Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
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, 2015 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,015 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents [note 2] | $ 85,906 | $ 186,757 |
Note receivable [note 6] | 582,384 | 693,296 |
Prepaid expenses and deposits | 4,914 | 4,882 |
Total current assets | 673,204 | 884,935 |
Total assets | 673,204 | 884,935 |
Current liabilities | ||
Accounts payable and accrued liabilities | 41,784 | 86,762 |
Due to related parties, non-interest bearing [note 11] | 2,628 | 2,628 |
Total current liabilities | 44,412 | 89,390 |
Stockholders’ equity [note 10] | ||
Common stockAuthorized 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 | 4,183,129 | 4,182,073 |
Deficit | (3,565,287) | (3,397,478) |
Total stockholders’ equity | 628,792 | 795,545 |
Total liabilities and stockholders’ equity | $ 673,204 | $ 884,935 |
BALANCE SHEETS _Parenthetical_
BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
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 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - 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, 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 |
Components of comprehensive income (loss): | |||||||
Foreign currency translation adjustment on deconsolidation of subsidiary | 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 | ||||||
Stock based compensation | 1,056 | $ 0 | 1,056 | 0 | 0 | 1,056 | 0 |
Components of comprehensive income (loss): | |||||||
Net income (loss) for the year | (167,809) | 0 | 0 | (167,809) | 0 | (167,809) | 0 |
Balance at Dec. 31, 2015 | $ 628,792 | $ 10,950 | $ 4,183,129 | $ (3,565,287) | $ 0 | $ 628,792 | $ 0 |
Balance (in shares) at Dec. 31, 2015 | 10,950,000 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | $ 0 | $ 158,752 | $ 937,781 |
Expenses | |||
Advertising and promotion | 0 | 14,647 | 82,907 |
Audit and legal | 30,817 | 60,973 | 82,014 |
Consulting fees | 0 | 30,062 | 90,000 |
Depreciation | 0 | (4,854) | 7,776 |
Directors' remuneration | 0 | 0 | 12,000 |
Office and miscellaneous | 7,341 | 50,551 | 72,142 |
Printing | 0 | 1,408 | 8,068 |
Provision for bad and doubtful debts | 0 | 0 | 51,112 |
Rent and operating | 0 | 44,692 | 145,356 |
Salaries and benefits | 0 | 150,922 | 491,519 |
Stock based compensation | 1,056 | (74,955) | 25,841 |
Telephone | 0 | 3,795 | 13,747 |
Travel and entertainment | 0 | 23,809 | 113,293 |
Operating Expenses, Total | (39,214) | (301,050) | (1,195,775) |
Other income (loss) | |||
Interest and sundry income | 11 | 2,446 | 20,390 |
Gain (loss) on available-for-sale securities | 0 | 0 | 6,451 |
Foreign exchange gain (loss) and other losses | (128,606) | (85,799) | (89,108) |
Equity pick up | 0 | (3,896) | (197,276) |
Imputed interest income | 0 | 45,766 | 0 |
Gain (loss) on disposal of subsidiaries [note 3] | 0 | (422,565) | 0 |
Other income (loss), net | (128,595) | (464,048) | (259,543) |
Loss before income taxes | (167,809) | (606,346) | (517,537) |
Deferred tax recovery (expense) | 0 | 0 | (3,857) |
Net loss for the year | (167,809) | (606,346) | (521,394) |
Other comprehensive income (loss) | |||
Unrealized gain or loss on available -for-sale securities | 0 | 0 | (45,536) |
Currency translation adjustments | 0 | 0 | 1,216 |
Comprehensive income (loss) | (167,809) | (606,346) | (565,714) |
Net income (loss) attributable to: | |||
Common stockholders | (167,809) | (595,994) | (490,238) |
Non-controlling interests | 0 | (10,352) | (31,156) |
Net income (loss) for the year | (167,809) | (606,346) | (521,394) |
Net comprehensive income (loss) attributable to: | |||
Common stockholders | (167,809) | (595,994) | (535,774) |
Non-controlling interests | 0 | (10,352) | (29,940) |
Comprehensive income (loss), net of tax, including portion attributable to noncontrolling interest | $ (167,809) | $ (606,346) | $ (565,714) |
Earning (loss) per share - basic (in dollars per share) | $ (0.02) | $ (0.05) | $ (0.05) |
Earning (loss) per share - diluted (in dollars per share) | $ (0.02) | $ (0.05) | $ (0.05) |
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 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES | |||
Net income (loss) for the year | $ (167,809) | $ (606,346) | $ (521,394) |
Adjustment to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 0 | (4,854) | 7,776 |
Deferred tax recovery | 0 | 0 | 3,857 |
Stock based compensation | 1,056 | (74,955) | 25,841 |
Equity interest pick up | 0 | 3,896 | 197,276 |
Gain on short term investment | 0 | (5,492) | 0 |
Write-down equipment | 0 | 0 | 506 |
Imputed interest | 0 | (8,051) | 0 |
Loss on deconsolidation of subsidiaries | 0 | 422,565 | 0 |
Foreign exchange gain (loss) | 128,606 | 0 | 0 |
Changes in non-cash working capital items: | |||
Accounts receivable | 0 | (21,278) | (12,230) |
Prepaid expenses and deposits | (32) | 5,127 | (18,481) |
Accounts payable and accrued liabilities | (41,979) | 31,851 | (6,747) |
Deferred revenue | 0 | (16,200) | (15,520) |
Net cash provided by (used in) operating activities | (80,158) | (273,737) | (339,116) |
FINANCING ACTIVITIES: | |||
Short term loan | 0 | (1,279,002) | (1,178,746) |
Due to related parties | 0 | (20,223) | 331,125 |
Net cash provided by financing activities | 0 | (1,299,225) | 1,509,871 |
