China Gewang Biotechnology (CGWB) 10-Q 14 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014
Document and Entity Information:	'
Entity Registrant Name	'RICH STAR DEVELOPMENT, CORP
Document Type	'10-Q
Document Period End Date	31-Mar-14
Amendment Flag	'false
Entity Central Index Key	'0001489902
Current Fiscal Year End Date	'--12-31
Entity Common Stock, Shares Outstanding	3,500,000
Entity Filer Category	'Smaller Reporting Company
Entity Current Reporting Status	'Yes
Entity Voluntary Filers	'No
Entity Well-known Seasoned Issuer	'No
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q1

RICH_STAR_DEVELOPMENT_CORPORAT

RICH STAR DEVELOPMENT CORPORATION - Balance Sheets (USD $)	Mar. 31, 2014		Dec. 31, 2013
Current Assets:	'		'
Cash	'		'
TOTAL CURRENT ASSETS	'		'
Total Assets	'		'
LIABILITIES AND STOCKHOLDERS' DEFICIT	'		'
Accounts payable	865		550
Notes payable	66,157		57,967
TOTAL CURRENT LIABILITIES	67,022		58,517
Stockholders' Deficit	'		'
Common Stock	3,500	[1]	3,500	[1]
Additional paid-in capital	104,316		104,127
Deficit accumulated during the development stage	-174,838		-166,144
Total Stockholders' Deficit	-67,022		-58,517
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	'		'
[1]	$0.001 par value; 75,000,000 shares authorized; 3,500,000 shares issued and outstanding, respectively.

Statement_of_Financial_Positio

Statement of Financial Position - Parenthetical (USD $)	Mar. 31, 2014	Dec. 31, 2013
Statement of Financial Position	'	'
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares Issued	3,500,000	3,500,000
Common Stock, Shares Outstanding	3,500,000	3,500,000
Common Stock, Par Value	$0.00	$0.00

RICH_STAR_DEVELOPMENT_CORPORAT1

RICH STAR DEVELOPMENT CORPORATION - Statements of Operations (USD $)	3 Months Ended		58 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
OPERATING EXPENSES	'	'	'
General and administrative	$8,505	$10,085	$168,522
TOTAL OPERATING EXPENSES	8,505	10,085	168,522
Loss from operations	-8,505	-10,085	-168,522
Interest expense	-189	-737	-6,316
Net Loss	($8,694)	($10,822)	($174,838)
Net loss per common share-basic and diluted	$0	$0	'
Weighted number of common shares outstanding during the period- basic and diluted	3,500,000	3,500,000	'

RICH_STAR_DEVELOPMENT_CORPORAT2

RICH STAR DEVELOPMENT CORPORATION - Statements of Cash Flows (USD $)	3 Months Ended		58 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Cash flows from Operating Activities	'	'	'
Net Loss	($8,694)	($10,822)	($174,838)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Imputed interest	189	737	6,316
Issuance of common stock for non-employee services	'	'	1,500
Change in operating assets and liabilities:	'	'	'
Accounts payable, increase decrease	315	748	865
Net cash used in operating activities	-8,190	-9,337	-166,157
Cash Flows From Financing Activities	'	'	'
Proceeds from notes payable	8,190	9,337	131,157
Repayments on notes payable	'	'	-65,000
Proceeds from issuance of common stock	'	'	100,000
Net cash provided by financing activities	8,190	9,337	166,157
Net decrease in cash	'	'	'
Cash, Beginning of Period	'	'	'
Cash, End of Period	'	'	'
Supplemental Disclosures of Cash Flow Information:	'	'	'
Interest paid	'	'	'
Income tax paid	'	'	'

1_Description_of_Business

1. Description of Business	3 Months Ended
	Mar. 31, 2014
Notes	'
1. Description of Business	'
	1.             DESCRIPTION OF BUSINESS
	Rich Star Development Corporation (“the Company”) was incorporated in the State of Nevada on May 29, 2009.
	The Company is a wholesale distribution company that plans to import and source locally products in the food service business including food, paper products, janitorial products, restaurant utensils and equipment.

