Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | May 29, 2017 | Sep. 30, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | YINFU GOLD CORP. | ||
Entity Central Index Key | 1,438,461 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2017 | ||
Amendment Flag | false | ||
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 | $ 0 | ||
Entity Common Stock, Shares Outstanding | 9,917,592 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 | |
Current Assets | |||
Cash and cash equivalents | $ 2,452 | $ 122 | |
Current assets from discontinued operations | 150,001 | 150,001 | |
Total current assets | 152,453 | 150,123 | |
TOTAL ASSETS | 152,453 | 150,123 | |
Current Liabilities | |||
Accounts payable and accrued liabilities | 87,512 | 78,656 | |
Note payable - related party | 697,993 | 613,530 | |
Total current liabilities | 785,505 | 692,186 | |
TOTAL LIABILITIES | 785,505 | 692,186 | |
STOCKHOLDERS' EQUITY (DEFICIT) | |||
Common stock, 3,000,000,000 shares authorized; par value $0.001, 9,917,592 and 9,917,703 shares issued, respectively | [1] | 9,918 | 9,918 |
Capital deficiency | (439,179) | (439,168) | |
Subscription receivable | (2,013) | (2,013) | |
Accumulated deficit | (201,778) | (110,800) | |
Total Stockholders' Equity (Deficit) | (633,052) | (542,063) | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 152,453 | $ 150,123 | |
[1] | *: Common stock retroactively adjusted for 1 for 100 reverse stock split, effective February 17, 2017 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2017 | Mar. 31, 2016 |
Consolidated Balance Sheets Parenthetical | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, issued | 9,917,592 | 9,917,703 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Consolidated Statements Of Operations | |||
REVENUE | |||
OPERATING EXPENSES | |||
Professional fees | 90,978 | 62,367 | |
Total Operating Expenses | 90,978 | 62,367 | |
Net loss from operations | (90,978) | (62,367) | |
Other Income and Expense | |||
Provision for income taxes | |||
Net Income (loss) | $ (90,978) | $ (62,367) | |
Basic and diluted income (loss) per common share | $ (0.01) | $ (0.01) | |
Weighted average number of common shares outstanding - basic and diluted | [1] | 9,917,689 | 9,917,703 |
[1] | *: Common stock retroactively adjusted for 1 for 100 reverse stock split, effective February 17, 2017 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) | Common Stock | Capital Deficiency | Subscription Receivable | Accumulated Deficit | Total | ||
Beginning Balance, Shares at Mar. 31, 2015 | [1] | 21,917,703 | |||||
Beginning Balance, Amount at Mar. 31, 2015 | $ 21,918 | [1] | $ (451,168) | $ (2,013) | $ (48,433) | $ (479,696) | |
Cancellation of shares issued for acquisition of EFI*, on September 22, 2015 , Shares | [1],[2] | (12,000,000) | |||||
Cancellation of shares issued for acquisition of EFI*, on September 22, 2015 , Amount | [2] | $ (12,000) | [1] | 12,000 | |||
Net loss | [1] | (62,367) | (62,367) | ||||
Ending Balance, Shares at Mar. 31, 2016 | [1] | 9,917,703 | |||||
Ending Balance, Amount at Mar. 31, 2016 | $ 9,918 | [1] | (439,168) | (2,013) | (110,800) | (542,063) | |
Cancellation of shares upon rounding for reverse stock split, Shares | (111) | ||||||
Cancellation of shares upon rounding for reverse stock split, Amount | (11) | (11) | |||||
Net loss | [1] | (90,978) | (90,978) | ||||
Ending Balance, Shares at Mar. 31, 2017 | [1],[3] | 9,917,592 | |||||
Ending Balance, Amount at Mar. 31, 2017 | $ 9,918 | [1] | $ (439,179) | $ (2,013) | $ (201,778) | $ (633,052) | |
[1] | **: Common stock retroactively adjusted for 1 for 100 reverse stock split, effective February 17, 2017 | ||||||
[2] | *: 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. | ||||||
[3] | ***: With the fractional shares rounded down to the next whole share. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (90,978) | $ (62,367) |
Changes in operating activities: | ||
Accounts payable and accrued liabilities | 8,856 | |
Net cash used in continued operations | (82,122) | (62,367) |
Net cash used in discontinued operations | ||
Net cash used in operating activities | (82,122) | (62,367) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net cash used in Investing Activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Loss of par value due to reverse stock split | (11) | |
Proceeds from note payable - related parties | 84,463 | 62,415 |
Net cash provided by financing activities | 84,452 | 62,415 |
Net increase in cash and cash equivalents | 2,330 | 48 |
Cash and cash equivalents, beginning of year | 122 | 74 |
Cash and cash equivalents, end of year | $ 2,452 | $ 122 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Mar. 31, 2017 | |
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 Companys 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, 2017 | |
