Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2018 | May 14, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Xiamen Lutong International Travel Agency Co., Ltd. | |
Entity Central Index Key | 1,445,175 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 58,167,600 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
Current Assets: | ||
Cash | $ 0 | $ 0 |
Total Current Assets | 0 | 0 |
Total Assets | 0 | 0 |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||
Accounts payable and accrued expenses | 83,843 | 53,996 |
Note payable to related party | 256,132 | 256,132 |
Due to related party | 0 | 59,305 |
Total Liabilities | 339,975 | 369,433 |
Stockholders' Equity (Deficit): | ||
Preferred stock, $0.001 par value; 20,000,000 shares authorized; no shares outstanding and outstanding | 0 | 0 |
Common stock, $0.001 par value; 150,000,000 shares authorized; 58,167,600 and 58,167,600 shares issued and outstanding, respectively | 58,168 | 58,168 |
Additional paid-in capital | 8,624,910 | 8,542,963 |
Accumulated deficit | (9,023,053) | (8,970,564) |
Total Stockholders' Deficit | (339,975) | (369,433) |
Total Liabilities and Stockholders' Equity | $ 0 | $ 0 |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2018 | Jun. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ .001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ .001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 58,167,600 | 58,167,600 |
Common stock, shares outstanding | 58,167,600 | 58,167,600 |
Condensed Statement of Operatio
Condensed Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue: | ||||
Income | $ 0 | $ 0 | $ 0 | $ 0 |
Operating Expenses: | ||||
General and administrative expenses | 10,430 | 57,305 | 33,192 | 57,305 |
Total operating expenses | 10,430 | 57,305 | 33,192 | 57,305 |
Loss from operations | (10,430) | (57,305) | (33,192) | (57,305) |
Other expense: | ||||
Interest expense | (6,456) | (6,315) | (19,298) | (19,227) |
Total other expense | (6,456) | (6,315) | (19,298) | (19,227) |
Loss before income taxes | (16,886) | (63,620) | (52,490) | (76,532) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net Loss | $ (16,886) | $ (63,620) | $ (52,490) | $ (76,532) |
Basic loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic weighted average shares | 58,167,600 | 58,167,600 | 58,167,600 | 58,167,600 |
Condensed Statements Of Cash Fl
Condensed Statements Of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net income (loss) | $ (52,490) | $ (76,532) |
Changes in assets and liabilities: | ||
Accounts payable | 29,847 | 17,500 |
Accrued expense | 0 | 19,227 |
Net cash used in operating activities | (22,643) | (39,805) |
Cash flows from investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Advances from related parties | 0 | 39,805 |
Capital contributions from shareholder | 22,643 | 0 |
Net cash provided by financing activities | 22,643 | 39,805 |
Net decrease in cash | 0 | 0 |
Cash, beginning of period | 0 | 0 |
Cash, end of period | 0 | 0 |
Non-cash transactions | ||
Conversion of due to related party balance to paid-in-capital | $ 59,305 | $ 0 |
NOTE 1 - ORGANIZATION AND DESCR
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Xiamen Lutong International Travel Agency Co., Ltd. (formerly Highlight Networks, Inc., the “Company”) was formed on June 21, 2007 as a Nevada corporation. The Company has a June 30 year-end. The Company has been a shell company since June 18, 2015 as disclosed on its Form 8-K filed on January 27, 2017. The Company currently does not have operations, revenue, and any assets. For the period from June 18, 2015 to the date of this filing, the Company did not have any operating activities. Due to the failure to maintain its Exchange Act filing obligations timely, the Company began being quoted on OTC Pink Sheets under the symbol of (“HNET”) since 2015. On January 29, 2018, pursuant to a Stock Purchase Agreement (the “SPA”), the Company’s majority shareholder, Jose R. Mayorquin sold 57,000,000 shares of common stock of the Company to a Chinese entity, Xiamen Lutong International Travel Agency Co., Ltd. (“China Xiamen Lutong”). China Xiamen Lutong subsequently transferred the 98% ownership to Longhai Yougoubao Network Technology Co. Ltd. (“Longhai”). China Xiamen Lutong and Longhai are companies commonly controlled by the Company’s new director, Qiyi Zheng. After the transaction, Longhai holds 98% of the voting interest of the Company, based on 58,167,600 shares outstanding as of the date hereof. The transaction has resulted in a change in control of the Company and Longhai became a majority shareholder and related party of