Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Apr. 14, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Rebel Group, Inc. | ||
Entity Central Index Key | 1,532,158 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 3,303,490.98 | ||
Entity Common Stock, Shares Outstanding | 23,381,548 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 22,321 | $ 53,090 |
Trade and other receivables | 896,631 | 685,958 |
Total current assets | 918,952 | 739,048 |
Property and equipment, net | 29,191 | 42,532 |
Intangible assets | 103,508 | 118,454 |
Long-term investment | 12,373,380 | 38,910,000 |
TOTAL ASSETS | 13,425,031 | 39,810,034 |
Current liabilities: | ||
Bank loan - current portion | 11,352 | 11,940 |
Accruals and other payables | 294,695 | 171,164 |
Due to a shareholder | 995,547 | 774,637 |
Deferred tax liabilities | 1,606,983 | 10,894,800 |
Total current liabilities | 2,908,577 | 11,852,541 |
Bank loan - non-current portion | 9,413 | |
TOTAL LIABILITIES | 2,908,577 | 11,861,954 |
STOCKHOLDERS' EQUITY | ||
Common stock ($0.0001 par value; authorized 500,000,000 shares, 23,000,118 shares issued and outstanding at December 31, 2016 and 2015) | 2,300 | 2,300 |
Additional paid-in capital | 47,700 | 47,700 |
Retained earnings | 7,478,850 | 7,667,045 |
Accumulated other comprehensive income | 2,987,604 | 20,231,035 |
Total stockholders' equity | 10,516,454 | 27,948,080 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 13,425,031 | $ 39,810,034 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 23,000,118 | 23,000,118 |
Common stock, shares outstanding | 23,000,118 | 23,000,118 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | ||
Revenues, net | $ 245,763 | $ 537,325 |
Cost and expenses | ||
Cost of sales | (26,309) | |
Depreciation and amortization expenses | (27,663) | (43,079) |
General and administrative expenses | (429,308) | (628,314) |
Loss from operations | (211,208) | (160,377) |
Other income | ||
Gain on disposal of a subsidiary | 6,782,000 | |
License maintenance royalty for IP rights | 1,000,000 | |
Bank loan interest | (1,025) | (1,700) |
Sundry income | 24,038 | 1,162 |
Total other income | 23,013 | 7,781,462 |
(Loss) income before income tax expenses | (188,195) | 7,621,085 |
Income tax expenses | (3,109) | |
Net (loss) income | (188,195) | 7,617,976 |
Other comprehensive (loss) income | ||
Foreign currency translation adjustments | 5,372 | 1,486 |
Unrealized fair value (loss) gain on long-term investment arising during year | (26,536,620) | 31,128,000 |
Other comprehensive (loss) income, before tax | (26,531,248) | 31,129,486 |
Income tax reversal (expenses) related to items of other comprehensive income | 9,287,817 | (10,894,800) |
Other comprehensive income (loss), net of tax | 9,287,817 | (10,894,800) |
Comprehensive (loss) income | $ (17,431,626) | $ 27,852,662 |
Earnings per share (Note 9) | ||
Basic and diluted (loss) earnings per common share | $ (0.01) | $ 0.33 |
Basic and diluted weighted average common shares outstanding | 23,000,118 | 22,811,067 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income |
Beginning balance at Dec. 31, 2014 | $ 95,418 | $ 2,070 | $ 47,930 | $ 49,069 | $ (3,651) |
Beginning balance, shares at Dec. 31, 2014 | 20,700,000 | ||||
Net (loss) income | 7,617,976 | 7,617,976 | |||
Effect of share exchange | $ 230 | (230) | |||
Effect of share exchange, shares | 2,300,118 | ||||
Foreign currency adjustment | 1,486 | 1,486 | |||
Unrealized gain (loss) on investment | 31,128,000 | 31,128,000 | |||
Income tax expenses related to items of other comprehensive income | (10,894,800) | (10,894,800) | |||
Ending balance at Dec. 31, 2015 | 27,948,080 | $ 2,300 | 47,700 | 7,667,045 | 20,231,035 |
Ending balance, shares at Dec. 31, 2015 | 23,000,118 | ||||
Net (loss) income | (188,195) | (188,195) | |||
Foreign currency adjustment | 5,372 | 5,372 | |||
Unrealized gain (loss) on investment | (26,536,620) | (26,536,620) | |||
Income tax expenses related to items of other comprehensive income | 9,287,817 | (9,287,817) | |||
Ending balance at Dec. 31, 2016 | $ 10,516,454 | $ 2,300 | $ 47,700 | $ 7,478,850 | $ 2,987,604 |
Ending balance, shares at Dec. 31, 2016 | 23,000,118 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (188,195) | $ 7,617,976 |
Adjustments to reconcile net income before tax to net cash used in operating activities: | ||
Depreciation and amortization expense | 27,663 | 43,079 |
License maintenance royalty for IP rights | (1,000,000) | |
Gain on disposal of a subsidiary | (6,782,000) | |
Total adjustments to net cash provided by operating activities | (160,532) | (120,945) |
Changes in operating assets and liabilities: | ||
Increase in trade and other receivables | (225,553) | (672,188) |
Increase in accruals and other payables | 125,079 | 165,763 |
Increase in income tax payables | 1,593 | |
Net cash used in operating activities | (261,006) | (625,777) |
Cash flows from investing activities: | ||
Purchases of equipment | (1,589) | |
Net cash used in investing activities | (1,589) | |
Cash flows from financing activities: | ||
Bank loan repayment | (9,538) | (12,462) |
Advance to shareholder | 238,798 | 566,092 |
Net cash provided by financing activities | 229,260 | 553,630 |
Effect of foreign currency translation | 2,566 | (9,797) |
Decrease in cash and cash equivalents | (30,769) | (81,944) |
Cash and cash equivalents at beginning of year | 53,090 | 135,034 |
Cash and cash equivalents at end of year | 22,321 | 53,090 |
Supplemental cash flow disclosures: | ||
Cash paid for interest expense | 1,025 | 1,700 |
Cash paid for income taxes | 3,109 | |
Major non cash transactions: | ||
Unrealized fair value (loss) gain on long-term investment | $ (26,536,620) | $ 31,128,000 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2016 | |
Organization and Nature of Operations [Abstract] | |
