Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2014 | 12-May-14 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Trading Symbol | 'wesc | ' |
Entity Registrant Name | 'W&E Source Corp. | ' |
Entity Central Index Key | '0001368275 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 47,900,000 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Current assets | ' | ' |
Cash | $11,127 | $221,835 |
Accounts receivable | 397 | 0 |
Advances to related parties | 0 | 0 |
Total current assets | 11,524 | 221,835 |
Non-current assets | ' | ' |
Property, plant and equipment, net | 14,704 | 21,860 |
Deposits | 27,644 | 34,996 |
TOTAL ASSETS | 53,872 | 278,691 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities | 21,170 | 10,654 |
Customer deposits | 0 | 22,856 |
Advances from related parties | 135,574 | 199,996 |
Total current liabilities | 156,744 | 233,506 |
TOTAL LIABILITIES | 156,744 | 233,506 |
STOCKHOLDERS' EQUITY | ' | ' |
Common Stock, $.001 par value, 500,000,000 shares authorized, 47,900,000 shares issued and outstanding as of March 31, 2014 and June 30, 2013, respectively. | 4,790 | 4,790 |
Additional paid-in capital | 803,226 | 803,226 |
Accumulated other comprehensive income | 1,433 | 3,551 |
Accumulated deficit | -912,321 | -766,382 |
TOTAL STOCKHOLDER'S EQUITY | -102,872 | 45,185 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $53,872 | $278,691 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Paranthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 47,900,000 | 47,900,000 |
Common Stock, Shares, Outstanding | 47,900,000 | 47,900,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Net revenues | $920 | $4,569 | $15,155 | $16,238 |
Operating expenses | ' | ' | ' | ' |
General and administrative expenses | 28,147 | 78,403 | 160,022 | 230,450 |
Loss from operation | -27,227 | -73,834 | -144,867 | -214,212 |
Other Income (expense) | ' | ' | ' | ' |
Interest income | 20 | 0 | 20 | 21 |
Foreign currency exchange (loss) gain | -3 | -2,895 | -524 | -2,737 |
Total other income (expense) | 17 | -2,895 | -504 | -2,715 |
Loss before income taxes | -27,210 | -76,729 | -145,371 | -216,928 |
Income tax expenses | -568 | 0 | -568 | 0 |
Net loss | -27,778 | -76,729 | -145,939 | -216,928 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Cumulative foreign currency Translation adjustment | -3,360 | 808 | -2,097 | -1,198 |
Comprehensive loss | ($31,138) | ($75,921) | ($148,036) | ($218,126) |
Weighted average number of shares outstanding - basic and diluted | 47,900,000 | 47,900,000 | 47,900,000 | 47,900,000 |
Loss per share - basic and diluted | $0 | $0 | $0 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (USD $) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net Loss | ($145,939) | ($216,928) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation Expense | 6,982 | 10,118 |
Foreign Currency Exchange Loss | 3,456 | 0 |
Change in operating assets and liabilities: | ' | ' |
Decrease in accounts receivables | 0 | 24,561 |
Commission receivable | -139 | -19 |
Decrease (increase) in prepaid expense | 16,740 | 743 |
Increase (decrease) in accounts payable and accrued liabilities | 10,816 | -13,209 |
Customer Deposits | -32,543 | 12,751 |
Increase in accounts payable, related Parties | 0 | 0 |
Net cash used in operating activities | -140,624 | -181,983 |
Cash flows from Investing Activities | ' | ' |
Sale of property & equipment | 0 | 108 |
Net cash provided by investing activities | 0 | 108 |
Cash flows from Financing Activities | ' | ' |
Proceeds from advances - related parties | 0 | 166,859 |
Repayment of advances - related parties | -65,985 | 0 |
Other comprehensive loss | 0 | 0 |
Net cash provided by (used in) financing activities | -65,985 | 166,859 |
Cumulative translation adjustment | -4,099 | 5,113 |
Net Increase in cash | -210,708 | -9,903 |
Cash-Beginning of period | 221,835 | 327,215 |
Cash-End of period | $11,127 | $317,313 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Capital Reserved [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
Beginning Balance at Jun. 30, 2012 | $4,790 | $803,226 | ' | $400 | ($505,169) | $303,247 |
Beginning Balance (Shares) at Jun. 30, 2012 | 47,900,000 | ' | ' | ' | ' | ' |
Capital reserved | ' | ' | -301,000 | ' | ' | -301,000 |
Capital reserved | ' | ' | 301,000 | ' | ' | 301,000 |
Foreign currency translation adjustment | ' | ' | ' | 3,151 | ' | 3,151 |
Net loss | ' | ' | ' | ' | -261,213 | -261,213 |
Ending Balance at Jun. 30, 2013 | 4,790 | 803,226 | ' | 3,551 | -766,382 | 45,185 |
