Cover
Cover | 6 Months Ended |
Jun. 30, 2020 | |
Cover [Abstract] | |
Entity Registrant Name | RENAVOTIO, INC. |
Entity Central Index Key | 0001574910 |
Document Type | S-1 |
Amendment Flag | false |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Filer Category | Non-accelerated Filer |
Entity Ex Transition Period | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | |||
Cash | $ 23,304 | $ 26,962 | $ 520,772 |
Accounts receivable, net | 0 | 436,153 | |
Prepayments | 0 | 1,436 | 0 |
Accounts receivable, net - related party | 0 | 751,000 | |
Other receivables - related party | 431,736 | 10,800 | 138,230 |
Advance to director | 0 | 151,759 | |
Other current assets | 8,484 | 7,060 | 0 |
Total Current Assets | 463,524 | 46,258 | 1,997,913 |
Total Assets | 463,524 | 46,258 | 1,997,913 |
Current Liabilities | |||
Accounts payable - related party | 38,118 | 38,574 | 976,861 |
Accrued expenses | 387,623 | 271,086 | 129,383 |
Other payables | 21,922 | 6,699 | 5,145 |
Notes payable - related party | 79,468 | 79,468 | 79,468 |
Loan payable- related party | 215,960 | 170,475 | 143,325 |
Convertible notes | 210,176 | 175,917 | |
Income tax payable | 10,655 | 10,681 | 121,609 |
Total Current Liabilities | 963,932 | 752,900 | 1,455,792 |
Total Liabilities | 963,932 | 752,900 | 1,455,792 |
Commitments and Contingencies | 0 | 75,135 | 75,000 |
Stockholders' Equity (Deficit) | |||
Common stock, $0.001 par value, 500,000,000 shares authorized: 84,435,000 and 75,000,000 shares issued and outstanding | 84,435 | 75,135 | 75,000 |
Additional paid in capital | 673,033 | 223,705 | 26,340 |
Retained earnings | (1,262,757) | (1,008,098) | 442,240 |
Accumulated other comprehensive income (loss) | 4,881 | 2,616 | (1,459) |
Total stockholders' equity (deficit) | (500,408) | (706,642) | 542,121 |
Total liabilities and stockholders' equity (deficit) | $ 463,524 | $ 46,258 | $ 1,997,913 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Stockholders' Equity (Deficit) | |||
Common stock par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock issued | 84,435,000 | 75,135,000 | 75,000,000 |
Common stock outstanding | 84,435,000 | 75,135,000 | 75,000,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||
Revenues | $ 0 | $ 82,834 | $ 0 | $ 194,641 | $ 233,249 | $ 1,677,975 |
Cost of Revenues | 0 | 82,858 | 0 | 98,858 | 117,486 | 218,000 |
Gross Profit | 0 | (24) | 0 | 95,783 | 115,763 | 1,459,975 |
Operating Expenses | ||||||
General and Administrative | 155,385 | 329,859 | 254,659 | 520,004 | 1,677,002 | 691,027 |
Net Income (Loss) from Operation before Taxes | (155,385) | (329,883) | (254,659) | (424,221) | (1,561,239) | 768,948 |
Provision for Income Taxes | (1,037) | (110,901) | 121,771 | |||
Net Income (Loss) | (155,385) | (328,846) | (254,659) | (424,221) | (1,450,338) | 647,177 |
Other Comprehensive Income (Loss) | ||||||
Foreign currency translation adjustment | 1,374 | (624) | 2,265 | 342 | 4,075 | (1,459) |
Comprehensive Income (Loss) | $ (154,011) | $ (329,470) | $ (252,394) | $ (423,879) | $ (1,446,263) | $ 645,718 |
Earnings (Loss) per Common Share-Basic and Diluted | $ 0 | $ 0 | $ 0 | $ (0.01) | $ (0.02) | $ 0.01 |
Weighted Average Number of Common Shares Outstanding Basic and diluted | 88,931,703 | 75,000,000 | 82,033,352 | 75,000,000 | 75,070,205 | 75,000,000 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated other comprehensive Income (Loss) |
Balance, shares at Dec. 31, 2017 | 75,000,000 | ||||
Balance, amount at Dec. 31, 2017 | $ (103,597) | $ 75,000 | $ 26,340 | $ (204,937) | $ 0 |
Net income (Loss) | 647,177 | 0 | 0 | 647,177 | 0 |
Foreign currency translation adjustment | (1,459) | $ 0 | 0 | 0 | (1,459) |
Balance, shares at Dec. 31, 2018 | 7,500,000 | ||||
Balance, amount at Dec. 31, 2018 | 542,121 | $ 75,000 | 26,340 | 444,240 | (1,459) |
Net income (Loss) | (95,375) | $ 0 | 0 | (95,375) | 0 |
Foreign currency translation adjustment | 966 | 966 | |||
Balance, shares at Mar. 31, 2019 | 75,000,000 | ||||
Balance, amount at Mar. 31, 2019 | 447,712 | $ 75,000 | 26,340 | 346,865 | 493 |
Balance, shares at Dec. 31, 2018 | 7,500,000 | ||||
Balance, amount at Dec. 31, 2018 | 542,121 | $ 75,000 | 26,340 | 444,240 | (1,459) |
Net income (Loss) | (424,221) | ||||
Balance, shares at Jun. 30, 2019 | 75,100,000 | ||||
Balance, amount at Jun. 30, 2019 | 218,242 | $ 75,100 | 126,240 | 18,019 | (1,117) |
Balance, shares at Dec. 31, 2018 | 7,500,000 | ||||
Balance, amount at Dec. 31, 2018 | 542,121 | $ 75,000 | 26,340 | 444,240 | (1,459) |
Net income (Loss) | (1,450,338) | 0 | 0 | (1,450,338) | |
Foreign currency translation adjustment | $ 4,075 | $ 0 | 0 | 0 | 4,075 |
Shares issued for compensation, shares | 135,000 | 135,000 | |||
Shares issued for compensation, amount | $ 197,500 | $ 135 | 197,365 | 0 | |
Balance, shares at Dec. 31, 2019 | 75,135,000 | ||||
Balance, amount at Dec. 31, 2019 | (706,642) | $ 75,135 | 223,705 | (1,008,098) | 2,616 |
Balance, shares at Mar. 31, 2019 | 75,000,000 | ||||
Balance, amount at Mar. 31, 2019 | 447,712 | $ 75,000 | 26,340 | 346,865 | 493 |
Net income (Loss) | (328,846) | 0 | 0 | (328,846) | 0 |
Foreign currency translation adjustment | (624) | $ 0 | 0 | 0 | (624) |
Shares issued for compensation, shares | 100,000 | ||||
Shares issued for compensation, amount | 100,000 | $ 100 | 99,900 | 0 | 0 |
Balance, shares at Jun. 30, 2019 | 75,100,000 | ||||
Balance, amount at Jun. 30, 2019 | 218,242 | $ 75,100 | 126,240 | 18,019 | (1,117) |
Balance, shares at Dec. 31, 2019 | 75,135,000 | ||||
Balance, amount at Dec. 31, 2019 | (706,642) | $ 75,135 | 223,705 | (1,008,098) | 2,616 |
Net income (Loss) | (99,274) | $ 0 | 0 | (99,274) | 0 |
Foreign currency translation adjustment | 891 | 891 | |||
Balance, shares at Mar. 31, 2020 | 75,135,000 | ||||
Balance, amount at Mar. 31, 2020 | (805,025) | $ 75,135 | 223,705 | (1,107,372) | 3,507 |
Balance, shares at Dec. 31, 2019 | 75,135,000 | ||||
Balance, amount at Dec. 31, 2019 | (706,642) | $ 75,135 | 223,705 | (1,008,098) | 2,616 |
Net income (Loss) | (254,659) | ||||
Balance, shares at Jun. 30, 2020 | 84,435,000 | ||||
Balance, amount at Jun. 30, 2020 | (500,408) | $ 84,435 | 673,033 | (1,262,757) | 4,881 |
Balance, shares at Mar. 31, 2020 | 75,135,000 | ||||
Balance, amount at Mar. 31, 2020 | (805,025) | $ 75,135 | 223,705 | (1,107,372) | 3,507 |
Net income (Loss) | (155,385) | 0 | 0 | (155,385) | 0 |
Foreign currency translation adjustment | 1,374 | $ 0 | 0 | 0 | 1,374 |
Shares cancelled for acquisition, shares | (22,000,000) | ||||
Shares cancelled for acquisition, amount | 0 | $ (22,000) | 22,000 | 0 | 0 |
Shares issued for services, shares | 10,750,000 | ||||
Shares issued for services, amount | 321,000 | $ 10,700 | 310,300 | 0 | 0 |
Shares issued for conversion of notes, shares | 20,600,000 | ||||
Shares issued for conversion of notes, amount | 137,628 | $ 20,600 | 117,028 | 0 | 0 |
Balance, shares at Jun. 30, 2020 | 84,435,000 | ||||
Balance, amount at Jun. 30, 2020 | $ (500,408) | $ 84,435 | $ 673,033 | $ (1,262,757) | $ 4,881 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | ||||
Net income (loss) of the period | $ (254,659) | $ (424,221) | $ (1,450,338) | $ 647,177 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||
Foreign currency translation adjustment | 2,265 | 342 | 4,075 | (1,459) |
Bad Debts | 703,491 | 33,000 | ||
Stock based compensation | 0 | 100,000 | 197,500 | |
Amortization on discount of convertible notes | 5,887 | 0 | 4,417 | |
Amortization of debt issue cost | 4,882 | 0 | ||
Change in assets and liabilities: | ||||