INVESTING ACTIVITIES: | |||
Purchase of equipment | 0 | 0 | 0 |
Short term investments | 0 | 556,223 | (274,778) |
Cash received from deconsolidation of subsidiary | 0 | 239,427 | 0 |
Cash reduced upon deconsolidation of subsidiary | 0 | (751,512) | 0 |
Net cash provided by (used in) investing activities | 0 | 44,138 | (274,778) |
Effect of exchange rate changes on cash and cash equivalents | (20,693) | 281 | 13,449 |
Increase (decrease) in cash and cash equivalents | (100,851) | (1,528,543) | 909,426 |
Cash and cash equivalents, beginning of year | 186,757 | 1,715,300 | 805,874 |
Cash and cash equivalents, end of year | 85,906 | 186,757 | 1,715,300 |
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, 2015 | |
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 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 inactive with limited operations and is 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, 2015 | |
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, deferred income tax assets and liabilities and stock based compensation. Cash equivalents usually consist of highly liquid investments which are readily convertible into cash with maturity of three months or less when purchased. The Company had no cash equivalents as of December 31, 2015 (2014 - $nil) . 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. Income taxes are accounted for under the liability method of accounting for income taxes. Under the liability method, deferred tax liabilities and assets are recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply when the asset is realized or the liability is settled. The effect of a change in income tax rates on deferred tax liabilities and assets is recognized in income in the period in which the change occurs. Deferred tax assets are recognized to the extent that they are considered more likely than not to be realized. Per FASB ASC 740 “Income taxes” under the liability method, it is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. At December 31, 2015, the Company believes it has appropriately accounted for any unrecognized tax benefits. To the extent the Company prevails in matters for which a liability for an unrecognized benefit is established or is required to pay amounts in excess of the liability, the Company’s effective tax rate in a given financial statement period may be affected. Interest and penalties associated with the Company’s tax positions are recorded as Interest Expense. The Company accounts for comprehensive income under the provisions of ASC Topic 220-10, Comprehensive Income - Overall, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The Company is disclosing this information on its Statements of Operations and Comprehensive Loss. 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, 2015 and 2014, the fair value of cash and cash equivalents 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. 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 year ended December 31, 2014, the Company incurred approximately US$ 0.40 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, CompensationStock 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. In April 2014, the FASB issued Accounting Standards Update ("ASU") 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations while enhancing disclosures in this area. They also address sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the entity's operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in this ASU are effective for the first quarter of 2015 for public entities with calendar year ends. The Company adopted ASU 2014-08 on January 1, 2015 and the adoption of this pronouncement did not have a material effect on the Company's consolidated financial position or results of operations. In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (ASU 2014-09). This accounting standard supersedes all existing US GAAP revenue recognition guidance. Under ASU 2014-09, a company will recognize revenue when it transfers the control of promised goods or services to customers in an amount that reflects the consideration which the company expects to collect in exchange for those goods or services. ASU 2014-09 will require additional disclosures in the notes to the consolidated financial statements and is effective for annual and interim reporting periods beginning after December 15, 2016. The Company is evaluating the impact of ASU 2014-09 and an estimate of the impact to the consolidated financial statements cannot be made at this time. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The standard provides guidance that a performance target that affects vesting of a share-based payment and that could be achieved after the requisite service condition is a performance condition. As a result, the target is not reflected in the estimation of the award's grant date fair value. Share-based compensation cost for such award would be recognized over the required service period, if it is probable that the performance condition will be achieved. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The guidance should be applied on a prospective basis to awards that are granted or modified on or after the effective date of the standard. Companies also have the option to apply the guidance on a modified retrospective basis for awards with performance targets outstanding on or after the beginning of the first annual period presented after the effective date of the standard. The Company is evaluating the impact of ASU 2014-12 and an estimate of the impact to the consolidated financial statements cannot be made at this time. