Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 14, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | New Asia Energy Inc. | |
Entity Central Index Key | 1,454,510 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
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 Common Stock, Shares Outstanding | 326,965,299 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 | |
Trading Symbol | naei |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash | $ 47,569 | $ 574,211 |
Prepaid expenses | 4,000 | 0 |
TOTAL ASSETS | 51,569 | 574,211 |
Current liabilities | ||
Accounts payable | 2,859 | 0 |
Advances from related parties | 51,461 | 471,283 |
TOTAL LIABILITIES | 54,320 | 471,283 |
SHAREHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock, par value $.10 per share; Authorized 10,000,000 shares, issued and outstanding -0- shares | 0 | 0 |
Common Stock, par value $.001 per share; Authorized 500,000,000 shares; issued and outstanding 326,965,299 and 326,965,299 shares respectively | 326,965 | 326,965 |
Capital paid in excess of par value | 213,919 | 213,919 |
Stock subscriptions receivable | 0 | (30,603) |
Accumulated comprehensive income (loss) | (238) | 38 |
Accumulated deficit | (543,397) | (407,391) |
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) | (2,751) | 102,928 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ 51,569 | $ 574,211 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Stockholders equity: | ||
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 500,000,000 | 500,000,000 |
Common stock, issued shares | 326,965,299 | 326,965,299 |
Common stock, outstanding shares | 326,965,299 | 326,965,299 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
General and administrative expenses | ||||
Accounting | 3,075 | 2,415 | 12,925 | 9,362 |
Contract labor | 8,400 | 11,429 | 25,173 | 14,429 |
Fees | 822 | 500 | 2,483 | 10,500 |
Legal fees | 3,290 | 6,644 | 27,861 | 59,031 |
Office | 11,320 | 7,801 | 44,435 | 12,457 |
Rent | 565 | 4,709 | 5,802 | 14,846 |
Salaries | 0 | 0 | 3,800 | 3,289 |
Stock transfer fees | 1,239 | 2,531 | 3,175 | 4,264 |
Travel | 4,624 | 0 | 10,352 | 13,587 |
Total operating expenses | 33,335 | 36,029 | 136,006 | 141,765 |
Loss from operations | (33,335) | (36,029) | (136,006) | (141,765) |
Other income | ||||
Debt release | 0 | 0 | 0 | 10,000 |
Total other income | 0 | 0 | 0 | 10,000 |
Net loss | (33,335) | (36,029) | (136,006) | (131,765) |
Foreign currency translation loss | (260) | (1,455) | (276) | (1,455) |
Total Comprehensive loss | $ (33,595) | $ (37,484) | $ (136,282) | $ (133,220) |
Basic and Diluted Net loss per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding- Basic and Diluted | 326,965,299 | 41,215,297 | 326,965,299 | 38,836,092 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
Net Loss | $ (136,006) | $ (131,765) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Expenses paid by shareholder | 0 | 6,406 |
(Increase) in prepaid expenses | (4,000) | 0 |
Increase (decrease) in accounts payable | 2,859 | (16,520) |
Cash used in operating activities | (137,147) | (141,879) |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | 30,603 | 17,554 |
Payments made to related parties | (468,243) | 0 |
Advances from related parties | 48,421 | 468,243 |
Net cash provided by (used in) financing activities | (389,219) | 485,797 |
Gain (loss) on foreign exchange translation | (276) | (1,455) |
Net increase (decrease) in cash | (526,642) | 342,463 |
Cash at beginning of period | 574,211 | 0 |
Cash at end of period | 47,569 | 342,463 |
Supplemental disclosure information: | ||
Cash paid for taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Organization and Summary of Significant Accounting Policies | Note 1 - Organization and Summary of Significant Accounting Policies ORGANIZATION New Asia Energy, Inc. (formerly known as High Desert Assets, Inc. and previously known as Univest Tech, Inc.) (the "Company"), was incorporated in the State of Colorado on November 6, 2007. The Company was originally formed to develop and market music based on technology solutions. In February 2015, the Company underwent a change in control as a result of 76% of the then issued and outstanding shares of common stock of the Company being acquired by Rock Capital Limited (wholly owned by Lin Kok Peng, Ph.D.) and management adopting a new business plan based on the development of a "Pure Play" Renewable/Alternative/Distributed Energy Technology Solutions and Wastes to Resources and Energy platforms. On December 31, 2015, the Company went through a change of control in ownership (but not a change of control in management) when (i) the Company issued under Regulation S an aggregate of 285,750,001 shares of the Company's