months ended June 30, 2012 and 2011, respectively. For the six months ended June 30, 2012, the Company incurred an operating loss of $85,192 for income tax purposes, with approximately $2,424,818 of net operating loss carryforwards for Hong Kong tax purpose at no expiration. | |||||||||
The following table sets forth the significant components of the aggregate net deferred tax assets of the Company as of June 30, 2012 and December 31, 2011: | |||||||||
30-Jun-12 | 31-Dec-11 | ||||||||
Deferred tax assets: | |||||||||
Net operating loss carryforwards | $ | 400,095 | $ | 385,245 | |||||
Less: valuation allowance | (400,095 | ) | (385,245 | ) | |||||
Net deferred tax assets | $ | - | $ | - | |||||
As of June 30, 2012, the Company has provided for a full valuation allowance against the deferred tax assets of $400,095 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. For the six months ended June 30, 2012, the valuation allowance is increased by $14,850, primarily relating to net operating loss carryforwards from the foreign tax regime. |
Note_7_Related_Party_Transacti
Note 7 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2012 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE-7 RELATED PARTY TRANSACTIONS | |
(a) Accounts receivable and sales – related company | |
For the three and six months ended June 30, 2012, there were no related party transactions. | |
For the three and six months ended June 30, 2011, the Company earned sales revenue of $3,857 and $7,710 respectively, from Dbtronix (Far East) Ltd., which was controlled by a director of the Company, Mr. Samuel Tsun, at the current market value in a normal course of business. | |
(b) IT service cost paid to a related company | |
For the three and six months ended June 30, 2012, the Company paid IT service cost of $0 and $8,504, respectively to the related company, which was controlled by a director of the Company, Mr. Samuel Tsun, at the current market value in a normal course of business.. | |
For the three and six months ended June 30, 2011, the Company paid IT service cost of $8,485 and $16,960, respectively to the related company, which was controlled by a director of the Company, Mr. Samuel Tsun, at the current market value in a normal course of business. | |
(c) Rent charge paid to a related company | |
Commencing from April 2012, the Company utilized office space owned by a director and stockholder at no charge. Such costs are immaterial to the financial statements and accordingly are not reflected herein. | |
For the three and six months ended June 30, 2012, the Company paid rent charge of $0 and $21,783, respectively to the related company, which was controlled by a director of the Company, Mr. Samuel Tsun, at the current market value in a normal course of business | |
For the six months ended June 30, 2012 and 2011, the Company paid rent charge of $21,783 and $46,255 respectively to the related company, which was controlled by a director of the Company, Mr. Samuel Tsun, at the current market value in a normal course of business. |
Note_8_Concentrations_of_Risk
Note 8 - Concentrations of Risk | 6 Months Ended | |
Jun. 30, 2012 | ||
Risks and Uncertainties [Abstract] | ' | |
Concentration Risk Disclosure [Text Block] | ' | |
NOTE-8 CONCENTRATIONS OF RISK | ||
The Company is exposed to the following concentrations of risk: | ||
(a) | Major customers | |
There were no major customers for the three and six months ended June 30, 2012. | ||
For the three and six months ended June 30, 2011, there was one single customer who accounted for 100% of the Company’s revenues with the outstanding balances of $3,854 at period-end date. | ||
(b) | Credit risk | |
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and trade accounts receivable. The Company performs ongoing credit evaluations of its customers’ financial condition, but does not require collateral to support such receivables. | ||
(c) | Exchange rate risk | |
The Company cannot guarantee that the current exchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HK$ converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
NOTE-9 COMMITMENTS AND CONTINGENCIES | |
(a) Operating lease commitments | |
The Company rented office spaces from a related party under a non-cancelable operating lease agreement in Hong Kong for a term of two years, with fixed monthly rentals, expiring in March 2013. The lease agreement was terminated in March 2012. Costs incurred under the operating lease, which are considered to equivalent to the market rate, are recorded as rental expense and totaled approximately $21,783 and $46,255 for the six months ended June 30, 2012 and 2011. |
