Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document Information [Line Items] | ' |
Entity Registrant Name | 'CHINESEWORLDNET COM INC |
Entity Central Index Key | '0001145898 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Trading Symbol | 'CWNOF |
Entity Common Stock, Shares Outstanding | 10,950,000 |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Period Focus | 'FY |
Document Fiscal Year Focus | '2013 |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets | ' | ' |
Cash and cash equivalents [note 2] | $1,715,300 | $805,874 |
Available-for-sale securities [note 3] | 974,639 | 761,888 |
Accounts receivable [note 4] | 73,489 | 66,219 |
Receivable from a related party [note 9f] | 172,240 | 486,454 |
Prepaid expenses and deposits | 66,149 | 50,597 |
Deferred tax assets [note 10] | 0 | 3,857 |
Total current assets | 3,001,817 | 2,174,889 |
Equipment [note 5] | 14,853 | 23,515 |
Long term investments [note 6] | 147,806 | 372,860 |
Total assets | 3,164,476 | 2,571,264 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities | 300,022 | 324,414 |
Due to related parties, non-interest bearing [note 9c] | 24,444 | 24,150 |
Deferred revenue | 75,677 | 97,240 |
Bank loans [note 7] | 1,279,002 | 100,256 |
Total current liabilities | 1,679,145 | 546,060 |
Stockholders' equity [note 8] | ' | ' |
Common stock Authorized 100,000,000,000 common shares with a par value of $0.001 per share Issued and outstanding 10,950,000 common shares | 10,950 | 10,950 |
Additional paid-in capital | 4,257,028 | 4,255,550 |
Accumulated other comprehensive income | -19,521 | 26,015 |
Deficit | -2,801,484 | -2,311,246 |
Equity attributable to shareholders of the Company | 1,446,973 | 1,981,269 |
Non-controlling interests | 38,358 | 43,935 |
Total stockholders' equity | 1,485,331 | 2,025,204 |
Total liabilities and stockholders' equity | 3,164,476 | 2,571,264 |
Commitments [note 12] | ' | ' |
Nature of operation [note 1] | ' | ' |
Subsequent events [note 13] | ' | ' |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock, shares authorized | 100,000,000,000 | 100,000,000,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares issued | 10,950,000 | 10,950,000 |
Common stock, shares outstanding | 10,950,000 | 10,950,000 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] |
Balance at Dec. 31, 2011 | $2,059,063 | $10,950 | $4,226,339 | ($2,226,158) | ($9,351) | $2,001,780 | $57,283 |
Balance (in shares) at Dec. 31, 2011 | ' | 10,950,000 | ' | ' | ' | ' | ' |
Stock based compensation | 59,404 | 0 | 59,404 | 0 | 0 | 59,404 | 0 |
Change of ownership in CWN china | 0 | ' | -30,193 | ' | ' | -30,193 | 30,193 |
Components of comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain or loss on Available-for-sale securities | 22,309 | ' | ' | ' | 22,309 | 22,309 | ' |
Foreign currency translation adjustment | 13,359 | 0 | 0 | 0 | 13,057 | 13,057 | 302 |
Net income (loss) for the year | -128,931 | 0 | 0 | -85,088 | 0 | -85,088 | -43,843 |
Balance at Dec. 31, 2012 | 2,025,204 | 10,950 | 4,255,550 | -2,311,246 | 26,015 | 1,981,269 | 43,935 |
Balance (in shares) at Dec. 31, 2012 | ' | 10,950,000 | ' | ' | ' | ' | ' |
Stock based compensation | 25,841 | 0 | 25,841 | 0 | 0 | 25,841 | 0 |
Change of ownership in CWN china | 0 | ' | -24,363 | ' | ' | -24,363 | 24,363 |
Components of comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain or loss on Available-for-sale securities | -45,536 | 0 | 0 | 0 | -16,284 | -16,284 | 0 |
Foreign currency translation adjustment | 1,216 | 0 | 0 | 0 | -29,252 | -29,252 | 1,216 |
Net income (loss) for the year | -521,394 | 0 | 0 | -490,238 | 0 | -490,238 | -31,156 |
Balance at Dec. 31, 2013 | $1,485,331 | $10,950 | $4,257,028 | ($2,801,484) | ($19,521) | $1,446,973 | $38,358 |
Balance (in shares) at Dec. 31, 2013 | ' | 10,950,000 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue | $937,781 | $1,243,638 | $1,675,875 |
Expenses | ' | ' | ' |
Advertising and promotion | 82,907 | 212,930 | 271,164 |
Audit and legal | 82,014 | 84,354 | 63,962 |
Consulting fees | 90,000 | 90,000 | 104,000 |
Depreciation | 7,776 | 15,216 | 15,918 |
Directors' remuneration | 12,000 | 12,000 | 12,000 |
Office and miscellaneous | 72,142 | 82,316 | 74,077 |
Printing | 8,068 | 17,579 | 26,245 |
Provision for bad and doubtful debts | 51,112 | -30,472 | 55,917 |
Rent and operating | 145,356 | 139,509 | 135,049 |
Salaries and benefits | 491,519 | 695,639 | 635,260 |
Seminar operating expense | 0 | 620 | 763 |
Stock based compensation | 25,841 | 59,404 | 140,042 |
Telephone | 13,747 | 18,808 | 27,339 |
Travel and entertainment | 113,293 | 215,379 | 117,240 |
Operating Expenses, Total | -1,195,775 | -1,613,282 | -1,678,976 |
Other income (loss) | ' | ' | ' |
Interest and sundry income | 20,390 | 37,775 | 37,671 |
Gain (loss) on available-for-sale securities | 6,451 | 50,193 | -5,995 |
Foreign exchange gain (loss) and other losses | -89,108 | 35,294 | -28,348 |
Equity pick up | -197,276 | 166,735 | 192,399 |
Other income (loss), net | -259,543 | 289,997 | 195,727 |
Income (loss) before income taxes | -517,537 | -79,647 | 192,626 |
Deferred tax recovery (expense) | -3,857 | -49,284 | -54,586 |
Net income (loss) for the year | -521,394 | -128,931 | 138,040 |
Other comprehensive income | ' | ' | ' |
Unrealized gain or loss on available-for-sale securities | -45,536 | 22,309 | -3,015 |
Currency translation adjustments | 1,216 | 13,359 | -2,550 |
Comprehensive income (loss) | -44,320 | 35,668 | -5,565 |
Net income (loss) attributable to: | ' | ' | ' |
Common stockholders | -490,238 | -85,088 | 198,966 |
Non-controlling interests | -31,156 | -43,843 | -60,926 |
Net income (loss) for the year | -521,394 | -128,931 | 138,040 |
Net comprehensive income (loss) attributable to: | ' | ' | ' |
Common stockholders | -535,774 | -49,722 | 173,194 |
Non-controlling interests | -29,940 | -43,541 | -40,719 |
Comprehensive income (loss), net of tax, including portion attributable to noncontrolling interest | ($565,714) | ($93,263) | $132,475 |
Earning (loss) per share - basic (in dollars per share) | ($0.05) | ($0.01) | $0.01 |
Earning (loss) per share - diluted (in dollars per share) | ($0.05) | ($0.01) | $0.01 |
Weighted average number of common shares outstanding | ' | ' | ' |
- basic (in dollars) | 10,950,000 | 10,950,000 | 10,950,000 |
- diluted (in dollars) | 10,950,000 | 10,950,000 | 11,404,862 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) for the year | ($521,394) | ($128,931) | $138,040 |
Adjustment to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation | 7,776 | 15,216 | 15,918 |
Deferred tax recovery | 3,857 | 49,284 | 54,586 |
Stock based compensation | 25,841 | 59,404 | 140,042 |
Equity interest pick up | 197,276 | -166,735 | -144,257 |
Gain on short term investment | 0 | -50,193 | 0 |
Write-down equipments | 506 | 0 | 0 |
Changes in non-cash working capital items: | ' | ' | ' |
Accounts receivable | -12,230 | 46,825 | -91,634 |
Prepaid expenses and deposits | -18,481 | -3,767 | -18,166 |
Accounts payable and accrued liabilities | -6,747 | 69,656 | 33,270 |
Deferred revenue | -15,520 | -42,449 | 34,213 |
Net cash provided by (used in) operating activities | -339,116 | -151,690 | 162,012 |
FINANCING ACTIVITIES | ' | ' | ' |
Short term loan | 1,178,746 | -602,610 | 702,866 |
Due to related parties | 331,125 | -190,448 | 130,417 |
Net cash provided by financing activities | 1,509,871 | -793,058 | 833,283 |
INVESTING ACTIVITIES | ' | ' | ' |
Purchase of equipment | 0 | -1,726 | -1,084 |
Short term investments | -274,778 | -19,944 | -172,886 |
Net cash provided by (used in) investing activities | -274,778 | -21,670 | -173,970 |
Effect of exchange rate changes on cash and cash equivalents | 13,449 | 631 | 12,326 |
Increase (decrease) in cash and cash equivalents | 909,426 | -965,787 | 833,651 |
Cash and cash equivalents, beginning of year | 805,874 | 1,771,661 | 938,010 |
Cash and cash equivalents, end of year | 1,715,300 | 805,874 | 1,771,661 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Cash paid for interest, net of interest capitalized | 0 | 0 | 0 |
Cash paid for income taxes | $0 | $0 | $0 |
NATURE_OF_OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Nature of Operations [Text Block] | ' |
1. NATURE OF OPERATIONS | |
The Company was incorporated under the laws of Cayman Islands on January 12, 2000. On January 15, 2000 the Company acquired 100% of the issued and outstanding shares of NAI Interactive Ltd. (“NAI”), a company incorporated under the laws of British Columbia, Canada. The Company also has a dormant wholly-owned subsidiary ChineseWorldNet.com HK Limited (“CWN HK”) incorporated under the laws of Hong Kong. ChineseWorldNet.com (Shanghai) Ltd. (“CWN China”) was incorporated under the laws of People’s Republic of China in April 2008. In fiscal year 2012, the Company’s ownership interests in CWN China increased from 80% to 83% after CWN HK invested an amount of $200,000 to CWN China’s registered capital. During the fiscal year 2013, the Company’s ownership interests in CWN China further increased from 83% to 85% after CWN HK invested an amount of $187,200 to CWN China’s registered capital. CWN China has a wholly-owned subsidiary, Weihai Consulting Investment Ltd (“Weihai”), a company incorporated under the laws of People’s Republic of China in September 2009. | |
The Company’s business is to provide online internet services through its Chinese world-wide website. The online internet services comprise banner advertisements, web page hosting and maintenance, online promotion for customers, translation services, investment seminars, investment handbooks, website contest events, and subscription fees. The Company, through its subsidiary, NAI, is also in the business of providing investor relations and public relations (IR/PR) services to public companies. The IR/PR services are comprised of investment conferences in North America and China, company road shows, investor outreach events, publication of industry related handbooks, online marketing through its proprietary website, and e-mail marketing. These services are considered as one segment based upon the Company’s organizational structure, the way in which these operations are managed and evaluated by management, the availability of separate financial results and materiality considerations. | |
These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has accumulated losses since its inception and requires additional funds to maintain and expand its intended business operations. Management’s plans in this regard are to raise debt or equity financing as required which the Company has been able to finance the operations through a series of equity and debt financings and additional funds is still required to fund the Company’s anticipated business expansion. | |