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, 2017, 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. 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 are translated 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, 2017 and 2016. Concentrations of Credit Risk The Companys 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 Companys 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 entitys 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, 2017. 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 Companys 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, 2017 and 2016. 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, 2017 and 2016: Year Ended March 31, 2017 2016 Net income (loss) $ (90,978 ) $ (62,367 ) Weighted average number of common shares outstanding - basic and diluted* 9,917,689 9,917,703 Net income (loss) per common share - basic and diluted $ (0.01 ) $ (0.01 ) _____ *: Common stock retroactively adjusted for 1 for 100 reverse stock split, effective February 17, 2017 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, 2017 and 2016. 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, 2017 and 2016. Related Parties The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. See note 5. 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 January 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. These amendments eliminate Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting units fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. Effective for public business entities that are a SEC filers for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. ASU 2017-04 should be adopted on a prospective basis. The Company is currently evaluating the potential impact that the adoption of this ASU may have on its financial statements. In December 2016, the FASB has issued Accounting Standards Update (ASU) No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The amendments affect narrow aspects of the guidance issued in ASU 2014-09 including Loan Guarantee Fees, Contract Costs, Provisions for Losses on Construction-Type and Production-Type Contracts, Disclosure of Remaining Performance Obligations, Disclosure of Prior Period Performance Obligations, Contract Modifications, Contract Asset vs. Receivable, Refund Liability, Advertising Costs, Fixed Odds Wagering Contracts in the Casino Industry, and Costs Capitalized for Advisors to Private Funds and Public Funds. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements for FASB Accounting Standards Codification Topic 606. Public entities should apply Topic 606 (and related amendments) for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. The Company is currently evaluating the potential impact that the adoption of this ASU may have on its financial statements. Management has considered all other 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, 2017 | |
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. As of March 31, 2017, the Company had an accumulated deficit of $201,778 and net loss of $90,978 and net cash used in operations of $82,122 for the year ended March 31, 2017. Losses have principally occurred as a result of the substantial resources required for professional fees and general and administrative expenses associated with our 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, 2017 | |
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. On February 6, 2015, the Company 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. On November 9, 2016, we filed a Schedule 14C with Securities and Exchange Commission for the 1 for 100 Reverse Stock Split. On February 16, 2017, the Company received a notification from the Financial Industry Regulatory Authority (FINRA) that our application for Reverse Stock Split was approved by FIRNA and the market effective date was February 17, 2017. The post-split total shares outstanding is 9,917,592 shares with the fractional shares rounded down to the next whole share. As of March 31, 2017, the Company has 9,917,592 shares of common stock issued and outstanding. As of March 31, 2016, the Company has 9,917,703 shares of common stock issued. 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, 2017 | |
Notes to Financial Statements | |
NOTE 5 - RELATED PARTY TRANSACTIONS | During the year ended March 31, 2017, Mr. Jiang Libin, the President and a director of the Company, had advanced the Company $84,463 for operating expenses. These advances have been formalized by non-interest bearing demand notes. During the year ended March 31, 2016, Mr. Jiang Libin had advanced the Company $62,415 for operating expenses. These advances have been formalized by non-interest bearing demand notes. As of March 31, 2017, the Company owed $487,358 and $210,635 to Mr. Tsap Wai Ping, the former President of the Company (the Former President) and Mr. Jiang Libin respectively. As of March 31, 2016, the Company owed $487,358 and $126,172 to the Former President and Mr. Jiang Libin respectively. During the year ended March 31, 2017, no shares were issued to related parties and no reverse acquisition occurred. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
