Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Entity Registrant Name | ZZLL INFORMATION TECHNOLOGY, INC | |
Entity Central Index Key | 1,365,357 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,016 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 73,821,503 | |
Entity Public Float | $ 4,886,800 | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 58,174 | $ 173 |
Amount due from related party | 14,490 | |
Amount due from NSML--Non-controlling interest | 320,513 | |
Other receivables | 3,359 | |
Total current assets | 382,046 | 14,663 |
Non-current assets: | ||
Property, plant and equipment, net | ||
TOTAL ASSETS | 382,046 | 14,663 |
Current liabilities: | ||
Note payable | 75,000 | |
Other payables and accrued liabilities | 164,551 | 408,387 |
Amount due to related party | 182,494 | |
Income tax payable | ||
Total current liabilities | 422,045 | 408,387 |
TOTAL LIABILITIES | 422,045 | 408,387 |
STOCKHOLDERS EQUITY | ||
Preferred stock, $0.0001 par value, 100,000,000 shares authorized; 0 shares issued and outstanding | ||
Common stock, $0.0001 par value; 300,000,000 shares authorized; 73,821,503 and 18,725,003 shares issued and outstanding, respectively | 7,382 | 1,873 |
Additional paid-in capital | 1,465,826 | 1,195,854 |
Accumulated other comprehensive loss | ||
(Accumulated deficit)/retained earnings | (1,827,188) | (1,591,451) |
TOTAL STOCKHOLDERS EQUITY | (353,980) | (393,724) |
Attributable to Non-controlling interest | 313,981 | |
Attributable to The Group | (39,999) | (393,724) |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ 382,046 | $ 14,663 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 73,821,503 | 18,725,003 |
Common stock, shares outstanding | 73,821,503 | 18,725,003 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | 69 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net revenue | |||
Cost of sales | |||
Gross profit | |||
Operating expenses | |||
General and administrative expenses | 242,070 | 247,239 | 1,095,233 |
(Loss)/income from operations | (242,070) | (247,239) | (1,095,233) |
Non-operating income (expense) | |||
Interest expenses | (199) | (214) | |
Interest income | |||
Other non-operating income | 131 | ||
(Loss)/income before income taxes | (242,269) | (247,239) | (1,095,316) |
Income tax | |||
Net (loss)/income | (242,269) | (247,239) | (1,095,316) |
Non-controlling interest | (6,532) | (6,532) | |
Net (loss)/income attributable to the Company | (235,737) | (247,239) | (1,088,784) |
Foreign currency translation adjustment | |||
Comprehensive loss | $ (235,737) | $ (247,239) | $ (1,088,784) |
Basic earnings per share of common stock | $ (0.75) | $ (1.32) | $ (6.50) |
Diluted earnings per share | $ (0.75) | $ (1.32) | $ (6.50) |
Weighted average number of common shares outstanding basic and diluted | 31,537,157 | 18,725,003 | 16,759,803 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME - USD ($) | Common stock [Member] | Additional paid-in capital [Member] | Accumulated other comprehensive income [Member] | Retained earnings /(accumulated losses) [Member] | Total |
Balance at Dec. 31, 2014 | $ 1,859 | $ 1,153,868 | $ (1,367,154) | $ (211,427) | |
Balance, shares at Dec. 31, 2014 | 18,585,003 | ||||
Issuance of common stock | $ 14 | 41,986 | 42,000 | ||
Issuance of common stock, Shares | 140,000 | ||||
Disposal of OODI | $ 22,942 | 22,942 | |||
Exchange reserve | |||||
Net loss | (247,239) | (247,239) | |||
Balance at Dec. 31, 2015 | $ 1,873 | 1,195,854 | (1,591,451) | $ (393,724) | |
Balance, shares at Dec. 31, 2015 | 18,725,003 | 18,725,003 | |||
Issuance of common stock | $ 5,509 | 269,972 | $ 275,481 | ||
Issuance of common stock, Shares | 55,096,500 | ||||
Exchange reserve | |||||
Net loss | (235,737) | (235,737) | |||
Balance at Dec. 31, 2016 | $ 7,382 | $ 1,465,826 | $ (1,827,188) | $ (353,980) | |
Balance, shares at Dec. 31, 2016 | 73,821,503 | 73,821,503 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | 69 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | |
Cash flows (used in)/provided by operating activities: | |||
Net (Loss) / Income | $ (235,737) | $ (247,239) | $ (1,088,784) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | |||
Re-organization (reverse merger and spin-off) | (9,195) | ||
Stock based compensation | 85,000 | ||
Non-controlling interest | (6,532) | (6,532) | |
Changes in assets and liabilities: | |||
Other receivables | (3,359) | (3,359) | |
Note payable | 75,000 | 75,000 | |
Other payables and accrued liabilities | (243,836) | 209,492 | 246,551 |
Net cash flows (used in) operating activities | (414,464) | (37,747) | (701,319) |
Cash flows generated by investing activities: | |||
Disposal of subsidiary OODI | 22,942 | 22,942 | |
Net cash flows generated by investing activities | 22,942 | 22,942 | |
Cash flows generated by/(used in) financing activities: | |||
Proceed from Issuance of common stock | 275,481 | 42,000 | 636,057 |
Amount due to /from related parties | 196,984 | (29,056) | 100,494 |
Net cash flows generated by financing activities | 472,465 | 12,944 | 736,551 |
Net increase (decrease) in cash and cash equivalents | 58,001 | (1,861) | 58,174 |
Effect of foreign currency translation | |||
Cash and cash equivalents beginning of year | 173 | 2,034 | |
Net cash flows generated by investing activities | 58,174 | 173 | 58,174 |
Supplementary disclosure of cash flow information: | |||
Interest paid | |||
Income taxes |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION ZZLL Information Technology, Inc. (F/K/A Green Standard Technologies, Inc.) (the Company) was incorporated under the laws of the State of Nevada on September 9, 2005, under the name of JML Holdings, Inc. On March 31, 2006, the Company consummated a merger (the Merger) with Bao Shinn International Express Limited (BSIE) by issuing 16,500,000 shares in the share exchange transaction for 100% of the issued and outstanding shares of BSIE common stock. As a result of the share exchange transaction, BSIE became our wholly-owned subsidiary. BSIE owns 55% of Bao Shinn Holidays Limited (BSHL). During the year ended March 31, 2009, the Company and its subsidiaries (collectively referred to as the Group) issued 2,400,000 restricted common shares of $0.001 per share at a value of $0.3 per share with a net proceeds of approximately $624,000 and redeemed 2,500,000 restricted common shares and these shares are classified as not issued and outstanding. Effective on October 19, 2011, each of ten (10) shares of the Companys common stock, par value $.001 per share, issued and outstanding immediately prior to the Effective Time (the Old Common Stock) shall automatically and without any action on the part of the holder thereof, be reclassified as and changed, pursuant, into one (1) share of the Companys outstanding Common Stock (the New Common Stock). On March 4, 2013 the Company acquired all the outstanding stock of Olive Oils Direct International Inc. (OODI), a corporation formed under the laws of the State of Wyoming. In accordance with the terms of the Exchange Agreement between the parties, certain Companys shareholders (the Company Selling Shareholders) transferred 1,485,000 shares of the common stock of the Company (the Company Shares) to the shareholders of OODI (the OODI Shareholders). In return, the OODI Shareholders transferred all of the outstanding shares of common stock of OODI to the Company, and they paid $100,000.00 in cash to the Company Selling Shareholders. In addition, immediately prior to the closing of the acquisition, the Company spun off its operating subsidiary, Hong Kong Holdings, Inc., to its shareholders. OODI is now a wholly-owned subsidiary of the Company. The transaction was accounted for as a reverse merger, since the original stockholders of the OODI own a majority of the outstanding shares of the Company stock immediately following the completion of the transaction on March 4, 2013. OODI was the legal acquiree but deemed to be the accounting acquirer, the Company was the legal acquirer but deemed to be the accounting acquiree in the reverse merger. The historical financial statements prior to the acquisition are those of the accounting acquirer (OODI). Historical stockholders equity of the acquirer prior to the merger was acquirers stockholders equity. Operations prior to the merger are those of the acquirer. After completion of the transaction, the Companys consolidated financial statements include the assets and liabilities of the Company and its subsidiaries, the operations and cash flow of the Company and its subsidiaries. OODI is a development-stage company that plans to develop and operate a retail internet website specializing in gourmet Italian food products. These products are expected to include olive oils, pastas, vinegars and other gourmet Italian food items. In addition, in the future OODI may offer cooking items, such as utensils, cooking tools and similar products from other countries. OODI is currently developing an e-commerce website by the name of www.OliveOilsDirect.com On March 31, 2015, the Company disposed the operation unit of OODI for US$1,000 to Jet Express Trading Limited, a Hong Kong registered company. On April 23, 2013 the Company incorporated a subsidiary company in Hong Kong under the name Syndicore Asia Limited. Syndicore Asia Limited (SAL) is an online media company that syndicates video in a cloud-based, multimedia conduit serving a growing, global community of content creators, news outlets and leading brands. Syndicore Asia Limited will be a provider of syndicated video media to news organizations in the Asia Pacific region. In addition, Syndicore Asia Limited plans to aggregate content from the Asia Pacific region and provide it to news organizations around the world. On May 31, 2013 the Registrant completed an offering of 15,000,000 shares of its common stock. These shares were sold to a total of eighteen (18) shareholders for a total consideration