common stock to a total of 10 accredited foreign persons in exchange for the receipt of an aggregate of $300,000, including, but not limited to, Rong Yi Rong (Beijing) Asset Management Limited (167,995,350 shares, representing 51.38% of the issued and outstanding common stock of the Company), Platinum Starlight HK Limited (15,176,877 shares), Beijing Run Zheng Da Technology Development Limited (27,297,224 shares), Million Leader HK Limited (27,297,224 shares), and Jun Wei Kang Biotechnology Ltd ("JWK") (10,000,000 shares) and (ii) Rock Capital Limited sold 14,250,000 of its 31,328,700 shares of the Company's common stock to Platinum Starlight HK Limited in exchange for the receipt of an aggregate of $100,000, altogether representing approximately 91.8% of the issued and outstanding common stock of the Company. Current management consists of Lin Kok Peng, PhD, who serves as the Company's Chief Executive Officer, Chief Financial Officer, and Chairman of the Board as well as a director, Jose Capote, who serves as the Company's Chief Technical Officer and Secretary, and Allister Lim Wee Sing, who serves as a director of the Company. Pursuant to a Memorandum of Understanding ("MOU") dated November 20, 2015, between the Company and JWK, which is a company registered in the People's Republic of China and listed on the Shanghai Equity Exchange under the symbol "SEEQ:206322", the parties agreed to evaluate the potential for the Company to (i) develop, install and operate renewable energy facilities at JWK's cultivation, production and R&D facilities in Jilin Province, China, and (ii) supply renewable energy to JWK's facilities under "take-or-pay," Build-Own-Operate or Build-Own-Operate-and Transfer contractual vehicles, in order to reduce the carbon footprint of the JWK facilities, offset the use of fossil fuels and potentially provide some cost savings to JWK. JWK owns and operates extensive facilities for the cultivation, harvesting, processing, production, distribution and sale of value-added ginseng and other related products that enhance and promote healthy living. JWK has over 5,000 square meters of office and laboratory space and research and development facilities, processing and production plants and over 50 retail stores located throughout China. Jilin Province provides over 85% of the Ginseng raw feedstocks produced in China and 70% of the ginseng raw feedstocks produced world-wide and JWK is a leading provider of Ginseng value-added products in Jilin Province and throughout China. Through its cultivation, harvesting and processing activities, JWK has access to agricultural wastes and other by-products of production that are expected to be excellent sources of feedstock for these renewable energy facilities. The Company is currently evaluating the potential for the development of these projects. On June 16, 2016, Rong Yi Rong (Beijing) Asset Management Limited re-sold in a private transaction a total of 50,056,400 shares of Company Common stock that it owned to 12 individual Foreign National Shareholders. On August 22, 2016, Rong Yi Rong (Beijing) Asset Management Limited re-sold in a private transaction a total of 34,282,340 shares of Company Common stock that it owned to 11 individual Foreign National Shareholders. Rong Yi Rong (Beijing) Asset Management Limited currently retains a total of 83,665,610 shares of common stock representing approximately 26% of the issued and outstanding common stock of the Company. On July 6, 2016, Beijing Run Zheng Da Technology Development Limited re-sold in a private transaction a total of 3,475,500 shares of Company common stock that it owned to 13 individual Foreign National shareholders. On October 10, 2016, Beijing Run Zheng Da Technology Development Limited re-sold in a private transaction a total of 3,773,500 shares of Company common stock that it owned to 10 individual Foreign National shareholders. Beijing Run Zheng Da Technology Development currently retains a total of 20,048,224 shares of Company common stock representing approximately 6% of the issued and outstanding common stock of the Company. |
Summary Significant Accounting