These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments that might result from this uncertainty. | |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Significant Accounting Policies [Text Block] | ' | |||
2. SIGNIFICANT ACCOUNTING POLICIES | ||||
Basis of consolidation | ||||
These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly owned subsidiaries and subsidiaries which the Company owns 85% interests and its investment in CWN Capital Inc. All material inter-company accounts and transactions have been eliminated upon consolidation. | ||||
During the fiscal year 2011, CWN HK invested an amount of $400,000 to CWN China. As a result, through CWN HK, the Company had an effective ownership of 80% equity interests in CWN China. In fiscal year 2012, CWN HK further invested an amount of $200,000 to CWN China and the Company‘s effective ownership of equity interest increased from 80% to 83% in CWN China. During the fiscal year 2013, CWN HK further invested an amount of $187,200 to CWN China and the Company‘s effective ownership of equity interest increased from 83% to 85% in CWN China. The transaction was accounted for as an equity transaction and the non-controlling interest was adjusted to reflect the changes in the interest in CWN China. | ||||
Use of estimates | ||||
The preparation of consolidated 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 amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates and would impact the results of operations and cash flows. Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Significant areas requiring the use of management estimates relate to the determination of the net recoverable value of assets, fair value of financial instruments, allowance for doubtful accounts, asset impairment, deferred income tax assets and liabilities and stock based compensation. | ||||
Equipment | ||||
Equipment is recorded at cost, net of accumulated amortization. | ||||
Depreciation on equipment is provided on a declining-balance basis over its expected useful lives at the following annual rates: | ||||
Furniture and fixtures | 20 | % | ||
Computer equipment | 30 | % | ||
Vehicle | 25 | % | ||
Equipments are written down to net realizable value when management determines there has been a change in circumstances which indicates its carrying amount may not be recoverable. No write-downs have been necessary to date. | ||||
Cash equivalents | ||||
Cash equivalents usually consist of highly liquid investments which are readily convertible into cash with maturity of three months or less when purchased. As at December 31, 2013, the Company held a $Nil [2012 - $504,107] term deposit. | ||||
Accounts receivable | ||||
Accounts receivable are recorded at face value, less an allowance for doubtful accounts. The allowance for doubtful accounts is an estimate calculated based on an analysis of current business and economic risks, customer credit-worthiness, specific identifiable risks such as bankruptcies, terminations or discontinued customers, or other factors that may indicate a potential loss. The allowance is reviewed on a regular basis, at least annually, to ensure that it adequately provides for all reasonably expected losses in the receivable balances. An account may be determined to be uncollectible if all collection efforts have been exhausted, the customer has filed for bankruptcy and all recourse against the account is exhausted, or disputes are unresolved and negotiations to settle are exhausted. This uncollectible amount is written off against the allowance. For the fiscal year of 2013, the company incurred an expense for bad debt and provision for allowance for doubtful accounts receivable in the amount of $51,112. The Company recorded bad debt recovery of $30,472 from allowance for doubtful accounts in 2012. In 2011, the company incurred an expense for bad debt and provision for allowance for doubtful accounts receivable in the amount of $55,917. | ||||
Foreign currency translations | ||||
The Company, NAI, CWN HK, CWN China and Weihai maintain their accounting records in their functional currencies of U.S. dollars, Canadian dollars, HK dollars, Chinese Renminbi and Chinese Renminbi, respectively. However, the Company reports in U.S. dollars. Foreign currency transactions in the foreign subsidiaries are translated into their functional currency using the exchange rate in effect at that date for assets, liabilities, revenues and expenses. At the period end, monetary assets and liabilities denominated in the foreign currency are re-evaluated into the functional currency by using the exchange rate in effect for the period end. The resulting foreign exchange gains and losses are included in operations. | ||||
Assets and liabilities of the foreign subsidiaries are translated into the reporting U.S. dollars at exchange rates in effect at the balance sheet date. Revenues and expenses are translated at the average exchange rates. Gain and losses from such translations are included in stockholders’ equity, as a component of other comprehensive income. | ||||
Allowance for Doubtful Accounts | ||||
The Company provides an allowance for doubtful accounts when management estimates collectibility to be uncertain. Accounts receivable are continually reviewed to determine which, if any, accounts are doubtful of collection. In making the determination of the appropriate allowance amount, the Company considers current economic and industry conditions, relationships with each significant customer, overall customer credit-worthiness and historical experience. | ||||
Income taxes | ||||
The Company accounts for income taxes under the provisions of Accounting Standards Codification (“ASC”) 740 (formerly Statement of Financial Accounting Standards (“SFAS”) No. 109), Accounting for Income Taxes, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The effect on deferred income tax assets and liabilities of a change in income tax rates is included in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. | ||||
On January 1, 2007 the Company adopted FAS Interpretation No. 48, “Accounting for Uncertainty in Income Taxes— an interpretation of FASB Statement No. 109 ("FIN 48")”, codified into ASC 740. FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with SFAS No. 109, Accounting for Income Taxes. FIN 48 describes a recognition threshold and measurement attribute for the recognition and measurement of tax positions taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | ||||
Comprehensive income | ||||
The Company accounts for comprehensive income under the provisions of ASC 220 (formerly SFAS 130), Reporting Comprehensive Income, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The Company is disclosing this information on its Statement of Stockholders’ Equity. The Company’s comprehensive income (loss) consists of net earnings (loss) for the year, foreign currency translation adjustments and unrealized gain (loss) on available-for-sale securities. | ||||
Financial instruments and concentration of risks | ||||
Fair value of financial instruments is made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values. | ||||
The carrying value of cash and cash equivalents, available for sale securities, accounts receivable, receivable from related parties, accounts payable and accrued liabilities, due to related parties and bank loans approximates their fair value because of the short-term nature of these instruments. The Company is exposed to interest rates risk on its cash and cash equivalents, marketable funds and bank loans. Management does not believe that the impact of interest rate fluctuate will be significant. | ||||
The Company has cash and cash equivalents with various financial institutions, which may exceed insured limits throughout the year. The Company is exposed to credit loss for amounts in excess of insured limits in the event of non-performance by the institution. However, the Company does not anticipate non-performance. | ||||
Concentration of credit risk with respect to trade receivables is limited due to the Company’s large number of diverse customers. The Company does not require collateral or other security to support financial instruments subject to credit risk. | ||||
The Company operates and incurs significant expenditures outside of the United States of America and is exposed to foreign currency risks due to the currency exchange fluctuation between the subsidiaries’ functional currency and the Company’s reporting currency. | ||||
Fair value of financial instruments | ||||
The Company has adopted the provisions of ASC Topic 820, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: | ||||
· | Level one – Quoted market prices in active markets for identical assets or liabilities; | |||
· | Level two – Inputs other than level one inputs that are either directly or indirectly observable; and | |||
· | Level three – Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. | |||
For the period ended December 31, 2013 and 2012, the fair value of cash and cash equivalents and public traded securities, marketable funds and bank loans are recognized on the balance sheets as level one per the fair value hierarchy; and the fair value of share options are recognized in the balance sheets as level three per the fair value hierarchy. | ||||
Available-for-sale securities | ||||
Available-for-sale securities represent securities and other financial instruments that are non- strategic and neither held for trading, nor held to maturity. Available-for-sale securities are recorded at market value. Unrealized holding gains and losses on available-for-sale securities are excluded from income and charged to Accumulated other comprehensive income as a separate component of stockholders’ equity until realized. | ||||
Investments in Companies Accounted for Using the Equity Method | ||||