Ending Balance (Shares) at Jun. 30, 2013 | 47,900,000 | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | -2,118 | ' | -2,118 |
Net loss | ' | ' | ' | ' | -145,939 | -145,939 |
Ending Balance at Mar. 31, 2014 | $4,790 | $803,226 | ' | $1,433 | ($912,321) | ($102,872) |
Ending Balance (Shares) at Mar. 31, 2014 | 47,900,000 | ' | ' | ' | ' | ' |
Organization_Nature_of_Operati
Organization, Nature of Operations and Basis of Presentation | 9 Months Ended | |
Mar. 31, 2014 | ||
Organization, Nature of Operations and Basis of Presentation [Text Block] | ' | |
Note 1 – | Organization, Nature of Operations and Basis of Presentation | |
W&E Source Corp. (“the Company”) was incorporated in the State of Delaware on October 11, 2005 and is based in Montréal, Québec, Canada. The Company is providing air ticket reservations, hotel reservations and other travel related services. | ||
On August 25, 2011, the Company incorporated a company called Airchn Travel Global, Inc. (“ATGI”) in the State of Washington, USA. ATGI is a wholly owned subsidiary of the Company. ATGI focuses on a business segment of travel businesses which includes air ticket reservations, hotel reservations and other travel services. | ||
On October 4, 2011, the Company incorporated a company called Airchn Travel (Canada) Inc. (“ATCI”) in the Province of British Columbia, Canada. ATCI is a wholly owned subsidiary of ATGI. ATCI has a similar business segment as ATGI. | ||
In January 2012, the Company changed its name from News of China, Inc. to W&E Source Corp. and increased its authorized shares to 500,000,000 shares. As a result of the name change, the Company’s listing symbol on OTCQB is also changed to WESC. | ||
During the period ended March 31, 2012, the Company incorporated a company named Airchn Travel (Beijing) Inc. (“ATBI”) in Beijing, China. ATBI is also a wholly owned subsidiary of ATGI. ATBI has a similar business segment as ATGI. | ||
On December 15, 2012, Airchin Travel (Beijing) Inc., a wholly owned subsidiary of W&E Source Corp. (the “Company”), entered into the Share Purchase Agreement (the “Agreement”) with Mr. Wu Hao (the “Seller”), a majority shareholder of Chengdu Baopiao Internet Co., Ltd. (“Baopiao”), to acquire part of his ownership in Baopiao which equals 51% of all issued and outstanding stock of Baopiao (the “Shares”). | ||
The Company will pay for the aggregate purchase price of RMB2,550,000 for the Shares in cash and by assuming the Seller’s debt to Baopiao in the amount of RMB1,800,000 (approximately US$289,000) (the “Debt”). According to the terms of the Agreement, the Company will assume the Debt upon execution of the Agreement and pay the Seller the remaining RMB750,000 of the purchase price within 20 days from the execution of the Agreement. Also at execution, the Company will paid Baopiao RMB200,000 as repayment of the Debt and satisfy the remaining Debt of RMB1,600,000 within 20 day from the execution of the Agreement. | ||
Also pursuant to the Agreement, the Seller will provide guaranties that other than the information including financial statements provided to the Company, Baopiao does not have any other debts, and no third party has any rights or liens on the assets of Baopiao. The Seller and Baopiao will also indemnify the Company against any damages, liabilities, losses and expenses, which the Company may sustain or suffer due to any breach of the guaranties made by the Seller or Baopiao. | ||
Baopiao has obtained the necessary shareholder approval for the transfer of the Shares and will register the transfer of the Shares with the applicable State Administration for Industry and Commerce within three days from the date of the Agreement. | ||
In connection with the Agreement, the Company also entered into an agreement with the Seller and Baopiao that as an incentive for the management team of Baopiao, the Company will reserve up to 26 million shares of its common stock for issuance to the Baopiao employees upon achievement of certain milestones over the next three years. | ||
The Share Purchase Agreement with Mr. Wu Hao was not completed in January 2013, and both the Company and Mr. Wu Hao agreed to terminate the agreement entered on December 15, 2012. |
Restatement
Restatement | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Restatement [Text Block] | ' | |||||||||||||
Note 2 – | Restatement | |||||||||||||
A prior period adjustment was made to the June 30, 2011 financial statements for an accounting error. The Company recorded in error the cash transfer of customer deposits to its travel services provider as travel expenses incurred by the Company. | ||||||||||||||
