Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 14, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Heyu Biological Technology Corp | |
Entity Central Index Key | 0001086303 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 1,032,466,000 | |
Entity File Number | 000-26731 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Code | NV |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 4,048 | $ 95,522 |
Accounts receivables | 32,842 | |
Other receivables, net | 45,091 | 51,236 |
Advances to suppliers | 6,112 | 48,344 |
Inventory | 466,893 | 421,533 |
Total current assets | 522,144 | 649,477 |
Non-current Assets | ||
Operating lease right-of-use asset | 159,696 | 202,976 |
Total non-current assets | 159,696 | 202,976 |
Total Assets | 681,840 | 852,453 |
Current Liabilities | ||
Accounts payable | 16,504 | 80,700 |
Accrued expenses and other payable | 150,171 | 30,674 |
Advances from customers | 426,656 | 430,616 |
Income tax and other taxes payable | 27 | 28 |
Operating lease liability - current portion | 33,437 | 31,017 |
Related party payables | 872,425 | 874,749 |
Total current liabilities | 1,499,220 | 1,447,784 |
Noncurrent liabilities | ||
Operating lease liability | 128,397 | 172,610 |
Total noncurrent liabilities | 128,397 | 172,610 |
Total Liabilities | 1,627,617 | 1,620,394 |
Stockholders' Deficit | ||
Common stock ($0.001 par value, 2,000,000,000 shares authorized, 1,032,466,000 and 1,032,466 shares issued and outstanding respectively as of June 30, 2020 and December 31, 2019, respectively) | 1,032,466 | 1,032,466 |
Additional paid-in capital | 17,149,050 | 17,149,050 |
Accumulated other comprehensive income | 16,080 | 12,319 |
Accumulated deficit | (19,081,151) | (18,909,705) |
Stockholders' equity - HYBT and Subsidiaries | (883,555) | (715,870) |
Noncontrolling interests in subsidiaries | (62,222) | (52,071) |
Total stockholders' deficit | (945,777) | (767,941) |
Total Liabilities and Stockholders' Deficit | $ 681,840 | $ 852,453 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 1,032,466,000 | 1,032,466 |
Common stock, shares outstanding | 1,032,466,000 | 1,032,466 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue, net | $ 34,388 | $ 27,998 | $ 35,783 | $ 49,930 |
Cost of Revenue | 16,899 | 15,399 | 17,189 | 28,272 |
Gross Profit | 17,489 | 12,599 | 18,594 | 21,658 |
Operating expenses | ||||
Selling expenses | 5,523 | (8) | 6,226 | 1,385 |
Administrative expenses | 97,817 | 153,540 | 192,097 | 209,702 |
Total operating expenses | 103,340 | 153,532 | 198,323 | 211,087 |
Loss on operations | (85,851) | (140,933) | (179,729) | (189,429) |
Other Income(Expenses) | (141) | (1,341) | (631) | (1,337) |
Loss on operations before income taxes | (85,992) | (142,274) | (180,360) | (190,766) |
Income tax expense | ||||
Net Loss | (85,992) | (142,274) | (180,360) | (190,766) |
Loss attributable to noncontrolling interests | (166) | (17,616) | (8,914) | (18,242) |
Net loss attributable to HYBT shareholders | (85,826) | (124,658) | (171,446) | (172,524) |
Other Comprehensive Income | ||||
Foreign currency translation adjustment | (1,875) | 2,491 | 4,999 | 3,418 |
Total Comprehensive Loss | (87,701) | (122,167) | (166,447) | (169,106) |
Total comprehensive income attributable to noncontrolling interests | 243 | (218) | (1,238) | (226) |
Total comprehensive loss attributable to HYBT shareholders | $ (87,458) | $ (122,385) | $ (167,685) | $ (169,332) |
Net loss per share - basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares - basic and diluted | 1,032,466,000 | 1,019,289,346 | 1,032,466,000 | 1,080,043,580 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) | Heyu Biological Shareholders’ EquityCommon Stock | Heyu Biological Shareholders’ EquityShares to be cancelled | Heyu Biological Shareholders’ EquityAdditional Paid in Capital | Heyu Biological Shareholders’ EquityAccumulated Other Comprehensive Income | Heyu Biological Shareholders’ EquityAccumulated Deficit | Non - controlling Interest | Total |
Balance at Dec. 31, 2018 | $ 1,141,473 | $ (109,007) | $ 17,149,050 | $ 2,567 | $ (18,421,319) | $ (237,236) | |
Balance, shares at Dec. 31, 2018 | 1,141,472,861 | ||||||
Shares cancelled March 20, 2019 | $ (109,007) | 109,007 | |||||
Shares cancelled March 20, 2019, shares | (109,006,861) | ||||||
Foreign currency translation adjustment | 3,192 | 226 | 2,966 | ||||
Loss for the period | (172,523) | (18,242) | (190,766) | ||||
Balance at Jun. 30, 2019 | $ 1,032,466 | 17,149,050 | 5,759 | (18,593,842) | (18,468) | (425,035) | |
Balance, shares at Jun. 30, 2019 | 1,032,466,000 | ||||||
Balance at Dec. 31, 2019 | $ 1,032,466 | 17,149,050 | 12,319 | (18,909,705) | (52,071) | (767,941) | |
Balance, shares at Dec. 31, 2019 | 1,032,466,000 | ||||||
Foreign currency translation adjustment | 3,761 | (1,238) | 2,523 | ||||
Loss for the period | (171,446) | (8,913) | (180,360) | ||||
Balance at Jun. 30, 2020 | $ 1,032,466 | $ 17,149,050 | $ 16,080 | $ (19,081,151) | $ (62,222) | $ (945,777) | |
Balance, shares at Jun. 30, 2020 | 1,032,466,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (180,360) | $ (190,766) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Bad debt written off - other receivable | 27,387 | |
Change in assets and liabilities | ||
Accounts receivable | 32,842 | |
Other receivables, net | 6,145 | (16,469) |
Advances to suppliers | 42,232 | (63,068) |
Inventory | (45,360) | (187,500) |
Operating lease right-of-use asset | 43,280 | |
Accounts payable and accrued liabilities | (64,196) | 38,115 |
Accrued expenses and other payable | 119,497 | |
Advances from customers | (3,960) | |
Income tax and other taxes payable | (1) | |
Lease liability | (41,793) | |
Net cash used from operating activities | (91,674) | (392,301) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party lending | (2,324) | 508,215 |
Net cash used in financing activities | (2,324) | 508,215 |
Effect of exchange rate changes on cash | 2,524 | 2,966 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (91,474) | 118,880 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 95,522 | 37,555 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 4,048 | 156,435 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for interest | ||
Cash paid for income tax |
The Company and Significant Acc