Investments in equity method investees are accounted for using the equity method based upon the level of ownership and/or the Company’s ability to exercise significant influence over the operating and financial policies of the investee. Investments of this nature are recorded at original cost and adjusted periodically to recognize the Company’s proportionate share of the investees’ net income or losses after the date of investment. When net losses from and investment accounted for under the equity method exceed its carrying amount, the investment balance is reduced to zero. The Company resumes accounting for the investment under the equity method if the entity subsequently reports net income and the Company’s share of that net income exceeds the share of the net losses not recognized during the period the equity method was suspended. Investments are written down only when there is clear evidence that a decline in value that is other than temporary has occurred. When an investment accounted for using the equity method issues its own shares, the subsequent reduction in the Company’s proportionate interest in the investee is reflected in income as a deemed dilution gain or loss on disposition. The Company evaluates its investments in companies accounted for the equity or cost method for impairment when there is evidence or indicators that a decrease in value may be other than temporary. | ||||
Non-monetary transactions | ||||
The Company entered into agreements for the supply of content for the Company’s websites in exchange for advertising, consisting primarily of links to the supplier’s websites. The Company accounted for these transactions in accordance with ASC 845 (formerly Accounting Principles Board No. 29) Nonmonetary Transactions and with ASC 605-20 (formerly Emerging Issues Task Force No. 99-17) Revenue Recognition . No cash was exchanged between the parties in any of these transactions. These transactions have been recorded at a zero value, being the carrying amount of the content supplied. | ||||
Revenue recognition | ||||
Revenue consists of two main sources: | ||||
1 | Fees from banner advertisement, webpage hosting and maintenance, on-line promotion and translation services, advertising and promotion fees for customers in the Company’s Chinese Investment Guides, sponsorship fees from investment seminars, road show and forums, all of which sales prices are fixed and determinable at the time the contracts are signed and there are no provisions for refunds contained in the contracts. These revenues are recognized when all significant contractual obligations have been satisfied and collection of the resulting receivable is reasonably assured. | |||
2 | Fees from membership subscriptions. These revenues are recognized over the term of the subscription. | |||
Fees received in advance and require continuing performance obligation are deferred and recognized as revenue systematically over the period of services provided to customers. | ||||
Long-lived assets impairment | ||||
Long-term assets of the Company are reviewed for impairment whenever events or changes in circumstances indicate that their carrying value has become impaired, in accordance with the guidance established in ASC 360 (formerly SFAS144), Property, Plant and Equipment . An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. There were no impairment charges during the periods presented. | ||||
Stock-based compensation | ||||
The Company has adopted the fair value method of accounting for stock-based compensation as recommended by ASC 718 (formerly SFAS 123R) Compensation –Stock Compensation. The Company has granted stock options to directors and certain employees for services provided to the Company under this method. The Company recognizes compensation expense for stock options awarded based on the fair value of the options at the grant date using the Black-Scholes option pricing model. The fair value of the options is amortized over the vesting period. | ||||
Commitment and Contingencies | ||||
The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. | ||||
If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. | ||||
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. | ||||
Earning (Loss) per share | ||||
Earning (loss) per share is computed using the weighted average number of common shares outstanding during the period. The Company has adopted ASC 260 (formerly SFAS128), Earnings Per Share . Diluted earning (loss) per share is equal to basic loss per share because there is no potential dilutive security. | ||||
Recent Accounting Pronouncements | ||||
In January 2013, the FASB issued ASU 2013-01, Balance Sheet (Topic 210) - Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This amendment requires companies to disclose information about financial instruments that have been offset and related arrangements to enable users of the company's financial statements to understand the effect of those arrangements on the company's financial position. Companies will be required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset. The guidance is effective prospectively for the Company's interim and annual periods beginning after January 1, 2013. Adoption of this amendment had no impact on the on the Company’s balance sheet or results of operations. | ||||
AVAILABLEFORSALE_SECURITIES
AVAILABLE-FOR-SALE SECURITIES | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||
Available For Sale Securities Disclosure [Text Block] | ' | |||||||||
3. AVAILABLE-FOR-SALE SECURITIES | ||||||||||
Available –for –sale securities consist of marketable funds, marketable securities and stock options and are summarized as follows: | ||||||||||
2013 | 2012 | |||||||||
Fair | Fair | |||||||||
Market | Market | |||||||||
Cost | value | Cost | value | |||||||
$ | $ | $ | $ | |||||||
Public traded securities | 1,177 | - | 1,177 | - | ||||||
Marketable funds | 966,673 | 974,639 | 735,215 | 761,888 | ||||||
Stock options | - | - | - | - | ||||||
Total | 967,850 | 974,639 | 736,392 | 761,888 | ||||||
The fair market value of public traded securities and marketable funds are measured using quoted prices in active market for the identical assets, the total fair market value is the published market price per share/unit multiplied by the number of shares/units held without consideration of transaction costs. | ||||||||||
On January 26, 2011, the Company received 300,000 stock options from Argex Mining Inc.(the “Argex”), which expire on July 26, 2012 with each stock option entitling to its holder to purchase one common share at C$0.495 which are vested 25% immediately and remaining 75% shall become vested on every 6 month from the grant date. | ||||||||||
During the fiscal year 2011, the Company exercised 75,000 stock options. As at December 31, 2011, Argex cancelled 75,000 stock options and the Company has 150,000 stock options outstanding. During the fiscal year 2012, the Company exercised all remaining 150,000 stock options, sold all Argex’s shares for net proceeds of $156,267, and recognized the gain in the amount of $43,409. | ||||||||||
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Accounts Receivable Disclosure [Abstract] | ' | |||||
Accounts Receivable Disclosure [Text Block] | ' | |||||
4. ACCOUNTS RECEIVABLE | ||||||
December 31, | December 31, | |||||
2013 | 2012 | |||||
Accounts receivable | 214,661 | 153,970 | ||||
Allowance for doubtful accounts | -141,172 | -87,751 | ||||
Total | 73,489 | 66,219 | ||||
EQUIPMENT
EQUIPMENT | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
5. EQUIPMENT | ||||||||
Accumulated | Net book | |||||||
Cost | amortization | value | ||||||
$ | $ | $ | ||||||
2013 | ||||||||
Furniture and fixtures | 35,221 | 30,946 | 4,275 | |||||
Computer equipment | 92,016 | 87,653 | 4,363 | |||||
Leasehold improvement | 27,689 | 27,689 | - | |||||
Vehicle | 37,817 | 31,602 | 6,215 | |||||
192,743 | 177,890 | 14,853 | ||||||
2012 | ||||||||
Furniture and fixtures | 37,137 | 30,942 | 6,195 | |||||
Computer equipment | 100,132 | 92,632 | 7,500 | |||||
Leasehold improvement | 25,674 | 25,674 | - | |||||
Vehicle | 36,683 | 26,863 | 9,820 | |||||
199,626 | 176,111 | 23,515 | ||||||
A reduction in the value of Computer equipment is due to the Company wrote-off outdated computer equipment. | ||||||||
LONG_TERM_INVESTMENTS
LONG TERM INVESTMENTS | 12 Months Ended |
Dec. 31, 2013 | |
Long Term Investment Disclosure [Abstract] | ' |
Long Term Investment Disclosure [Text Block] | ' |
6. LONG TERM INVESTMENTS | |
The Company previously had a wholly-owned subsidiary CWN Capital Inc. (“CWN Capital”), a company incorporated under the laws of British Virgin Islands in August 2009. On December 18, 2010, the Company’s ownership interests were diluted to 23.8% upon CWN Capital Inc. issued 80,000 common shares to two companies controlled by two directors of the Company. As the dilution has resulted in the Company losing a controlling interest, the Company deconsolidated CWN Capital on December 18, 2010 and recorded its interest in CWN Capital as an equity investment. | |
The dilution occurred on October 1, 2010 and December 18, 2010 when CWN Capital issued 25,000 and 55,000 common stocks at a price of $0.01 and $1.00 per share of its common stock to a company controlled by a director of the Company and another company controlled by another director of the Company, respectively. The above issuance of CWN Capital common stocks diluted the Company’s ownership interest in CWN Capital down to 50% and 23.8%, respectively. Upon the issuance of 55,000 common stocks of CWN Capital on December 18, 2010, the Company has become a non-controlling shareholder, which the Company (the former parent) deconsolidated CWN Capital from its consolidated financial statements in accordance with ASC 810-10-65 (formerly SFAS 160 Non-controlling Interests in Consolidated Financial Statements – an amendment of ARB No. 51), and subsequently the Company accounts for its investment in the CWN Capital under the equity method. | |
Pursuant to ASC 810-10-65 (formerly SFAS 160 Non-controlling Interests in Consolidated Financial Statements – an amendment of ARB No. 51), upon the deconsolidation of CWN Capital, the Company’s retained non-controlling equity investment in the CWN Capital (former subsidiary) was initially measured at the estimated fair value of $112,218 as of December 18, 2010. As a result, the Company recognized a dilution loss of $128,356. | |
For the fiscal year 2010 consolidated financial statements, the Company included the operations of CWN Capital for the period from January 1, 2010 to December 17, 2010 and recorded an equity income of $13,897 for the period from December 18, 2010 to December 31, 2010, which resulted in a net investment of $126,115. | |
For the fiscal year 2011 consolidated financial statements, the Company recorded an equity income of $192,399 for the period from January 1, 2011 to December 31, 2011, which resulted in a net investment of $270,371 as of December 31, 2011. | |