Accounts receivable (increase) decrease | 0 | 1,027,762 | 1,143,728 | (1,097,153) |
Prepayments (increase) decrease | 1,436 | (49,316) | (1,436) | |
Other receivables (increase) decrease | 60,064 | (121,713) | (132,513) | (138,280) |
Advance to director (increase) decrease | 0 | (245,365) | (248,365) | (115,361) |
Other current assets (increase) decrease | (306) | 0 | (7,060) | |
Accounts payable increase (decrease) | (456) | (858,231) | (938,287) | 936,861 |
Accrued expenses increase (decrease) | 116,537 | 96,178 | 141,703 | 67,280 |
Other payables increase (decrease) | 15,223 | 2,486 | 1,554 | 2,648 |
Income tax payables increase (decrease) | (16) | 7 | (110,928) | 121,609 |
Net cash provided by (used in) operating activities | (49,143) | (472,072) | (692,460) | 456,322 |
Financing Activities | ||||
Loans from related parties | 45,485 | 0 | 27,150 | 9,656 |
Repayment of loans from related parties | 0 | (4,776) | ||
Proceeds from issuance of convertible notes | 171,500 | |||
Net cash provided by financing activities | 45,485 | (4,776) | 198,650 | 9,656 |
Net increaase (decrease) in cash and equivalents | (3,658) | (476,849) | (493,810) | 466,030 |
Cash and equivalents at beginning of the period | 26,962 | 520,772 | 520,772 | 54,742 |
Cash and equivalents at end of the period | 23,304 | 43,923 | $ 26,962 | $ 520,772 |
Supplemental cash flow information: | ||||
Interest paid | 0 | 0 | ||
Income taxes paid | $ 0 | $ 0 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
ORGANIZATION AND NATURE OF BUSINESS | ||
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS | Success Entertainment Group International, Inc. (“the Company”, ”we”, ”us”, or “our”) was incorporated in the State of Nevada on January 30, 2013 under the name Altimo Group Corp and its initial business plan was to place and operate frozen yogurt making machines. Effective July 14, 2014, there was a change in control of the Company. In accordance with the terms and provisions of a stock purchase agreement dated May 5, 2014 (the "Stock Purchase Agreement") by and among Marek Tomaszewski, the seller of an aggregate of 8,000,000 shares of common stock of the Company (the "Control Block Seller"), and Success Holding Group Corp. USA, a Nevada corporation (the "Control Block Purchaser"), the Control Block Purchaser purchased from the Control Block Shareholders all of the 8,000,000 shares of common stock held of record. In accordance with the terms and provisions of the Stock Purchase Agreement, the Company accepted the resignations of its sole officer and director, Marek Tomaszewski as President, Chief Executive Officer, Secretary, Treasurer and Chief Financial Officer effective July 14, 2014. Simultaneously, the Board of Directors appointed the following individuals: (i) Steve Chen as a member of the Board of Directors and the Chief Executive Officer; and (ii) Brian Kistler as a member of the Board of Directors and the President, Secretary, Treasurer and Chief Financial Officer. Effective July 14, 2014, our Board of Directors and majority shareholders approved an amendment to our articles of incorporation to change our name to "Success Entertainment Group International Inc." (the “Name Change Amendment”). The Name Change Amendment was approved by our Board of Directors to better reflect the new nature of our business operations. The Name Change Amendment was filed with the Secretary of State of Nevada on August 22, 2014 changing our name to "Success Entertainment Group International Inc." Effective on July 15, 2014, the Board of Directors of Altimo Group Corp authorized and approved the execution of that certain general release and waiver of debt agreement (the "Release Agreement") with Marek Tomaszekwsi, the Company's prior President, Chief Executive Officer, Secretary, Treasurer and Chief Financial Officer (the "Creditor"), pursuant to which the Creditor agreed to waive and release the debt due and owing to it in the aggregate amount of $5,100 (the "Released Debt"). In accordance with the terms and provisions of the Release Agreement, the Creditor agreed to release, acquit, covenant not to sue and specifically release and waive any claims or rights it may have under common law and statutory law relating to the Released Debt. Effective July 15, 2014, pursuant to the change in ownership described above, the focus and direction of the Company will now be the production and development of internet movies and training films. On December 1, 2014 the Board of Directors of the Company authorized an amendment to its Bylaws to change the Company’s fiscal year end From March 31 to December 31. On December 2, 2014, our Board of Directors accepted the resignation of Steve Chen as the Chief Executive Officer and appointed Chris (Chi Jui) Hong as the Chief Executive Officer and a member of the Board of Directors. Following this appointment, our Board of Directors consists of three members: (i) Steve Andrew Chen; (ii) Brian Kistler; and (iii) Chris (Chi Jui) Hong. On November 19, 2015, the Company acquired 100% shares of Double Growth Investment Ltd. On December 9, 2015, the Company acquired 100% shares of Coronet Limited, Fortunate Yields Limited, Solution Elite Limited, Ultimate Concept Limited, Viva Leader Limited. All these subsidiaries were registered in Republic of Seychelles. The Company made these acquisitions for future investment purpose. In 2016, the Company discontinued Coronet Limited, Fortunate Yields Limited, Solution Elite Limited, Ultimate Concept Limited, Viva Leader Limited by non-payment of the annual renewal fee. On December 14, 2017, the Company acquired 100% shares of Success Events (Hong Kong) Limited, a company registered in Hong Kong Special Administrative Region. Success Events (Hong Kong) Limited holds 60% shares of Shenzhen Internet Media Co., Ltd. and 100% shares of Distribution Network Inc. Shenzhen Internet Media Co., Ltd was registered in China. Distribution Network Inc. was registered in Seychelles and its main business is holding seminar in Great China Area. On February 28, 2018, Success Events (Hong Kong) Limited transferred 60% shares of Shenzhen Internet Media Co., Ltd. to a company in China. Shenzhen Internet Media Co., Ltd. is no longer a subsidiary of the Company. On May 30, 2018, Success Events (Hong Kong) Limited acquire 100% shares of Success Win (Shanghai) Co., Ltd. On February 27, 2019, SEGN Taiwan Limited was incorporated in Taiwan and the Company holds 100% of its shares. On April 3, 2020, the Company entered into an agreement to acquired Renavotio Infratech, Inc., a new business plan was adopted consisting upon: Utility Management, Underground infrastructure installation including fiber optic, 5 G,, Medical Infrastructure including Personal protection equipment sales and production. As of June 30, 2020, the closing of this acquisition has not been finished. On April 3, 2020, our Board of Directors accepted the resignation of Steve Chen as the Chairman, the resignation of Chris (Chi Jui) Hong as the Chief Executive Officer and a member of the Board of Directors and the resignation of Brian Kistler as President. Following this appointment, our Board of Directors consists of three members: (i) William Robinson as Chairman, CEO, President;(ii) Steve Andrew Chen as CFO; and (iii) Brian Kistler. On July 15, 2020, the Company entered into an agreement to purchase Utility Management Corp. (“UMC”), a Delaware company, and its two (“2”) key subsidiaries, each of which, an Oklahoma limited liability company, Utility Management & Construction, LLC (“UMCCO”) and Cross-Bo Construction, LLC (“Cross-Bo”). The purchase price of Four Million Five Hundred Thousand US Dollars, ($4,500,000.00) was paid as follows: (i) an initial amount of Three Hundred and Fifty-four Thousand US Dollars ($354,000.00) was paid in cash and notes; (ii) RII assumed Two Million Eight Hundred and Forty Six Thousand US Dollars ($2,846,000.00) in UMC debt; and (iii) One Million Three Hundred Thousand Dollars, ($1,300,000.00) worth of Success Entertainment Group International, Inc., (“SEGN”) common stock was issued at $.07 a share, equivalent to 18,571,428 restricted SEGN shares. On July 29, 2020, we filed an application with FINRA for a name change to Renavotio, Inc. (“RI”) and a new trading symbol, which application is still pending, to be better illustrate its current business operations and to highlight the newly-configured Company. On August 6, 2020 the company entered into a Letter of Intent (“LOI”) to acquire the medical infrastructure company PPE Solutions Group, LLC (“PPE”), a Wyoming limited liability company based in New Jersey. The LOI provides for RI to exchange SEGN common stock for 100% of the Equity Interests of PPE for an aggregate purchase price of Two Million U.S. Dollars, ($2,000,000.00), calculated by issuing an equivalent amount of SEGN shares based on the stock’s closing price on the date of the acquisition. The purchase price is subject to an adjustment based on RI’s due diligence review, any third party valuation reports of the Company that the Buyer may obtain, and any adjustment terms set forth in the Definitive Agreement with the intent to operate the Company as a wholly-owned subsidiary. | Success Entertainment Group International, Inc. (“the Company”, ”we”, ”us”, or “our”) was incorporated in the State of Nevada on January 30, 2013 under the name Altimo Group Corp and its initial business plan was to place and operate frozen yogurt making machines. Effective July 14, 2014, there was a change in control of the Company. In accordance with the terms and provisions of a stock purchase agreement dated May 5, 2014 (the "Stock Purchase Agreement") by and among Marek Tomaszewski, the seller of an aggregate of 8,000,000 shares of common stock of the Company (the "Control Block Seller"), and Success Holding Group Corp. USA, a Nevada corporation (the "Control Block Purchaser"), the Control Block Purchaser purchased from the Control Block Shareholders all of the 8,000,000 shares of common stock held of record. In accordance with the terms and provisions of the Stock Purchase Agreement, the Company accepted the resignations of its sole officer and director, Marek Tomaszewski as President, Chief Executive Officer, Secretary, Treasurer and Chief Financial Officer effective July 14, 2014. Simultaneously, the Board of Directors appointed the following individuals: (i) Steve Chen as a member of the Board of Directors and the Chief Executive Officer; and (ii) Brian Kistler as a member of the Board of Directors and the President, Secretary, Treasurer and Chief Financial Officer. Effective July 14, 2014, our Board of Directors and majority shareholders approved an amendment to our articles of incorporation to change our name to "Success Entertainment Group International Inc." (the “Name Change Amendment”). The Name Change Amendment was approved by our Board of Directors to better reflect the new nature of our business operations. The Name Change Amendment was filed with the Secretary of State of Nevada on August 22, 2014 changing our name to "Success Entertainment Group International Inc." Effective on July 15, 2014, the Board of Directors of Altimo Group Corp authorized and approved the execution of that certain general release and waiver of debt agreement (the "Release Agreement") with Marek Tomaszekwsi, the Company's prior President, Chief Executive Officer, Secretary, Treasurer and Chief Financial Officer (the "Creditor"), pursuant to which the Creditor agreed to waive and release the debt due and owing to it in the aggregate amount of $5,100 (the "Released Debt"). In accordance with the terms and provisions of the Release Agreement, the Creditor agreed to release, acquit, covenant not to sue and specifically release and waive any claims or rights it may have under common law and statutory law relating to the Released Debt. Effective July 15, 2014, pursuant to the change in ownership described above, the focus and direction of the Company will now be the production and development of internet movies and training films. On December 1, 2014, the Board of Directors of the Company authorized an amendment to its Bylaws to change the Company’s fiscal year end From March 31 to December 31. On December 2, 2014, our Board of Directors accepted the resignation of Steve Chen as the Chief Executive Officer and appointed Chris (Chi Jui) Hong as the Chief Executive Officer and a member of the Board of Directors. Following this appointment, our Board of Directors consists of three members: (i) Steve Andrew Chen; (ii) Brian Kistler; and (iii) Chris (Chi Jui) Hong. On November 19, 2015, the Company acquired 100% shares of Double Growth Investment Ltd. On December 9, 2015, the Company acquired 100% shares of Coronet Limited, Fortunate Yields Limited, Solution Elite Limited, Ultimate Concept Limited, Viva Leader Limited. All these subsidiaries were registered in Republic of Seychelles. The Company made these acquisitions for future investment purpose. In 2016, the Company discontinued Coronet Limited, Fortunate Yields Limited, Solution Elite Limited, Ultimate Concept Limited, Viva Leader Limited by non-payment of the annual renewal fee. On December 14, 2017, the Company acquired 100% shares of Success Events (Hong Kong) Limited, a company registered in Hong Kong Special Administrative Region. Success Events (Hong Kong) Limited holds 60% shares of Shenzhen Internet Media Co., Ltd. and 100% shares of Distribution Network Inc. Shenzhen Internet Media Co., Ltd was registered in China. Distribution Network Inc. was registered in Seychelles and its main business is holding seminar in Great China Area. On February 28, 2018, Success Events (Hong Kong) Limited transferred 60% shares of Shenzhen Internet Media Co., Ltd. to a company in China. Shenzhen Internet Media Co., Ltd. is no longer a subsidiary of the Company. On May 30, 2018, Success Events (Hong Kong) Limited acquire 100% shares of Success Win (Shanghai) Co., Ltd. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Interim Financial Statements The accompanying unaudited financial statements have been prepared in accordance with the instructions from Regulation S-X and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim period(s), and to make the financial statements not misleading, have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim period(s) are not necessarily indicative of operations for a full year. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. Principles of Consolidation The consolidated financial statements include the accounts of the Company and all its majority-owned subsidiaries which require consolidation. Inter-company transactions have been eliminated in consolidation. Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses. Translation Adjustment For the six months ended June 30, 2020, the accounts of the Success Win (Shanghai) Co., Ltd. were maintained, and its financial statements were expressed, in RMB. Such financial statements were translated into USD in accordance with the Foreign Currency Matters Topic of the Codification (ASC 830), with the RMB as the functional currency. According to the Codification, all assets and liabilities were translated at the current exchange rate at respective balance sheets dates, members’ capital are translated at the historical rates and income statement items are translated at the average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with the Comprehensive Income Topic of the Codification (ASC 220), as a component of members’ capital. Transaction gains and losses are reflected in the income statement. Comprehensive Income The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of members’ capital, except those due to investments by members, changes in paid-in capital and distributions to members. Comprehensive income for the six months ended June 30, 2020 is included net income and foreign currency translation adjustments. Use of Estimates The preparation of 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 disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $23,304 of cash as of June 30, 2020. The Company’s bank accounts are deposited in insured institutions. At June 30, 2020, the Company’s bank deposits did not exceed the insured amounts. Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollected amounts through a charge to earnings and a credit to an allowance for bad debts based on its assessment of the current status of individual accounts.Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the allowance for bad debts and a credit to accounts receivable. Fair Value of Financial Instruments ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as input other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company. Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s financial instruments consist of cash, a related party loan and note payable related party. The carrying amount of these financial instruments approximates fair value due their short term maturity. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Revenue Recognition The Company will recognize revenue in accordance with ASC. 605, “Revenue Recognition”. ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. The major revenue streams of the Company are a series of human spirit stimulation training seminars. Training seminars have its agenda and speaking topics and other decoration details defined within the contract. The Company recognizes revenue when services have been provided, and collection is reasonably assured. Advertising Costs The Company policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 for the six months ended June 30, 2020. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. As of June 30, 2020, the Company has not adopted a stock option plan and has not granted any stock options. Basic and Diluted Income (Loss) per Share Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. For the six months ended June 30, 2020, the potential dilution associated with convertible debt was excluded from the calculation as it will create an anti-dilutive effect. Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations. | Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. Principles of Consolidation The consolidated financial statements include the accounts of the Company and all its majority-owned subsidiaries which require consolidation. Inter-company transactions have been eliminated in consolidation. Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses. Translation Adjustment For the year ended December 31, 2019, the accounts of the Success Win (Shanghai) Co., Ltd. were maintained, and its financial statements were expressed, in RMB. Such financial statements were translated into USD in accordance with the Foreign Currency Matters Topic of the Codification (ASC 830), with the RMB as the functional currency. According to the Codification, all assets and liabilities were translated at the current exchange rate at respective balance sheets dates, members’ capital are translated at the historical rates and income statement items are translated at the average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with the Comprehensive Income Topic of the Codification (ASC 220), as a component of members’ capital. Transaction gains and losses are reflected in the income statement. Comprehensive Income The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of members’ capital, except those due to investments by members, changes in paid-in capital and distributions to members. Comprehensive income for the year ended December 31, 2019 is included net income and foreign currency translation adjustments. Use of Estimates The preparation of 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 disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $26,962 and $520,772 of cash as of December 31, 2019 and 2018, respectively. The Company’s bank accounts are deposited in insured institutions. At December 31, 2019, the Company’s bank deposits did not exceed the insured amounts. Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollected amounts through a charge to earnings and a credit to an allowance for bad debts based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the allowance for bad debts and a credit to accounts receivable. Fair Value of Financial Instruments ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as input other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company. Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s financial instruments consist of cash, a related party loan and note payable related party. The carrying amount of these financial instruments approximates fair value due their short-term maturity. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Revenue Recognition The Company will recognize revenue in accordance with ASC. 605, “Revenue Recognition”. ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. The major revenue streams of the Company are a series of human spirit stimulation training seminars. Training seminars have its agenda and speaking topics and other decoration details defined within the contract. The Company recognizes revenue when services have been provided, and collection is reasonably assured. Advertising Costs The Company policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 for the years ended December 31, 2019 and 2018. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. As of December 31, 2019 and 2018, the Company has not adopted a stock option plan and has not granted any stock options. Basic and Diluted Income (Loss) per Share Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. For the year ended December 31, 2019, The potential dilution associated with convertible debt was excluded from the calculation as it will create an anti-dilutive effect. Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations. |
OTHER RECEIVABLES - RELATED PAR
OTHER RECEIVABLES - RELATED PARTY | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
OTHER RECEIVABLES - RELATED PARTY | ||
NOTE 3 - OTHER RECEIABLES- RELATED PARTY | As of June 30, 2020, the Company has other receivables of $407 and $11,770 from Success Holding Group International, Inc. and Success Holdings Group Corp. USA. The Company also has $419,559 other receivables from companies under control of William Robinson our Chairman, CEO, and President. | As of December 31, 2019, the Company has other receivables of $10,800 from Success Holdings Group Corp. USA. |
ACCOUNTS PAYABLE - RELATED PART
ACCOUNTS PAYABLE - RELATED PARTY | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
