Ceetop (CTOP) 10-Q 21 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 18, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Ceetop Inc.
Entity Central Index Key	1,439,254
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		44,596,631

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 7,272	$ 2,788
Other receivables (Note 4)	833,486	1,053,655
Total Current Assets	840,758	1,056,443
Property, plant and equipment, net (Note 5)	87,303	112,162
Intangible assets (Note 6)	869,177	920,680
Equity investment in an investee company (Note 7)		1,132,994
Total Assets	1,797,237	3,222,279
Current Liabilities
Accounts payable		904
Accrued expenses and other payables (Note 8)	348,073	132,071
Due to related party (Note 12)	163,195	1,044,512
Total Current Liabilities	511,267	1,177,487
Stockholders' Equity
Preferred Stock, $0.001 par values, 3,558,046 shares authorized, 0 shares issued and Outstanding at September 30, 2016 and December 31, 2015
Common Stock, $0.001 par value, 100,000,000 shares authorized, 44,596,631 and 47,596,631 shares issued and outstanding as at September 30, 2016 and December 31, 2015	44,596	47,596
Additional paid-in capital	12,128,722	12,577,747
Accumulated other comprehensive income (loss)	(13,331)	40,890
Accumulated (deficit)	(10,874,016)	(10,621,441)
Total Stockholders' Equity	1,285,970	2,044,792
Total Liabilities and Stockholders' Equity	$ 1,797,237	$ 3,222,279

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Balance Sheets [Abstract]
Preferred stock, par value (In dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	3,558,046	3,558,046
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (In dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	44,596,631	47,596,631
Common stock, shares outstanding	44,596,631	47,596,631

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statements of Income and Comprehensive Income [Abstract]
Sales
Cost of Sales
Gross Profit
Selling, general and administrative expense	71,627	144,864	261,604	376,384
(Loss) from operations	(71,627)	(144,864)	(261,604)	(376,384)
Other income (loss)	(10)	3,735	1,445	3,773
Equity (loss) - share of investee company (Note 7)	64	(6,097)	(9,491)	(62,683)
Investment income (loss)	(214)		31,936
Interest expense	100		(14,881)
Interest income	7	39	19	79
Net loss	(71,680)	(147,187)	(252,575)	(435,215)
Other comprehensive loss - Foreign currency translation adjustment	(6,993)	(102,668)	(54,221)	(84,086)
Comprehensive loss	$ (78,674)	$ (249,855)	$ (306,797)	$ (519,301)
Net loss per share - basic and diluted	$ 0	$ 0	$ (0.01)	$ (0.01)
Weighted average shares outstanding - basic and diluted	44,596,631	46,956,631	46,816,143	46,956,631

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)	$ (252,575)	$ (435,215)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation of property, plant and equipment	22,154	22,500
Amortization of intangible assets	27,244
Gain on disposal of investment	(31,936)
Share of loss in equity investment in Softview	9,491	62,683
Changes in operating assets and liabilities:
Accounts payable	(892)
Due to related party	252,819
Other receivables, deposits and advance to suppliers	(260,110)	(609,960)
Accrued expenses and other payables	219,057	23,929
Net cash used in operating activities	(14,749)	(936,164)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposition of investment
Disposal of property and equipment
Net cash provided by financing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Advance from a director (Note 12)	20,074
Advance from an investee company		550,285
Funds received from investors		373,750
Net cash generated by financing activities	20,074	924,035
Effect of exchange rate changes on cash and cash equivalents	(841)	(7,635)
Net change in cash and cash equivalents	4,484	(19,764)
Cash and cash equivalents, beginning balance	2,788	25,157
Cash and cash equivalents, ending balance	7,272	5,393
Cash interest paid
Cash income tax paid
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Other accounts receivable paid by stock	452,025
Stock paid to offset funds owed in other accounts receivable	(452,025)
Disposal of investments by offsetting payables	$ 1,124,843

