Document And Entity Information
Document And Entity Information - Dec. 31, 2014 - shares | Total |
Document Information [Line Items] | |
Entity Registrant Name | CHINESEWORLDNET COM INC |
Entity Central Index Key | 1,145,898 |
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 | Dec. 31, 2014 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,014 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets | ||
Cash and cash equivalents [note 2] | $ 186,757 | $ 1,715,300 |
Available-for-sale securities [note 4] | 0 | 974,639 |
Accounts receivable [note 5] | 0 | 73,489 |
Receivable from a related party [note 11] | 0 | 172,240 |
Note receivable [note 6] | 693,296 | 0 |
Prepaid expenses and deposits | 4,882 | 66,149 |
Total current assets | 884,935 | 3,001,817 |
Equipment [note 7] | 0 | 14,853 |
Long term investments [note 8] | 0 | 147,806 |
Total assets | 884,935 | 3,164,476 |
Current liabilities | ||
Accounts payable and accrued liabilities | 86,762 | 300,022 |
Due to related parties, non-interest bearing [note 11] | 2,628 | 24,444 |
Deferred revenue | 0 | 75,677 |
Bank loans [note 9] | 0 | 1,279,002 |
Total current liabilities | 89,390 | 1,679,145 |
Stockholders’ equity [note 10] | ||
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 | 4,182,073 | 4,257,028 |
Accumulated other comprehensive income | 0 | (19,521) |
Deficit | (3,397,478) | (2,801,484) |
Equity attributable to shareholders of the Company | 795,545 | 1,446,973 |
Non-controlling interests | 0 | 38,358 |
Total stockholders' equity | 795,545 | 1,485,331 |
Total liabilities and stockholders' equity | $ 884,935 | $ 3,164,476 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2014 | Dec. 31, 2013 |
Common stock, shares authorized | 100,000,000,000 | 100,000,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued | 10,950,000 | 10,950,000 |
Common stock, shares outstanding | 10,950,000 | 10,950,000 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] |
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 | 0 | (24,363) | 0 | 0 | (24,363) | 24,363 |
Components of comprehensive income (loss): | |||||||
Unrealized gain or loss on Available-for-sale securities | (16,284) | 0 | 0 | 0 | (16,284) | (16,284) | 0 |
Foreign currency translation adjustment | (28,036) | 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 | ||||||
Stock based compensation | (74,955) | $ 0 | (74,955) | 0 | 0 | (74,955) | 0 |
Change of ownership in CWN china | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Components of comprehensive income (loss): | |||||||
Unrealized gain or loss on Available-for-sale securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Foreign currency translation adjustment | 19,521 | 0 | 0 | 0 | 19,521 | 19,521 | 0 |
Deconsolidation of non-controlling interest | (38,358) | 0 | 0 | 0 | 0 | 0 | (38,358) |
Net income (loss) for the year | (595,994) | 0 | 0 | (595,994) | 0 | (595,994) | 0 |
Balance at Dec. 31, 2014 | $ 795,545 | $ 10,950 | $ 4,182,073 | $ (3,397,478) | $ 0 | $ 795,545 | $ 0 |
Balance (in shares) at Dec. 31, 2014 | 10,950,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue | $ 158,752 | $ 937,781 | $ 1,243,638 |
Expenses | |||
Advertising and promotion | 14,647 | 82,907 | 212,930 |
Audit and legal | 60,973 | 82,014 | 84,354 |
Consulting fees | 30,062 | 90,000 | 90,000 |
Depreciation | (4,854) | 7,776 | 15,216 |
Directors' remuneration | 0 | 12,000 | 12,000 |
Office and miscellaneous | 50,551 | 72,142 | 82,316 |
Printing | 1,408 | 8,068 | 17,579 |
Provision for bad and doubtful debts | 0 | 51,112 | (30,472) |
Rent and operating | 44,692 | 145,356 | 139,509 |
Salaries and benefits | 150,922 | 491,519 | 695,639 |
Seminar operating expense | 0 | 0 | 620 |
Stock based compensation | (74,955) | 25,841 | 59,404 |
Telephone | 3,795 | 13,747 | 18,808 |
Travel and entertainment | 23,809 | 113,293 | 215,379 |
Operating Expenses, Total | (301,050) | (1,195,775) | (1,613,282) |
Other income (loss) | |||
Interest and sundry income | 2,446 | 20,390 | 37,775 |
Gain (loss) on available-for-sale securities | 0 | 6,451 | 50,193 |
Foreign exchange gain (loss) and other losses | (85,799) | (89,108) | 35,294 |
Equity pick up | (3,896) | (197,276) | 166,735 |
Imputed interest income | 45,766 | 0 | 0 |
Gain (loss) on disposal of subsidiaries [note 3] | (422,565) | 0 | 0 |
Other income (loss), net | (464,048) | (259,543) | 289,997 |
Loss before income taxes | (606,346) | (517,537) | (79,647) |
Deferred tax recovery (expense) | 0 | (3,857) | (49,284) |
Net loss for the year | (606,346) | (521,394) | (128,931) |
Other comprehensive income (loss) | |||
Unrealized gain or loss on available -for-sale securities | 0 | (45,536) | 22,309 |
Currency translation adjustments | 0 | 1,216 | 13,359 |
Comprehensive income (loss) | (606,346) | (44,320) | 35,668 |
Net income (loss) attributable to: | |||
Common stockholders | (595,994) | (490,238) | (85,088) |
Non-controlling interests | (10,352) | (31,156) | (43,843) |
Net income (loss) for the year | (606,346) | (521,394) | (128,931) |
Net comprehensive income (loss) attributable to: | |||
Common stockholders | (595,994) | (535,774) | (49,722) |
Non-controlling interests | (10,352) | (29,940) | (43,541) |