the Company (“2018 Change of Control”). On March 8, 2018, the Company incorporated a wholly-owned subsidiary, Xiamen Lutong International Travel Agency Co., Ltd. in the State of Nevada (“Nevada Xiamen Lutong Sub”) for the sole purpose of changing the Company’s name to Xiamen Lutong International Travel Agency Co., Ltd. There are no financial transactions and balances on the book on Nevada Xiamen Lutiong Sub during the quartered ended March 31, 2018. Pursuant to an agreement and plan of merger, dated March 29, 2018, between the Company and the Nevada Xiamen Lutiong Sub (“Plan of Merger”), the Nevada Xiamen Lutong Sub was merged with and into the Company and the Company’s name was changed to “Xiamen Lutong International Travel Agency Co., Ltd.” On April 12, 2018, the Company filed the Articles of Merger with the Secretary of State of Nevada. The market effective date for such name change will be May 14, 2018. The Company intends to either retain an equity interest in any private company it engages in a business combination or the Company may receive cash and/or a combination of cash and common stock from any private company it completes a business combination with. The Company’s desire is that the value of such consideration paid to it would be beneficial economically to its shareholders though there is no assurance of that happening. Management of the Company will seek a suitable candidate for a merger transaction. If the target company chooses to enter into business combination with the Company, a Form 8-K disclosure document will be prepared after such business combination. A combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. The Company’s principal executive offices are located at 20F, Longhai Fortune Center, 42 Ziwei Road, Shima Town, Zhangzhou City, Fujian Province, China. |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending June 30, 2018. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2017. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of liabilities and expenses during the reporting period. Actual results could differ from those estimates. The Company currently does not have significant estimates and assumptions. Recent Accounting Pronouncements The Company has reviewed all recently issued accounting pronouncements and plans to adopt those that are applicable to it. The Company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position. |
NOTE 3 - RELATED PARTY TRANSACT
NOTE 3 - RELATED PARTY TRANSACTIONS | 9 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
NOTE 3 - RELATED PARTY TRANSACTIONS | NOTE 3 - RELATED PARTY TRANSACTIONS The note payable due to related party as of June 30, 2017 was related to an unsecured promissory note payable to Allied Crown Enterprises Limited (“Allied”), a company controlled by the previous substantial shareholder, Jose R. Mayorquin. As of June 30, 2017, the Company had a total outstanding principal and accrued interest of $256,132 and $53,121, respectively, due to Allied. In connection with the 2018 Change of Control, Allied assigned its promissory note with the principal amount of $256,132 plus all accrued interests to Longhai. As of March 31, 2018, the Company had a total outstanding principal and accrued interest of $256,132 and $72,419, respectively due to Longhai. The unsecured promissory note bears an interest of 10% per annum and is payable on demand. The accrued interests as of March 31, 2018 and June 30, 2017 were recorded and included in “ Accounts Payable and Accrued Expenses” on the balance sheets. During the year, the Company also received total capital contributions in the amount of $22,643 from its previous substantial shareholder and the current substantial shareholder for working capital uses. Also, during the quarter ended March 31, 2018, in connection with the 2018 Change of Control, the balance of $59,305 due to the previous shareholder, |
Note 4 - GOING CONCERN
Note 4 - GOING CONCERN | 9 Months Ended |
Mar. 31, 2018 | |
Note 4 - Going Concern | |