ACCOUNTS PAYABLE - RELATED PARTY | ||
NOTE 4 - ACCOUNTS PAYABLE- RELATED PARTY | As of June 30, 2020, the Company has accounts payable of $31,053, to Shanghai Kun-Xin Media Limited under common control with the Company and $7,000 to Steve Andrew Chen who is the Company’s former Chairman of the Board of Directors. | As of December 31, 2019, the Company has accounts payable of $31,574, to Shanghai Kun-Xin Media Limited under common control with the Company. As of December 31, 2019, the Company has accounts payable of $7,000 to Steve Andrew Chen who is the Company’s Chairman of the Board of Directors. |
NOTES PAYABLE - RELATED PARTY
NOTES PAYABLE - RELATED PARTY | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
NOTES PAYABLE - RELATED PARTY | ||
NOTE 5- NOTES PAYABLE-RELATED PARTY | On April 24, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $10,000 with Hsu Wen Li who is wife of the Chris (Chi Jui) Hong, the Company’s former Chief Executive Officer and Director. The maturity of the Notes is April 24, 2018 and bear no interest. On June 7, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $10,000 with Hsu Wen Li who is wife of the Chris Hong (Chi Jui), the Company’s former Chief Executive Officer and Director. The maturity of the Notes is June 7, 2018 and bear no interest. On July 5, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $20,000 with Hsu Wen Li who is wife of the Chris (Chi Jui) Hong, the Company’s former Chief Executive Officer and Director. The maturity of the Notes is July 5, 2018 and bear no interest. On August 11, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $20,000 with Hsu Wen Li who is wife of the Chris (Chi Jui) Hong, the Company’s former Chief Executive Officer and Director. The maturity of the Notes is August 11, 2018 and bear no interest. On May 15, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $24,500 with Steve Andrew Chen who is the Company’s former Chairman of the Board of Directors. The maturity of the Notes is May 15, 2018 and bear no interest. On July 4, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $10,000 with Steve Andrew Chen, the former Company Chairman of the Board of Directors. The maturity of the Notes is July 4, 2018 and bear no interest. On October 17, 2017, the Company repaid Steve Andrew Chen $15,032. | On April 24, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $10,000 with Hsu Wen Li who is wife of the Chris (Chi Jui) Hong, the Company’s Chief Executive Officer and Director. The maturity of the Notes is April 24, 2018 and bear no interest. On June 7, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $10,000 with Hsu Wen Li who is wife of the Chris Hong (Chi Jui), the Company’s Chief Executive Officer and Director. The maturity of the Notes is June 7, 2018 and bear no interest. On July 5, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $20,000 with Hsu Wen Li who is wife of the Chris (Chi Jui) Hong, the Company’s Chief Executive Officer and Director. The maturity of the Notes is July 5, 2018 and bear no interest. On August 11, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $20,000 with Hsu Wen Li who is wife of the Chris (Chi Jui) Hong, the Company’s Chief Executive Officer and Director. The maturity of the Notes is August 11, 2018 and bear no interest. On May 15, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $24,500 with Steve Andrew Chen who is the Company’s Chairman of the Board of Directors. The maturity of the Notes is May 15, 2018 and bear no interest. On July 4, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $10,000 with Steve Andrew Chen who is the Company’s Chairman of the Board of Directors. The maturity of the Notes is July 4, 2018 and bear no interest. On October 17, 2017, the Company repaid Steve Andrew Chen $15,032. |
LOAN PAYABLE - RELATED PARTY
LOAN PAYABLE - RELATED PARTY | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
LOAN PAYABLE - RELATED PARTY | ||
NOTE 6 - LOAN PAYABLE-RELATED PARTY | Success Holdings Group Corp. USA, former company, paid certain operating costs on our behalf. The total amount owed as at June 30, 2020 is $146,088. Steve Andrew Chen, the Company’s former Chairman of the Board of Directors, paid certain operating costs on our behalf. The total amount owed as at June 30, 2020 is $69,872. The loan is unsecured, non-interest bearing and due on demand. | Success Holdings Group Corp. USA, our parent company, paid certain operating costs on our behalf. The total amount owed as at December 31, 2019 is $145,425. Steve Andrew Chen, the Company’s Chairman of the Board of Directors, paid certain operating costs on our behalf. The total amount owed as at December 31, 2019 is $25,050. The loans are unsecured, non-interest bearing and due on demand. |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
CONVERTIBLE NOTES | ||
NOTE 7 - CONVERTIBLE NOTES | On October 22, 2019, the Company completed execution of a Securities Purchase Agreement, dated as of September 5, 2019 under which the Company has issued a 5% Convertible Note in the aggregate principal amount of $75,000 for purchase price of $67,500. The Note will mature on September 5, 2020. The Note is convertible into shares of common stock at any time on or after the 180th calendar day after the issue date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date, or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. For the six months ended June 30, 2020, this note were totally converted to 8,600,000 shares. On November 15, 2019, the Company completed execution of a Securities Purchase Agreement, under which the Company has issued a 5% Convertible Note in the aggregate principal amount of $75,000 for purchase price of $67,500. The Note will mature on July 31, 2020. The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. For the six months ended June 30, 2020, $24,833 principle were converted to 4,000,000 shares and the remaining principle as of June 30, 2020 is $15,668. On November 22, 2019, the Company completed execution of a Securities Purchase Agreement, under which the Company has issued a 5% Convertible Note in the aggregate principal amount of $40,500 for purchase price of $36,500. The Note will mature on November 22, 2020. The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) 50% multiplied by the lowest “Trading Price” (defined below) (representing a discount rate of 50% during the prior date of his Note or (ii) the Variable Conversion Price (defined below) (subject to equitable adjustment as further described herein). The “Variable Conversion Price” meaning, 50% multiplied by the Market Price (as defined herein)(representing a discount rate of 50%). “Market Price” means, for any security as of any date, the lowest traded price on the Over-the-Counter Pink Marketplace, OTCQB, or applicable trading market (the “Principal Market”)as reported by a reliable reporting service (“Reporting Service”) designated by Crown Bridge Partners (i.e. Bloomberg) or, if the Principal Market is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foreign manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Company and the holders of a majority in interest of the Notes being converted for which the calculation of the Trading Price is required in order to determine the Conversion Price of such notes. For the six months ended June 30, 2020, $44,975 principle were converted to 8,000,000 shares and the remaining principle as of June 30, 2020 is $$30,025. On May 4, 2020, the Company completed execution of a Securities