NOTE 6 - DISCONTINUED OPERATIONS | The Company originally intended to be involved in the exploration of minerals in the Peoples Republic of China (the PRC). Based on managements 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 Companys 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, 2017 March 31, 2016 Current Assets Cash and cash equivalents $ - $ - Deposit paid 139,681 139,681 Other receivables, net 10,320 10,320 Total current assets 150,001 150,001 TOTAL ASSETS $ 150,001 $ 150,001 Current Liabilities Accounts payable and accrued liabilities $ - $ - Note payable - related party - - Total current liabilities - - TOTAL LIABILITIES $ - $ - Stockholders Equity (Deficit) Common stock, par value HK$1, 100,000 shares issued $ 12,903 $ 12,903 Retained earnings 137,098 137,098 Total Stockholders Equity (Deficit) 150,001 150,001 TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT) $ 150,001 $ 150,001 For the Year Ended March 31, 2017 2016 REVENUE $ - $ - General and administrative - - Other expenses - - Net income (loss) $ - $ - |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
NOTE 7 - SUBSEQUENT EVENTS | Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017, 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. |
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 are translated 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, 2017 and 2016. |
Concentrations of Credit Risk | The Companys 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 Companys 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 entitys 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, 2017. 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 Companys 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, 2017 and 2016. |
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, 2017 and 2016: Year Ended March 31, 2017 2016 Net income (loss) $ (90,978 ) $ (62,367 ) Weighted average number of common shares outstanding - basic and diluted* 9,917,689 9,917,703 Net income (loss) per common share - basic and diluted $ (0.01 ) $ (0.01 ) _____ *: Common stock retroactively adjusted for 1 for 100 reverse stock split, effective February 17, 2017 |
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, 2017 and 2016. |
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, 2017 and 2016. |
Related Parties | The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. See note 5. |
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 January 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. These amendments eliminate Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting units fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. Effective for public business entities that are a SEC filers for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. ASU 2017-04 should be adopted on a prospective basis. The Company is currently evaluating the potential impact that the adoption of this ASU may have on its financial statements. In December 2016, the FASB has issued Accounting Standards Update (ASU) No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The amendments affect narrow aspects of the guidance issued in ASU 2014-09 including Loan Guarantee Fees, Contract Costs, Provisions for Losses on Construction-Type and Production-Type Contracts, Disclosure of Remaining Performance Obligations, Disclosure of Prior Period Performance Obligations, Contract Modifications, Contract Asset vs. Receivable, Refund Liability, Advertising Costs, Fixed Odds Wagering Contracts in the Casino Industry, and Costs Capitalized for Advisors to Private Funds and Public Funds. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements for FASB Accounting Standards Codification Topic 606. Public entities should apply Topic 606 (and related amendments) for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. The Company is currently evaluating the potential impact that the adoption of this ASU may have on its financial statements. Management has considered all other 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 ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Summary Of Significant Accounting Policies Tables | |
Summary of computation of basic earnings per share | Year Ended March 31, 2017 2016 Net income (loss) $ (90,978 ) $ (62,367 ) Weighted average number of common shares outstanding - basic and diluted* 9,917,689 9,917,703 Net income (loss) per common share - basic and diluted $ (0.01 ) $ (0.01 ) |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations Tables | |
