Hongchang International (HCIL) 10-Q 14 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	6 Months Ended
	Jun. 30, 2018	Aug. 14, 2018	Jun. 30, 2017
Document and Entity Information:
Entity Registrant Name	Heyu Biological Technology Corp
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Trading Symbol	heyu
Amendment Flag	false
Entity Central Index Key	1,086,303
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		10,322,660
Entity Public Float			$ 103,226
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

Statement of Financial Position

Statement of Financial Position - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Assets, Current
Cash and Cash Equivalents, at Carrying Value	$ 0	$ 0
Assets, Current	0	0
Assets, Noncurrent
Assets	0	0
Liabilities, Current
AccountsPayableAndAccruedLiabilities	3,936	12,813
AccountsPayableRelatedPartiesCurrent	397,008	41,300
Liabilities, Current	400,944	54,113
Liabilities	400,944	54,113
Common Stock, Value, Issued	10,323	323
AdditionalPaidInCapital	17,784,116	18,119,106
Accumulated Other Comprehensive Income (Loss), Net of Tax	(18,195,383)	(18,173,542)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(400,944)	(54,113)
Liabilities and Equity	$ 0	$ 0

Statement of Financial Positio3

Statement of Financial Position - Parenthetical - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Balance Sheets
Common Stock, Par Value	$ 0.0010	$ 0.0010
Common Stock, Shares Authorized	2,000,000,000	150,000,000
Common Stock, Shares Issued	10,322,660	322,660
Common Stock, Shares Outstanding	10,322,660	322,660

Statement of Income

Statement of Income - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating Expenses
General and Administrative Expense	$ 12,931		$ 21,841
Operating Expenses	12,931		21,841
Operating Income (Loss)	(12,931)		(21,841)
Interest and Debt Expense
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	(12,931)		(21,841)
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	$ (12,931)		(21,841)
Net Income (Loss) Attributable to Parent			$ (21,841)
Earnings Per Share
Earnings Per Share, Basic	$ 0		$ 0
Weighted Average Number of Shares Outstanding, Basic	8,603,474	130,825	4,485,942	119,049
Earnings Per Share, Diluted	$ 0		$ 0
Weighted Average Number of Shares Outstanding, Diluted	8,603,474	130,825	4,485,942	119,049

Statement of Cash Flows

Statement of Cash Flows	6 Months Ended
	Jun. 30, 2018USD ($)
Net Cash Provided by (Used in) Operating Activities
Net Income (Loss) Attributable to Parent	$ (21,841)
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities
Increase (Decrease) in Accounts Payable and Accrued Liabilities	(8,877)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities	(8,877)
Net Cash Provided by (Used in) Operating Activities	(30,718)
Net Cash Provided by (Used in) Financing Activities
Proceeds from (Repayments of) Related Party Debt	30,718
Net Cash Provided by (Used in) Financing Activities	$ 30,718

