Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Common Stock, Shares Outstanding | ' | 12,500,001 |
Entity Registrant Name | 'Jishanye, Inc. | ' |
Entity Central Index Key | '0001569737 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'CK0001569737 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Cash and equivalents | $815 | $16,302 |
Accounts receivable, net of allowance for doubtful accounts of $5,070 and $5,010 | 10 | 3,359 |
Other receivables | 2,341 | 1,667 |
Inventory | 27,724 | 40,291 |
Deposits | 0 | 7,063 |
Total current assets | 30,890 | 68,682 |
PROPERTY AND EQUIPMENT, net | 43,305 | 0 |
INTANGIBLE ASSETS, net | 2,484 | 757 |
OTHER LONG-TERM ASSETS | 6,940 | 2,239 |
TOTAL ASSETS | 83,619 | 71,678 |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ' | ' |
Salaries payable | 2,904 | 2,080 |
Advances from customers | 548 | 1,672 |
Accrued expenses | 8,370 | 7,478 |
Loan payable | 149,500 | 0 |
Total current liabilities | 161,322 | 11,230 |
Commitments and contingencies | ' | ' |
STOCKHOLDERS' EQUITY (DEFICIT): | ' | ' |
Common stock, $0.0001 per share; 100,000,000 shares authorized 12,500,000 shares issued and outstanding | 1,250 | 1,250 |
Additional paid-in capital | 98,750 | 98,750 |
Accumulated other comprehensive income | 352 | 2,430 |
Accumulated deficit | -178,055 | -41,982 |
Total stockholders' equity (deficit) | -77,703 | 60,448 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $83,619 | $71,678 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Receivable, Current | $5,070 | $5,010 |
ommon Stock Par Value (in dollars per share) | $0.00 | $0.00 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 12,500,000 | 12,500,000 |
Common Stock, Shares, Outstanding | 12,500,000 | 12,500,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | |
Revenue | $2,714 | $6,268 | $6,268 | $24,123 |
Cost of revenue | 2,928 | 1,438 | 1,438 | 12,228 |
Gross profit (loss) | -214 | 4,830 | 4,830 | 11,895 |
Operating expenses | ' | ' | ' | ' |
Selling | 30,005 | 1,028 | 1,028 | 48,984 |
General and administrative | 21,054 | 19,686 | 19,686 | 98,240 |
Research and development | 0 | 8,931 | 8,931 | 0 |
Total operating expenses | 51,059 | 29,645 | 29,645 | 147,224 |
Loss from operations | -51,273 | -24,815 | -24,815 | -135,329 |
Non-operating income (expense): | ' | ' | ' | ' |
Other income (expense) | -1,356 | 0 | 0 | -801 |
Interest income | 0 | 0 | 0 | 57 |
Total non-operating income (expense) | -1,356 | 0 | 0 | -744 |
Loss before provision for income taxes | -52,629 | -24,815 | -24,815 | -136,073 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net loss | -52,629 | -24,815 | -24,815 | -136,073 |
Other comprehensive loss | ' | ' | ' | ' |
Foreign currency translation gain (loss) | 420 | 1,664 | 1,664 | -2,078 |
Comprehensive loss | ($52,209) | ($23,151) | ($23,151) | ($138,151) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (Shares) | 12,500,000 | 12,500,000 | 12,500,000 | 12,500,000 |
Diluted (Shares) | 12,500,000 | 12,500,000 | 12,500,000 | 12,500,000 |
Loss per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0 | $0 | $0 | ($0.01) |
Diluted (in dollars per share) | $0 | $0 | $0 | ($0.01) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | 9 Months Ended |
Sep. 30, 2012 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($24,815) | ($136,073) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | 0 | 5,464 |
(Increase) / decrease in assets: | ' | ' |
Accounts receivable | -2,780 | 3,271 |
Other receivables | 0 | -699 |
Inventory | -28,994 | 11,794 |
Deposits | -6,919 | 6,899 |
Other assets | 0 | -4,712 |
Increase / (decrease) in current liabilities: | ' | ' |
Accounts payable | 3,744 | 0 |
Salaries payable | 2,401 | 855 |
Advances from customers | 32 | -1,089 |
Other payables | 13,185 | 1,016 |
Net cash used in operating activities | -44,146 | -113,274 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Payments for property and equipment | 0 | -48,512 |
Payments for intangible assets | -741 | -1,730 |
Net cash used in investing activities | -741 | -50,242 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from issuance of common stock | 100,000 | 0 |
Proceeds from loan payable | 0 | 149,500 |
Net cash provided by financing activities | 100,000 | 149,500 |
Effect of exchange rate changes on cash equivalents | 1,427 | -1,471 |
NET INCREASE (DECREASE) IN CASH | 56,540 | -15,487 |
CASH, BEGINNING OF PERIOD | 0 | 16,302 |
CASH, END OF PERIOD | 56,540 | 815 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Interest paid | 0 | 0 |
Income taxes paid | $0 | $0 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Note 1 - Organization and Basis of Presentation | |
Jishanye, Inc., formerly Yambear Bio-Tech, Inc. (the “Company” or “Jishanye”) was incorporated in the State of Delaware on April 12, 2012. The Company, through its subsidiary is engaged in selling enzymes products to public consumers across Taiwan, and intends to expand business operations by distributing and exporting its enzymes products to Hong Kong, mainland China, Singapore and Malaysia in 2013. The Company’s goal is to distribute and market its enzymes products to high-end consumers by exploring a variety of marketing channels, including, without limitation, telephone sales, sales on TV shopping channels, as well as selling in special counters located in big shopping malls and self-operated stores. | |