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($)	Total	Preferred Stock	Common Stock	Shares to be issued	Subscription Receivable	Additional paid-in capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2014	$ 2,301,692		$ 46,956		$ (368,000)	$ 12,473,637	$ 170,693	$ (10,021,594)
Beginning Balance (shares) at Dec. 31, 2014			46,956,631	460,000
Foreign currency translation adjustments	(129,803)						(129,803)
Shares issued to CFO for compensation	99,000		$ 180			98,820
Shares issued to CFO for compensation (shares)			180,000
Amortization of deferred stock based compensation	0		$ 460			(460)
Amortization of deferred stock based compensation (shares)			460,000	(460,000)
Issuance of common stock to employees
Issuance of common stock to employees (shares)
Issuance of common stock for legal services
Issuance of common stock for legal services (shares)
Shares subscription	373,750				368,000	5,750
Loss for the period	(599,847)							(599,847)
Ending Balance at Dec. 31, 2015	2,044,792		$ 47,596			12,577,747	40,890	(10,621,441)
Ending Balance (shares) at Dec. 31, 2015			47,596,631
Foreign currency translation adjustments	(54,221)						(54,221)
Amortization of deferred stock based compensation
Amortization of deferred stock based compensation (shares)
Settlement of other receivable	(452,025)		$ (3,000)			(449,025)
Settlement of other receivable (shares)			(3,000,000)
Loss for the period	(252,575)							(252,575)
Ending Balance at Sep. 30, 2016	$ 1,285,970		$ 44,596			$ 12,128,722	$ (13,331)	$ (10,874,016)
Ending Balance (shares) at Sep. 30, 2016			44,596,631

Organization

Organization	9 Months Ended
	Sep. 30, 2016
Organization [Abstract]
ORGANIZATION	Note 1 - ORGANIZATION Ceetop Inc. (the “Company” or “Ceetop”) was incorporated in Oregon on February 18, 2003 under the name of GL Gold Inc. On June 6, 2003, the Company filed an amendment with the State of Oregon changing its name to Oregon Gold, Inc. On January 7, 2011, Oregon Gold Inc. changed its name to China Ceetop.com, Inc. On September 12, 2013, the Company changed its name to Ceetop Inc. Surry Holdings Limited (“Surry”) was incorporated in the British Virgin Islands on September 18, 2009. Surry holds 100% of Westow Technology Limited (“Westow”), a company incorporated in the British Virgin Islands, which in turn holds 100% of Shenzhen Ceetop Network Technology Co., Limited ("SZ Ceetop"), a company incorporated in Shenzhen, Peoples’ Republic of China ("PRC") and ultimately holds 100% of Hangzhou Ceetop Network Technology Co., Limited ("HZ Ceetop"), a company incorporated in Hangzhou, PRC. Pursuant to a series of transactions completed in September 2009, Surry became the holding company of Westow, SZ Ceetop and HZ Ceetop ("Group Reorganization"). Since Surry, Westow, SZ Ceetop and HZ Ceetop were under common control of a controlling party both before and after the completion of the Group Reorganization, the Group Reorganization was accounted for using merger accounting. The consolidated financial statements “CFS” were prepared on the basis as if Surry had always been the holding company of Westow, SZ Ceetop and HZ Ceetop. The Company operates in a single reportable segment, and the Company providing an online platform for distribution of 3C products (computers/communications/consumer electronics) in the PRC by way of a website named www.ceetop.com The Company has transformed from online retail sales into an integrated supply chain service provider, and focuses on business-to-business supply chain management and related value added services for customers. On March 5, 2013, the name of its subsidiary, Shenzhen Ceetop Network Technology Co., Limited (“SZ Ceetop”) was changed to Guizhou Ceetop Network Technology Co., Limited (“GZ Ceetop”). On May 29, 2013, GZ Ceetop established two 100% owned subsidiaries, Hangzhou Tuoyin Management Consulting Co., Limited and Hangzhou Lianzhan Supply Chain Management Co., Limited to enhance the management of Business to Business supply chain service. On August 22, 2013, GZ Ceetop acquired a 42.5% interest in Hangzhou Softview Information Technology Company Limited to enhance information technology in the supply chain management system. On January 14, 2014, GZ Ceetop changed its name to Guizhou Ceetop Group Holding Co., Limited. On April 3, 2014, Surry changed its name to Ceetop Holdings Limited. On July 24, 2014, the Company established a wholly owned company Ceetop (Hong Kong) Limited in Hong Kong as a subsidiary of Ceetop Holdings Limited for its business expansion. On June 30, 2016, the Company discontinued operations, and terminated the registration, of its subsidiary Hangzhou Ceetop Network Technology LLC . These CFS present the Company and its subsidiaries on a historical basis.