Comprehensive income (loss), net of tax, including portion attributable to noncontrolling interest | $ (606,346) | $ (565,714) | $ (93,263) |
Earning (loss) per share - basic (in dollars per share) | $ (0.05) | $ (0.05) | $ (0.01) |
Earning (loss) per share - diluted (in dollars per share) | $ (0.05) | $ (0.05) | $ (0.01) |
Weighted average number of common shares outstanding | |||
- basic (in shares) | 10,950,000 | 10,950,000 | 10,950,000 |
- diluted (in shares) | 10,950,000 | 10,950,000 | 10,950,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
OPERATING ACTIVITIES | |||
Net income (loss) for the year | $ (606,346) | $ (521,394) | $ (128,931) |
Adjustment to reconcile net loss to net cash used in operating activities: | |||
Depreciation | (4,854) | 7,776 | 15,216 |
Deferred tax recovery | 0 | 3,857 | 49,284 |
Stock based compensation | (74,955) | 25,841 | 59,404 |
Equity interest pick up | 3,896 | 197,276 | (166,735) |
Gain on short term investment | (5,492) | 0 | (50,193) |
Write-down equipments | 0 | 506 | 0 |
Imputed interest | (8,051) | 0 | 0 |
Loss on deconsolidation of subsidiaries | 422,565 | 0 | 0 |
Changes in non-cash working capital items: | |||
Accounts receivable | (21,278) | (12,230) | 46,825 |
Prepaid expenses and deposits | 5,127 | (18,481) | (3,767) |
Accounts payable and accrued liabilities | 31,851 | (6,747) | 69,656 |
Deferred revenue | (16,200) | (15,520) | (42,449) |
Net cash provided by (used in) operating activities | (273,737) | (339,116) | (151,690) |
FINANCING ACTIVITIES: | |||
Short term loan | (1,279,002) | (1,178,746) | (602,610) |
Due to related parties | (20,223) | 331,125 | (190,448) |
Net cash provided by financing activities | (1,299,225) | 1,509,871 | (793,058) |
INVESTING ACTIVITIES: | |||
Purchase of equipment | 0 | 0 | (1,726) |
Short term investments | 556,223 | (274,778) | (19,944) |
Cash received from deconsolidation of subsidiary | 239,427 | 0 | 0 |
Cash reduced upon deconsolidation of subsidiary | (751,512) | 0 | 0 |
Net cash provided by (used in) investing activities | 44,138 | (274,778) | (21,670) |
Effect of exchange rate changes on cash and cash equivalents | 281 | 13,449 | 631 |
Increase (decrease) in cash and cash equivalents | (1,528,543) | 909,426 | (965,787) |
Cash and cash equivalents, beginning of year | 1,715,300 | 805,874 | 1,771,661 |
Cash and cash equivalents, end of year | 186,757 | 1,715,300 | 805,874 |
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, 2014 | |
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 80 83 200,000 83 85 187,200 23.8 263,968 831,031 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. After disposal of all subsidiaries and long term investment on April 28, 2014, the core business activities and operations were discontinued . The Company is currently in the process of seeking business opportunities. 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. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. SIGNIFICANT ACCOUNTING POLICIES 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 former owned subsidiaries and subsidiaries which the Company owns 85 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 is recorded at cost, net of accumulated amortization. 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 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, 2014, the Company held a $Nil [2013 - $Nil] term deposit. 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. As of December 31, 2014, the company had no Accounts receivable after disposal of assets of all subsidiaries. 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. 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. 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 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. The Company accounts for comprehensive income under the provisions of ASC 220 (formerly SFAS 130), Reporting Comprehensive Income 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, accounts payable and accrued liabilities, and notes receivable 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. 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. 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. The Company has adopted the provisions of ASC Topic 820, Fair Value Measurements ⋅ 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, 2014 and 2013, 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 and notes receivable are recognized in the balance sheets as level three per the fair value hierarchy. 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 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. The Company accounts for deconsolidation of subsidiaries in accordance with ASC Topic 810 “Consolidation”. In accordance with ASC Topic 810-10-40-5, the parent shall account for the deconsolidation of a subsidiary by recognizing a gain or loss in net income attributable to the parent, measured as the difference between: a. The aggregate of all of the following: 1. The fair value of any consideration received; 2. The fair value of any retained non-controlling investment in the former subsidiary at the date the subsidiary is deconsolidated; 3. The carrying amount of any non-controlling interest in the former subsidiary (including any accumulated other comprehensive income attributable to the non-controlling interest) at the date the subsidiary is deconsolidated. b. The carrying amount of the former subsidiary’s assets and liabilities. For the years ended December 31, 2014, the Company incurred approximately US$ 0.40 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 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-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. 