On October 25, 2013, the Company amended its Certificate of Incorporation to change the Company's name to "Jishanye, Inc." which was approved by the Board on October 24, 2013. | |
The unaudited consolidated financial statements were prepared by Company pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) were omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes. The results for the three and nine months ended September 30, 2013, are not necessarily indicative of the results to be expected for the year ending December 31, 2013. | |
Going Concern | |
The accompanying consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which contemplate continuation of the Company as a going concern. The Company has an accumulated deficit of $178,055 and working capital deficit of $130,432 as of September 30, 2013, and cash used in operations of $113,274 for the nine months ended September 30, 2013ly. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company plans to open a retail location in a shopping mall to create brand image and brand awareness and is currently negotiating an agency agreement with an insurance company in Taiwan . Major shareholders will continue to fund the Company until it is able to sustain positive cash flows from operations. | |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Jishanye and its wholly-owned subsidiary, Jishanye (Taiwan), Inc. All significant intercompany transactions and balances were eliminated in consolidation. | |
Basis of Presentation | |
The accompanying consolidated financial statements were prepared in conformity with US GAAP. The Company’s functional currency is the Taiwanese Dollar (“Taiwan $”); however, the accompanying consolidated financial statements were translated and presented in United States Dollars (“$” or “USD”). | |
Foreign Currency Translation | |
The accounts of the Taiwanese subsidiary are maintained in the Taiwan $ and the accounts of the U.S. parent are maintained in the USD. The accounts of the Taiwanese subsidiary are translated into USD in accordance with ASC Topic 830 “Foreign Currency Matters,” with the Taiwan $ as its functional currency. According to Topic 830, all assets and liabilities are translated at the exchange rate on the balance sheet date, stockholders’ equity is translated at historical rates and statement of operations items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC Topic 220, “Comprehensive Income.” Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the statement of operations. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
Note 2 - Summary of Significant Accounting Policies | |
Use of Estimates | |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Specific estimates include the collectability of accounts receivable and the valuation of inventory, Actual results could differ from those estimates. | |
Cash and Equivalents | |
Cash and equivalents include cash in hand and in time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. | |
Accounts Receivable | |
The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Reserves are recorded primarily on a specific identification basis. Currently, the Company provides all customers with 30 days credit which can be extended to 60 days based on customer needs. At September 30, 2013 and December 31, 2012, the amount of accounts receivable with extended credit terms is $0 and $515, respectively. | |
Inventory | |
Inventory is valued at the lower of the inventory’s cost or current market price. Management compares the cost of inventory with its market value and an allowance is made to write down inventory to market value, if lower. Inventory has a shelf life of three years. | |
Long-Lived Assets | |
The Company applies ASC Topic 360, “Property, Plant, and Equipment,” which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized of the amount by which the carrying amount exceeds the fair value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair values are reduced to recognize the cost of disposal. Based on its review, the Company believes that as of September 30, 2013 and December 31, 2012, there was no significant impairment of its long-lived assets. | |
Intangible Assets | |
The Company evaluates intangible assets for impairment, at least annually and whenever events or changes in circumstances indicate the carrying value may not be recoverable from its estimated future cash flows. Recoverability of intangible and other long-lived assets is measured by comparing their net book value to the related projected undiscounted cash flows from these assets, considering a number of factors including past operating results, budgets, economic projections, market trends and product development cycles. If the net book value of the asset exceeds the related undiscounted cash flows, the asset is considered impaired, and a second test is performed to measure the amount of impairment loss. Based on its review, the Company believes that as of September 30, 2013 and December 31, 2012, there was no significant impairment of its intangible assets. | |
