Document and Entity Information
Document and Entity Information - shares | 2 Months Ended | |
Dec. 31, 2014 | Jul. 27, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Greenpro Capital Corp. | |
Entity Central Index Key | 1,597,846 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-QT | |
Document Period End Date | Dec. 31, 2014 | |
Document Fiscal Year Focus | 2,014 | |
Document Fiscal Period Focus | Q4 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 22,422,800 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2014 | Oct. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 411,189 | $ 507,934 |
Prepayments and other receivables | 50,025 | $ 48,738 |
Amount due from a related company | 266,810 | |
Total current assets | 728,024 | $ 556,672 |
Non-current assets: | ||
Plant and equipment, net | 32,522 | 13,777 |
TOTAL ASSETS | 760,546 | $ 570,449 |
Current liabilities: | ||
Loan from shareholders | 240,000 | |
Amount due to a director | 1,172 | |
Accrued liabilities and other payables | 31,920 | $ 9,887 |
Total liabilities | $ 273,092 | $ 9,887 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 100,000,000 shares authorized; no share issued and outstanding | ||
Common stock, $0.0001 par value; 500,000,000 shares authorized; 22,422,800 shares issued and outstanding, as of December 31, 2014 and October 31, 2014 | $ 2,242 | $ 2,242 |
Additional paid-in capital | 686,958 | 686,958 |
Accumulated deficit | (201,746) | (128,638) |
Total stockholders' equity | 487,454 | 560,562 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 760,546 | $ 570,449 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2014 | Oct. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 22,422,800 | 22,422,800 |
Common stock, shares outstanding | 22,422,800 | 22,422,800 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 2 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | ||
REVENUE | ||
COST OF SERVICES | ||
GROSS PROFIT | ||
OPERATING EXPENSES: | ||
General and administrative | $ (73,108) | $ (3,590) |
LOSS FROM OPERATIONS | $ (73,108) | $ (3,590) |
INCOME TAX EXPENSE | ||
NET LOSS | $ (73,108) | $ (3,590) |
Net loss per share - Basic and diluted | $ 0 | $ 0 |
Weighted average common stock outstanding - Basic and diluted | 22,422,800 | 10,000,000 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 2 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||
Net loss | $ (73,108) | $ (3,590) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of plant and equipment | 467 | |
Changes in operating assets and liabilities: | ||
Prepayments and other receivables | (1,287) | |
Amount due to a director | 1,172 | |
Accrued liabilities and other payables | 22,033 | |
Net cash used in operating activities | (50,723) | $ (3,590) |
Cash flows from investing activities: | ||
Purchase of plant and equipment | (19,212) | |
Net cash used in investing activities | (19,212) | |
Cash flows from financing activities: | ||
Advances to a related company | (266,810) | |
Loan from shareholders | 240,000 | |
Net cash used in financing activities | (26,810) | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (96,745) | $ (3,590) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 507,934 | 61,205 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 411,189 | $ 57,615 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income tax | ||
Cash paid for interest |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Total | COMMON STOCK [Member] | ADDITIONAL PAID-IN CAPITAL [Member] | ACCUMULATED DEFICIT [Member] |
Beginning balance at Oct. 31, 2013 | $ (21,295) | $ 1,000 | $ (22,295) | |
Beginning balance, shares at Oct. 31, 2013 | 10,000,000 | |||
Statements of Shareholders' Equity | ||||
Net loss for the period | (3,590) | (3,590) | ||
Ending balance at Dec. 31, 2013 | (24,885) | $ 1,000 | (25,885) | |
Ending balance, shares at Dec. 31, 2013 | 10,000,000 | |||
Beginning balance at Oct. 31, 2014 | 560,562 | $ 2,242 | $ 686,958 | (128,638) |
Beginning balance, shares at Oct. 31, 2014 | 22,422,800 | |||
Statements of Shareholders' Equity | ||||
Net loss for the period | (73,108) | (73,108) | ||
Ending balance at Dec. 31, 2014 | $ 487,454 | $ 2,242 | $ 686,958 | $ (201,746) |
Ending balance, shares at Dec. 31, 2014 | 22,422,800 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 2 Months Ended |
Dec. 31, 2014 | |
BASIS OF PRESENTATION [Abstract] | |
