Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2015 | Jul. 08, 2016 | Sep. 30, 2014 | |
Document And Entity Information | |||
Entity Registrant Name | YINFU GOLD CORP. | ||
Entity Central Index Key | 1,438,461 | ||
Document Type | 10-K/A | ||
Document Period End Date | Mar. 31, 2015 | ||
Amendment Flag | true | ||
Amendment Description | The purpose of this Amendment No. 1 (this "Amendment") to the Annual Report on Form 10-K of Yinfu Gold Corporation, a Wyoming corporation (the "Company"), for the fiscal year ended March 31, 2015, and filed with the Securities and Exchange Commission (the "SEC") on July 11, 2016 (the "Original Filing") is to revise disclosures in the Original Filing. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE For the convenience of the reader, this Amendment specifies the Original Filing in its entirety as amended by this Amendment. Except for those revisions specified in this Explanatory Note, this Amendment does not amend or otherwise update any other information in the Original Filing. Accordingly, this Amendment should be read in conjunction with the Original Filing. As required by the provisions of Rule 12b-15 promulgated pursuant to the Securities Exchange Act of 1934, new certifications by the Company's Principal Executive Officer and Principal Financial Officer are filed as exhibits to this Amendment. | ||
Current Fiscal Year End Date | --03-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 13,526,157 | ||
Entity Common Stock, Shares Outstanding | 991,770,362 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 74 | |
Current assets from discontinued operations | 150,001 | |
Total current assets | 150,075 | |
TOTAL ASSETS | 150,075 | |
Current liabilities | ||
Accounts payable and accrued liabilities | 78,656 | |
Note payable - related party | 551,115 | |
Total current liabilities | 629,771 | |
TOTAL LIABILITIES | 629,771 | |
STOCKHOLDERS' EQUITY | ||
Common stock, 3,000,000,000 shares authorized; par value $0.001, 2,191,770,362 and 800,000,000 shares issued, respectively | 2,191,770 | 800,000 |
Capital deficiency | (2,621,020) | (797,987) |
Subscription receivable | (2,013) | (2,013) |
Accumulated deficit | (48,433) | |
TOTAL STOCKHOLDERS' EQUITY | (479,696) | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 150,075 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Balance Sheets Parenthetical | ||
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, Authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, Issued | 2,191,770,362 | 800,000,000 |
Common stock, outstanding | 2,191,770,362 | 800,000,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Consolidated Statements Of Operations | ||
REVENUE | ||
OPERATING EXPENSES | ||
Professional fees | 48,433 | |
Total Operating Expenses | 48,433 | |
Net loss from operations | (48,433) | |
Other Income and Expense | ||
Provision for income taxes | ||
Net Income (Loss) | $ (48,433) | |
Earning per share(basic and diluted) | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic and diluted | 833,100,090 | 800,000,000 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Common Stock | Capital Deficiency | Subscription Receivable | Accumulated Deficit | Total | |
Beginning Balance, Amount at Mar. 31, 2013 | $ 800,000 | $ (797,987) | $ (2,013) | |||
Beginning Balance, Shares at Mar. 31, 2013 | 800,000,000 | |||||
Net loss | ||||||
Ending Balance, Amount at Mar. 31, 2014 | $ 800,000 | (797,987) | (2,013) | |||
Ending Balance, Shares at Mar. 31, 2014 | 800,000,000 | |||||
Beginning Balance, Amount at Mar. 31, 2014 | $ 800,000 | (797,987) | (2,013) | |||
Beginning Balance, Shares at Mar. 31, 2014 | 800,000,000 | |||||
Reverse acquisition adjustment, Amount | $ 191,770 | (623,033) | (431,263) | |||
Reverse acquisition adjustment, Shares | 191,770,362 | |||||
Issued for acquisition of EFI*, on February 6, 2015, Amount | [1] | $ 1,200,000 | (1,200,000) | |||
Issued for acquisition of EFI*, on February 6, 2015, Shares | [1] | 1,200,000,000 | ||||
Net loss | (48,433) | (48,433) | ||||
Ending Balance, Amount at Mar. 31, 2015 | $ 2,191,770 | $ (2,621,020) | $ (2,013) | $ (48,433) | $ (479,696) | |
Ending Balance, Shares at Mar. 31, 2015 | 2,191,770,362 | |||||
[1] | "EFI" stands for Eternal Fairy International Ltd., a British Virgin Islands corporation. This abbreviation applies to the consolidated financial statements and the notes to the consolidated financial statements. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from (used in) operating activities: | ||
Net loss | $ (48,433) | |
Changes in operating activities: | ||
Accounts payable and accrued liabilities | 32,000 | |
Net cash used in continued operations | (16,433) | |
Net cash used in discontinued operations | ||
Net cash used in operating activities | (16,433) | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net cash Provided by Investing Activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from note payable - related parties | 16,507 | |
Net Cash Provided by Financing Activities | 16,507 | |
Net increase (decrease) in cash and cash equivalents | 74 | |
Cash and cash equivalents, beginning of year | ||
Cash and cash equivalents, end of year | 74 | |
NON-CASH INVESTING AND FINANCING ACTIVITY: | ||
