Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 08, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-56252 | |
Entity Registrant Name | HONG YUAN HOLDING GROUP | |
Entity Central Index Key | 0001324759 | |
Entity Tax Identification Number | 91-2154289 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | Room 2707, Global Mansion, | |
Entity Address, Address Line Two | Zhengbian Road, | |
Entity Address, Address Line Three | Jinhui District | |
Entity Address, City or Town | Zhengzhou City, | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 450000 | |
City Area Code | 861 | |
Local Phone Number | 8999250338 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | HGYN | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 74,640,460 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
TOTAL ASSETS | ||
Current Liabilities | ||
Accounts payable and accrued liabilities | 300 | 1,833 |
Due to related parties | $ 123,246 | $ 109,691 |
Other Liability, Current, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Total Current Liabilities | $ 123,546 | $ 111,524 |
TOTAL LIABILITIES | 123,546 | 111,524 |
Stockholders’ Deficit | ||
Preferred Stock: 5,000,000 shares authorized; $0.001 par value 5,000,000 issued and outstanding at March 31, 2023 and December 31, 2022 | 5,000 | 5,000 |
Common stock: 250,000,000 shares authorized; $0.001 par value 74,640,460 shares issued and outstanding at March 31, 2023 and December 31, 2022 | 74,641 | 74,641 |
Additional Paid-in Capital | 97,186,036 | 97,186,036 |
Accumulated deficit during development stage | (97,389,223) | (97,377,201) |
Total Stockholders’ Deficit | (123,546) | (111,524) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 74,640,460 | 74,640,460 |
Common stock, shares outstanding | 74,640,460 | 74,640,460 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Expenses | ||
General and administrative | $ 60 | $ 5,019 |
Professional fees | 11,962 | 14,481 |
Total Operating Expenses | 12,022 | 19,500 |
Operating loss | (12,022) | (19,500) |
Other Income and Expense | ||
Provision for income taxes | ||
Net loss | $ (12,022) | $ (19,500) |
Basic and dilutive net loss per common share | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic and diluted | 74,640,460 | 74,641,276 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Preferred Stock [Member] Series A1 Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 74,641 | $ 5,000 | $ 97,186,036 | $ (97,318,853) | $ (53,176) |
Balance, shares at Dec. 31, 2021 | 74,640,766 | 5,000,000 | |||
Net loss | (19,500) | (19,500) | |||
Balance at Mar. 31, 2022 | $ 74,641 | $ 5,000 | 97,186,036 | (97,338,353) | (72,676) |
Balance, shares at Mar. 31, 2022 | 74,640,766 | 5,000,000 | |||
Balance at Dec. 31, 2022 | $ 74,641 | $ 5,000 | 97,186,036 | (97,377,201) | (111,524) |
Balance, shares at Dec. 31, 2022 | 74,640,766 | 5,000,000 | |||
Net loss | (12,022) | (12,022) | |||
Balance at Mar. 31, 2023 | $ 74,641 | $ 5,000 | $ 97,186,036 | $ (97,389,223) | $ (123,546) |
Balance, shares at Mar. 31, 2023 | 74,640,766 | 5,000,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (12,022) | $ (19,500) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | (1,533) | 250 |
Due to related party | 13,555 | 19,250 |
Net Cash Used in Operating Activities | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net change in cash and cash equivalents for the year | ||
Cash and cash equivalents at beginning of the year | ||
Cash and cash equivalents at end of the year | ||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | ||
Cash paid for interest |
Organization and basis of accou
Organization and basis of accounting | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and basis of accounting | Note 1 – Organization and basis of accounting Basis of Presentation and Organization This summary of significant accounting policies of Hong Yuan Holding Group. (a development stage company) (“the Company”) is presented to assist in understanding the Company’s financial statements. 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 accompanying financial statements. The Company has realized minimal revenues from its planned principal business purpose and, accordingly, is considered to be in its development stage in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 915 (SFAS No. 7). The Company has elected a fiscal year end of December 31. Business Description We were incorporated on September 29, 2001 in the State of Nevada under the name of Biocorp North America Inc. On March 18, 2005, we filed an amendment to our certificate of incorporation to change our name to Cereplast, Inc. On February 10, 2014, the Company, filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Indiana (the “Bankruptcy Court “). On February 14, 2014, the Company filed a motion in the Bankruptcy Court seeking to convert the Company’s Chapter 11 Case to a Chapter 7 bankruptcy case. On March 27, 2014, the court granted the Company’s motion and on that date the Company’s Chapter 11 Case was converted to a Chapter 7 case. As a result, the Company adopted liquidation basis of accounting on the discontinued operations according to ASC 205-30 “Presentation of Financial Statements – Liquidation Basis of Accounting”, accordingly the accumulated deficit generated prior to bankruptcy proceedings remained unadjusted. On January 31, 2014, the Board of Directors of Cereplast, Inc. (the “Company”) approved a 1-for-50 reverse split On February 3, 2014, Cereplast, Inc. (the “Company”) filed a Certificate of Amendment to its Articles of Incorporation