Other Long-Term Assets | |
Other long-term assets are a rental deposit and a deposit with the Tech Zone in which the Company operates. Both deposits will be returned upon termination of the lease. | |
Revenue Recognition | |
The Company’s revenue recognition policies comply with SEC Staff Accounting Bulletin 104 (codified in FASB ASC Topic 605). Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. The Company provides sales incentives such as buy a dozen and get one free. The Company recognizes the cost of the free product at the time of sale. The Company does not provide unconditional return. Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as advances from customers. For products sold through distributors, the Company recognizes revenue net of discount at the date of sale. | |
Sales represent the invoiced value of products, net of value-added tax (“VAT”). All of the Company’s products sold in Taiwan are subject to a value-added tax of 5% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing the finished product. The Company records VAT payable and VAT receivable net of payments in the financial statements. The VAT tax return is filed offsetting the payables against the receivables. Sales and purchases are recorded net of VAT collected and paid as the Company acts as an agent for the government. | |
Basic and Diluted Earnings (Loss) Per Share | |
Earnings per share is calculated in accordance with the ASC Topic 260, “Earnings Per Share.” Basic earnings per share (“EPS”) is based upon the weighted average number of common shares outstanding. Diluted EPS is based on the assumption that all dilutive convertible shares and stock warrants were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. There were no options, warrants or other instruments convertible into common stock outstanding during the periods ended September 30, 2013 and 2012, therefore basic and diluted loss per share are the same. | |
Foreign Currency Transactions and Comprehensive Income | |
US GAAP generally requires recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as gain or loss on foreign currency translation, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. The functional currency of the Company’s Taiwanese subsidiary is the Taiwan $. Translation gains of $ 352 and $2,430 at September 30, 2013 and December 31, 2012, respectively, are classified as an item of other comprehensive income in the stockholders’ equity section of the consolidated balance sheets. | |
Research and Development | |
The Company expenses its research and development (“R&D”) costs as incurred. R&D expenses consist of expenses incurred for the development of 5 products the Company currently sells. This R&D was incurred jointly with the contract manufacturer. In addition, the Company has ongoing R&D expenses for the development of new products. | |
Statement of Cash Flows | |
In accordance with ASC Topic 230, “Statement of Cash Flows,” cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rates. As a result, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. | |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued ASU No. 2013-02, which amends the authoritative accounting guidance under ASC Topic 220 “Comprehensive Income.” The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under US GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under US GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under US GAAP that provide additional detail about those amounts. The amendments in this update are effective prospectively for reporting periods beginning after December 15, 2013. Early adoption is permitted. Adoption of this update is not expected to have a material effect on the Company’s consolidated results of operations or financial condition. | |
The FASB has issued ASU No. 2013-04, Liabilities (Topic 405), “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” ASU 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on the Company’s financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, A Similar Tax Loss, or a Tax Credit Carryforward Exists (A Consensus the FASB Emerging Issues Task Force). ASU 2013-11 provides guidance on financial statement presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforward in the same tax jurisdiction as of the reporting date. This amendment is effective for public entities for fiscal years beginning after December 15, 2013 and interim periods within those years. The company does not expect the adoption of this standard to have a material impact on the Company’s financial position and results of operations. | |
Inventory
Inventory | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory, Net, Items Net of Reserve Alternative [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
Note 3 - Inventory | ||||||||
Inventory detail is as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Packing material | $ | 23,820 | $ | 11,317 | ||||
Finished goods | 3,904 | 28,974 | ||||||
$ | 27,724 | $ | 40,291 | |||||
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Property, Plant and Equipment, Net [Abstract] | ' | ||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||