of $75,000. These shares were sold on a private placement basis and the Company paid no commission in connection with such sales. All sales were made outside of the United States. Securities issued by the Company did not involve any public offering of securities. Investors who purchased securities in the private placement had access to information about the Registrant which was necessary to allow them to make an informed investment decision. The Registrant has been informed that each shareholder is able to bear the economic risk of his investment they ar aware that the securities are not registered under the Securities Act. The purchasers of the securities have been notified that the securities cannot be re-offered or re-sold unless the securities are registered or are qualified for sale pursuant to an exemption from registration. Neither the Registrant nor any person acting on its behalf offered or sold the securities by means of any form of general solicitation or general advertising. All purchasers represented in writing that they acquired the securities for their own accounts and not with a view to or for resale in connection with any distribution. A legend will be placed on each of the stock certificates stating that the securities are restricted, they have not been registered under the Securities Act and they cannot be sold or otherwise transferred without an effective registration or an exemption therefrom. On April 1, 2013, the Board of Director resolved to pay an officer for a monthly service fee of US$4,250. The fee was raised to US$10,000 per month as of October 1, 2013. The Company has an option to pay the officer by common stock in lieu of cash at a rate of $0.005 per share. During 2013, the Company issued 1,700,000 shares on June 3, 2013; 850,000 shares on July 2, 2013; 850,000 shares on August 5, 2013 and 850,000 shares on September 6, 2013 with an aggregate of 4,250,000 shares in lieu of $21,250 compensation to the officer. The amounts recorded were about $85,000 at fair price per ASC 718. On November 15, 2013 we forfeited and canceled 3,365,000 shares common stock which was subscribed by four (4) shareholders on May 31, 2013. However, they did not fulfill their payment obligation on the shares that were valued at $16,825 according to the subscription term. The Company forfeited and canceled such 3,365,000 common shares. On December 15, 2013, the Company, through its wholly-owned subsidiary Syndicore Asia Limited, a Hong Kong Company (SAL), entered into a Distribution Agreement (the Distribution Agreement) with SendtoNews Video, Inc., a British Columbia company (STN). Under the terms of the Distribution Agreement, SAL was granted an exclusive license to use, modify, edit, reproduce, distribute, feed, store, communicate, display, and transmit STNs content in the Asia Pacific Territory (the Content). STN is the content provider for various worldwide sporting events. STN would also provide on-going assistance to SAL with regard to technical, administrative, and service-orientated issues relating to the delivery, utilization, transmission, storage and maintenance of the Content. On January 20, 2014, the parties entered into a revised Distribution Agreement whereby STN has agreed to provide SAL transferrable rights for the use, reproduction, storage, display, and transmission of certain content subject to pre-approval in writing from STN. In addition, the revised Distribution Agreement includes changes to the revenue sharing terms, and adds a share of advertising revenue directly resulting from aggregated content by SAL within the territory. On July 8, 2014 the Registrant completed an offering of 300,000 shares of common stock and warrants (the Units). These Units were sold to one shareholder for a total consideration of $150,000. These Units were sold on a private placement basis and the Company paid no commission in connection with such sales. All sales were made outside of the United States. On August 1, 2014 the Company subscribed to 1,000,000 shares of the $.0001 par value common stock of Green Standard Technologies Enterprises, Inc. (F/K/A Green Standard Technologies, Inc.), a Corporation duly organized under the laws of the state of Nevada for $100.00. Green Standard Technologies Enterprises, Inc is in the medical and recreation marijuana industry, and the establishment of a website will be used to further their business by providing visitors with medical and recreational marijuana resources. Management believes that this online presence is essential in developing and expanding their existing business. On October 29, 2014 the Company, through its wholly owned subsidiary, Green Standard Technologies Enterprises, Inc., entered into a Website Development Agreement with Social Asylum Inc. (SAI). Under the terms of the Agreement SAI has agreed to provide a fully functioning ecommerce website with unique and proprietary functions. According to a mutually agreed upon set of features and milestones for a minimum cost of $150,000, but the cost could potentially be higher depending on finalized functionality, scope and details. Also included are plans for launch, market and geographic expansion. On October 29, and November 3, 2014 the Registrant completed an offering of 160,000 shares of common stock and warrants (the Units). These Units were sold to two shareholders for a total consideration of $80,000. These units were sold on a private placement basis and the Company paid no commission in connection with such sales. All sales were made outside of the United States. On December 8, 2014 the Registrant completed an offering of 100,000 shares of common stock and warrants (the Units). These Units were sold to one shareholder for a total consideration of $30,000. These Units were sold on a private placement basis and the Company paid no commission in connection with such sales. All sales were made outside of the United States. On January 13, 2015, the Registrant completed an offering of 140,000 shares of common stock and warrants (the Units). The warrants are exercisable for a period of two years after the subscription date at an exercise price of $.40 per shares. These Units were sold to one shareholder for a total consideration of $42,000. These Units were sold on a private placement basis and the Company paid no commission in connection with such sales. All sales were made outside of the United States. On June 6,2015, the Nevada subsidiary, Green Standard Technologies Inc. amended their name to Green Standard technologies Enterprises, Inc. On June 17, 2015, the Nevada holding company, Baoshinn Corporation has been amended to the name Green Standard Technologies, Inc.. |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2016 | |
Description of business [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 2. DESCRIPTION OF BUSINESS OODI is a development-stage company that plans to develop and operate a retail internet website specializing in gourmet Italian food products. On March 31, 2015, the Company disposed the operation unit of OODI for US$1,000 to Jet Express Trading Limited, a Hong Kong registered company. Syndicore Asia Limited (SAL) is an online media company that syndicates video in a cloud-based, multimedia conduit serving a growing global community of content creators, news outlets and leading brands. Syndicore Asia Limited will be a provider of syndicated video media to news organizations in the Asia Pacific region. In addition, Syndicore Asia Limited plans to aggregate content from the Asia Pacific region and provide it to news organizations around the world. Syndicore Asia Limited will strive to become a leading digital content provider for the Asia Pacific region, capitalizing on an explosively growing market with local, regional and national content that was previously unavailable. This is a new and exciting market, and offers unparalleled opportunities for expansion and rapid growth. SALs exclusive distribution agreement with SendtoNews Video Incorporated (STN) for the Asia Pacific region includes major markets such as Japan, China and India. SAL now has distribution rights of online content for some of the worlds leading sports organizations with the same highlights, player interviews and other fan-interest content. SAL, being the exclusive provider in the Asia Pacific region for highly sought after content, offers deep market exposure with unprecedented efficiency and metrics-driven transparency. On the other side of the distribution chain, we will create SALs own proprietary news partnerships to provide guaranteed content distribution in return for a corresponding share of advertising revenues to a News industry looking to supplement their rapidly declining traditional ad revenue with viable digital-age revenue. On August 1, 2014 Green Standard Technologies, Inc. (F/K/A Baoshinn Corporation) formed Green Standard Technologies Enterprises, Inc. (F/K/A Green Standard Technologies, Inc.), (GSTEI) as a wholly owned subsidiary incorporated under the law of the state of Nevada. The Companys second line of business is carried out by this subsidiary. Green Standard Technologies Enterprises, Inc. (GSTEI) is in the medical and recreation marijuana industry, and the establishment of a website will be used to further their business by providing visions with medical and recreational marijuana resource. On October 29, 2014 Green Standard Technologies Enterprises, Inc., entered into a Website Development Agreement with Social Asylum Inc. (SAI). Under the terms of the Agreement SAI has agreed to provide a fully functioning ecommerce website with unique and proprietary functions, according to a mutually agreed upon set of features and milestones for minimum cost of $150,000, but the cost could potentially be higher depending on finalized functionality, scope and details. Also included are plans for launch, market and geographic expansion in the USA and potentially