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 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 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 In June 2014, under ASC 718, Compensation—Stock Compensation, the FASB issued Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. These amendments apply to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. We are currently evaluating the impact on our consolidated financial statements of adopting this guidance. In August 2014, the FASB issued Presentation of Financial Statements – Going Concern. This standard requires management to evaluate for each annual and interim reporting period whether it is probable that the reporting entity will not be able to meet its obligations as they become due within one year after the date that the financial statements are issued. If the entity is in such a position, the standard provides for certain disclosures depending on whether or not the entity will be able to successfully mitigate its going concern status. This guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. We are currently evaluating the impact on our consolidated financial statements of adopting this guidance. |
Deconsolidation and Discontinue
Deconsolidation and Discontinued Operations | 12 Months Ended |
Dec. 31, 2014 | |
Deconsolidation and Discontinued Operations [Abstract] | |
Deconsolidation and Discontinued Operations [Text Block] | 3. Deconsolidation and Discontinued Operations During the year, the Company signed Share Purchase Agreement (the “Agreement”) with Ningbo International Limited, a non related party to sell all issued and outstanding shares in NAI, all issued and outstanding shares of CWN HK and 23.8 263,968 831,031 85 As a result of the deconsolidation of the subsidiaries and long term investment, the consolidated balance sheets as of December 31, 2014, reflect only the balances of the Company. The consolidated statement of operations contains the results of the operations of the Company for the year ended December 31, 2014 and NAI, CWN HK, CWN China, CWN Weihai and CWN Capital from January 1, 2014 to April 28, 2014. 422,565 $ $ Cash 239,427 Fair value of promissory note 685,245 Fair value of proceeds that resulted in loss of control 924,672 Carrying value of non controlling interest in former subsidiary on the date the subsidiary was deconsolidated 27,716 Subtotal 952,388 Less: Carrying value of NAI' s net assets (636,157) Carrying value of CWN HK's net assets (1,145,495) Carrying value of CWN Capital- long term investment 135,231 Recognize realized foreign exchange gain or loss for disposal of subsidiary 33,566 Intercompany balances 2,987,808 1,374,953 Loss on deconsolidation of subsidiaries and long term investment (422,565) |
AVAILABLE-FOR-SALE SECURITIES
AVAILABLE-FOR-SALE SECURITIES | 12 Months Ended |
Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |
Available For Sale Securities Disclosure [Text Block] | 4. AVAILABLE-FOR-SALE SECURITIES Available –for –sale securities consist of marketable funds, marketable securities and stock options and are summarized as follows: 2014 2013 Fair Fair Market Market Cost value Cost value $ $ $ $ Public traded securities - - 1,177 - Marketable funds - - 966,673 974,639 Stock options - - - - Total - - 967,850 974,639 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. As of December 31, 2014, the company had no available –for –sale securities after disposal of assets of all subsidiaries. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2014 | |
Accounts Receivable Disclosure [Abstract] | |
Accounts Receivable Disclosure [Text Block] | 5. ACCOUNTS RECEIVABLE December 31, December 31, 2014 2013 Accounts receivable _ 214,661 Allowance for doubtful accounts _ (141,172) Total _ 73,489 As of December 31, 2014, the company had no accounts receivable after disposal of assets of all subsidiaries. |
NOTES RECEIVABLE
NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 6. NOTES RECEIVABLE As at April 28, 2014, the Company received the promissory notes of CAD $ 831,031 23.8 45,766 37,715 10 |
EQUIPMENT
EQUIPMENT | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 7. EQUIPMENT Accumulated Net book Cost amortization value $ $ $ 2014 Furniture and fixtures - - - Computer equipment - - - Leasehold improvement - - - Vehicle - - - - - - 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 As of December 31, 2014, the company had no equipment after disposal of assets of all subsidiaries. |
LONG TERM INVESTMENTS
LONG TERM INVESTMENTS | 12 Months Ended |
Dec. 31, 2014 | |
Long Term Investment Disclosure [Abstract] | |
