Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 21, 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-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $236 | $1,017 |
TOTAL ASSETS | 236 | 1,017 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 68,000 | 63,000 |
Amount due to a shareholder | 3,110,439 | 3,111,087 |
Total current liabilities | 3,178,439 | 3,174,087 |
Long-term liabilities: | ' | ' |
Note payable to a shareholder | 167,610 | 167,672 |
Total liabilities | 3,346,049 | 3,341,759 |
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 deficit | -3,538,149 | -3,531,854 |
Accumulated other comprehensive loss | -7,730 | -8,954 |
Total stockholders’ deficit | -3,345,813 | -3,340,742 |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $236 | $1,017 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
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 (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
COST OF REVENUE (exclusive of depreciation) | $0 | $0 | ' | ' |
GROSS LOSS | 0 | 0 | ' | ' |
Operating expenses: | ' | ' | ' | ' |
General and administrative | ' | 8,447 | 6,295 | 155,498 |
Total operating expenses | ' | 8,447 | 6,295 | 155,498 |
LOSS BEFORE INCOME TAXES | ' | -8,447 | -6,295 | -155,498 |
Income tax expense | 0 | 0 | 0 | 0 |
NET LOSS | ' | -8,447 | -6,295 | -155,498 |
- Foreign currency translation (loss) gain | -1,014 | -1,067 | 1,224 | -5,820 |
COMPREHENSIVE LOSS | ($1,014) | ($9,514) | ($5,071) | ($161,318) |
Net loss per share – basic and diluted (in Dollars per share) | ' | $0 | $0 | ($0.08) |
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 (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flow from operating activities: | ' | ' |
Net loss | ($6,295) | ($155,498) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | ' | 9,717 |
Changes in operating assets and liabilities: | ' | ' |
Accounts payable and accrued liabilities | 5,000 | 37,671 |
Net cash used in operating activities | -1,295 | -108,110 |
Cash flows from financing activities: | ' | ' |
Advances from a shareholder | 516 | 87,633 |
Net cash provided by financing activities | 516 | 87,633 |
Effect of exchange rate change on cash and cash equivalents | -2 | 26 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -781 | -20,451 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,017 | 21,402 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 236 | 951 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' |
Cash paid for income taxes | ' | ' |
Cash paid for interest | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes in Stockholders’ Deficit (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 | ($3,356,717) | ($1,894) | ($3,158,545) |
Balance as of January 1, 2012 (in Shares) at Dec. 31, 2011 | 500,000 | 1,996,355 | ' | ' | ' | ' |
Net loss for the year | ' | ' | ' | -175,137 | ' | -175,137 |
Foreign currency translation adjustment | ' | ' | ' | ' | -7,060 | -7,060 |
Balance at Dec. 31, 2012 | 500 | 1,996 | 197,570 | -3,531,854 | -8,954 | -3,340,742 |
Balance (in Shares) at Dec. 31, 2012 | 500,000 | 1,996,355 | ' | ' | ' | ' |
Net loss for the year | ' | ' | ' | -6,295 | ' | -6,295 |
Foreign currency translation adjustment | ' | ' | ' | ' | 1,224 | 1,224 |
Balance at Sep. 30, 2013 | $500 | $1,996 | $197,570 | ($3,538,149) | ($7,730) | ($3,345,813) |
Balance (in Shares) at Sep. 30, 2013 | 500,000 | 1,996,355 | ' | ' | ' | ' |
Note_1_Basis_of_Presentation
Note 1- Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies [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, 2012 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, 2013 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2013 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, 2012. |
Note_2_Description_of_Business
Note 2 - Description of Business and Organization | 9 Months Ended |
Sep. 30, 2013 | |
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, mainly engages 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 | 9 Months Ended |
Sep. 30, 2013 | |
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 nine months ended September 30, 2013, the Company has incurred a net loss of $6,295 and experienced negative operating cash flows of $1,295 with an accumulated deficit of $3,345,813 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 | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
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. | |||||||||
● | Shell company | ||||||||
The Company has ceased all of its business and is currently considered as a shell company effective from January 1, 2012. | |||||||||
● | 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. | |||||||||
● | 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 nine months ended September 30, 2013 and 2012, the Company did not have any interest and penalties associated with tax positions. As of September 30, 2013, the Company did not have any significant unrecognized uncertain tax positions. | |||||||||
The Company is subject to Hong Kong tax jurisdiction. 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$1 has been made at the following exchange rates for the respective period: | |||||||||
30-Sep-13 | 30-Sep-12 | ||||||||
Period-end HK$:US$1 exchange rate | 7.7548 | 7.7549 | |||||||
Period average HK$:US$1 exchange rate | 7.758 | 7.7596 | |||||||
● | 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, amount due to a shareholder, accounts payable 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 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. |
Note_5_Amount_Due_to_and_Note_
Note 5 - Amount Due to and Note Payable to a Shareholder | 9 Months Ended |
Sep. 30, 2013 | |