The Company and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES 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 with Mr. Ban Siong Ang and Mr. Dan Masters (the "Share Purchase Agreement"), pursuant to which Mr. Ang acquired 1,021,051,700 shares, representing 98.91% of the issued and outstanding shares of common stock of the Company ("Common Stock"), from Mr. Masters for an aggregate purchase price of $335,000 (the "Share Purchase"). As a result of the Share Purchase, Dan Masters resigned from his positions as the President, Chief Executive Officer, Chief Financial Officer, Secretary and Chairman of the Board of the Company. Such resignations took place in connection with the closing of the Share Purchase and was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. Additionally, all debt due to Mr. Masters from the Company was cancelled as of the closing of the Share Purchase and recognized as contributed capital. On April 18, 2018, to fill the vacancies created by Mr. Masters' resignation, 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 the Company. Mr. Tan was appointed as the Executive Director of the Company. Ms. Wendy Li was appointed as the Chief Financial Officer of the Company. On July 3, 2018, the Company changed its name to Heyu Biological Technology Corporation and applied for a new ticker symbol "HYBT". During 2018, the Company established the following subsidiaries: (1) HP Technology Limited, a British Virgin Islands business company incorporated on September 20, 2018, and (2) Heyu Healthcare Technology Limited, a Hong Kong company incorporated on March 29, 2018. On November 5, 2018, the Company acquired the following subsidiary: Jiashierle (Xiamen) Healthcare Technology Co., Ltd. ("JSEL"), a limited liability company incorporated under the laws of the People's Republic of China (the "PRC") on November 16, 2017. On January 17, 2019, JSEL entered into a share transfer agreement (the "Share Transfer Agreement") with Mr. Yu Xu ("Mr. Xu"), an individual with an address at No. 68 Chengde South Road, Qingpu District, Huaian City, Jiangsu Province, the PRC. Mr. Xu owned 90% of the equity interests of Shanghai Kangzi Medical Technology Co., Ltd., a limited liability company organized under the laws of the PRC ("Kangzi"). JSEL received 60% of the outstanding equity interest of Kangzi from Mr. Xu for the purpose of developing a joint venture in selling medical equipment. It was Mr. Xu and JSEL's intention that JSEL would fund the operations of Kangzi in proportion to JSEL's equity interest in Kangzi. At the time of the share transfer, Kangzi owned no assets and conducted no business operation. Since the beginning of 2019, Mr. Xu has led the core research and development team of Kangzi to develop and manufacture a new medical product, the Submillimeter Wave (Terahertz) Quantized Space Therapy Chamber (the "Chamber"). Utilizing submillimeter waves, the Chamber is a medical equipment designed to treat cancer through cold nuclear fusion caused by cosmic ray muons in an enclosed chamber. We believe that exposure to an appropriate amount of submillimeter waves would accelerate the generation of a large number of cosmic ray muons inside the human body and that such cosmic ray muons could further facilitate cold nuclear fusion, which could reverse the cancer by converting selenium into nickel inside cells. Our team consists of researchers who have years of extensive experience in medicine and physics. The lead scientist of the team, Mr. Xu, had extensive professional experience in the aforementioned fields and has served as the deputy chief engineer of the New Energy Base of the National Defense-Science and Technology Commission in 1995, the chairman and chief scientist of Shanghai Guangcon New Energy Technology Co., Ltd. from 2011 to 2019, and the director of Shanghai Hengbian New Energy Research Institute from 2003 to 2008. In 2012, Mr. Xu received the "Harmony-Person of the Year in China" award at the "2011 Harmony China Annual Summit" in Beijing. He was recognized as "Leaping China: One of the Most Influential People of the Year in 2011" by China International Economic and Technical Cooperation Promotion Association, China Elite Culture Promotion Association, and China Outstanding Chinese Merchants Association. Mr. Xu also received the "2013 China Economic Outstanding Contribution Award" from the Organizing Committee of Boau Forum on Asian SME Development. Pursuant to the terms of the share transfer agreement entered into by JSEL and Kangzi on January 17, 2019, JSEL has the right to monitor and manage all aspects of operation of Kangzi, including its research and development activities relating to the Chamber. As the development of the Chamber enters its final stage, JSEL started accepting pre-orders for the Chamber in September 2019. The outbreak of the novel coronavirus, commonly referred to as "COVID-19", first found in mainland China, then in Asia and eventually throughout the world, has significantly affected business and manufacturing activities within China, including travel restrictions, widespread mandatory quarantines, and suspension of business activities within China. These measures have caused substantial disruptions to our business operations and most of our staff members were forced to work from home until March 1, 2020. Accordingly, our business, results of operations and financial condition were adversely affected. We suspended our business operation in early February 2020 due to government mandates. We partially recovered our business operation on February 17, 2020, and we fully resumed our business operations on March 1, 2020. As of the date of this report, Chinese industries have gradually resumed businesses as government officials started to ease the restrictive measures since April 2020. We have experienced significant growth in sales during the fiscal quarter ended June 30, 2020, as compared to that of the fiscal quarter ended March 31, 2020. Our management believes that our revenues will keep growing in the upcoming fiscal quarters. On March 17, 2020, we entered into a business service cooperation agreement with Xiamen Qingda Intelligent Technology Co., Ltd., a wholly-owned subsidiary of Cross-strait Tsinghua Research Institute, pursuant to which we agreed to jointly improve the plant based disinfectant spray for treating skin infections and disinfecting wounds. The term of such agreement is three years, and can be renewed