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The ASU provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The new standard requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date of issuance of the entity's financial statements (or within one year after the date on which the financial statements are available to be issued, when applicable). Further, an entity must provide certain disclosures if there is "substantial doubt about the entity's ability to continue as a going concern." The ASU is effective for annual periods ending after December 15, 2016, and interim periods thereafter and early adoption is permitted. The Company is evaluating the impact of ASU 2014-15 and an estimate of the impact to the consolidated financial statements cannot be made at this time. In January 2015, the FASB issued ASU 2015-01, Income Statement-Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, which eliminates the concept of extraordinary items. Under this new guidance, entities will no longer be required to separately classify, present and disclose extraordinary events and transactions. The amendments in this update are effective for annual and interim periods beginning after December 15, 2015. The Company is evaluating the impact of ASU 2015-01 and an estimate of the impact to the consolidated financial statements cannot be made at this time. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis"("ASU 2015-02"). ASU 2015-02 makes several modifications to the consolidation guidance for variable interest entities ("VIEs") and general partners' investments in limited partnerships, as well as modifications to the evaluation of whether limited partnerships are VIEs or voting interest entities. It is effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted. In April 2015, FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). In August 2015, FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”). ASU 2015-03 will require that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the debt. ASU 2015-15 allows an entity to present debt issuance costs associated with a revolving line of credit arrangement as an asset, regardless of whether a balance is outstanding. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03 or ASU 2015-15. These ASU’s are effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, with early adoption permitted. ASU 2015-03 will require the Company to reclassify its deferred financing costs associated with its long-term debt from other assets to long-term debt on a retrospective basis. The new standard will not affect the Company’s results of operations or cash flows. On March 30, 2016, the FASB issued ?ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends ASC Topic 718, Compensation Stock Compensation. The ASU simplifies several aspects of the accounting for employee share-based payment transactions. The ASU also contains guidance under which nonpublic entities can use the simplified method to estimate the expected term of an award and make a one-time election to switch from fair value measurement to intrinsic value measurement for liability-classified awards. ASU 2016-09 is effective for public business entities for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption will be permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company is evaluating the impact of the amended guidance on its consolidated financial statements. There have been no other accountings pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Deconsolidation and Discontinue
Deconsolidation and Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Deconsolidation and Discontinued Operations [Abstract] | |
Deconsolidation and Discontinued Operations [Text Block] | 3. Deconsolidation and Discontinued Operations In year 2014, 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) |
NOTES RECEIVABLE
NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. NOTES RECEIVABLE As at April 28, 2014, the Company received the promissory notes of CAD $ 831,031 23.8 45,766 37,715 10 110,912 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 6. STOCKHOLDERS’ EQUITY Stock Options On June 10, 2010, the Company granted key officers and directors 1,090,000 June 10, 2015 0.60 20 80 Weighted Average Number of Options Exercise Price Balance, December 31, 2013 1,020,000 $ 0.60 Forfeited (820,000) 0.60 Balance, December 31, 2014 200,000 0.60 Expired (200,000) 0.60 Balance, December 31, 2015 - $ - 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 The fair value of each stock option granted in the fiscal year 2010 was calculated as $ 0.30 1,056 (74,955) 27,879 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 2015 and 2014. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 7. RELATED PARTY TRANSACTIONS As at December 31, 2015, the Company has non-interest bearing loan from the stockholders in the amount of $ 2,628 2,628 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, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 8. INCOME TAXES The Company is subject to the tax laws of Cayman Islands and the tax rate is 0 2015 2014 2013 $ $ $ Net Income (loss) for the year (170,223) (606,346) (517,537) 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 Change in estimates - (2,268) Change enacted of tax rate - (2,702) Functional currency adjustments 2,050 (10,985) Foreign tax rate differential - (53,640) Disposition of subsidiaries - 410,964 - Change in valuation allowance - (414,681) 64,490 Income tax expense (recovery) - - 3,857 |
