Chun Can Capital (CNCN) 10-K 21 Apr 21 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2020	Apr. 21, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity Registrant Name	CHUN CAN CAPITAL GROUP
Entity Central Index Key	0001191334
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float		$ 127,206
Entity Common Stock, Shares Outstanding		220,033,011

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents
Total current assets
Total assets	0	0
Current Liabilities
Accounts payable	26,361
Accounts payable - related	31,873
Total current liabilities	58,234
Total Liabilities	58,234
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; 220,033,011 and 33,011 shares issued and outstanding	220,033	33
Additional paid-in capital	20,458,967	20,668,967
Accumulated deficit	(20,737,234)	(20,669,000)
Total stockholders' deficit	(58,234)	0
Total liabilities and stockholders' deficit	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
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	220,033,011	33,011
Common stock, shares outstanding	220,033,011	33,011

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net Revenues
Operating expenses:
General and administrative	68,234
Total operating expenses	68,234
Loss from operations	(68,234)
Other expenses:
Impairment loss on investment
Share of loss from equity investment
Foreign currency transactions, net
Gain on debt settlement
Total other expense
Income (loss) before income taxes	(68,234)
Income tax expense
Net loss	$ (68,234)
Income (loss) per share- basic and diluted:	$ 0
Weighted average shares outstanding common shares outstanding - basic and diluted	189,978,366	33,011

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (68,234)
Increase (decrease) in liabilities
Accounts payable	26,361
Accounts payable - related	41,873
Cash provided by (used in) operating activities
Cash flows from investing activities:
Cash provided by in 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
Cash and cash equivalent - beginning of period
Cash and cash equivalent - end of period
Supplemental Disclosures of Cash Flow Information:
Cash paid during the year for: Interest
Cash paid during the year for: Income taxes
Non-cash financing activities:
Conversion of payables to common stock	$ 10,000

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders Equity - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance (in shares) at Dec. 31, 2018	33,011
Beginning Balance at Dec. 31, 2018	$ 33	$ 20,668,967	$ (20,669,000)	$ 0
Net Loss
Ending Balance (in shares) at Dec. 31, 2019	33,011
Ending Balance at Dec. 31, 2019	$ 33	20,668,967	(20,669,000)	0
Shares issued to covert payable (in shares)	220,000,000
Shares issued to covert payable	$ 220,000	(210,000)		10,000
Net Loss			(68,234)	(68,234)
Ending Balance (in shares) at Dec. 31, 2020	220,033,011
Ending Balance at Dec. 31, 2020	$ 220,033	$ 20,458,967	$ (20,737,234)	$ (58,234)

Organization and Nature of the

Organization and Nature of the Business	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of the Business	Note 1 – Basis of Presentation On October 30, 2006, the Company acquired 51% of the outstanding voting stocks of Phoenix Semiconductor Telecommunication Co., Ltd. ("PSTS") in China for $16.5 million. In March 2008, the Company contributed $4.9 million of additional capital to PSTS to proportionately match the additional investments made by the minority shareholders of PSTS. PSTS was in the business of semiconductor packaging and manufacturing. On May 18, 2007, the Company acquired 100% of the outstanding voting stocks of Bluecomm Korea, Co. Ltd. (“Bluecomm”) in Korea for $6.5 million. Bluecomm was engaged in the business of Customer Relationship Management (CRM) solution and consulting, call-center operation, and database marketing. On August 27, 2007, the Company acquired 50.1% of the outstanding voting stocks of Phoenix Digital Tech Co. Ltd. (“PDT”) in Korea for $34.7 million. PDT was in the business of designing, manufacturing and installing automated assembly line for Flat Panel Displays, and manufacturing and testing of PCB related equipment based on customers’ specification. Acquisitions of these subsidiaries were financed by issuing convertible debts to various parties. In October 2009, the convertible debts issued to Woori PEF was called, and in December 2009, to satisfy the debts, the Company transferred to the creditor (1) 100% ownership in Bluecomm, (2) 48% ownership in PDT and (3) 32% ownership interest in PSTS. As a result, the Company had only one wholly-owned subsidiary, Cintel Korea as of December 31, 2010. In 2011, the Company abandoned its’ investment in Cintel Korea. 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 and find a merger candidate. It is the intent of management to continue to raise additional funds 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 and acquisitions, there can be no assurance that the Company will be able to secure financing or acquisition targets 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.