Organization and nature of operations | 1. Organization and nature of operations Rebel Group, Inc. (f/k/a Inception Technology Group, Inc., the “Company”) was incorporated under the laws of the State of Florida on September 13, 2011. The Company organizes, promotes and hosts mixed martial arts (“MMA”) events featuring top level athletic talent. With assistance from contracted production crews, the Company also produces and distributes, through the internet and social media, and sells the rights to distribute to television stations, videos of its MMA events. The Company seeks to promote MMA in Asian countries through hosting events that attract talented fighters from all over the world. On January 30, 2015, we completed the acquisition of Rebel Holdings Limited (“Rebel FC”) pursuant to a Share Exchange Agreement. (“Share Exchange Agreement,” such transaction, the “Share Exchange Transaction”), whereby the Company issued to the Rebel FC Stockholder an aggregate of 20,700,000 shares of its Common Stock, in exchange for 100% of the equity interests of Rebel FC held by the Rebel FC Stockholder. The shares of our Common Stock received by the Rebel FC Stockholder in the Share Exchange Transaction constitute approximately 90% of our issued and outstanding Common Stock giving effect to the issuance of shares pursuant to the Share Exchange Agreement. As a result of the Share Exchange Transaction, Rebel FC, together with its subsidiaries, Pure Heart Entertainment Pte Ltd. (“Pure Heart”) and SCA Capital Limited (“SCA Capital”), became the Company’s wholly-owned subsidiaries. The acquisition was accounted for as a reverse merger and recapitalization effected by the Share Exchange Transaction. Rebel FC is considered the acquirer for accounting and financial reporting purposes. The assets and liabilities of the acquired entity have been brought forward at their book value and no goodwill has been recognized. The exchange transaction was accounted for as a reverse acquisition in accordance with generally accepted accounting principles of America. For financial reporting purposes, this transaction is classified as a recapitalization of the Company and Pure Heart. The accompanying audited consolidated financial statements were retroactively adjusted to reflect the effects of the recapitalization of the financial statements of the Company and the historical financial statements of Pure Heart. Also on January 30, 2015, we transferred 100% equity interests of Moxian Intellectual Property Limited (“Moxian IP), our subsidiary, to Moxian, Inc. (“MOXC”) pursuant to the Equity Transfer Agreement. As a result of the Equity Transfer Transaction, Moxian IP ceased to be a subsidiary of the Company. Rebel FC, which utilizes the trade name of Rebel Fighting Championship, was incorporated on October 28, 2014 in British Virgin Islands and engages in hosting and promoting MMA events since its corporation. Pure Heart was incorporated under the laws of the Singapore on August 24, 2000 under the name “Sook Kee Coffeeshop Pte. Ltd.” Effective on November 27, 2002, it changed its name to “Asia Pacific Export International Pte Ltd.” It later changed its name from “Asia Pacific Export International Pte Ltd.” to “Pure Heart Entertainment Pte Ltd.” on June 7, 2013. As of October 30, 2014, it became a wholly owned subsidiary of Rebel FC. Pure Heart is an operating subsidiary of the Company and is dedicated to hosting and promoting MMA events. SCA Capital, a British Virgin Islands company, was incorporated on January 7, 2011 and holds the intellectual property rights relating to the Rebel FC business. On October 28, 2014, SCA Capital became the wholly-owned subsidiary of Rebel FC. |
Summary of Principal Accounting
Summary of Principal Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Principal Accounting Policies [Abstract] | |
Summary of principal accounting policies | 2. Summary of principal accounting policies Basis of presentation The consolidated financial statements of the Company and its subsidiaries are prepared and presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All significant inter-company transactions and balances have been eliminated upon consolidation. The Company's audited consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The fiscal year end is December 31. Revenue recognition Revenue is recognized when persuasive evidence of an arrangement exists; delivery has occurred or services have been rendered; the price is fixed or determinable; and collectability is reasonably assured. Use of estimates The preparation of the combined financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the combined financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and cash equivalents Cash and cash equivalents consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use the Company maintained accounts at banks and have not experienced any losses from such concentrations. Fair value of financial instruments ASC Topic 825, Financial Instruments (“Topic 825”) requires disclosure of fair value information of financial instruments, whether or not recognized in the balance sheets, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Topic 825 excludes certain financial instruments and all nonfinancial assets and liabilities from its disclosure requirements. Accordingly, the aggregate fair value amounts do not represent the underlying value of the Company. Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. As of December 31, 2016 and 2015, financial instruments of the Company primarily comprise of cash, other receivable and accrued expenses, which were carried at cost on the balance sheets, and carrying amounts approximated their fair values because of their generally short maturities. Foreign currency translation and transactions The reporting currency of the Company is United States Dollars (“US$”), which is also the Company’s functional currency. The Singapore subsidiaries maintain their books and records in its local currency, the Singapore dollar (“SGD”), which is their functional currencies as being the primary currency of the economic environment in which these entities operate. Transactions in foreign currencies other than functional currencies are initially recorded at the functional currency rate ruling at the date of transaction. Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the statements of income. Monetary assets and liabilities denominated in foreign currency are translated at the functional currency rate of exchange ruling at the balance sheet date. Any differences are taken to profit or loss as a gain or loss on foreign currency translation in the statements of income. In accordance with ASC 830, Foreign Currency Matters, the Company translated the assets and liabilities into US dollars using the rate of exchange prevailing at the applicable balance sheet date and the statements of income and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation are recorded in investors’ equity as part of accumulated other comprehensive income. Income taxes The Company utilizes FASB Accounting Standard Codification Topic 740 (“ASC 740”) “Income taxes” (formerly known as SFAS No. 109, “Accounting for Income Taxes”), which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the combined financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 “Income taxes” (formerly known as Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of Statement of Financial Accounting Standards No. 109 Earnings per share Basic earnings per share is based on the weighted average number of common shares outstanding during the period while the effects of potential common shares outstanding during the period are included in diluted earnings per share. The average market price during the year is used to compute equivalent shares. FASB Accounting Standard Codification Topic 260 (“ASC 260”), “Earnings Per Share”, requires that employee equity share options, non-vested shares and similar equity instruments granted to employees be treated as potential common shares in computing diluted earnings per share. Diluted earnings per share should be based on the actual number of options or shares granted and not yet forfeited, unless doing so would be anti-dilutive. The Company uses the “treasury stock” method for equity instruments granted in share-based payment transactions provided in ASC 260 to determine diluted earnings per share. Plant and equipment Plant and equipment are recorded at cost. Significant additions or improvements extending useful lives of assets are capitalized. Maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives as follows: Equipment 3 - 5 years Intangible assets Intangible assets, comprising trade mark and other intangible assets, which are separable from the fixed assets, are stated at cost less accumulated amortization. Amortization is computed using the straight-line method over the estimated useful lives of 10 years. Long-term investment Investments comprise marketable securities which are classified as available-for-sale securities and are carried at fair value with unrealized gains and losses, net of taxes, reported as a separate component of shareholders’ equity (deficit). The Company determines any realized gains or losses on the sale of marketable securities on a specific identification method, and records such gains and losses as a component of other income (expense), net in the consolidated statement of income. Comprehensive income The Company has adopted FASB Accounting Standard Codification Topic 220 (“ASC 220”) “Comprehensive income” (formerly known as SFAS No. 130, “Reporting Comprehensive Income”), which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Accumulated other comprehensive income represents the unrealized fair value (loss) gain on long-term investment and the accumulated balance of foreign currency translation adjustments of the Company. Recently Issued Accounting Guidance The Company does not believe other recently issued but not yet effective accounting standards from ASU 2017-06, if currently adopted, would have a material effect of the condensed consolidated financial position, results of operation and cash flows. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property and Equipment [Abstract] | |
Property and equipment | 3. Property and equipment As of December 31, 2016 2015 Equipment $ 77,860 $ 77,962 Less: accumulated depreciation and amortization (48,669 ) (35,430 ) Total property and equipment, net $ 29,191 $ 42,532 The depreciation expenses for the years ended December 31, 2016 and 2015 were $14,686 and $18,255, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets [Abstract] | |
Intangible assets | 4. Intangible assets As of December 31, 2016 2015 Trademark $ 15,684 $ 16,032 Other intangible assets 123,767 126,511 $ 139,451 $ 142,543 Less: accumulated amortization (35,943 ) (24,089 ) Total intangible assets, net $ 103,508 $ 118,454 No significant residual value is estimated for these intangible assets. Amortization expense for the years ended December 31, 2016 and 2015, totaled $12,977 and $24,824, respectively. The following table represents the total estimated amortization of intangible assets for the five succeeding years: Estimated Amortization Expense 2017 $ 12,700 2018 12,700 2019 12,700 2020 12,700 2021 and thereafter 52,708 $ 103,508 |
Long-Term Investment
Long-Term Investment | 12 Months Ended |
Dec. 31, 2016 | |
Long-Term Investment [Abstract] | |
Long-term investment | 5. Long-term investment On January 30, 2015, MOXC issued a convertible promissory note to the Company for $7,782,000 (the “MOXC Note”). The MOXC Note would become due and payable on October 30, 2015. Under the MOXC Note, MOXC has the option to convert any and all amounts due under the MOXC Note into the shares of MOXC’s shares of common stock (the “MOXC Common Stock”) at the conversion price of $1.00 per share (“Conversion Price”), if the volume weighted average price (“VWAP”) of MOXC Common Stock for 30 trading days immediately prior to the date of conversion is higher than the Conversion Price. MOXC also has a right of first refusal to purchase the shares issuable upon conversion of the MOXC Note at the price of 80% of the VWAP of MOXC Common Stock for 30 trading days immediately prior to the date of the proposed repurchase by MOXC. On August 14, 2015, due to the VWAP of the MOXC Common Stock for 30 trading day prior to August 14, 2015 is higher than $1.00, which triggered the clause of conversion under the MOXC Note, MOXC notified the Company that it elected to convert the amount of $3,891,000 under the MOXC Note into 3,891,000 shares of the MOXC Common Stock at the conversion price