As Originally | Effect on | Effect on | ||||||||||||
Item | Reported | As Restated | Earnings | Net Equity | ||||||||||
Balance Sheet | ||||||||||||||
Customer Deposit | 8,225 | (2,365 | ) | 10,590 | 10,590 | |||||||||
Accumulated Deficit | (505,169 | ) | (494,579 | ) | ||||||||||
Statement of Operations | ||||||||||||||
Travel expense | 11,271 | 681 | 10,590 | 10,590 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||
Mar. 31, 2014 | |||
Summary of Significant Accounting Policies [Text Block] | ' | ||
Note 3 – | Summary of Significant Accounting Policies | ||
a. | Basis of presentation. | ||
The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States. This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The financial statements are expressed in U.S. dollars. These unaudited financial statements should be read in conjunction with a reading of the financial statements and notes thereto included in our Annual Report on Form 10-Q for the quarter ended March 31, 2014, as filed with the U.S. Securities and Exchange Commission. | |||
b. | Foreign currency translation. | ||
ATCI's and ATBI’s functional currency for operations is the Canadian dollar and Chinese yuan. However, the Company's reporting currency is in U.S. dollar. Therefore, the financial statements for all periods presented have been translated into U.S. dollar using the current rate method. Under this method, the income statement and the cash flows for each period have been translated into U.S. dollars using the average rate of the reporting period, and assets and liabilities have been translated using the exchange rate at the end of the period. All resulting exchange differences are reported in the cumulative translation adjustment account as a separate component of stockholders’ equity. | |||
c. | Principles of consolidation. | ||
The unaudited consolidated statements include the accounts of the Company and its wholly owned subsidiaries, ATGI, ATCI and ATBI. All inter-company transactions and balances were eliminated. | |||
d. | Use of Estimates. | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates. | |||
e. | Loss per share. | ||
Basic loss per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. EPS excludes all potential dilutive shares of common stock if their effect is anti-dilutive. There were no dilutive securities at March 31, 2014. | |||
f. | Revenue recognition. | ||
The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Revenue, which primarily consists of commission fees from air ticketing and hotel booking operations, is recognized as tickets and hotels are booked, and is recorded on a net basis (that is, the amount billed to a customer less the amount paid to a supplier) as the Company acts as an agent in these transactions. | |||
g. | Cash and cash equivalents. | ||
The Company includes in cash and cash equivalents all short-term, highly liquid investments that mature within three months or less of their acquisition date. Cash equivalents consist principally of investments in interest-bearing demand deposit accounts and liquidity funds with financial institutions and are stated at cost, which approximates fair value. As of March 31, 2014, we have no cash equivalents. | |||
h. | Equipment. | ||
Equipment is stated at cost and depreciated using the straight-line method over the estimated useful life of the asset. The estimated useful lives of our property and equipment are generally three years. | |||
i. | Income taxes. | ||
Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the Company recognizes future tax benefits, such as carry forwards, to the extent that realization of such benefits is more likely than not and that a valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. Company’s net operating losses carry forwards are subject to Section 382 limitation. | |||
j. | Recently issued accounting pronouncements. | ||
The Company does not expect that any recently issued accounting pronouncement will have a significant impact on the results of operations, financial position, or cash flows of the Company. | |||
k. | Going Concern. | ||
As reflected in the accompanying financial statements, the Company has an accumulated deficit of $912,321, and a net loss for the quarters ended March 31, 2014 and 2013 of $145,939 and $216,928, respectively. The Company currently has business activities to generate funds for its own operations, however, has not yet achieved profitable operations. These factors raise substantial doubt about our ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital and implement its business plan. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. | |||
Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 9 Months Ended | |
Mar. 31, 2014 | ||
Accounts Payable and Accrued Liabilities [Text Block] | ' | |
Note 4 - | Accounts Payable and Accrued Liabilities | |
Accounts Payable and Accrued Liabilities of $21,170 consists of accounting fee payable of $300 rent payable of $6,769, payroll payable of $4,705, professional fee of $2,065, and other operating expenses as at March 31, 2014. |
Related_Parties
Related Parties | 9 Months Ended | |
Mar. 31, 2014 | ||
Related Parties [Text Block] | ' | |
Note 5 – | Related Parties | |
Mrs. Hong Ba serves as the Chief Executive Officer and Director of the Company. Mr. Feng Li, the husband of Mrs. Hong Ba, is the owner of the Canada Airchn Financial Inc. (“CAFI”). Mr. Chen Xi Shi is the former Chief Financial Officer and Director of the Company. The shareholders make advances to the Company from time to time for the Company’s operations. These advances are due on demand and non-interest bearing. | ||
At March 31, 2014, the Company provided advances to related parties in the amount of $135,574 for operations on behalf of ATCI, ATGI and ATBI. |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Income Taxes [Text Block] | ' | ||||||
Note 6 – | Income Taxes | ||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities at March 31, 2014 and 2013 are as follows: | |||||||
2013 | 2012 | ||||||
Deferred tax assets: | |||||||
Net operating losses | $ | 912,321 | $ | 550,231 | |||
Total deferred tax assets | 912,327 | 550,231 | |||||
Less: valuation allowance | - | - | |||||
Deferred tax assets, net | $ | 912,327 | $ | 550,231 | |||
As of June 30, 2013, for U.S. federal income tax reporting purposes, the Company has approximately $505,000 of unused net operating losses (“NOLs”) available for carry forward to future years. The benefit from the carry forward of such NOLs will begin expiring during the year ended December 31, 2025. Because United States tax laws limit the time during which NOL carry forwards may be applied against future taxable income, the Company may be unable to take full advantage of its NOLs for federal income tax purposes should the Company generate taxable income. Further, the benefit from utilization of NOL carry forwards could be subject to limitations due to material ownership changes that could occur in the Company as it continues to raise additional capital. Based on such limitations, the Company has significant NOLs for which realization of tax benefits is uncertain. |
Commitment_and_Contingencies
Commitment and Contingencies | 9 Months Ended | |||
Mar. 31, 2014 | ||||
Commitment and Contingencies [Text Block] | ' | |||
Note 7 – | Commitment and Contingencies | |||
The Company leases three office spaces for different terms under long-term, non-cancelable operating lease agreements. Monthly rent ranges from $780 to $8,151 and deposit ranges from $4,000 to $16,302. The leases expire at various dates through 2016 and provide for renewal options ranging from twenty-six months to three years. In the normal course of business, it is expected that these leases will be renewed or replaced by leases on other properties. | ||||
The following is a schedule by year of future minimum rental payments required under the operating lease agreements: | ||||
Year Ending December 31 | Amounts | |||
2014 | 62,928 | |||
2015 | 38,475 | |||
2016 | 33,345 | |||
2017 and thereafter | - | |||
Total | $ | 177,026 | ||
For the period ended March 31, 2014 and 2013, the company recorded rent expense of $68,160 and $98,632. |
Common_Stock
Common Stock | 9 Months Ended | |
Mar. 31, 2014 | ||
Common Stock [Text Block] | ' | |
Note 8 – | Common Stock | |
The Company is authorized to issue 500,000,000 shares of common stock. As of March 31, 2014, 47,900,000 shares of common stock were issued and outstanding. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||
Mar. 31, 2014 | |||
Basis of presentation [Policy Text Block] | ' | ||
a. | Basis of presentation. | ||
The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States. This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The financial statements are expressed in U.S. dollars. These unaudited financial statements should be read in conjunction with a reading of the financial statements and notes thereto included in our Annual Report on Form 10-Q for the quarter ended March 31, 2014, as filed with the U.S. Securities and Exchange Commission. | |||
Foreign currency translation [Policy Text Block] | ' | ||
b. | Foreign currency translation. | ||
