Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information | ' |
Entity Registrant Name | 'China Herb Group Holdings Corp |
Entity Central Index Key | '0001499785 |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Amendment Flag | 'true |
Amendment Description | 'Amendment |
Current Fiscal Year End Date | '--12-31 |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 36,443,119 |
Document Fiscal Period Focus | 'Q1 |
Document Fiscal Year Focus | '2014 |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash and cash equivalents | $32,143 | $32,143 |
Total Assets | 32,143 | 32,143 |
LIABILITIES | ' | ' |
Accounts payable | 450 | 450 |
Shareholder Loans | 77,100 | 20,000 |
TOTAL LIABILITIES | 77,550 | 20,450 |
STOCKHOLDER'S EQUITY (DEFICIT) | ' | ' |
Preferred stock, $.001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding | ' | ' |
Common stock, $.001 par value, 75,000,000 shares authorized, 36,443,119 shares issued and outstanding March 31, 2014 and December 31, 2013 | 36,443 | 36,443 |
Additional paid-in capital | 100,570 | 99,483 |
Deficit accumulated during the development stage | -182,420 | -124,233 |
TOTAL STOCKHOLDER'S EQUITY (DEFICIT) | -45,407 | 11,693 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT) | $32,143 | $32,143 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Balance Sheets Parenthetical | ' | ' |
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 36,443,119 | 36,443,119 |
Common Stock, Shares Outstanding | 36,443,119 | 36,443,119 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 45 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Statements Of Operations | ' | ' | ' |
Revenue | ' | ' | ' |
OPERATING EXPENSES | ' | ' | ' |
General and administrative | 18,000 | ' | 20,328 |
Legal fees | 1,000 | ' | 97,180 |
Accounting fees | 19,500 | 3,000 | 35,500 |
Transfer agent fees | 1,100 | ' | 9,402 |
Consulting Fees | 12,000 | ' | 12,000 |
Travel | 4,500 | ' | 1,500 |
Website | 1,000 | ' | 1,000 |
TOTAL EXPENSES | 57,100 | 3,000 | 179,910 |
Loss from operations | -57,100 | -3,000 | -179,910 |
Other Expenses: | ' | ' | ' |
Interest expense | -1,087 | ' | -2,510 |
Total other expense | -1,087 | ' | -2,510 |
Provision for income taxes | ' | ' | ' |
Net Loss | ($58,187) | ($3,000) | ($182,420) |
Net loss per common share-basic and diluted | ' | ' | ' |
Weighted number of common shares outstanding- basic and diluted | 36,443,119 | 4,300,000 | ' |
Statements_of_Cash_Flow_Unaudi
Statements of Cash Flow (Unaudited) (USD $) | 3 Months Ended | 45 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
OPERATING ACTIVITIES: | ' | ' | ' |
Net Loss | ($58,187) | ($3,000) | ($182,420) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Common stock issued in connection with services provided by consultants | ' | ' | 20,000 |
Imputed interest on related party loan | 1,087 | ' | 2,510 |
Changes in operating assets and liabilities: | ' | ' | ' |
Increase (decrease) in accounts payable | ' | ' | 54,665 |
NET CASH USED IN OPERATING ACTIVITIES | -57,100 | -3,000 | -105,245 |
INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds from sale of asset (Blue Water common stock) | ' | ' | 13,000 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | ' | ' | 13,000 |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from common stock subscribed | ' | ' | 5,600 |
Proceeds from loan from officer | 57,100 | 3,000 | 89,350 |
Repayment of loan from officer | ' | ' | -105 |
Repurchase of common stock | ' | ' | -10,750 |
Proceeds from issuance of common stock | ' | ' | 40,293 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 57,100 | 3,000 | 124,388 |
NET CHANGE IN CASH | ' | ' | 32,143 |
Cash, Beginning of period | 32,143 | 0 | 0 |
Cash, End of period | 32,143 | 0 | 32,143 |
Non-cash investing and financing activities: | ' | ' | ' |
Issuance of common shares to directors | ' | ' | 4,000 |
Issuance of common shares for common stock subscribed | ' | ' | 5,600 |
Restricted securities exchanged for accounts payable | ' | ' | 7,000 |
Forgiveness of loan from officer | ' | ' | 12,145 |
Forgiveness of accounts payable | ' | ' | 40,060 |
Forgiveness of loan from shareholder | ' | ' | 7,155 |
Issuance of common shares for restricted securities received | ' | ' | 20,000 |
SUPPLEMENTAL DISCLOSURES: | ' | ' | ' |
Interest paid | ' | ' | ' |
Income taxes paid | ' | ' | ' |
Organization
Organization | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 1 - Organization | ' |
China Herb Group Holdings Corporation (“Company”) is a development stage company with minimal operations. The Company was incorporated under the name “Island Radio, Inc” under the laws of the State of Nevada on June 28, 2010. Our plan is to become a successful global medical and spa products and services Company within an industry that has been on a rocket trajectory, with $78 billion in revenues in 2013. The fastest growing market segment has been the Orient based spas. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Notes to Financial Statements | ' | ||||||||||||||||