of $1.00 (“August Conversion”). As a result of the August Conversion, the remainder amount of the MOXC Note is $3,891,000. On September 28, 2015, MOXC notified the Company that it elected to convert the remainder of the MOXC Note, of $3,891,000 into 3,891,000 shares of the MOXC Common Stock (“September Conversion”). After the August Conversion and September Conversion, consequently, all of the MOXC Note was converted into the total of 7,782,000 shares of the MOXC Common Stock with no amount of the MOXC Note is outstanding as of December 31, 2015. For the year ended December 31, 2015, the gain on disposal of a subsidiary was $6,782,000. On June 20, 2016, MOXC has approved a reverse stock split of the Company’s issued and outstanding shares of common stock at a ratio of 1-for-2 (the “Reverse Stock Split”). As a result, 3,891,000 shares and 7,782,000 shares of the MOXC Common Stock were outstanding as of December 31, 2016 and 2015 respectively. As of December 31, 2016 2015 Cost $ 7,782,000 $ 7,782,000 Fair value adjustment(including the effect of reverse stock split of $3,891,000 on June 20, 2016) 4,591,380 31,128,000 Total long term investment, net $ 12,373,380 $ 38,910,000 As of December 31, 2016 and 2015, the fair value of MOXC was $3.18 and $5.00, respectively. For the years ended December 31, 2016 and 2015, the fair value (loss) gain of ($26,536,620) and $31,128,000 were recognized respectively. The Company had no intention to sell the investment in the near future. |
Bank Loan
Bank Loan | 12 Months Ended |
Dec. 31, 2016 | |
Bank Loan [Abstract] | |
Bank loan | 6. Bank loan As of December 31, 2016 2015 Repayable within one year $ 11,352 $ 11,940 Repayable after one year - 9,413 Total bank loan $ 11,352 $ 21,353 The interest expenses for the years ended December 31, 2016 and 2015 were $1,025 and $1,700, respectively. On August 15, 2014, Pure Heart and DBS Bank entered into a banking facility (the “Banking Facility”), pursuant to which DBS Bank disbursed Singapore dollar $50,000 to Pure Heart for working capital. The interest rate of the loan is 6.00% per annum on monthly outstanding balance. The term for the banking facility is three years. Pure Heart shall repay in 36 installments for Singapore dollar $1,522 each month. Mr. Leong Khian Kiee and Mr. Leong Aan Yee, Justin, the directors of Pure Heart personally guaranteed the Banking Facility jointly and severally. |
Due to a Shareholder
Due to a Shareholder | 12 Months Ended |
Dec. 31, 2016 | |
Due to a Shareholder and Related Party Transactions [Abstract] | |
Due to a shareholder | 7. Due to a shareholder As of December 31, 2016 and 2015, the due to shareholder is $995,547 and $774,637 respectively. The amount is unsecured, interest free and has no fixed terms of repayment. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' equity | 8. Stockholders’ equity Prior to April 16, 2013, the authorized capital stock of the Company consisted of 250,000,000 shares of Common Stock with a par value of $0.0001. The Company issued 9,000,000 shares of our Common Stock to Marilyn Stark (the “Stark”), our former CEO and former sold Director, on September 13, 2011 for cash in the amount of $9,000 (per share price of $0.001). The Company sold 2,500,000 shares of Common Stock to a group of Investors on March 14, 2012 for cash in the amount of $37,500 (per share price of $0.015). On February 27, 2013, Stark entered into a Securities Purchase Agreement with (the “Purchase Agreement”) with three accredited investors (the “Purchasers”), pursuant to which Stark sold to the Purchasers her 9,000,000 shares of Common Stock of the Company. On April 16, 2013, the Company amended its Articles of Incorporation to implement a 20-for-1 forward split (“Forward Split”). As a result of the Forward Split, the number of outstanding Common Stock increased from 11,500,000 shares to 230,000,000 shares and the par value of Common Stock remains the same. On April 25, 2013, the Company entered into a Share Exchange Agreement with Moxian BVI and Medicode Group Limited, the sole stockholder of Moxian BVI (the “Moxian Stockholder”), pursuant to which .the Company acquired the operating business of Moxian BVI and its subsidiaries and the Company ceased being a shell company as such term is defined under Rule 12b-2 under the Exchange Act. Since the incorporation of the business of Moxian BVI, the Company changed its business to develop social network platform that integrates social media and business into one single platform. On July 9, 2014, the Company amended its Articles of Incorporation (the “Amendments”) to implement a 1-for-5 reverse split of its issued and outstanding Common Stock (“Reverse Split”). On July 23, 2014, the Financial Industry Regulatory Authority approved and declared the Amendments to be effective. As a result, 230,000,000 shares of Common Stock prior to the Reverse Split decreased and without any further action from the Company’s stockholders, to 46,000,000 shares of common stock. The Reverse Split will not alter the total number of the authorized shares or the par value of the shares of the Company. On December 5, 2014, the Company implemented a 1-for-20 reverse stock split of its issued and outstanding Common Stock. As a result, the number of total outstanding shares become 2,300,118. On January 30, 2015, the Company, Rebel FC and the stockholder of Rebel FC who owned 100% of Rebel FC (the “Rebel FC Stockholder”) entered into and consummated transactions pursuant to a Share Exchange Agreement, whereby the Company issued to the Rebel FC Stockholder an aggregate of 20,700,000 shares of its Common Stock, in exchange for 100% of the equity interests of Rebel FC held by the Rebel FC Stockholder. The shares of our Common Stock received by the Rebel FC Stockholder in the Share Exchange Transaction constitute approximately 90% of our issued and outstanding Common Stock giving effect to the issuance of shares pursuant to the Share Exchange Agreement. As a result of the Share Exchange Transaction, Rebel FC, together with its subsidiaries, Pure Heart and SCA Capital, became the Company’s wholly-owned subsidiaries. As of the date of this report, there were 23,381,548 shares of common stock issued and outstanding. There are no warrants or options outstanding to acquire any additional shares of common stock of the Company. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per share | 9. Earnings per share For the Years ended 2016 2015 Net (loss) income attributable to common shareholders for computing basic net (loss) income per common stock $ (188,195 ) $ 7,617,976 Weighted-average shares of common stock outstanding in computing net (loss) income per common stock of the Company Basic 23,000,118 22,811,067 Dilutive shares - - Diluted 23,000,118 22,811,067 Basic (loss) earnings per share $ (0.01 ) $ 0.33 Diluted (loss) earnings per share $ (0.01 ) $ 0.33 |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2016 | |
