Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Jun. 22, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | ColorStars Group | |
Entity Central Index Key | 1,418,780 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 102,274,515 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and equivalents | $ 68,468 | $ 24,129 |
Accounts receivable, net of allowance for doubtful accounts of $159,880 at September 30, 2016 and $228,134 at December 31, 2015. | 3,240 | 21,856 |
Prepaid expenses and other current assets | 60,999 | 37,349 |
Total current assets | 132,707 | 83,334 |
Equipment, net of accumulated depreciation | 50,118 | 62,864 |
Other assets | 10,659 | 15,005 |
Total assets | 193,484 | 161,203 |
Current liabilities: | ||
Short term loan | 542,751 | 517,600 |
Accounts payable | 59,594 | 152,142 |
Advance from shareholder | 70,604 | 20,000 |
Accrued expenses | 12,900 | 12,997 |
Other current liabilities | 8,680 | 9,060 |
Current portion of long term loan | 72,410 | |
Total current liabilities | 766,939 | 711,799 |
Long term loan | 98,972 | |
Total liabilities | 865,911 | 711,799 |
Commitments and contingencies | ||
Stockholders' equity | ||
Common Stock –Par Value $0.001 67,448,890 shares issued and outstanding, 450,000,000 shares are authorized at September 30, 2016 and December 31, 2015 | 67,449 | 67,449 |
Additional paid in capital | 3,112,230 | 3,112,230 |
Accumulated other comprehensive income | 191,448 | 171,537 |
Accumulated deficit | (4,043,554) | (3,901,812) |
Total stockholders' equity | (672,427) | (550,596) |
Total liabilities and stockholders' equity | $ 193,484 | $ 161,203 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 159,880 | $ 228,134 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares issued | 67,448,890 | 67,448,890 |
Common stock, shares outstanding | 67,448,890 | 67,448,890 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 83,216 | $ 407,092 | $ 288,874 | $ 979,739 |
Cost of goods sold | 60,509 | 279,763 | 201,435 | 779,607 |
Gross profit | 22,707 | 127,329 | 87,439 | 200,132 |
Operating expenses | ||||
Selling, general and administrative | 48,696 | 80,480 | 194,874 | 280,251 |
Bad debt Selling | 4,194 | 6,761 | ||
Rent | 11,279 | 11,264 | 33,250 | 48,315 |
Depreciation & Amortization | 5,180 | 8,811 | 21,054 | 26,601 |
Research and development | 1,417 | 2,638 | 1,392 | 3,379 |
Total operating expenses | 66,572 | 107,387 | 250,570 | 365,307 |
Income (Loss) from operations | (43,865) | 19,942 | (163,131) | (165,175) |
Other expenses | ||||
Interest expense (net) | (4,712) | (2,572) | (9,224) | (8,458) |
Income (Loss) on foreign exchange, net | (20,962) | 58,697 | (34,098) | 41,006 |
Bad debt recovery | 64,711 | |||
Other, net | 528 | |||
Income (Loss) before income tax | (69,539) | 76,067 | (141,742) | (132,099) |
Income tax provision | (8,085) | 799 | ||
Net Income (loss) | (69,539) | 67,982 | (141,742) | (131,300) |
Other comprehensive loss: | ||||
Foreign currency translation gain (loss) | 8,762 | (99,825) | 19,911 | (46,276) |
Comprehensive loss | $ (60,777) | $ (31,843) | $ (121,831) | $ (177,576) |
Earnings per share attributable to common stockholders: | ||||
Basic and diluted per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares outstanding: | ||||
Basic and diluted | 67,448,890 | 67,448,890 | 67,448,890 | 67,448,890 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities | ||
Net (loss) | $ (141,742) | $ (131,300) |
Depreciation and amortization | 21,054 | 26,601 |
Provision for doubtful accounts | 6,761 | |
Bad debt recovery | (64,711) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 83,327 | 195,041 |
Inventories | 84,951 | |
Prepaid expenses and other current assets | (25,122) | 4,698 |
Accounts payable | (92,548) | (185,784) |
Accrued expenses | (97) | (8,046) |
Receipts in advance and other current liabilities | (380) | 75,388 |
Cash flows provided by (used for) operating activities | (220,219) | 68,310 |
Cash flows from investing activities | ||
Addition to fixed assets | (10,093) | |
Cash flows used for investing activities | (10,093) | |
Cash flows from financing activities | ||