Note 2 - Summary of Significant Accounting Policies | ' | ||||||||||||||||
Unaudited Interim Financial Information | |||||||||||||||||
The accompanying Balance Sheets as of March 31, 2014 and December 31, 2013, Statements of Operations for the three months ended March 31, 2014 and for the three months ended March 31, 2013 and cumulative from June 28, 2010 (Inception) to March 31, 2014, and the Statements of Cash Flows for the three months ended March 31, 2014 and 2013, and cumulative from June 28, 2010 (Inception) to March 31, 2014, are unaudited. These unaudited interim financial statements have been prepared in accordance with accounting principles accepted in the United States of America (“GAAP”). In the opinion of the company’s management, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and included all adjustments necessary for the fair presentation of the Company’s statement of financial position at March 31, 2014 and its results of operations and its cash flows for the period ended March 31, 2014 and cumulative from June 28, 2010 (inception) to March 31, 2014. The results for the period ended March 31, 2014 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2014. | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP) for financial information and in accordance with the Securities and Exchange Commission’s (SEC) Regulation S-X. They reflect all adjustments which are, in the opinion of the Company’s management, necessary for a fair presentation of the financial position and operating results as of and for the three months ended March 31, 2014, and 2013, and cumulative from June 28, 2010 (inception) to March 31, 2014. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may vary from these estimates. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. As of March 31, 2014, and December 31, 2013 the Company had no cash equivalents. | |||||||||||||||||
Investments | |||||||||||||||||
The Company accounts for its marketable securities, which are classified as trading securities, in accordance with generally accepted accounting principles for certain investments in debt and equity securities, which requires that trading securities be carried at fair value. Unrealized gains and losses due to changes in fair value as well as realized gains and losses resulting from sales of securities are reported as Other Income/Expenses in the statement of operations. Fair value of the securities is based upon quoted market prices in active markets or estimated fair value when quoted market prices are not available. The cost basis for realized gains and losses is determined on a specific identification basis. As of March 31, 2014 and December 31, 2013 the Company had no investments. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
ASC 820, “Fair Value Measurements” and ASC 825, Financial Instruments, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value: | |||||||||||||||||
Level 1 | |||||||||||||||||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2 | |||||||||||||||||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |||||||||||||||||
Level 3 | |||||||||||||||||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |||||||||||||||||
As of March 31, 2014 and December 31, 2013 we believe that the recorded values of all of our financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Realized Loss | |||||||||||||
31-Mar-14 | - | - | - | - | |||||||||||||
31-Dec-13 | - | - | - | - | |||||||||||||
Totals | |||||||||||||||||
Net Loss per Share Calculation | |||||||||||||||||
Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per shares is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. During the three month period ended March 31, 2014 and 2013, and cumulative from June 28, 2010 (inception) to March 31, 2014, the Company had no dilutive financial instruments issued or outstanding. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company accounts for income taxes pursuant to FASB ASC 740, Income Taxes. Under FASB ASC 740-10-25, 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. China Herb Group Holdings Corporation 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 its ability to realize the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. | |||||||||||||||||
Fiscal Year | |||||||||||||||||
The Company elected December 31st for its fiscal year end. |
Development_Stage_Activities_a
Development Stage Activities and Going Concern | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 3 - Development Stage Activities and Going Concern | ' |