to effect the reverse split (the “Reverse Split”), effective as of February 21, 2014. On March 22, 2019, the eight judicial District Court of Nevada appointed Custodian Ventures, LLC as custodian for Cereplast, Inc., proper notice having been given to the officers and directors of Cereplast, Inc. There was no opposition. On June 04, 2019, the Company filed a certificate of revival with the state of Nevada, appointing David Lazar as, President, Secretary, Treasurer and Director. On October 4, 2019, the Company issued 50,000,000 50,000 20,100 29,900 3 180 On April 14, 2020, Custodian Ventures elected to convert the total amount of the 510 510 On April 15, 2020, the Board of directors of the Company approved the withdrawal of the certificate of designation of 5,000,000 On May 1, 2020, the Company created 5,000,000 0.001 5,000,00 5,000 A change of control of the Company was completed on November 3, 2020, control was obtained by the sale of 50,000,000 5,000,000 On November 18, 2020, the Company filed an amendment to its certificate of incorporation to change its name to Hong Yuan Holding Group. The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has not realized significant sales since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant. The Company is planning potential acquisitions. The management has approached several companies in China and met the management of potential acquisition targets. The Company feels strongly that despite the challenges of cross border business, it might be able to acquire some good growth companies and bring good values to our stockholders. Although the Company is making some progress in the Merger and Acquisition efforts, any potential results, if any, are still not certain. The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital, or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
Summary of significant accounti
Summary of significant accounting policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Note 2 – Summary of significant accounting policies Unaudited Interim Financial Information These unaudited interim financial statements have been prepared in accordance with GAAP for interim financial reporting and the rules and regulations of the Securities and Exchange Commission that permit reduced disclosure for interim periods. Therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been made. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the year ending December 31, 2023. The balance sheets and certain comparative information as of December 31, 2022 are derived from the audited financial statements and related notes for the year ended December 31, 2022, included in the Company’s Form 10K. These unaudited interim financial statements should be read in conjunction with the annual consolidated financial statements and the accompanying notes contained in our Form 10K. Covid – 19 On March 11, 2020, the World Health Organization announced that infections caused by the corona virus disease of 2019 (“COVID-19”) had become pandemic. The Government of China has adopted various regulations and orders, including mandatory quarantines, limits on the number of people that may gather in one location, closing non-essential businesses and travel bans to limit the spread of the disease. Many of these measures have been relaxed due to the decrease in the prevalence of Covid-19 in China. The Company’s efforts to establishing a new business, financial planning, raising capital, and research into products for the Company’s product portfolio has somewhat impacted by COVID-19. Cash and Cash Equivalents For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. Employee Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations. Loss per Share Basic earnings (loss) per share are computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings (loss) per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company’s diluted loss per share is the same as the basic loss per share for the three months ended March 31, 2023 and 2022, as there are no potential shares outstanding that would have a dilutive effect. Income Taxes Income tax expense is based on pretax financial accounting income. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The Company recorded a valuation allowance against its deferred tax assets as of March 31, 2023 and December 31, 2022. The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 3- Going Concern The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
Related party transaction
Related party transaction | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related party transaction | Note 4 – Related party transaction During the three months ended March 31, 2023, the Company’s current majority shareholder advanced $ 13,555 123,246 109,691 |
Common stock
Common stock | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Common stock | Note 5 – Common stock At March 31, 2023, the Company is authorized to issue 250,000,000 0.001 As of March 31, 2023, a total of 74,640,460 0.001 |
Preferred stock