Taxation [Abstract] | |
Taxation | 10. Taxation Rebel FC and SCA Capital are incorporated in the British Virgin Islands and are not subject to income taxes under the current laws of the British Virgin Islands. Pure Heart was incorporated in Singapore and is subject to Singapore corporate income tax at 17%. No income tax expenses for the years ended December 31, 2016 and 2015. The Company evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. For the year ended December 31, 2016 and 2015, the Company had no unrecognized tax benefits. The Company does not anticipate any significant increase to its liability for unrecognized tax benefit within the next 12 months. The Company will classify interest and penalties related to income tax matters, if any, in income tax expense. As of December 31, 2016 2015 Income tax expense is comprised of: Current income tax $ - $ 3,109 Deferred income tax (income) expense (9,287,817 ) 10,894,800 Total (reverse) provision for income taxes $ (9,287,817 ) $ 10,897,909 Deferred income taxes are recognized for tax consequences in future years of differences between the tax bases of assets and liabilities and their reported amounts in the financial statements at each year-end and tax loss carry forwards. Deferred income tax was measured using the enacted income tax rates for the periods in which they are expected to be reversed. The tax effects of temporary differences that give rise to the following approximate deferred tax assets and liabilities as of December 31, 2016 and 2015 are presented below: As of December 31, 2016 2015 Unrealized fair value gains on long-term investment $ 1,606,983 $ 10,894,800 The enterprise income tax payable as follows: As of December 31, 2016 2015 Income tax payable $ - $ - |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Due to a Shareholder and Related Party Transactions [Abstract] | |
Related party transactions | 11. Related party transactions 15.1 Nature of relationships with related parties Name Relationships with the Company Mr. Leong Khian Kiee Shareholder Mr. Leong Aan Yee Justin Shareholder 15.2 Related party balances As at December 31, 2016 and 2015, amounts due to shareholders were $995,547 and $774,637 respectively. The amounts are unsecured, interest free and does not have a fixed repayment date. A summary of changes in the amount due to Mr. Leong Khian Kiee is as follows: As of December 31, 2016 2015 At beginning of year $ 758,064 $ 227,779 Advance from shareholder 220,910 530,285 At end of year $ 978,974 $ 758,064 A summary of changes in the amount due to Mr. Leong Aan Yee Justin is as follows: As of December 31, 2016 2015 At beginning of year $ 16,573 $ - Advance from shareholder - 16,573 At end of year $ 16,573 $ 16,573 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and contingencies | 12. Commitments and contingencies Operating Lease There has been no commitment as at December 31, 2016. Legal Proceeding There has been no legal proceeding in which the Company is a party for the years ended December 31, 2016 and 2015. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent events | 13. Subsequent events There were no events or transactions other than those disclosed in this report, if any, that would require recognition or disclosure in our financial statements for the year ended December 31, 2016. During January and February of 2017, the Company sold 381,430 shares of its Common Stock for aggregate proceeds totaling $190,715. Other than the foregoing, there were no other subsequent events. |
Summary of Principal Accounti20
Summary of Principal Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Principal Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The consolidated financial statements of the Company and its subsidiaries are prepared and presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All significant inter-company transactions and balances have been eliminated upon consolidation. The Company's audited consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The fiscal year end is December 31. |
Revenue recognition | Revenue recognition Revenue is recognized when persuasive evidence of an arrangement exists; delivery has occurred or services have been rendered; the price is fixed or determinable; and collectability is reasonably assured. |
Use of estimates | Use of estimates The preparation of the combined financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the combined financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use the Company maintained accounts at banks and have not experienced any losses from such concentrations. |
Fair value of financial instruments | Fair value of financial instruments ASC Topic 825, Financial Instruments (“Topic 825”) requires disclosure of fair value information of financial instruments, whether or not recognized in the balance sheets, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Topic 825 excludes certain financial instruments and all nonfinancial assets and liabilities from its disclosure requirements. Accordingly, the aggregate fair value amounts do not represent the underlying value of the Company. Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. As of December 31, 2016 and 2015, financial instruments of the Company primarily comprise of cash, other receivable and accrued expenses, which were carried at cost on the balance sheets, and carrying amounts approximated their fair values because of their generally short maturities. |