ATCI's and ATBI’s functional currency for operations is the Canadian dollar and Chinese yuan. However, the Company's reporting currency is in U.S. dollar. Therefore, the financial statements for all periods presented have been translated into U.S. dollar using the current rate method. Under this method, the income statement and the cash flows for each period have been translated into U.S. dollars using the average rate of the reporting period, and assets and liabilities have been translated using the exchange rate at the end of the period. All resulting exchange differences are reported in the cumulative translation adjustment account as a separate component of stockholders’ equity. | |||
Principles of consolidation [Policy Text Block] | ' | ||
c. | Principles of consolidation. | ||
The unaudited consolidated statements include the accounts of the Company and its wholly owned subsidiaries, ATGI, ATCI and ATBI. All inter-company transactions and balances were eliminated. | |||
Use of Estimates [Policy Text Block] | ' | ||
d. | Use of Estimates. | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates. | |||
Loss per share [Policy Text Block] | ' | ||
e. | Loss per share. | ||
Basic loss per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. EPS excludes all potential dilutive shares of common stock if their effect is anti-dilutive. There were no dilutive securities at March 31, 2014. | |||
Revenue recognition [Policy Text Block] | ' | ||
f. | Revenue recognition. | ||
The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Revenue, which primarily consists of commission fees from air ticketing and hotel booking operations, is recognized as tickets and hotels are booked, and is recorded on a net basis (that is, the amount billed to a customer less the amount paid to a supplier) as the Company acts as an agent in these transactions. | |||
Cash and cash equivalents [Policy Text Block] | ' | ||
g. | Cash and cash equivalents. | ||
The Company includes in cash and cash equivalents all short-term, highly liquid investments that mature within three months or less of their acquisition date. Cash equivalents consist principally of investments in interest-bearing demand deposit accounts and liquidity funds with financial institutions and are stated at cost, which approximates fair value. As of March 31, 2014, we have no cash equivalents. | |||
Equipment [Policy Text Block] | ' | ||
h. | Equipment. | ||
Equipment is stated at cost and depreciated using the straight-line method over the estimated useful life of the asset. The estimated useful lives of our property and equipment are generally three years. | |||
Income taxes [Policy Text Block] | ' | ||
i. | Income taxes. | ||
Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the Company recognizes future tax benefits, such as carry forwards, to the extent that realization of such benefits is more likely than not and that a valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. Company’s net operating losses carry forwards are subject to Section 382 limitation. | |||
Recently issued accounting pronouncements [Policy Text Block] | ' | ||
j. | Recently issued accounting pronouncements. | ||
The Company does not expect that any recently issued accounting pronouncement will have a significant impact on the results of operations, financial position, or cash flows of the Company. | |||
Going Concern [Policy Text Block] | ' | ||
k. | Going Concern. | ||
As reflected in the accompanying financial statements, the Company has an accumulated deficit of $912,321, and a net loss for the quarters ended March 31, 2014 and 2013 of $145,939 and $216,928, respectively. The Company currently has business activities to generate funds for its own operations, however, has not yet achieved profitable operations. These factors raise substantial doubt about our ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital and implement its business plan. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Restatement_Tables
Restatement (Tables) | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Restatement [Table Text Block] | ' | |||||||||||||
As Originally | Effect on | Effect on | ||||||||||||
Item | Reported | As Restated | Earnings | Net Equity | ||||||||||
Balance Sheet | ||||||||||||||
Customer Deposit | 8,225 | (2,365 | ) | 10,590 | 10,590 | |||||||||
Accumulated Deficit | (505,169 | ) | (494,579 | ) | ||||||||||
Statement of Operations | ||||||||||||||
Travel expense | 11,271 | 681 | 10,590 | 10,590 |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||
2013 | 2012 | ||||||
Deferred tax assets: | |||||||