Europe. Green Standard Technologies Enterprises, Inc. (GSTEI) is in the medical and recreation marijuana industry, and the establishment of a website will be used to further their business by providing visions with medical and recreational marijuana resource. On October 29, 2014 Green Standard Technologies Enterprises, Inc., entered into a Website Development Agreement with Social Asylum Inc. (SAI). Under the terms of the Agreement SAI has agreed to provide a fully functioning ecommerce website with unique and proprietary functions, according to a mutually agreed upon set of features and milestones for minimum cost of $150,000, but the cost could potentially be higher depending on finalized functionality, scope and details. Also included are plans for launch, market and geographic expansion in the USA and potentially Europe. On April 1, 2015, Green Standard Technologies, Inc. (F/K/A Baoshinn Corporation) and Rider Capital Corp. signed the following agreements: (1) Contractor Agreement to serve as an expert on filing services. GST shall pay $360,000 USD for one (1) year on April 1, 2015 and on the anniversary date of the contract to Rider Capital Corp., unless otherwise terminated. (2) Contractor Agreement to serve as an expert on compliance services. GST shall pay $450,000 USD for one (1) year on April 1, 2015 and on the anniversary date of the contract to Rider Capital Corp., unless otherwise terminated. (3) Contractor Agreement to serve as an expert on distribution and business development. GST shall pay $550,000 USD for one (1) year on April 1, 2015 and on the anniversary date of the contract to Rider Capital Corp., unless otherwise terminated. On April 1, 2015, the Company issued three convertible promissory notes to Rider Capital Corp. in the sum of $360,000, $450,000 and $550,000 with 8% annual interest rate, no collateral and redeemable on October 2015 in exchange for the contractor agreement signed for the filing, compliance and distribution and business development services to be provided. On September 24, 2015, the Company and Rider Capital Corp. signed the Debt Cancellation Notes for the following Consulting Contracts and Promissory Note agreements, leaving no outstanding balance owing between the Contractor and the Company: (1) Contractor Agreement to serve as an expert on filing services signed on April 1, 2015. Promissory Note is in the amount of $360,000. (2) Contractor Agreement to serve as an expert on compliance services signed on April 1, 2015. Promissory Note is in the amount of $450,000. (3) Contractor Agreement to serve as an expert on distribution and business development signed on April 1, 2015. Promissory Note is in the amount of $550,000. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2016 | |
Going concern [Abstract] | |
GOING CONCERN | NOTE 3. GOING CONCERN The financial statements have been prepared in accordance with generally accepted principles in the United States applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of December 31, 2016, the Company has accumulated deficits of $1,827,188, generated a net loss of $242,269 for the year ended December 31, 2016 and its current liabilities exceed its current assets resulting in negative working capital of $39,999. In view of the matters described above, recoverability of a major portion of the recorded asset amounts and realization of the portion of current liabilities into revenue shown in the accompanying balance sheets are dependent upon continued operations of the Company, which in turn are dependent upon the Company's ability to raise additional financing and to succeed in its future operations. The Company may need additional cash resources to operate during the upcoming 12 months, and the continuation of the Company may be dependent upon the continuing financial support of investors, directors and/or shareholders of the Company. However, there is no assurance that equity or debt offerings will be successful in raising sufficient funds to assure the eventual profitability of the Company. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management has taken the following steps to revise its operating and financial requirements, which it believes are sufficient to provide the Company with the ability to continue as a going concern. The Company is actively pursuing additional funding which would enhance capital employed and strategic partners which would increase revenue bases or reduce operation expenses. Management believes that the above actions will allow the Company to continue its operations throughout this fiscal year. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and consolidation The accompanying consolidated financial statements of the Group have been prepared in accordance with generally accepted accounting principles in the United States of America. On June 29, 2010, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification (Codification) as the single source of authoritative US generally accepted accounting principles (GAAP) for all non-governmental entities Rules and interpretive releases of the Securities and Exchange Commission (SEC) and also sources of authoritative US GAAP for SEC registrants. The Codification does not change US GAAP but takes previously issued FASB standards and other U.S. GAAP authoritative pronouncements, changes the way the standards are referred to, and includes them in specific topic arrears. The adoption of the Codification did not have any impact on the Groups financial statements. The consolidated financial statements are presented in US Dollars and include the accounts of the Group and its subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. The following table depicts the identity of the subsidiaries: Name of Subsidiary Place of Incorporation Attributable Equity Interest % Registered Capital Green Standard Technologies Enterprise, Inc. (1) Nevada 100 USD 100 Syndicore Asia Limited Hong Kong 100 HKD 1 Z-Line International E-Commerce Limited Hong Kong 55 HKD 8,000,000 Note: (1) Wholly owned subsidiary of ZZLL (2) Wholly owned subsidiary of ZZLL (3) 55% owned subsidiary of Syndicore Asia Limited The results of subsidiaries acquired or disposed of during the years are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal. Use of estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting year. These accounts and estimates include, but are not limited to, the valuation of accounts receivable, deferred income taxes and the estimation on useful lives of plant and equipment. Actual results could differ from those estimates. Concentrations of credit risk Financial instruments that potentially subject the Group to significant concentrations of credit risk consist principally of accounts receivable. In respect of accounts receivable, the Group extends credit based on an evaluation of the customers financial condition, generally without requiring collateral or other security. In order to minimize the credit risk, the management of the Group has delegated a team responsibility for determination of credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. Further, the Group reviews the recoverable amount of each individual trade debt at each balance sheet date to ensure that adequate impairment losses are made for irrecoverable amounts. In this regard, the directors of the Group consider that the Groups credit risk is significantly reduced. Cash and cash equivalents Cash and cash equivalents include all cash, deposits in banks and other highly liquid investments with initial maturities of three months or less. Accounts receivable Accounts receivable are stated at original amount less allowance made for doubtful receivables, if any, based on a review of all outstanding amounts at the year end. An allowance is also made when there is objective evidence that the Group will not be able to collect all amounts due according to original terms of receivables. Bad debts are written off when identified. The Group extends unsecured credit to customers in the normal course of business and believes all accounts receivable in excess of the allowances for doubtful receivables to be fully collectible. The Group does not accrue interest on trade accounts receivable. The Group has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis credit evaluations are preferred on all customers requiring credit over a certain amount. The Group had experienced the bad debts of $nil and $nil during the year ended December 31, 2016 and 2015 respectively. Plant and equipment Plant and equipment are stated at cost less accumulated depreciation. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Maintenance, repairs and betterments, including replacement of minor items, are charged to expense; major additions to physical properties are capitalized. Depreciation of plant and equipment is provided using the straight-line method over their estimated useful lives at the following annual rates: Furniture and fixtures 20% - 50% Office equipment 20% Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. Revenue recognition The Group recognizes revenue when it is earned and realizable based on the following criteria: persuasive evidence that an arrangement exists, services have been rendered, the price is fixed or determinable and collectability is reasonably assured. The Group also evaluates the presentation of revenue on a gross versus a net basis through application of Emerging Issues Task Force No. (EITF) 99-19, Reporting Revenue Gross as a Principal versus Net as an Agent Advertising expenses Advertising expenses are charged to expense as incurred. The advertising expenses incurred for the year ended December 31, 2016 and 2015 were $Nil and $293 respectively. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The FASB issued Accounting Standard Codification Topic 740 (ASC 740) Income Taxes. ASC 740 clarifies the accounting for uncertainty in tax positions. This requires that an entity recognized in the consolidated financial statements the impact of a tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. The adoption of ASC 740 did not have any impact on the Groups results of operations or financial condition for the year ended 31 December, 2016. As of the date of the adoption of ASC 740, the Group has no material unrecognized tax benefit which would favorably affect the effective income tax rate in future periods. The Group has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of operations. Comprehensive income Other comprehensive income refers to revenues, expenses, gains and losses that under U.S. GAAP are included in comprehensive income but are excluded from net income as these amounts are recorded as a component of stockholders equity. The Groups other comprehensive income represented foreign currency translation adjustments. Foreign currency translation The functional currency of the Group is Hong Kong dollars (HK$). The Group maintains its financial statements in the functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchanges rates prevailing at the dates of the transaction. In 2015, the exchange rate being used to translate amount in HK$ is fixed at 7.8 to 1 for the purpose of preparing the consolidated financial statements which is derived from October 17, 1983 monetary policy from Hong Kong Monetary Authority where the Hong Kong dollar was pegged at a rate of 7.8 HK$ = 1 US$, through the currency board system with a limited floating range from 7.85 to 7.75. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income for the respective periods. For financial reporting purposes, the financial statements of the Group which are prepared using the functional currency have been translated into United States dollars. Assets and liabilities are translated at the exchange rates at the balance sheet dates and revenue and expenses are translated at the average exchange rates and stockholders equity is translated at historical exchange rates. Any translation adjustments resulting are not included in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of stockholders equity. Year ended Year ended Dec 31, 2016 Dec 31, 2015 Year end HK$ : US$ exchange rate 7.8 7.8 Average yearly HK$ : US$ exchange rate 7.8 7.8 Fair value of financial instruments The carrying values of the Groups financial instruments, including cash and cash equivalents, trade and other receivables, deposits, trade and other payables approximate their fair values due to the short-term maturity of such instruments. The carrying amounts of borrowings approximate their fair values because the applicable interest rates approximate current market rates. Stock-based Compensation Share-based compensation including stock options and common stock awards issued to employees and directors for services and are accounted for in accordance with FASB ASC 718 "Compensation - Stock Compensation" and share-based compensation including warrants and common stock awards issued to consultants and nonemployees are accounted for in accordance with FASB ASC 505-50 "Equity-Based Payment to Non-employees. All grant of common stock awards and stock options/warrants to employees and directors are recognized in the financial statements based on their grant date fair values. Awards to consultants and nonemployees are recognized based upon their fair value as of the earlier of a commitment date or completion of services. The grant date(s) of all awards are determined under the guidance of ASC 718-10-25-5. The Company estimates fair value of common stock awards based the quoted price of the Company's common stock on the grant date. The fair value of stock options and warrants is determined using the appropriate option pricing model depends on the applicable of situation. On April 1, 2013, the Board of Director resolved to pay an officer for a monthly service fee of US$4,250. The fee was raised to US$10,000 per month as at October 1, 2013. The Company has an option to pay the officer by common stock in lieu of cash at a rate of $0.005 per share. During 2013, the Company issued 1,700,000 shares on June 3, 2013; 850,000 shares on July 2, 2013; 850,000 shares on August 5, 2013 and 850,000 shares on September 6, 2013 with an aggregate of 4,250,000 shares in lieu of $21,250 compensation to the officer. The amounts recorded were about $85,000 at fair price per ASC 718. Basic and diluted earnings per share The Group computes earnings per share (EPS) in accordance with FASB Accounting Standard Codification Topic 260 (ASC 260) Earnings Per Share, and SEC Staff Accounting Bulletin No. 98 (SAB 98). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. The calculation of diluted weighted average common shares outstanding for the year ended December 31, 2016 is based on the estimate fair value of the Groups common stock during such periods applied to options using the treasury stock method to determine if they are dilutive. Effective on October 19, 2011, each of ten (10) shares of the Companys Common Stock, par value $.001 per share, issued and outstanding immediately prior to the Effective Time (the Old Common Stock) shall automatically and without any action on the part of the holder thereof, be reclassified as and changed, pursuant, into one (1) share of the Companys outstanding Common Stock (the New Common Stock). The following tables are a reconciliation of the weighted average shares used in the computation of basic and diluted earnings per share for the periods presented: Year Ended Dec. 31, 2016 Year Ended Dec. 31, 2015 $ $ Numerator for basic and diluted earnings per share: Net (loss)/income (235,737) (247,239) Denominator: Basic weighted average shares 31,537,157 18,725,003 Effect of dilutive securities - - Diluted weighted average shares 31,537,157 18,725,003 Basic earnings per share: (1.32 cents) (1.32 cents) Diluted earnings per share: (1.32cents) (1.32 cents) Related parties transactions A related party is generally defined as (i) any person that holds 10% or more of the Groups securities and their immediate families, (ii) the Groups management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Group, or (iv) anyone who can significantly influence the financial and operating decisions of the Group. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Recently issued accounting pronouncements The FASB has issued ASU No. 2015-06 about Topic 260, Earnings Per Share, which contains guidance that addresses master limited partnerships that originated from Emerging Issues Task Force (EITF) Issue No. 07-4. This amendment in this Update specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier application is permitted. The FASB has issued ASU No. 2015-07 about Topic 820, Fair Value Measurement, which permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. The amendments in this Update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in this Update apply to reporting entities that elect to measure the fair value of an investment within the related scope by using the net asset value per share (or its equivalent) practical expedient. The FASB has issued Accounting Standards Update 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The amendments apply to reporting entities that elect to measure the fair value of an investment using the net asset value per share (or its equivalent) practical expedient. Topic 820, Fair Value Measurement, permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. Currently, investments valued using the practical expedient are categorized within the fair value hierarchy on the basis of whether the investment is redeemable with the investee at net asset value on the measurement date, never redeemable with the investee at net asset value, or redeemable with the investee at net asset value at a future date. For investments that are redeemable with the investee at a future date, a reporting entity must consider the length of time until those investments become redeemable to determine the classification within the fair value hierarchy. The amendments are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entitys financial statements. Earlier application is permitted. The FASB has issued No. 2016-07 Topic 323, InvestmentsEquity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting, which aims to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments in this Update affect all entities that have an investment that becomes qualified for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. Recently issued accounting pronouncements (continued) The FASB has issued No. 2016-08 Topic 606, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which requires the entity to determine whether the nature of its promise is to provide good or service to the customer (that is, the entity is a principal) or to arrange for the good or service to be provided to the customer by the other party (that is, the entity is an agent). This determination is based upon whether the entity controls the good or the service before it is transferred to the customer. The amendments in this Update affect entities with transactions included within the scope of Topic 606. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements of Update 2014-09. Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The FASB has issued No. 2016-09 Topic 718, CompensationStock Compensation: Improvements to Employee Share-Based Payment Accounting, which aims to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments in this Update affect all entities that issue share-based payment awards to their employees. The areas for simplification in this Update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted for any entity in any interim or annual period. The FASB has issued No. 2016-10 Topic 606, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The amendments in this Update clarify that contractual provisions that, explicitly or implicitly, require an entity to transfer control of additional goods or services to a customer (for example, by requiring the entity to transfer control of additional rights to use or rights to access intellectual property that the customer does not already control) should be distinguished from contractual provisions that, explicitly or implicitly, define the attributes of a single promised license (for example, restrictions of time, geographical region, or use). The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information. |