Note 4 – Property and Equipment | |||||
Property and equipment detail is as follows: | |||||
September 30, | |||||
2013 | |||||
Computer | $ | 5,359 | |||
Vehicle | 10,656 | ||||
Furniture | 32,786 | ||||
48,801 | |||||
Accumulated depreciation | -5,496 | ||||
Property and equipment, net | $ | 43,305 | |||
Intangible_Assets
Intangible Assets | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Intangible Assets Disclosure [Text Block] | ' | |||||||
Note 5 - Intangible Assets | ||||||||
Intangible assets were as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Trademark | $ | 2,484 | $ | 757 | ||||
Less: Accumulated amortization | - | - | ||||||
Intangible assets, net | $ | 2,484 | $ | 757 | ||||
The Company’s intangible asset consists of a trademark application fee which will be amortized over its estimate life of 10 years beginning when the trademark is approved. | ||||||||
Amortization of intangible assets is estimated as follows for the twelve months ending September 30, | ||||||||
2014 | $ | 248 | ||||||
2015 | 248 | |||||||
2016 | 248 | |||||||
2017 | 248 | |||||||
2018 | 248 | |||||||
Thereafter | 1,244 | |||||||
$ | 2,484 | |||||||
Loan_Payable
Loan Payable | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Note 6 – Loan Payable | |
During the nine months ended September 30, 2013, the Company issued a promissory note to a shareholder for $149,500. The promissory note is interest free and does not have a specific maturity date. | |
Stockholders_Equity
Stockholdersb Equity | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Stockholders Equity Note Disclosure [Text Block] | ' |
Note 7 – Stockholders’ Equity | |
The Company has authorized 100,000,000 shares of common stock with a par value of $0.0001 per shares. On July 16, 2012, the Company issued 12,500,000 shares of its common stock for $100,000. | |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
Note 8 – Commitments and Contingencies | |||||
The Company leases office space located at 3F., No.10, Yuanxi 2nd Rd., Pingtung Agriculture Biotechnology Park, Changzhi Township, Pingtung 908, Taiwan, Republic of China for $1,669 (NT$48,480) per month which expires on October 31, 2014. Future annual minimum lease payments as of September 30 for this non-cancelable operating lease are as follows by year: | |||||
Year ending September 30, 2013 | $ | 20,028 | |||
2014 | 11,683 | ||||
$ | 31,711 | ||||
Employment Agreements | |||||
Pursuant to an employment agreement between the Yambear Taiwan and Hsin-Lung Lin dated September 1, 2012, Hsin-Lung earns a salary of NT$32,000 (approximately $1,102) per month to serve as Chief Executive Officer of Yambear Taiwan. The employment agreement is for an indefinite term. Either party may terminate the agreement with at least 30 days prior notice. | |||||
In addition, pursuant to an employment agreement between Yambear Taiwan and Wei-Ming Tsai dated January 30, 2013, Wei-Ming earns no salary other than a monthly transportation subsidy of NT$5,000 (approximately $172) to serve as Project Vice General Manager of Yambear Taiwan. The agreement is for an indefinite term. Wei-Ming is also entitled to 3% of the annual sales revenue of Yambear Taiwan attributable to the marketing channels he assisted to develop and the direct sales made by him. | |||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Specific estimates include the collectability of accounts receivable and the valuation of inventory, Actual results could differ from those estimates. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Equivalents | |
Cash and equivalents include cash in hand and in time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. | |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' |
Accounts Receivable | |
The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Reserves are recorded primarily on a specific identification basis. Currently, the Company provides all customers with 30 days credit which can be extended to 60 days based on customer needs. At September 30, 2013 and December 31, 2012, the amount of accounts receivable with extended credit terms is $0 and $515, respectively. | |
Inventory, Policy [Policy Text Block] | ' |
Inventory | |
Inventory is valued at the lower of the inventory’s cost or current market price. Management compares the cost of inventory with its market value and an allowance is made to write down inventory to market value, if lower. Inventory has a shelf life of three years. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
Long-Lived Assets | |
The Company applies ASC Topic 360, “Property, Plant, and Equipment,” which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized of the amount by which the carrying amount exceeds the fair value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair values are reduced to recognize the cost of disposal. Based on its review, the Company believes that as of September 30, 2013 and December 31, 2012, there was no significant impairment of its long-lived assets. | |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | ' |
Intangible Assets | |