Long Term Investment Disclosure [Text Block] | 8. 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 80,000 The dilution occurred on October 1, 2010 and December 18, 2010 when CWN Capital issued 25,000 55,000 0.01 1.00 50 23.8 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 $ 112,218 128,356 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 $ 13,897 126,115 For the fiscal year 2011 consolidated financial statements, the Company recorded an equity income of $ 192,399 270,371 For the fiscal year 2012 consolidated financial statements, the Company recorded an equity income of $ 166,735 372,860 For the fiscal year 2013 consolidated financial statements, the Company recorded an equity loss of $ 197,276 147,806 For the fiscal year 2014 consolidated financial statements, the Company recorded an equity loss of $ 3,896 135,231 |
BANK LOANS
BANK LOANS | 12 Months Ended |
Dec. 31, 2014 | |
Bank Loans Disclosure [Abstract] | |
Bank Loans Disclosure [Text Block] | 9. BANK LOANS In July 27, 2012, the Company entered into a $ 1 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. 1 1,279,002 December 31, 2014 December 31, 2013 From Financial institutions Rate Balance Rate Balance EFG Bank of Hong Kong % $ 1.17 % $ 1,279,002 Total $ $ 1,279,002 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 10. 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. Weighted Average Number of Options Exercise Price Balance, December 31, 2012 1,040,000 $ 0.60 Forfeited (20,000) 0.60 Balance, December 31, 2013 1,020,000 0.60 Forfeited (820,000) 0.60 Balance, December 31, 2014 200,000 $ 0.60 As at December 31, 2014, the Company has 200,000 stock options outstanding: Exercise price Outstanding as at December 31, 2014 Exercisable as at December 31, 2014 Weighted Weighted Weighted Average Weighted Average Average Remaining Average Remaining Number of Exercise Contractual Number of Exercise Contractual Options Price Life (years) Options Price Life (years) $ 0.60 200,000 $ 0.60 0.44 160,000 $ 0.60 0.44 200,000 $ 0.60 0.44 160,000 $ 0.60 0.44 Exercise price Outstanding as at December 31, 2013 Exercisable as at December 31, 2013 Weighted Weighted Weighted Average Weighted Average Average Remaining Average Remaining Number of Exercise Contractual Number of Exercise Contractual Options Price Life (years) Options Price Life (years) $ 0.60 1,020,000 $ 0.60 1.44 612,000 $ 0.60 1.44 1,020,000 $ 0.60 1.44 612,000 $ 0.60 1.44 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 ($74,955) in fiscal year 2014 (2013- $27,879 and 2012-$59,404) 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 2014 and 2013. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 11. RELATED PARTY TRANSACTIONS [a] In 2014, the Company incurred $22,890 [2013 - $90,000 and 2012 - $90,000] in consulting fees to a company related to a former director of the Company, of which $Nil [2013 - $22,500] was outstanding included in accounts payable and accrued liabilities as at December 31, 2014. [b] As at December 31, 2014, the Company has non-interest bearing loan from the stockholders in the amount of $2,628 [2013 - $12,444]. [c] In 2014, the Company incurred $Nil [2013 - $12,000 and 2012 - $12,000] in director fees, of which $Nil [2013 - $12,000] was outstanding and included in accounts payable and accrued liabilities as at December 31, 2014. [d] In 2014, the Company provided service for a total of $36,467 [2013 - $115,093 and 2012 - $270,810] to CWN Capital, of which $Nil [2012 - $115,093] was outstanding and included in receivable from a related party as at December 31, 2014. The balance of receivable from a related party in the amount of $Nil [2013 - $57,147] represents costs incurred on behalf of CWN Capital by the Company. [e] As at April 28, 2014, the Company provided no service [2013 - $11,653and 2012 - $14,043] to CWN Mining Acquisition, a company in which CEO of the Company has significant influence. Also see note 8. 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, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 12. INCOME TAXES The parent company is subject to the tax laws of Cayman Islands and the tax rate is 0 26 16.5 25 2014 2013 2012 $ $ $ Net Income (loss) for the year (606,346) (517,537) (79,646) Statutory Cayman Islands corporate tax rate 0 % 0 % 0 % Anticipated tax recovery — — — Change in tax rates resulting from: Non-deductible items 1,667 8,962 15,250 Change in estimates (2,268) (7,259) Change enacted of tax rate (2,702) - Functional currency adjustments 2,050 (10,985) (2,022) Foreign tax rate differential (53,640) (84,074) Disposition of subsidiaries 410,964 - - Change in valuation allowance (414,681) 64,490 127,389 Income tax expense (recovery) - 3,857 (49,284) 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. 2014 2013 $ $ Non-capital loss carryforwards 413,959 Capital losses - Equipment and furniture 2,008 Others (1,286) 414,681 Valuation allowance (414,681) Net deferred tax assets - The 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, 2014 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 13. GEOGRAPHIC INFORMATION The Company’s head office is located in Cayman Islands. The operations of the Company are primarily in two geographic areas: Canada and China. Year ended December 31, 2014 Canada China Total Revenue from external customers $ 158,333 $ 419 $ 158,752 Net income (loss) (542,476) (63,870) (606,346) Total assets $ 884,935 $ - $ 884,935 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 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 14. SUBSEQUENT EVENTS [a] As agreed by both parties, the maturity date of the promissory note between the company and Ningbo International Limited was extended to April 28, 2016. Also see note 7. |