Summary Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary Significant Accounting Policies | Note 2 - Summary Significant Accounting Policies This summary of significant accounting policies is presented to assist the reader in understanding the Company's financial statements. The unaudited interim financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. BASIS OF PRESENTATION The interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Securities and Exchange Commission ("SEC") Form 10-Q and Article 8 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature and considered necessary for a fair presentation of its financial condition and results of operations for the interim periods presented in this Quarterly Report on Form 10-Q have been included. Operating results for the interim periods are not necessarily indicative of financial results for the full year. These unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. In preparing these financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. GOING CONCERN The accompanying unaudited interim financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company has reoccurring losses and an accumulated deficit of $543,397 and $407,391 for the nine-month period ended September 30, 2016 and the year ended December 31, 2015 respectively. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. These matters, among others, raise substantial doubt about our ability to continue as a going concern. While the Company's cash position may not be significant enough to support the Company's daily operations, Management intends to raise additional funds by way of advances from shareholders, equity and/or debt financing to fund operations. OFFICER COMPENSATION No officer or director has received any compensation from the Company, except for Mr. Capote who received $13,500 and $12,000 through September 30, 2016 and December 31, 2015 respectively. Aside from the retainer paid to Mr. Capote, it is not anticipated that any officer or director will receive compensation from the Company other than reimbursement for out-of-pocket expenses incurred on behalf of the Company. |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Capital Stock | Note 3 – Capital Stock The Company's Articles of Incorporation, as amended, currently authorize the issuance of 500,000,000 shares of common stock, par value of $0.001 per share ("Common Stock"), and 10,000,000 shares of preferred stock, par value of $0.10 per share ("Preferred Stock"), to have such classes and preferences as the Board of Directors may determine from time to time. As of December 31, 2015 and September 30, 2016, we had 326,965,299 shares of our Common Stock issued and outstanding. As of December 31, 2015 and September 30, 2016, we had no shares of our Preferred Stock issued and outstanding. On December 31, 2015, the Company went through a change of control in ownership when (i) the Company issued under Regulation S an aggregate of 285,750,001 shares of the Company's common stock to a total of 10 accredited foreign persons in exchange for the receipt of an aggregate of $300,000, including, but not limited to, Rong Yi Rong (Beijing) Asset Management Limited (167,995,350 shares), Platinum Starlight HK Limited (15,176,877 shares), Beijing Run Zheng Technology Development Limited (27,297,224 shares), and Million Leader HK Limited (27,297,224 shares), and (ii) Rock Capital Limited sold 14,250,000 of its shares of the Company's common stock to Platinum Starlight HK Limited in exchange for the receipt of an aggregate of $100,000, altogether representing approximately 91.8% of the issued and outstanding common stock of the Company. The Company received $269,435 as of December 31, 2015. The remaining amount of $30,603 was received after the year end. From January 1, 2016 through September 30, 2016, the Company did not issue any Common Stock or Preferred Stock. On June 16, 2016, Rong Yi Rong (Beijing) Asset Management Limited re-sold in a private transaction a total of 50,056,400 shares of Company Common stock that it owned to 12 individual Foreign National Shareholders. On August 22, 2016, Rong Yi Rong (Beijing) Asset Management Limited re-sold in a private transaction a total of 34,282,340 shares of Company Common stock that it owned to 11 individual Foreign National Shareholders. Rong Yi Rong (Beijing) Asset Management Limited currently retains a total of 83,665,610 shares of common stock representing approximately 26% of the issued and outstanding common stock of the Company. On July 6, 2016, Beijing Run Zheng Da Technology Development Limited re-sold in a private transaction a total of 3,475,500 shares of Company common stock that it owned to 13 individual Foreign National shareholders. On October 10, 2016, Beijing Run Zheng Da Technology Development Limited re-sold in a private transaction a total of 3,773,500 shares of Company common stock that it owned to 10 individual Foreign National shareholders. Beijing Run Zheng Da Technology Development currently retains a total of 20,048,224 shares of Company common stock representing approximately 6% of the issued and outstanding common stock of the Company. |
Related Party Activity