2_Summary_of_Significant_Accou

2. Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Notes	'
2. Summary of Significant Accounting Policies	'
	2.             SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.
	Year-End
	The Company has selected December 31 as its year end.
	Development Stage Company
	The Company's financial statements are presented as those of a development stage enterprise. Activities during the development stage primarily include obtaining debt and/or equity related financing, negotiating distribution agreements and marketing the territory for product distribution outlets.  As a development stage enterprise, the Company discloses the deficit accumulated during the development stage and the cumulative statements of operations, stockholders’ deficit and cash flows from inception to the current balance sheet date.
	Use of Estimates
	The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Such estimates and assumptions have an impact on the fair value of share-based payments, estimates and the valuation allowance for deferred tax assets due to continuing and expected future operating losses.
	Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates.
	Cash
	The Company considers all highly liquid instruments purchased with a maturity of three months or less at date of acquisition to be cash equivalents.  There were no cash equivalents at March 31, 2014 and December 31, 2013, respectively.
	The Company maintains cash balances at an institution that is insured by the Federal Deposit Insurance Corporation.  As of December 31, 2013 no amounts were in excess of the federally insured program.
	Revenue Recognition
	The Company currently has not generated revenues. Any future revenues earned, primarily through the sale of products, will be recognized utilizing the following general revenue recognition criteria: 1) pervasive evidence of an arrangement exists; 2) delivery has occurred; 3) the price to the buyer is fixed or determinable; and 4) collectability is reasonably assured.
	Equity-based Compensation Expense
	The Company recognizes all forms of equity-based payments, including stock option grants, warrants, and restricted stock grants, at their fair value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest.
	Equity-based payments, excluding restricted stock, are valued using a Black-Scholes option pricing model. Equity-based payment awards issued to non-employees for services rendered are recorded at either the fair value of the services rendered or the fair value of the equity-based payment, whichever is more readily determinable. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period.
	When computing fair value of equity-based compensation, the Company considers the following variables:
	The expected option term is computed using the “simplified” method.
	The expected volatility is based on the historical volatility of its common stock using the daily quoted closing trading prices.
	The risk-free interest rate assumption is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant.
	The Company has not paid any dividends on common stock since its inception and does not anticipate paying dividends on our common stock in the foreseeable future.
	The forfeiture rate is based on the historical forfeiture rate for its unvested stock options.
	Income Taxes
	Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes.  The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.
	The Company maintains a valuation allowance with respect to deferred tax assets.  The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period.  Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry forward period under the Federal tax laws.
	Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset.  Any change in the valuation allowance will be included in income in the year of the change in estimate.
	Earnings (Loss) per Share
	Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during each period.  Diluted earnings (loss) per share is computed by dividing net income (loss), adjusted for changes in income or loss that resulted from the assumed conversion of convertible shares, by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period.
	The computation of basic and diluted loss per share for the periods presented is equivalent since the Company had continuing losses. The Company had no common stock equivalents as of March 31, 2014 and December 31, 2013, respectively.
	Financial Instruments
	Financial instruments consist of accounts payable and notes payable. Recorded values of accounts payable and accrued liabilities approximate fair values due to the short maturities of such instruments.  Recorded values for notes payable and related liabilities approximate fair values, since their stated or imputed interest rates are commensurate with prevailing market rates for similar obligations.
	Recent Accounting Pronouncements
	There are no recent accounting pronouncements that are expected to have a material effect on the Company’s financial statements.

