Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2017 | Feb. 25, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2017 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | CHUN CAN CAPITAL GROUP | |
Entity Central Index Key | 0001191334 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,011 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | ||
Loans receivable | ||
Total current assets | ||
Long-term investments | ||
Property and equipment, net | ||
Equity method investments | ||
Deposits and other assets | ||
Total assets | 0 | 0 |
Current liabilities: | ||
Accounts payable | ||
Accrued liabilities | ||
Other current liabilities | ||
Total current liabilities | ||
Accrued severance benefits | ||
Convertible debt | ||
Total liabilities | ||
Commitments | ||
Stockholders' deficit: | ||
Preferred stock: par value $0.001 per share, 30,000,000 shares authorized, none issued and outstanding | ||
Common stock: par value $0.001 per share, 270,000,000 shares authorized, 33,011 and 33,011 shares issued and outstanding | 3 | 3 |
Additional paid-in capital | 20,666 | 20,666 |
Accumulated deficit | (20,669) | (20,669) |
Accumulated other comprehensive loss | ||
Total stockholders' deficit | 0 | 0 |
Total liabilities and stockholders' deficit | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 270,000,000 | 270,000,000 |
Common stock, shares issued | 33,011 | 33,011 |
Common stock, shares outstanding | 33,011 | 33,011 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Net revenues | ||||
Operating expenses: | ||||
General and administrative expenses | ||||
Depreciation and amortization | ||||
Goodwill impairment loss | ||||
Total operating expenses | ||||
Loss from operations | ||||
Other income (expenses): | ||||
Net loss on sale of property and equipment | ||||
Interest expense | ||||
Impairment loss on investment | ||||
Share of loss from equity investment | ||||
Foreign currency transactions, net | ||||
Gain on debt settlement | ||||
Other income (expenses), net | ||||
Income (loss) before income taxes | ||||
Income tax expense | ||||
Net income (loss) | ||||
Income (loss) per share- basic and diluted: | ||||
Weighted average number of common shares outstanding - basic and diluted | 33,011 | 33,011 | 33,011 | 33,011 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Investment impairment | ||
Impairment of goodwill | ||
Depreciation Expense | ||
Share of loss from equity investment | ||
Net loss on sale of property | ||
Foreign currency transaction (gain) loss | ||
Gain on debt settlement | ||
(Increase) decrease in assets: | ||
Prepaid expenses and other assets | ||
Security deposits | ||
Increase (decrease) in liabilities: | ||
Accounts payable | ||
Accrued liabilities | ||
Cash provided by (used in) operating activities | ||
Cash flows from investing activities: | ||
Payments on loan receivable | ||
Proceeds from loan receivable | ||
Cash provided by investing activities | ||
Cash flows from financing activities: | ||
Proceeds from notes payable | ||
Principal payments of notes payable | ||
Cash used in financing activities | ||
Net decrease in cash and cash equivalent | ||
Effect of foreign currency translation | ||
Cash and cash equivalent - beginning of year | ||
Cash and cash equivalent - end of year | ||
Supplemental Disclosure of Cash Flows Information: | ||
Cash paid during the year for: Interest | ||
Cash paid during the year for: Income taxes |
Consolidated Statement of Stock
Consolidated Statement of Stockholders Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance (in shares) at Dec. 31, 2015 | 33,011 | |||
Beginning Balance at Dec. 31, 2015 | $ 3 | $ 20,666 | $ (20,669) | $ 0 |
Net Loss | ||||
Ending Balance (in shares) at Mar. 31, 2016 | 33,011 | |||
Ending Balance at Mar. 31, 2016 | $ 3 | 20,666 | (20,669) | 0 |
Beginning Balance (in shares) at Dec. 31, 2015 | 33,011 | |||
Beginning Balance at Dec. 31, 2015 | $ 3 | 20,666 | (20,669) | 0 |
Net Loss | ||||
Ending Balance (in shares) at Jun. 30, 2016 | 33,011 | |||
Ending Balance at Jun. 30, 2016 | $ 3 | 20,666 | (20,669) | 0 |
Beginning Balance (in shares) at Mar. 31, 2016 | 33,011 | |||
Beginning Balance at Mar. 31, 2016 | $ 3 | 20,666 | (20,669) | 0 |
Net Loss | ||||
Ending Balance (in shares) at Jun. 30, 2016 | 33,011 | |||
Ending Balance at Jun. 30, 2016 | $ 3 | 20,666 | (20,669) | 0 |
Beginning Balance (in shares) at Dec. 31, 2016 | 33,011 | |||
Beginning Balance at Dec. 31, 2016 | $ 3 | 20,666 | (20,669) | 0 |
Net Loss | ||||
Ending Balance (in shares) at Jun. 30, 2017 | 33,011 | |||
Ending Balance at Jun. 30, 2017 | $ 3 | 20,666 | (20,669) | 0 |
Beginning Balance (in shares) at Mar. 31, 2017 | 33,011 | |||
Beginning Balance at Mar. 31, 2017 | $ 3 | 20,666 | (20,669) | 0 |
Net Loss | ||||
Ending Balance (in shares) at Jun. 30, 2017 | 33,011 | |||