Related Party Activity | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Related Party Activity | Note 4 - Related Party Activity The Company has paid Mr. Capote consulting fees for acting in the capacity as Secretary and CTO of the Company in the amount of $13,500 and $12,000 for the periods ended September 30, 2016 and 2015, respectively. The Company receives advances from related parties (Rock Capital Ltd and/or Rong Yi Rong) to assist in operations. During the period ended September 30, 2016 the Company received $48,421 from Rock Capital Ltd. At September 30, 2016, the balance due to related parties from these advances is $51,461. These advances are unsecured, due on demand and non-interest bearing. The Company pays New Asia Momentum Pte Ltd, a Singapore private company owned and controlled by Dr. Lin Kok Peng, Chairman and CEO of the Company fees for the rental of office space and for administrative services in its Singapore Headquarters. The Company has paid New Asia Momentum Pte Ltd $10,627 and $21,251 for the three month and nine month periods ended September 30, 2016. |
Litigation
Litigation | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Note 5 – Litigation On June 9, 2016, Sharon Morrison and Morrison Enterprises ("Plaintiffs") filed a lawsuit ("Complaint") in the Circuit Court Of The Seventeenth Judicial Circuit In And For Broward County, Florida, naming Univest Tech Inc. (now known as New Asia Energy Inc. ("NAEI"), which is the Company's current name) as a defendant as well as naming other defendants (including, but not limited to, Manminderjit ("Manny") Singh, Esq., a Florida attorney, Luke Zouvas, Esq., a California attorney, and Zouvas Law Group, P.C. ("ZLG"), which is the law practice corporation owned by Mr. Zouvas) (collectively, "Defendants"). According to the Complaint, on March 24, 2014, (prior to the change in control by the present management that took place on February 6, 2015), Manny Singh, Esq., allegedly emailed Ms. Morrison offering to sell her 5,000 shares in an investment opportunity he called "Chino Valley Arizona." Allegedly, Ms. Morrison wired $10,000 in U.S. funds the next day to Luke Zouvas, Esq.'s trust account maintained by ZLG. The wire instructions stated "For Chino Valley Arizona 5000.00 Shares." On September 10, 2014, Ms. Morrison allegedly received an email from an employee of ZLG that had attached to it a September 9, 2014, letter signed by Manny Sing, Esq., transmitting a Stock Purchase Agreement that offered to sell Ms. Morrison, personally, 10,000 shares of Univest Tech Inc. (now NAEI) through a private resale of shares of capital stock purportedly held by Sandman Holdings Corp. which allegedly was a record or beneficial owner of Univest Tech, Inc., (now NAEI) stock at the time. Plaintiffs allege that they did not sign the Stock Purchase Agreement with Sandman Holdings Corp. and did not receive any shares of the capital stock of Univest Tech, Inc., (now NAEI). Plaintiffs are seeking $10,000 U.S. in damages from Defendants Manny Singh, Esq., ZLG, and Luke Zouvas, Esq., related to the Chino Valley Investment Opportunity based on various causes of action solely alleged against Defendants Manny Singh, Esq., ZLG, and Luke Zouvas, Esq. Although Plaintiffs have named Univest Tech, Inc., (now NAEI) as a party-defendant in the Complaint, the Plaintiffs have not alleged any causes of action against Univest Tech, Inc., (now NAEI) for damages or to enforce or set aside the unsigned Stock Purchase Agreement for Sandman Holdings' stock in Univest Tech, Inc., (now NAEI). Because Univest Tech, Inc., (now NAEI) has only been named in the lawsuit without seeking any damages from the Company, an estimate of the potential loss, or range of loss, if any, to the Company relating to these proceedings is not possible at this time. Although, if Plaintiffs amended the Complaint to state a cause of action for damages against Univest Tech, Inc., (now NAEI), then, based on the Plaintiffs' present allegations, such a claim for damages would be for the same $10,000 U.S. in damage Plaintiffs are seeking against Defendants Manny Sing, Esq., ZLG, and Luke Zouvas, Esq. Based on the allegations of the Complaint, the Company is of the opinion that it should not have been named as a party-defendant to the proceedings just as Jaitegh Singh, Esq. (Manny Singh's son and the Company's principal shareholder in 2014) was not named as a party-defendant. There are no allegations that the Company was involved in offering or selling (i) the Chino Valley Investment Opportunity, (ii) the Stock Purchase Agreement with Sandman Holdings Corp. (which is not named as a party-defendant) or (iii) any other shares of the Company. Therefore, the Company has enlisted Florida counsel to obtain the dismissal of the Complaint against the Company. Florida counsel has advised the Company about the