Going Concern

Going Concern	9 Months Ended
	Sep. 30, 2016
Going Concern [Abstract]
GOING CONCERN	Note 2 - GOING CONCERN The accompanying unaudited CFS were prepared assuming the Company will continue as a going concern. As shown in the accompanying unaudited Consolidated Financial Statements, the Company incurred net losses of $71,680 and $147,187, for the three months ended September 30, 2016 and 2015 respectively; $252,575 and $435,215 for the nine months ended September 30, 2016 and 2015, respectively, and has accumulated deficit of $10,874,016 and $10,621,441 at September 30, 2016 and December 31, 2015, respectively. These factors create an uncertainty about the Company’s ability to continue as a going concern. In this regard, management may attempt to raise any necessary additional funds not provided by operations through loans or through additional sales of common stock. There is no guarantee the Company will be able to successfully raise funds or if it does those funds will be available at terms favorable to the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying CFS were prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company's functional currency is the Chinese Renminbi; however, the accompanying CFS were translated and presented in the United States Dollars (“USD”). Basis of Accounting and Principles of Consolidation The CFS include the financial statements of the Company and its subsidiaries including Ceetop Inc., Ceetop Holdings Ltd., Westow Technology Limited, Guizhou Ceetop Network Technology Co Ltd., and Ceetop (Hong Kong) Ltd. All significant inter-company accounts and transactions have been eliminated on consolidation. Investments in business entities, in which the Company does not have control but has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. On August 22, 2013, the Company acquired a 42.5% interest in Hangzhou Softview Information Technology Company Limited (Softview), which was disposed on May 14, 2016. During the holding period, Softview was accounted for using equity method. See Note 7 for details. Unaudited Interim Financial Information These unaudited interim CFS were prepared in accordance with GAAP for interim financial reporting and the rules and regulations of the Securities and Exchange Commission that permit reduced disclosure for interim periods. Therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been made. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the year ending December 31, 2015. 2016. The consolidated balance sheets and certain comparative information as of December 31, 2015 are derived from the audited CFS and related notes for the year ended December 31, 2015 (“2015 Annual Financial Statements”), included in the Company’s 2015 Annual Report on Form 10-K. These unaudited interim CFS should be read in conjunction with the 2015 Annual Financial Statements. Use of Estimates The preparation of financial statements in conformity with GAAP 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 and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements In November 2015, the FASB (“Board”) issued ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes". The new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. This update is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company does not anticipate the adoption of this ASU will have a significant impact on its CFS. In February 2016, the Board issued ASU No. 2016-02, Leases (Topic 842). The guidance in ASU No. 2016-02 supersedes the lease recognition requirements in Topic 840, Leases (FAS 13). ASU No. 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its CFS. In March 2016, the Board issued an ASU amending the accounting for stock-based compensation and requiring excess tax benefits and deficiencies to be recognized as a component of income tax expense rather than equity. This guidance also requires excess tax benefits to be presented as an operating activity on the statement of cash flows and allows an entity to make an accounting policy election to either estimate expected forfeitures or to account for them as they occur. The ASU is effective for reporting periods beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the impact of the ASU; however, we expect the ASU will have a material impact on our CFS. As of September 30, 2016, there are no recently issued accounting standards not yet adopted that would have a material effect on the CFS.

Other Receivables

Other Receivables	9 Months Ended
	Sep. 30, 2016
Other Receivables [Abstract]
OTHER RECEIVABLES	Note 4 - OTHER RECEIVABLES Other receivables contains the following: As of As of December 31, 2015 Receivable from third party individuals $ 97,170 $ 462,300 Receivable from former investee 149,979 - Receivable from suppliers 494,931 508,530 Other receivables 91,406 82,825 Total $ 833,486 $ 1,053,655 The Company loaned three million RMB (the “Loan”) to an individual that was secured by 3,000,000 shares of common stock (the “Shares”) of the Company (the “Collateral”). In June 2016, the Loan was cancelled in exchange for the holders agreeing to cancel and terminate the Shares. As a result of the above cancellations, the balance of other accounts receivable decreased by $452,025 (3,000,000,000 RMB) and the equity accounts decreased by the same amount. Specifically, Common Stock decreased by $3,000 and Additional Paid-In Capital decreased by $449,025. Because this transaction was a transaction dealing with equity, no gain was recognized, the excess of the fair value of the shares over the book value of the receivable was reflected in additional paid in capital. The receivable from former investee is due on or before May 30, 2017. Other receivables are such items as rent deposit, prepayment for social benefits.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	Note 5 - PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are changed incurred; additions, renewals and betterments are capitalized. When property, plant and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property, plant and equipment is provided using the straight-line method for substantially all assets with estimated lives of: Office equipment 3 - 5 years Leasehold improvement 3 years Motor vehicles 10 years As of September 30, 2016 and December 31, 2015, property, plant & equipment consist of the following: 9/30/2016 (Unaudited) 12/31/2015 Office equipment $ 117,998 $ 367,895 Motor vehicles 49,793 51,161 Accumulated depreciation (80,488 ) (306,894 ) $ 87,303 $ 112,162 Depreciation for the three months ended September 30, 2016 and 2015 was $6,919 and $6,635, respectively; for the nine months ended September 30, 2016 and 2015 was $22,154 and $22,500, respectively.

