Ionix Technology (IINX) 10-Q 9 Nov 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2015	Nov. 03, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	CAMBRIDGE PROJECTS INC.
Entity Central Index Key	1,528,308
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		33,001,000

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Jun. 30, 2015
CURRENT ASSETS
Cash	$ 649	$ 691
License fee receivable	60,000	60,000
Total current assets	60,649	60,691
OTHER ASSET
Intangible asset - License, net	51,726	54,475
Total other assets	51,726	54,475
TOTAL ASSETS	112,375	115,166
CURRENT LIABILITIES
Accounts payable	43,785	44,285
Due to shareholder	138,517	133,317
Deferred revenue	60,000	60,000
Total current liabilities	$ 242,302	$ 237,602
COMMITMENT AND CONTINGENCIES
SHAREHOLDERS' DEFICIT
Preferred stock, 5,000,000 shares authorized of $.0001 par value; none issued and outstanding
Common stock, 195,000 and 200,000,000 shares authorized, respectively of $.0001 par value; 33,001,000 issued and outstanding	$ 3,300	$ 3,300
Capital in excess of par value	10,261	10,261
Accumulated deficit	(143,488)	(135,997)
Total shareholders' deficit	(129,927)	(122,436)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 112,375	$ 115,166

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Jun. 30, 2015
CONDENSED BALANCE SHEETS [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized shares	195,000,000	200,000,000
Common stock shares issued	33,001,000	33,001,000
Common stock shares outstanding	33,001,000	33,001,000
Preferred stock, authorized shares	5,000,000	5,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CONDENSED STATEMENTS OF OPERATIONS [Abstract]
Revenues
General and Administrative Expenses:
Professional fees	$ 3,500	$ 9,000
Impairment		5,000
Amortization	$ 2,749	2,749
Office and miscellaneous	1,242	764
Total expenses	7,491	17,513
Net loss	$ (7,491)	$ (17,513)
Net loss per common share - basic and diluted
Weighted average number of common shares outstanding	33,001,000	33,001,000

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (7,491)	$ (17,513)
Adjustments to reconcile net income to net cash used for operating activities:
Amortization	$ 2,749	2,749
Impairment		5,000
Changes in assets and liabilities:
Increase in license fee receivable		$ (25,000)
Decrease in accounts payable	$ (500)
Increase in deferred revenue		$ 30,000
Net cash used for operating activities	$ (5,242)	(4,764)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shareholder loan	5,200	5,500
Net cash provided by financing activities	5,200	5,500
Net increase (decrease) in cash	(42)	736
Cash, at beginning of period	691	81
Cash, at end of period	$ 649	$ 817

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Sep. 30, 2015
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION	NOTE 1- BASIS OF PRESENTATION The unaudited interim financial statements of Cambridge Projects, Inc. for the three month periods ended September 30, 2015 and 2014 have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). In the opinion of management, such information contains all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of such comparable periods. The results of operations for the three month periods ended September 30, 2015 are not necessarily indicative of the results to be expected for the full fiscal year ending June 30, 2016. Certain information and disclosures normally included in the notes to financial statements have been condensed or omitted as permitted by the rules and regulations of the Securities and Exchange Commission, although the Company believes the disclosure is adequate to make the information presented not misleading. The accompanying unaudited financial statements should be read in conjunction with the financial statements for year ended June 30, 2015. Preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Financial Statements and accompanying disclosures.

COMMITMENT AND CONTINGENCIES

COMMITMENT AND CONTINGENCIES	3 Months Ended
	Sep. 30, 2015
COMMITMENT AND CONTINGENCIES [Abstract]
COMMITMENT AND CONTINGENCIES	NOTE 2 – COMMITMENT AND CONTINGENCIES The Company is obligated to purchase the QI System at a fixed price of $ 400,000

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Sep. 30, 2015
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 3 - RELATED PARTY TRANSACTIONS During the quarter ended September 30, 2015, we obtained an additional $ 5,200 138,517