The Company evaluates intangible assets for impairment, at least annually and whenever events or changes in circumstances indicate the carrying value may not be recoverable from its estimated future cash flows. Recoverability of intangible and other long-lived assets is measured by comparing their net book value to the related projected undiscounted cash flows from these assets, considering a number of factors including past operating results, budgets, economic projections, market trends and product development cycles. If the net book value of the asset exceeds the related undiscounted cash flows, the asset is considered impaired, and a second test is performed to measure the amount of impairment loss. Based on its review, the Company believes that as of September 30, 2013 and December 31, 2012, there was no significant impairment of its intangible assets. | |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | ' |
Other Long-Term Assets | |
Other long-term assets are a rental deposit and a deposit with the Tech Zone in which the Company operates. Both deposits will be returned upon termination of the lease. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition | |
The Company’s revenue recognition policies comply with SEC Staff Accounting Bulletin 104 (codified in FASB ASC Topic 605). Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. The Company provides sales incentives such as buy a dozen and get one free. The Company recognizes the cost of the free product at the time of sale. The Company does not provide unconditional return. Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as advances from customers. For products sold through distributors, the Company recognizes revenue net of discount at the date of sale. | |
Sales represent the invoiced value of products, net of value-added tax (“VAT”). All of the Company’s products sold in Taiwan are subject to a value-added tax of 5% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing the finished product. The Company records VAT payable and VAT receivable net of payments in the financial statements. The VAT tax return is filed offsetting the payables against the receivables. Sales and purchases are recorded net of VAT collected and paid as the Company acts as an agent for the government. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Basic and Diluted Earnings (Loss) Per Share | |
Earnings per share is calculated in accordance with the ASC Topic 260, “Earnings Per Share.” Basic earnings per share (“EPS”) is based upon the weighted average number of common shares outstanding. Diluted EPS is based on the assumption that all dilutive convertible shares and stock warrants were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. There were no options, warrants or other instruments convertible into common stock outstanding during the periods ended September 30, 2013 and 2012, therefore basic and diluted loss per share are the same. | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' |
Foreign Currency Transactions and Comprehensive Income | |
US GAAP generally requires recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as gain or loss on foreign currency translation, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. The functional currency of the Company’s Taiwanese subsidiary is the Taiwan $. Translation gains of $ 352 and $2,430 at September 30, 2013 and December 31, 2012, respectively, are classified as an item of other comprehensive income in the stockholders’ equity section of the consolidated balance sheets. | |
Research and Development Expense, Policy [Policy Text Block] | ' |
Research and Development | |
The Company expenses its research and development (“R&D”) costs as incurred. R&D expenses consist of expenses incurred for the development of 5 products the Company currently sells. This R&D was incurred jointly with the contract manufacturer. In addition, the Company has ongoing R&D expenses for the development of new products. | |
Statement Of Cash Flows Reporting Policy [Policy Text Block] | ' |
Statement of Cash Flows | |
In accordance with ASC Topic 230, “Statement of Cash Flows,” cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rates. As a result, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued ASU No. 2013-02, which amends the authoritative accounting guidance under ASC Topic 220 “Comprehensive Income.” The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under US GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under US GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under US GAAP that provide additional detail about those amounts. The amendments in this update are effective prospectively for reporting periods beginning after December 15, 2013. Early adoption is permitted. Adoption of this update is not expected to have a material effect on the Company’s consolidated results of operations or financial condition. | |