Note_10_Subsequent_Events
Note 10 - Subsequent Events | 6 Months Ended |
Jun. 30, 2012 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE-10 SUBSEQUENT EVENT | |
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. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended | ||||||||
Jun. 30, 2012 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||
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. | |||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||
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. | |||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||
Basis of consolidation | |||||||||
The condensed consolidated financial statements include the financial statements of UOLI and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. | |||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||
Accounts receivable | |||||||||
Accounts receivable consist primarily of trade receivables. Accounts receivable are recognized and carried at original invoiced amount less an allowance for any uncollectible accounts. Management reviews and adjusts this allowance periodically based on historical experience, current economic climate as well as its evaluation of the collectibility of outstanding accounts. The Company evaluates the credit risks of its customers utilizing historical data and estimates of future performance. The Company did not provide an allowance for doubtful accounts, nor have been any write-offs during the periods presented. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||
Plant and equipment | |||||||||
Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: | |||||||||
Expected useful life | |||||||||
Furniture, fittings and office equipment | 5 years | ||||||||
Computer and broadcasting equipment | 5 years | ||||||||
Expenditure for maintenance and repairs is expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations. | |||||||||
Depreciation expense for the three months ended June 30, 2012 and 2011 was $3,238 and $3,622, respectively. | |||||||||
Depreciation expense for the six months ended June 30, 2012 and 2011 was $6,476 and $7,184, respectively. | |||||||||
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | ' | ||||||||
Impairment of long-lived assets | |||||||||
Long-lived assets primarily include plant and equipment. In accordance with Accounting Standards Codification (“ASC”) ASC Topic 360-10-5, “Impairment or Disposal of Long-Lived Assets”, the Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives are no longer appropriate. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. There has been no impairment charge for the periods presented. | |||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||
Revenue recognition | |||||||||
The Company derives revenues from the sale of advertising airtime to customers. Revenue is recognized when the following four revenue criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable, and collectibility is reasonably assured, as defined by ASC Topic 605, “Revenue Recognition”. | |||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||
Income taxes | |||||||||
Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any 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. | |||||||||
ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. | |||||||||
For the three and six months ended June 30, 2012 and 2011, the Company did not have any interest and penalties associated with tax positions. As of June 30, 2012, the Company did not have any significant unrecognized uncertain tax positions. | |||||||||
The Company conducts major businesses in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the foreign tax authority. | |||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||
Net loss per share | |||||||||
The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted-average number of common stock outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common stock that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. | |||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||
Comprehensive loss | |||||||||
ASC Topic 220, “Comprehensive Income” establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive income consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit. | |||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||
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 condensed consolidated statement of operations. | |||||||||
The reporting currency of the Company is the United States Dollars ("US$") and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, the Company’s subsidiary in Hong Kong maintain its books and record in its local currency, Hong Kong Dollars ("HK$"), which is its functional currency and the primary currency of the economic environment in which their operations are conducted. | |||||||||