COMPARATIVE FIGURES
COMPARATIVE FIGURES | 12 Months Ended |
Dec. 31, 2014 | |
Comparative Figures Disclosure [Abstract] | |
Comparative Figures Disclosure [Text Block] | 15. COMPARATIVE FIGURES Certain of comparative figures have been reclassified to conform with the presentation adopted in the current period. |
SIGNIFICANT ACCOUNTING POLICI22
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 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 former owned subsidiaries and subsidiaries which the Company owns 85 |
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. 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 and 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, 2014, the Company held a $Nil [2013 - $Nil] 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. As of December 31, 2014, the company had no Accounts receivable after disposal of assets of all subsidiaries. |
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 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 |
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, accounts payable and accrued liabilities, and notes receivable 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. 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. 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 ⋅ 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, 2014 and 2013, 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 and notes receivable 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 |
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. |
Discontinued Operations, Policy [Policy Text Block] | Deconsolidation The Company accounts for deconsolidation of subsidiaries in accordance with ASC Topic 810 “Consolidation”. In accordance with ASC Topic 810-10-40-5, the parent shall account for the deconsolidation of a subsidiary by recognizing a gain or loss in net income attributable to the parent, measured as the difference between: a. The aggregate of all of the following: 1. The fair value of any consideration received; 2. The fair value of any retained non-controlling investment in the former subsidiary at the date the subsidiary is deconsolidated; 3. The carrying amount of any non-controlling interest in the former subsidiary (including any accumulated other comprehensive income attributable to the non-controlling interest) at the date the subsidiary is deconsolidated. b. The carrying amount of the former subsidiary’s assets and liabilities. For the years ended December 31, 2014, the Company incurred approximately US$ 0.40 |
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 Revenue Recognition |
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 |
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 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2014, under ASC 718, Compensation—Stock Compensation, the FASB issued Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. These amendments apply to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. We are currently evaluating the impact on our consolidated financial statements of adopting this guidance. In August 2014, the FASB issued Presentation of Financial Statements – Going Concern. This standard requires management to evaluate for each annual and interim reporting period whether it is probable that the reporting entity will not be able to meet its obligations as they become due within one year after the date that the financial statements are issued. If the entity is in such a position, the standard provides for certain disclosures depending on whether or not the entity will be able to successfully mitigate its going concern status. This guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. We are currently evaluating the impact on our consolidated financial statements of adopting this guidance. |
SIGNIFICANT ACCOUNTING POLICI23
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
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 % |
Deconsolidation and Discontin24
Deconsolidation and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Deconsolidation and Discontinued Operations [Abstract] | |
Schedule of Controlling Interest And Deconsolidation Of Subsidiaries And Long Term Investment [Table Text Block] | A loss of $ 422,565 $ $ Cash 239,427 Fair value of promissory note 685,245 Fair value of proceeds that resulted in loss of control 924,672 Carrying value of non controlling interest in former subsidiary on the date the subsidiary was deconsolidated 27,716 Subtotal 952,388 Less: Carrying value of NAI' s net assets (636,157) Carrying value of CWN HK's net assets (1,145,495) Carrying value of CWN Capital- long term investment 135,231 Recognize realized foreign exchange gain or loss for disposal of subsidiary 33,566 Intercompany balances 2,987,808 1,374,953 Loss on deconsolidation of subsidiaries and long term investment (422,565) |
AVAILABLE-FOR-SALE SECURITIES (