For the fiscal year 2012 consolidated financial statements, the Company recorded an equity income of $166,735 for the year from January 1, 2012 to December 31, 2012, which resulted in a net investment of $372,860 as of December 31, 2012. | |
For the fiscal year 2013 consolidated financial statements, the Company recorded an equity loss of $197,276 for the year from January 1, 2013 to December 31, 2013, which resulted in a net investment of $147,806 as of December 31, 2013. | |
BANK_LOANS
BANK LOANS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Bank Loans Disclosure [Abstract] | ' | |||||||||||
Bank Loans Disclosure [Text Block] | ' | |||||||||||
7. BANK LOANS | ||||||||||||
In July 27, 2012, the Company entered into a $ 1 million Revolving Credit Facility. The amount is subject to availability of Collateral Lending Value as assessed by the bank from time to time. The Revolving Credit Facility includes both term loan and overdraft for up to 12 months maximum tenor each subject to availability and bank’s discretion. The interest for current account overdraft will be charged monthly in arrears at the bank’s appropriate funding rate plus 2% p.a. or advised by the bank from time to time. The interest for term loans will be charged at 1% p.a. over bank’s cost of funds or as advised by the bank from time to time and payable upon end of the corresponding interest periods and quarterly if the loan tenor exceeds three months. The Revolving Credit Facility will be subject to review at any time at the bank’s discretion without prior notice to the Company. The Revolving Credit Facility is secured by the Company’s total assets. As at December 31, 2013, the Company had $1,279,002 of term loan outstanding under the Revolving Credit Facility. | ||||||||||||
Bank loans consisted of the following: | ||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||
From Financial institutions | Rate | Balance | Rate | Balance | ||||||||
EFG Bank of Hong Kong | 1.17 | % | $ | 1,279,002 | 1.5 | % | $ | 100,256 | ||||
Total | $ | 1,279,002 | $ | 100,256 | ||||||||
The bank loan has been renewed subsequent to year end and the interest rate decreased to 1.16%. | ||||||||||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||
8. STOCKHOLDERS’ EQUITY | |||||||||||||||||
Stock Options | |||||||||||||||||
On October 11, 2007, the Company granted key officers and directors 550,000 stock options, which expire on October 11, 2012 with each stock option entitling its holder to purchase one common share at $1.08, which are vested 20% on the first anniversary of the grant date and remaining 80% shall become vested in four equal yearly installments on each of the four anniversary dates of the grant date subsequent to the first anniversary of the grant date. | |||||||||||||||||
On June 10, 2010, the Company granted key officers and directors 1,090,000 stock options, which expire on June 10, 2015 with each stock option entitling its holder to purchase one common share at $0.60, which are vested 20% on the first anniversary of the grant date and remaining 80% shall become vested in four equal yearly installments on each of the four anniversary dates of the grant date subsequent to the first anniversary of the grant date. | |||||||||||||||||
Number of Options | Weighted Average | ||||||||||||||||
Exercise Price | |||||||||||||||||
Balance, December 31, 2011 | 1,510,000 | $ | 0.74 | ||||||||||||||
Forfeited | -20,000 | 0.6 | |||||||||||||||
Expired | -450,000 | 1.08 | |||||||||||||||
Balance, December 31, 2012 | 1,040,000 | 0.6 | |||||||||||||||
Forfeited | -20,000 | 0.6 | |||||||||||||||
Balance, December 31, 2013 | 1,020,000 | $ | 0.6 | ||||||||||||||
As at December 31, 2013, the Company has 1,020,000 stock options outstanding: | |||||||||||||||||
Exercise price | Outstanding as at December 31, 2013 | Exercisable as at December 31, 2013 | |||||||||||||||
Number of | Weighted | Weighted | Number of | Weighted | Weighted | ||||||||||||
Options | Average | Average | Options | Average | Average | ||||||||||||
Exercise | Remaining | Exercise | Remaining | ||||||||||||||
Price | Contractual | Price | Contractual | ||||||||||||||
Life (years) | Life (years) | ||||||||||||||||
$ | 0.6 | 1,020,000 | $ | 0.6 | 1.44 | 612,000 | $ | 0.6 | 1.44 | ||||||||
1,020,000 | $ | 0.6 | 1.44 | 612,000 | $ | 0.6 | 1.44 | ||||||||||
Exercise price | Outstanding as at December 31, 2012 | Exercisable as at December 31, 2012 | |||||||||||||||
Number of | Weighted | Weighted | Number of | Weighted | Weighted | ||||||||||||
Options | Average | Average | Options | Average | Average | ||||||||||||
Exercise | Remaining | Exercise | Remaining | ||||||||||||||
Price | Contractual | Price | Contractual | ||||||||||||||
Life (years) | Life (years) | ||||||||||||||||
$ | 0.6 | 1,040,000 | $ | 0.6 | 2.44 | 419,000 | $ | 0.6 | 2.44 | ||||||||
1,040,000 | $ | 0.6 | 2.44 | 419,000 | $ | 0.6 | 2.44 | ||||||||||
The fair value of each stock option granted in the fiscal year 2010 was calculated as $0.30. The Company recorded stock based compensation expense of $25,841 in fiscal year 2013 (2012- $59,404 and 2011-$140,042) for options granted in the previous years. The fair value of each option granted is estimated on the date of the grant using the Black-Scholes option pricing model with weighted average assumptions for grants as follows: | |||||||||||||||||
2010 | |||||||||||||||||
Risk-free interest rate | 2.65 | % | |||||||||||||||
Expected life of options | 5 years | ||||||||||||||||
Annualized volatility | 76.71 | % | |||||||||||||||
Dividend rate | 0 | % | |||||||||||||||
There was no stock option granted in fiscal year 2013 and 2012. | |||||||||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions Disclosure [Text Block] | ' | |
9. RELATED PARTY TRANSACTIONS | ||
[a] | In 2013, the Company incurred $90,000 [2012 - $90,000 and 2011 - $104,000] in consulting fees to a company related to a director of the Company, of which $22,500 [2012 - $22,500] was outstanding included in accounts payable and accrued liabilities as at December 31, 2013. | |
[b] | In 2013, the Company paid $98,102 [2012 - $110,723 and 2011 - $103,651] salary to the senior officers of the Company. | |
[c] | As at December 31, 2013, the Company has non-interest bearing loan from the stockholders in the amount of $12,444 [2012 - $24,150]. | |
[d] | Included in accounts payable and accrued liabilities, $84,947 [2012 - $74,836] was payable to directors and senior officers of the Company. | |
[e] | In 2013, the Company incurred $12,000 [2012 - $12,000 and 2011 - $12,000] in director fees, of which $12,000 [2012 - $12,000] was outstanding and included in accounts payable and accrued liabilities as at December 31, 2013. | |
[f] | In 2013, the Company provided service for a total of $115,093 [2012 - $270,810 and 2011 - $202,280] to CWN Capital, of which $115,093 [2012 - $270,810] was outstanding and included in receivable from a related party as at December 31, 2013. The balance of receivable from a related party in the amount of $57,147 [2012 - $215,644] represents costs incurred on behalf of CWN Capital by the Company. | |
[g] | In 2013, the Company provided service for a total of $11,653 [2012 - $14,043 and 2011 - $Nil] to CWN Mining Acquisition, a company in which CEO of the Company has significant influence. | |
Also see note 6. | ||
All related party transactions were entered into in the normal course of business and are recorded at the exchange amount established and agreed to between the related parties. | ||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||
10. INCOME TAXES | ||||||||||
The parent company is subject to the tax laws of Cayman Islands and the tax rate is 0%. NAI is a Canadian company and its income tax expense varies from the amount that would be computed from applying the combined Canadian federal and provincial income tax rate at 25.75%. CWN HK and CWN China are taxed at 16.5% and 25% based on the Hong Kong and Chinese tax laws. The reconciliation of the income tax expense is as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
$ | $ | $ | ||||||||
Net Income (loss) for the year | -517,537 | -79,646 | 192,626 | |||||||
Statutory Cayman Islands corporate tax rate | 0 | % | 0 | % | 0 | % | ||||
Anticipated tax recovery | — | — | — | |||||||
Change in tax rates resulting from: | ||||||||||
Non-deductible items | 8,962 | 15,250 | — | |||||||
Change in estimates | -2,268 | -7,259 | - | |||||||
Change enacted of tax rate | -2,702 | - | 6,818 | |||||||
Functional currency adjustments | -10,985 | -2,022 | - | |||||||
Foreign tax rate differential | -53,640 | -84,074 | 8,477 | |||||||
Others | - | - | -11,461 | |||||||
Change in valuation allowance | 64,490 | 127,389 | 50,752 | |||||||
Income tax expense (recovery) | 3,857 | -49,284 | 54,586 | |||||||
Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax values. Deferred tax assets (liabilities) at December 31, 2013 and 2012 are comprised of the following: | ||||||||||
2013 | 2012 | |||||||||
$ | $ | |||||||||
Non-capital loss carryforwards | 413,959 | 357,624 | ||||||||
Capital losses | - | 744 | ||||||||
Equipment and furniture | 2,008 | 1,219 | ||||||||
Others | -1,286 | -5,539 | ||||||||
414,681 | 354,048 | |||||||||
Valuation allowance | -414,681 | -350,191 | ||||||||
Net deferred tax assets | - | 3,857 | ||||||||
The Company has non capital loss carryforwards of approximately $243,434 (2011: $288,000) which may be carried forward to apply against future year income tax for Canadian income tax purposes, subject to the final determination by taxation authorities, expiring in the following years: | ||||||||||
$ | ||||||||||
2028 | 121,699 | |||||||||
2029 | 62,653 | |||||||||
2032 | 59,082 | |||||||||
243,434 | ||||||||||
The Company has net operating loss carryforwards of approximately $48,116 (2012: $45,473) which may be carried forward indefinitely to apply against future year income tax for Hong Kong income tax purposes, subject to the final determination by taxation authorities. | ||||||||||
The Company has net operating loss carryforwards of approximately $1,353,337 (2012: $1,109,400) which may be carried forward to apply against future year income tax for Chinese income tax purposes, subject to the final determination by taxation authorities, expiring in the following years: | ||||||||||
$ | ||||||||||
2016 | 924,258 | |||||||||
2017 | 221,591 | |||||||||
2018 | 207,488 | |||||||||
1,353,337 | ||||||||||