substantive analysis provided in this disclosure. The Company is vigorously defending itself in the litigation. The Company's Florida counsel has filed a Motion to Dismiss for Lack of Jurisdiction seeking dismissal of the lawsuit on the grounds that the Florida Court lacks jurisdiction over the Company. In early October 2016, the Company's Florida counsel has also served a Motion for Sanctions Pursuant to Section 57.015 of the Florida Statutes (the "57.105 Motion") requesting that the Plaintiffs voluntarily dismiss the Company within 21 days or be subject to sanctions for continuing to pursue the lawsuit. If the Plaintiffs fail to dismiss the Company within those 21 days which expires in November, 2016, then the Company's Florida counsel will file the 57.105 Motion and ask the Court to enter a judgment for sanctions against the Plaintiffs and their attorneys in the amount of the attorneys' fees and costs incurred by the Company after the 57.105 Motion was served. However, it is impossible to predict with certainty the outcome of any litigation, and the Company can offer no assurance as to when the lawsuit will be decided, whether the Company will be successful in its defense or whether any additional similar suits will be filed by Plaintiffs. |
Organization and Summary of S11
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
ORGANIZATION AND BASIS OF PRESENTATION | Note 1 - Organization and Summary of Significant Accounting Policies ORGANIZATION New Asia Energy, Inc. (formerly known as High Desert Assets, Inc. and previously known as Univest Tech, Inc.) (the "Company"), was incorporated in the State of Colorado on November 6, 2007. The Company was originally formed to develop and market music based on technology solutions. In February 2015, the Company underwent a change in control as a result of 76% of the then issued and outstanding shares of common stock of the Company being acquired by Rock Capital Limited (wholly owned by Lin Kok Peng, Ph.D.) and management adopting a new business plan based on the development of a "Pure Play" Renewable/Alternative/Distributed Energy Technology Solutions and Wastes to Resources and Energy platforms. On December 31, 2015, the Company went through a change of control in ownership (but not a change of control in management) when (i) the Company issued under Regulation S an aggregate of 285,750,001 shares of the Company's common stock to a total of 10 accredited foreign persons in exchange for the receipt of an aggregate of $300,000, including, but not limited to, Rong Yi Rong (Beijing) Asset Management Limited (167,995,350 shares, representing 51.38% of the issued and outstanding common stock of the Company), Platinum Starlight HK Limited (15,176,877 shares), Beijing Run Zheng Da Technology Development Limited (27,297,224 shares), Million Leader HK Limited (27,297,224 shares), and Jun Wei Kang Biotechnology Ltd ("JWK") (10,000,000 shares) and (ii) Rock Capital Limited sold 14,250,000 of its 31,328,700 shares of the Company's common stock to Platinum Starlight HK Limited in exchange for the receipt of an aggregate of $100,000, altogether representing approximately 91.8% of the issued and outstanding common stock of the Company. Current management consists of Lin Kok Peng, PhD, who serves as the Company's Chief Executive Officer, Chief Financial Officer, and Chairman of the Board as well as a director, Jose Capote, who serves as the Company's Chief Technical Officer and Secretary, and Allister Lim Wee Sing, who serves as a director of the Company. Pursuant to a Memorandum of Understanding ("MOU") dated November 20, 2015, between the Company and JWK, which is a company registered in the People's Republic of China and listed on the Shanghai Equity Exchange under the symbol "SEEQ:206322", the parties agreed to evaluate the potential for the Company to (i) develop, install and operate renewable energy facilities at JWK's cultivation, production and R&D facilities in Jilin Province, China, and (ii) supply renewable energy to JWK's facilities under "take-or-pay," Build-Own-Operate or Build-Own-Operate-and Transfer contractual vehicles, in order to reduce the carbon footprint of the JWK facilities, offset the use of fossil fuels and potentially provide some cost savings to JWK. JWK owns and operates extensive facilities for the cultivation, harvesting, processing, production, distribution and sale of value-added ginseng and other related products that enhance and promote healthy living. JWK has over 5,000 square meters of office and laboratory space and research and development facilities, processing and production plants and over 50 retail stores located throughout China. Jilin Province provides over 85% of the Ginseng raw feedstocks