upon mutual agreement of both parties. The original plant based disinfectant spray was developed and owned by the Company, while the improved product shall be owned by both the Company and the Cross-strait Tsinghua Research Institute. The Cross-strait Tsinghua Research Institute will receive 2% of gross proceeds from the sales of such improved product. By the end of April 2020, we have had generated revenues of approximately $5,693.25 through sales of the improved product. Basis of Presentation The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements of the Company as of and for the three and six months ended June 30, 2020 and 2019 are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) that have been made are necessary to fairly present the financial position of the Company as of June 30, 2020, the results of its operations for the three and six months ended June 30, 2020 and 2019, and its cash flows for the six months ended June 30, 2020 and 2019. Operating results for the interim periods presented are not necessarily indicative of the results to be expected for a full fiscal year. The balance sheet as of December 31, 2019 has been derived from the Company's audited financial statements included in the Form 10-K for the year ended December 31, 2019. The statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the financial statements and other information included in the Company's Annual Report on Form 10-K as filed with the SEC for the fiscal year ended December 31, 2019. As of June 30, 2020, the details of the consolidating subsidiaries are as follows: Name of Company Jurisdiction of Formation Attributable HP Technology Limited British Virgin Islands 100 % Heyu Healthcare Technology Limited Hong Kong 100 % JSEL PRC 100 % Kangzi PRC 60 % Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates used in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates. Significant estimates include the allowance for doubtful accounts, impairment assessments of goodwill, valuation of deferred tax assets, rebilling collections and certain accrued liabilities such as contingent liabilities. As of June 30, 2020, the Company considered the economic implications of the COVID-19 pandemic on its significant judgments and estimates. Given the impact and other unforeseen effects on the global economy from the COVID-19 pandemic, these estimates required increased judgment, and actual results could differ from these estimates. Cash Equivalents The Company considers all highly liquid debt instruments purchased with a maturity period of three months or less to be cash or cash equivalents. The carrying amounts reported in the accompanying unaudited condensed consolidated balance sheets for cash and cash equivalents approximate their fair value. All of the Company's cash that is held in bank accounts in the PRC and Hong Kong is not protected by Federal Deposit Insurance Corporation ("FDIC") insurance or any other similar insurance in the PRC, or Hong Kong. Accounts receivable and allowance for doubtful accounts Accounts receivable are stated at the historical carrying amount net of allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts taking into consideration various factors, including but not limited to historical collection experience and credit-worthiness of the debtors, as well as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability. Inventories Inventories consist of finished goods, work in process, and raw materials. Inventories are stated at the lower of cost or market value. The Company applies the weighted average cost method to its inventory. Leases The Company adopted Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), as amended, which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. Operating leases are included in operating lease right-of-use ("ROU") assets and short-term and long-term lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, we use the industry incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Adoption of the standard resulted in the initial recognition of $215,298 of ROU assets and $215,298 of lease liabilities on our consolidated balance sheet related to office space lease commitment on September 1, 2019. ASU 2016-02 requires that public companies use a secured incremental browning rate for the present value of lease payments when the rate implicit in the contract is not readily determinable. We determine a secured rate on a quarterly basis and update the weighted average discount rate accordingly. Lease terms and discount rate follow. September 1, Weighted Average Remaining Lease Term(Year) 3 Weighted Average Discount Rate 4.75 % The approximate future minimum lease payments under operating leases as: Operating Leases Fiscal 2020 39,334 Fiscal 2021 80,378 Fiscal 2022 54,725 Total Lease payments 174,437 Less Imputed interest 12,603 Present value of lease liabilities $ 161,834 Foreign Currency For fiscal year 2020, the Company's principal country of operations is the PRC. The accompanying consolidated financial statements are presented in US$. The functional currency of the Company is US$, and the functional currency of the Company's subsidiaries is RMB. The consolidated financial statements are translated into US$ from RMB at year-end exchange rates as to assets and liabilities and average exchange rates as to revenues and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The resulting translation adjustments are recorded as a component of shareholders' equity included in other comprehensive income. Gains and losses from foreign currency transactions are included in profit or loss. There were no gains and losses from foreign currency transactions during the quarters ended June 30, 2020 and 2019. As of June 30, December 31, RMB: US$ exchange rate 7.0682 6.9798 Six months ended 2020 2019 RMB: US$ exchange rate 7.0324 6.8618 The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation. General and administrative costs General and administrative expenses include personnel expenses for executive, finance, and internal support personnel. In addition, general and administrative expenses include fees for bad debt costs, professional legal and accounting services, insurance, office space, banking and merchant fees, and other overhead-related costs. Income Taxes The Company accounts for income taxes pursuant to ASC Topic 740, Income Taxes. Income