3_Going_Concern

3. Going Concern	3 Months Ended
	Mar. 31, 2014
Notes	'
3. Going Concern	'
	3.             GOING CONCERN
	As reflected in the accompanying financial statements, the Company had a net loss of $8,694, net cash used in operations of $8,190 during the three months ended March 31, 2014 and a working capital deficit and stockholders’ deficit of $67,022 at March 31, 2014.  The Company had no revenues and incurred losses since inception resulting in a deficit accumulated during the development stage of $174,838.
	The Company anticipates that it will continue to generate losses from operations in the near future raising substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue its operations is dependent on Management's plans, which include the raising of capital through debt and/or equity markets until such time that funds provided by operations are sufficient to fund working capital requirements.
	The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

4_Note_Payable

4. Note Payable	3 Months Ended
	Mar. 31, 2014
Notes	'
4. Note Payable	'
	4.             NOTE PAYABLE
	As of March 31, 2014 and December 31, 2013, notes payable consisted of the following:
		Principal
	Balance, December 31, 2013	$	57,967
	Advances		8,190
	Repayments		-
	Balance, March 31, 2014	$	66,157
	All advances are non-interest bearing, unsecured, and due on demand.  Imputed interest of $189 and $737 was recorded to donate capital at 8% for the three months ended March 31, 2014 and 2013, respectively.

5_Stockholders_Equity_deficit

5. Stockholders' Equity (deficit)	3 Months Ended
	Mar. 31, 2014
Notes	'
5. Stockholders' Equity (deficit)	'
	5.             STOCKHOLDERS’ EQUITY (DEFICIT)
	Stock Issued for Services - In August 2009, the Company issued 1,500,000 shares of common stock to its founders for pre-incorporation services, at $0.001 per share having a fair value of $1,500, based upon the fair value of the services rendered.  The Company expensed this stock issuance as a component of general and administrative expense.
	Stock Issued for Cash - In November 2009, under the terms of a private placement, the Company issued 2,000,000 shares of common stock at $0.05 per share for total gross proceeds of $100,000.

2_Summary_of_Significant_Accou1

2. Summary of Significant Accounting Policies: Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

2_Summary_of_Significant_Accou2

2. Summary of Significant Accounting Policies: Year-end (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Year-end	'
	Year-End
	The Company has selected December 31 as its year end.

2_Summary_of_Significant_Accou3

2. Summary of Significant Accounting Policies: Development Stage Company (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Development Stage Company	'
	Development Stage Company
	The Company's financial statements are presented as those of a development stage enterprise. Activities during the development stage primarily include obtaining debt and/or equity related financing, negotiating distribution agreements and marketing the territory for product distribution outlets.  As a development stage enterprise, the Company discloses the deficit accumulated during the development stage and the cumulative statements of operations, stockholders’ deficit and cash flows from inception to the current balance sheet date.

2_Summary_of_Significant_Accou4

2. Summary of Significant Accounting Policies: Use of Estimates (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Such estimates and assumptions have an impact on the fair value of share-based payments, estimates and the valuation allowance for deferred tax assets due to continuing and expected future operating losses.
	Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates.

2_Summary_of_Significant_Accou5

2. Summary of Significant Accounting Policies: Cash (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Cash	'
	Cash
	The Company considers all highly liquid instruments purchased with a maturity of three months or less at date of acquisition to be cash equivalents.  There were no cash equivalents at March 31, 2014 and December 31, 2013, respectively.
	The Company maintains cash balances at an institution that is insured by the Federal Deposit Insurance Corporation.  As of December 31, 2013 no amounts were in excess of the federally insured program.

2_Summary_of_Significant_Accou6

2. Summary of Significant Accounting Policies: Revenue Recognition (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Revenue Recognition	'
	Revenue Recognition
	The Company currently has not generated revenues. Any future revenues earned, primarily through the sale of products, will be recognized utilizing the following general revenue recognition criteria: 1) pervasive evidence of an arrangement exists; 2) delivery has occurred; 3) the price to the buyer is fixed or determinable; and 4) collectability is reasonably assured.