Intangible Asset

Intangible Asset	9 Months Ended
	Sep. 30, 2016
Intangible Asset [Abstract]
INTANGIBLE ASSET	Note 6 – INTANGIBLE ASSET In December 2013, the Company entered into a software development agreement with a software developer in the PRC to develop custom software for the Company’s exclusive use for $981,643 (RMB 6,000,000). Pursuant to the terms of the software development agreement, the Company prepaid $981,643 upon signing the software development agreement. As of December 31, 2015, the software development was completed and the prepayment ($981,643) was reported as an intangible asset. As of September 30, 2016 and December 31, 2015, the value of intangible assets was $869,177 and $920,680, respectively. The amortization expense for the nine months ended September 30, 2016 was $27,244.

Equity Investment

Equity Investment	9 Months Ended
	Sep. 30, 2016
Equity Investment [Abstract]
EQUITY INVESTMENT	Note 7 – EQUITY INVESTMENT In accordance with ASC 323, accounting for equity method investments, investee companies that are not consolidated, but over which the Company exercises significant influence, are accounted for under the equity method. Whether or not the Company exercises significant influence with respect to an investee company depends on an evaluation of several factors including, among others, representation on the investee company’s board of directors and ownership level, which is generally a 20% to 50% interest in the voting securities of the investee company. Under the equity method of accounting, an investee company’s accounts are not reflected within the CFS. However, the Company’s share of the earnings or losses of the investee company is reflected in the caption “Equity (loss)/gain-share of investee company” in the Consolidated Statements of Income and Comprehensive Income. The Company’s carrying value in an investee company under equity method is reflected in the caption ‘‘Equity interest in an Investee company’’ in the Company’s Consolidated Balance Sheets. When the Company’s carrying value in an equity method investee company is reduced to zero, no further losses are recorded in the Company’s consolidated financial statements unless the Company has guaranteed the obligations of the investee company or has committed additional funding to finance the investee company. When the investee company subsequently reports income, the Company will not record its share of such income until it equals the amount of its share of losses not previously recognized. With respect to the difference between investor cost and underlying equity in net assets of investee at date of investment (basis difference), ASC 323 requires this difference to be assigned to depreciable or amortizable assets or liabilities and the basis difference should be amortized or depreciated in connection with the income/loss recognized by the investor of their proportionate share of the investee’s net income or loss. This effectively adjusts the investee basis to the investor’s basis, generally over a period of time. On May 14, 2016 GZ Ceetop entered into an agreement whereby it sold its equity interest in Softview, with an original value of $1,280,738 (8,500,000 RMB), to Softview for $1,130,063 (7,500,000 RMB, the “Purchase Price”). The Purchase Price was payable as follows: offsetting by Softview of $979,388 (6,500,000 RMB) owed to it by GZ Ceetop, $75,338 (500,000 RMB) payable before March 1, 2017, and $75,338 (500,000 RMB) payable before May 1, 2017, respectively. As a result of the disposition of the equity investment, the Company recorded a gain of $31,936. As of the date of disposition and December 31, 2015, the Company’s share of underlying net assets of Softview is as follow: Date of Disposition (Unaudited) 12/31/2015 Current assets $ 1,271,024 $ 1,322,351 Current liabilities (98,625 ) (103,257 ) Property, plant and equipment 55,541 59,874 Intangible assets 1,330,963 1,386,900 Underlying net assets of Softview $ 2,558,902 $ 2,665,869 The Company's investment - $ 1,132,994 The Company's share of underlying net assets of Softview - 1,132,994 Difference $ - $ - The results of operations of Softview are summarized below: Condensed income statement information: For the period up to the date of disposition (May 14, 2016 ), the Company incurred a loss of $9,491, and for the nine months ended September 30, 2015, the Company had a loss of $62,683.