taxes are provided on an asset and liability approach for financial accounting and reporting of income taxes. Any tax paid by subsidiaries during the year is recorded. Current tax is based on the profit or loss from ordinary activities adjusted for items that are non-assessable or disallowable for income tax purpose and is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. ASC Topic 740 also requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities, and for the expected future tax benefit to be derived from tax losses and tax credit carry-forwards. ASC Topic 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets, including those related to the U.S. net operating loss carry-forwards, are dependent upon future earnings, if any, of which the timing and amount are uncertain. The Company adopted ASC Topic 740-10-05, Income Tax, which provides guidance for recognizing and measuring uncertain tax positions. It prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions. The Company's policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense. Capital Structure The Company had 2,000,000,000 shares of common stock authorized, par value $0.001 per share, with 1,032,466,000 shares issued and outstanding as of June 30, 2020, and December 31, 2019. Earnings (loss) per share Basic net income (loss) per share of common stock attributable to common stockholders is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards, warrants, options, or convertible debt using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income (loss) per share of common stock attributable to common stockholders when their effect is dilutive. Potential dilutive securities are excluded from the calculation of diluted EPS in loss periods as their effect would be antidilutive. As of June 30, 2020 and 2019, there were no potentially dilutive shares. For the Quarter Ended 2020 2019 Statement of Operations Summary Information: Net loss $ (180,360 ) $ (190,766 ) Weighted-average common shares outstanding - basic and diluted 1,032,466,000 1,080,043,580 Net loss per share, basic and diluted $ 0.00 $ 0.00 |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2020 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN During the quarter ended June 30, 2020, the Company was unable to generate cash flows sufficient to support its operations despite Kangzi's business operation and was dependent on related party advances from the current controlling shareholder. In addition, the Company had experienced recurring net losses, and had an accumulated deficit of $19,081,151 and working capital deficit of $977,076 as of June 30, 2020. These factors raise doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. In light of the impacts of the COVID-19 outbreak, if we are required to operate in a challenging economic environment in China, or incur unanticipated capital expenditures, or decide to accelerate growth, we may need additional financing. As of June 30, 2020, we had borrowed a loan from a shareholder for working capital purposes. The loan is unsecured, non-interest bearing and payable on demand. As of June 30, 2020, we have borrowed from such shareholder a total of $872,425 for working capital purposes. We cannot guarantee, however, that additional financing, if required, would be available on favorable terms, if at all. Such financing may include the use of additional debt or the sale of the Company's equity interests. Any financing which involves the sale of the Company's equity interests or instruments that are convertible into the Company's equity interests could result in immediate and possibly significant dilution to our existing shareholders. There can be no assurance that sufficient funds required during the next year or thereafter will be generated from any future operations or that funds will be available from external sources such as debt or equity financings or other potential sources. If the Company is unable to raise capital from external sources when required, there will be a material adverse effect on its business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company's existing stockholders. Management is now seeking an operating company with which to merge or acquire. In the foreseeable future, the Company will rely on related parties, such as its controlling shareholder, to provide advances to funds general corporate purposes and any potential acquisitions of profitable investments. There is no assurance, however, that the Company will achieve its objectives or goals. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 3 – CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of the following: As of As of Bank Deposits-China & HK 4,048 95,522 $ 4,048 $ 95,522 |
Other Receivable
Other Receivable | 6 Months Ended |
Jun. 30, 2020 | |
Other Receivable [Abstract] | |
OTHER RECEIVABLE | NOTE 4 – OTHER RECEIVABLE Other receivable consists of the following: As of June 30, As of December 31, Rental and POS machine deposits 14,037 14241 Others 31,054 61,494 Less: Allowance for doubtful accounts - (24,499 ) $ 45,091 $ 51,236 Management periodically reviews account balance. If any indication occurs, the allowance for doubtful debts would be recognized. No such allowance has been recognized during the quarter ended June 30, 2020. |
Advances to Suppliers
Advances to Suppliers | 6 Months Ended |
Jun. 30, 2020 | |
Advances to Suppliers [Abstract] | |
ADVANCES TO SUPPLIERS | NOTE 5 – ADVANCES TO SUPPLIERS Advances to suppliers consists of the following: As of June 30, As of Purchases of scientific research equipment 6,112 48,344 $ 6,112 $ 48,344 |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE 6 – INVENTORY Inventory consists of the following: As of June 30, As of December 31, Working in process 418,028 421,533 Inventories - raw materials 48,865 - $ 466,893 $ 421,533 No impairment was provided for the inventories as of June 30, 2020. |
Operating Lease Right-of-Use As
Operating Lease Right-of-Use Asset and Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