In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ deficit. | |||||||||
Translation of amounts from HK$ into US$1 has been made at the following exchange rates for the respective period: | |||||||||
30-Jun-12 | 30-Jun-11 | ||||||||
Period-end HK$:US$1 exchange rate | 7.7575 | 7.7835 | |||||||
Period average HK$:US$1 exchange rate | 7.7616 | 7.783 | |||||||
Segment Reporting, Policy [Policy Text Block] | ' | ||||||||
Segment reporting | |||||||||
ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. The Company operates in one reportable segment in Hong Kong. | |||||||||
Related Party, Policy [Policy Text Block] | ' | ||||||||
Related parties | |||||||||
For the purposes of these financial statements, parties are considered to be related if one party has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. | |||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||||||
Fair value of financial instruments | |||||||||
The carrying value of the Company’s financial instruments: cash, accounts receivable, deposits and other receivables, accounts payable and accrued liabilities and amount due to a shareholder approximate at their fair values because of the short-term nature of these financial instruments. | |||||||||
The Company also follows the guidance of ASC Topic 820-10, “Fair Value Measurements and Disclosures” ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: | |||||||||
● | Level 1 : Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets; | ||||||||
● | Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||
● | Level 3 : Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. | ||||||||
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. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||
Recent accounting pronouncements | |||||||||
The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do 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, as follows: | |||||||||
In May 2012, the Financial Accounting Standard Board (“FASB”) issued ASU 2012-04, which is an update to Topic 820, “Fair Value Measurement”. This update establishes common requirements for measuring fair value and related disclosures in accordance with accounting principles generally accepted in the United Sates and international financial reporting standards. This amendment did not require additional fair value measurements. ASU 2012-04 is effective for all interim and annual reporting periods beginning after December 15, 2012. The Company does not expect the adoption of this guidance to have a material impact on its financial position or results of operations. | |||||||||
In June 2012, the FASB issued ASU 2012-05, which is an update to Topic 220, “Comprehensive Income”. This update eliminates the option of presenting the components of other comprehensive income as part of the statement of changes in stockholders’ equity, requires consecutive presentation of the statement of net income and other comprehensive income and requires reclassification adjustments from other comprehensive income to net income to be shown on the financial statements. ASU 2012-05 is effective for all interim and annual reporting periods beginning after December 15, 2012. The Company does not expect the adoption of this guidance to have a material impact on its financial position or results of operations. |
Note_4_Summary_of_Significant_1
Note 4 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2012 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | ' | ||||||||
Expected useful life | |||||||||
Furniture, fittings and office equipment | 5 years | ||||||||
Computer and broadcasting equipment | 5 years | ||||||||
Schedule of Intercompany Foreign Currency Balances [Table Text Block] | ' | ||||||||
30-Jun-12 | 30-Jun-11 | ||||||||
Period-end HK$:US$1 exchange rate | 7.7575 | 7.7835 | |||||||
Period average HK$:US$1 exchange rate | 7.7616 | 7.783 |
Note_6_Income_Taxes_Tables
Note 6 - Income Taxes (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2012 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
30-Jun-12 | 31-Dec-11 | ||||||||
Deferred tax assets: | |||||||||
Net operating loss carryforwards | $ | 400,095 | $ | 385,245 | |||||
Less: valuation allowance | (400,095 | ) | (385,245 | ) | |||||
Net deferred tax assets | $ | - | $ | - |
Note_3_Going_Concern_Uncertain1
Note 3 - Going Concern Uncertainties (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Dec. 31, 2011 | |