Advance from shareholder | 50,604 | 20,000 |
Increase (decrease) in long-term loans | 171,382 | |
Cash flows provided by financing activities | 221,986 | 20,000 |
Effect of exchange rate changes on cash and cash equivalents | 42,572 | (54,111) |
Net increase in cash and cash equivalents | 44,339 | 24,106 |
Beginning cash and cash equivalents | 24,129 | 75,397 |
Ending cash and cash equivalents | 68,468 | 99,503 |
Supplemental disclosure of cash flow information | ||
Interest | 9,243 | 8,487 |
Tax paid | $ (3) |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Nature of Business and Basis of Presentation | Note 1 – Nature of Business and Basis of Presentation Nature of Business Basis of Presentation - Basis of Consolidation |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 2 - Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has negative working capital of $634,232 and an accumulated deficit of $4,043,554 as of September 30, 2016, and it reported net losses for past two years. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company need to raise additional capital from external sources or from shareholder loans to support its operation. There is no assurance that the Company will be able to obtain funding with acceptable terms. |
Concentration of Risk
Concentration of Risk | 9 Months Ended |
Sep. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Note 3 - Concentration of Risk For the nine months ended September 30, 2016, products sold to largest customers accounted for approximately 61% of total revenue. Products purchased from three suppliers accounted for approximately 52%, 22% and 17% of the total purchases during the nine months ended September 30, 2016. For the nine months ended September 30, 2015, products sold to largest customers accounted for approximately 57% of total revenue. Products purchased from two suppliers accounted for approximately 24% and 15% of the total purchases during the nine months ended September 30, 2015. |
Long Term Investments
Long Term Investments | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Investments [Abstract] | |
Long Term Investments | Note 4 - Long Term Investments September 30, 2016 December 31, 2015 Cost-method investment – Anteya Technology Corp Carrying value of investment at the beginning $ - $ 137,767 Exchange difference - (24,590 ) Loss on impairment of investments (113,177 ) Carrying value at the end - - Net value $ - $ - The Company adopted the provisions of ASC 820, which require us to determine the fair value of financial assets and liabilities using a specified fair-value hierarchy. The objective of the fair-value measurement of our financial instruments is to reflect the hypothetical amounts at which we could sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (exit price). ASC 820 describes three levels of inputs that may be used to measure fair value, as follows: Level 1 value is based on observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 value is based on inputs other than quoted market prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 3 values are driven by models with one or more significant inputs or significant value drivers that are unobservable. Anteya Technology Corp (Anteya) is a private company incorporated in Taiwan. The equity interest held by the Company is 13.68% on September 30, 2016. The unaudited financial information of Anteya Technology Corp. as of September 30, 2016 and December 31, 2015 and for the nine months ended September 30, 2016 and 2015 (in US dollars) are as follows: Anteya Technology ceased operations in April 2017 and, as a result, no future economic benefit was considered realizable by the Company and, as a result, the investment was fully impaired in the year ended December 31, 2015. Fin-Core (holding roughly 57,000 shares) had no actual operating behavior and had deducted by full impairment. Balance sheet September 30, 2016 December 31, 2015 Current assets $ 3,268,396 $ 3,849,571 Non-current assets 840,439 723,833 Total assets 4,108,835 4,573,404 Current liabilities 1,391,538 1,361,178 Non-current liabilities 1,562,978 1,590,979 