Accrued Expenses and Other Paya

Accrued Expenses and Other Payables	9 Months Ended
	Sep. 30, 2016
Accrued Expenses and Other Payables [Abstract]
ACCRUED EXPENSES AND OTHER PAYABLES	Note 8 - ACCRUED EXPENSES AND OTHER PAYABLES Accrued expenses and other payables contain the following: As of As of December 31, 2015 Payables to third party individuals $ 210,055 $ 124,643 Accrued salaries 54,693 863 Other payables 83,325 6,565 Total $ 348,073 $ 132,071 The loans from third party individuals do not have terms and conditions in writing and bear no interest. The loans are due on demand.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Taxes [Abstract]
INCOME TAXES	Note 9 - INCOME TAXES The Company operates in more than one jurisdiction with the main operations conducted in PRC, and no activities in United States, with complex regulatory environments subject to different interpretations by the taxpayer and the respective governmental taxing authorities. The Company evaluates its tax positions and establishes liabilities, if required. Pursuant to the PRC Income Tax Laws, the Enterprise Income Tax (“EIT”) through December 31, 2007 is at a statutory rate of 33%, which is comprised of 30% national income tax and 3% local income tax. From January 1, 2008 onwards, the EIT is at a statutory rate of 25%. The Company has not recognized deferred tax asset in respect of tax loss in these Consolidated Financial Statements as it is not more-likely-than-not that the future taxable profit against which loss can be utilized will be available to the entities operating in PRC. The deferred tax asset not recognized is as follows: 09/30/2016 (unaudited) 12/31/2015 Unused tax loss brought forward $ 4,929,353 $ 6,025,093 Loss for the year 252,575 599,478 Unused tax loss expired during the year - (1,596,587 ) Expenses not deductible for tax (share-based payment) - (99,000 ) Total net operating loss carry forwards $ 5,181,928 $ 4,929,353 Effective tax rate 25 % 25 % Unrecognized deferred tax asset carried forward $ 1,300,482 $ 1,232,338 Less : valuation allowances (1,300,482 ) (1,232,338 ) Deferred income tax benefit, net of valuation allowance $ - $ - The following table reconciles the statutory rates to the Company’s effective tax rate for the three and nine months ended September 30, 2016 and 2015: 2016 2015 US statutory rates (benefit) (34.0 )% (34.0 )% Tax rate difference 9.0 % 9.0 % Non deductable stock compensation 0 % 5 % Valuation allowance on NOL 25 % 20 % Tax per financial statements - % - % Uncertain Tax Positions Interest associated with unrecognized tax benefits are classified as income tax and penalties in selling, general and administrative expenses in the statements of operations. For the nine months ended September 30, 2016 and 2015, the Company had no related interest and penalties expenses. Currently, the Company is not subject to examination by major tax jurisdictions, but the tax authority in PRC has the right to examine the Company’s tax position in all past years.

Share Capital

Share Capital	9 Months Ended
	Sep. 30, 2016
Share Capital [Abstract]
SHARE CAPITAL	Note 10 – SHARE CAPITAL The Company is authorized to issue up to 100,000,000 shares of common stock, par value $0.001 per share and 3,558,046 shares of Series A preferred stock of par value of $0.001 per share. As of September 30, 2016 (unaudited) and December 31, 2015, the Company has/had 44,596,631 and 47,596,631 shares of common stock, respectively, and no shares of Series A Preferred Stock outstanding. The Company loaned three million RMB (the “Loan”) to an individual that was secured by 3,000,000 shares of common stock (the “Shares”) of the Company (the “Collateral”). On June 28, 2016, the Company determined that the Loan was uncollectible, and the holders of the Collateral agreed to cancel the Shares. In lieu of the cancellation of the Shares, the Loan has been cancelled.

Statutory Reserve

Statutory Reserve	9 Months Ended
	Sep. 30, 2016
Statutory Reserve [Abstract]
STATUTORY RESERVE	Note 11 - STATUTORY RESERVE In accordance with the laws and regulations of the PRC, a wholly owned Foreign Invested Enterprise’s income, after the payment of the PRC income taxes, shall be allocated to the statutory reserves. The allocation is 10% of the net income and the cumulative allocations are not to exceed (Note 4) 50% of the registered capital. However, the laws do not prohibit enterprises to allocate net income to this reserve after the limit of fifty percent (50%) of registered capital has been reached. These reserves are not transferable to the Company in the form of cash dividends, loans or advances. These reserves are therefore not available for distribution except in liquidation. As of September 30, 2016(unaudited) and December 31, 2015, the Company has not allocated to these non-distributable reserve funds due to losses sustained in the nine months ended September 30, 2016 and the year ended December 31, 2015.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	Note 12 – RELATED PARTY TRANSACTIONS Listed below is a summary of material relationships or transactions with the Company’s related parties: In the normal course of business, the Company advanced funds from its related parties. In May 2016, the Company disposed its equity investment in Softview to offset its loan from Softview of $979,388 (6,500,000 RMB). In addition, Softview will pay the Company $150,675 (1,000,000 RMB) (See Note 7). During the nine months ended September 30, 2016, the Company borrowed an additional $20,074 from its sole director. As of September 30, 2016(unaudited) and December 31, 2015, the balance due to related parties was $163,195 and $1,044,512, respectively. As of September 30, 2016, Softview is no longer a related party.