The Company is in the development stage and has minimal operations, and as such has devoted most of its efforts since its inception to developing its business plan, issuing common stock, attempting to raise capital, establishing its accounting systems and other administrative functions. | |
As of March 31, 2014, we had $32,143 cash or cash equivalents proceeded from issuance of common shares in the escrow account. We presently are exploring other such sources of funding. Without limiting our available options, future equity financings will most likely be through the sale of additional shares of our common stock. It is possible that we could also offer warrants, options and/or rights in conjunction with any future issuances of our common stock. However, we can give no assurance that financing will be available to us, and if available to us, in amounts or on terms acceptable to us. If we cannot secure adequate financing, we may be forced to cease operations and you will lose your entire investment. | |
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United State of America, which contemplate continuation of the Company as a going concern. The Company has not established a source of revenues sufficient to cover its operating costs, and as such, has incurred an operating loss since its inception. Further, as of March 31, 2014, the Company had an accumulated deficit during development stage of ($182,420). These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments or classifications that may result from the possible inability of the Company to continue as a going concern. |
Share_Exchange_and_Subsequent_
Share Exchange and Subsequent Sale of Blue Water Restaurant Group, Inc. Common Stock Holdings | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 4 - Share Exchange and Subsequent Sale of Blue Water Restaurant Group, Inc. Common Stock Holdings | ' |
On March 29, 2011 we entered into a Share Exchange Agreement with Blue Water Restaurant Group, Inc. (“Blue Water”), a Nevada corporation planning a going public initiative and starting a chain of restaurants in St. Maarten, Dutch West Indies. Under the terms of the agreement we issued Blue Water 2,000,000 shares of our restricted common stock in exchange for 2,000,000 restricted shares of Blue Water common stock, $0.001 par value. These shares were valued at $20,000, or $0.01 a share. | |
Blue Water registered 1,300,000 of our total holdings of 2,000,000 shares of their common stock in a SEC Registration Statement on Form S-1 that was declared effective on September 8, 2011. Subsequently, we sold these 1,300,000 registered shares without restrictions to 36 different individuals at a price of $0.01 per share, or $13,000 in total. Our remaining 700,000 shares were transferred to Taurus Financial Partners, LLC (“Taurus”) in exchange for a $7,000 reduction in our outstanding accounts payable. All of the cash proceeds from the sale of our Blue Water shares were paid to Taurus to reduce our outstanding accounts payable to them. As of March 31, 2014 we had no remaining accounts payable due to Taurus and had no remaining holdings in Blue Water. |
Notes_Payable_To_Officer_and_S
Notes Payable To Officer and Shareholders | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 5 - Notes Payable To Officer and Shareholders | ' |
As of December 31, 2011 we had notes payable to our former officer and director, Nina Edstrom, aggregating $12,145, which includes $10,750 she loaned the Company to repurchase and cancel 1,075,000 shares of its common stock. | |
Ms. Edstrom voluntarily forgave these outstanding debts on March 1, 2012 which was recorded in the financial statements as additional paid-in capital. Additionally, these debts had accrued total $559 in imputed interest that was recorded in the financial statements as additional paid-in capital. | |
On June 27, 2012, Taurus Financial Partners, LLC, as a shareholder of the Company, forgave $40,060 of outstanding accounts payable that the Company owed, which was recorded as due to related party. | |
During the year ended December 31, 2013, Chin Yung Kong, the director and shareholder of the Company, paid $20,000 for the Company’s expense. These payments were classified as due to related party. Imputed interest of $864 was recorded for the year ended December 31, 2013. | |
During the quarter ended March 31, 2013, Chin Yung Kong, the director and shareholder of the Company, paid $3,000 for the Company’s expense. These payments were classified as due to related party. | |
During the quarter ended March 31, 2014, Qiuping Lu, President, CEO, director and shareholder of the Company, paid $57,100 for the Company’s expense. These payments were classified as due to related party. Imputed interest of $1,087 was recorded for the period ended March 31, 2014. |