GEOGRAPHIC INFORMATION
GEOGRAPHIC INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 9. 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, 2015 Canada China Total Revenue from external customers $ - $ - $ - Net income (loss) (167,809) - (167,809) Total assets $ 673,204 $ - $ 673,204 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 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 10. SUBSEQUENT EVENTS As agreed by both parties, the maturity date of the promissory note between the company and Ningbo International Limited was extended further 2 years April 28, 2018 8 Also see note 6. |
COMPARATIVE FIGURES
COMPARATIVE FIGURES | 12 Months Ended |
Dec. 31, 2015 | |
Comparative Figures Disclosure [Abstract] | |
Comparative Figures Disclosure [Text Block] | 11. COMPARATIVE FIGURES Certain of comparative figures have been reclassified to conform with the presentation adopted in the current period. |
SIGNIFICANT ACCOUNTING POLICI17
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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, deferred income tax assets and liabilities and stock based compensation. |
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. The Company had no cash equivalents as of December 31, 2015 (2014 - $nil) . |
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. |
Income Tax, Policy [Policy Text Block] | Income taxes Income taxes are accounted for under the liability method of accounting for income taxes. Under the liability method, deferred tax liabilities and assets are recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply when the asset is realized or the liability is settled. The effect of a change in income tax rates on deferred tax liabilities and assets is recognized in income in the period in which the change occurs. Deferred tax assets are recognized to the extent that they are considered more likely than not to be realized. Per FASB ASC 740 “Income taxes” under the liability method, it is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. At December 31, 2015, the Company believes it has appropriately accounted for any unrecognized tax benefits. To the extent the Company prevails in matters for which a liability for an unrecognized benefit is established or is required to pay amounts in excess of the liability, the Company’s effective tax rate in a given financial statement period may be affected. Interest and penalties associated with the Company’s tax positions are recorded as Interest Expense. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income The Company accounts for comprehensive income under the provisions of ASC Topic 220-10, Comprehensive Income - Overall, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The Company is disclosing this information on its Statements of Operations and Comprehensive Loss. |
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, 2015 and 2014, the fair value of cash and cash equivalents 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. |
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 year ended December 31, 2014, the Company incurred approximately US$ 0.40 |
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, CompensationStock 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. In April 2014, the FASB issued Accounting Standards Update ("ASU") 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations while enhancing disclosures in this area. They also address sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the entity's operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in this ASU are effective for the first quarter of 2015 for public entities with calendar year ends. The Company adopted ASU 2014-08 on January 1, 2015 and the adoption of this pronouncement did not have a material effect on the Company's consolidated financial position or results of operations. In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (ASU 2014-09). This accounting standard supersedes all existing US GAAP revenue recognition guidance. Under ASU 2014-09, a company will recognize revenue when it transfers the control of promised goods or services to customers in an amount that reflects the consideration which the company expects to collect in exchange for those goods or services. ASU 2014-09 will require additional disclosures in the notes to the consolidated financial statements and is effective for annual and interim reporting periods beginning after December 15, 2016. The Company is evaluating the impact of ASU 2014-09 and an estimate of the impact to the consolidated financial statements cannot be made at this time. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The standard provides guidance that a performance target that affects vesting of a share-based payment and that could be achieved after the requisite service condition is a performance condition. As a result, the target is not reflected in the estimation of the award's grant date fair value. Share-based compensation cost for such award would be recognized over the required service period, if it is probable that the performance condition will be achieved. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The guidance should be applied on a prospective basis to awards that are granted or modified on or after the effective date of the standard. Companies also have the option to apply the guidance on a modified retrospective basis for awards with performance targets outstanding on or after the beginning of the first annual period presented after the effective date of the standard. The Company is evaluating the impact of ASU 2014-12 and an estimate of the impact to the consolidated financial statements cannot be made at this time. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The ASU provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The new standard requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date of issuance of the entity's financial statements (or within one year after the date on which the financial statements are available to be issued, when applicable). Further, an entity must provide certain disclosures if there is "substantial doubt about the entity's ability to continue as a going concern." The ASU is effective for annual periods ending after December 15, 2016, and interim periods thereafter and early adoption is permitted. The Company is evaluating the impact of ASU 2014-15 and an estimate of the impact to the consolidated financial statements cannot be made at this time. In January 2015, the FASB issued ASU 2015-01, Income Statement-Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, which eliminates the concept of extraordinary items. Under this new guidance, entities will no longer be required to separately classify, present and disclose extraordinary events and transactions. The amendments in this update are effective for annual and interim periods beginning after December 15, 2015. The Company is evaluating the impact of ASU 2015-01 and an estimate of the impact to the consolidated financial statements cannot be made at this time. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis"("ASU 2015-02"). ASU 2015-02 makes several modifications to the consolidation guidance for variable interest entities ("VIEs") and general partners' investments in limited partnerships, as well as modifications to the evaluation of whether limited partnerships are VIEs or voting interest entities. It is effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted. In April 2015, FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). In August 2015, FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”). ASU 2015-03 will require that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the debt. ASU 2015-15 allows an entity to present debt issuance costs associated with a revolving line of credit arrangement as an asset, regardless of whether a balance is outstanding. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03 or ASU 2015-15. These ASU’s are effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, with early adoption permitted. ASU 2015-03 will require the Company to reclassify its deferred financing costs associated with its long-term debt from other assets to long-term debt on a retrospective basis. The new standard will not affect the Company’s results of operations or cash flows. On March 30, 2016, the FASB issued ?ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends ASC Topic 718, Compensation Stock Compensation. The ASU simplifies several aspects of the accounting for employee share-based payment transactions. The ASU also contains guidance under which nonpublic entities can use the simplified method to estimate the expected term of an award and make a one-time election to switch from fair value measurement to intrinsic value measurement for liability-classified awards. ASU 2016-09 is effective for public business entities for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption will be permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company is evaluating the impact of the amended guidance on its consolidated financial statements. There have been no other accountings pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Deconsolidation and Discontin18
Deconsolidation and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2013 1,020,000 $ 0.60 Forfeited (820,000) 0.60 Balance, December 31, 2014 200,000 0.60 Expired (200,000) 0.60 Balance, December 31, 2015 - $ - |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | As at December 31, 2015, there is no stock option 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 |
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, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 $ $ $ Net Income (loss) for the year (170,223) (606,346) (517,537) 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 Change in estimates - (2,268) Change enacted of tax rate - (2,702) Functional currency adjustments 2,050 (10,985) Foreign tax rate differential - (53,640) Disposition of subsidiaries - 410,964 - Change in valuation allowance - (414,681) 64,490 Income tax expense (recovery) - - 3,857 |