The parent company is subject to the tax laws of Cayman Islands and the tax rate is 0%. Often, differing opinions regarding legal interpretation exist both among and within government ministries and organizations; thus, creating uncertainties and areas of conflict. Tax declarations are subject to review and investigation by the authority, which are enabled by law to impose extremely severe fines, penalties and interest charges. The risk remains that the relevant authorities could take differing positions with regard to interpretive issues and the effect could be significant. The fact that a year has been reviewed does not close that year, or any tax declaration applicable to that year, from further review. | ||||||||||
GEOGRAPHIC_INFORMATION
GEOGRAPHIC INFORMATION | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||
11. GEOGRAPHIC INFORMATION | |||||||||||
The Company’s head office is located in Vancouver, British Columbia, Canada. The operations of the Company are primarily in two geographic areas: Canada and China. A summary of geographical information for the Company’s assets and net loss for the years is as follows: | |||||||||||
Year ended December 31, 2013 | Canada | China | Total | ||||||||
Revenue from external customers | $ | 923,350 | $ | 14,431 | $ | 937,781 | |||||
Net income (loss) | -313,717 | -207,677 | -521,394 | ||||||||
Total assets | $ | 3,128,054 | $ | 48,422 | $ | 3,176,476 | |||||
Year ended December 31, 2012 | Canada | China | Total | ||||||||
Revenue from external customers | $ | 1,227,285 | $ | 16,353 | $ | 1,243,638 | |||||
Net income (loss) | 90,283 | -219,214 | -128,931 | ||||||||
Total assets | $ | 2,439,206 | $ | 132,058 | $ | 2,571,264 | |||||
COMMITMENTS
COMMITMENTS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
12. COMMITMENTS | |||||
Operating leases | |||||
The Company has entered into operating leases for automobile and office space. Minimum future rental payments under these leases are as follows: | |||||
$ | |||||
2014 | 98,747 | ||||
2015 | 97,033 | ||||
2016 | 55,612 | ||||
2017 | 1,816 | ||||
Total | 253,208 | ||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events [Text Block] | ' | |
13. SUBSEQUENT EVENTS | ||
[a] | Subsequent to the year end, the Company and NAI entered into a new consulting agreement with Goldpac Investments Ltd, a company controlled by a director of the Company respectively. The Company and NAI will pay $12,000 per quarter to Goldpac Investments Ltd respectively for the consulting services from January 1 to December 31, 2013 | |
[b] | On April 18, 2014, the company received shareholder approval for a share purchase agreement for the sale of all issued and outstanding shares in NAI, all issued and outstanding shares of CWN HK and 23.8% of issued and outstanding shares of CWN Capital. As part of the contract, we will receive an aggregate of $263,968 in funds and one or more non-interest bearing promissory notes in the aggregate principal amount of $831,031with a maturity date of one year with the option to extend upon mutual agreement. | |
Also see note 7. | ||
COMPARATIVE_FIGURES
COMPARATIVE FIGURES | 12 Months Ended |
Dec. 31, 2013 | |
Comparative Figures Disclosure [Abstract] | ' |
Comparative Figures Disclosure [Text Block] | ' |
14. COMPARATIVE FIGURES | |
Certain of comparative figures have been reclassified to conform with the presentation adopted in the current period. | |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Use of Estimates, Policy [Policy Text Block] | ' | |||
Use of estimates | ||||
The preparation of consolidated 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 amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates and would impact the results of operations and cash flows. Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Significant areas requiring the use of management estimates relate to the determination of the net recoverable value of assets, fair value of financial instruments, allowance for doubtful accounts, asset impairment, deferred income tax assets and liabilities and stock based compensation. | ||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||
Equipment | ||||
Equipment is recorded at cost, net of accumulated amortization. | ||||
Depreciation on equipment is provided on a declining-balance basis over its expected useful lives at the following annual rates: | ||||
Furniture and fixtures | 20 | % | ||
Computer equipment | 30 | % | ||
Vehicle | 25 | % | ||
Equipments are written down to net realizable value when management determines there has been a change in circumstances which indicates its carrying amount may not be recoverable. No write-downs have been necessary to date. | ||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||
Cash equivalents | ||||
Cash equivalents usually consist of highly liquid investments which are readily convertible into cash with maturity of three months or less when purchased. As at December 31, 2013, the Company held a $Nil [2012 - $504,107] term deposit. | ||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | |||
Accounts receivable | ||||
Accounts receivable are recorded at face value, less an allowance for doubtful accounts. The allowance for doubtful accounts is an estimate calculated based on an analysis of current business and economic risks, customer credit-worthiness, specific identifiable risks such as bankruptcies, terminations or discontinued customers, or other factors that may indicate a potential loss. The allowance is reviewed on a regular basis, at least annually, to ensure that it adequately provides for all reasonably expected losses in the receivable balances. An account may be determined to be uncollectible if all collection efforts have been exhausted, the customer has filed for bankruptcy and all recourse against the account is exhausted, or disputes are unresolved and negotiations to settle are exhausted. This uncollectible amount is written off against the allowance. For the fiscal year of 2013, the company incurred an expense for bad debt and provision for allowance for doubtful accounts receivable in the amount of $51,112. The Company recorded bad debt recovery of $30,472 from allowance for doubtful accounts in 2012. In 2011, the company incurred an expense for bad debt and provision for allowance for doubtful accounts receivable in the amount of $55,917. | ||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | |||
Foreign currency translations | ||||
The Company, NAI, CWN HK, CWN China and Weihai maintain their accounting records in their functional currencies of U.S. dollars, Canadian dollars, HK dollars, Chinese Renminbi and Chinese Renminbi, respectively. However, the Company reports in U.S. dollars. Foreign currency transactions in the foreign subsidiaries are translated into their functional currency using the exchange rate in effect at that date for assets, liabilities, revenues and expenses. At the period end, monetary assets and liabilities denominated in the foreign currency are re-evaluated into the functional currency by using the exchange rate in effect for the period end. The resulting foreign exchange gains and losses are included in operations. | ||||
Assets and liabilities of the foreign subsidiaries are translated into the reporting U.S. dollars at exchange rates in effect at the balance sheet date. Revenues and expenses are translated at the average exchange rates. Gain and losses from such translations are included in stockholders’ equity, as a component of other comprehensive income. | ||||
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | ' | |||
Allowance for Doubtful Accounts | ||||
The Company provides an allowance for doubtful accounts when management estimates collectibility to be uncertain. Accounts receivable are continually reviewed to determine which, if any, accounts are doubtful of collection. In making the determination of the appropriate allowance amount, the Company considers current economic and industry conditions, relationships with each significant customer, overall customer credit-worthiness and historical experience. | ||||
Income Tax, Policy [Policy Text Block] | ' | |||
Income taxes | ||||
The Company accounts for income taxes under the provisions of Accounting Standards Codification (“ASC”) 740 (formerly Statement of Financial Accounting Standards (“SFAS”) No. 109), Accounting for Income Taxes, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The effect on deferred income tax assets and liabilities of a change in income tax rates is included in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. | ||||
On January 1, 2007 the Company adopted FAS Interpretation No. 48, “Accounting for Uncertainty in Income Taxes— an interpretation of FASB Statement No. 109 ("FIN 48")”, codified into ASC 740. FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with SFAS No. 109, Accounting for Income Taxes. FIN 48 describes a recognition threshold and measurement attribute for the recognition and measurement of tax positions taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | ||||
Comprehensive Income, Policy [Policy Text Block] | ' | |||
Comprehensive income | ||||
The Company accounts for comprehensive income under the provisions of ASC 220 (formerly SFAS 130), Reporting Comprehensive Income, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The Company is disclosing this information on its Statement of Stockholders’ Equity. The Company’s comprehensive income (loss) consists of net earnings (loss) for the year, foreign currency translation adjustments and unrealized gain (loss) on available-for-sale securities. | ||||
Financial Instruments and Concentration Of Risk [Policy Text Block] | ' | |||
Financial instruments and concentration of risks | ||||
Fair value of financial instruments is made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values. | ||||
The carrying value of cash and cash equivalents, available for sale securities, accounts receivable, receivable from related parties, accounts payable and accrued liabilities, due to related parties and bank loans approximates their fair value because of the short-term nature of these instruments. The Company is exposed to interest rates risk on its cash and cash equivalents, marketable funds and bank loans. Management does not believe that the impact of interest rate fluctuate will be significant. | ||||
The Company has cash and cash equivalents with various financial institutions, which may exceed insured limits throughout the year. The Company is exposed to credit loss for amounts in excess of insured limits in the event of non-performance by the institution. However, the Company does not anticipate non-performance. | ||||
Concentration of credit risk with respect to trade receivables is limited due to the Company’s large number of diverse customers. The Company does not require collateral or other security to support financial instruments subject to credit risk. | ||||