BASIS OF PRESENTATION | NOTE - 1 BASIS OF PRESENTATION Greenpro Capital Corp. (the Company or Greenpro ) has historically operated on a fiscal year ending October 31 of each year. On July 21, 2015, the Company announced that its Board of Directors approved a change in its fiscal ye ar end from October 31 to December 31. The fiscal year end change will better align with the Company ' s peer industry . The change is effective wit h the Company's fiscal year 2015 , which will beg in January 1 , 2015 and will end December 31 , 2015 , and resulted in a two months transition period from November 1, 2014 to December 31, 2014 . The accompanying unaudited f inancial statements for the two months transition period ended December 31, 201 4 and for the two months comparati ve period ended December 31, 2013 have been prepared in accordance with the requir ements for Form 10 -Q and Article 10 of Regulation S-X, and accordingly, certain information and footnote disclosures have been condensed or omitted. See the C ompany's Annual Report on Form 1 0-K as of and for the year ended October 31 , 2014 as filed with the Securities and Exchange Commission (SEC) for additional disclosures including a summary of the Company ' s accounting policies. In the opinion of management, the financial statements contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position, results of operations and cash flows of the Company for the periods presented. Since the Company ' s operations are seasonal, the interim operating results of the Company may not be indicative of operating results for the full year. The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2 Months Ended |
Dec. 31, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE - 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying financial statements and notes. Use of es timates In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates. Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. P lant and equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: Expected useful life Furniture and fixtures 5 Software 5 Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations. Impairment of long-lived assets Long-lived assets primarily include plant and equipment. In accordance with the provision of ASC Topic 360-10-5, Impairment or Disposal of Long-Lived Assets , the Company generally conducts its annual impairment evaluation to its long-lived assets, usually in the fourth quarter of each year, or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the reporting unit level. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. There has been no impairment charge for the periods presented. Revenue recognition The Company recognizes its revenue in accordance with ASC Topic 605, Revenue Recognition , upon the delivery of its products when: (1) delivery has occurred or services rendered ; (2) persuasive evidence of an arrangement exists; (3) there are no continuing obligations to the customer; and (4) the collection of related accounts receivable is probable. Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, Income Taxes (ASC 740). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. For the two months ended December 3 1 , 201 4 and 201 3 , the Company did not have any interest and penalties associated with tax positions. As of December 3 1 , 201 4 , the Company did not have any significant unrecognized uncertain tax positions. Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The reporting and functional currency of the Company is the United States Dollars ("US$") and the accompanying financial statements have been expressed in US$. Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Segment reporting ASC Topic 280, Segment Reporting establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. During the period ended December 31, 2014, t he Company operates in one reportable operating segment in Hong Kong . Fair value of financial instruments The carrying value of the Company's financial instruments: cash and cash equivalents, prepayments and other receivables, loan from shareholders, accrued liabilities and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company follows the guidance of the ASC Topic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 : Observable inputs such as quoted prices in active markets; Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations . FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) - Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception. The Company reviewed all recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC and they did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
PLANT AND EQUIPMENT
PLANT AND EQUIPMENT | 2 Months Ended |
Dec. 31, 2014 | |
PLANT AND EQUIPMENT [Abstract] | |
PLANT AND EQUIPMENT | NOTE - 3 PLANT AND EQUIPMENT December 31, 2014 October 31, 2014 (unaudited) (audited) Furniture and fixtures $ 14,011 $ 14,011 Software 19,212 - 33,223 14,011 Less: Accumulated depreciation (701 ) (234 ) Total $ 32,522 $ 13,777 Depreciation expense was $ 467 0 |
AMOUNT DUE FROM A RELATED COMPA
AMOUNT DUE FROM A RELATED COMPANY | 2 Months Ended |
Dec. 31, 2014 | |
AMOUNT DUE FROM A RELATED COMPANY [Abstract] | |