AMOUNT DUE FROM NSML
AMOUNT DUE FROM NSML | 12 Months Ended |
Dec. 31, 2016 | |
Amount Due From Nsml | |
AMOUNT DUE FROM NSML | NOTE 5. AMOUNT DUE FROM NSML Amount due form Network Service Management Limited (NSML) was the capital-in-arrear to be invested to Z-Line International E-Commerce Limited (Z-Line). Z-Line is a corporation formed and incorporated on August 17, 2016 by the Company and NSML under the laws of Hong Kong. The shareholdings of Z-Line are 55% for the Company and 45% for NSML, of which such 45% shareholding was not yet paid up as at December 31, 2016. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 6. INCOME TAXES The Company and its subsidiaries file separate income tax returns The Company and one subsidiary are incorporated in the United States, and are subject to United States federal and state income taxes. The Company did not generate taxable income in the United States in 2016 and 2015. Two subsidiaries are incorporated in Hong Kong, and are subject to Hong Kong Profits Tax at 16.5% for the twelve months ended December 31, 2016 and 2015. Provision for Hong Kong profits tax has not been made for the year presented as the subsidiaries have no assessable profits during the year. Deferred taxes are determined based on the temporary differences between the financial statement and income tax bases of assets and liabilities as measured by the enacted tax rates which will be in effect when these differences reverse. For the year ended December 31, 2016 and 2015, the Group has tax loss carrying-forwards, which does not recognize deferred tax assets as it is not probable that future taxable profits against which the losses can be utilized will be available in the relevant tax jurisdiction and entity. The Company did not have U.S, taxable income due to operating in Hong Kong, SAR. The Company did not file the U.S. federal income tax returns. The Company did not have uncertainty tax positions or events leading to uncertainty tax position within the next 12 months. No Hong Kong Corporations Profits Tax Return filings are subject to Hong Kong Inland Revenue Department examination. |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | NOTE 7. OTHER PAYABLES AND ACCRUED LIABILITIES The other payables and accrued liabilities were comprised of the following: December 31, 2016 December 31, 2015 Accrued expenses $ 146,678 $ 408,387 Other payables 17,873 - $ 164,551 $ 408,387 |
AMOUNT DUE FROM_TO RELATED PART
AMOUNT DUE FROM/TO RELATED PARTIES | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |
AMOUNT DUE FROM/TO RELATED PARTIES | NOTE 8. AMOUNT DUE FROM/TO RELATED PARTIES Amount due from/to related parties are as follows: December 31, 2016 December 31, 2015 Amount due from related parties $ - $ 14,490 Amount due to related parties: Sean Webster (28,007) - Wei Zhu (154,487) - $ (182,494) $ - As at December 31, 2016 and 2015, the amount due from/to related parties represent advances from shareholders of the Group and are interest free, unsecured and have no fixed repayment terms. |
STOCK OPTIONS
STOCK OPTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK OPTIONS | NOTE 9. STOCK OPTIONS The Group has stock option plans that allow it to grant options to its key employees. During the year ended December 31, 2016 and 2015, the Company did not issue any stock options and there were no stock options being issued or outstanding. |
PENSION PLANS
PENSION PLANS | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
PENSION PLANS | NOTE 10. PENSION PLANS In 2016, the Group participates in a defined contribution pension scheme under the Mandatory Provident Fund Schemes Ordinance (MPF Scheme) for all its eligible employees in Hong Kong. The MPF Scheme is available to all employees aged 18 to 64 with at least 60 days of service in the employment in Hong Kong. Contributions are made by the Groups subsidiary operating in Hong Kong at 5% of the participants relevant income with a ceiling of HK$30,000. The participants are entitled to 100% of the Groups contributions together with accrued returns irrespective of their length of service with the Group, but the benefits are required by law to be preserved until the retirement age of 65. The only obligation of the Group with respect to MPF Scheme is to make the required contributions under the plan. In the year ended December 31, 2016, the assets of the schemes are controlled by trustees and held separately from those of the Group. In 2016, no assets are allocated to pension. Total pension cost was $Nil during year ended December 31, 2016 (2015: $Nil). |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 11. FAIR VALUE MEASUREMENTS The Group adopted FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820), related to the Groups financial assets and liabilities. ASC 820 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value measurements. ASC 820 defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also describes three levels of inputs that may be used to measure fair value: Level 1 quoted prices in active markets for identical assets and liabilities. Level 2 observable inputs other than quoted prices in active markets for identical assets and liabilities. Level 3 unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions. ASC 820 also provides guidance for determining the fair value of a financial asset when the market for that asset is not active, and for determining fair value when the volume and level of activity for an asset or liability have significantly decreased and includes guidance on identifying circumstances that indicate when a transaction is not orderly. The effective date for certain aspects of ASC 820 was deferred and is currently being evaluated by the Group. Areas impacted by the deferral relate to nonfinancial assets and liabilities that are measured at fair value, but are recognized or disclosed at fair value on a nonrecurring basis. The effects of these remaining aspects of ASC 820 are to be applied by the Group to fair value measurements prospectively beginning November 1, 2010. The adoption of the remaining aspects of ASC 820 is not expected to have a material impact on its financial condition or results of operations. The following table details the fair value measurements of assets and liabilities within the three levels of the fair value hierarchy at December 31, 2016 and 2015: Fair Value Measurements at reporting date using: December 31, 2015 Quoted Price in active Markets for identical assets (level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) $ $ $ $ Assets Restricted cash - - - Cash and cash equivalents 58,174 58,174 - - Fair Value Measurements at reporting date using: December 31, 2015 Quoted Price in active Markets for identical assets (level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) $ $ $ $ Assets Restricted cash - - - Cash and cash equivalents 173 173 - - |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 12. COMMITMENTS AND CONTINGENCIES The Company has operating lease agreements for office premises, which expiring through August 14, 2018. Future minimum rental payments under agreements classified as operating leases with non-cancellable terms for the next one year and thereafter as follows: Year ending December 31, 2016 2015 2017 18,154 - 2018 and thereafter 11.346 - Total $ 29,500 $ - Rental expense paid for the year ended December 31, 2016 and 2015 were $6,808 and $Nil respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 13. RELATED PARTY TRANSACTIONS As of December 31, 2016 and December 31, 2015, the Company had received advancement of $182,494 and $Nil from the shareholders for operating expenses. These advancements bear no interest, no collateral and have no repayment term. During the year ended December 31, 2016, the Company issued 6,696,500 common shares and 32,000,000 common shares to the officer on August 25, and September 20, respectively. The issuance with an aggregate of 38,696,500 common shares in lieu of $193,483 compensation to the officer under an option resolved in 2013 to pay the officer by common stock in lieu of cash at a rate of $0.005 per share. Further on November 10 and December 1, 2016, the Company further issued 1,000,000 common shares and 15,400,000 common shares to the officer respectively. The issuance with an aggregate of 16,400,000 common shares in lieu of $82,000 compensation to the officer under an option resolved in 2013 to pay the officer by common stock in lieu of cash at a rate of $0.005 per share. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14. SUBSEQUENT EVENTS On March 25, 2017, Mr. Philip Tsz Fung Lo, Mr. Wei Zhu and Mr. Riggs Cheung were appointed as Director of the Company for a term of one year until the Companys next annual meeting of shareholders or until his successor is duly elected and qualified. On April 1, 2017, Mr. Philip Tsz Fung Lo was appointed as Chief Financial Officer of the Company. Except the events mentioned above, the Company has evaluated all other subsequent events through April 15, 2017, the date these financial statements were issued, and determined that there were no other material subsequent event or transaction that require recognition or disclosures in the financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of presentation and consolidation | Basis of presentation and consolidation The accompanying consolidated financial statements of the Group have been prepared in accordance with generally accepted accounting principles in the United States of America. On June 29, 2010, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification (Codification) as the single source of authoritative US generally accepted accounting principles (GAAP) for all non-governmental entities Rules and interpretive releases of the Securities and Exchange Commission (SEC) and also sources of authoritative US GAAP for SEC registrants. The Codification does not change US GAAP but takes previously issued FASB standards and other U.S. GAAP authoritative pronouncements, changes the way the standards are referred to, and includes them in specific topic arrears. The adoption of the Codification did not have any impact on the Groups financial statements. The consolidated financial statements are presented in US Dollars and include the accounts of the Group and its subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. The following table depicts the identity of the subsidiaries: Name of Subsidiary Place of Incorporation Attributable Equity Interest % Registered Capital Green Standard Technologies Enterprise, Inc. (1) Nevada 100 USD 100 Syndicore Asia Limited Hong Kong 100 HKD 1 Z-Line International E-Commerce Limited Hong Kong 55 HKD 8,000,000 Note: (1) Wholly owned subsidiary of ZZLL (2) Wholly owned subsidiary of ZZLL (3) 55% owned subsidiary of Syndicore Asia Limited The results of subsidiaries acquired or disposed of during the years are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal. |
Use of estimates | Use of estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting year. These accounts and estimates include, but are not limited to, the valuation of accounts receivable, deferred income taxes and the estimation on useful lives of plant and equipment. Actual results could differ from those estimates. Concentrations of credit risk Financial instruments that potentially subject the Group to significant concentrations of credit risk consist principally of accounts receivable. In respect of accounts receivable, the Group extends credit based on an evaluation of the customers financial condition, generally without requiring collateral or other security. In order to minimize the credit risk, the management of the Group has delegated a team responsibility for determination of credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. Further, the Group reviews the recoverable amount of each individual trade debt at each balance sheet date to ensure that adequate impairment losses are made for irrecoverable amounts. In this regard, the directors of the Group consider that the Groups credit risk is significantly reduced. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include all cash, deposits in banks and other highly liquid investments with initial maturities of three months or less. |
Accounts receivable | Accounts receivable Accounts receivable are stated at original amount less allowance made for doubtful receivables, if any, based on a review of all outstanding amounts at the year end. An allowance is also made when there is objective evidence that the Group will not be able to collect all amounts due according to original terms of receivables. Bad debts are written off when identified. The Group extends unsecured credit to customers in the normal course of business and believes all accounts receivable in excess of the allowances for doubtful receivables to be fully collectible. The Group does not accrue interest on trade accounts receivable. The Group has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis credit evaluations are preferred on all customers requiring credit over a certain amount. The Group had experienced the bad debts of $nil and $nil during the year ended December 31, 2016 and 2015 respectively. |
Plant and equipment | Plant and equipment Plant and equipment are stated at cost less accumulated depreciation. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Maintenance, repairs and betterments, including replacement of minor items, are charged to expense; major additions to physical properties are capitalized. Depreciation of plant and equipment is provided using the straight-line method over their estimated useful lives at the following annual rates: Furniture and fixtures 20% - 50% Office equipment 20% Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. |
Revenue recognition | Revenue recognition The Group recognizes revenue when it is earned and realizable based on the following criteria: persuasive evidence that an arrangement exists, services have been rendered, the price is fixed or determinable and collectability is reasonably assured. The Group also evaluates the presentation of revenue on a gross versus a net basis through application of Emerging Issues Task Force No. (EITF) 99-19, Reporting Revenue Gross as a Principal versus Net as an Agent |
Advertising expenses | Advertising expenses Advertising expenses are charged to expense as incurred. The advertising expenses incurred for the year ended December 31, 2016 and 2015 were $Nil and $293 respectively. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The FASB issued Accounting Standard Codification Topic 740 (ASC 740) Income Taxes. ASC 740 clarifies the accounting for uncertainty in tax positions. This requires that an entity recognized in the consolidated financial statements the impact of a tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. The adoption of ASC 740 did not have any impact on the Groups results of operations or financial condition for the year ended 31 December, 2016. As of the date of the adoption of ASC 740, the Group has no material unrecognized tax benefit which would favorably affect the effective income tax rate in future periods. The Group has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of operations. |
Comprehensive income | Comprehensive income Other comprehensive income refers to revenues, expenses, gains and losses that under U.S. GAAP are included in comprehensive income but are excluded from net income as these amounts are recorded as a component of stockholders equity. The Groups other comprehensive income represented foreign currency translation adjustments. |
Foreign currency translation | Foreign currency translation The functional currency of the Group is Hong Kong dollars (HK$). The Group maintains its financial statements in the functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchanges rates prevailing at the dates of the transaction. In 2015, the exchange rate being used to translate amount in HK$ is fixed at 7.8 to 1 for the purpose of preparing the consolidated financial statements which is derived from October 17, 1983 monetary policy from Hong Kong Monetary Authority where the Hong Kong dollar was pegged at a rate of 7.8 HK$ = 1 US$, through the currency board system with a limited floating range from 7.85 to 7.75. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income for the respective periods. For financial reporting purposes, the financial statements of the Group which are prepared using the functional currency have been translated into United States dollars. Assets and liabilities are translated at the exchange rates at the balance sheet dates and revenue and expenses are translated at the average exchange rates and stockholders equity is translated at historical exchange rates. Any translation adjustments resulting are not included in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of stockholders equity. Year ended Year ended Dec 31, 2016 Dec 31, 2015 Year end HK$ : US$ exchange rate 7.8 7.8 Average yearly HK$ : US$ exchange rate 7.8 7.8 |
Fair value of financial instruments | Fair value of financial instruments The carrying values of the Groups financial instruments, including cash and cash equivalents, trade and other receivables, deposits, trade and other payables approximate their fair values due to the short-term maturity of such instruments. The carrying amounts of borrowings approximate their fair values because the applicable interest rates approximate current market rates. |
Basic and diluted earnings per share | Basic and diluted earnings per share The Group computes earnings per share (EPS) in accordance with FASB Accounting Standard Codification Topic 260 (ASC 260) Earnings Per Share, and SEC Staff Accounting Bulletin No. 98 (SAB 98). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. The calculation of diluted weighted average common shares outstanding for the year ended December 31, 2016 is based on the estimate fair value of the Groups common stock during such periods applied to options using the treasury stock method to determine if they are dilutive. Effective on October 19, 2011, each of ten (10) shares of the Companys Common Stock, par value $.001 per share, issued and outstanding immediately prior to the Effective Time (the Old Common Stock) shall automatically and without any action on the part of the holder thereof, be reclassified as and changed, pursuant, into one (1) share of the Companys outstanding Common Stock (the New Common Stock). The following tables are a reconciliation of the weighted average shares used in the computation of basic and diluted earnings per share for the periods presented: Year Ended Dec. 31, 2016 Year Ended Dec. 31, 2015 $ $ Numerator for basic and diluted earnings per share: Net (loss)/income (235,737) (247,239) Denominator: Basic weighted average shares 31,537,157 18,725,003 Effect of dilutive securities - - Diluted weighted average shares 31,537,157 18,725,003 Basic earnings per share: (1.32 cents) (1.32 cents) Diluted earnings per share: (1.32cents) (1.32 cents) |