Common Shares issued and held in escrow pending the acquisition of Eternal Fairy International Ltd. (see Note 8) | $ 1,200,000 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | Yinfu Gold Corporation (the "Company") is a Wyoming corporation incorporated on September 1, 2005 under the name Ace Lock and Security, Inc. with an established a fiscal year end of March 31. On March 5, 2007, we filed a Certificate of Amendment with the Wyoming Secretary of State to change our name to Element92 Resources Corp. and increased our authorized capital to 1,000,000,000 common shares. On August 16, 2010 the Company filed an amendment with the State of Wyoming changing its name from Element92 resources Corp. to Yinfu Gold Corporation and on November 18, 2010, the Company received a notification from the Financial Industry Regulatory Authority ("FINRA") that the Company's change of name to Yinfu Gold Corporation was posted as effective with FINRA. The Company was established as an exploration stage company engaged in the search for commercially viable minerals. We no longer pursue opportunities related to the exploration of minerals. Our name change to Yinfu Gold Corporation, as filed with the State of Wyoming on November 18, 2010, signified that we have commenced working toward a major change in our business plan and business model. Effective November 20, 2014, the Company executed a Sale and Purchase Agreement (the "Agreement") to acquire 100% of the shares and assets of China Enterprise Overseas Investment & Finance Group Limited ("CEI"), a British Virgin Islands corporation. Pursuant to the Agreement, the Company has agreed to issue 800 million restricted common shares of the Company to the owners of CEI. Dahua Online Shopping Mall (http://www.dahuacheng.com) is an online shopping platform in the China market with two mainstream e-commerce models: business to business (B2B) and business to consumer (B2C). There are over 3,000 suppliers all over the China to provide an online listing of millions of commodities. The real-time payment system of Dahua is convenient, safe and fast. Dahua Online Shopping Mall has registered 31 million members as of November 17, 2014. Pursuant to the Agreement, on or before January 1, 2015, CEI was to deliver to the Company, duly authorized, properly and fully executed documents in English, evidencing and confirming the sale of 100% of the shares of CEI and its assets, specifically detailing the assets and an asset valuation by a third-party valuator. The valuation report was received by the Company on January 28, 2015. Additionally, the Agreement stated that both parties agreed that all shares issued, pursuant to the terms and conditions of the agreement, were to be issued as soon as practicable following the signing of the agreement, but all shares so issued were to be held in escrow until all terms and conditions are met. The various terms and conditions of the Agreement were fulfilled on January 28, 2015, therefore, the share certificates representing the shares have been issued in the names of the CEI shareholders and the Agreement between the Company and CEI was closed on January 28, 2015. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The financial statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States and presented in US dollars. Principles of Consolidation For March 31, 2015, the consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, Element Resources International Limited ("Element Resources") incorporated in Hong Kong and CEI. All significant intercompany balances and transactions have been eliminated in consolidation. Prior to January 28, 2015, the financial statements presented are those of CEI. 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 at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. Discontinued Operations The Company follows ASC 205-20, "Discontinued Operations," to report for disposed or discontinued operations. Cash and Cash Equivalents Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. Foreign Currency Translation and Re-measurement In accordance with ASC 830, "Foreign Currency Matters", the Company's foreign operations whose functional currency is not the U.S. dollar, the assets and liabilities aretranslated into U.S. dollars at current exchange rates. Resulting translation adjustments are reflected as other comprehensive income (loss) in stockholders' equity. Revenue and expenses are translated at average exchange rates for the period. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are charged to operations as incurred. The Company did not have any significant foreign currency translations for the years ended March 31, 2015 and 2014 Concentrations of Credit Risk The Company's financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables that it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company's management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. Financial Instruments The Company follows ASC 820, "Fair Value Measurements and Disclosures," which defines fair value as the exchange 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 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2015. The carrying values of our financial instruments, including, cash and cash equivalents; accounts payable and accrued expenses; and loans and notes payable approximate their fair values due to the short-term maturities of these financial instruments. Business Combinations In accordance with ASC 805-10, "Business Combinations", the Company accounts for all business combinations using the acquisition method of accounting. Under this method, assets and liabilities, including any remaining noncontrolling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, and noncontrolling interests is recognized as goodwill. Certain adjustments to the assessed fair values of the