Financial information of discontinued operations | As of As of March 31, 2017 March 31, 2016 Current Assets Cash and cash equivalents $ - $ - Deposit paid 139,681 139,681 Other receivables, net 10,320 10,320 Total current assets 150,001 150,001 TOTAL ASSETS $ 150,001 $ 150,001 Current Liabilities Accounts payable and accrued liabilities $ - $ - Note payable - related party - - Total current liabilities - - TOTAL LIABILITIES $ - $ - Stockholders Equity (Deficit) Common stock, par value HK$1, 100,000 shares issued $ 12,903 $ 12,903 Retained earnings 137,098 137,098 Total Stockholders Equity (Deficit) 150,001 150,001 TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT) $ 150,001 $ 150,001 |
Discontinued operations | For the Year Ended March 31, 2017 2016 REVENUE $ - $ - General and administrative - - Other expenses - - Net income (loss) $ - $ - |
ORGANIZATION AND DESCRIPTION 17
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - shares | 1 Months Ended | 12 Months Ended | |||
Nov. 20, 2014 | Nov. 17, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 05, 2007 | |
State or Country of incorporation | Wyoming | ||||
Entity incorporation date | Sep. 1, 2005 | ||||
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 | 1,000,000,000 | ||
No of suppliers on online shopping platform | 3,000 | ||||
Description of registration of Malls | Dahua Online Shopping Mall has registered 31 million members. | ||||
Sale and Purchase Agreement [Member] | China Enterprise Overseas Investment & Finance Group Limited [Member] | Restricted Stock [Member] | |||||
Ownership percentage to be acquired | 100.00% | ||||
Common stock shares reserved for future issuance | 800,000,000 | ||||
Ownership percentage to be acquired additional information | 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 |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Summary Of Significant Accounting Policies Details | |||
Net income (loss) | $ (90,978) | $ (62,367) | |
Weighted average common shares outstanding - basic and diluted | [1] | 9,917,689 | 9,917,703 |
Net income (loss) per common share - basic and diluted | $ (0.01) | $ (0.01) | |
[1] | *: Common stock retroactively adjusted for 1 for 100 reverse stock split, effective February 17, 2017 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Notes to Financial Statements | ||
Accumulated deficit | $ (201,778) | $ (110,800) |
Net cash used in continued operations | (82,122) | (62,367) |
Net loss | $ (90,978) | $ (62,367) |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) (Details Narrative) - shares | Nov. 09, 2016 | Sep. 22, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Feb. 06, 2015 | Dec. 08, 2014 | Mar. 05, 2007 |
Common stock, authorized | 3,000,000,000 | 3,000,000,000 | 1,000,000,000 | ||||
Common stock, issued | 9,917,592 | 9,917,703 | |||||
Common stock, outstanding | 0 | 0 | |||||
Reverse Stock Split | 1:100 | ||||||
Post split shares outstanding | 9,917,592 | ||||||
EFI [Member] | |||||||
Ownership percentage to be acquired | 100.00% | ||||||
Treasury stock, shares | 1,200,000,000 | ||||||
Shares cancelled | 1,200,000,000 | ||||||
Minimum [Member] | |||||||
Common stock, authorized | 1,000,000,000 | ||||||
Maximum [Member] | |||||||
Common stock, authorized | 3,000,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Proceeds from note payable - related parties | $ 84,463 | $ 62,415 | |
Note payable related party | 697,993 | 613,530 | |
Former President | |||
Note payable related party | $ 487,358 | 487,358 | |
Mr. Jiang Libin | |||
Note payable related party | $ 126,172 | $ 210,635 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Current Assets | ||||
Total current assets | $ 150,001 | $ 150,001 | ||
Stockholders’ Equity (Deficit) | ||||
Common stock, par value HK$1, 100,000 shares issued | [1] | 9,918 | 9,918 | |
Retained earnings | (201,778) | (110,800) | ||
Total Stockholders' Equity (Deficit) | (633,052) | (542,063) | $ (479,696) | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | 152,453 | 150,123 | ||
Element Resources International Limited [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | ||||
Deposit paid | 139,681 | 139,681 | ||
Other receivables, net | 10,320 | 10,320 | ||
Total current assets | 150,001 | 150,001 | ||
TOTAL ASSETS | 150,001 | 150,001 | ||
Current Liabilities | ||||
Accounts payable and accrued liabilities | ||||
Note payable - related party | ||||
Total current liabilities | ||||
TOTAL LIABILITIES | ||||
Stockholders’ Equity (Deficit) | ||||
Common stock, par value HK$1, 100,000 shares issued | 12,903 | 12,903 | ||
Retained earnings | 137,098 | 137,098 | ||
Total Stockholders' Equity (Deficit) | 150,001 | 150,001 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 150,001 | $ 150,001 | ||
[1] | *: Common stock retroactively adjusted for 1 for 100 reverse stock split, effective February 17, 2017 |
DISCONTINUED OPERATIONS (Deta23
DISCONTINUED OPERATIONS (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Discontinued Operations Details 1 | ||
REVENUE | ||
General and administrative | ||
Other expenses | ||
Net income (loss) |