Purchase Agreement, under which the Company has issued a 12% Convertible Note in the aggregate principal amount of $103,000. The Note will mature on May 4, 2021. The default interest rate is 22%. On June 8, 2020, the Company completed execution of a Securities Purchase Agreement, under which the Company has issued a 12% Convertible Note in the aggregate principal amount of $63,000. The Note will mature on June 8, 2021. The default interest rate is 22%. The discount on for these convertible notes is amortized over the term of the notes. For the six months ended June 30, 2020, amortization for discount on these convertible notes is $5,887. | On October 22, 2019, the Company completed execution of a Securities Purchase Agreement, dated as of September 5, 2019 under which the Company has issued a 5% Convertible Note in the aggregate principal amount of $75,000 for purchase price of $67,500. The Note will mature on September 5, 2020. The Note is convertible into shares of common stock at any time on or after the 180th calendar day after the issue date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. On November 15, 2019, the Company completed execution of a Securities Purchase Agreement, under which the Company has issued a 5% Convertible Note in the aggregate principal amount of $75,000 for purchase price of $67,500. The Note will mature on July 31, 2020. The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. On November 22, 2019, the Company completed execution of a Securities Purchase Agreement, under which the Company has issued a 5% Convertible Note in the aggregate principal amount of $40,500 for purchase price of $36,500. The Note will mature on November 22, 2020. The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) 50% multiplied by the lowest “Trading Price” (defined below) (representing a discount rate of 50% during the prior date of his Note or (ii) the Variable Conversion Price (defined below) (subject to equitable adjustment as further described herein). The “Variable Conversion Price” meaning, 50% multiplied by the Market Price (as defined herein)(representing a discount rate of 50%). “Market Price” means, for any security as of any date, the lowest traded price on the Over-the-Counter Pink Marketplace, OTCQB, or applicable trading market (the “Principal Market”)as reported by a reliable reporting service (“Reporting Service”) designated by Crown Bridge Partners (i.e. Bloomberg) or, if the Principal Market is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foreign manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Company and the holders of a majority in interest of the Notes being converted for which the calculation of the Trading Price is required in order to determine the Conversion Price of such notes. The discount on for these convertible notes is amortized over the term of the notes. For the year ended December 31, 2019, amortization for discount on these convertible notes is $4,417. |
COMMON STOCK
COMMON STOCK | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
COMMON STOCK | ||
NOTE 8 - COMMON STOCK | The Company has 500,000,000, $0.001 par value shares of common stock authorized. There were 84,435,000 shares of common stock issued and outstanding as of June 30, 2020. | In 2019, the Company issued 135,000 shares for stock-based compensation valued $197,500. There were 75,135,000 and 75,000,000 shares of common stock issued and outstanding as of December 31, 2019 and 2018. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES | ||
NOTE 9 - COMMITMENTS AND CONTINGENCIES | We were not subject to any legal proceedings on June 30, 2020 and no legal proceedings are pending or threatened to the next of our knowledge or belief. | Contractual The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future. Legal We were not subject to any legal proceedings on December 31, 2019 and no legal proceedings are pending or threatened to the next of our knowledge or belief. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES | |
NOTE 10 - INCOME TAXES | The has cumulative net operating tax loss carryover (the “NOL”) of $730,185 on December 31, 2018, which are not likely to be fully realized and consequently a full valuation allowance has been established relating to this deferred tax assets. The final portion of the NOL will expires in 20 years. The provision for Federal income tax consists of the following: For the Years Ended December 31, 2019 2018 Federal income tax benefit attributable to: Current operations $ 124,717 $ 70,860 Less: valuation allowance (124,717 ) (70,860 ) Net provision for Federal income taxes $ - $ - The cumulative tax effect at the expected rate of 21% in 2019 and 2018 of significant items comprising our net deferred tax amount is as follows: December 31, December 31, 2019 2018 Deferred tax assets attributable to: Net operating loss carryover $ 264,456 $ 139,739 Less: valuation Allowance (264,456 ) (139,739 ) Net deferred tax assets $ - $ - Significant components of income tax expense (benefit) consisted of the following For the Years Ended December 31, 2019 2018 Current: USA $ - $ - Hong Kong (107,980 ) 117,535 PRC (2,921 ) 4,236 Total Current $ (110,901 ) $ 121,771 Deferred: USA $ - $ - Hong Kong - - PRC - - Total Deferred $ - $ - Reconciliation of Effective Income Tax Rate is as follows For the Years Ended December 31, 2019 2018 Statutory U.S. tax rate 21 % 21 % Less: valuation allowance (21 )% (21 )% Effect of Hong Kong statutory tax rate 7 % 15 % Effect of PRC statutory tax rate 0 % 1 % Income taxes 7 % 16 % |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Interim Financial Statements | The accompanying unaudited financial statements have been prepared in accordance with the instructions from Regulation S-X and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim period(s), and to make the financial statements not misleading, have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim period(s) are not necessarily indicative of operations for a full year. | |
Basis of Presentation | The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. | The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. |
Principles of Consolidation | The consolidated financial statements include the accounts of the Company and all its majority-owned subsidiaries which require consolidation. Inter-company transactions have been eliminated in consolidation. | The consolidated financial statements include the accounts of the Company and all its majority-owned subsidiaries which require consolidation. Inter-company transactions have been eliminated in consolidation. |
Reclassification | Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses. | Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses. |