Foreign currency translation and transactions | Foreign currency translation and transactions The reporting currency of the Company is United States Dollars (“US$”), which is also the Company’s functional currency. The Singapore subsidiaries maintain their books and records in its local currency, the Singapore dollar (“SGD”), which is their functional currencies as being the primary currency of the economic environment in which these entities operate. Transactions in foreign currencies other than functional currencies are initially recorded at the functional currency rate ruling at the date of transaction. Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the statements of income. Monetary assets and liabilities denominated in foreign currency are translated at the functional currency rate of exchange ruling at the balance sheet date. Any differences are taken to profit or loss as a gain or loss on foreign currency translation in the statements of income. In accordance with ASC 830, Foreign Currency Matters, the Company translated the assets and liabilities into US dollars using the rate of exchange prevailing at the applicable balance sheet date and the statements of income and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation are recorded in investors’ equity as part of accumulated other comprehensive income. |
Income taxes | Income taxes The Company utilizes FASB Accounting Standard Codification Topic 740 (“ASC 740”) “Income taxes” (formerly known as SFAS No. 109, “Accounting for Income Taxes”), which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the combined financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 “Income taxes” (formerly known as Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of Statement of Financial Accounting Standards No. 109 |
Earnings per share | Earnings per share Basic earnings per share is based on the weighted average number of common shares outstanding during the period while the effects of potential common shares outstanding during the period are included in diluted earnings per share. The average market price during the year is used to compute equivalent shares. FASB Accounting Standard Codification Topic 260 (“ASC 260”), “Earnings Per Share”, requires that employee equity share options, non-vested shares and similar equity instruments granted to employees be treated as potential common shares in computing diluted earnings per share. Diluted earnings per share should be based on the actual number of options or shares granted and not yet forfeited, unless doing so would be anti-dilutive. The Company uses the “treasury stock” method for equity instruments granted in share-based payment transactions provided in ASC 260 to determine diluted earnings per share. |
Plant and equipment | Plant and equipment Plant and equipment are recorded at cost. Significant additions or improvements extending useful lives of assets are capitalized. Maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives as follows: Equipment 3 - 5 years |
Intangible assets | Intangible assets Intangible assets, comprising trade mark and other intangible assets, which are separable from the fixed assets, are stated at cost less accumulated amortization. Amortization is computed using the straight-line method over the estimated useful lives of 10 years. |
Long-term investment | Long-term investment Investments comprise marketable securities which are classified as available-for-sale securities and are carried at fair value with unrealized gains and losses, net of taxes, reported as a separate component of shareholders’ equity (deficit). The Company determines any realized gains or losses on the sale of marketable securities on a specific identification method, and records such gains and losses as a component of other income (expense), net in the consolidated statement of income. |
Comprehensive income | Comprehensive income The Company has adopted FASB Accounting Standard Codification Topic 220 (“ASC 220”) “Comprehensive income” (formerly known as SFAS No. 130, “Reporting Comprehensive Income”), which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Accumulated other comprehensive income represents the unrealized fair value (loss) gain on long-term investment and the accumulated balance of foreign currency translation adjustments of the Company. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance The Company does not believe other recently issued but not yet effective accounting standards from ASU 2017-06, if currently adopted, would have a material effect of the condensed consolidated financial position, results of operation and cash flows. |
Summary of Principal Accounti21
Summary of Principal Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Principal Accounting Policies [Abstract] | |
Summary of estimated useful lives of plant and equipment | Equipment 3 - 5 years |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property and Equipment [Abstract] | |
Schedule of property and equipment | As of December 31, 2016 2015 Equipment $ 77,860 $ 77,962 Less: accumulated depreciation and amortization (48,669 ) (35,430 ) Total property and equipment, net $ 29,191 $ 42,532 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets [Abstract] | |
Schedule of intangible assets | As of December 31, 2016 2015 Trademark $ 15,684 $ 16,032 Other intangible assets 123,767 126,511 $ 139,451 $ 142,543 Less: accumulated amortization (35,943 ) (24,089 ) Total intangible assets, net $ 103,508 $ 118,454 |
Schedule of estimated future amortization of intangible assets | Estimated Amortization Expense 2017 $ 12,700 2018 12,700 2019 12,700 2020 12,700 2021 and thereafter 52,708 $ 103,508 |
Long-Term Investment (Tables)
Long-Term Investment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-Term Investment [Abstract] | |
Schedule of long-term investment | As of December 31, 2016 2015 Cost $ 7,782,000 $ 7,782,000 Fair value adjustment(including the effect of reverse stock split of $3,891,000 on June 20, 2016) 4,591,380 31,128,000 Total long term investment, net $ 12,373,380 $ 38,910,000 |
Bank Loan (Tables)