assets, liabilities, or noncontrolling interests made subsequent to the acquisition date, but within the measurement period, which is up to one year, are recorded as adjustments to goodwill. Any adjustments subsequent to the measurement period are recorded in income. Any cost or equity method interest that the Company holds in the acquired company prior to the acquisition is re-measured to fair value at acquisition with a resulting gain or loss recognized in income for the difference between fair value and the existing book value. Results of operations of the acquired entity are included in the Company's results from the date of the acquisition onward and include amortization expense arising from acquired tangible and intangible assets. Deferred Income Taxes and Valuation Allowance The Company accounts for income taxes under ASC 740, "Income Taxes." Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. 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 the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized as at March 31, 2015 and 2014. Net Loss Per Share of Common Stock The Company has adopted ASC Topic 260, "Earnings per Share," The following table sets forth the computation of basic earnings per share, for the years ended March 31, 2015 and 2014: Year Ended March 31, 2015 2014 Net income (loss) $ (48,433 ) $ - Weighted average number of common shares outstanding - basic and diluted 833,100,090 800,000,000 Net income (loss) per common share - basic and diluted $ (0.00 ) $ 0.00 Commitments and Contingencies The Company follows ASC 450-20, "Loss Contingencies," to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties 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. There were no commitments or contingencies as of March 31, 2015 and 2014. Advertising Costs The Company follows ASC 720, "Advertising Costs," and expenses costs as incurred. No advertising costs were incurred for the years ended March 31, 2015 and 2014. Related Parties The Company follows ASC 850, "Related Party Disclosures," Revenue Recognition The Company will recognize revenue from the sale of products and services in accordance with ASC 605, "Revenue Recognition." i) Persuasive evidence for an agreement exists; ii) Service has been provided; iii) The fee is fixed or determinable; and, iv) Collection is reasonably assured. Recent Accounting Pronouncements In May 2014 and again in August 2015, the Financial Accounting Standards Board issued amended accounting guidance on revenue recognition that will be applied to all contracts with customers. The objective of the new guidance is to improve comparability of revenue recognition practices across entities and to provide more useful information to users of financial statements through improved disclosure requirements. This guidance is effective for annual and interim periods beginning in 2019. Early adoption is permitted, but only beginning in 2018. The Company is currently assessing the impact of adoption on its consolidated financial statements. Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
NOTE 3 - GOING CONCERN | The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not established an ongoing source of revenues sufficient to cover its operating cost, and requires additional capital to commence its operating plan. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These factors raise substantial doubt about its ability to continue as a going concern. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan to obtain such resources for the Company include: sales of equity instruments; traditional financing, such as loans; and obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans. There is no assurance that the Company will be able to obtain sufficient additional funds when needed or that such funds, if available, will be obtainable on terms satisfactory to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations. However, there is no assurance that the Company will attain profitability. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) | 12 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
NOTE 4 - STOCKHOLDERS' EQUITY (DEFICIT) | Common Stock Effective December 8, 2014, the Company increased the authorized capital from 1,000,000,000 common shares to 3,000,000,000 common shares. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. During the year ended March 31, 2015, the Company: (1) On January 28, 2015, issued 800 million restricted common shares of the Company to the stockholders of CEI in exchange of 15,600 shares of CEI's common stock, representing 100% of its issued and outstanding common stock. As a result of the reverse acquisition accounting, these shares issued to the former CEI stockholders are treated as being outstanding from the date of issuance of the CEI shares. (2) Issued 1.2 billion restricted common shares of the Company to the owners of EFI for acquiring 100% ownership of EFI. The 1.2 billion restricted common shares were held in escrow, and were cancelled on September 22, 2015. As of March 31, 2015, the Company has 2,191,770,362 shares of common stock issued, of which the 1,200,000,000 restricted common shares were held in escrow. As of March 31, 2014, the Company has 800,000,000 shares of common stock issued and outstanding. The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