Translation Adjustment | For the six months ended June 30, 2020, the accounts of the Success Win (Shanghai) Co., Ltd. were maintained, and its financial statements were expressed, in RMB. Such financial statements were translated into USD in accordance with the Foreign Currency Matters Topic of the Codification (ASC 830), with the RMB as the functional currency. According to the Codification, all assets and liabilities were translated at the current exchange rate at respective balance sheets dates, members’ capital are translated at the historical rates and income statement items are translated at the average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with the Comprehensive Income Topic of the Codification (ASC 220), as a component of members’ capital. Transaction gains and losses are reflected in the income statement. | For the year ended December 31, 2019, the accounts of the Success Win (Shanghai) Co., Ltd. were maintained, and its financial statements were expressed, in RMB. Such financial statements were translated into USD in accordance with the Foreign Currency Matters Topic of the Codification (ASC 830), with the RMB as the functional currency. According to the Codification, all assets and liabilities were translated at the current exchange rate at respective balance sheets dates, members’ capital are translated at the historical rates and income statement items are translated at the average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with the Comprehensive Income Topic of the Codification (ASC 220), as a component of members’ capital. Transaction gains and losses are reflected in the income statement. |
Comprehensive Income | The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of members’ capital, except those due to investments by members, changes in paid-in capital and distributions to members. Comprehensive income for the six months ended June 30, 2020 is included net income and foreign currency translation adjustments. | The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of members’ capital, except those due to investments by members, changes in paid-in capital and distributions to members. Comprehensive income for the year ended December 31, 2019 is included net income and foreign currency translation adjustments. |
Use of Estimates | The preparation of 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 disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. | The preparation of 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 disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $23,304 of cash as of June 30, 2020. The Company’s bank accounts are deposited in insured institutions. At June 30, 2020, the Company’s bank deposits did not exceed the insured amounts. | The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $26,962 and $520,772 of cash as of December 31, 2019 and 2018, respectively. The Company’s bank accounts are deposited in insured institutions. At December 31, 2019, the Company’s bank deposits did not exceed the insured amounts. |
Accounts Receivable | Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollected amounts through a charge to earnings and a credit to an allowance for bad debts based on its assessment of the current status of individual accounts.Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the allowance for bad debts and a credit to accounts receivable. | Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollected amounts through a charge to earnings and a credit to an allowance for bad debts based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the allowance for bad debts and a credit to accounts receivable. |
Fair Value of Financial Instruments | ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as input other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company. Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s financial instruments consist of cash, a related party loan and note payable related party. The carrying amount of these financial instruments approximates fair value due their short term maturity. | ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as input other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company. Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s financial instruments consist of cash, a related party loan and note payable related party. The carrying amount of these financial instruments approximates fair value due their short-term maturity. |
Income Taxes | Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. | Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. |
Revenue Recognition | The Company will recognize revenue in accordance with ASC. 605, “Revenue Recognition”. ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. The major revenue streams of the Company are a series of human spirit stimulation training seminars. Training seminars have its agenda and speaking topics and other decoration details defined within the contract. The Company recognizes revenue when services have been provided, and collection is reasonably assured. | The Company will recognize revenue in accordance with ASC. 605, “Revenue Recognition”. ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. The major revenue streams of the Company are a series of human spirit stimulation training seminars. Training seminars have its agenda and speaking topics and other decoration details defined within the contract. The Company recognizes revenue when services have been provided, and collection is reasonably assured. |
Advertising Costs | The Company policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 for the six months ended June 30, 2020. | The Company policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 for the years ended December 31, 2019 and 2018. |
Stock-Based Compensation | Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. As of June 30, 2020, the Company has not adopted a stock option plan and has not granted any stock options. | Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. As of December 31, 2019 and 2018, the Company has not adopted a stock option plan and has not granted any stock options. |
Basic and Diluted Income (Loss) per Share | Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. For the six months ended June 30, 2020, the potential dilution associated with convertible debt was excluded from the calculation as it will create an anti-dilutive effect. | Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. For the year ended December 31, 2019, The potential dilution associated with convertible debt was excluded from the calculation as it will create an anti-dilutive effect. |
Recent Accounting Pronouncements | The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations. | The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES | |
Schedule of components of federal income tax | For the Years Ended December 31, 2019 2018 Federal income tax benefit attributable to: Current operations $ 124,717 $ 70,860 Less: valuation allowance (124,717 ) (70,860 ) Net provision for Federal income taxes $ - $ - |
Schedule of deferred tax | December 31, December 31, 2019 2018 Deferred tax assets attributable to: Net operating loss carryover $ 264,456 $ 139,739 Less: valuation Allowance (264,456 ) (139,739 ) Net deferred tax assets $ - $ - |
Schedule of components of income tax expense benefit | For the Years Ended December 31, 2019 2018 Current: USA $ - $ - Hong Kong (107,980 ) 117,535 PRC (2,921 ) 4,236 Total Current $ (110,901 ) $ 121,771 Deferred: USA $ - $ - Hong Kong - - PRC - - Total Deferred $ - $ - |
Schedule of effective income tax rate reconciliation | For the Years Ended December 31, 2019 2018 Statutory U.S. tax rate 21 % 21 % Less: valuation allowance (21 )% (21 )% Effect of Hong Kong statutory tax rate 7 % 15 % Effect of PRC statutory tax rate 0 % 1 % Income taxes 7 % 16 % |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($) | Aug. 06, 2020 | Jul. 15, 2020 | Dec. 14, 2017 | Dec. 09, 2015 | Feb. 28, 2018 | Nov. 19, 2015 | Feb. 27, 2019 | Jul. 15, 2014 | May 05, 2014 |
Release Debt [Member] | |||||||||
Waive and release debt | $ 5,100 | ||||||||
Coronet Limited [Member] | |||||||||