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 September 30, 2013, the balance represented temporary advances made by a major shareholder, Mr. Samuel Tsun to the Company for its working capital purposes, which was unsecured, interest-free with no fixed terms of repayment. | |
(b) Note payable to a shareholder | |
As of September 30, 2013, 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 | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
NOTE-6 INCOME TAXES | |||||||||
The Company generated an operating loss for the nine months ended September 30, 2013 and 2012 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 September 30, 2013. | |||||||||
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 nine months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013, the Company incurred an operating loss of $1,295 for income tax purposes, with approximately $2,428,903 of cumulative 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 September 30, 2013 and December 31, 2012: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Deferred tax assets: | |||||||||
Net operating loss carryforwards | $ | 400,769 | 415,882 | ||||||
Less: valuation allowance | (400,769 | ) | (415,882 | ) | |||||
Net deferred tax assets | $ | - | $ | - | |||||
As of September 30, 2013, the Company has provided for a full valuation allowance against the deferred tax assets of $400,769 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 nine months ended September 30, 2013, the valuation allowance is decreased by $15,113, primarily relating to net operating loss carryforwards from the foreign tax regime. |
Note_7_Related_Party_Transacti
Note 7 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE-7 RELATED PARTY TRANSACTIONS | |
For the three and nine months ended September 30, 2013, 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. |
Note_8_Subsequent_Events
Note 8 - Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE-8 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) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
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. | |||||||||
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. | |||||||||
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. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||
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. | |||||||||
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 nine months ended September 30, 2013 and 2012, the Company did not have any interest and penalties associated with tax positions. As of September 30, 2013, the Company did not have any significant unrecognized uncertain tax positions. | |||||||||
The Company is subject to Hong Kong tax jurisdiction. 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$1 has been made at the following exchange rates for the respective period: | |||||||||
30-Sep-13 | 30-Sep-12 | ||||||||
Period-end HK$:US$1 exchange rate | 7.7548 | 7.7549 | |||||||
Period average HK$:US$1 exchange rate | 7.758 | 7.7596 | |||||||
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, amount due to a shareholder, accounts payable 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 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. |
Note_4_Summary_of_Significant_1
Note 4 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Intercompany Foreign Currency Balances [Table Text Block] | ' | ||||||||
30-Sep-13 | 30-Sep-12 | ||||||||
Period-end HK$:US$1 exchange rate | 7.7548 | 7.7549 | |||||||
Period average HK$:US$1 exchange rate | 7.758 | 7.7596 |
Note_6_Income_Taxes_Tables
Note 6 - Income Taxes (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Deferred tax assets: | |||||||||
Net operating loss carryforwards | $ | 400,769 | 415,882 | ||||||
Less: valuation allowance | (400,769 | ) | (415,882 | ) | |||||
Net deferred tax assets | $ | - | $ | - |
Note_3_Going_Concern_Uncertain1
Note 3 - Going Concern Uncertainties (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Going Concern [Abstract] | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | ($8,447) | ($6,295) | ($155,498) | ($175,137) |
Net Cash Provided by (Used in) Operating Activities | ' | -1,295 | ' | ' |
Retained Earnings (Accumulated Deficit) | ' | ($3,538,149) | ' | ($3,531,854) |
Note_4_Summary_of_Significant_2
Note 4 - Summary of Significant Accounting Policies (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Accounting Policies [Abstract] | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $0 | $0 |
Unrecognized Tax Benefits | $0 | ' |
Note_4_Summary_of_Significant_3
Note 4 - Summary of Significant Accounting Policies (Details) - Foreign Currency Translations (Exchange Rate, Hong Kong Dollar to U.S. Dollar [Member]) | Sep. 30, 2013 | Sep. 30, 2012 |
Year End [Member] | ' | ' |
Intercompany Foreign Currency Balance [Line Items] | ' | ' |
HK$:US$1 Exchange Rate | 7.7548 | 7.7549 |
Annual Average [Member] | ' | ' |
Intercompany Foreign Currency Balance [Line Items] | ' | ' |
HK$:US$1 Exchange Rate | 7.758 | 7.7596 |
Note_6_Income_Taxes_Details
Note 6 - Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
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 | 400,769 | ' | 400,769 | ' | 415,882 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | ' | ' | -15,113 | ' | ' |
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) | ' | ' | -1,295 | ' | ' |
Operating Loss Carryforwards | $2,428,903 | ' | $2,428,903 | ' | ' |
Note_6_Income_Taxes_Details_De
Note 6 - Income Taxes (Details) - Deferred Tax Assets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Deferred Tax Assets [Abstract] | ' | ' |
Net operating loss carryforwards | $400,769 | $415,882 |
Less: valuation allowance | -400,769 | -415,882 |
Net deferred tax assets | $0 | $0 |