Current Vulnerability Due to Ce

Current Vulnerability Due to Certain Risk Factors	9 Months Ended
	Sep. 30, 2016
Current Vulnerability Due to Certain Risk Factors [Abstract]
CURRENT VULNERABILITY DUE TO CERTAIN RISK FACTORS	Note 13 - CURRENT VULNERABILITY DUE TO CERTAIN RISK FACTORS The Company’s operations are carried out entirely in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, by the general state of the PRC's economy. The Company’s business may be influenced by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying CFS were prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company's functional currency is the Chinese Renminbi; however, the accompanying CFS were translated and presented in the United States Dollars (“USD”).
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation The CFS include the financial statements of the Company and its subsidiaries including Ceetop Inc., Ceetop Holdings Ltd., Westow Technology Limited, Guizhou Ceetop Network Technology Co Ltd., and Ceetop (Hong Kong) Ltd. All significant inter-company accounts and transactions have been eliminated on consolidation. Investments in business entities, in which the Company does not have control but has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. On August 22, 2013, the Company acquired a 42.5% interest in Hangzhou Softview Information Technology Company Limited (Softview), which was disposed on May 14, 2016. During the holding period, Softview was accounted for using equity method. See Note 7 for details.
Unaudited Interim Financial Information	Unaudited Interim Financial Information These unaudited interim CFS were prepared in accordance with GAAP for interim financial reporting and the rules and regulations of the Securities and Exchange Commission that permit reduced disclosure for interim periods. Therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been made. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the year ending December 31, 2015. 2016. The consolidated balance sheets and certain comparative information as of December 31, 2015 are derived from the audited CFS and related notes for the year ended December 31, 2015 (“2015 Annual Financial Statements”), included in the Company’s 2015 Annual Report on Form 10-K. These unaudited interim CFS should be read in conjunction with the 2015 Annual Financial Statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP 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 and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2015, the FASB (“Board”) issued ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes". The new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. This update is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company does not anticipate the adoption of this ASU will have a significant impact on its CFS. In February 2016, the Board issued ASU No. 2016-02, Leases (Topic 842). The guidance in ASU No. 2016-02 supersedes the lease recognition requirements in Topic 840, Leases (FAS 13). ASU No. 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its CFS. In March 2016, the Board issued an ASU amending the accounting for stock-based compensation and requiring excess tax benefits and deficiencies to be recognized as a component of income tax expense rather than equity. This guidance also requires excess tax benefits to be presented as an operating activity on the statement of cash flows and allows an entity to make an accounting policy election to either estimate expected forfeitures or to account for them as they occur. The ASU is effective for reporting periods beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the impact of the ASU; however, we expect the ASU will have a material impact on our CFS. As of September 30, 2016, there are no recently issued accounting standards not yet adopted that would have a material effect on the CFS.

Other Receivables (Tables)

Other Receivables (Tables)	9 Months Ended
	Sep. 30, 2016
Other Receivables [Abstract]
Schedule of other receivables	As of As of December 31, 2015 Receivable from third party individuals $ 97,170 $ 462,300 Receivable from former investee 149,979 - Receivable from suppliers 494,931 508,530 Other receivables 91,406 82,825 Total $ 833,486 $ 1,053,655

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Summary of estimated lives of property, plant and equipment	Office equipment 3 - 5 years Leasehold improvement 3 years Motor vehicles 10 years
Summary of property, plant and equipment	9/30/2016 (Unaudited) 12/31/2015 Office equipment $ 117,998 $ 367,895 Motor vehicles 49,793 51,161 Accumulated depreciation (80,488 ) (306,894 ) $ 87,303 $ 112,162

Equity Investment (Tables)

Equity Investment (Tables)	9 Months Ended
	Sep. 30, 2016
Equity Investment [Abstract]
Schedule of company's share of underlying net assets of Softview	Date of Disposition (Unaudited) 12/31/2015 Current assets $ 1,271,024 $ 1,322,351 Current liabilities (98,625 ) (103,257 ) Property, plant and equipment 55,541 59,874 Intangible assets 1,330,963 1,386,900 Underlying net assets of Softview $ 2,558,902 $ 2,665,869 The Company's investment - $ 1,132,994 The Company's share of underlying net assets of Softview - 1,132,994 Difference $ - $ -

Accrued Expenses and Other Pa24

Accrued Expenses and Other Payables (Tables)	9 Months Ended
	Sep. 30, 2016
Accrued Expenses and Other Payables [Abstract]
Schedule of accrued expenses and other payables	As of As of December 31, 2015 Payables to third party individuals $ 210,055 $ 124,643 Accrued salaries 54,693 863 Other payables 83,325 6,565 Total $ 348,073 $ 132,071