NOTE 5 - RELATED PARTY TRANSACTIONS | During the year ended March 31, 2015, Mr. Jiang Libin, appointed as the President and a director of the Company on December 12, 2015, had advanced the Company $16,507 for operating expenses. These advances have been formalized by non-interest bearing demand notes. During the year ended March 31, 2014, there was no advances from any related parties. As of March 31, 2015, the Company owed $487,358 and $63,757 to Mr. Tsap Wai Ping, the former President of the Company (the "Former President", resigned on October 31, 2014) and Mr. Jiang Libin, respectively. As of March 31, 2014, the Company owed $0 to the Former President and Mr. Jiang Libin. On January 28, 2015, the Company issued 800 million restricted common shares of the Company to the stockholders and related parties of CEI in exchange of 15,600 shares of CEI's common stock, representing 100% of its issued and outstanding common stock. Name and Address of Beneficial Owner Amount and Nature of Beneficial Ownership Percentage of Class Achievable Wisdom Limited Liu Rong Hua (Beneficial Owner) Room 609, Block B, RongChaoBinHai Mansion, HaiXiu Road, BaoAn Centre, Shenzhen, Guangdong, China 468,750,000 (Indirect) 58.59% Common Spread Rich Development Limited Zhang Dezhen (Beneficial Owner) Room 302, Unit 40, 13# Building, Shiquan Hydropower Plant, Shanxi, China 281,250,000 (Indirect) 35.16% Common Wang Zhixin Unit B, 5/F, CKK Commercial Centre 289 Hennessy Rd Wan Chai, Hong Kong 10,000,000 (Direct) 1.25% Common Zhang Bei Room 701, Unit 2, 3# Building, JianAn Company, North Street, Shiquan Country, Shanxi, China 10,000,000 (Direct) 1.25% Common Ma Ning Room 1504, Unit 2, 11#Building, ShenShiHuaCheng, 255 LianFengZhong Road, HaiShu District, Ningbo, Zhejiang, China 10,000,000 (Direct) 1.25% Common Liu Jun Room 609, Block B, RongChaoBinHai Mansion, HaiXiu Road, BaoAn Centre, Shenzhen, Guangdong, China 10,000,000 (Direct) 1.25% Common Chen Qiang Room 609, Block B, RongChaoBinHai Mansion, HaiXiu Road, BaoAn Centre, Shenzhen, Guangdong, China 10,000,000 (Direct) 1.25% Common Total 800,000,000 The first five persons in the above table were the only five stockholders of CEI prior to the reverse acquisition. Mr. Liu Jun and Mr. Chen Qiang were the consultants of CEI prior to the reverse acquisition. Mr. Liu Jun is the former President and a former director of the Company who was appointed on November 12, 2014 and resigned on June 10, 2015. All other six persons were not related to the Company prior to the reverse acquisition. Mr. Chen Qiang is the Chief Administration Officer of the Company who was appointed on December 12, 2015 and resigned on May 31, 2016. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
NOTE 6 - DISCONTINUED OPERATIONS | The Company originally intended to be involved in the exploration of minerals in the People's Republic of China (the "PRC"). Based on management's analysis of the current operations, expected growth, and opportunities in the sector, during the year ended March 31, 2015, the Company has determined to discontinue operations related to the Company's subsidiary Element Resources International Limited, based in Hong Kong. The following presents the financial information of the discontinued subsidiary of the Company, Element Resources International Limited. As of As of March 31, 2015 March 31, 2014 Current Assets Cash and cash equivalents $ - $ - Deposit paid 139,681 - Other receivables, net 10,320 - Total current assets 150,001 - TOTAL ASSETS $ 150,001 $ - Current Liabilities Accounts payable and accrued liabilities $ - $ - Note payable - related party - - Total current liabilities - - TOTAL LIABILITIES $ - $ - For the Year Ended March 31, 2015 2014 REVENUE $ - $ - General and administrative - - Other expenses - - Net income (loss) $ - $ - |
BUSINESS COMBINATION
BUSINESS COMBINATION | 12 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
NOTE 7 - BUSINESS COMBINATION | Effective November 20, 2014, the Company executed the Agreement to acquire 100% of the shares and assets of CEI. Pursuant to the Agreement, the Company has agreed to issue 800 million restricted common shares of the Company to the owners of CEI. The various terms and conditions of the Agreement have been fulfilled on January 28, 2015. As a result, the shares as referred to in the Agreement made between the Company and CEI were delivered on January 28, 2015. For financial reporting purposes, the Agreement represented a "reverse merger", and CEI is deemed to be the accounting acquirer in the transaction. The Agreement is being accounted for as a reverse merger and recapitalization. CEI is the acquirer for financial reporting purposes, and the Company is the acquired company. The consummation of this reverse acquisition resulted in a change of control. Accordingly, the historical financial statements prior to the acquisition are those of the accounting acquirer, CEI and have been prepared to give retroactive effect to the reverse acquisition completed on January 28, 2015, and represent the operations of CEI. The consolidated financial statements after the acquisition date, January 28, 2015 include the balance sheets of both companies at historical cost, the historical results of CEI and the results of the Company from the acquisition date. All share and per share information in the accompanying consolidated financial statements and footnotes has been retroactively restated to reflect the recapitalization. The statement of financial position of the Company and CEI immediately before the business combination on January 28, 2015: January 28, 2015 (immediately before the business combination) The Company CEI ASSETS Current Assets Cash and cash equivalents $ 1,632 $ - Current assets from discontinued operations 