Bank Loan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Bank Loan [Abstract] | |
Schedule of bank loan | As of December 31, 2016 2015 Repayable within one year $ 11,352 $ 11,940 Repayable after one year - 9,413 Total bank loan $ 11,352 $ 21,353 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Summary of earnings per share | For the Years ended 2016 2015 Net (loss) income attributable to common shareholders for computing basic net (loss) income per common stock $ (188,195 ) $ 7,617,976 Weighted-average shares of common stock outstanding in computing net (loss) income per common stock of the Company Basic 23,000,118 22,811,067 Dilutive shares - - Diluted 23,000,118 22,811,067 Basic (loss) earnings per share $ (0.01 ) $ 0.33 Diluted (loss) earnings per share $ (0.01 ) $ 0.33 |
Taxation (Tables )
Taxation (Tables ) | 12 Months Ended |
Dec. 31, 2016 | |
Taxation [Abstract] | |
Schedule of income tax expense | As of December 31, 2016 2015 Income tax expense is comprised of: Current income tax $ - $ 3,109 Deferred income tax (income) expense (9,287,817 ) 10,894,800 Total (reverse) provision for income taxes $ (9,287,817 ) $ 10,897,909 |
Schedule of deferred tax assets and liabilities | As of December 31, 2016 2015 Unrealized fair value gains on long-term investment $ 1,606,983 $ 10,894,800 |
Schedule of enterprise income tax payable | As of December 31, 2016 2015 Income tax payable $ - $ - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Mr. Leong Khian Kiee [Member] | |
Related Party Transaction [Line Items] | |
Summary of changes in the amount due to related party | As of December 31, 2016 2015 At beginning of year $ 758,064 $ 227,779 Advance from shareholder 220,910 530,285 At end of year $ 978,974 $ 758,064 |
Mr. Leong Aan Yee Justin [Member] | |
Related Party Transaction [Line Items] | |
Summary of changes in the amount due to related party | As of December 31, 2016 2015 At beginning of year $ 16,573 $ - Advance from shareholder - 16,573 At end of year $ 16,573 $ 16,573 |
Organization and Nature of Op29
Organization and Nature of Operations (Details) - shares | 1 Months Ended | 12 Months Ended |
Jan. 30, 2015 | Dec. 31, 2016 | |
Organization and Nature of Operations (Textual) | ||
Share exchange agreement, description | The shares of our Common Stock received by the Rebel FC Stockholder in the Share Exchange Transaction constitute approximately 90% of our issued and outstanding Common Stock giving effect to the issuance of shares pursuant to the Share Exchange Agreement. | |
Entity Incorporation, Date of Incorporation | Sep. 13, 2011 | |
Share Exchange Transaction [Member] | ||
Organization and Nature of Operations (Textual) | ||
Aggregate common stock, shares issued | 20,700,000 | |
Equity interest | 100.00% | |
Moxian Intellectual Property Limited [Member] | ||
Organization and Nature of Operations (Textual) | ||
Equity interest | 100.00% |
Summary of Principal Accounti30
Summary of Principal Accounting Policies (Details) - Equipment [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Minimum [Member] | |
Summary of estimated useful lives of plant and equipment | |
Estimated useful life | 3 years |
Maximum [Member] | |
Summary of estimated useful lives of plant and equipment | |
Estimated useful life | 5 years |
Summary of Principal Accounti31
Summary of Principal Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Trademark [Member] | |
Summary of Principal Accounting Policies (Textual) | |
Trade mark and other intangible assets, estimated useful life | 10 years |
Other intangible assets [Member] | |
Summary of Principal Accounting Policies (Textual) | |
Trade mark and other intangible assets, estimated useful life | 10 years |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Property and Equipment [Abstract] | ||
Equipment | $ 77,860 | $ 77,962 |
Less: accumulated depreciation and amortization | (48,669) | (35,430) |
Total property and equipment, net | $ 29,191 | $ 42,532 |
Property and Equipment (Detai33
Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property and Equipment (Textual) | ||
Depreciation expenses | $ 14,686 | $ 18,255 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 139,451 | $ 142,543 |
Less: accumulated amortization | (35,943) | (24,089) |
Total intangible assets, net | 103,508 | 118,454 |
Trademark [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 15,684 | 16,032 |
Other intangible assets [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 123,767 | $ 126,511 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Intangible Assets [Abstract] | ||
2,017 | $ 12,700 | |
2,018 | 12,700 | |
2,019 | 12,700 | |
2,020 | 12,700 | |
2021 and thereafter | 52,708 | |
Total intangible assets, net | $ 103,508 | $ 118,454 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Intangible Assets (Textual) | ||
Amortization expense | $ 12,977 | $ 24,824 |
Long-Term Investment (Details)
Long-Term Investment (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Long-Term Investment [Abstract] | ||
Cost | $ 7,782,000 | $ 7,782,000 |
Fair value adjustment(including the effect of reverse stock split of $3,891,000 on June 20, 2016) | 4,591,380 | 31,128,000 |
Total long term investment, net | $ 12,373,380 | $ 38,910,000 |
Long-Term Investment (Details T
Long-Term Investment (Details Textual) - USD ($) | Jun. 20, 2016 | Dec. 31, 2015 | Aug. 14, 2015 | Jul. 09, 2014 | Sep. 28, 2015 | Jan. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Long-Term Investment (Textual) | ||||||||
Note receivable issued by MOXC | $ 7,782,000 | |||||||
Conversion price | $ 1 | |||||||
Volume weighted average price of MOXC's common stock description | Common Stock for 30 trading days immediately prior to the date of conversion is higher than the Conversion Price. MOXC also has a right of first refusal to purchase the shares issuable upon conversion of the MOXC Note at the price of 80% of the VWAP of MOXC Common Stock for 30 trading days immediately prior to the date of the proposed repurchase by MOXC. | |||||||
Debt instrument, maturity date | Oct. 30, 2015 | |||||||
Common stock, reverse stock split | 1-for-5 | |||||||
Common stock, shares outstanding | 23,000,118 | 23,000,118 | 23,000,118 | |||||