Stock-Based Compensation | Stock-based Compensation Share-based compensation including stock options and common stock awards issued to employees and directors for services and are accounted for in accordance with FASB ASC 718 "Compensation - Stock Compensation" and share-based compensation including warrants and common stock awards issued to consultants and nonemployees are accounted for in accordance with FASB ASC 505-50 "Equity-Based Payment to Non-employees. All grant of common stock awards and stock options/warrants to employees and directors are recognized in the financial statements based on their grant date fair values. Awards to consultants and nonemployees are recognized based upon their fair value as of the earlier of a commitment date or completion of services. The grant date(s) of all awards are determined under the guidance of ASC 718-10-25-5. The Company estimates fair value of common stock awards based the quoted price of the Company's common stock on the grant date. The fair value of stock options and warrants is determined using the appropriate option pricing model depends on the applicable of situation. On April 1, 2013, the Board of Director resolved to pay an officer for a monthly service fee of US$4,250. The fee was raised to US$10,000 per month as at October 1, 2013. The Company has an option to pay the officer by common stock in lieu of cash at a rate of $0.005 per share. During 2013, the Company issued 1,700,000 shares on June 3, 2013; 850,000 shares on July 2, 2013; 850,000 shares on August 5, 2013 and 850,000 shares on September 6, 2013 with an aggregate of 4,250,000 shares in lieu of $21,250 compensation to the officer. The amounts recorded were about $85,000 at fair price per ASC 718. |
Related parties transactions | Related parties transactions A related party is generally defined as (i) any person that holds 10% or more of the Groups securities and their immediate families, (ii) the Groups management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Group, or (iv) anyone who can significantly influence the financial and operating decisions of the Group. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. |
Commitments and contingencies | Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements The FASB has issued ASU No. 2015-06 about Topic 260, Earnings Per Share, which contains guidance that addresses master limited partnerships that originated from Emerging Issues Task Force (EITF) Issue No. 07-4. This amendment in this Update specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier application is permitted. The FASB has issued ASU No. 2015-07 about Topic 820, Fair Value Measurement, which permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. The amendments in this Update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in this Update apply to reporting entities that elect to measure the fair value of an investment within the related scope by using the net asset value per share (or its equivalent) practical expedient. The FASB has issued Accounting Standards Update 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The amendments apply to reporting entities that elect to measure the fair value of an investment using the net asset value per share (or its equivalent) practical expedient. Topic 820, Fair Value Measurement, permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. Currently, investments valued using the practical expedient are categorized within the fair value hierarchy on the basis of whether the investment is redeemable with the investee at net asset value on the measurement date, never redeemable with the investee at net asset value, or redeemable with the investee at net asset value at a future date. For investments that are redeemable with the investee at a future date, a reporting entity must consider the length of time until those investments become redeemable to determine the classification within the fair value hierarchy. The amendments are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entitys financial statements. Earlier application is permitted. The FASB has issued No. 2016-07 Topic 323, InvestmentsEquity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting, which aims to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments in this Update affect all entities that have an investment that becomes qualified for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. The FASB has issued No. 2016-08 Topic 606, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which requires the entity to determine whether the nature of its promise is to provide good or service to the customer (that is, the entity is a principal) or to arrange for the good or service to be provided to the customer by the other party (that is, the entity is an agent). This determination is based upon whether the entity controls the good or the service before it is transferred to the customer. The amendments in this Update affect entities with transactions included within the scope of Topic 606. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements of Update 2014-09. Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The FASB has issued No. 2016-09 Topic 718, CompensationStock Compensation: Improvements to Employee Share-Based Payment Accounting, which aims to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments in this Update affect all entities that issue share-based payment awards to their employees. The areas for simplification in this Update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted for any entity in any interim or annual period. The FASB has issued No. 2016-10 Topic 606, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The amendments in this Update clarify that contractual provisions that, explicitly or implicitly, require an entity to transfer control of additional goods or services to a customer (for example, by requiring the entity to transfer control of additional rights to use or rights to access intellectual property that the customer does not already control) should be distinguished from contractual provisions that, explicitly or implicitly, define the attributes of a single promised license (for example, restrictions of time, geographical region, or use). The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information. |
SUMMARY OF SIGNIFICANT ACCOUN22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Investments in Subsidiaries | The following table depicts the identity of the subsidiaries: Name of Subsidiary Place of Incorporation Attributable Equity Interest % Registered Capital Green Standard Technologies Enterprise, Inc. (1) Nevada 100 USD 100 Syndicore Asia Limited Hong Kong 100 HKD 1 Z-Line International E-Commerce Limited Hong Kong 55 HKD 8,000,000 Note: (1) Wholly owned subsidiary of ZZLL (2) Wholly owned subsidiary of ZZLL (3) 55% owned subsidiary of Syndicore Asia Limited |
Schedule of Depreciation Rates | Depreciation of plant and equipment is provided using the straight-line method over their estimated useful lives at the following annual rates: Furniture and fixtures 20% - 50% Office equipment 20% |
Schedule of Foreign Exchange Rates | Any translation adjustments resulting are not included in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of stockholders equity. Year ended Year ended Dec 31, 2016 Dec 31, 2015 Year end HK$ : US$ exchange rate 7.8 7.8 Average yearly HK$ : US$ exchange rate 7.8 7.8 |
Schedule of Earnings per Share | The following tables are a reconciliation of the weighted average shares used in the computation of basic and diluted earnings per share for the periods presented: Year Ended Dec. 31, 2016 Year Ended Dec. 31, 2015 $ $ Numerator for basic and diluted earnings per share: Net (loss)/income (235,737) (247,239) Denominator: Basic weighted average shares 31,537,157 18,725,003 Effect of dilutive securities - - Diluted weighted average shares 31,537,157 18,725,003 Basic earnings per share: (1.32 cents) (1.32 cents) Diluted earnings per share: (1.32cents) (1.32 cents) |
OTHER PAYABLES AND ACCRUED LI23
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Notes payables and Accrued Liabilities | The other payables and accrued liabilities were comprised of the following: December 31, 2016 December 31, 2015 Accrued expenses $ 146,678 $ 408,387 Other payables 17,873 - $ 164,551 $ 408,387 |
AMOUNT DUE FROM_TO RELATED PA24
AMOUNT DUE FROM/TO RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |
Schedule of Amount Due from Related Party | Amount due from/to related parties are as follows: December 31, 2016 December 31, 2015 Amount due from related parties $ - $ 14,490 Amount due to related parties: Sean Webster (28,007) - Wei Zhu (154,487) - $ (182,494) $ - |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities | The following table details the fair value measurements of assets and liabilities within the three levels of the fair value hierarchy at December 31, 2016 and 2015: Fair Value Measurements at reporting date using: December 31, 2015 Quoted Price in active Markets for identical assets (level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) $ $ $ $ Assets Restricted cash - - - Cash and cash equivalents 58,174 58,174 - - Fair Value Measurements at reporting date using: December 31, 2015 Quoted Price in active Markets for identical assets (level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) $ $ $ $ Assets Restricted cash - - - Cash and cash equivalents 173 173 - - |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Sheudule of Future Minimum Rental Payments | Future minimum rental payments under agreements classified as operating leases with non-cancellable terms for the next one year and thereafter as follows: Year ending December 31, 2016 2015 2017 18,154 - 2018 and thereafter 11.346 - Total $ 29,500 $ - |
ORGANIZATION AND BASIS OF PRE27