AVAILABLE-FOR-SALE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
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: 2014 2013 Fair Fair Market Market Cost value Cost value $ $ $ $ Public traded securities - - 1,177 - Marketable funds - - 966,673 974,639 Stock options - - - - Total - - 967,850 974,639 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Accounts Receivable Disclosure [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, December 31, 2014 2013 Accounts receivable _ 214,661 Allowance for doubtful accounts _ (141,172) Total _ 73,489 |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Accumulated Net book Cost amortization value $ $ $ 2014 Furniture and fixtures - - - Computer equipment - - - Leasehold improvement - - - Vehicle - - - - - - 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 |
BANK LOANS (Tables)
BANK LOANS (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Bank Loans Disclosure [Abstract] | |
Schedule Of Bank Loans [Table Text Block] | Bank loans consisted of the following: December 31, 2014 December 31, 2013 From Financial institutions Rate Balance Rate Balance EFG Bank of Hong Kong % $ 1.17 % $ 1,279,002 Total $ $ 1,279,002 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Schedule Of Share Based Compensation Stock Options Activity 1 [Table Text Block] | Weighted Average Number of Options Exercise Price Balance, December 31, 2012 1,040,000 $ 0.60 Forfeited (20,000) 0.60 Balance, December 31, 2013 1,020,000 0.60 Forfeited (820,000) 0.60 Balance, December 31, 2014 200,000 $ 0.60 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | As at December 31, 2014, the Company has 200,000 stock options outstanding: Exercise price Outstanding as at December 31, 2014 Exercisable as at December 31, 2014 Weighted Weighted Weighted Average Weighted Average Average Remaining Average Remaining Number of Exercise Contractual Number of Exercise Contractual Options Price Life (years) Options Price Life (years) $ 0.60 200,000 $ 0.60 0.44 160,000 $ 0.60 0.44 200,000 $ 0.60 0.44 160,000 $ 0.60 0.44 Exercise price Outstanding as at December 31, 2013 Exercisable as at December 31, 2013 Weighted Weighted Weighted Average Weighted Average Average Remaining Average Remaining Number of Exercise Contractual Number of Exercise Contractual Options Price Life (years) Options Price Life (years) $ 0.60 1,020,000 $ 0.60 1.44 612,000 $ 0.60 1.44 1,020,000 $ 0.60 1.44 612,000 $ 0.60 1.44 |
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, 2014 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation of the income tax expense is as follows: 2014 2013 2012 $ $ $ Net Income (loss) for the year (606,346) (517,537) (79,646) Statutory Cayman Islands corporate tax rate 0 % 0 % 0 % Anticipated tax recovery — — — Change in tax rates resulting from: Non-deductible items 1,667 8,962 15,250 Change in estimates (2,268) (7,259) Change enacted of tax rate (2,702) - Functional currency adjustments 2,050 (10,985) (2,022) Foreign tax rate differential (53,640) (84,074) Disposition of subsidiaries 410,964 - - Change in valuation allowance (414,681) 64,490 127,389 Income tax expense (recovery) - 3,857 (49,284) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets (liabilities) at December31, 2014 and 2013 are comprised of the following: 2014 2013 $ $ Non-capital loss carryforwards 413,959 Capital losses - Equipment and furniture 2,008 Others (1,286) 414,681 Valuation allowance (414,681) Net deferred tax assets - |
GEOGRAPHIC INFORMATION (Tables)
GEOGRAPHIC INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | A summary of geographical information for the Company’s assets and net loss for the years is as follows: Year ended December 31, 2014 Canada China Total Revenue from external customers $ 158,333 $ 419 $ 158,752 Net income (loss) (542,476) (63,870) (606,346) Total assets $ 884,935 $ - $ 884,935 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 |
NATURE OF OPERATIONS (Details T
NATURE OF OPERATIONS (Details Textual) | 12 Months Ended | ||||
Dec. 31, 2014CAD | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011 | Jan. 15, 2000 | |
Nature Of Operation [Line Items] | |||||
Investments in and Advances to Affiliates, at Fair Value, Gross Additions | $ | $ 187,200 | $ 200,000 | |||
Business Combination, Consideration Transferred | CAD 263,968 | ||||
Debt Instrument, Face Amount | CAD 831,031 | ||||
NAI Interactive Ltd [Member] | |||||
Nature Of Operation [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||
Cwn China [Member] | |||||
Nature Of Operation [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 85.00% | 83.00% | |||
Equity Method Investment, Ownership Percentage | 83.00% | 80.00% | |||
CWN Capital [Member] | |||||
Nature Of Operation [Line Items] | |||||
Percentage of Equity Issued | 23.80% |
SIGNIFICANT ACCOUNTING POLICI33
SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2014 | |
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 POLICI34
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Significant Accounting Policies [Line Items] | ||||
Money Market Funds, at Carrying Value | $ 0 | $ 0 | ||
Gain (Loss) on Disposition of Business | $ (422,565) | $ 0 | $ 0 | |