2_Summary_of_Significant_Accou7

2. Summary of Significant Accounting Policies: Equity-based Compensation Expense (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Equity-based Compensation Expense	'
	Equity-based Compensation Expense
	The Company recognizes all forms of equity-based payments, including stock option grants, warrants, and restricted stock grants, at their fair value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest.
	Equity-based payments, excluding restricted stock, are valued using a Black-Scholes option pricing model. Equity-based payment awards issued to non-employees for services rendered are recorded at either the fair value of the services rendered or the fair value of the equity-based payment, whichever is more readily determinable. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period.
	When computing fair value of equity-based compensation, the Company considers the following variables:
	The expected option term is computed using the “simplified” method.
	The expected volatility is based on the historical volatility of its common stock using the daily quoted closing trading prices.
	The risk-free interest rate assumption is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant.
	The Company has not paid any dividends on common stock since its inception and does not anticipate paying dividends on our common stock in the foreseeable future.
	The forfeiture rate is based on the historical forfeiture rate for its unvested stock options.

2_Summary_of_Significant_Accou8

2. Summary of Significant Accounting Policies: Income Taxes (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Income Taxes	'
	Income Taxes
	Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes.  The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.
	The Company maintains a valuation allowance with respect to deferred tax assets.  The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period.  Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry forward period under the Federal tax laws.
	Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset.  Any change in the valuation allowance will be included in income in the year of the change in estimate.

2_Summary_of_Significant_Accou9

2. Summary of Significant Accounting Policies: Earnings (loss) Per Share (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Earnings (loss) Per Share	'
	Earnings (Loss) per Share
	Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during each period.  Diluted earnings (loss) per share is computed by dividing net income (loss), adjusted for changes in income or loss that resulted from the assumed conversion of convertible shares, by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period.
	The computation of basic and diluted loss per share for the periods presented is equivalent since the Company had continuing losses. The Company had no common stock equivalents as of March 31, 2014 and December 31, 2013, respectively.

Recovered_Sheet1

2. Summary of Significant Accounting Policies: Financial Instruments (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Financial Instruments	'
	Financial Instruments
	Financial instruments consist of accounts payable and notes payable. Recorded values of accounts payable and accrued liabilities approximate fair values due to the short maturities of such instruments.  Recorded values for notes payable and related liabilities approximate fair values, since their stated or imputed interest rates are commensurate with prevailing market rates for similar obligations.

Recovered_Sheet2

2. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	There are no recent accounting pronouncements that are expected to have a material effect on the Company’s financial statements.

4_Note_Payable_Schedule_of_Deb

4. Note Payable: Schedule of Debt (Tables)	3 Months Ended
	Mar. 31, 2014
Tables/Schedules	'
Schedule of Debt	'
		Principal
	Balance, December 31, 2013	$	57,967
	Advances		8,190
	Repayments		-
	Balance, March 31, 2014	$	66,157

3_Going_Concern_Details

3. Going Concern (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Details	'	'
Net Loss	$8,694	'
Net Cash Provided by (Used in) Continuing Operations	8,190	'
Total Stockholders' Equity	67,022	58,517
Deficit accumulated during the development stage	$174,838	$166,144

4_Note_Payable_Schedule_of_Deb1

4. Note Payable: Schedule of Debt (Details) (USD $)	3 Months Ended		58 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
Details	'	'	'	'
Notes payable	$66,157	'	$66,157	$57,967
Proceeds from notes payable	8,190	9,337	131,157	'
Repayments on notes payable	'	'	($65,000)	'

4_Note_Payable_Details

4. Note Payable (Details) (USD $)	3 Months Ended		58 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Details	'	'	'
Imputed interest	$189	$737	$6,316

5_Stockholders_Equity_deficit_

5. Stockholders' Equity (deficit) (Details) (USD $)	1 Months Ended
	Nov. 30, 2009	Aug. 31, 2009
Details	'	'
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued	2,000,000	1,500,000
Equity Issuance, Per Share Amount	$0.05	$0.00
Share-based Goods and Nonemployee Services Transaction, Expense	$100,000	$1,500