Common_Stock
Common Stock | 3 Months Ended | |
Mar. 31, 2014 | ||
Notes to Financial Statements | ' | |
Note 6 - Common Stock | ' | |
The total number of common shares authorized that may be issued by the Company is 75,000,000 shares with a par value of $0.001 per share. | ||
During the period June 28, 2010 (inception) to December 31, 2011 the Company issued an aggregate of 9,375,000 shares as follows: | ||
● | 4,000,000 shares to its directors as Founder’s Shares; | |
● | 2,000,000 shares to a consultant for total consideration of $20,000, or $0.01 per share, based on the value of the services performed; | |
● | 1,375,000 shares in exchange for aggregate cash consideration of $13,750, or $0.01 per share; | |
● | 2,000,000 shares in exchange for 2,000,000 shares of restricted common stock in Blue Water Restaurant Group, Inc. (“Blue Water”), a Nevada corporation, presently undertaking a going public initiative. This investment was valued at $20,000, or $0.01 per share, based on the most recent private transaction price of Blue Water common stock, which was $0.01 per share. In addition, Blue Water registered 1,300,000 of our shares of its common stock for unrestricted resale in a SEC Registration Statement on Form S-1 which was declared “effective” on September 8, 2011. | |
On September 19, 2011 the Company repurchased 1,075,000 shares of its common stock, which were subsequently cancelled. These shares were purchased for $10,750, or $0.01 a share. This purchase was financed by a non-interest bearing demand loan from our sole officer and director, Nina Edstrom. During 2012 this note had accrued $272 in imputed interest that was recorded in the financial statements as additional paid-in capital. | ||
On October 13, 2011, two shareholders returned to the Company an aggregate of 4,000,000 shares of restricted common stock. These shares were subsequently cancelled. | ||
On August 30, 2013, the Company issued 125,000 shares of common stock to a group of 6 individuals for the price of $0.001 per share. Total proceeds $125. | ||
On November 20, 2013, the Company issued 16,018,119 shares of common stock to a group of 35 individuals for the price of $0.001 per share. Total proceeds $16,018. | ||
On November 21, 2013, the Company issued 16,000,000 shares of common stock to 3 existing majority shareholders for the price of $0.001 per share. Total proceeds $16,000. | ||
As of March 31, 2014, the Company had 36,443,119 shares of its common stock issued and outstanding. |
Preferred_Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 7- Preferred Stock | ' |
The total number of preferred shares authorized that may be issued by the Company is 5,000,000 shares with a par value of $0.001 per share. | |
As of March 31, 2014, the Company had no shares of its preferred stock issued and outstanding. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 8 - Related Party Transactions | ' |
From June 28, 2010 (inception) through June 27, 2012, the Company operated out of office space that was provided to us by our former president and chief executive officer, Eric Boyer, free of charge. | |
As of December 31, 2011 we had notes payable to our sole officer and director, Nina Edstrom, aggregating $12,145, which includes $10,750 she loaned the Company to repurchase and cancel 1,075,000 shares of its common stock. | |
Ms. Edstrom voluntarily forgave these outstanding debts on March 1, 2012 which was recorded in the financial statements as additional paid-in capital. | |
On June 27, 2012, Taurus Financial Partners, LLC, as a shareholder of the Company, forgave the $40,060 total outstanding account payables that the Company owed to it. As of March 31, 2014, there is note payable of $77,100. | |
During the year ended December 31, 2013, Chin Yung Kong, the director and shareholder of the Company, paid $20,000 for the Company’s expense. These payments were classified as due to related party. Due on demand, no interest. Imputed interest of $864 was recorded for the year ended December 31, 2014. | |
During the quarter ended March 31, 2014, Qiuping Lu, President, CEO, director and shareholder of the Company, paid $57,100 for the Company’s expense. These payments were classified as due to related party. Imputed interest of $1,087 was recorded for the period ended March 31, 2014. |
Lease
Lease | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 9 - Lease | ' |