AMOUNT DUE FROM A RELATED COMPANY | NOTE - 4 AMOUNT DUE FROM A RELATED COMPANY As of December 3 1 , 201 4 , escrow deposits of $ 266,810 had been paid to a related company co ntrolled by a director of the Company for the purpose of business development, which is unsecured, bears no interest and is payable upon demand. |
LOAN FROM SHAREHOLDERS
LOAN FROM SHAREHOLDERS | 2 Months Ended |
Dec. 31, 2014 | |
LOAN FROM SHAREHOLDERS [Abstract] | |
LOAN FROM SHAREHOLDERS | NOTE - 5 LOAN FROM SHAREHOLDERS During the two months period ended December 31, 2014, our shareholders, Mr. Le rtwattanarak Thanawat and Ms. Chuchottaworn Srirat advanced collectively $ 240,000 is unsecured, bears no interest and is payable upon demand, for the purpose of business development. |
INCOME TAXES
INCOME TAXES | 2 Months Ended |
Dec. 31, 2014 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE - 6 INCOME TAXES At December 3 1 , 201 4 , the Company has available net operating loss carry-forwards of $ 73,108 for financial statement and federal income tax purposes. These loss carry-forwards will expire in 2020 and thereafter. The Company's management has determined a valuation allowance is necessary to reduce any tax benefits because the available benefits are more likely than not to expire before they can be used. Realization of deferred tax assets is dependent on generating sufficient taxable income prior to expiration of the loss carryovers. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets, net of applicable valuation allowances, will be realized. The amount of the deferred tax assets considered realizable could be reduced or increased if estimates of future taxable income change during the carryover period. The Company's management determines if a valuation allowance is necessary to reduce any tax benefits when the available benefits are more likely than not to expire before they can be used. The tax based net operating losses create tax benefits in the amount of $ 25,588 as valuation allowance as of December 3 1 , 201 4 . Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial statement purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax liabilities and assets as of December 3 1 , 201 4 are as follows: Deferred tax assets: Federal net operating loss $ 73,108 State net operating loss - Total deferred tax asset 25,588 Less: Valuation allowance (25,588 ) - The reconciliation of the effective income tax rate to the federal statutory rate is as follows: Federal income tax rate 35 % State tax, net of federal benefit 0 % Increase in valuation allowance (35 ) % Effective income tax rate 0 % |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 2 Months Ended |
Dec. 31, 2014 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE - 7 STOCKHOLDERS' EQUITY As of December 3 1, 2014 , there are 22,422,800 There were no stock options, warrants or other potentially dilutive securities outstanding as of December 3 1 , 201 4 . |
NET LOSS PER SHARE
NET LOSS PER SHARE | 2 Months Ended |
Dec. 31, 2014 | |
NET LOSS PER SHARE [Abstract] | |
NET LOSS PER SHARE | NOTE - 8 NET LOSS P ER SHARE Basic net loss per share is computed using the weighted average number of common shares outstanding during the period . The dilutive effect of potential common shares outstanding is included in diluted net loss per share. The following table sets forth the computation of basic and diluted net loss per share for the two months ended December 31, 2014 and 2013: Two months ended December 31, 2014 2013 Net loss attributable to common shareholders $ (73,108 ) $ (3,590 ) Weighted average common shares outstanding 22,422,800 10,000,000 Basic net loss per share (0.00 ) (0.00 ) Diluted net loss per share $ (0.00 ) $ (0.00 ) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 2 Months Ended |
Dec. 31, 2014 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE - 9 RELATED PARTY TRANSACTIONS During the two months period ended December 3 1 , 201 4 , two shareholders of the Company advanced collectively $ 240,000 to the Company, which is unsecured, bears no interest and is payable upon demand, for the purpose of business development. As of December 3 1 , 201 4 , escrow deposits of $ 266,810 had been paid to a related company controlled by a director of the Company for the purpose of business development, which is unsecured, bears no interest and is payable upon demand. All of these related party transactions are generally transacted in an arm-length basis at the current market value in the normal course of business. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 2 Months Ended |