150,001 - Total current assets 151,633 - TOTAL ASSETS $ 151,633 $ - LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Current Liabilities Accounts payable and accrued liabilities $ 46,656 $ 32,000 Note payable - related party 534,240 - Total current liabilities 580,896 32,000 TOTAL LIABILITIES 580,896 32,000 STOCKHOLDERS' EQUITY Common stock, 3,000,000,000 shares authorized; par value $0.001, 991,770,362 shares issued 991,770 - Common stock, 50,000 shares authorized; par value $0.129, 15,600 shares issued and outstanding - 2,013 Additional paid-in capital 3,787,335 (2,013 ) Accumulated deficit (5,208,368 ) (32,000 ) Total Stockholders' Equity (429,263 ) (32,000 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 151,633 $ - The statement of operations of the Company and CEI immediately before the business combination: For the Nine Months Ended December 31, 2014 The Company CEI Revenue $ - $ - OPERATING EXPENSES Professional fees 45,569 32,000 Total Operating Expenses 45,569 32,000 Net loss from operations (45,569 ) (32,000 ) Other Income and Expense - - Provision for income taxes - - Loss from Continued Operations (45,569 ) (32,000 ) Income (Loss) from Discontinued Operations - - Net Loss $ (45,569 ) $ (32,000 ) Basic and diluted loss per common share $ (0.00 ) $ (2.05 ) Weighted average number of common shares outstanding - basic and diluted 191,770,362 15,600 No significant transactions occurred from December 31, 2014 to January 28, 2015. Statement of Stockholders' Equity of the Company, from April 1, 2014 to January 28, 2015 Common Stock Number of shares Par Value Additional Paid-in capital Accumulated deficit Total Balance as of March 31, 2014 191,770,362 $ 191,770 $ 4,587,335 $ (5,162,799 ) $ (383,694 ) Issued for acquisition of CEI, on January 28, 2015 800,000,000 800,000 (800,000 ) - - Net lossfor the period - - - (45,569 ) (45,569 ) Balance as of January28, 2015 991,770,362 991,770 3,787,335 (5,208,368 ) (429,263 ) Statement of Stockholders' Equity of CEI, for the year ended December 31, 2014 Common Stock Number of Shares Par Value Capital Deficiency Accumulated Deficit Total Balance as of December 31, 2013 15,600 $ 2,013 $ (2,013 ) $ - $ - Net lossfor the year - - - (32,000 ) (32,000 ) Balance as of December 31, 2014 15,600 2,013 (2,013 ) (32,000 ) (32,000 ) No significant transactions occurred from December 31, 2014 to January 28, 2015. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
NOTE 8 - SUBSEQUENT EVENTS | (1) On February 6, 2015, the Company signed a Sale and Purchase Agreement to acquire 100% of the shares and assets of Eternal Fairy International Ltd., ("EFI"), a British Virgin Islands corporation. Pursuant to the Agreement, the Company agreed to issue 1,200,000,000 (1.2 billion) restricted common shares of the Company to the shareholders of EFI, which in turn owns Dongguan YouDai Financial Information Services Co., Ltd ("DYD"), a company incorporated in the PRC. DYD is a company that focuses on peer-to-peer ("P2P") lending services. DYD provides a platform that matches lenders directly with the borrowers and charges a commission fee. Through our P2P platform, lenders can earn higher returns compared to savings and investment products offered by banks, where borrowers can borrow money at lower interest rates. The Company sought to acquire the entire share capital of EFI by the issuance of 1.2 billion new Common Shares on February 15, 2015 (the "Closing Date"). On or before February 28, 2015, EFI was to deliver to the Company, duly authorized, properly and fully executed documents in English, evidencing and confirming the sale of 100% of the shares of EFI and its assets specifically detailing the assets and an asset valuation by an independent valuator. Effective September 22, 2015, the Company had executed a Deed of Termination and Mutual Release (the "Termination") between the Company and of EFI. The Termination canceled the Sale and Purchase Agreement to acquire 100% of the shares and assets of EFI reported via a Form 8-K dated February 6, 2015. Pursuant to the original agreement the Company issued 1,200,000,000 (1.2 billion) restricted common shares of the Company to the owners of EFI. All shares issued under the terms of the agreement were held in escrow and have now been cancelled with the consent of all Parties and returned to treasury. (2) Effective June 10, 2015, the Company accepted the resignation of Mr. Liu Jun from his position as President and a director of the Company. Also effective June 10, 2015 the Company announced the appointment of Mr. Li Qiuyu as the Company's President and as its sole Director. (3) Effective December 12, 2015, the Company accepted the resignation of Mr. Li Qiuyu from his position as President, CEO and as a director of the Company. Mr. Li Qiuyu has served on the Board since June 10, 2015. Also effective December 12, 2015, the Company announced the appointment of Mr. Jiang Libin as the Company's President, Secretary, and Director, and announced the appointment of Mr. Zhang Hong as a Director. |
SUMMARY OF SIGNIFICANT ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation | The financial statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States and presented in US dollars. |
Principles of Consolidation | For March 31, 2015, the consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, Element Resources International Limited ("Element Resources") incorporated in Hong Kong and CEI. All significant intercompany balances and transactions have been eliminated in consolidation. Prior to January 28, 2015, the financial statements presented are those of CEI. |