For the quarter ended March 31, 2014 and cumulative from June 28, 2010 (inception) to March 31, 2014, the Company’s rent expense was the cost of the office. From February 2014 the company opened an office at 505 West Avenue, Suite 16, Mesa AZ 85210 at a rent expense of $1,500 per month. The rent includes utilities and property taxes. This is the beginning of operating activities, market research for possible acquisitions and plans for expansion. The Company is subleasing the space from H&P Medical Research, Inc. The sublease expires on April 1, 2015. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 10 - Recent Accounting Pronouncements | ' |
In July 2013, FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." The provisions of ASU No. 2013-11 require an entity to present an unrecognized tax benefit, or portion thereof, in the statement of financial position as a reduction to a deferred tax asset for a net operating loss carryforward or a tax credit carryforward, with certain exceptions related to availability. ASU No. 2013-11 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of ASU No. 2013-11 is not expected to have a material impact on the Company's Consolidated Financial Statements. | |
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. The new amendments will require an organization to: | |
Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and | |
Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense. | |
The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). The amendments are effective for reporting periods beginning after December 15, 2012, for public companies. Early adoption is permitted. The adoption of ASU No. 2013-02 is not expected to have a material impact on our financial position or results of operations. | |
In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11. The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 is not expected to have a material impact on our financial position or results of operations. | |
In October 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2012-04, “Technical Corrections and Improvements” in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations. | |
In August 2012, the FASB issued ASU 2012-03, “Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)” in Accounting Standards Update No. 2012-03. This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114. The adoption of ASU 2012-03 is not expected to have a material impact on our financial position or results of operations. | |
In July 2012, the FASB issued ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” in Accounting Standards Update No. 2012-02. This update amends ASU 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. The adoption of ASU 2012-02 is not expected to have a material impact on our financial position or results of operations. | |
Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial statements. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 11 - Subsequent Events | ' |
On April 4, 2014 the company entered in consulting agreements with Dr Kiril Pandelisev and Yan Lawrence. Under this agreement Dr Pandelisev and Ms. Lawrence will assist the company to Coordinate the Remedy the Company’s filings to date, help establish an office for the Company at 505 West 8th Avenue, Ste 16, Mesa Arizona 85210, Assist and Coordinate the process needed the Company to be ready for trading, Assist and Coordinate the process needed the Company to be ready for merger, Assist and Coordinate the process needed the merging companies to be restructured, audited and ready for merger, Assist and Coordinate the process needed the Company to merge with one or more entities from China and USA, Coordinate the preparation and filing post merger S-1 registration for secondary IPO suitable to guarantee the Company’s plans for expansion and growth, Consult on the growth of the new company and its subsidiaries in China and USA. | |
The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined there are no additional events to disclose. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Summary Of Significant Accounting Policies Policies | ' | ||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
The accompanying financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP) for financial information and in accordance with the Securities and Exchange Commission’s (SEC) Regulation S-X. They reflect all adjustments which are, in the opinion of the Company’s management, necessary for a fair presentation of the financial position and operating results as of and for the three months ended March 31, 2014, and 2013, and cumulative from June 28, 2010 (inception) to March 31, 2014. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
The accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may vary from these estimates. | |||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||
For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. As of March 31, 2014, and December 31, 2013 the Company had no cash equivalents. | |||||||||||||||||
Investments | ' | ||||||||||||||||