Dec. 31, 2014 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE - 1 0 COMMITMENTS AND CONTINGENCIES The Company is committed under a non-cancelable operating lease for office premises with a term of 2 ears expiring on August 31, 2016 , with fixed monthly rentals of approximately $ 9,257 For the two months period ended December 3 1 , 201 4 and 201 3 , lease expense totaled up to $ 16,671 and $ 0 , respectively. As of December 31, 2014, the Company has the aggregate future minimum rental payments due under the non-cancelable operating lease in the next two years: Year ended December 31, 2015 $ 100,026 2016 66,684 $ 166,710 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 2 Months Ended |
Dec. 31, 2014 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE - 1 1 SUBSEQUENT EVENTS In accordance with ASC Topic 855, Subsequent Events , which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2014 up through the date the Company issued the un audited financial statements with this Form 10-QT. T here w as no subsequent event that required recognition or disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 2 Months Ended |
Dec. 31, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Use of estimates | Use of es timates In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Plant and equipment | P lant and equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: Expected useful life Furniture and fixtures 5 Software 5 Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations. |
Impairment of long-lived assets | Impairment of long-lived assets Long-lived assets primarily include plant and equipment. In accordance with the provision of ASC Topic 360-10-5, Impairment or Disposal of Long-Lived Assets , the Company generally conducts its annual impairment evaluation to its long-lived assets, usually in the fourth quarter of each year, or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the reporting unit level. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. There has been no impairment charge for the periods presented. |
Revenue recognition | Revenue recognition The Company recognizes its revenue in accordance with ASC Topic 605, Revenue Recognition , upon the delivery of its products when: (1) delivery has occurred or services rendered ; (2) persuasive evidence of an arrangement exists; (3) there are no continuing obligations to the customer; and (4) the collection of related accounts receivable is probable. |
Income taxes | Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, Income Taxes (ASC 740). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. For the two months ended December 3 1 , 201 4 and 201 3 , the Company did not have any interest and penalties associated with tax positions. As of December 3 1 , 201 4 , the Company did not have any significant unrecognized uncertain tax positions. |
Foreign currencies translation | Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The reporting and functional currency of the Company is the United States Dollars ("US$") and the accompanying financial statements have been expressed in US$. |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Segment reporting | Segment reporting ASC Topic 280, Segment Reporting establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. During the period ended December 31, 2014, t he Company operates in one reportable operating segment in Hong Kong . |
Fair value of financial instruments | Fair value of financial instruments The carrying value of the Company's financial instruments: cash and cash equivalents, prepayments and other receivables, loan from shareholders, accrued liabilities and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company follows the guidance of the ASC Topic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 : Observable inputs such as quoted prices in active markets; Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions |
Recent accounting pronouncements | Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations . FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) - Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception. The Company reviewed all recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC and they did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 2 Months Ended |
Dec. 31, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Schedule of expected useful lives | Expected useful life Furniture and fixtures 5 Software 5 |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 2 Months Ended |
Dec. 31, 2014 | |
PLANT AND EQUIPMENT [Abstract] | |
Schedule of plant and equipment | December 31, 2014 October 31, 2014 (unaudited) (audited) Furniture and fixtures $ 14,011 $ 14,011 Software 19,212 - 33,223 14,011 Less: Accumulated depreciation (701 ) (234 ) Total $ 32,522 $ 13,777 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 2 Months Ended |
Dec. 31, 2014 | |
INCOME TAXES [Abstract] | |
Schedule of deferred tax assets | Deferred tax assets: Federal net operating loss $ 73,108 State net operating loss - Total deferred tax asset 25,588 Less: Valuation allowance (25,588 ) - |