Description of acquisitions for future investment purpose | The Company acquired 100% shares of Coronet Limited, Fortunate Yields Limited, Solution Elite Limited, Ultimate Concept Limited, Viva Leader Limited. All these subsidiaries were registered in Republic of Seychelles. | ||||||||
Acquired shares percentage | 100.00% | ||||||||
Hong Kong Limited [Member] | |||||||||
Description of acquisitions for future investment purpose | Succes Events (Hong Kong) Limited holds 60% shares of Shenzhen Internet Media Co., Ltd. and 100% shares of Distribution Network Inc. | Success Events (Hong Kong) Limited transferred 60% shares of Shenzhen Internet Media Co., Ltd. to a company in China. | |||||||
Acquired shares percentage | 100.00% | ||||||||
Utility Management Corp [Member] | |||||||||
Business acquired payments term, description | (i) an initial amount of Three Hundred and Fifty-four Thousand US Dollars ($354,000.00) was paid in cash and notes; (ii) RII assumed Two Million Eight Hundred and Forty Six Thousand US Dollars ($2,846,000.00) in UMC debt; and (iii) One Million Three Hundred Thousand Dollars, ($1,300,000.00) worth of Success Entertainment Group International, Inc., (“SEGN”) common stock was issued at $.07 a share, equivalent to 18,571,428 restricted SEGN shares. | ||||||||
Business Combination, Consideration Transferred | $ 4,500,000 | ||||||||
SEGN Taiwan [Member] | |||||||||
Acquired shares percentage | 100.00% | ||||||||
PPE Solutions Group, LLC [Member] | |||||||||
Acquired shares percentage | 100.00% | ||||||||
Business Combination, Consideration Transferred | $ 2,000,000 | ||||||||
Stock Purchase Agreement [Member] | |||||||||
Common stock shares | 8,000,000 | ||||||||
Double Growth Investment Ltd. [Member] | |||||||||
Description of acquisitions for future investment purpose | The Company acquired 100% shares of Double Growth Investment. | ||||||||
Acquired shares percentage | 100.00% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Cash | $ 23,304 | $ 26,962 | $ 520,772 |
Advertising expense | $ 0 | $ 0 | $ 0 |
OTHER RECEIVABLES - RELATED P_2
OTHER RECEIVABLES - RELATED PARTY (Details Narrative) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
OTHER RECEIVABLES - RELATED PARTY | |||
Other receivables - related party | $ 431,736 | $ 10,800 | $ 138,230 |
ACCOUNTS PAYABLE - RELATED PA_2
ACCOUNTS PAYABLE - RELATED PARTY (Details Narrative) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts payable | $ 31,053 | $ 7,000 |
NOTES PAYABLE - RELATED PARTY (
NOTES PAYABLE - RELATED PARTY (Details Narrative) - USD ($) | Aug. 11, 2017 | Jul. 05, 2017 | Jul. 04, 2017 | Jun. 07, 2017 | May 15, 2017 | Oct. 17, 2017 | Apr. 24, 2017 |
Steve Andrew Chen [Member] | |||||||
Repayment of notes payable | $ 15,032 | ||||||
Promissory Note Agreement [Member] | Steve Andrew Chen [Member] | |||||||
Maturity date | Jul. 4, 2018 | May 15, 2018 | |||||
Common stock outstanding | $ 10,000 | $ 24,500 | |||||
Promissory Note Agreement [Member] | Hsu Wen Li [Member] | |||||||
Maturity date | Aug. 11, 2018 | Jul. 5, 2018 | Jun. 7, 2018 | Apr. 24, 2018 | |||
Common stock outstanding | $ 20,000 | $ 20,000 | $ 10,000 | $ 10,000 |
LOAN PAYABLE - RELATED PARTY (D
LOAN PAYABLE - RELATED PARTY (Details Narrative) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Success Holdings Group Corp USA [Member] | |||
Loan - related party | $ 146,088 | ||
Steve Andrew Chen [Member] | |||
Loan - related party | $ 69,872 | $ 170,475 | $ 143,325 |
CONVERTIBLE NOTES (Details Narr
CONVERTIBLE NOTES (Details Narrative) - USD ($) | Jun. 08, 2020 | May 04, 2020 | Nov. 22, 2019 | Nov. 15, 2019 | Oct. 22, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Amortization for discount | $ 5,887 | $ 0 | $ 4,417 | |||||
Convertible Note Two [Member] | Securities Purchase Agreement [Member] | ||||||||
Principal amount | $ 63,000 | $ 103,000 | $ 40,500 | $ 75,000 | $ 44,975 | |||
Conversion description | The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) 50% multiplied by the lowest “Trading Price” (defined below) (representing a discount rate of 50% during the prior date of his Note or (ii) the Variable Conversion Price (defined below) (subject to equitable adjustment as further described herein). | |||||||
Purchase price | $ 36,500 | |||||||
Maturity date | Jun. 1, 2021 | May 4, 2021 | Nov. 22, 2020 | |||||
Converted shares | 8,000,000 | |||||||
Convertible note, rate of interest | 12.00% | 12.00% | ||||||
Default interest rate | 22.00% | |||||||
Variable conversion price | 50% multiplied by the Market Price | |||||||
Discount rate fair value | 50.00% | |||||||
Remaining principal amount | $ 30,025 | |||||||
Convertible Note [Member] | Securities Purchase Agreement [Member] | ||||||||
Principal amount | $ 75,000 | |||||||
Conversion description | The Note will mature on September 5, 2020. The Note is convertible into shares of common stock at any time on or after the 180th calendar day after the issue date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. | |||||||
Purchase price | $ 67,500 | |||||||
Maturity date | Sep. 5, 2020 | |||||||
Converted shares | 8,600,000 | |||||||
Convertible note, rate of interest | 5.00% | |||||||
Convertible Note One [Member] | Securities Purchase Agreement [Member] | ||||||||
Principal amount | $ 75,000 | $ 24,833 | ||||||
Conversion description | The Note is convertible into shares of common stock at any time after the issuance date and the conversion price is equal to the lower of (i) the lowest closing price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the issuance date or (ii) 50% multiplied by the lowest traded price of the Common Stock during the twenty (20) consecutive day trading period immediately preceding the date of the conversion. | |||||||
Purchase price | $ 67,500 | |||||||
Maturity date | Jul. 31, 2020 | |||||||
Converted shares | 4,000,000 | |||||||
Remaining principal amount | $ 15,668 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2020 | Dec. 31, 2018 | |
COMMON STOCK | ||||
Common stock, shares issued | 75,135,000 | 84,435,000 | 75,000,000 | |
Common stock, shares outstanding | 75,135,000 | 84,435,000 | 75,000,000 | |
Common stock, shares autorized | 500,000,000 | 500,000,000 | 500,000,000 | |
Stock based compensation, shares | 135,000 | |||
Stock based compensation, value | $ 100,000 | $ 197,500 | ||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
INCOME TAXES | ||
Current Operations | $ 124,717 | $ 70,860 |
Less: valuation allowance | (124,717) | (70,860) |
Net provision for Federal income taxes | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 264,456 | $ 139,739 |
Less: valuation allowance | (264,456) | (139,739) |
Net deferred tax assets | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | ||
Total Current | $ (110,901) | $ 121,771 |
Deferred: | ||
Total Deferred | 0 | 0 |
Hong Kong | ||
Current: | ||
Total Current | (107,980) | 117,535 |
Deferred: | ||
Total Deferred | 0 | 0 |
USA | ||
Current: | ||
Total Current | 0 | 0 |
Deferred: | ||
Total Deferred | 0 | 0 |
PRC | ||
Current: | ||
Total Current | (2,921) | 4,236 |
Deferred: | ||
Total Deferred | $ 0 | $ 0 |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
INCOME TAXES | ||
Statutory U.S. tax rate | 21.00% | 21.00% |
Less: valuation allowance | (21.00%) | (21.00%) |
Effect of Hong Kong statutory tax rate | 7.00% | 15.00% |
Effect of PRC statutory tax rate | 0.00% | 1.00% |
Income taxes | 7.00% | 16.00% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INCOME TAXES | |||
Net operating loss carry forwards | $ (730,185) | $ (204,937) | |
Cumulative tax rate | 21.00% | 21.00% | |
Net operating loss carry forwards expiry term | 20 years |