Fair value of moxc common stock | $ 5 | $ 3.18 | $ 5 | |||||
Gain on disposal of a subsidiary | 6,782,000 | |||||||
Fair value gain recognized | $ 26,536,620 | $ 31,128,000 | ||||||
Effect of reverse stock split | $ 3,891,000 | |||||||
VWAP [Member] | ||||||||
Long-Term Investment (Textual) | ||||||||
Conversion price | $ 1 | |||||||
Volume weighted average price of MOXC's common stock description | Common Stock for 30 trading day prior to August 14, 2015 is higher than $1.00. | |||||||
Conversion amount | $ 3,891,000 | |||||||
Conversion of stock, shares | 3,891,000 | |||||||
MOXC [Member] | ||||||||
Long-Term Investment (Textual) | ||||||||
Conversion amount | $ 3,891,000 | |||||||
Conversion of stock, shares | 7,782,000 | 3,891,000 | ||||||
Common stock, reverse stock split | 1-for-2 | |||||||
Common stock, shares outstanding | 7,782,000 | 3,891,000 | 7,782,000 |
Bank Loan (Details)
Bank Loan (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Bank Loan [Abstract] | ||
Repayable within one year | $ 11,352 | $ 11,940 |
Repayable after one year | 9,413 | |
Total bank loan | $ 11,352 | $ 21,353 |
Bank Loan (Details Textual)
Bank Loan (Details Textual) | Aug. 15, 2014SGDInstallments | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Bank Loan (Textual) | |||
Interest expenses | $ | $ 1,025 | $ 1,700 | |
Banking Facility [Member] | |||
Bank Loan (Textual) | |||
Bank loan amount | SGD 50,000 | ||
Interest rate | 6.00% | ||
Bank loan term | 3 years | ||
Number of installments | Installments | 36 | ||
Monthly installments amount | SGD 1,522 |
Due to a Shareholder (Details)
Due to a Shareholder (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Due to a Shareholder (Textual) | ||
Due to shareholder | $ 995,547 | $ 774,637 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | Dec. 05, 2014shares | Jul. 23, 2014shares | Jul. 09, 2014 | Feb. 27, 2013Investorsshares | Mar. 14, 2012USD ($)$ / sharesshares | Sep. 13, 2011USD ($)$ / sharesshares | Jan. 30, 2015shares | Apr. 16, 2013shares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Apr. 15, 2013$ / sharesshares |
Stockholders' Equity (Textual) | |||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Reverse stock split | 1-for-5 | ||||||||||
Reduction in the number of shares as a result of a reverse stock split | 46,000,000 | ||||||||||
Common stock issued under share exchange agreement, shares | 20,700,000 | ||||||||||
Common stock issued for cash, shares | 9,000,000 | ||||||||||
Common stock, shares authorized before amendment | 250,000,000 | ||||||||||
Common stock shares outstanding before stock split | 11,500,000 | ||||||||||
Accredited investors | Investors | 3 | ||||||||||
Percentage of issued and outstanding common stock | 90.00% | ||||||||||
Rebel FC stockholder | 100.00% | ||||||||||
Common stock shares outstanding after stock split | 2,300,118 | 230,000,000 | 230,000,000 | ||||||||
Forward stock split | 20-for-1 | ||||||||||
Reverse stock split of issued and outstanding common stock | 1-for-20 | ||||||||||
Common stock, shares issued | 23,000,118 | 23,000,118 | |||||||||
Common stock, shares outstanding | 23,000,118 | 23,000,118 | |||||||||
Investors [Member] | |||||||||||
Stockholders' Equity (Textual) | |||||||||||
Common stock, par value | $ / shares | $ 0.015 | ||||||||||
Common stock issued for cash | $ | $ 37,500 | ||||||||||
Common stock issued for cash, shares | 2,500,000 | ||||||||||
Former CEO and Director [Member] | |||||||||||
Stockholders' Equity (Textual) | |||||||||||
Common stock, par value | $ / shares | $ 0.001 | ||||||||||
Common stock issued for cash | $ | $ 9,000 | ||||||||||
Common stock issued for cash, shares | 9,000,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of earnings per share | ||
Net (loss) income attributable to common shareholders for computing basic net (loss) income per common stock | $ (188,195) | $ 7,617,976 |
Weighted-average shares of common stock outstanding in computing net (loss) income per common stock of the Company | ||
Basic | 23,000,118 | 22,811,067 |
Dilutive shares | ||
Diluted | 23,000,118 | 22,811,067 |
Basic (loss) earnings per share | $ (0.01) | $ 0.33 |
Diluted (loss) earnings per share | $ (0.01) | $ 0.33 |
Taxation (Details)
Taxation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income tax expense is comprised of: | ||
Current income tax | $ 3,109 | |
Deferred income tax (income) expense | (9,287,817) | 10,894,800 |
Total (reverse) provision for income taxes | $ 3,109 |
Taxation (Details 1)
Taxation (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Taxation [Abstract] | ||
Unrealized fair value gains on long-term investment | $ 1,606,983 | $ 10,894,800 |
Taxation (Details 2)
Taxation (Details 2) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Taxation [Abstract] | ||
Income tax payable |
Taxation (Details Textual)
Taxation (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Taxation (Textual) | |
Income tax rate | 17.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Mr. Leong Khian Kiee [Member] | ||
Related Party Transaction [Line Items] | ||
At beginning of year | $ 758,064 | $ 227,779 |
Advance from shareholder | 220,910 | 530,285 |
At end of year | 978,974 | 758,064 |
Mr. Leong Aan Yee Justin [Member] | ||
Related Party Transaction [Line Items] | ||
At beginning of year | 16,573 | |
Advance from shareholder | 16,573 | |
At end of year | $ 16,573 | $ 16,573 |
Related Party Transactions (D49
Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transactions (Textual) | ||
Due to shareholders | $ 995,547 | $ 774,637 |
Mr. Leong Khian Kiee [Member] | ||
Related Party Transactions (Textual) | ||
Relationships with the company | Shareholder | |
Mr. Leong Aan Yee Justin [Member] | ||
Related Party Transactions (Textual) | ||
Relationships with the company | Shareholder |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies (Textual) | ||
Commitment | ||
Legal proceeding |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) | 1 Months Ended | |
Feb. 28, 2017 | Jan. 31, 2017 | |
Subsequent Events (Textual) | ||
Common stock sold | 381,430 | 381,430 |
Proceeds from issuance of common stock | $ 190,715 | $ 190,715 |