The FASB has issued ASU No. 2013-04, Liabilities (Topic 405), “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” ASU 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on the Company’s financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, A Similar Tax Loss, or a Tax Credit Carryforward Exists (A Consensus the FASB Emerging Issues Task Force). ASU 2013-11 provides guidance on financial statement presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforward in the same tax jurisdiction as of the reporting date. This amendment is effective for public entities for fiscal years beginning after December 15, 2013 and interim periods within those years. The company does not expect the adoption of this standard to have a material impact on the Company’s financial position and results of operations. | |
Inventory_Tables
Inventory (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory, Net, Items Net of Reserve Alternative [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventory detail is as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Packing material | $ | 23,820 | $ | 11,317 | ||||
Finished goods | 3,904 | 28,974 | ||||||
$ | 27,724 | $ | 40,291 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Property, Plant and Equipment, Net [Abstract] | ' | ||||
Property, Plant and Equipment [Table Text Block] | ' | ||||
Property and equipment detail is as follows: | |||||
September 30, | |||||
2013 | |||||
Computer | $ | 5,359 | |||
Vehicle | 10,656 | ||||
Furniture | 32,786 | ||||
48,801 | |||||
Accumulated depreciation | -5,496 | ||||
Property and equipment, net | $ | 43,305 | |||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||
Intangible assets were as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Trademark | $ | 2,484 | $ | 757 | ||||
Less: Accumulated amortization | - | - | ||||||
Intangible assets, net | $ | 2,484 | $ | 757 | ||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | ' | |||||||
Amortization of intangible assets is estimated as follows for the twelve months ending September 30, | ||||||||
2014 | $ | 248 | ||||||
2015 | 248 | |||||||
2016 | 248 | |||||||
2017 | 248 | |||||||
2018 | 248 | |||||||
Thereafter | 1,244 | |||||||
$ | 2,484 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Future annual minimum lease payments as of September 30 for this non-cancelable operating lease are as follows by year: | |||||
Year ending September 30, 2013 | $ | 20,028 | |||
2014 | 11,683 | ||||
$ | 31,711 | ||||
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details Textual) (USD $) | 6 Months Ended | 9 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Retained Earnings (Accumulated Deficit) | ' | ($178,055) | ($41,982) |
Working Capital Deficit | ' | 130,432 | ' |
Net Cash Provided by (Used in) Operating Activities, Total | ($44,146) | ($113,274) | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Textual) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $352 | $2,430 |
Accounts Receivable, Greater than 60 Days Past Due | $0 | $515 |
Value Added Tax Percentage | 5.00% | ' |
Inventory_Details
Inventory (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Inventory [Line Items] | ' | ' |
Packing material | $23,820 | $11,317 |
Finished goods | 3,904 | 28,974 |
Inventory, Net | $27,724 | $40,291 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Computer | $5,359 | ' |
Vehicle | 10,656 | ' |
Furniture | 32,786 | ' |
Property, Plant and Equipment, Gross, Total | 48,801 | ' |
Accumulated depreciation | -5,496 | ' |
Property and equipment, net | $43,305 | $0 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Trademark | $2,484 | $757 |
Less: Accumulated amortization | 0 | 0 |
Intangible assets, net | $2,484 | $757 |
Intangible_Assets_Details_1
Intangible Assets (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Finite-Lived Intangible Assets Future Amortization Expense [Line Items] | ' | ' |
2014 | $248 | ' |
2015 | 248 | ' |
2016 | 248 | ' |
2017 | 248 | ' |
2018 | 248 | ' |
Thereafter | 1,244 | ' |
Intangible assets, net | $2,484 | $757 |
Intangible_Assets_Details_Text
Intangible Assets (Details Textual) | 9 Months Ended |
Sep. 30, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years |
Loan_Payable_Details_Textual
Loan Payable (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Short-term Debt [Line Items] | ' |
Proceeds from Notes Payable | $149,500 |
Stockholders_Equity_Details_Te
Stockholdersb Equity (Details Textual) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Common Stock [Member] | |||
Stockholders Equity [Line Items] | ' | ' | ' |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | ' |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | 12,500,000 |
Stock Issued During Period, Value, New Issues | ' | ' | $100,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Sep. 30, 2013 |
Schedule of Contingencies by Contingency [Line Items] | ' |
Year ending September 30, 2013 | $20,028 |
2014 | 11,683 |
Operating Leases, Future Minimum Payments Due, Total | $31,711 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
USD ($) | TWD | USD ($) | TWD | Deferred Profit Sharing [Member] | |
Sales Revenue, Net [Member] | |||||
Schedule Of Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense | $1,669 | 48,480 | ' | ' | ' |
Officers Compensation | ' | ' | 1,102 | 32,000 | ' |
Travel and Entertainment Expense | $172 | 5,000 | ' | ' | ' |
Lease Expiration Date | ' | ' | 31-Oct-14 | 31-Oct-14 | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | 3.00% |