Preferred stock | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Preferred stock | Note 6 – Preferred stock As of March 31, 2023, a total of 5,000,000 0.001 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 – Income Taxes Deferred taxes represent the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes. Temporary differences result primarily from the recording of tax benefits of net operating loss carry forwards. As of March 31, 2023, the Company has an insufficient history to support the likelihood of ultimate realization of the benefit associated with the deferred tax asset. Accordingly, a valuation allowance has been established for the full amount of the net deferred tax asset. Uncertain Tax Positions Interest associated with unrecognized tax benefits are classified as income tax, and penalties are classified in selling, general and administrative expenses in the statements of operations. For the three months ended March 31, 2023 and 2022, the Company had no |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 8 – Subsequent Event In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Information | Unaudited Interim Financial Information These unaudited interim financial statements have been prepared in accordance with GAAP for interim financial reporting and the rules and regulations of the Securities and Exchange Commission that permit reduced disclosure for interim periods. Therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been made. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the year ending December 31, 2023. The balance sheets and certain comparative information as of December 31, 2022 are derived from the audited financial statements and related notes for the year ended December 31, 2022, included in the Company’s Form 10K. These unaudited interim financial statements should be read in conjunction with the annual consolidated financial statements and the accompanying notes contained in our Form 10K. |
Covid – 19 | Covid – 19 On March 11, 2020, the World Health Organization announced that infections caused by the corona virus disease of 2019 (“COVID-19”) had become pandemic. The Government of China has adopted various regulations and orders, including mandatory quarantines, limits on the number of people that may gather in one location, closing non-essential businesses and travel bans to limit the spread of the disease. Many of these measures have been relaxed due to the decrease in the prevalence of Covid-19 in China. The Company’s efforts to establishing a new business, financial planning, raising capital, and research into products for the Company’s product portfolio has somewhat impacted by COVID-19. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. |
Employee Stock-Based Compensation | Employee Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations. |
Loss per Share | Loss per Share Basic earnings (loss) per share are computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings (loss) per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company’s diluted loss per share is the same as the basic loss per share for the three months ended March 31, 2023 and 2022, as there are no potential shares outstanding that would have a dilutive effect. |
Income Taxes | Income Taxes Income tax expense is based on pretax financial accounting income. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The Company recorded a valuation allowance against its deferred tax assets as of March 31, 2023 and December 31, 2022. The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement |
Organization and basis of acc_2
Organization and basis of accounting (Details Narrative) - USD ($) | Nov. 03, 2020 | May 01, 2020 | Apr. 14, 2020 | Oct. 04, 2019 | Oct. 04, 2019 | Jan. 31, 2014 | Mar. 31, 2023 | Dec. 31, 2022 | Apr. 15, 2020 |
Reverse stock split, description | 1-for-50 reverse split | ||||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||||||
Common Stock [Member] | |||||||||
Conversion of stock, shares converted | 510 | ||||||||
Sale of stock, shares | 50,000,000 | ||||||||
Series A Preferred Stock [Member] | |||||||||
Preferred stock, convertible, shares issuable | 510 | ||||||||
Preferred stock, shares authorized | 5,000,000 | ||||||||
Series A1 Preferred Stock [Member] | |||||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||||||
Proceeds from sale of stock | $ 5,000,000 | ||||||||
Custodian Ventures, LLC [Member] | Common Stock [Member] | |||||||||
Shares issued, shares | 50,000,000 | ||||||||
Shares issued, value | $ 50,000 | ||||||||
Settlement loan amount | $ 20,100 | ||||||||
Note receivable due | $ 29,900 | $ 29,900 | |||||||
Interest rate | 3% | 3% | |||||||
Notes matures | 180 days | ||||||||
Custodian Ventures, LLC [Member] | Series A1 Preferred Stock [Member] | |||||||||
Shares issued, shares | 5,000 | ||||||||
Shares issued, value | $ 5,000 |
Summary of significant accoun_3
Summary of significant accounting policies (Details Narrative) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Income tax examination, description | The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement |
Related party transaction (Deta
Related party transaction (Details Narrative) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Due to related parties | $ 123,246 | $ 109,691 |
Majority Shareholder [Member] | Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related party | 13,555 | |
Due to related parties | $ 123,246 | $ 109,691 |
Common stock (Details Narrative
Common stock (Details Narrative) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 74,640,460 | 74,640,460 |
Common Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Common stock, shares authorized | 250,000,000 | |
Common stock, par value | $ 0.001 | |
Common stock, shares issued | 74,640,460 |
Preferred stock (Details Narrat
Preferred stock (Details Narrative) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 | May 01, 2020 |
Class of Stock [Line Items] | |||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Series A1 Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits | $ 0 | $ 0 |