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 at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. |
Discontinued Operations | The Company follows ASC 205-20, "Discontinued Operations," to report for disposed or discontinued operations. |
Cash and Cash Equivalents | Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. |
Foreign Currency Translation and Re-measurement | In accordance with ASC 830, "Foreign Currency Matters", the Company's foreign operations whose functional currency is not the U.S. dollar, the assets and liabilities aretranslated into U.S. dollars at current exchange rates. Resulting translation adjustments are reflected as other comprehensive income (loss) in stockholders' equity. Revenue and expenses are translated at average exchange rates for the period. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are charged to operations as incurred. The Company did not have any significant foreign currency translations for the years ended March 31, 2015 and 2014. |
Concentrations of Credit Risk | The Company's financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables that it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company's management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. |
Financial Instruments | The Company follows ASC 820, "Fair Value Measurements and Disclosures," which defines fair value as the exchange 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 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2015. The carrying values of our financial instruments, including, cash and cash equivalents; accounts payable and accrued expenses; and loans and notes payable approximate their fair values due to the short-term maturities of these financial instruments. |
Business Combinations | In accordance with ASC 805-10, "Business Combinations", the Company accounts for all business combinations using the acquisition method of accounting. Under this method, assets and liabilities, including any remaining noncontrolling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, and noncontrolling interests is recognized as goodwill. Certain adjustments to the assessed fair values of the assets, liabilities, or noncontrolling interests made subsequent to the acquisition date, but within the measurement period, which is up to one year, are recorded as adjustments to goodwill. Any adjustments subsequent to the measurement period are recorded in income. Any cost or equity method interest that the Company holds in the acquired company prior to the acquisition is re-measured to fair value at acquisition with a resulting gain or loss recognized in income for the difference between fair value and the existing book value. Results of operations of the acquired entity are included in the Company's results from the date of the acquisition onward and include amortization expense arising from acquired tangible and intangible assets. |
Deferred Income Taxes and Valuation Allowance | The Company accounts for income taxes under ASC 740, "Income Taxes." Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. 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 the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized as at March 31, 2015 and 2014. |
Net Loss Per Share of Common Stock | The Company has adopted ASC Topic 260, "Earnings per Share," The following table sets forth the computation of basic earnings per share, for the years ended March 31, 2015 and 2014: Year Ended March 31, 2015 2014 Net income (loss) $ (48,433 ) $ - Weighted average number of common shares outstanding - basic and diluted 833,100,090 800,000,000 Net income (loss) per common share - basic and diluted $ (0.00 ) $ 0.00 |
Commitments and Contingencies | The Company follows ASC 450-20, "Loss Contingencies," to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties 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. There were no commitments or contingencies as of March 31, 2015 and 2014. |
Advertising Costs | The Company follows ASC 720, "Advertising Costs," and expenses costs as incurred. No advertising costs were incurred for the years ended March 31, 2015 and 2014. |
Related Parties | The Company follows ASC 850, "Related Party Disclosures," |
Revenue Recognition | The Company will recognize revenue from the sale of products and services in accordance with ASC 605, "Revenue Recognition." i) Persuasive evidence for an agreement exists; ii) Service has been provided; iii) The fee is fixed or determinable; and, iv) Collection is reasonably assured. |
Recent Accounting Pronouncements | In May 2014 and again in August 2015, the Financial Accounting Standards Board issued amended accounting guidance on revenue recognition that will be applied to all contracts with customers. The objective of the new guidance is to improve comparability of revenue recognition practices across entities and to provide more useful information to users of financial statements through improved disclosure requirements. This guidance is effective for annual and interim periods beginning in 2019. Early adoption is permitted, but only beginning in 2018. The Company is currently assessing the impact of adoption on its consolidated financial statements. Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Summary Of Significant Accounting Policies Tables | |