The Company accounts for its marketable securities, which are classified as trading securities, in accordance with generally accepted accounting principles for certain investments in debt and equity securities, which requires that trading securities be carried at fair value. Unrealized gains and losses due to changes in fair value as well as realized gains and losses resulting from sales of securities are reported as Other Income/Expenses in the statement of operations. Fair value of the securities is based upon quoted market prices in active markets or estimated fair value when quoted market prices are not available. The cost basis for realized gains and losses is determined on a specific identification basis. As of March 31, 2014 and December 31, 2013 the Company had no investments. | |||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
ASC 820, “Fair Value Measurements” and ASC 825, Financial Instruments, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value: | |||||||||||||||||
Level 1 | |||||||||||||||||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2 | |||||||||||||||||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |||||||||||||||||
Level 3 | |||||||||||||||||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |||||||||||||||||
As of March 31, 2014 and December 31, 2013 we believe that the recorded values of all of our financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Realized Loss | |||||||||||||
31-Mar-14 | - | - | - | - | |||||||||||||
31-Dec-13 | - | - | - | - | |||||||||||||
Totals | |||||||||||||||||
Net Loss Per Share Calculation | ' | ||||||||||||||||
Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per shares is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. During the three month period ended March 31, 2014 and 2013, and cumulative from June 28, 2010 (inception) to March 31, 2014, the Company had no dilutive financial instruments issued or outstanding. | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
The Company accounts for income taxes pursuant to FASB ASC 740, Income Taxes. Under FASB ASC 740-10-25, 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. China Herb Group Holdings Corporation 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 its ability to realize the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. | |||||||||||||||||
Fiscal Year | ' | ||||||||||||||||
The Company elected December 31st for its fiscal year end. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Summary Of Significant Accounting Policies Tables | ' | ||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||
As of March 31, 2014 and December 31, 2013 we believe that the recorded values of all of our financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Realized Loss | |||||||||||||
31-Mar-14 | - | - | - | - | |||||||||||||
31-Dec-13 | - | - | - | - | |||||||||||||
Totals |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Total Realized Loss | ' | ' |
Level 1 [Member] | ' | ' |
Total Realized Loss | ' | ' |
Level 2 [Member] | ' | ' |
Total Realized Loss | ' | ' |
Level 3 [Member] | ' | ' |
Total Realized Loss | ' | ' |
Development_Stage_Activities_a1
Development Stage Activities and Going Concern (Details Narrative) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Development Stage Activities And Going Concern Details Narrative | ' | ' |
Cash or cash equivalents | $32,143 | $32,143 |
Deficit accumulated during the development stage | ($182,420) | ($124,233) |
Notes_Payable_To_Officer_and_S1
Notes Payable To Officer and Shareholders (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended | 45 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | |
Notes Payable To Officer And Shareholders Details Narrative | ' | ' | ' | ' |
Due to President, CEO, director and shareholder of the Company | $57,100 | $3,000 | $20,000 | $57,100 |
Imputed interest on related party loan | $1,087 | ' | $864 | $2,510 |
Common_Stock_Details_Narrative
Common Stock (Details Narrative) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Common Stock Details Narrative | ' | ' |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Issued | 36,443,119 | 36,443,119 |
Common Stock, Shares Outstanding | 36,443,119 | 36,443,119 |
Preferred_Stock_Details_Narrat
Preferred Stock (Details Narrative) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Preferred Stock Details Narrative | ' | ' |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended | 45 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | |
Related Party Transactions Details Narrative | ' | ' | ' | ' |
Note payable | $77,100 | ' | ' | $77,100 |
Due to President, CEO, director and shareholder of the Company | 57,100 | 3,000 | 20,000 | 57,100 |
Imputed interest on related party loan | $1,087 | ' | $864 | $2,510 |