LICENSE AGREEMENTS

LICENSE AGREEMENTS	3 Months Ended
	Sep. 30, 2015
LICENSE AGREEMENTS [Abstract]
LICENSE AGREEMENTS	NOTE 4 - LICENSE AGREEMENTS The Company entered into a license agreement on February 8, 2012 with Quadra International Inc. ("Quadra") to license, market and operate a pyrolic waste disposal system (“QI System”) in the states of Johore and Selangor, Malaysia. This license is for a period of twenty-five 40,000 10 400,000 5 3 The April 7, 2014 the addendum agreement with Quadra also amended terms to include the granting of additional territories to all states in Malaysia for consideration of $ 70,000 The Company entered into a sub-license agreement on February 15, 2012 with Zhunger Capital Partners Inc. ("Zhunger”), a licensee domiciled in Taiwan to operate the QI System in the territory of Johore. The license rights were sold for $ 70,000 25,000 30,000 30,000 Impairment of License Value The Company has determined that it is more likely than not that the value of the license has diminished. There is no open market for this type of asset and no comparables. Therefore the company has reduced the value of the asset by $ 35,000 51,726

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	3 Months Ended
	Sep. 30, 2015
ACCOUNTS RECEIVABLE [Abstract]
ACCOUNTS RECEIVABLE	NOTE 5 - ACCOUNTS RECEIVABLE Based on payment patterns, the allowance for bad debts is $ 13,000

BUSINESS CONCENTRATIONS

BUSINESS CONCENTRATIONS	3 Months Ended
	Sep. 30, 2015
BUSINESS CONCENTRATIONS [Abstract]
BUSINESS CONCENTRATIONS	NOTE 6 - BUSINESS CONCENTRATIONS The Company currently has concentrations in supplier, customer, product and geographic area. As noted above the Company has an agreement allowing it to license the disposal technology. It has entered into a sub-license agreement granting those rights to a single licensee. The Company is not, however, limited to this activity.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Sep. 30, 2015
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 7 - INCOME TAXES The Company files federal income taxes on a cash basis. There is a tax loss carryforward and a loss is anticipated for the current year, therefore, no tax is accrued. No corresponding tax asset is recorded due to a valuation allowance.

COMMON AND PREFERRED STOCK

COMMON AND PREFERRED STOCK	3 Months Ended
	Sep. 30, 2015
COMMON AND PREFERRED STOCK [Abstract]
COMMON AND PREFERRED STOCK	NOTE 8 – COMMON AND PREFERRED STOCK On August 7, 2014, the shareholders of the Company approved an amendment to the Articles of Incorporation and Bylaws to change the number of the authorized capital of common stock from Two Hundred Million ( 200,000,000 195,000,000 0.0001 1 5,000,000 0.0001 100

COMMITMENT AND CONTINGENCIES (D

COMMITMENT AND CONTINGENCIES (Details)	3 Months Ended
	Sep. 30, 2015USD ($)
COMMITMENT AND CONTINGENCIES [Abstract]
Purchase obligation	$ 400,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
RELATED PARTY TRANSACTIONS [Abstract]
Proceeds from president advance	$ 5,200	$ 5,500
Due to President	$ 138,517		$ 133,317

LICENSE AGREEMENTS (Details)

LICENSE AGREEMENTS (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 08, 2012	Sep. 30, 2015	Apr. 10, 2014	Apr. 07, 2014	Nov. 19, 2013	Apr. 26, 2013	Feb. 15, 2012
License And Sublicense Agreements [Line Items]
Impairment of license value		$ 35,000
License value, net		$ 51,726
Licensing Agreement Quadra International [Member]
License And Sublicense Agreements [Line Items]
Duration of license agreement	25 years
Cost of license	$ 40,000
Purchase obligation	$ 400,000
Amortization period	10 years
Percentage of royalty on sub licensors fees	5.00%
Percentage of royalty fee on gross sales	3.00%
Addendum To License Agreement Quadra International [Member]
License And Sublicense Agreements [Line Items]
Extension fee payable				$ 70,000
Sublicense Agreement Zhunger Capital Partners [Member]
License And Sublicense Agreements [Line Items]
Extension fee payable			$ 30,000		$ 30,000	$ 25,000
License rights receivable							$ 70,000

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details)	Sep. 30, 2015USD ($)
ACCOUNTS RECEIVABLE [Abstract]
Allowance for bad debts	$ 13,000

COMMON AND PREFERRED STOCK (Det

COMMON AND PREFERRED STOCK (Details) - $ / shares	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015
COMMON AND PREFERRED STOCK [Abstract]
Common stock, authorized shares	195,000,000	200,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, votes per share	1
Preferred stock, authorized shares	5,000,000	5,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, votes per share	100