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2016
Income Taxes [Abstract]
Schedule of deferred tax asset not recognized	09/30/2016 (unaudited) 12/31/2015 Unused tax loss brought forward $ 4,929,353 $ 6,025,093 Loss for the year 252,575 599,478 Unused tax loss expired during the year - (1,596,587 ) Expenses not deductible for tax (share-based payment) - (99,000 ) Total net operating loss carry forwards $ 5,181,928 $ 4,929,353 Effective tax rate 25 % 25 % Unrecognized deferred tax asset carried forward $ 1,300,482 $ 1,232,338 Less : valuation allowances (1,300,482 ) (1,232,338 ) Deferred income tax benefit, net of valuation allowance $ - $ -
Schedule of effective income tax rate reconciliation	2016 2015 US statutory rates (benefit) (34.0 )% (34.0 )% Tax rate difference 9.0 % 9.0 % Non deductable stock compensation 0 % 5 % Valuation allowance on NOL 25 % 20 % Tax per financial statements - % - %

Organization (Details)

Organization (Details)	Aug. 22, 2013	May 29, 2013	Sep. 30, 2016
Surry Holdings Limited [Member]
Organization (Textual)
Percentage of ownership subsidiaries			100.00%
Shenzhen Ceetop Network Technology Co., Limited [Member]
Organization (Textual)
Percentage of ownership subsidiaries			100.00%
Hangzhou Ceetop Network Technology Co., Limited [Member]
Organization (Textual)
Percentage of ownership subsidiaries			100.00%
Hangzhou Tuoyin Management Consulting Co., Limited [Member]
Organization (Textual)
Percentage of ownership subsidiaries		100.00%
Hangzhou Softview Information Technology Company Limited [Member]
Organization (Textual)
Percentage of ownership subsidiaries	42.50%

Going Concern (Details)

Going Concern (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Going Concern (Textual)
Net (loss)	$ (71,680)	$ (147,187)	$ (252,575)	$ (435,215)	$ (599,847)
Accumulated (deficit)	$ (10,874,016)		$ (10,874,016)		$ (10,621,441)

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details)	1 Months Ended
	Aug. 23, 2013
Summary of Significant Accounting Policies (Textual)
Business acquisition description	Company acquired a 42.5% interest in Hangzhou Softview Information Technology Company Limited (Softview), which was disposed on May 14, 2016.

Other Receivables (Details)

Other Receivables (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Other Receivables [Abstract]
Receivable from third party individuals	$ 97,170	$ 462,300
Receivable from former investee	149,979
Receivable from suppliers	494,931	508,530
Other receivables	91,406	82,825
Total	$ 833,486	$ 1,053,655

Other Receivables (Details Text

Other Receivables (Details Textual) shares in Millions	Sep. 30, 2016USD ($)shares	Sep. 30, 2016CNY (¥)shares
Other Receivables (Textual)
Loaned to individual | ¥		¥ 3,000,000
Loaned to individual common stock shares secured | shares	3	3
Decreased value of accounts receivable	$ 452,025	¥ 3,000,000,000
Decreased value of common stock	3,000
Decreased value of additional paid-in capital	$ 449,025

Property, Plant and Equipment31

Property, Plant and Equipment (Details)	9 Months Ended
	Sep. 30, 2016
Office equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Office equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Leasehold improvement [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

Property, Plant and Equipment32

Property, Plant and Equipment (Details 1) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Office equipment	$ 117,998	$ 367,895
Motor vehicles	49,793	51,161
Accumulated depreciation	(80,488)	(306,894)
Total property and equipment, net	$ 87,303	$ 112,162

Property, Plant and Equipment33

Property, Plant and Equipment (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Property, Plant and Equipment (Textual)
Depreciation expense	$ 6,919	$ 6,635	$ 22,154	$ 22,500

Intangible Asset (Details)

Intangible Asset (Details)	1 Months Ended			9 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2013CNY (¥)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Intangible Asset [Abstract]
Prepaid for the software development	$ 981,643	$ 981,643	¥ 6,000,000
Intangible assets	$ 920,680			$ 869,177
Amortization expense				$ 27,244

Equity Investment (Details)

Equity Investment (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Schedule of company's share of underlying net assets of Softview
Current assets	$ 1,271,024	$ 1,322,351
Current liabilities	(98,625)	(103,257)
Property, plant and equipment	55,541	59,874
Intangible assets	1,330,963	1,386,900
Underlying net assets of Softview	2,558,902	2,665,869
The Company's investment		1,132,994
The Company's share of underlying net assets of Softview		1,132,994
Difference