Ending Balance at Jun. 30, 2017 | $ 3 | $ 20,666 | $ (20,669) | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Chun Can Capital Group (formerly Cintel Corp.) (the "Company") have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In management's opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments), necessary to state fairly the financial information included herein. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make judgments, estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ materially from these estimates. In addition, any changes in these estimates or their related assumptions could have a materially adverse effect on the Company's operating results. Where the functional currency of the Company's foreign subsidiaries is the local currency, all assets and liabilities are translated into U.S. dollars, using the exchange rate on the consolidated balance sheet date, and revenues and expenses are translated at average rates prevailing during the period. Accounts and transactions denominated in foreign currencies have been re-measured into functional currencies before translated into U.S. dollars. Foreign currency transaction gains and losses are included as a component of other income and expense. Gains and losses from foreign currency translation are included as a separate component of comprehensive income. These unaudited condensed consolidated financial statements include the accounts of Cintel Corp. and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. While the Company believes that the disclosures are adequate to make the information not misleading, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011. Going Concern The Company's financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company is a non-operating shell company which has experienced recurring operating losses and has.an accumulated deficit. These conditions raise uncertainty about the Company's ability to continue as a going concern for a period of one year from the issuance of these financial statements. The Company's ability to continue as a going concern is contingent upon its ability to secure additional financing, increase sales of its product and attain profitable operations. It is the intent of management to continue to raise additional funds to sustain operations and to pursue acquisitions of operating companies in order to generate future profits for the Company. Although the Company plans to pursue additional equity financing, there can be no assurance that the Company will be able to secure financing when needed or obtain such on terms satisfactory to the Company, if at all. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 2 - Income Taxes Corporate tax rates range from 10% to 34%. The Company provided a valuation allowance equal to the deferred tax amounts resulting from the tax losses in the United States, as it is not likely that they will be realized. The U.S. tax losses can be carried forward for 15 to 20 years to offset future taxable income and expire in years 2020 to 2029. The provision for income taxes for the six months ended June 30, 2017 and 2016 are summarized as follows: 2017 2016 (In thousands) Income tax – current $ - $ - Income tax – deferred - - $ - $ - The Company has deferred tax assets (liabilities) at June 30, 2017 and December 31, 2016 as follows: 2017 2016 (In thousands) Net operating loss carryforwards $ - $ - Valuation allowance (- ) (- ) $ - $ - |
Capital Stock
Capital Stock | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Capital Stock | Note 3 – Capital Stock On March 12, 2011, the Company entered into a share purchase agreement with an officer of the Company, for the sale and issuance of 1,391 shares of common stock at a price of $0.03 per share. In the 4 th On March 16, 2017, the Company effected a 1 for 4,000 reverse stock split. All share and per share information have been retroactively adjusted for this reverse stock split. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | 2017 2016 (In thousands) Income tax – current $ - $ - Income tax – deferred - - $ - $ - |
Deferred Tax Assets (Liabilties) | 2017 2016 (In thousands) Net operating loss carryforwards $ - $ - Valuation allowance (- ) (- ) $ - $ - |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Income tax- current | ||||
Income tax- deferred | ||||
Income Tax Benefit |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Liabilties) (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | ||
Valuation allowance | ||
Operating loss carryforwards |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 6 Months Ended |
Jun. 30, 2017 | |
Minimum [Member] | |
Corporate tax rate | 10.00% |
Maximum [Member] | |
Corporate tax rate | 34.00% |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - $ / shares | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Mar. 16, 2017 | Mar. 12, 2011 | Dec. 31, 2011 | |
Equity [Abstract] | |||
Share purchase agreement, shares | 1,391 | ||
Stock price per share | $ 0.03 | $ 0.03 | |
Shares issued for services, shares | 7,795 | ||
Reverse stock split | 1 for 4,000 |