The Company operates and incurs significant expenditures outside of the United States of America and is exposed to foreign currency risks due to the currency exchange fluctuation between the subsidiaries’ functional currency and the Company’s reporting currency. | ||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | |||
Fair value of financial instruments | ||||
The Company has adopted the provisions of ASC Topic 820, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: | ||||
· | Level one – Quoted market prices in active markets for identical assets or liabilities; | |||
· | Level two – Inputs other than level one inputs that are either directly or indirectly observable; and | |||
· | Level three – Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. | |||
For the period ended December 31, 2013 and 2012, the fair value of cash and cash equivalents and public traded securities, marketable funds and bank loans are recognized on the balance sheets as level one per the fair value hierarchy; and the fair value of share options are recognized in the balance sheets as level three per the fair value hierarchy. | ||||
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | ' | |||
Available-for-sale securities | ||||
Available-for-sale securities represent securities and other financial instruments that are non- strategic and neither held for trading, nor held to maturity. Available-for-sale securities are recorded at market value. Unrealized holding gains and losses on available-for-sale securities are excluded from income and charged to Accumulated other comprehensive income as a separate component of stockholders’ equity until realized. | ||||
Equity Method Investments, Policy [Policy Text Block] | ' | |||
Investments in Companies Accounted for Using the Equity Method | ||||
Investments in equity method investees are accounted for using the equity method based upon the level of ownership and/or the Company’s ability to exercise significant influence over the operating and financial policies of the investee. Investments of this nature are recorded at original cost and adjusted periodically to recognize the Company’s proportionate share of the investees’ net income or losses after the date of investment. When net losses from and investment accounted for under the equity method exceed its carrying amount, the investment balance is reduced to zero. The Company resumes accounting for the investment under the equity method if the entity subsequently reports net income and the Company’s share of that net income exceeds the share of the net losses not recognized during the period the equity method was suspended. Investments are written down only when there is clear evidence that a decline in value that is other than temporary has occurred. When an investment accounted for using the equity method issues its own shares, the subsequent reduction in the Company’s proportionate interest in the investee is reflected in income as a deemed dilution gain or loss on disposition. The Company evaluates its investments in companies accounted for the equity or cost method for impairment when there is evidence or indicators that a decrease in value may be other than temporary. | ||||
Nonmonetary Transaction [Policy Text Block] | ' | |||
Non-monetary transactions | ||||
The Company entered into agreements for the supply of content for the Company’s websites in exchange for advertising, consisting primarily of links to the supplier’s websites. The Company accounted for these transactions in accordance with ASC 845 (formerly Accounting Principles Board No. 29) Nonmonetary Transactions and with ASC 605-20 (formerly Emerging Issues Task Force No. 99-17) Revenue Recognition . No cash was exchanged between the parties in any of these transactions. These transactions have been recorded at a zero value, being the carrying amount of the content supplied. | ||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||
Revenue recognition | ||||
Revenue consists of two main sources: | ||||
1 | Fees from banner advertisement, webpage hosting and maintenance, on-line promotion and translation services, advertising and promotion fees for customers in the Company’s Chinese Investment Guides, sponsorship fees from investment seminars, road show and forums, all of which sales prices are fixed and determinable at the time the contracts are signed and there are no provisions for refunds contained in the contracts. These revenues are recognized when all significant contractual obligations have been satisfied and collection of the resulting receivable is reasonably assured. | |||
2 | Fees from membership subscriptions. These revenues are recognized over the term of the subscription. | |||
Fees received in advance and require continuing performance obligation are deferred and recognized as revenue systematically over the period of services provided to customers. | ||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |||
Long-lived assets impairment | ||||
Long-term assets of the Company are reviewed for impairment whenever events or changes in circumstances indicate that their carrying value has become impaired, in accordance with the guidance established in ASC 360 (formerly SFAS144), Property, Plant and Equipment . An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. There were no impairment charges during the periods presented. | ||||
Compensation Related Costs, Policy [Policy Text Block] | ' | |||
Stock-based compensation | ||||
The Company has adopted the fair value method of accounting for stock-based compensation as recommended by ASC 718 (formerly SFAS 123R) Compensation –Stock Compensation. The Company has granted stock options to directors and certain employees for services provided to the Company under this method. The Company recognizes compensation expense for stock options awarded based on the fair value of the options at the grant date using the Black-Scholes option pricing model. The fair value of the options is amortized over the vesting period. | ||||
Commitments and Contingencies, Policy [Policy Text Block] | ' | |||
Commitment and Contingencies | ||||
The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. | ||||
If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. | ||||
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. | ||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||
Earning (Loss) per share | ||||
Earning (loss) per share is computed using the weighted average number of common shares outstanding during the period. The Company has adopted ASC 260 (formerly SFAS128), Earnings Per Share . Diluted earning (loss) per share is equal to basic loss per share because there is no potential dilutive security. | ||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||
Recent Accounting Pronouncements | ||||
In January 2013, the FASB issued ASU 2013-01, Balance Sheet (Topic 210) - Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This amendment requires companies to disclose information about financial instruments that have been offset and related arrangements to enable users of the company's financial statements to understand the effect of those arrangements on the company's financial position. Companies will be required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset. The guidance is effective prospectively for the Company's interim and annual periods beginning after January 1, 2013. Adoption of this amendment had no impact on the on the Company’s balance sheet or results of operations. | ||||
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Schedule Of Property Plant and Equipment Depreciation Rates [Table Text Block] | ' | |||
Depreciation on equipment is provided on a declining-balance basis over its expected useful lives at the following annual rates: | ||||
Furniture and fixtures | 20 | % | ||
Computer equipment | 30 | % | ||
Vehicle | 25 | % | ||
AVAILABLEFORSALE_SECURITIES_Ta
AVAILABLE-FOR-SALE SECURITIES (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||
Available-for-sale Securities [Table Text Block] | ' | |||||||||
Available –for –sale securities consist of marketable funds, marketable securities and stock options and are summarized as follows: | ||||||||||
2013 | 2012 | |||||||||
Fair | Fair | |||||||||
Market | Market | |||||||||
Cost | value | Cost | value | |||||||
$ | $ | $ | $ | |||||||
Public traded securities | 1,177 | - | 1,177 | - | ||||||
Marketable funds | 966,673 | 974,639 | 735,215 | 761,888 | ||||||
Stock options | - | - | - | - | ||||||
Total | 967,850 | 974,639 | 736,392 | 761,888 | ||||||
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Accounts Receivable Disclosure [Abstract] | ' | |||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||
December 31, | December 31, | |||||
2013 | 2012 | |||||
Accounts receivable | 214,661 | 153,970 | ||||
Allowance for doubtful accounts | -141,172 | -87,751 | ||||
Total | 73,489 | 66,219 | ||||
EQUIPMENT_Tables
EQUIPMENT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Accumulated | Net book | |||||||
Cost | amortization | value | ||||||
$ | $ | $ | ||||||
2013 | ||||||||
Furniture and fixtures | 35,221 | 30,946 | 4,275 | |||||
Computer equipment | 92,016 | 87,653 | 4,363 | |||||
Leasehold improvement | 27,689 | 27,689 | - | |||||
Vehicle | 37,817 | 31,602 | 6,215 | |||||
192,743 | 177,890 | 14,853 | ||||||
2012 | ||||||||
Furniture and fixtures | 37,137 | 30,942 | 6,195 | |||||
Computer equipment | 100,132 | 92,632 | 7,500 | |||||
Leasehold improvement | 25,674 | 25,674 | - | |||||
Vehicle | 36,683 | 26,863 | 9,820 | |||||
199,626 | 176,111 | 23,515 | ||||||
BANK_LOANS_Tables
BANK LOANS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Bank Loans Disclosure [Abstract] | ' | |||||||||||
Schedule Of Bank Loans [Table Text Block] | ' | |||||||||||
Bank loans consisted of the following: | ||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||
From Financial institutions | Rate | Balance | Rate | Balance | ||||||||
EFG Bank of Hong Kong | 1.17 | % | $ | 1,279,002 | 1.5 | % | $ | 100,256 | ||||
Total | $ | 1,279,002 | $ | 100,256 | ||||||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Schedule Of Share Based Compensation Stock Options Activity 1 [Table Text Block] | ' | ||||||||||||||||
Number of Options | Weighted Average | ||||||||||||||||
Exercise Price | |||||||||||||||||
Balance, December 31, 2011 | 1,510,000 | $ | 0.74 | ||||||||||||||
Forfeited | -20,000 | 0.6 | |||||||||||||||