ORGANIZATION AND BASIS OF PRESENTATION (Details) | Dec. 02, 2016shares | Nov. 10, 2016shares | Jan. 13, 2015USD ($)$ / sharesshares | Dec. 08, 2014USD ($)shares | Nov. 03, 2014USD ($)shares | Jul. 08, 2014USD ($)shares | Dec. 02, 2016USD ($)shares | Sep. 20, 2016USD ($)shares | Sep. 20, 2016shares | Aug. 25, 2016shares | Nov. 15, 2013USD ($)shares | Oct. 31, 2013USD ($) | Sep. 30, 2013shares | Aug. 31, 2013shares | Jul. 31, 2013shares | Jun. 30, 2013shares | May 31, 2013USD ($)shares | Apr. 30, 2013USD ($) | Mar. 31, 2013USD ($)shares | Oct. 19, 2011$ / shares | Mar. 31, 2009USD ($)$ / sharesshares | Mar. 31, 2006shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2013USD ($)shares | Dec. 31, 2016USD ($)$ / shares | Mar. 31, 2015USD ($) | Oct. 29, 2014USD ($) | Aug. 01, 2014USD ($)$ / sharesshares |
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Percent of common shares acquired | 26.142% | 26.142% | |||||||||||||||||||||||||||
Price per share issued | $ / shares | $ 0.3 | $ 0.005 | $ 0.005 | ||||||||||||||||||||||||||
Issuance of common stock, shares | shares | 140,000 | 100,000 | 160,000 | 300,000 | 15,000,000 | 2,400,000 | |||||||||||||||||||||||
Proceeds from Issuance of common stock | $ 42,000 | $ 30,000 | $ 80,000 | $ 150,000 | $ 75,000 | $ 624,000 | $ 275,481 | $ 42,000 | $ 636,057 | ||||||||||||||||||||
Term of warrant | 2 years | ||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.40 | ||||||||||||||||||||||||||||
Shares redeemed during period | shares | 2,500,000 | ||||||||||||||||||||||||||||
Reverse stock split ratio | 10 | ||||||||||||||||||||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | $ 0.001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||||||||||||
Stock issued for services, shares | shares | 15,400,000 | 1,000,000 | 16,400,000 | 38,696,500 | 32,000,000 | 6,696,500 | 850,000 | 850,000 | 850,000 | 1,700,000 | 4,250,000 | ||||||||||||||||||
Stock issued for services | $ 85,000 | ||||||||||||||||||||||||||||
Officers compensation | $ 82,000 | $ 193,483 | $ 10,000 | $ 4,250 | $ 21,250 | ||||||||||||||||||||||||
Website development cost agreed upon | $ 150,000 | ||||||||||||||||||||||||||||
Bao Shinn Holidays Limited [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Ownership interest in subsidiary | 55.00% | 55.00% | |||||||||||||||||||||||||||
Acquisition of Bao Shinn International Express Limited [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Shares issued in acquisition | shares | 16,500,000 | ||||||||||||||||||||||||||||
Percent of common shares acquired | 100.00% | ||||||||||||||||||||||||||||
OODI [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Shares issued in business acquisition | shares | 1,485,000 | ||||||||||||||||||||||||||||
Proceeds from transfer of equity | $ 100,000 | ||||||||||||||||||||||||||||
OODI [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Consideration from disposal of operating unit | $ 1,000 | ||||||||||||||||||||||||||||
Common stock [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Payment obligation | $ 16,825 | ||||||||||||||||||||||||||||
Forfeited or cancelled | shares | 3,365,000 | ||||||||||||||||||||||||||||
Green Standard Technologies Inc [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Common stock, par value per share | $ / shares | $ 0.0001 | ||||||||||||||||||||||||||||
Common stock, shares subscribed, value | $ 100 | ||||||||||||||||||||||||||||
Common stock, shares subscribed, shares | shares | 1,000,000 |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 31, 2015 | Oct. 29, 2014 | |
Short-term Debt [Line Items] | |||
Website development cost agreed upon | $ 150,000 | ||
OODI [Member] | |||
Short-term Debt [Line Items] | |||
Consideration from disposal of operating unit | $ 1,000 | ||
Filing Services Convertible Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Convertible promissory notes outstanding | $ 360,000 | ||
Prepayment for professional fees | $ 360,000 | ||
Interest rate on convertible promissory note | 8.00% | ||
Cancellation of debt amount | $ 360,000 | ||
Compliance Services Convertible Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Convertible promissory notes outstanding | 450,000 | ||
Prepayment for professional fees | $ 450,000 | ||
Interest rate on convertible promissory note | 8.00% | ||
Cancellation of debt amount | $ 450,000 | ||
Distribution And Business Development Convertible Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Convertible promissory notes outstanding | 550,000 | ||
Prepayment for professional fees | $ 550,000 | ||
Interest rate on convertible promissory note | 8.00% | ||
Cancellation of debt amount | $ 550,000 |
GOING CONCERN (Details)
GOING CONCERN (Details) - USD ($) | 12 Months Ended | 69 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | |
Going concern [Abstract] | |||
Accumulated deficit | $ 1,827,188 | $ 1,591,451 | $ 1,827,188 |
Net loss | (235,737) | $ (247,239) | (1,088,784) |
Working capital deficit | $ 39,999 | $ 39,999 |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Investments in Subsidiaries) (Details) | Dec. 31, 2016shares |
Green Standard Technologies Enterprise, Inc. [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 100.00% |
Registered Capital | 100 |
Syndicore Asia Limited [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 100.00% |
Registered Capital | 1 |
Z-Line International E-Commerce Limited [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 55.00% |
Registered Capital | 8,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN31
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives Annual Rates) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Office equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 20.00% |
Furniture and fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 20.00% |
Furniture and fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 50.00% |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Foreign Currency Translation) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
Year end HK$ : US$ exchange rate | 7.8 | 7.8 |
Average yearly HK$ : US$ exchange rate | 7.8 | 7.8 |
SUMMARY OF SIGNIFICANT ACCOUN33
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Dec. 02, 2016shares | Nov. 10, 2016shares | Dec. 02, 2016USD ($)shares | Sep. 20, 2016USD ($)shares | Sep. 20, 2016shares | Aug. 25, 2016shares | Oct. 31, 2013USD ($) | Sep. 30, 2013shares | Aug. 31, 2013shares | Jul. 31, 2013shares | Jun. 30, 2013shares | Apr. 30, 2013USD ($) | Oct. 19, 2011$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2013USD ($)shares | Dec. 31, 2016USD ($)$ / shares | Mar. 31, 2009$ / shares |
Accounting Policies [Abstract] | ||||||||||||||||||
Bad debt expense | ||||||||||||||||||
Advertising expenses | $ 293 | |||||||||||||||||
Reverse stock split ratio | 10 | |||||||||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.001 | |||||||||||||
Net (loss)/income | $ (235,737) | $ (247,239) | $ (1,088,784) | |||||||||||||||
Effect of dilutive securities | shares | ||||||||||||||||||
Basic earnings per share: | $ / shares | $ (0.75) | $ (1.32) | $ (6.50) | |||||||||||||||
Diluted earnings per share: | $ / shares | (0.75) | $ (1.32) | (6.50) | |||||||||||||||
Stock issued for services, shares | shares | 15,400,000 | 1,000,000 | 16,400,000 | 38,696,500 | 32,000,000 | 6,696,500 | 850,000 | 850,000 | 850,000 | 1,700,000 | 4,250,000 | |||||||
Stock issued for services | $ 85,000 | |||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.005 | $ 0.005 | $ 0.3 | |||||||||||||||
Officers compensation | $ 82,000 | $ 193,483 | $ 10,000 | $ 4,250 | $ 21,250 | |||||||||||||
Foreign currency translation ratio | 7.8 | 7.8 | 7.8 |
AMOUNT DUE FROM NSML (Details)
AMOUNT DUE FROM NSML (Details) (USD $) | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | |
Percentage of shareholdings owed for capital-in-arrear | 45.00% |
Z-Line International E-Commerce Limited [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 55.00% |
INCOME TAXES (Details)
INCOME TAXES (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Hong Kong profits tax rate | 16.50% | 16.50% |
OTHER PAYABLES AND ACCRUED LI36
OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 146,678 | $ 408,387 |
Other payables | 17,873 | |
Notes payables and accrued liabilities | $ 164,551 | $ 408,387 |
AMOUNT DUE FROM_TO RELATED PA37
AMOUNT DUE FROM/TO RELATED PARTIES (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Amount due from related party | $ 14,490 | |
Amount due to related party | (182,494) | |
Sean Webster [Member] | ||
Related Party Transaction [Line Items] | ||
Amount due to related party | (28,007) | |
Wei Zhu [Member] | ||
Related Party Transaction [Line Items] | ||
Amount due to related party | $ (154,487) |
PENSION PLANS (Details)
PENSION PLANS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Maximum contribution percentage | 5.00% | 5.00% |
Maximum contribution | $ 30,000 | |
Percentage of Company contributions vesting | 100.00% | |
Total pension cost | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | ||
Cash and cash equivalents | 58,174 | 173 |
Quoted Price in active Markets for identical assets (level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 58,174 | 173 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | ||
Cash and cash equivalents | ||
Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | ||
Cash and cash equivalents |
COMMITMENTS AND CONTINGENCIES40
COMMITMENTS AND CONTINGENCIES (Shedule of Future Minimum Rental Payments) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
2,017 | $ 18,154 | |
2018 and thereafter | 11,346 | |
Total | 29,500 | |
Rental expense | $ 6,808 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Dec. 02, 2016 | Nov. 10, 2016 | Dec. 02, 2016 | Sep. 20, 2016 | Sep. 20, 2016 | Aug. 25, 2016 | Oct. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2009 |
Related Party Transactions [Abstract] | ||||||||||||||||
Due to related parties, current | $ 182,494 | |||||||||||||||
Stock issued for services, shares | 15,400,000 | 1,000,000 | 16,400,000 | 38,696,500 | 32,000,000 | 6,696,500 | 850,000 | 850,000 | 850,000 | 1,700,000 | 4,250,000 | |||||
Officer compensation | $ 82,000 | $ 193,483 | $ 10,000 | $ 4,250 | $ 21,250 | |||||||||||
Equity issuance price per share | $ 0.005 | $ 0.3 |