Note 4 - GOING CONCERN | NOTE 4 - GOING CONCERN The accompanying financial statements have been prepared on the basis of accounting principles applicable to a “going concern,” which assumes that the Company will continue in operation for at least one year and will be able to realize its assets and discharge its liabilities in the normal course of operations. Several conditions and events raise substantial doubt as to the Company’s ability to continue as a “going concern.” The Company has an accumulated deficit of $9,023,053, a working capital deficit and does not have revenues. The Company requires additional financing in order to finance its business activities on an ongoing basis. The Company’s future capital requirements will depend on numerous factors including, but not limited to, continued progress in the pursuit of business opportunities. The Company is depending on financing from its substantial shareholder to meet its minimal operating expenses. As the Company is a shell company and operating expenses are limited. Management believes that the financing from its substantial shareholder and its continued efforts in pursing business combination will provide them with the opportunity to continue as a “going concern.” These financial statements do not reflect adjustments that would be necessary if the Company were unable to continue as a “going concern.” While management believes that the actions already taken or planned, will mitigate the adverse conditions and events which raise doubt about the validity of the “going concern” assumption used in preparing these financial statements, there can be no assurance that these actions will be successful. If the Company were unable to continue as a “going concern,” then substantial adjustments would be necessary to the reported amounts of its liabilities, the reported expenses, and the balance sheet classifications used. |
NOTE 5 - SHARE CAPITAL
NOTE 5 - SHARE CAPITAL | 9 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
NOTE 5 - SHARE CAPITAL | NOTE 5 – SHARE CAPITAL There are no transactions of common shares, warrants and stock options during the three and nine months ended March 31, 2018 and 2017, respectively. |
NOTE 6 - SUBSEQUENT EVENTS
NOTE 6 - SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
NOTE 6 - SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were issued, and determined that other than the following event, no subsequent events occurred that would require adjustment to or disclosure in the financial statements: On April 12, 2018, the Company filed an articles of merger with the Secretary of State of Nevada and changed its name from “Highlight Networks, Inc.” to “Xiamen Lutong International Travel Agency Co., Ltd.” through the merger of the Company with its wholly-owned subsidiary, Nevada Xiamen Lutong Sub. The articles of merger were amended on May 4, 2018. |
NOTE 2 - SUMMARY OF SIGNIFICA12
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presenation | Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending June 30, 2018. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2017. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of liabilities and expenses during the reporting period. Actual results could differ from those estimates. The Company currently does not have significant estimates and assumptions. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed all recently issued accounting pronouncements and plans to adopt those that are applicable to it. The Company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position. |
NOTE 1 - ORGANIZATION AND DES13
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - shares | 9 Months Ended | |
Mar. 31, 2018 | Jun. 05, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Business Acquisition, Date of Agreement | Jan. 29, 2018 | |
Business Acquisition, Capital Stock Acquired | 98.00% | |
Business Acquistion, Number of Shares Issued | 57,000,000 | |
Shares Issued | 58,167,600 | |
Shares Outstanding | 58,167,600 |
NOTE 3 - RELATED PARTY TRANSA14
NOTE 3 - RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Jun. 30, 2017 | |
Capital contributions from shareholder | $ 22,643 | $ 0 | |
Allied [Member] | |||
Promissory Note, Outstanding Principal | 256,132 | $ 256,132 | |
Promissory Note, Accrued Interest | $ 53,121 | ||
Longhai [Member] | |||
Promissory Note, Outstanding Principal | 256,132 | ||
Promissory Note, Accrued Interest | $ 72,419 | ||
Interest rate | 10.00% | ||
Jose R. Mayorquin | |||
Additional paid-in-capital | $ 59,305 |
NOTE 4 - GOING CONCERN (Details
NOTE 4 - GOING CONCERN (Details Narrative) - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
Note 4 - Going Concern Details Narrative | ||
Accumulated Deficit | $ (9,023,053) | $ (8,970,564) |
NOTE 6 - SUBSEQUENT EVENTS (Det
NOTE 6 - SUBSEQUENT EVENTS (Details Narrative) | 9 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | On April 12, 2018, the Company filed an articles of merger with the Secretary of State of Nevada and changed its name from Highlight Networks, Inc. to Xiamen Lutong International Travel Agency Co., Ltd. through the merger of the Company with its wholly-owned subsidiary, Nevada Xiamen Lutong Sub. The articles of merger were amended on May 4, 2018. |