Schedule of reconciliation of effective income tax rate to federal statutory rate | Federal income tax rate 35 % State tax, net of federal benefit 0 % Increase in valuation allowance (35 ) % Effective income tax rate 0 % |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 2 Months Ended |
Dec. 31, 2014 | |
NET LOSS PER SHARE [Abstract] | |
Schedule of computation of basic and diluted net loss per share | Two months ended December 31, 2014 2013 Net loss attributable to common shareholders $ (73,108 ) $ (3,590 ) Weighted average common shares outstanding 22,422,800 10,000,000 Basic net loss per share (0.00 ) (0.00 ) Diluted net loss per share $ (0.00 ) $ (0.00 ) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 2 Months Ended |
Dec. 31, 2014 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Schedule of future minimum rental payments due under the non-cancelable operating lease | Year ended December 31, 2015 $ 100,026 2016 66,684 $ 166,710 |
SUMMARY OF SIGNIFICANT ACCOUN24
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 2 Months Ended |
Dec. 31, 2014 | |
Furniture and fixtures [Member] | |
Plant and equipment [Line Items] | |
Expected useful life | 5 years |
Software [Member] | |
Plant and equipment [Line Items] | |
Expected useful life | 5 years |
PLANT AND EQUIPMENT (Details)
PLANT AND EQUIPMENT (Details) - USD ($) | 2 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | |
Plant and equipment [Line Items] | |||
Plant and equipment, Gross | $ 33,223 | $ 14,011 | |
Less: Accumulated depreciation | (701) | (234) | |
Plant and equipment, Net | 32,522 | 13,777 | |
Depreciation of plant and equipment | 467 | ||
Furniture and fixtures [Member] | |||
Plant and equipment [Line Items] | |||
Plant and equipment, Gross | 14,011 | $ 14,011 | |
Software [Member] | |||
Plant and equipment [Line Items] | |||
Plant and equipment, Gross | $ 19,212 |
AMOUNT DUE FROM A RELATED COM26
AMOUNT DUE FROM A RELATED COMPANY (Details) - USD ($) | Dec. 31, 2014 | Oct. 31, 2014 |
AMOUNT DUE FROM A RELATED COMPANY [Abstract] | ||
Amount due from related party | $ 266,810 |
LOAN FROM SHAREHOLDERS (Details
LOAN FROM SHAREHOLDERS (Details) - USD ($) | Dec. 31, 2014 | Oct. 31, 2014 |
LOAN FROM SHAREHOLDERS [Abstract] | ||
Loan from shareholders | $ 240,000 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - Dec. 31, 2014 - USD ($) | Total |
Income Taxes (Textual) | |
Operating loss carryforwards | $ 73,108 |
Operating loss carryforwards expiration date | Dec. 31, 2020 |
Net operating loss carryforwards | $ 25,588 |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets) (Details) | Dec. 31, 2014USD ($) |
Deferred tax assets: | |
Federal net operating loss | $ 73,108 |
State net operating loss | |
Deferred tax asset, Total | $ 25,588 |
Less: valuation allowance | $ (25,588) |
Deferred tax asset, Net |
INCOME TAXES (Schedule of Recon
INCOME TAXES (Schedule of Reconciliation of Effective Income Tax Rate to Federal Statutory Rate) (Details) | 2 Months Ended |
Dec. 31, 2014 | |
Reconciliation of effective income tax rate to federal statutory rate | |
Federal income tax rate (as a percent) | 35.00% |
State tax, net of federal benefit (as a percent) | 0.00% |
Increase in valuation allowance (as a percent) | (35.00%) |
Effective income tax rate (as a percent) | 0.00% |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - shares | Dec. 31, 2014 | Oct. 31, 2014 |
STOCKHOLDERS' EQUITY [Abstract] | ||
Common stock, shares issued | 22,422,800 | 22,422,800 |
Common stock, shares outstanding | 22,422,800 | 22,422,800 |
Stock options, warrants or other potentially dilutive securities outstanding | 0 |
NET LOSS PER SHARE (Details)
NET LOSS PER SHARE (Details) - USD ($) | 2 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
NET LOSS PER SHARE [Abstract] | ||
Net loss attributable to common shareholders | $ (73,108) | $ (3,590) |
Weighted average common shares outstanding | 22,422,800 | 10,000,000 |
Basic net loss per share (in dollars per share) | $ 0 | $ 0 |
Diluted net loss per share (in dollars per share) | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | 2 Months Ended | ||
Dec. 31, 2014USD ($)item | Dec. 31, 2013USD ($) | Oct. 31, 2014USD ($) | |
RELATED PARTY TRANSACTIONS [Abstract] | |||
Number of shareholders whose advance received | item | 2 | ||
Proceeds from shareholders | $ 240,000 | ||
Amount due from related party | $ 266,810 |
COMMITMENTS AND CONTINGENCIES34
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 2 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ||
Lease term | 2 years | |
Fixed monthly rentals expense | $ 9,257 | |
Maximum lease expense | 16,671 | $ 0 |
Future minimum rental payments due under non-cancelable operating lease | ||
2,015 | 100,026 | |
2,016 | 66,684 | |
Total | $ 166,710 |