| NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES | This summary of significant accounting policies
of Eason Education Kingdom Holdings, Inc. is presented to assist in understanding the Company’s financial statements. The
financial statements and notes are representations of the Company’s management, which is responsible for their integrity
and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America
(“GAAP”) and have been consistently applied in the preparation of the financial statements. Cash and Cash Equivalents The Company considers all highly liquid investments
purchased with original maturities of three months or less to be cash equivalents. The Company currently has cash held in a trust
account held by the Company’s legal counsel. Fair Value of Financial Instruments Effective January 1, 2008, the Company adopted
FASB ASC 820, Fair Value Measurements, which provides a framework for measuring fair value under GAAP. Fair value is defined as
the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most
advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The
standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires
an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard
describes three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices for identical
assets and liabilities in active markets; Level 2 – Quoted prices for similar assets
and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active;
and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3 – Valuations derived from valuation
techniques in which one or more significant inputs or significant value drivers are unobservable. The Company designates cash equivalents as
Level 1. The total amount of the Company’s investment classified as Level 3 is de minimis. The fair value of the Company’s debt
as of September 30, 2018 and December 31, 2017 approximated fair value at those times. Fair value of financial instruments: The carrying
amounts of financial instruments, including cash, accounts payable, and accrued expenses approximated fair value as of September
30, 2018 and December 31, 2017 because of the relative short term nature of these instruments. Revenue Recognition The Company recognizes revenue, in accordance
with ASC 605, Revenue Recognition, which codified the Securities and Exchange Commission Staff Accounting Bulletin (SAB) number
104, which states that revenue is generally recognized when it is realized and earned. Specifically, the Company recognizes revenue
when services are performed and projects are completed and accepted by the customer. Use of Estimates The preparation of financial statements in
conformity with generally accepted accounting principles in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management
makes these estimates using the best information available at the time the estimates are made; however actual results could differ
materially from those estimates. Income Taxes The Company accounts for income taxes under
an asset and liability approach. This process involves calculating the temporary and permanent differences between the carrying
amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The temporary
differences result in deferred tax assets and liabilities, which would be recorded on the Company’s balance sheets in accordance
with ASC 740, Income Taxes, which established financial accounting and reporting standards for the effect of income taxes. The
Company must assess the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent
the Company believes that recovery is not likely, the Company must establish a valuation allowance. Changes in the Company’s
valuation allowance in a period are recorded through the income tax provision on the statements of operations. The Company records interest and penalties
arising from the underpayment of income taxes in the statement of income under general and administrative expenses. As of September
30, 2018 and December 31, 2017, the Company had no accrued interest or penalties related to uncertain tax positions. The company
also did not have any uncertain tax benefits during these years. The tax years 2017, 2016 and 2015 remain open to examination. Earnings (Loss) per Share The Company is required to provide basic and
dilutive earnings (loss) per common share information. The basic net loss per common share is computed
by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding. Diluted net loss per common share is computed
by dividing the net loss applicable to common stockholders, adjusted on an “as if converted” basis, by the weighted
average number of common shares outstanding plus potential dilutive securities. For the period ended September 30, 2018 and
year ended December 31, 2017, potential dilutive securities had an anti-dilutive effect and were not included in the calculation
of diluted net loss per common share. Recent Accounting Pronouncements In January 2017, the FASB issued Accounting
Standards Board Update No. 2017-01: Business Combinations (Topic 805) - Clarifying the Definition of a Business (“ASU
2017-01”). The ASU clarifies the definition of business with the objective of adding guidance to assist entities with evaluating
whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective
for the Company’s fiscal year beginning January 1, 2018 and subsequent interim periods with prospective application with
impacts on the Company’s financial statements that may vary depending on each specific acquisition. Early adoption is conditionally
permitted. In March 2017, the FASB issued ASU No. 2017-08,
Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities.
Under current GAAP, entities normally amortize the premium as an adjustment of yield over the contractual life of the instrument.
This guidance shortens the amortization period for certain callable debt securities held at a premium to the earliest call date.
This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The
adoption of ASU No. 2017-08 is not expected to have a material impact on the Company’s financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation
– Stock Compensation: (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides guidance about which changes to
the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This pronouncement
is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. We expect
to adopt the new standard using the full retrospective application, and we do not believe the adoption will have a significant
impact on our recognition of net revenues or related disclosures for any period. In July 2017, the FASB issued Accounting Standards
Update (“ASU”) No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives
and Hedging (Topic 815) (“ASU 2017-11”). The update changes the classification of certain equity-linked financial instruments
(or embedded features) with down round features. The update also clarifies existing disclosure requirements for equity-classified
instruments. The update is effective retrospectively for annual reporting periods beginning after December 15, 2018, including
interim periods within that reporting period. Early adoption is permitted for all companies in any interim or annual period. We do not believe other recently issued but
not yet effective accounting standards, if currently adopted, would have a material effect on the financial position, statements
of operations and cash flows. |