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 | 83.00% | 80.00% |
Deconsolidation and Discontin35
Deconsolidation and Discontinued Operations (Details) - Dec. 31, 2014 - USD ($) | Total |
Cash | $ 239,427 |
Fair value of promissory note | 685,245 |
Fair value of proceeds that resulted in loss of control | 924,672 |
Carrying value of non controlling interest in former subsidiary on the date the subsidiary was deconsolidated | 27,716 |
Subtotal | 952,388 |
Carrying value of CWN Capital- long term investment | 135,231 |
Recognize realized foreign exchange gain or loss for disposal of subsidiary | 33,566 |
Intercompany balances | 2,987,808 |
Deconsolidation Of Subsidiaries And Long Term Investment | 1,374,953 |
Loss on deconsolidation of subsidiaries and long term investment | (422,565) |
NAI Interactive Ltd [Member] | |
Carrying Value Of Net Assets | (636,157) |
ChineseWorldNet.com HK Limited [Member] | |
Carrying Value Of Net Assets | $ (1,145,495) |
Deconsolidation and Discontin36
Deconsolidation and Discontinued Operations (Details Textual) | 12 Months Ended | |||
Dec. 31, 2014USD ($) | Dec. 31, 2014CAD | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Proceeds from Divestiture of Businesses | $ 239,427 | $ 0 | $ 0 | |
Gain (Loss) on Disposition of Assets | $ (422,565) | |||
Funds [Member] | ||||
Proceeds from Divestiture of Businesses | CAD | CAD 263,968 | |||
Non-Interest Bearing Promissory Notes [Member] | ||||
Proceeds from Divestiture of Businesses | CAD | CAD 831,031 | |||
Chinese World Net.com Ltd [Member] | ||||
Noncontrolling Interest, Ownership Percentage By Parent | 23.80% | 23.80% | ||
CWN China and CWN Weihei [Member] | ||||
Noncontrolling Interest, Ownership Percentage By Parent | 85.00% | 85.00% |
AVAILABLE-FOR-SALE SECURITIES37
AVAILABLE-FOR-SALE SECURITIES (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 0 | $ 967,850 |
Fair Market value | 0 | 974,639 |
Public traded securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 0 | 1,177 |
Fair Market value | 0 | 0 |
Marketable funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 0 | 966,673 |
Fair Market value | 0 | 974,639 |
Stock Options [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 0 | 0 |
Fair Market value | $ 0 | $ 0 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 0 | $ 214,661 |
Allowance for doubtful accounts | 0 | (141,172) |
Total | $ 0 | $ 73,489 |
NOTES RECEIVABLE (Details Textu
NOTES RECEIVABLE (Details Textual) | 1 Months Ended | 12 Months Ended | ||
Apr. 28, 2014CAD | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Investment Income, Interest | $ 45,766 | $ 0 | $ 0 | |
CWN Capital [Member] | ||||
Sale of Stock, Percentage of shares sold | 23.80% | |||
Non-Interest Bearing Promissory Notes [Member] | ||||
Receivable with Imputed Interest, Face Amount | CAD | CAD 831,031 | |||
Investment Income, Interest | 45,766 | |||
Foreign Currency Transaction Loss, before Tax | $ 37,715 | |||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 10.00% |
EQUIPMENT (Details)
EQUIPMENT (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 0 | $ 192,743 |
Accumulated amortization | 0 | 177,890 |
Net book value | 0 | 14,853 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 0 | 35,221 |
Accumulated amortization | 0 | 30,946 |
Net book value | 0 | 4,275 |
Computer equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 0 | 92,016 |
Accumulated amortization | 0 | 87,653 |
Net book value | 0 | 4,363 |
Leasehold improvement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 0 | 27,689 |
Accumulated amortization | 0 | 27,689 |
Net book value | 0 | 0 |
Vehicle [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 0 | 37,817 |
Accumulated amortization | 0 | 31,602 |
Net book value | $ 0 | $ 6,215 |
LONG TERM INVESTMENTS (Details
LONG TERM INVESTMENTS (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Dec. 18, 2010 | Oct. 01, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Investment [Line Items] | |||||||
Loss on dilution of CWN Capital | $ 128,356 | ||||||
Equity pick up | $ (3,896) | $ (197,276) | $ 166,735 | $ 192,399 | 13,897 | ||
Cwn Capital Inc [Member] | |||||||
Investment [Line Items] | |||||||
Sale of Stock, Percentage of Ownership after Transaction | 23.80% | ||||||
Sale of Stock, Number of Shares Issued in Transaction | 80,000 | ||||||
Retained Interest, Fair Value Disclosure | $ 112,218 | ||||||
Equity Method Investments | $ 135,231 | $ 147,806 | $ 372,860 | $ 270,371 | $ 126,115 | ||
Cwn Capital Inc [Member] | Company Controlled By Director One [Member] | |||||||
Investment [Line Items] | |||||||
Sale of Stock, Percentage of Ownership after Transaction | 50.00% | ||||||
Sale of Stock, Number of Shares Issued in Transaction | 25,000 | ||||||
Sale of Stock, Price Per Share | $ 0.01 | ||||||
Cwn Capital Inc [Member] | Company Controlled By Director Two [Member] | |||||||
Investment [Line Items] | |||||||
Sale of Stock, Percentage of Ownership after Transaction | 23.80% | ||||||
Sale of Stock, Number of Shares Issued in Transaction | 55,000 | ||||||
Sale of Stock, Price Per Share | $ 1 |
BANK LOANS (Details)
BANK LOANS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Bank Loans [Line Items] | ||
Balance | $ 0 | $ 1,279,002 |