Stockholders’ equity 1,154,319 1,621,247 Total stockholders’ equity and liabilities 4,108,835 $ 4,573,404 nine months ended September 30, Statement of operation 2016 2015 Net sale $ 1,634,180 $ 1,697,522 Cost of goods sold (1,516,803 ) (1,512,362 ) Gross profit 117,377 185,160 Operating and non-operating expenses (691,872 ) (788,668 ) Net profit (loss) $ (574,495 ) $ (603,508 ) |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 5- Inventory Inventories stated at the lower of cost or market value are as follows: September 30, 2016 December 31, 2015 Finished goods $ 768,595 $ 742,003 Allowance for Inventory Valuation and Obsolescence Losses (768,595 ) (742,003 ) Total $ - $ - The Company decided to shift in operational focus and that it was determined remaining inventory had little-to-no value, thus fully impaired at December 31, 2015. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6 - Income Taxes The Company is subject to U.S. federal income tax as well as income tax in states and foreign jurisdictions. For the major taxing jurisdictions(Taiwan), the tax years 2013 through 2015 remain open for state and federal examination. The Company believes assessments, if any, would be immaterial to its consolidated financial statements. With respect to the foreign jurisdiction, the Company is no longer subject to income tax audits for the year 2015 (inclusive). The income tax provision information is provided as follows: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Component of income (loss) before income taxes: United States $ (2,128 ) $ 13,068 $ (49,015 ) $ (249,344 ) Foreign (67,411 ) (89,135 ) (92,727 ) 117,245 Net loss $ (69,539 ) $ (76,067 ) $ (141,742 ) $ (132,099 ) Provision for income taxes Current U.S. federal - - - - State and local - - - - Foreign $ - $ (8,085 ) $ - $ (799 ) Income tax benefit(loss) $ - $ (8,085 ) $ - $ (799 ) |
Bank Short Term Debt
Bank Short Term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Bank Short Term Debt | Note 7 - Bank Short Term Debt September 30, 2016 December 31, 2015 Short term loan $ 542,751 $ 517,600 The Company signed revolving credit agreements with a lending institution. The interest rate on short-term borrowings outstanding as of September 30, 2016 is 1.66% per annum, as of December 31, 2015, interest rate is 1.94% per annum. The short term debt is secured by: 1. personal guarantee from directors 2. the realty property of spouse of directors |
Long Term Loan
Long Term Loan | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long Term Loan | Note 8 - Long Term Loan The Company signed sales with buyback agreement of 5 million New Taiwan Dollars (US$154,750.85) with Chailease Finance Co., Ltd. in July 2016. The loan is amortized to 36 months and the monthly repayment amount is based on the remaining principal at the beginning of each 12 months. The interest rate is fixed at 6.37% per annum over the term of the agreement. For the first 12 months of the term the monthly repayment was $196,000 NTD (US$6,066.23) beginning in July 2016, and fixed for the next 12 months until June 2017. The monthly repayment was reduced to $168,000 NTD (US$5,199.63) beginning in July 2017, and fixed for the next 12 months until June 2018. However, the Company made an overall repayment of the remaining amounts due of $2,283,954 NTD (US$70,688.77) on Feb. 13, 2018 and terminated this loan agreement. |
Geographic Information
Geographic Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Geographic Information | Note 9 - Geographic Information Product revenues for the nine months ended September 30, 2016 and 2015 are as follows: Three months ended September 30, nine months ended September 30, 2016 2015 2016 2015 Customers based in: Europe $ 18,492 $ 142,831 $ 88,640 $ 335,815 Asia 7,808 5,529 15,587 22,348 United States 56,916 255,457 180,838 618,248 Others - 3,275 3,809 3,328 $ 83,216 $ 407,092 $ 288,874 $ 979,739 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10 - Related Party Transactions The Company has recorded expenses for the following related party transactions for nine months ended September 30, 2016 and 2015: Nine months ended September 30, 2016 2015 Purchase from Anteya Technology Corp $ 60,947 $ 80,533 Rent paid to Mr. Wei-Rur Chen 33,250 34,334 As of the balance sheet date indicated, the Company had the following receivable and liabilities recorded with respect to related party transactions: September 30, 2016 December 31, 2015 Anteya Technology Corp Due (to) from affiliate $ 4,937 $ 712 Mr. Wei-Rur Chen Payable to Shareholder $ (70,604 ) $ (20,000 ) The Company leases office space from Mr. Wei-Rur Chen which the term for the agreement is from November 2015 to November 2020 with amount rent of $45,000. Rent payments were $33,250 and $34,334 for the nine months ended September 30, 2016 and 2015 respectively. The Company conducted business with a related party company Anteya Technology Corp. The Company owns 13.68% of the outstanding common stock of Anteya Technology Corp as of September 30, 2016. All transactions were at market-based prices. Mr. Wei-Rur Chen made various advances to the Company. The balance of advance was $70,604 as of September 30, 2016. The advances are non-interest bearing and due on demand. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 11 - Commitments The company leases offices in Taiwan under operating leases. Minimum future rental payments due under non-cancelable operating leases with remaining terms at September 30, 2016 are as follows: For the year ended December 31, 2016 $ 11,494 2017 45,974 2018 45,974 $ 103,442 Nine months ended September 30, 2016 2015 Rent expenses $ 33,250 $ 48,315 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 - Subsequent Events The Company evaluated all events subsequent to Sep 30, 2016 through the date of the issuance of the financial statements, there are no other significant or material transactions to be reported except as follows: On June 14, 2016, the Public Company Accounting Oversight Board (“PCAOB”) issued an order, which among other things, revoked the PCAOB registration of Michael F. Albanese, CPA (“Albanese”), who had been the independent registered public accounting firm of the Company since December 29, 2005. As a result of that revocation, the Company could longer include the audit report and consent of Albanese in its filings and other reports with the Securities and Exchange Commission. In light of the foregoing actions by the PCAOB, the Company deemed that Albanese would no longer be engaged as the Company’s independent registered public accounting firm. On July 11, 2016, the Company engaged Partiz & Company, P.A. (“Paritz”) as the Company’s independent registered public accounting firm. Effective as of June 15, 2017, the Board of Directors of the Company determined to dismiss Partiz as the Company’s independent registered public accounting firm. On June 15, 2017, the Company engaged Anton & Chia, LLP (“Anton & Chia”) as the Company’s independent registered public accounting firm. On October 5, 2017, the Company completed the sale of a total of 12,825,625 shares of Company common stock to 13 investors at a price per share of US $0.0264 for a total of US $337,961.13 in proceeds to the Company. On November 13, 2017, the Company completed the sale of a total of 10,000,000 shares of Company common stock to 11 investors at a price per share of US $0.033 for a total of US $330,000 in proceeds to the Company. Effective as of January 2, 2018, the Company dismissed Anton & Chia, LLP (“Anton & Chia”) as the Company’s independent registered public accounting firm. Anton & Chia did not issue any reports on the audited financial statements of the Company. On January 2, 2018, the Company engaged Fruci & Associates II, PLLC (“Fruci”) as the Company’s independent registered public accounting firm. On February 5, 2018, the Company completed the sale of a total of 12,000,000 shares of Company common stock to 23 investors at a price per share of US $0.034188 for a total of US $410,256.38 in proceeds to the Company. On February 14, 2018, Ms. Chiu Mei-Ying resigned as a Director and the Secretary of the Company. Her resignations were not the result of any disagreements with the Company. Effective February 21, 2018, the remaining two directors on the Board of Directors of the Company appointed Mr. Wilson Chen to the Board of Directors to fill the vacancy created by the resignation of Ms. Chiu Mei-Ying. |