Net operating losses | $ | 912,321 | $ | 550,231 | |||
Total deferred tax assets | 912,327 | 550,231 | |||||
Less: valuation allowance | - | - | |||||
Deferred tax assets, net | $ | 912,327 | $ | 550,231 |
Commitment_and_Contingencies_T
Commitment and Contingencies (Tables) | 9 Months Ended | |||
Mar. 31, 2014 | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||
Year Ending December 31 | Amounts | |||
2014 | 62,928 | |||
2015 | 38,475 | |||
2016 | 33,345 | |||
2017 and thereafter | - | |||
Total | $ | 177,026 |
Organization_Nature_of_Operati1
Organization, Nature of Operations and Basis of Presentation (Narrative) (Details) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2014 | |
USD ($) | CNY | |
D | ||
Organization, Nature Of Operations And Basis Of Presentation 1 | 500,000,000 | 500,000,000 |
Organization, Nature Of Operations And Basis Of Presentation 2 | 51.00% | 51.00% |
Organization, Nature Of Operations And Basis Of Presentation 3 | ' | 2,550,000 |
Organization, Nature Of Operations And Basis Of Presentation 4 | ' | 1,800,000 |
Organization, Nature Of Operations And Basis Of Presentation 5 | 289,000 | ' |
Organization, Nature Of Operations And Basis Of Presentation 6 | ' | 750,000 |
Organization, Nature Of Operations And Basis Of Presentation 7 | 20 | 20 |
Organization, Nature Of Operations And Basis Of Presentation 8 | ' | 200,000 |
Organization, Nature Of Operations And Basis Of Presentation 9 | ' | 1,600,000 |
Organization, Nature Of Operations And Basis Of Presentation 10 | 20 | 20 |
Organization, Nature Of Operations And Basis Of Presentation 11 | 26,000,000 | 26,000,000 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Summary Of Significant Accounting Policies 1 | 382 |
Summary Of Significant Accounting Policies 2 | $912,321 |
Summary Of Significant Accounting Policies 3 | 145,939 |
Summary Of Significant Accounting Policies 4 | $216,928 |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Narrative) (Details) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Accounts Payable And Accrued Liabilities 1 | $21,170 |
Accounts Payable And Accrued Liabilities 2 | 300 |
Accounts Payable And Accrued Liabilities 3 | 6,769 |
Accounts Payable And Accrued Liabilities 4 | 4,705 |
Accounts Payable And Accrued Liabilities 5 | $2,065 |
Related_Parties_Narrative_Deta
Related Parties (Narrative) (Details) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Related Parties 1 | $135,574 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Income Taxes 1 | $505,000 |
Commitment_and_Contingencies_N
Commitment and Contingencies (Narrative) (Details) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Commitment And Contingencies 1 | $780 |
Commitment And Contingencies 2 | 8,151 |
Commitment And Contingencies 3 | 4,000 |
Commitment And Contingencies 4 | 16,302 |
Commitment And Contingencies 5 | 68,160 |
Commitment And Contingencies 6 | $98,632 |
Common_Stock_Narrative_Details
Common Stock (Narrative) (Details) | 9 Months Ended |
Mar. 31, 2014 | |
Common Stock 1 | 500,000,000 |
Common Stock 2 | 47,900,000 |
Restatement_Details
Restatement (Details) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Restatement Restatement 1 | $8,225 |
Restatement Restatement 2 | -2,365 |
Restatement Restatement 3 | 10,590 |
Restatement Restatement 4 | 10,590 |
Restatement Restatement 5 | -505,169 |
Restatement Restatement 6 | -494,579 |
Restatement Restatement 7 | 11,271 |
Restatement Restatement 8 | 681 |
Restatement Restatement 9 | 10,590 |
Restatement Restatement 10 | $10,590 |
Schedule_of_Deferred_Tax_Asset
Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 1 | $912,321 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 2 | 550,231 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 3 | 912,327 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 4 | 550,231 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 5 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 6 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 7 | 912,327 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 8 | $550,231 |
Schedule_of_Future_Minimum_Ren
Schedule of Future Minimum Rental Payments for Operating Leases (Details) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Commitment And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 1 | $62,928 |
Commitment And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 2 | 38,475 |
Commitment And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 3 | 33,345 |
Commitment And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 4 | 0 |
Commitment And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 5 | $177,026 |