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Notes
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies	NOTE 1 – THE COMPANY The Company Heyu Biological Technology Corporation (the “Company”) was incorporated in the state of Nevada on May 18, 1987, as Asphalt Associates, Inc. and changed its name to Pacific WebWorks in January 1999. From 1999 to 2016 the Company engaged in the development and distribution of web tools software, electronic business storefront hosting, and Internet payment systems for individuals and small to mid-sized businesses. On February 23, 2016 the Company filed a voluntary petition for bankruptcy in the U.S. Bankruptcy Court for the District of Utah, and soon afterwards ceased its business activities. On August 19, 2016 the Company proposed a Plan of Liquidation and on November 28, 2016 the Court entered an order confirming the Plan of Liquidation and establishing a Liquidating Trust. On December 28, 2016 all assets and liabilities of the Company were transferred to the Liquidating Trust. On April 18, 2018, the Company entered into a Share Purchase Agreement (the “SPA”) with Mr. Ban Siong Ang (the “Purchaser”) and Mr. Dan Masters (the “Seller”), pursuant to which the Purchaser acquired 10,210,517 shares, representing 98.91% of the issued and outstanding shares of common stock of the Company (the “Shares”) from Seller for an aggregate purchase price of $335,000 (“Share Purchase”). As a result of the SPA, the Company accepted the resignation of Dan Masters, as the Company’s President, Chief Executive Officer, Chief Financial Officer, Secretary and Chairman of the Board of Directors. This resignation was given in connection with the consummation of the Agreement with the Purchaser and were not the result of any disagreement with Company on any matter relating to Company's operations, policies or practices. Additionally, all debt due to Mr. Masters from the Company was cancelled as of the effective date of the SPA and recognized as contributed capital. On April 18, 2018, to fill the vacancies created by Mr. Masters’s resignations, Ban Siong Ang and Hung Seng Tan were elected as the directors of the Company. Mr. Ang was appointed as President, Chief Executive Officer, and Chairman of the Board of Directors of the Company. Mr. Tan was appointed as Executive Director of the Company. Ms. Wendy, Wei Li was appointed as Chief Financial Officer. On July 3, 2018, the Company changed its name to Heyu Biological Technology Corporation, with a new ticker symbol, HYBT. The Company currently has no business operations. NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES Basis of Financial Statement Presentation The accompanying unaudited condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the U. S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results that can be expected for the fiscal year ending December 31, 2018. Although management believes the disclosures and information presented adequately ensure that the information is not misleading, it is suggested that these interim condensed financial statements be read in conjunction with the Company’s December 31, 2017 audited financial statements and notes thereto. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that materially affect the amounts reported in the consolidated financial statements. Actual results could differ from these estimates. The methods, estimates and judgments the Company uses in applying its most critical accounting policies have a significant impact on the results it reports in its financial statements. The Securities and Exchange Commission has defined the most critical accounting policies as those that are most important to the portrayal of the Company’s financial condition and results and require the Company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Earnings (Loss) Per Share Basic net income (loss) per common share (“Basic EPS”) excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue shares of common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti­dilutive effect on net income per common share. Basic EPS and Diluted EPS were the same for the three and six months ended June 30, 2018 and 2017.

Substantial Doubt about Going C

Substantial Doubt about Going Concern	6 Months Ended
	Jun. 30, 2018
Notes
Substantial Doubt about Going Concern	NOTE 3 – GOING CONCERN The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. The Company filed bankruptcy in February 2016 and in December of 2016 all assets and liabilities of the Company were transferred to the Liquidating Trust. Furthermore, the Company has an accumulated deficit of $18,195,383as of June 30, 2018. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans to continue as a going concern are to sustain operating expenses as they identify and determine the operational direction of the Company. Because the Company has no capital with which to pay current expenses the Company’s officers and directors have agreed to pay these charges with their personal funds, as interest free loans to the Company or as capital contributions. Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

Related Party Transactions Disc

Related Party Transactions Disclosure	6 Months Ended
	Jun. 30, 2018
Notes
Related Party Transactions Disclosure	NOTE 4 – RELATED PARTY As a result of the Company having no operations and no cash, during the three and six months ended June 30, 2018, related parties paid expenses to vendors for accounting, auditing, and SEC filing services. Prior to the SPA of April 18, 2018, a related party had paid a total of $62,087 for accounting, auditing and SEC filings services required to complete the annual and quarterly reports of the Company. Of the $62,087, $41,300 related to balances existing at December 31, 2017 and $20,787 was for services provided during the three and six months ended June 30, 2018. The entire balance of $62,087 was reduced by $10,000 related to the issuance of 10,000,000 shares on April 13, 2018 and the remaining balance of $52,087 was cancelled as a result of the SPA dated April 18, 2018 and was recorded as contributed capital. Additionally, following the SPA of April 18, 2018, a director paid for accounting, auditing and SEC filing services on behalf of the Company totaling $9,931 for the three and six month ended June 30, 2018. That same director is also due $387,077 for his expenses related to the SPA of April 18, 2018, which has been recorded as a reduction to additional paid-in capital. The related party payable is non-interest bearing and due on demand. June 30, 2018 December 31, 2018 Due to Related Party 397,008 41,300