Nature of Business and Basis 18
Nature of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation - |
Basis of Consolidation | Basis of Consolidation |
Long Term Investments (Tables)
Long Term Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Investments [Abstract] | |
Schedule of Investments Holdings | September 30, 2016 December 31, 2015 Cost-method investment – Anteya Technology Corp Carrying value of investment at the beginning $ - $ 137,767 Exchange difference - (24,590 ) Loss on impairment of investments (113,177 ) Carrying value at the end - - Net value $ - $ - |
Schedule of Unaudited Financial Information of Anteya Technology Corp | Balance sheet September 30, 2016 December 31, 2015 Current assets $ 3,268,396 $ 3,849,571 Non-current assets 840,439 723,833 Total assets 4,108,835 4,573,404 Current liabilities 1,391,538 1,361,178 Non-current liabilities 1,562,978 1,590,979 Stockholders’ equity 1,154,319 1,621,247 Total stockholders’ equity and liabilities 4,108,835 $ 4,573,404 nine months ended September 30, Statement of operation 2016 2015 Net sale $ 1,634,180 $ 1,697,522 Cost of goods sold (1,516,803 ) (1,512,362 ) Gross profit 117,377 185,160 Operating and non-operating expenses (691,872 ) (788,668 ) Net profit (loss) $ (574,495 ) $ (603,508 ) |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories stated at the lower of cost or market value are as follows: September 30, 2016 December 31, 2015 Finished goods $ 768,595 $ 742,003 Allowance for Inventory Valuation and Obsolescence Losses (768,595 ) (742,003 ) Total $ - $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | The income tax provision information is provided as follows: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Component of income (loss) before income taxes: United States $ (2,128 ) $ 13,068 $ (49,015 ) $ (249,344 ) Foreign (67,411 ) (89,135 ) (92,727 ) 117,245 Net loss $ (69,539 ) $ (76,067 ) $ (141,742 ) $ (132,099 ) Provision for income taxes Current U.S. federal - - - - State and local - - - - Foreign $ - $ (8,085 ) $ - $ (799 ) Income tax benefit(loss) $ - $ (8,085 ) $ - $ (799 ) |
Bank Short Term Debt (Tables)
Bank Short Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Bank Short Term Loan | September 30, 2016 December 31, 2015 Short term loan $ 542,751 $ 517,600 |
Geographic Information (Tables)
Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Product Revenues | Product revenues for the nine months ended September 30, 2016 and 2015 are as follows: Three months ended September 30, nine months ended September 30, 2016 2015 2016 2015 Customers based in: Europe $ 18,492 $ 142,831 $ 88,640 $ 335,815 Asia 7,808 5,529 15,587 22,348 United States 56,916 255,457 180,838 618,248 Others - 3,275 3,809 3,328 $ 83,216 $ 407,092 $ 288,874 $ 979,739 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Recorded Expenses for Related Party Transactions | The Company has recorded expenses for the following related party transactions for nine months ended September 30, 2016 and 2015: Nine months ended September 30, 2016 2015 Purchase from Anteya Technology Corp $ 60,947 $ 80,533 Rent paid to Mr. Wei-Rur Chen 33,250 34,334 |
Schedule of Receivables and Liabilities Recorded with Respect to Related Party Transactions | As of the balance sheet date indicated, the Company had the following receivable and liabilities recorded with respect to related party transactions: September 30, 2016 December 31, 2015 Anteya Technology Corp Due (to) from affiliate $ 4,937 $ 712 Mr. Wei-Rur Chen Payable to Shareholder $ (70,604 ) $ (20,000 ) |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Minimum Future Rental Payments | Minimum future rental payments due under non-cancelable operating leases with remaining terms at September 30, 2016 are as follows: For the year ended December 31, 2016 $ 11,494 2017 45,974 2018 45,974 $ 103,442 |
Schedule of Rent Expense | Nine months ended September 30, 2016 2015 Rent expenses $ 33,250 $ 48,315 |