produced in China and 70% of the ginseng raw feedstocks produced world-wide and JWK is a leading provider of Ginseng value-added products in Jilin Province and throughout China. Through its cultivation, harvesting and processing activities, JWK has access to agricultural wastes and other by-products of production that are expected to be excellent sources of feedstock for these renewable energy facilities. The Company is currently evaluating the potential for the development of these projects. On June 16, 2016, Rong Yi Rong (Beijing) Asset Management Limited re-sold in a private transaction a total of 50,056,400 shares of Company Common stock that it owned to 12 individual Foreign National Shareholders. On August 22, 2016, Rong Yi Rong (Beijing) Asset Management Limited re-sold in a private transaction a total of 34,282,340 shares of Company Common stock that it owned to 11 individual Foreign National Shareholders. Rong Yi Rong (Beijing) Asset Management Limited currently retains a total of 83,665,610 shares of common stock representing approximately 26% of the issued and outstanding common stock of the Company. On July 6, 2016, Beijing Run Zheng Da Technology Development Limited re-sold in a private transaction a total of 3,475,500 shares of Company common stock that it owned to 13 individual Foreign National shareholders. On October 10, 2016, Beijing Run Zheng Da Technology Development Limited re-sold in a private transaction a total of 3,773,500 shares of Company common stock that it owned to 10 individual Foreign National shareholders. Beijing Run Zheng Da Technology Development currently retains a total of 20,048,224 shares of Company common stock representing approximately 6% of the issued and outstanding common stock of the Company. |
Summary Significant Accountin12
Summary Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Securities and Exchange Commission ("SEC") Form 10-Q and Article 8 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature and considered necessary for a fair presentation of its financial condition and results of operations for the interim periods presented in this Quarterly Report on Form 10-Q have been included. Operating results for the interim periods are not necessarily indicative of financial results for the full year. These unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. In preparing these financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
GOING CONCERN | GOING CONCERN The accompanying unaudited interim financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company has reoccurring losses and an accumulated deficit of $543,397 and $407,391 for the nine-month period ended September 30, 2016 and the year ended December 31, 2015 respectively. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. These matters, among others, raise substantial doubt about our ability to continue as a going concern. While the Company's cash position may not be significant enough to support the Company's daily operations, Management intends to raise additional funds by way of advances from shareholders, equity and/or debt financing to fund operations. |
OFFICER COMPENSATION | OFFICER COMPENSATION No officer or director has received any compensation from the Company, except for Mr. Capote who received $13,500 and $12,000 through September 30, 2016 and December 31, 2015 respectively. Aside from the retainer paid to Mr. Capote, it is not anticipated that any officer or director will receive compensation from the Company other than reimbursement for out-of-pocket expenses incurred on behalf of the Company. |
Organization and Summary of S13
Organization and Summary of Significant Accounting Policies (Details Narrative) | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Entity Incorporation, Date of Incorporation | Nov. 6, 2007 |
Summary Significant Accountin14
Summary Significant Accounting Policies (Details Narrative) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Accumulated deficit | $ (543,397) | $ (407,391) |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Capital Stock Details Narrative | ||
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred Stock issued | 0 | 0 |
Preferred Stock Outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 500,000,000 | 500,000,000 |
Common stock, issued shares | 326,965,299 | 326,965,299 |
Common stock, outstanding shares | 326,965,299 | 326,965,299 |
Related Party Activity (Details
Related Party Activity (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Notes to Financial Statements | |||
Due To Related Party | $ 51,461 | $ 471,283 | |
Advances from related party | 48,421 | $ 468,243 | |
Amount company repaid to the principle controlling shareholder | $ 468,243 | $ 0 |