OPERATING LEASE RIGHT-OF-USE ASSET AND LIABILITIES | NOTE 7 – OPERATING LEASE RIGHT-OF-USE ASSET AND LIABILITIES On September 1, 2019, the Company entered in a lease agreement for office space, the right-of-use asset is recognized as following: As of June 30, As of December 31, Operating lease right-of-use asset 159,696 202,976 $ 159,696 $ 202,976 Operating lease liability consist both current and noncurrent component as the following: As of As of Operating lease liability - current portion (33,437 )) (31,017 ) Operating lease liability (128,397 )) (172,610 ) $ (161,834 )) $ (203,627 ) ASU 2016-02 requires that public companies use a secured incremental browning rate for the present value of lease payments when the rate implicit in the contract is not readily determinable. We determine a secured rate on a quarterly basis and update the weighted average discount rate accordingly. Lease terms and discount rate follow. September 1, Weighted Average Remaining Lease Term(Year) 3 Weighted Average Discount Rate 4.75 % The approximate future minimum lease payments under operating leases as: Operating Leases Fiscal 2020 39,334 Fiscal 2021 80,378 Fiscal 2022 54,725 Total Lease payments 174,437 Less Imputed interest 12,603 Present value of lease liabilities $ 161,834 |
Advances from Customers
Advances from Customers | 6 Months Ended |
Jun. 30, 2020 | |
Advances from Customers [Abstract] | |
ADVANCES FROM CUSTOMERS | NOTE 8 – ADVANCES FROM CUSTOMERS As of June 30, As of December 31, Advances from customers 426,656 430,616 $ 426,656 $ 430,616 (1) On October 15 2019, JSEL entered into a clinical cooperation agreement (the "Clinical Cooperation Agreement") with Shenzhen Saikun Biotechnology Co., Ltd. ("Saikun"). Pursuant to the Clinical Cooperation Agreement, Saikun agreed to pay JSEL 5.5 million RMB as the total preordering payment. 1.5 million RMB and 1.5 million RMB were delivered to JSEL respectively on September 7 and September 27, 2019. The parties are working on the timing for payment of the remaining 2.5 million RMB due under the Clinical Cooperation Agreement. In exchange, JSEL is obligated to purchase all the components of the Chamber from Kangzi, fully assemble it, and conduct a clinical trial with Saikun, third-party hospital partners, and patients using the Chamber. Specifically, after receiving the full amount of payment from Saikun, JSEL shall transport the Chamber to its preferred location, properly install it, and conduct a clinical trial that lasts at least one month. |
Accrued Expenses and Other Paya
Accrued Expenses and Other Payables | 6 Months Ended |
Jun. 30, 2020 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER PAYABLES | NOTE 9 – ACCRUED EXPENSES AND OTHER PAYABLES Accrued expenses and other payables consist of the following: As of June 30, As of December 31, Accrued payroll 65,602 30,674 Other Payables 84,569 80,700 $ 150,171 $ 111,374 Accrued payroll includes all company employee payroll liabilities as of June 30, 2020, and other payables contains employee reimbursements. Operating lease liability consist both current and noncurrent component as the following: As of As of December 31, Operating lease liability - current portion (33,437 ) (31,017 ) Operating lease liability (128,397 ) (172,610 ) $ (161,834 ) $ (203,627 ) |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 10 – RELATED PARTY TRANSACTIONS As of June 30, 2020, and December 31, 2019, the Company owed related parties $872,425 and $874,749, respectively. As the Company has just started business activities in March 2019, all expenses incurred during this reporting period are paid by a shareholder, who is also a director of the Company. Expenses mainly included auditing, consulting and legal advisory expenses, government registration expenses, and payrolls. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
EQUITY | NOTE 11 – EQUITY The Company had not recorded any equity transactions during the quarter ended June 30, 2020. The Company recorded the following equity transactions during the year ended December 31, 2019: On March 15, 2019, the Company, with the approval of the Board, entered into a Share Cancellation Agreement (the "Share Cancellation Agreement") with Mr. Ban Siong Ang, the President, Chief Executive Officer, and Chairman of the Board of the Company. Pursuant to the Share Cancellation Agreement, the Company and Mr. Ang agreed to cancel 109,006,861 shares of Common Stock previously issued to Mr. Ang. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 12 – INCOME TAXES The Company is subject to U.S. Federal tax laws. The Company has not recognized an income tax benefit for its operating losses in the United States because the Company does not expect to commence active operations in the United States. Heyu Healthcare Technology Limited was incorporated in Hong Kong and is subject to Hong Kong profits tax at a tax rate of 16.5%. Since Heyu Healthcare Technology Limited had no taxable income during the reporting period, it has not paid Hong Kong profits taxes. Heyu Healthcare Technology Limited has not recognized an income tax benefit for its operating losses in Hong Kong because the Company does not expect to commence active operations in Hong Kong. The Company has been conducting and plans to continue to conduct its major operations in the PRC through JSEL in accordance with the relevant tax laws and regulations. The corporate income tax rate in China is 25%. The Company has not paid PRC profits taxes, since it had no taxable income during the reporting period. |
The Company and Significant A_2
The Company and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements of the Company as of and for the three and six months ended June 30, 2020 and 2019 are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) that have been made are necessary to fairly present the financial position of the Company as of June 30, 2020, the results of its operations for the three and six months ended June 30, 2020 and 2019, and its cash flows for the six months ended June 30, 2020 and 2019. Operating results for the interim periods presented are not necessarily indicative of the results to be expected for a full fiscal year. The balance sheet as of December 31, 2019 has been derived from the Company's audited financial statements included in the Form 10-K for the year ended December 31, 2019. The statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the financial statements and other information included in the Company's Annual Report on Form 10-K as filed with the SEC for the fiscal year ended December 31, 2019. As of June 30, 2020, the details of the consolidating subsidiaries are as follows: Name of Company Jurisdiction of Formation Attributable HP Technology Limited British Virgin Islands 100 % Heyu Healthcare Technology Limited Hong Kong 100 % JSEL PRC 100 % Kangzi PRC 60 % |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates used in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates. Significant estimates include the allowance for doubtful accounts, impairment assessments of goodwill, valuation of deferred tax assets, rebilling collections and certain accrued liabilities such as contingent liabilities. As of June 30, 2020, the Company considered the economic implications of the COVID-19 pandemic on its significant judgments and estimates. Given the impact and other unforeseen effects on the global economy from the COVID-19 pandemic, these estimates required increased judgment, and actual results could differ from these estimates. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid debt instruments purchased with a maturity period of three months or less to be cash or cash equivalents. The carrying amounts reported in the accompanying unaudited condensed consolidated balance sheets for cash and cash equivalents approximate their fair value. All of the Company's cash that is held in bank accounts in the PRC and Hong Kong is not protected by Federal Deposit Insurance Corporation ("FDIC") insurance or any other similar insurance in the PRC, or Hong Kong. |
Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts Accounts receivable are stated at the historical carrying amount net of allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts taking into consideration various factors, including but not limited to historical collection experience and credit-worthiness of the debtors, as well as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability. |
Inventories | Inventories Inventories consist of finished goods, work in process, and raw materials. Inventories are stated at the lower of cost or market value. The Company applies the weighted average cost method to its inventory. |
Leases | Leases The Company adopted Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), as amended, which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. Operating leases are included in operating lease right-of-use ("ROU") assets and short-term and long-term lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, we use the industry incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Adoption of the standard resulted in the initial recognition of $215,298 of ROU assets and $215,298 of lease liabilities on our consolidated balance sheet related to office space lease commitment on September 1, 2019. ASU 2016-02 requires that public companies use a secured incremental browning rate for the present value of lease payments when the rate implicit in the contract is not readily determinable. We determine a secured rate on a quarterly basis and update the weighted average discount rate accordingly. Lease terms and discount rate follow. September 1, Weighted Average Remaining Lease Term(Year) 3 Weighted Average Discount Rate 4.75 % The approximate future minimum lease payments under operating leases as: Operating Leases Fiscal 2020 39,334 Fiscal 2021 80,378 Fiscal 2022 54,725 Total Lease payments 174,437 Less Imputed interest 12,603 Present value of lease liabilities $ 161,834 |
Foreign Currency | Foreign Currency For fiscal year 2020, the Company's principal country of operations is the PRC. The accompanying consolidated financial statements are presented in US$. The functional currency of the Company is US$, and the functional currency of the Company's subsidiaries is RMB. The consolidated financial statements are translated into US$ from RMB at year-end exchange rates as to assets and liabilities and average exchange rates as to revenues and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The resulting translation adjustments are recorded as a component of shareholders' equity included in other comprehensive income. Gains and losses from foreign currency transactions are included in profit or loss. There were no gains and losses from foreign currency transactions during the quarters ended June 30, 2020 and 2019. As of June 30, December 31, RMB: US$ exchange rate 7.0682 6.9798 Six months ended 2020 2019 RMB: US$ exchange rate 7.0324 6.8618 The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation. |
General and administrative costs | General and administrative costs General and administrative expenses include personnel expenses for executive, finance, and internal support personnel. In addition, general and administrative expenses include fees for bad debt costs, professional legal and accounting services, insurance, office space, banking and merchant fees, and other overhead-related costs. |
Income Taxes | Income Taxes The Company accounts for income taxes pursuant to ASC Topic 740, Income Taxes. Income taxes are provided on an asset and liability approach for financial accounting and reporting of income taxes. Any tax paid by subsidiaries during the year is recorded. Current tax is based on the profit or loss from ordinary activities adjusted for items that are non-assessable or disallowable for income tax purpose and is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. ASC Topic 740 also requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities, and for the expected future tax benefit to be derived from tax losses and tax credit carry-forwards. ASC Topic 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets, including those related to the U.S. net operating loss carry-forwards, are dependent upon future earnings, if any, of which the timing and amount are uncertain. The Company adopted ASC Topic 740-10-05, Income Tax, which provides guidance for recognizing and measuring uncertain tax positions. It prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions. The Company's policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense. |
Capital Structure | Capital Structure The Company had 2,000,000,000 shares of common stock authorized, par value $0.001 per share, with 1,032,466,000 shares issued and outstanding as of June 30, 2020, and December 31, 2019. |