Stockholders' Equity Note Discl

Stockholders' Equity Note Disclosure	6 Months Ended
	Jun. 30, 2018
Notes
Stockholders' Equity Note Disclosure	NOTE 5 – EQUITY On June 19, 2017, the Company amended its Articles of Incorporation to increase its authorized common shares from 50,000,000 to 150,000,000. On June 20, 2017 control was purchased from the bankruptcy trustee for $25,000 and the Company issued 100,000,000 shares of its common stock to its President. No proceeds were received by the Company for the issuance of shares, therefore the shares were valued at par value. On March 12, 2018 the Board of Directors, with the consent of the majority shareholder, voted to reverse split the outstanding shares, 464 old shares for 1 new share, resulting in a reduction of shares to 322,660. All common share amounts and per share amounts in the financial statements reflect the one-for-four hundred and sixty-four reverse stock split. On April 11, 2018 the reverse split became effective. On April 13, 2018, in accordance with a Security Purchase Agreement, Dan Masters, former President, CEO, CFO, and Director was issued 10,000,000 shares of common stock in exchange for a $10,000 reduction in the related party payable due to him. Due to the lack of trading of the common stock, the shares were valued at par value. Additionally, on April 18, 2018, in accordance with the Security Purchase Agreement, all debt due to Mr. Masters totaling $52,087 was cancelled and recorded as contributed capital. On April 18 2018, a related party payable was due to a director totaling $387,077 for his expenses related to the SPA, which has been recorded as a reduction to additional paid-in capital.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Notes
Subsequent Events	NOTE 6 – SUBSEQUENT EVENTS On July 19, 2018, the Board of Directors approved an amendment to the Company’s Articles of Incorporation to increase its authorized common shares from 150,000,000 to 2,000,000,000. The Company has evaluated subsequent events in accordance with the provisions of ASC 855 and through the date of this filing and has identified that there are no subsequent events that require disclosure.

Organization, Consolidation a11

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Basis of Accounting, Policy (Policies)	6 Months Ended
	Jun. 30, 2018
Policies
Basis of Accounting, Policy	Basis of Financial Statement Presentation The accompanying unaudited condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the U. S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results that can be expected for the fiscal year ending December 31, 2018. Although management believes the disclosures and information presented adequately ensure that the information is not misleading, it is suggested that these interim condensed financial statements be read in conjunction with the Company’s December 31, 2017 audited financial statements and notes thereto.

Organization, Consolidation a12

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Use of Estimates, Policy (Policies)	6 Months Ended
	Jun. 30, 2018
Policies
Use of Estimates, Policy	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that materially affect the amounts reported in the consolidated financial statements. Actual results could differ from these estimates. The methods, estimates and judgments the Company uses in applying its most critical accounting policies have a significant impact on the results it reports in its financial statements. The Securities and Exchange Commission has defined the most critical accounting policies as those that are most important to the portrayal of the Company’s financial condition and results and require the Company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain.

Organization, Consolidation a13

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Earnings Per Share, Policy (Policies)	6 Months Ended
	Jun. 30, 2018
Policies
Earnings Per Share, Policy	Earnings (Loss) Per Share Basic net income (loss) per common share (“Basic EPS”) excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue shares of common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti­dilutive effect on net income per common share. Basic EPS and Diluted EPS were the same for the three and six months ended June 30, 2018 and 2017.

Related Party Transactions Di14

Related Party Transactions Disclosure: Schedule of Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Tables/Schedules
Schedule of Debt	June 30, 2018 December 31, 2018 Due to Related Party 397,008 41,300

Related Party Transactions Di15

Related Party Transactions Disclosure: Schedule of Debt (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Details
Due to Related Party	$ 397,008	$ 41,300