Nature of Business and Basis 26
Nature of Business and Basis of Presentation (Details Narrative) | Sep. 30, 2016 |
Accounting Policies [Abstract] | |
Ownership interest | 100.00% |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital deficit | $ 634,232 | |
Accumulated deficit | $ 4,043,554 | $ 3,901,812 |
Concentration of Risk (Details
Concentration of Risk (Details Narrative) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Supplier One [Member] | ||
Concentration risk, percentage | 52.00% | 24.00% |
Supplier Two [Member] | ||
Concentration risk, percentage | 22.00% | 15.00% |
Supplier Three [Member] | ||
Concentration risk, percentage | 17.00% | |
Largest Customers [Member] | Sales Revenue [Member] | ||
Concentration risk, percentage | 61.00% | 57.00% |
Long Term Investments (Details
Long Term Investments (Details Narrative) | Sep. 30, 2016shares |
Anteya Technology Corp [Member] | |
Ownership interest | 13.68% |
Fin-Core Corporation [Member] | |
Stock outstanding during period | 57,000 |
Long Term Investments - Schedul
Long Term Investments - Schedule of Investments Holdings (Details) - Cost Method Investments [Member] - Anteya Technology Corp [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Summary of Investment Holdings [Line Items] | ||
Carrying value of investment at the beginning | $ 137,767 | |
Exchange difference | (24,590) | |
Loss on impairment of investments | (113,177) | |
Carrying value at the end | ||
Net value |
Long Term Investments - Sched31
Long Term Investments - Schedule of Unaudited Financial Information of Anteya Technology Corp (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Net Investment Income [Line Items] | |||||
Current assets | $ 132,707 | $ 132,707 | $ 83,334 | ||
Total assets | 193,484 | 193,484 | 161,203 | ||
Current liabilities | 766,939 | 766,939 | 711,799 | ||
Stockholders' equity | (672,427) | (672,427) | (550,596) | ||
Total stockholders' equity and liabilities | 193,484 | 193,484 | 161,203 | ||
Net sale | 83,216 | $ 407,092 | 288,874 | $ 979,739 | |
Cost of goods sold | (60,509) | (279,763) | (201,435) | (779,607) | |
Gross profit | 22,707 | 127,329 | 87,439 | 200,132 | |
Net profit (loss) | (69,539) | $ 67,982 | (141,742) | (131,300) | |
Anteya Technology Corp [Member] | |||||
Net Investment Income [Line Items] | |||||
Current assets | 3,268,396 | 3,268,396 | 3,849,571 | ||
Non-current assets | 840,439 | 840,439 | 723,833 | ||
Total assets | 4,108,835 | 4,108,835 | 4,573,404 | ||
Current liabilities | 1,391,538 | 1,391,538 | 1,361,178 | ||
Non-current liabilities | 1,562,978 | 1,562,978 | 1,590,979 | ||
Stockholders' equity | 1,154,319 | 1,154,319 | 1,621,247 | ||
Total stockholders' equity and liabilities | $ 4,108,835 | 4,108,835 | $ 4,573,404 | ||
Net sale | 1,634,180 | 1,697,522 | |||
Cost of goods sold | (1,516,803) | (1,512,362) | |||
Gross profit | 117,377 | 185,160 | |||
Operating and non-operating expenses | (691,872) | (788,668) | |||
Net profit (loss) | $ (574,495) | $ (603,508) |
Inventory - Schedule of Invento
Inventory - Schedule of Inventories (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 768,595 | $ 742,003 |
Allowance for Inventory Valuation and Obsolescence Losses | (768,595) | (742,003) |
Total |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Component of income (loss) before income taxes: United States | $ (2,128) | $ 13,068 | $ (49,015) | $ (249,344) |
Component of income (loss) before income taxes: Foreign | (67,411) | (89,135) | (92,727) | 117,245 |
Net loss | (69,539) | (76,067) | (141,742) | (132,099) |
Provision for income taxes : U.S. federal | ||||
Provision for income taxes: State and local | ||||
Provision for income taxes: Foreign | (8,085) | (799) | ||
Income tax benefit (loss) | $ (8,085) | $ (799) |
Bank Short Term Debt (Details N
Bank Short Term Debt (Details Narrative) - Revolving Credit Agreements [Member] | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Interest rate on short-term borrowings | 1.66% | 1.94% |
Debt security description | 1. personal guarantee from directors 2. the realty property of spouse of directors |