Going Concern [Abstract] | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | ($6,153) | ($133,620) | ($147,051) | ($280,823) | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | -107,904 | ' | ' |
Retained Earnings (Accumulated Deficit) | ($3,503,768) | ' | ($3,503,768) | ' | ($3,356,717) |
Note_4_Summary_of_Significant_2
Note 4 - Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Dec. 31, 2011 | |
Note 4 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable | $0 | ' | $0 | ' | $0 |
Allowance for Doubtful Accounts Receivable, Write-offs | ' | ' | 0 | 0 | ' |
Depreciation | 3,238 | 3,622 | 6,476 | 7,184 | ' |
Asset Impairment Charges | ' | ' | 0 | 0 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | 0 | 0 | 0 | ' |
Unrecognized Tax Benefits | $0 | ' | $0 | ' | ' |
HONG KONG | ' | ' | ' | ' | ' |
Note 4 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Number of Reportable Segments | ' | ' | 1 | ' | ' |
Note_4_Summary_of_Significant_3
Note 4 - Summary of Significant Accounting Policies (Details) - Property, Plant, and Equipment, Estimated Useful Lives | 6 Months Ended |
Jun. 30, 2012 | |
Furniture and Fixtures [Member] | ' |
Note 4 - Summary of Significant Accounting Policies (Details) - Property, Plant, and Equipment, Estimated Useful Lives [Line Items] | ' |
Plant and Equipment, Estimated useful life | '5 years |
Computer Equipment [Member] | ' |
Note 4 - Summary of Significant Accounting Policies (Details) - Property, Plant, and Equipment, Estimated Useful Lives [Line Items] | ' |
Plant and Equipment, Estimated useful life | '5 years |
Note_4_Summary_of_Significant_4
Note 4 - Summary of Significant Accounting Policies (Details) - Foreign Currency Translations (Exchange Rate, Hong Kong Dollar to U.S. Dollar [Member]) | Jun. 30, 2012 | Jun. 30, 2011 |
Period End [Member] | ' | ' |
Intercompany Foreign Currency Balance [Line Items] | ' | ' |
HK$:US$1 Exchange Rate | 7.7575 | 7.7835 |
Period Average [Member] | ' | ' |
Intercompany Foreign Currency Balance [Line Items] | ' | ' |
HK$:US$1 Exchange Rate | 7.7616 | 7.783 |
Note_6_Income_Taxes_Details
Note 6 - Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Dec. 31, 2011 | |
Note 6 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $0 | $0 | $0 | $0 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 50,000 | ' | 50,000 | ' | ' |
Deferred Tax Assets, Valuation Allowance | 400,095 | ' | 400,095 | ' | 385,245 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | ' | ' | 14,850 | ' | ' |
Foreign Tax Authority [Member] | Inland Revenue, Hong Kong [Member] | ' | ' | ' | ' | ' |
Note 6 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | ' | ' | 16.50% | 16.50% | ' |
Operating Income (Loss) | ' | ' | -85,192 | ' | ' |
Operating Loss Carryforwards | $2,424,818 | ' | $2,424,818 | ' | ' |
Note_6_Income_Taxes_Details_De
Note 6 - Income Taxes (Details) - Deferred Tax Assets (USD $) | Jun. 30, 2012 | Dec. 31, 2011 |
Deferred Tax Assets [Abstract] | ' | ' |
Net operating loss carryforwards | $400,095 | $385,245 |
Less: valuation allowance | -400,095 | -385,245 |
Net deferred tax assets | $0 | $0 |
Note_7_Related_Party_Transacti1
Note 7 - Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | |
Note 7 - Related Party Transactions (Details) [Line Items] | ' | ' | ' | ' |
Revenue from Related Parties | $0 | $3,857 | $0 | $7,710 |
Operating Leases, Rent Expense | 0 | 21,783 | 21,783 | 46,255 |
Director [Member] | ' | ' | ' | ' |
Note 7 - Related Party Transactions (Details) [Line Items] | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $0 | $8,485 | $8,504 | $16,960 |
Note_8_Concentrations_of_Risk_
Note 8 - Concentrations of Risk (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | |
Note 8 - Concentrations of Risk (Details) [Line Items] | ' | ' | ' | ' |
Number of Major Customers | 0 | 1 | 0 | 1 |
Major Customer One [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ' | ' | ' | ' |
Note 8 - Concentrations of Risk (Details) [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | 100.00% | ' | 100.00% |
Major Customer One [Member] | ' | ' | ' | ' |
Note 8 - Concentrations of Risk (Details) [Line Items] | ' | ' | ' | ' |
Accounts Receivable, Related Parties, Current (in Dollars) | ' | 3,854 | ' | 3,854 |
Revenues (in Dollars) | ' | ' | ' | 3,854 |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | |
Note 9 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Operating Leases, Rent Expense | $0 | $21,783 | $21,783 | $46,255 |
Lease Agreement in Hong Kong [Member] | ' | ' | ' | ' |
Note 9 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | ' | ' | '2 years | ' |
Operating Leases, Rent Expense | ' | ' | $21,783 | $46,255 |