Expired | -450,000 | 1.08 | |||||||||||||||
Balance, December 31, 2012 | 1,040,000 | 0.6 | |||||||||||||||
Forfeited | -20,000 | 0.6 | |||||||||||||||
Balance, December 31, 2013 | 1,020,000 | $ | 0.6 | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
As at December 31, 2013, the Company has 1,020,000 stock options outstanding: | |||||||||||||||||
Exercise price | Outstanding as at December 31, 2013 | Exercisable as at December 31, 2013 | |||||||||||||||
Number of | Weighted | Weighted | Number of | Weighted | Weighted | ||||||||||||
Options | Average | Average | Options | Average | Average | ||||||||||||
Exercise | Remaining | Exercise | Remaining | ||||||||||||||
Price | Contractual | Price | Contractual | ||||||||||||||
Life (years) | Life (years) | ||||||||||||||||
$ | 0.6 | 1,020,000 | $ | 0.6 | 1.44 | 612,000 | $ | 0.6 | 1.44 | ||||||||
1,020,000 | $ | 0.6 | 1.44 | 612,000 | $ | 0.6 | 1.44 | ||||||||||
Exercise price | Outstanding as at December 31, 2012 | Exercisable as at December 31, 2012 | |||||||||||||||
Number of | Weighted | Weighted | Number of | Weighted | Weighted | ||||||||||||
Options | Average | Average | Options | Average | Average | ||||||||||||
Exercise | Remaining | Exercise | Remaining | ||||||||||||||
Price | Contractual | Price | Contractual | ||||||||||||||
Life (years) | Life (years) | ||||||||||||||||
$ | 0.6 | 1,040,000 | $ | 0.6 | 2.44 | 419,000 | $ | 0.6 | 2.44 | ||||||||
1,040,000 | $ | 0.6 | 2.44 | 419,000 | $ | 0.6 | 2.44 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
The fair value of each option granted is estimated on the date of the grant using the Black-Scholes option pricing model with weighted average assumptions for grants as follows: | |||||||||||||||||
2010 | |||||||||||||||||
Risk-free interest rate | 2.65 | % | |||||||||||||||
Expected life of options | 5 years | ||||||||||||||||
Annualized volatility | 76.71 | % | |||||||||||||||
Dividend rate | 0 | % | |||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
The reconciliation of the income tax expense is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Net Income (loss) for the year | (517,537 | ) | (79,646 | ) | 192,626 | ||||||||
Statutory Cayman Islands corporate tax rate | 0 | % | 0 | % | 0 | % | |||||||
Anticipated tax recovery | — | — | — | ||||||||||
Change in tax rates resulting from: | |||||||||||||
Non-deductible items | 8,962 | 15,250 | — | ||||||||||
Change in estimates | (2,268 | ) | (7,259 | ) | - | ||||||||
Change enacted of tax rate | (2,702 | ) | - | 6,818 | |||||||||
Functional currency adjustments | (10,985 | ) | (2,022 | ) | - | ||||||||
Foreign tax rate differential | (53,640 | ) | (84,074 | ) | 8,477 | ||||||||
Others | - | - | (11,461 | ) | |||||||||
Change in valuation allowance | 64,490 | 127,389 | 50,752 | ||||||||||
Income tax expense (recovery) | 3,857 | (49,284 | ) | 54,586 | |||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
Deferred tax assets (liabilities) at December 31, 2013 and 2012 are comprised of the following: | |||||||||||||
2013 | 2012 | ||||||||||||
$ | $ | ||||||||||||
Non-capital loss carryforwards | 413,959 | 357,624 | |||||||||||
Capital losses | - | 744 | |||||||||||
Equipment and furniture | 2,008 | 1,219 | |||||||||||
Others | -1,286 | -5,539 | |||||||||||
414,681 | 354,048 | ||||||||||||
Valuation allowance | -414,681 | -350,191 | |||||||||||
Net deferred tax assets | - | 3,857 | |||||||||||
Schedule Of Non Operating Loss Carryforward [Table Text Block] | ' | ||||||||||||
The Company has non capital loss carryforwards of approximately $243,434 (2011: $288,000) which may be carried forward to apply against future year income tax for Canadian income tax purposes, subject to the final determination by taxation authorities, expiring in the following years: | |||||||||||||
$ | |||||||||||||
2028 | 121,699 | ||||||||||||
2029 | 62,653 | ||||||||||||
2032 | 59,082 | ||||||||||||
243,434 | |||||||||||||
Summary of Operating Loss Carryforwards [Table Text Block] | ' | ||||||||||||
The Company has net operating loss carryforwards of approximately $1,353,337 (2012: $1,109,400) which may be carried forward to apply against future year income tax for Chinese income tax purposes, subject to the final determination by taxation authorities, expiring in the following years: | |||||||||||||
$ | |||||||||||||
2016 | 924,258 | ||||||||||||
2017 | 221,591 | ||||||||||||
2018 | 207,488 | ||||||||||||
1,353,337 | |||||||||||||
GEOGRAPHIC_INFORMATION_Tables
GEOGRAPHIC INFORMATION (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||
The Company’s head office is located in Vancouver, British Columbia, Canada. The operations of the Company are primarily in two geographic areas: Canada and China. A summary of geographical information for the Company’s assets and net loss for the years is as follows: | |||||||||||
Year ended December 31, 2013 | Canada | China | Total | ||||||||
Revenue from external customers | $ | 923,350 | $ | 14,431 | $ | 937,781 | |||||
Net income (loss) | -313,717 | -207,677 | -521,394 | ||||||||
Total assets | $ | 3,128,054 | $ | 48,422 | $ | 3,176,476 | |||||
Year ended December 31, 2012 | Canada | China | Total | ||||||||
Revenue from external customers | $ | 1,227,285 | $ | 16,353 | $ | 1,243,638 | |||||
Net income (loss) | 90,283 | -219,214 | -128,931 | ||||||||
Total assets | $ | 2,439,206 | $ | 132,058 | $ | 2,571,264 | |||||
COMMITMENTS_Tables
COMMITMENTS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
The Company has entered into operating leases for automobile and office space. Minimum future rental payments under these leases are as follows: | |||||
$ | |||||
2014 | 98,747 | ||||
2015 | 97,033 | ||||
2016 | 55,612 | ||||
2017 | 1,816 | ||||
Total | 253,208 | ||||
NATURE_OF_OPERATIONS_Details_T
NATURE OF OPERATIONS (Details Textual) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2000 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Nai Interactive Ltd [Member] | Cwn China [Member] | Cwn China [Member] | Cwn China [Member] | |||
Nature Of Operation [Line Items] | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | 100.00% | 85.00% | 83.00% | ' |
Investments in and Advances to Affiliates, at Fair Value, Gross Additions | $187,200 | $200,000 | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | 85.00% | 83.00% | 80.00% |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Furniture and fixtures [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Property Plant and Equipment Depreciation Rate | 20.00% |
Computer equipment [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Property Plant and Equipment Depreciation Rate | 30.00% |
Vehicle [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Property Plant and Equipment Depreciation Rate | 25.00% |
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Money Market Funds, at Carrying Value | $0 | $504,107 | ' |
Provision For Doubtful Accounts | 51,112 | -30,472 | 55,917 |
Investments In and Advances To Affiliates, At Fair Value, Gross Additions | 187,200 | 200,000 | ' |
Cwn Capital Inc [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 85.00% | ' | ' |
Cwn China [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 85.00% | 83.00% | 80.00% |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ' | $200,000 | $400,000 |
Noncontrolling Interest, Ownership Percentage By Parent | 85.00% | 83.00% | ' |
AVAILABLEFORSALE_SECURITIES_De
AVAILABLE-FOR-SALE SECURITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | $967,850 | $736,392 |
Fair Market value | 974,639 | 761,888 |
Public traded securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 1,177 | 1,177 |
Fair Market value | 0 | 0 |
Marketable funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 966,673 | 735,215 |
Fair Market value | 974,639 | 761,888 |
Stock Options [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 0 | 0 |
Fair Market value | $0 | $0 |
AVAILABLEFORSALE_SECURITIES_De1
AVAILABLE-FOR-SALE SECURITIES (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Jun. 10, 2010 | Oct. 11, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' |
Ordinary price per share on date of grant | $0.60 | $1.08 | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Vesting Percentage 1 | 20.00% | 20.00% | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Vesting Percentage 2 | 80.00% | 80.00% | ' | ' | ' | ' |
Forfeited - Number of Options | ' | ' | 20,000 | 20,000 | ' | ' |
Number of Options, Outstading | ' | ' | 1,020,000 | 1,040,000 | 1,510,000 | ' |
Equity pick up | ' | ' | ($197,276) | $166,735 | $192,399 | $13,897 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | 10-Jun-15 | 11-Oct-12 | ' | ' | ' | ' |
Argex Mining Inc [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | 300,000 | ' |
Ordinary price per share on date of grant | ' | ' | ' | ' | $0.50 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Vesting Percentage 1 | ' | ' | ' | ' | 25.00% | ' |
Share Based Compensation Arrangement By Share Based Payment Award Vesting Percentage 2 | ' | ' | ' | ' | 75.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | ' | 150,000 | 75,000 | ' |
Forfeited - Number of Options | ' | ' | ' | ' | 75,000 | ' |
Number of Options, Outstading | ' | ' | ' | ' | 150,000 | ' |
Proceeds from Issuance or Sale of Equity | ' | ' | ' | 156,267 | ' | ' |
Equity pick up | ' | ' | ' | $43,409 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | ' | ' | ' | ' | 26-Jul-12 | ' |
ACCOUNTS_RECEIVABLE_Details
ACCOUNTS RECEIVABLE (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | $214,661 | $153,970 |
Allowance for doubtful accounts | -141,172 | -87,751 |
Total | $73,489 | $66,219 |
EQUIPMENT_Details
EQUIPMENT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | $192,743 | $199,626 |
Accumulated amortization | 177,890 | 176,111 |
Net book value | 14,853 | 23,515 |
Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 35,221 | 37,137 |
Accumulated amortization | 30,946 | 30,942 |
Net book value | 4,275 | 6,195 |
Computer equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 92,016 | 100,132 |
Accumulated amortization | 87,653 | 92,632 |
Net book value | 4,363 | 7,500 |
Leasehold improvement [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 27,689 | 25,674 |
Accumulated amortization | 27,689 | 25,674 |
Net book value | 0 | 0 |
Vehicle [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 37,817 | 36,683 |
Accumulated amortization | 31,602 | 26,863 |
Net book value | $6,215 | $9,820 |
LONG_TERM_INVESTMENTS_Details_
LONG TERM INVESTMENTS (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 18, 2010 | Dec. 31, 2010 | Oct. 01, 2010 | Dec. 31, 2010 | Dec. 18, 2010 | |