Summary of Significant Accounti

Summary of Significant Accounting Principles	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Principles	Note 2 – Summary of Significant Accounting Policies: The following summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, who is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. 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. Basis of Presentation and Consolidation The accompanying consolidated financial statements include the accounts of Chun Can Capital Group (formerly Cintel Corp.) and its wholly owned subsidiary, Cintel Korea, (collectively, the Company). Intercompany transactions and balances have been eliminated in consolidation. When the Company does not have a controlling interest in an entity, but exerts significant influence over the entity, the Company applies the equity method of accounting. Where the functional currency of the Company's foreign subsidiaries is the local currency, all assets and liabilities are translated into U.S. dollars, in accordance with FASB ASC 830, Foreign Currency Translation 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. Cash and Cash Equivalents Cash includes currency, checks issued by others, other currency equivalents, current deposits and passbook deposits held by financial institutions. Cash equivalents consist primarily of cash deposits in money market funds that are available for withdrawal without restriction. The investments that mature within three months from the investment date are also included as cash equivalents. Fair Value Measurements The Company follows the provisions of FASB ASC Topic 820, Fair Value Measurements, Fair Value Measurements and Disclosures, Fair Value of Financial Instruments In accordance with ASC 820, the Company to determines the fair value of financial assets and liabilities using a specified fair-value hierarchy. The objective of the fair value measurement of our financial instruments is to reflect the hypothetical amounts at which we could sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (exit price). ASC 820 describes three levels of inputs that may be used to measure fair value, as follows: · Level 1 inputs are quoted prices in active markets for identical asset or liability that the reporting entity has the ability to access at the measurement date. · Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. · Level 3 inputs are unobservable inputs for the asset or liability that supported by little or no market activity and that are significant to the fair value of the underlying asset or liability. The fair values of securities available-for-sale are generally determined by matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities' relationship to other benchmark quoted securities (Level 2 inputs). Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist of cash equivalents and loan receivables. Cash equivalents are maintained with high quality institutions, the composition and maturities of which are regularly monitored by management. The Company diversifies its investments to reduce the exposure to loss from any single issuer, sector or bank. For loan receivables, the Company determines, on a continuing basis, the probable losses and sets up a provision for losses based on the estimated realizable value. Concentration of credit risk arises when a group of customers having similar characteristics such that their ability to meet their obligations is expected to be affected similarly by changes in economic conditions. Income Taxes The Company accounts for income taxes in accordance with FASB ASC 740, Accounting for Income Taxes, The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 3 - Income Taxes The corporate tax rates was 21%. 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 years ended December 31, 2020 and 2019 are summarized as follows: 2020 2019 Income tax – current $ (14,329) $ - Income tax – deferred 14,329 - $ - $ - The Company has deferred tax assets (liabilities) at December 31, 2020 and 2019 were approximately as follows: 2020 2019 Net operating loss carryforwards $ 4,355,000 $ 4,340,000 Valuation allowance (4,355,000 ) (4,340,000 ) $ - $ -

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Capital Stock	Note 4 – Capital Stock On February 19, 2020, the Company issued 220,000,000 shares of common stock to a company controlled by the legal custodian of the Company to convert $10,000 in payables.

Summary of Significant Accoun_2

Summary of Significant Accounting Principles (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. 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.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying consolidated financial statements include the accounts of Chun Can Capital Group (formerly Cintel Corp.) and its wholly owned subsidiary, Cintel Korea, (collectively, the Company). Intercompany transactions and balances have been eliminated in consolidation. When the Company does not have a controlling interest in an entity, but exerts significant influence over the entity, the Company applies the equity method of accounting. Where the functional currency of the Company's foreign subsidiaries is the local currency, all assets and liabilities are translated into U.S. dollars, in accordance with FASB ASC 830, Foreign Currency Translation 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.
Cash and cash equivalents	Cash and Cash Equivalents Cash includes currency, checks issued by others, other currency equivalents, current deposits and passbook deposits held by financial institutions. Cash equivalents consist primarily of cash deposits in money market funds that are available for withdrawal without restriction. The investments that mature within three months from the investment date are also included as cash equivalents.
Fair Value Measurements	Fair Value Measurements The Company follows the provisions of FASB ASC Topic 820, Fair Value Measurements, Fair Value Measurements and Disclosures,
Fair Value of Financial Instruments	Fair Value of Financial Instruments In accordance with ASC 820, the Company to determines the fair value of financial assets and liabilities using a specified fair-value hierarchy. The objective of the fair value measurement of our financial instruments is to reflect the hypothetical amounts at which we could sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (exit price). ASC 820 describes three levels of inputs that may be used to measure fair value, as follows: · Level 1 inputs are quoted prices in active markets for identical asset or liability that the reporting entity has the ability to access at the measurement date. · Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. · Level 3 inputs are unobservable inputs for the asset or liability that supported by little or no market activity and that are significant to the fair value of the underlying asset or liability. The fair values of securities available-for-sale are generally determined by matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities' relationship to other benchmark quoted securities (Level 2 inputs).
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist of cash equivalents and loan receivables. Cash equivalents are maintained with high quality institutions, the composition and maturities of which are regularly monitored by management. The Company diversifies its investments to reduce the exposure to loss from any single issuer, sector or bank. For loan receivables, the Company determines, on a continuing basis, the probable losses and sets up a provision for losses based on the estimated realizable value. Concentration of credit risk arises when a group of customers having similar characteristics such that their ability to meet their obligations is expected to be affected similarly by changes in economic conditions.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with FASB ASC 740, Accounting for Income Taxes, The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Provision for Income Taxes	2020 2019 Income tax – current $ (14,329) $ - Income tax – deferred 14,329 - $ - $ -
Deferred Tax Assets (Liabilties)	2020 2019 Net operating loss carryforwards $ 4,355,000 $ 4,340,000 Valuation allowance (4,355,000 ) (4,340,000 ) $ - $ -

Organization and Nature of Busi

Organization and Nature of Business (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	5 Months Ended	8 Months Ended	10 Months Ended
	Mar. 30, 2008	May 18, 2007	Aug. 27, 2007	Oct. 30, 2006
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Name of Acquisition	PSTS	Bluecomm	PDT	PSTS
Acquisiition of Subsidiary		100.00%	50.10%	51.00%
Consideration	$ 4,900	$ 6,500	$ 34,700	$ 16,500
Transfer of ownership		100.00%	48.00%	32.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Principles (Details)	1 Months Ended
	Mar. 16, 2016
Accounting Policies [Abstract]
Reverse stock split	1 for 4,000

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax current	$ (14,329)
Income tax deferred	14,329
Income Tax- Benefit

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets (Liabilties) (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 4,355,000	$ 4,340,000
Valuation allowance	(4,355,000)	(4,340,000)
Operating loss carryforwards

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	12 Months Ended
	Dec. 31, 2020
Corporate tax rate	21.00%

Capital Stock (Details)

Capital Stock (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020
Shares issued to cover payable		$ 10,000
Common stock [Member]
Shares issued to cover payable (in shares)	220,000,000
Shares issued to cover payable	$ 10,000