Equity Investment (Details Text

Equity Investment (Details Textual)	9 Months Ended
	Sep. 30, 2016USD ($)	May 14, 2016USD ($)	May 14, 2016CNY (¥)	Dec. 31, 2015USD ($)
Equity Investment (Textual)
Equity investment in an investee company (Note 7)				$ 1,132,994
Gain on equity investment	$ 31,936
Softview [Member]
Equity Investment (Textual)
Equity investment in an investee company (Note 7)		$ 1,130,063	¥ 7,500,000
Equity method investment description	The Purchase Price was payable as follows: offsetting by Softview of $979,388 (6,500,000 RMB) owed to it by GZ Ceetop, $75,338 (500,000 RMB) payable before March 1, 2017, and $75,338 (500,000 RMB) payable before May 1, 2017, respectively.
Gz Ceetop [Member]
Equity Investment (Textual)
Equity investment in an investee company (Note 7)		$ 1,280,738	¥ 8,500,000
Minimum [Member]
Equity Investment (Textual)
Equity method investment, ownership percentage	20.00%
Maximum [Member]
Equity Investment (Textual)
Equity method investment, ownership percentage	50.00%

Accrued Expenses and Other Pa37

Accrued Expenses and Other Payables (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Accrued Expenses and Other Payables [Abstract]
Payables to third party individuals	$ 210,055	$ 124,643
Accrued salaries	54,693	863
Other payables	83,325	6,565
Total	$ 348,073	$ 132,071

Income Taxes (Details)

Income Taxes (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Summary of deferred tax asset not recognized
Unused tax loss brought forward	$ 4,929,353	$ 6,025,093
Loss for the year	252,575	599,478
Unused tax loss expired during the year		(1,596,587)
Expenses not deductible for tax (share-based payment)		(99,000)
Total net operating loss carry forwards	$ 5,181,928	$ 4,929,353
Effective tax rate	25.00%	25.00%
Unrecognized deferred tax asset carried forward	$ 1,300,482	$ 1,232,338
Less : valuation allowances	(1,300,482)	(1,232,338)
Deferred income tax benefit, net of valuation allowance

Income Taxes (Details 1)

Income Taxes (Details 1)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Reconciliation of effective income tax rate [Abstract]
US statutory rates (benefit)	(34.00%)	(34.00%)
Tax rate difference	9.00%	9.00%
Non deductable stock compensation	0.00%	5.00%
Valuation allowance on NOL	25.00%	20.00%
Tax per financial statements

Income Taxes (Details Textual)

Income Taxes (Details Textual)	12 Months Ended
	Dec. 31, 2008	Dec. 31, 2007
Income Taxes (Textual)
Statutory rate of enterprise income tax	25.00%	33.00%
National income taxes		30.00%
Local income taxes		3.00%

Share Capital (Details)

Share Capital (Details) ¥ in Millions	Sep. 30, 2016CNY (¥)shares	Sep. 30, 2016$ / shares	Dec. 31, 2015$ / sharesshares
Share Capital (Textual)
Common stock, shares authorized	100,000,000		100,000,000
Common stock, par value | $ / shares		$ 0.001	$ 0.001
Preferred stock, shares authorized	3,558,046		3,558,046
Preferred stock, par value | $ / shares		$ 0.001	$ 0.001
Preferred stock shares outstanding	0		0
Common stock, shares outstanding	44,596,631		47,596,631
Common stock, shares issued	44,596,631		47,596,631
Loaned to individual | ¥	¥ 3
Loaned to individual common stock shares secured	3,000,000

Statutory Reserve (Details)

Statutory Reserve (Details)	Sep. 30, 2016
Statutory Reserve (Textual)
Percentage of net income allocated to statutory reserves	10.00%
Maximum cumulative allocation to statutory reserve of registered capital	50.00%

Related Party Transactions (Det

Related Party Transactions (Details)	1 Months Ended
	May 31, 2016USD ($)	Sep. 30, 2016USD ($)	May 31, 2016CNY (¥)	Dec. 31, 2015USD ($)
Related Party Transactions (Textual)
Due to related parties		$ 163,195		$ 1,044,512
Sole director [Member]
Related Party Transactions (Textual)
Amount borrowed from director		$ 20,074
Softview [Member]
Related Party Transactions (Textual)
Loan from Softview	$ 979,388		¥ 6,500,000
Description of additional amount	In addition, Softview will pay the Company $150,675 (1,000,000 RMB)