Cwn Capital Inc [Member] | Cwn Capital Inc [Member] | Cwn Capital Inc [Member] | Cwn Capital Inc [Member] | Cwn Capital Inc [Member] | Cwn Capital Inc [Member] | Cwn Capital Inc [Member] | Cwn Capital Inc [Member] | Cwn Capital Inc [Member] | |||||
Company Controlled By Director One [Member] | Company Controlled By Director One [Member] | Company Controlled By Director Two [Member] | Company Controlled By Director Two [Member] | ||||||||||
Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Percentage of Ownership after Transaction | ' | ' | ' | ' | 23.80% | ' | ' | ' | ' | 50.00% | ' | 23.80% | ' |
Sale of Stock, Number of Shares Issued in Transaction | ' | ' | ' | ' | 80,000 | ' | ' | ' | ' | 25,000 | ' | 55,000 | ' |
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | $1 |
Retained Interest, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | $112,218 | ' | ' | ' | ' |
Loss on dilution of CWN Capital | ' | ' | ' | 128,356 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity pick up | -197,276 | 166,735 | 192,399 | 13,897 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investments | ' | ' | ' | ' | $126,115 | $147,806 | $372,860 | $270,371 | ' | ' | ' | ' | ' |
BANK_LOANS_Details
BANK LOANS (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Bank Loans [Line Items] | ' | ' |
Balance | $1,279,002 | $100,256 |
EFG Bank of HongKong [Member] | ' | ' |
Bank Loans [Line Items] | ' | ' |
Rate | 1.17% | 1.50% |
Balance | $1,279,002 | $100,256 |
BANK_LOANS_Details_Textual
BANK LOANS (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Jul. 27, 2012 | |
Bank Loans [Line Items] | ' | ' |
Line of Credit Facility, Amount Outstanding | 1,279,002 | ' |
Revolving Credit Facility [Member] | ' | ' |
Bank Loans [Line Items] | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | $1,000,000 |
Debt Instrument, Maturity Date, Description | 'The Revolving Credit Facility includes both term loan and overdraft for up to 12 months maximum tenor each subject to availability and banks discretion. | ' |
Line of Credit Facility, Interest Rate Description | 'The interest for current account overdraft will be charged monthly in arrears at the banks appropriate funding rate plus 2% p.a. or advised by the bank from time to time. The interest for term loans will be charged at 1% p.a. over banks cost of funds or as advised by the bank from time to time | ' |
Line of Credit Facility, Interest Rate During Period | 1.00% | ' |
Bank Loans Interest Rate | 1.16% | ' |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Balance - Number of Options (Beginning balance) | 1,040,000 | 1,510,000 |
Forfeited - Number of Options | -20,000 | -20,000 |
Expired - Number of Options | ' | -450,000 |
Balance - Number of Options (Ending balance) | 1,020,000 | 1,040,000 |
Balance - Weighted Average Exercise Price (Beginning balance) | $0.60 | $0.74 |
Forfeited - Weighted Average Exercise Price | $0.60 | $0.60 |
Expired - Weighted Average Exercise Price | ' | $1.08 |
Balance - Weighted Average Exercise Price (Ending balance) | $0.60 | $0.60 |
STOCKHOLDERS_EQUITY_Details_1
STOCKHOLDERS' EQUITY (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Options, Outstading | 1,020,000 | 1,040,000 | 1,510,000 |
Weighted Average Exercise Price, Outstanding | $0.60 | $0.60 | $0.74 |
Weighted Average Remaining Contractual Life (years), Outstanding | '1 year 5 months 8 days | '2 years 5 months 8 days | ' |
Number of Options, Excercisable | 612,000 | 419,000 | ' |
Weighted Average Exercise Price, Excercisable | $0.60 | $0.60 | ' |
Weighted Average Remaining Contractual Life (years), Excercisable | '1 year 5 months 8 days | '2 years 5 months 8 days | ' |
Exercise Price One [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise price | $0.60 | $0.60 | ' |
Number of Options, Outstading | 1,020,000 | 1,040,000 | ' |
Weighted Average Exercise Price, Outstanding | $0.60 | $0.60 | ' |
Weighted Average Remaining Contractual Life (years), Outstanding | '1 year 5 months 8 days | '2 years 5 months 8 days | ' |
Number of Options, Excercisable | 612,000 | 419,000 | ' |
Weighted Average Exercise Price, Excercisable | $0.60 | $0.60 | ' |
Weighted Average Remaining Contractual Life (years), Excercisable | '1 year 5 months 8 days | '2 years 5 months 8 days | ' |
STOCKHOLDERS_EQUITY_Details_2
STOCKHOLDERS' EQUITY (Details 2) | 12 Months Ended |
Dec. 31, 2010 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Risk-free interest rate | 2.65% |
Expected life of options | '5 years |
Annualized volatility | 76.71% |
Dividend rate | 0.00% |
STOCKHOLDERS_EQUITY_Details_Te
STOCKHOLDERS' EQUITY (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Jun. 10, 2010 | Oct. 11, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 1,090,000 | 550,000 | ' | ' | ' | ' |
Ordinary price per share on date of grant | $0.60 | $1.08 | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Vesting Percentage 1 | 20.00% | 20.00% | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Vesting Percentage 2 | 80.00% | 80.00% | ' | ' | ' | ' |
Stock based compensation | ' | ' | $25,841 | $59,404 | $140,042 | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number | ' | ' | 1,020,000 | 1,040,000 | 1,510,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | $0.30 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | 10-Jun-15 | 11-Oct-12 | ' | ' | ' | ' |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Consultancy Fee | $90,000 | $90,000 | $104,000 |
Related Party Consultancy Fee Payable | 22,500 | 22,500 | ' |
Related Party Salaries | 98,102 | 110,723 | 103,651 |
Directors' remuneration | 12,000 | 12,000 | 12,000 |
Non Interest Expense Directors Fees Outstanding | 12,000 | 12,000 | ' |
Noninterest Advance To Related Party | 12,444 | 24,150 | ' |
Directors and Senior Officers [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Accounts Payable, Related Parties, Current | 84,947 | 74,836 | ' |
CWN Capital Inc [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Accounts Payable, Related Parties, Current | 115,093 | 270,810 | ' |
Services Provided To Related Party | 115,093 | 270,810 | 202,280 |
Costs Incurred On Behalf Related Party | 57,147 | 215,644 | ' |
CWN Mining Acquisition [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Services Provided To Related Party | $11,653 | $14,043 | $0 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Net Income (loss) for the year | ($517,537) | ($79,647) | $192,626 |
Statutory Cayman Islands corporate tax rate | 0.00% | 0.00% | 0.00% |
Anticipated tax recovery | 0 | 0 | 0 |
Change in tax rates resulting from: | ' | ' | ' |
Non-deductible items | 8,962 | 15,250 | 0 |
Change in estimates | -2,268 | -7,259 | 0 |
Change enacted of tax rate | -2,702 | 0 | 6,818 |
Functional currency adjustments | -10,985 | -2,022 | 0 |
Foreign tax rate differential | -53,640 | -84,074 | 8,477 |
Others | 0 | 0 | -11,461 |
Change in valuation allowance | 64,490 | 127,389 | 50,752 |
Income tax expense (recovery) | $3,857 | ($49,284) | $54,586 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Non-capital loss carryforwards | $413,959 | $357,624 |
Capital losses | 0 | 744 |
Equipment and furniture | 2,008 | 1,219 |
Others | -1,286 | -5,539 |
Deferred tax assets not previously recognized | 414,681 | 354,048 |
Valuation allowance | -414,681 | -350,191 |
Net deferred tax assets | $0 | $3,857 |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | Dec. 31, 2013 |
Non Operating Loss Carryforwards [Line Items] | ' |
Non Operating Loss Carryforwards | $243,434 |
2028 [Member] | ' |
Non Operating Loss Carryforwards [Line Items] | ' |
Non Operating Loss Carryforwards | 121,699 |
2029 [Member] | ' |
Non Operating Loss Carryforwards [Line Items] | ' |
Non Operating Loss Carryforwards | 62,653 |
2032 [Member] | ' |
Non Operating Loss Carryforwards [Line Items] | ' |
Non Operating Loss Carryforwards | $59,082 |
INCOME_TAXES_Details_3
INCOME TAXES (Details 3) (USD $) | Dec. 31, 2013 |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | $1,353,337 |
2016 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | 924,258 |
2017 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | 221,591 |
2018 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | $207,488 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 0.00% | 0.00% | 0.00% |
Non Operating Loss Carryforwards | $243,434 | ' | ' |
Operating Loss Carryforwards | 1,353,337 | ' | ' |
Hongkong [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 48,116 | 45,473 | ' |
Canadian [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Non Operating Loss Carryforwards | 243,434 | ' | 288,000 |
Nai Interactive Ltd [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 25.75% | ' | ' |
Chineseworldnet.Com (Hong Kong) Ltd [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 16.50% | ' | ' |
Chineseworldnet.Com (Shanghai) Ltd [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 25.00% | ' | ' |
Chineseworldnet.Com Inc. Subsidiaries [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | $1,353,337 | 1,109,400 | ' |
GEOGRAPHIC_INFORMATION_Details
GEOGRAPHIC INFORMATION (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from external customers | $937,781 | $1,243,638 | ' |
Net income (loss) | -521,394 | -128,931 | 138,040 |
Total assets | 3,164,476 | 2,571,264 | ' |
Canada [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from external customers | 923,350 | 1,227,285 | ' |
Net income (loss) | -313,717 | 90,283 | ' |
Total assets | 3,128,054 | 2,439,206 | ' |
China [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from external customers | 14,431 | 16,353 | ' |
Net income (loss) | -207,677 | -219,214 | ' |
Total assets | $48,422 | $132,058 | ' |
COMMITMENTS_Details
COMMITMENTS (Details) (USD $) | Dec. 31, 2013 |
Operating Leases Future Minimum Payments [Line Items] | ' |
2014 | $98,747 |
2015 | 97,033 |
2016 | 55,612 |
2017 | 1,816 |
Total | $253,208 |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS (Details Textual) (Subsequent Event [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Event [Line Items] | ' |
Subsequent Event, Date | 18-Apr-14 |
Proceeds From Issuance Or Sale Of Equity | $263,968 |
Non-Interest Bearing Promissory Notes [Member] | ' |
Subsequent Event [Line Items] | ' |
Debt Instrument, Face Amount | 831,031 |
Debt Instrument Maturity Period | 'one year |
Goldpac Investments Ltd [Member] | ' |
Subsequent Event [Line Items] | ' |
Consultancy Fee Per Quarter | $12,000 |
Cwn Capital Inc [Member] | ' |
Subsequent Event [Line Items] | ' |
Sale Of Stock, Percentage Of Ownership After Transaction | 23.80% |