EFG Bank of HongKong [Member] | ||
Bank Loans [Line Items] | ||
Rate | 0.00% | 1.17% |
Balance | $ 0 | $ 1,279,002 |
BANK LOANS (Details Textual)
BANK LOANS (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Jul. 27, 2012 | |
Bank Loans [Line Items] | |||
Bank Loans | $ 0 | $ 1,279,002 | |
Revolving Credit Facility [Member] | |||
Bank Loans [Line Items] | |||
Long-term Line of Credit | $ 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. | ||
Line of Credit Facility, Interest Rate During Period | 1.00% | ||
Bank Loans | $ 0 | $ 1,279,002 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance - Number of Options (Beginning balance) | 1,020,000 | 1,040,000 |
Forfeited - Number of Options | (820,000) | (20,000) |
Balance - Number of Options (Ending balance) | 200,000 | 1,020,000 |
Balance - Weighted Average Exercise Price (Beginning balance) | $ 0.60 | $ 0.60 |
Forfeited - Weighted Average Exercise Price | 0.60 | 0.60 |
Balance - Weighted Average Exercise Price (Ending balance) | $ 0.60 | $ 0.60 |
STOCKHOLDERS' EQUITY (Details 1
STOCKHOLDERS' EQUITY (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Outstading | 200,000 | 1,020,000 | 1,040,000 |
Weighted Average Exercise Price, Outstanding | $ 0.60 | $ 0.60 | $ 0.60 |
Weighted Average Remaining Contractual Life (years), Outstanding | 5 months 8 days | 1 year 5 months 8 days | |
Number of Options, Excercisable | 160,000 | 612,000 | |
Weighted Average Exercise Price, Excercisable | $ 0.60 | $ 0.60 | |
Weighted Average Remaining Contractual Life (years), Excercisable | 5 months 8 days | 1 year 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 | 200,000 | 1,020,000 | |
Weighted Average Exercise Price, Outstanding | $ 0.60 | $ 0.60 | |
Weighted Average Remaining Contractual Life (years), Outstanding | 5 months 8 days | 1 year 5 months 8 days | |
Number of Options, Excercisable | 160,000 | 612,000 | |
Weighted Average Exercise Price, Excercisable | $ 0.60 | $ 0.60 | |
Weighted Average Remaining Contractual Life (years), Excercisable | 5 months 8 days | 1 year 5 months 8 days |
STOCKHOLDERS' EQUITY (Details 2
STOCKHOLDERS' EQUITY (Details 2) - 12 months ended Dec. 31, 2010 | Total |
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 T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | Jun. 10, 2010 | Oct. 11, 2007 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 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 | $ (74,955) | $ 25,841 | $ 59,404 | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number | 200,000 | 1,020,000 | 1,040,000 | |||
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 | Jun. 10, 2015 | Oct. 11, 2012 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | |||
Related Party Consultancy Fee | $ 22,890 | $ 90,000 | $ 90,000 |
Related Party Consultancy Fee Payable | 0 | 22,500 | |
Directors' remuneration | 0 | 12,000 | 12,000 |
Non Interest Expense Directors Fees Outstanding | 0 | 12,000 | |
Noninterest Advance To Related Party | 2,628 | 12,444 | |
CWN Capital Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Payable, Related Parties, Current | 36,467 | 115,093 | 270,810 |
Services Provided To Related Party | 0 | 115,093 | |
Costs Incurred On Behalf Related Party | $ 0 | 57,147 | |
CWN Mining Acquisition [Member] | |||
Related Party Transaction [Line Items] | |||
Services Provided To Related Party | $ 11,653 | $ 14,043 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Income Tax Rate Reconciliation [Line Items] | |||
Net Income (loss) for the year | $ (606,346) | $ (517,537) | $ (79,647) |
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 | 1,667 | 8,962 | 15,250 |
Change in estimates | 0 | (2,268) | (7,259) |
Change enacted of tax rate | 0 | (2,702) | 0 |
Functional currency adjustments | 2,050 | (10,985) | (2,022) |
Foreign tax rate differential | 0 | (53,640) | (84,074) |
Disposition of subsidiaries | 410,964 | 0 | 0 |
Change in valuation allowance | (414,681) | 64,490 | 127,389 |
Income tax expense (recovery) | $ 0 | $ 3,857 | $ (49,284) |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Tax Assets And Liabilities [Line Items] | ||
Non-capital loss carryforwards | $ 413,959 | |
Capital losses | 0 | |
Equipment and furniture | 2,008 | |
Others | (1,286) | |
Deferred tax assets not previously recognized | 414,681 | |
Valuation allowance | (414,681) | |
Net deferred tax assets | $ 0 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 0.00% | 0.00% | 0.00% |
NAI Interactive Ltd [Member] | |||
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 26.00% | ||
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% |
GEOGRAPHIC INFORMATION (Details
GEOGRAPHIC INFORMATION (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||
Revenue from external customers | $ 158,752 | $ 937,781 | |
Net income (loss) | (606,346) | (521,394) | $ (128,931) |
Total assets | 884,935 | 3,164,476 | |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from external customers | 158,333 | 923,350 | |
Net income (loss) | (542,476) | (313,717) | |
Total assets | 884,935 | 3,128,054 | |
China [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from external customers | 419 | 14,431 | |
Net income (loss) | (63,870) | (207,677) | |
Total assets | $ 0 | $ 48,422 |