Bank Short Term Debt - Schedule
Bank Short Term Debt - Schedule of Bank Short Term Loan (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Short term loan | $ 542,751 | $ 517,600 |
Long Term Loan (Details Narrati
Long Term Loan (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Jul. 31, 2016 | |
Beginning in July 2016 and Until June 2017 [Member] | ||
Repayment of debt | $ 6,066 | |
Beginning in July 2017 and Until June 2018 [Member] | ||
Reduction in repayment of debt | 5,200 | |
February 13, 2018 [Member] | ||
Repayment of debt | 70,689 | |
TWD [Member] | Beginning in July 2016 and Until June 2017 [Member] | ||
Repayment of debt | 196,000 | |
TWD [Member] | Beginning in July 2017 and Until June 2018 [Member] | ||
Reduction in repayment of debt | 168,000 | |
TWD [Member] | February 13, 2018 [Member] | ||
Repayment of debt | $ 2,283,954 | |
Buyback Agreement [Member] | ||
Sales buyback amount | $ 154,751 | |
Interest rate | 6.37% | |
Buyback Agreement [Member] | TWD [Member] | ||
Sales buyback amount | $ 5,000,000 |
Geographic Information - Schedu
Geographic Information - Schedule of Product Revenues (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Product revenues | $ 83,216 | $ 407,092 | $ 288,874 | $ 979,739 |
Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Product revenues | 18,492 | 142,831 | 88,640 | 335,815 |
Asia [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Product revenues | 7,808 | 5,529 | 15,587 | 22,348 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Product revenues | 56,916 | 255,457 | 180,838 | 618,248 |
Others [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Product revenues | $ 3,275 | $ 3,809 | $ 3,328 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Rent expense | $ 11,279 | $ 11,264 | $ 33,250 | $ 48,315 | |
Advance from shareholder | $ 70,604 | $ 70,604 | $ 20,000 | ||
Anteya Technology Corp [Member] | |||||
Equity method investment, percentage of ownership | 13.68% | 13.68% | |||
Mr. Wei-Rur Chen [Member] | |||||
Lease term, description | November 2015 to November 2020 | ||||
Rent expense | $ 45,000 | ||||
Payment for rent | 33,250 | $ 34,334 | |||
Advance from shareholder | $ 70,604 | $ 70,604 | $ 20,000 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Recorded Expenses for Related Party Transactions (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Anteya Technology Corp [Member] | ||
Related Party Transaction [Line Items] | ||
Purchase from Anteya Technology Corp | $ 60,947 | $ 80,533 |
Mr. Wei-Rur Chen [Member] | ||
Related Party Transaction [Line Items] | ||
Rent paid to Mr. Wei-Rur Chen | $ 33,250 | $ 34,334 |
Related Party Transactions - 40
Related Party Transactions - Schedule of Receivables and Liabilities Recorded with Respect to Related Party Transactions (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Payable to Shareholder | $ (70,604) | $ (20,000) |
Anteya Technology Corp [Member] | ||
Related Party Transaction [Line Items] | ||
Due (to) from affiliate | 4,937 | 712 |
Mr. Wei-Rur Chen [Member] | ||
Related Party Transaction [Line Items] | ||
Payable to Shareholder | $ (70,604) | $ (20,000) |
Commitments - Schedule of Minim
Commitments - Schedule of Minimum Future Rental Payments (Details) | Sep. 30, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 11,494 |
2,017 | 45,974 |
2,018 | 45,974 |
Total | $ 103,442 |
Commitments - Schedule of Rent
Commitments - Schedule of Rent Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent expenses | $ 11,279 | $ 11,264 | $ 33,250 | $ 48,315 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) | Feb. 05, 2018 | Nov. 13, 2017 | Oct. 05, 2017 |
13 Investors [Member] | |||
Sale of common stock | 12,825,625 | ||
Common stock price, per share | $ 0.0264 | ||
Proceeds from sale of stock | $ 337,961 | ||
11 Investors [Member] | |||
Sale of common stock | 10,000,000 | ||
Common stock price, per share | $ 0.033 | ||
Proceeds from sale of stock | $ 330,000 | ||
23 Investors [Member] | |||
Sale of common stock | 12,000,000 | ||
Common stock price, per share | $ 0.034188 | ||
Proceeds from sale of stock | $ 410,256 |