Earnings (loss) per share | Earnings (loss) per share Basic net income (loss) per share of common stock attributable to common stockholders is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards, warrants, options, or convertible debt using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income (loss) per share of common stock attributable to common stockholders when their effect is dilutive. Potential dilutive securities are excluded from the calculation of diluted EPS in loss periods as their effect would be antidilutive. As of June 30, 2020 and 2019, there were no potentially dilutive shares. For the Quarter Ended 2020 2019 Statement of Operations Summary Information: Net loss $ (180,360 ) $ (190,766 ) Weighted-average common shares outstanding - basic and diluted 1,032,466,000 1,080,043,580 Net loss per share, basic and diluted $ 0.00 $ 0.00 |
The Company and Significant A_3
The Company and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of details of the consolidating subsidiaries | Name of Company Jurisdiction of Formation Attributable HP Technology Limited British Virgin Islands 100 % Heyu Healthcare Technology Limited Hong Kong 100 % JSEL PRC 100 % Kangzi PRC 60 % |
Schedule of lease terms and discount rate | September 1, Weighted Average Remaining Lease Term(Year) 3 Weighted Average Discount Rate 4.75 % |
Schedule of future minimum lease payments under operating leases | Operating Leases Fiscal 2020 39,334 Fiscal 2021 80,378 Fiscal 2022 54,725 Total Lease payments 174,437 Less Imputed interest 12,603 Present value of lease liabilities $ 161,834 |
Schedule of foreign currency transactions | As of June 30, December 31, RMB: US$ exchange rate 7.0682 6.9798 Six months ended 2020 2019 RMB: US$ exchange rate 7.0324 6.8618 |
Schedule of earnings (loss) per share | For the Quarter Ended 2020 2019 Statement of Operations Summary Information: Net loss $ (180,360 ) $ (190,766 ) Weighted-average common shares outstanding - basic and diluted 1,032,466,000 1,080,043,580 Net loss per share, basic and diluted $ 0.00 $ 0.00 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents | As of As of Bank Deposits-China & HK 4,048 95,522 $ 4,048 $ 95,522 |
Other Receivable (Tables)
Other Receivable (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Other Receivable [Abstract] | |
Schedule of other receivable | As of June 30, As of December 31, Rental and POS machine deposits 14,037 14241 Others 31,054 61,494 Less: Allowance for doubtful accounts - (24,499 ) $ 45,091 $ 51,236 |
Advances to Suppliers (Tables)
Advances to Suppliers (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Advances to Suppliers [Abstract] | |
Schedule of advances to suppliers | As of June 30, As of Purchases of scientific research equipment 6,112 48,344 $ 6,112 $ 48,344 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | As of June 30, As of December 31, Working in process 418,028 421,533 Inventories - raw materials 48,865 - $ 466,893 $ 421,533 |
Operating Lease Right-of-Use _2
Operating Lease Right-of-Use Asset and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of right-of-use asset | As of June 30, As of December 31, Operating lease right-of-use asset 159,696 202,976 $ 159,696 $ 202,976 As of As of Operating lease liability - current portion (33,437 )) (31,017 ) Operating lease liability (128,397 )) (172,610 ) $ (161,834 )) $ (203,627 ) September 1, Weighted Average Remaining Lease Term(Year) 3 Weighted Average Discount Rate 4.75 % |
Schedule of maturities of lease liabilities | Operating Leases Fiscal 2020 39,334 Fiscal 2021 80,378 Fiscal 2022 54,725 Total Lease payments 174,437 Less Imputed interest 12,603 Present value of lease liabilities $ 161,834 |
Advances from Customers (Tables
Advances from Customers (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Advances from Customers [Abstract] | |
Schedule of Advances from Customers | As of June 30, As of December 31, Advances from customers 426,656 430,616 $ 426,656 $ 430,616 |
Accrued Expenses and Other Pa_2
Accrued Expenses and Other Payables (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses and other payables | As of June 30, As of December 31, Accrued payroll 65,602 30,674 Other Payables 84,569 80,700 $ 150,171 $ 111,374 |
Schedule of operating lease liability | As of As of December 31, Operating lease liability - current portion (33,437 ) (31,017 ) Operating lease liability (128,397 ) (172,610 ) $ (161,834 ) $ (203,627 ) |
The Company and Significant A_4
The Company and Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2020 | |
HP Technology Limited [Member] | |
Name of Company | HP Technology Limited |
Jurisdiction of Formation | British Virgin Islands |
Attributable equity interest % | 100.00% |
Heyu Healthcare Technology Limited [Member] | |
Name of Company | Heyu Healthcare Technology Limited |
Jurisdiction of Formation | Hong Kong |
Attributable equity interest % | 100.00% |
JSEL [Member] | |
Name of Company | JSEL |
Jurisdiction of Formation | PRC |
Attributable equity interest % | 100.00% |
Kangzi [Member] | |
Name of Company | Kangzi |
Jurisdiction of Formation | PRC |
Attributable equity interest % | 60.00% |
The Company and Significant A_5
The Company and Significant Accounting Policies (Details 1) | Sep. 01, 2019 |
Accounting Policies [Abstract] | |
Weighted Average Remaining Lease Term (Year) | 3 years |
Weighted Average Discount Rate | 4.75% |
The Company and Significant A_6
The Company and Significant Accounting Policies (Details 2) | Jun. 30, 2020USD ($) |
Accounting Policies [Abstract] | |
Fiscal 2020 | $ 39,334 |
Fiscal 2021 | 80,378 |
Fiscal 2022 | 54,725 |
Total Lease payments | 174,437 |
Less Imputed interest | 12,603 |
Present value of lease liabilities | $ 161,834 |
The Company and Significant A_7
The Company and Significant Accounting Policies (Details 3) - RMB [Member] | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
RMB: US$ exchange rate | 7.0682 | 6.9798 | |
RMB: US$ exchange rate | 7.0324 | 6.8618 |
The Company and Significant A_8
The Company and Significant Accounting Policies (Details 4) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Operations Summary Information: | ||||
Net loss | $ (85,826) | $ (124,658) | $ (171,446) | $ (172,524) |
Weighted-average common shares outstanding - basic and diluted | 1,032,466,000 | 1,019,289,346 | 1,032,466,000 | 1,080,043,580 |
Net loss per share, basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
The Company and Significant A_9
The Company and Significant Accounting Policies (Details Textual) | 1 Months Ended | 2 Months Ended | |||||