GEOGRAPHIC INFORMATION (Tables)
GEOGRAPHIC INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 Canada China Total Revenue from external customers $ - $ - $ - Net income (loss) (167,809) - (167,809) Total assets $ 673,204 $ - $ 673,204 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 |
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 POLICI23
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | |||
Gain (Loss) on Disposition of Business | $ 0 | $ (422,565) | $ 0 |
Cwn Capital Inc [Member] | |||
Significant Accounting Policies [Line Items] | |||
Equity Method Investment, Ownership Percentage | 85.00% |
Deconsolidation and Discontin24
Deconsolidation and Discontinued Operations (Details) | 12 Months Ended |
Dec. 31, 2014USD ($) | |
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 NAI' s net assets | (636,157) |
ChineseWorldNet.com HK Limited [Member] | |
Carrying value of NAI' s net assets | $ (1,145,495) |
Deconsolidation and Discontin25
Deconsolidation and Discontinued Operations (Details Textual) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2014CAD | Dec. 31, 2013USD ($) | |
Proceeds from Divestiture of Businesses | $ | $ 0 | $ 239,427 | $ 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% |
NOTES RECEIVABLE (Details Textu
NOTES RECEIVABLE (Details Textual) | 1 Months Ended | 12 Months Ended | ||
Apr. 28, 2014CAD | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Investment Income, Interest | $ 0 | $ 45,766 | $ 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 | $ 110,912 | $ 37,715 | ||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 10.00% |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance - Number of Options (Beginning balance) | 200,000 | 1,020,000 |
Forfeited - Number of Options | (200,000) | (820,000) |
Balance - Number of Options (Ending balance) | 0 | 200,000 |
Balance - Weighted Average Exercise Price (Beginning balance) | $ 0.6 | $ 0.6 |
Forfeited - Weighted Average Exercise Price | 0.6 | 0.6 |
Balance - Weighted Average Exercise Price (Ending balance) | $ 0 | $ 0.6 |
STOCKHOLDERS' EQUITY (Details 1
STOCKHOLDERS' EQUITY (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | $ 0.60 | ||
Number of Options, Outstading | 200,000 | 0 | 1,020,000 |
Weighted Average Exercise Price, Outstanding | $ 0.6 | $ 0 | $ 0.6 |
Weighted Average Remaining Contractual Life (years), Outstanding | 5 months 8 days | ||
Number of Options, Excercisable | 160,000 | ||
Weighted Average Exercise Price, Excercisable | $ 0.60 | ||
Weighted Average Remaining Contractual Life (years), Excercisable | 5 months 8 days | ||
Exercise Price One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Outstading | 200,000 | ||
Weighted Average Exercise Price, Outstanding | $ 0.60 | ||
Weighted Average Remaining Contractual Life (years), Outstanding | 5 months 8 days | ||
Number of Options, Excercisable | 160,000 | ||
Weighted Average Exercise Price, Excercisable | $ 0.60 | ||
Weighted Average Remaining Contractual Life (years), Excercisable | 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 T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | Jun. 10, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | 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 | ||||
Ordinary price per share on date of grant | $ 0.60 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Vesting Percentage 1 | 20.00% | ||||
Share Based Compensation Arrangement By Share Based Payment Award Vesting Percentage 2 | 80.00% | ||||
Stock based compensation | $ 1,056 | $ (74,955) | $ 25,841 | ||
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 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Noninterest Advance To Related Party | $ 2,628 | $ 2,628 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation [Line Items] | |||
Net Income (loss) for the year | $ (167,809) | $ (606,346) | $ (517,537) |
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 | 0 | 1,667 | 8,962 |
Change in estimates | 0 | (2,268) | |
Change enacted of tax rate | 0 | (2,702) | |
Functional currency adjustments | 0 | 2,050 | (10,985) |
Foreign tax rate differential | 0 | (53,640) | |
Disposition of subsidiaries | 0 | 410,964 | 0 |
Change in valuation allowance | 0 | (414,681) | 64,490 |
Income tax expense (recovery) | $ 0 | $ 0 | $ 3,857 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 0.00% | 0.00% | 0.00% |
GEOGRAPHIC INFORMATION (Details
GEOGRAPHIC INFORMATION (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenue from external customers | $ 0 | $ 158,752 | |
Net income (loss) | (167,809) | (606,346) | $ (521,394) |
Total assets | 673,204 | 884,935 | |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from external customers | 0 | 158,333 | |
Net income (loss) | (167,809) | (542,476) | |
Total assets | 673,204 | 884,935 | |
China [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from external customers | 0 | 419 | |
Net income (loss) | 0 | (63,870) | |
Total assets | $ 0 | $ 0 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Event [Line Items] | |
Subsequent Event, Date | Apr. 28, 2018 |
Non-Interest Bearing Promissory Notes [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument Maturity Period | 2 years |
Cwn Capital Inc [Member] | |
Subsequent Event [Line Items] | |
Sale of Stock, Percentage of Ownership after Transaction | 8.00% |