Earnings per share | The following table sets forth the computation of basic earnings per share, for the years ended March 31, 2015 and 2014: Year Ended March 31, 2015 2014 Net income (loss) $ (48,433 ) $ - Weighted average number of common shares outstanding - basic and diluted 833,100,090 800,000,000 Net income (loss) per common share - basic and diluted $ (0.00 ) $ 0.00 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Discontinued Operations Tables | |
Financial information of discontinued operations | As of As of March 31, 2015 March 31, 2014 Current Assets Cash and cash equivalents $ - $ - Deposit paid 139,681 - Other receivables, net 10,320 - Total current assets 150,001 - TOTAL ASSETS $ 150,001 $ - Current Liabilities Accounts payable and accrued liabilities $ - $ - Note payable - related party - - Total current liabilities - - TOTAL LIABILITIES $ - $ - |
Discontinued operations | For the Year Ended March 31, 2015 2014 REVENUE $ - $ - General and administrative - - Other expenses - - Net income (loss) $ - $ - |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Business Combination Tables | |
Statement of financial position of the Company and CEI | The statement of financial position of the Company and CEI immediately before the business combination on January 28, 2015: January 28, 2015 (immediately before the business combination) The Company CEI ASSETS Current Assets Cash and cash equivalents $ 1,632 $ - Current assets from discontinued operations 150,001 - Total current assets 151,633 - TOTAL ASSETS $ 151,633 $ - LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Current Liabilities Accounts payable and accrued liabilities $ 46,656 $ 32,000 Note payable - related party 534,240 - Total current liabilities 580,896 32,000 TOTAL LIABILITIES 580,896 32,000 STOCKHOLDERS' EQUITY Common stock, 3,000,000,000 shares authorized; par value $0.001, 991,770,362 shares issued 991,770 - Common stock, 50,000 shares authorized; par value $0.129, 15,600 shares issued and outstanding - 2,013 Additional paid-in capital 3,787,335 (2,013 ) Accumulated deficit (5,208,368 ) (32,000 ) Total Stockholders' Equity (429,263 ) (32,000 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 151,633 $ - The statement of operations of the Company and CEI immediately before the business combination: For the Nine Months Ended December 31, 2014 The Company CEI Revenue $ - $ - OPERATING EXPENSES Professional fees 45,569 32,000 Total Operating Expenses 45,569 32,000 Net loss from operations (45,569 ) (32,000 ) Other Income and Expense - - Provision for income taxes - - Loss from Continued Operations (45,569 ) (32,000 ) Income (Loss) from Discontinued Operations - - Net Loss $ (45,569 ) $ (32,000 ) Basic and diluted loss per common share $ (0.00 ) $ (2.05 ) Weighted average number of common shares outstanding - basic and diluted 191,770,362 15,600 Statement of Stockholders' Equity of the Company, from April 1, 2014 to January 28, 2015 Common Stock Number Additional Accumulated Of shares Par Value Paid-in capital deficit Total Balance as of March 31, 2014 191,770,362 $ 191,770 $ 4,587,335 $ (5,162,799 ) $ (383,694 ) Issued for acquisition of CEI, on January 28, 2015 800,000,000 800,000 (800,000 ) - - Net loss for the period - - - (45,569 ) (45,569 ) Balance as of January28, 2015 991,770,362 991,770 3,787,335 (5,208,368 ) (429,263 ) Statement of Stockholders' Equity of CEI, for the year ended December 31, 2014 Common Stock Number Capital Accumulated of Shares Par Value Deficiency Deficit Total Balance as of December 31, 2013 15,600 $ 2,013 $ (2,013 ) $ - $ - Net loss for the year - - - (32,000 ) (32,000 ) Balance as of December 31, 2014 15,600 2,013 (2,013 ) (32,000 ) (32,000 ) |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Summary Of Significant Accounting Policies Details | ||
Net income (loss) | $ (48,433) | |
Weighted average number of common shares outstanding - basic and diluted | 833,100,090 | 800,000,000 |
Net income (loss) per common share - basic and diluted | $ 0 | $ 0 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - shares | Mar. 31, 2015 | Mar. 31, 2014 |
Equity Details Narrative | ||
Common stock, Issued | 2,191,770,362 | 800,000,000 |
Common stock, outstanding | 2,191,770,362 | 800,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Note payable - related party | $ 16,507 | $ 63,757 |
Proceeds from note payable - related parties | 16,507 | |
Former President | ||
Proceeds from note payable - related parties | 487,358 | |
Mr.Jiang Libinrespectively | ||
Proceeds from note payable - related parties | $ 63,757 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | ||
Deposit paid | 139,681 | |
Other receivables, net | 10,320 | |
Total current assets | 150,001 | |
TOTAL ASSETS | 150,001 | |
Current Liabilities | ||
Accounts payable and accrued liabilities | ||
Note payable - related party | ||
Total current liabilities | ||
TOTAL LIABILITIES |
DISCONTINUED OPERATIONS (Deta23
DISCONTINUED OPERATIONS (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Discontinued Operations Details 1 | ||
REVENUE | ||
General and administrative | ||
Other expenses | ||
Net income (loss) |
BUSINESS COMBINATION (Details)
BUSINESS COMBINATION (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Current Assets | ||||
Cash and cash equivalents | $ 74 | |||
Current assets from discontinued operations | 150,001 | |||
Total current assets | 150,075 | |||
TOTAL ASSETS | 150,075 | |||
Current Liabilities | ||||
Accounts payable and accrued liabilities | 78,656 | |||
Note payable - related party | 551,115 | |||
Total current liabilities | 629,771 | |||
TOTAL LIABILITIES | 629,771 | |||
STOCKHOLDERS' EQUITY | ||||