Apr. 18, 2018USD ($)shares | Mar. 17, 2020 | Jun. 30, 2020$ / sharesshares | Apr. 30, 2020USD ($) | Dec. 31, 2019$ / sharesshares | Sep. 01, 2019USD ($) | Jan. 17, 2019 | |
The Company and Significant Accounting Policies (Textual) | |||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||
Common stock, shares authorized | shares | 2,000,000,000 | 2,000,000,000 | |||||
Common stock, shares issued | shares | 1,032,466,000 | 1,032,466 | |||||
Common stock, shares outstanding | shares | 1,032,466,000 | 1,032,466 | |||||
Operating lease right-of-use, assets | $ | $ 215,298 | ||||||
Office space lease | $ | $ 215,298 | ||||||
Revenues of approximately | $ | $ 5,693.25 | ||||||
Proceeds from sale of assets percentage | 0.02 | ||||||
Shanghai Kangzi Medical Technology Co., Ltd [Member] | |||||||
The Company and Significant Accounting Policies (Textual) | |||||||
Percentage of issued and outstanding shares of common stock | 90.00% | ||||||
JSEL [Member] | |||||||
The Company and Significant Accounting Policies (Textual) | |||||||
Percentage of issued and outstanding shares of common stock | 60.00% | ||||||
Share Purchase Agreement [Member] | |||||||
The Company and Significant Accounting Policies (Textual) | |||||||
Percentage of issued and outstanding shares of common stock | 98.91% | ||||||
Aggregate purchase price | $ | $ 335,000 | ||||||
Purchaser acquired shares | shares | 1,021,051,700 |
Going Concern (Details)
Going Concern (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Going Concern (Textual) | ||
Accumulated deficit | $ (19,081,151) | $ (18,909,705) |
Working capital deficit | 977,076 | |
Borrowed for working capital | $ 872,425 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 4,048 | $ 95,522 | $ 156,435 | $ 37,555 |
Bank Deposits-China & HK [Member] | ||||
Cash and cash equivalents | $ 4,048 | $ 95,522 |
Other Receivable (Details)
Other Receivable (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Other Receivable [Abstract] | ||
Rental and POS machine deposits | $ 14,037 | $ 14,241 |
Others | 31,054 | 61,494 |
Less: Allowance for doubtful accounts | (24,499) | |
Other receivables, net | $ 45,091 | $ 51,236 |
Advances to Suppliers (Details)
Advances to Suppliers (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Advances to Suppliers [Abstract] | ||
Purchases of scientific research equipment | $ 6,112 | $ 48,344 |
Total | $ 6,112 | $ 48,344 |
Inventory (Details)
Inventory (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Working in process | $ 418,028 | $ 421,533 |
Inventories - raw materials | 48,865 | |
Inventory, net | $ 466,893 | $ 421,533 |
Operating Lease Right-of-Use _3
Operating Lease Right-of-Use Asset and Liabilities (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Operating lease right-of-use asset | $ 159,696 | $ 202,976 |
Office space [Member] | ||
Operating lease right-of-use asset | $ 159,696 | $ 202,976 |
Operating Lease Right-of-Use _4
Operating Lease Right-of-Use Asset and Liabilities (Details 1) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Notes To Financial Statements Abstract | ||
Operating lease liability - current portion | $ 33,437 | $ 31,017 |
Operating lease liability | 128,397 | 172,610 |
Total | $ 161,834 | $ 203,627 |
Operating Lease Right-of-Use _5
Operating Lease Right-of-Use Asset and Liabilities (Details 2) | Sep. 01, 2019 |
Notes To Financial Statements Abstract | |
Weighted Average Remaining Lease Term (Year) | 3 years |
Weighted Average Discount Rate | 4.75% |
Operating Lease Right-of-Use _6
Operating Lease Right-of-Use Asset and Liabilities (Details 3) | Jun. 30, 2020USD ($) |
Operating Lease Right-of-use Asset And Liabilities | |
Fiscal 2020 | $ 39,334 |
Fiscal 2021 | 80,378 |
Fiscal 2022 | 54,725 |
Total Lease payments | 174,437 |
Less Imputed interest | 12,603 |
Present value of lease liabilities | $ 161,834 |
Advances from Customers (Detail
Advances from Customers (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Advances from Customers [Abstract] | ||
Advances from customers | $ 426,656 | $ 430,616 |
Total | $ 426,656 | $ 430,616 |
Advances from Customers (Deta_2
Advances from Customers (Details Textual) | Oct. 15, 2019 |
Advances from Customers (Textual) | |
Advances from customers, description | JSEL entered into a clinical cooperation agreement (the "Clinical Cooperation Agreement") with Shenzhen Saikun Biotechnology Co., Ltd. ("Saikun"). Pursuant to the Clinical Cooperation Agreement, Saikun agreed to pay JSEL 5.5 million RMB as the total preordering payment. 1.5 million RMB and 1.5 million RMB were delivered to JSEL respectively on September 7 and September 27, 2019. The parties are working on the timing for payment of the remaining 2.5 million RMB due under the Clinical Cooperation Agreement. In exchange, JSEL is obligated to purchase all the components of the Chamber from Kangzi, fully assemble it, and conduct a clinical trial with Saikun, third-party hospital partners, and patients using the Chamber. Specifically, after receiving the full amount of payment from Saikun, JSEL shall transport the Chamber to its preferred location, properly install it, and conduct a clinical trial that lasts at least one month. |
Accrued Expenses and Other Pa_3
Accrued Expenses and Other Payables (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued payroll | $ 65,602 | $ 30,674 |
Other Payables | 84,569 | 80,700 |
Total accounts payable and accrued expenses | $ 150,171 | $ 111,374 |
Accrued Expenses and Other Pa_4
Accrued Expenses and Other Payables (Details 1) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Notes To Financial Statements Abstract | ||
Operating lease liability - current portion | $ 33,437 | $ 31,017 |
Operating lease liability | 128,397 | 172,610 |
Total | $ (161,834) | $ (203,627) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Related Party Transactions (Textual) | ||
Related party payable | $ 872,425 | $ 874,749 |
Equity (Details)
Equity (Details) - shares | Jun. 30, 2020 | Dec. 31, 2019 | Mar. 15, 2019 |
Equity (Textual) | |||
Common stock, shares issued | 1,032,466,000 | 1,032,466 | |
Share Cancellation Agreement [Member] | |||
Equity (Textual) | |||
Common stock, shares issued | 109,006,861 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended |
Jun. 30, 2020 | |
China [Member] | |
Income Taxes (Textual) | |
Income tax rate | 25.00% |
Hong Kong [Member] | |
Income Taxes (Textual) | |
Income tax rate | 16.50% |