Common stock, 3,000,000,000 shares authorized; par value $0.001, 991,770,362 shares issued | 2,191,770 | 800,000 | ||
Additional paid-in capital | (2,621,020) | (797,987) | ||
Accumulated deficit | (48,433) | |||
Total Stockholders' Equity | (479,696) | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 150,075 | |||
Revenue | ||||
OPERATING EXPENSES | ||||
Professional fees | 48,433 | |||
Total Operating Expenses | 48,433 | |||
Net loss from operations | (48,433) | |||
Provision for income taxes | ||||
Income (Loss) from Discontinued Operations | ||||
Net Loss | $ (48,433) | |||
Basic and diluted loss per common share | $ 0 | $ 0 | ||
Weighted average number of common shares outstanding - basic and diluted | 833,100,090 | 800,000,000 | ||
The Company [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | $ 1,632 | |||
Current assets from discontinued operations | 150,001 | |||
Total current assets | 151,633 | |||
TOTAL ASSETS | 151,633 | |||
Current Liabilities | ||||
Accounts payable and accrued liabilities | 46,656 | |||
Note payable - related party | 534,240 | |||
Total current liabilities | 580,896 | |||
TOTAL LIABILITIES | 580,896 | |||
STOCKHOLDERS' EQUITY | ||||
Common stock, 3,000,000,000 shares authorized; par value $0.001, 991,770,362 shares issued | 991,770 | |||
Common stock, 50,000 shares authorized; par value $0.129, 15,600 shares issued and outstanding | ||||
Additional paid-in capital | 3,787,335 | |||
Accumulated deficit | (5,208,368) | |||
Total Stockholders' Equity | (429,263) | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 151,633 | |||
Revenue | ||||
OPERATING EXPENSES | ||||
Professional fees | 45,569 | |||
Total Operating Expenses | 45,569 | |||
Net loss from operations | (45,569) | |||
Other Income and Expense | ||||
Provision for income taxes | ||||
Loss from Continued Operations | (45,569) | |||
Income (Loss) from Discontinued Operations | ||||
Net Loss | $ (45,569) | |||
Basic and diluted loss per common share | $ 0 | |||
Weighted average number of common shares outstanding - basic and diluted | 191,770,362 | |||
CEI [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | ||||
Current assets from discontinued operations | ||||
Total current assets | ||||
TOTAL ASSETS | ||||
Current Liabilities | ||||
Accounts payable and accrued liabilities | 32,000 | |||
Note payable - related party | ||||
Total current liabilities | 32,000 | |||
TOTAL LIABILITIES | 32,000 | |||
STOCKHOLDERS' EQUITY | ||||
Common stock, 3,000,000,000 shares authorized; par value $0.001, 991,770,362 shares issued | ||||
Common stock, 50,000 shares authorized; par value $0.129, 15,600 shares issued and outstanding | 2,013 | |||
Additional paid-in capital | (2,013) | |||
Accumulated deficit | (32,000) | |||
Total Stockholders' Equity | (32,000) | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Revenue | ||||
OPERATING EXPENSES | ||||
Professional fees | 32,000 | |||
Total Operating Expenses | 32,000 | |||
Net loss from operations | (32,000) | |||
Other Income and Expense | ||||
Provision for income taxes | ||||
Loss from Continued Operations | (32,000) | |||
Income (Loss) from Discontinued Operations | ||||
Net Loss | $ (32,000) | |||
Basic and diluted loss per common share | $ (2.05) | |||
Weighted average number of common shares outstanding - basic and diluted | 15,600 |
BUSINESS COMBINATION (Details 1
BUSINESS COMBINATION (Details 1) - USD ($) | 10 Months Ended | 12 Months Ended |
Jan. 28, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity of the Company | ||
Beginning Balance, Amount | $ (383,694) | |
Issued for acquisition of CEI, on January 28, 2015, Amount | ||
Net loss | (45,569) | (32,000) |
Ending Balance, Amount | (429,263) | (32,000) |
Common Stock | ||
Statement of Stockholders' Equity of the Company | ||
Beginning Balance, Amount | $ 191,770 | $ 2,013 |
Beginning Balance, Shares | 191,770,362 | 15,600 |
Issued for acquisition of CEI, on January 28, 2015, Amount | $ 800,000 | |
Issued for acquisition of CEI, on January 28, 2015, Shares | 800,000,000 | |
Ending Balance, Amount | $ 991,770 | $ 2,013 |
Ending Balance, Shares | 991,770,362 | 15,600 |
Additional Paid-In Capital | ||
Statement of Stockholders' Equity of the Company | ||
Beginning Balance, Amount | $ 4,587,335 | |
Issued for acquisition of CEI, on January 28, 2015, Amount | (800,000) | |
Ending Balance, Amount | 3,787,335 | |
Accumulated Deficit | ||
Statement of Stockholders' Equity of the Company | ||
Beginning Balance, Amount | (5,162,799) | |
Issued for acquisition of CEI, on January 28, 2015, Amount | ||
Net loss | (45,569) | (32,000) |
Ending Balance, Amount | $ (5,208,368) | $ (32,000) |
BUSINESS COMBINATION (Details 2
BUSINESS COMBINATION (Details 2) - USD ($) | 10 Months Ended | 12 Months Ended |
Jan. 28, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity of CEI | ||
Beginning Balance, Amount | $ (383,694) | |
Net loss | (45,569) | (32,000) |
Ending Balance, Amount | (429,263) | (32,000) |
Common Stock | ||
Statement of Stockholders' Equity of CEI | ||
Beginning Balance, Amount | $ 191,770 | $ 2,013 |
Beginning Balance, Shares | 191,770,362 | 15,600 |
Ending Balance, Amount | $ 991,770 | $ 2,013 |
Ending Balance, Shares | 991,770,362 | 15,600 |
Capital Deficiency | ||
Statement of Stockholders' Equity of CEI | ||
Beginning Balance, Amount | $ (2,013) | |
Ending Balance, Amount | (2,013) | |
Accumulated Deficit | ||
Statement of Stockholders' Equity of CEI | ||
Beginning Balance, Amount | $ (5,162,799) | |
Net loss | (45,569) | (32,000) |
Ending Balance, Amount | $ (5,208,368) | $ (32,000) |