Document and Entity Information
Document and Entity Information - $ / shares | Jan. 28, 2019 | Dec. 31, 2018 |
Details | ||
Registrant Name | Po Yuen Cultural Holdings (Hong Kong) Co., Ltd. | |
Registrant CIK | 1,617,431 | |
SEC Form | 10-Q | |
Period End date | Dec. 31, 2018 | |
Fiscal Year End | --03-31 | |
Trading Symbol | poye | |
Tax Identification Number (TIN) | 471,100,063 | |
Number of common stock shares outstanding | 1,412,000 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Small Business | true | |
Emerging Growth Company | true | |
Ex Transition Period | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q3 | |
Entity Incorporation, State Country Name | Nevada | |
Entity Address, Address Line One | Room A, 16/F, Winbase Centre, 208 Queens Road Central | |
Entity Address, City or Town | Sheung Wan | |
Local Phone Number | 86-852-2350-1928 | |
Entity Listing, Par Value Per Share | $ 0.001 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
ASSETS | ||
Cash | $ 0 | $ 0 |
Current Assets: | ||
Prepaid Legal | 3,000 | 0 |
Total Current Assets | 3,000 | 0 |
TOTAL ASSETS | 3,000 | 0 |
Current Liabilities | ||
Accrued Expenses | 0 | 8,275 |
Due to paying agent | 12,241 | 663 |
Due to related party | 45,780 | 17,724 |
Total Current Liabilities | 58,021 | 26,662 |
TOTAL LIABILITIES | 58,021 | 26,662 |
Commitments and Contingencies | 0 | 0 |
Shareholders' Deficit: | ||
Preferred stock, $.001 par value, 30,000,000 and 0 shares authorized, no shares issued and outstanding at December 31, 2018 and March 31, 2018, respectively. | 0 | 0 |
Common stock, $.001 par value, 500,000,000 shares authorized, 19,412,000 issued and 19,412,000 issued and 1,412,000 and 19,412,000 outstanding at December 31, 2018; and March 31, 2018 respectively. | 19,412 | 19,412 |
Additional paid-in capital | 265,499 | 247,498 |
Accumulated deficit | (321,932) | (293,572) |
Stock held in treasury at cost; 18,000,000 and 0 shares at December 31, 2018 and March 31, 2018 respectively. | (18,000) | 0 |
Total Stockholders' Deficit | (55,021) | (26,662) |
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT | $ 3,000 | $ 0 |
Income Statement
Income Statement - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Details | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Operating Expenses: | ||||
General administrative expense | 6,100 | 9,956 | 28,360 | 21,204 |
Total operating expenses | 6,100 | 9,956 | 28,360 | 21,204 |
Net loss from operations | (6,100) | (9,956) | (28,360) | (21,204) |
Loss before income taxes | (6,100) | (9,956) | (28,360) | (21,204) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net Loss | $ (6,100) | $ (9,956) | $ (28,360) | $ (21,204) |
Basic and diluted loss per share | $ 0 | $ 0 | $ (0.02) | $ 0 |
Weighted average number of common shares outstanding basic and diluted | 1,412,000 | 19,412,000 | 1,608,721 | 19,412,000 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Details | ||
Net Loss | $ (28,360) | $ (21,204) |
Adjustments to reconcile net loss to net | ||
Change in Prepaid Legal | (3,000) | 0 |
Accrued Expenses | (8,274) | (7,222) |
Due to paying agent | 11,578 | |
Due to Related party | 0 | 0 |
Net cash used in operating activities | (28,057) | (28,426) |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | (617) |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 0 | 617 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 0 | 0 |
Supplemental Cash Flow Information | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 0 | 0 |
Income Taxes Paid, Net | $ 0 | $ 0 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2018 | |
Notes | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Po Yuen Cultural Holdings (Hong Kong) Co., Ltd. a Nevada corporation, (“ATI,” “Company,” “Registrant,” “we,” “us,” or “our”) was incorporated on May 14, 2014 under the name “WeWearables, Inc.” It changed its named to Asia Training Institute, Inc., on February 17, 2016 due to ownership change. Then again the name was changed to Po Yuen Cultural Holdings (Hong Kong) Co., Ltd. on November 22, 2017 due to ownership change. At present, we have no operations or employees. The Company’s current business strategy is to investigate and, if such investigation warrants, acquire a target operating company or business seeking the perceived advantages of being a publicly held corporation. The Company’s principal business objective for the next twelve months and beyond such time will be to achieve long-term growth potential through a combination with an operating business rather than immediate, short-term earnings. The Company will not restrict its potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation The accompanying unaudited financial statements have been prepared from the books and records of the Company in accordance with U.S. GAAP and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. The statements of operations for the three months ended December 31, 2018 are not necessarily indicative of the results to be expected for the full year or any future interim period. These unaudited financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2018. In the opinion of management, all adjustments considered necessary for a fair presentation of the results for the interim periods presented have been reflected in such financial statements. The Company maintains its general ledger and journals with the accrual method of accounting for financial reporting purposes. The financial statements and notes are representations of management. Accounting policies adopted by the Company conform to U.S. GAAP and have been consistently applied in the presentation of financial statements. The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America and pursuant to the rules and regulations of the SEC. (b) Net loss per common share The Company complies with accounting and disclosure requirements of FASB ASC 260, “Earnings Per Share.” Net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding for the period. At December 31, 2018, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. As a result, diluted loss per common share is the same as basic loss per common share for the period. (c) Use of estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates. (d) Recently issued or adopted standards The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities Disclosure | 9 Months Ended |
Dec. 31, 2018 | |
Notes | |
Accounts Payable and Accrued Liabilities Disclosure | 3. ACCRUED LIABILITIES. As of March 31, 2018, and December 31, 2018, the Company had $8,938 and $12,241 |
Substantial Doubt about Going C
Substantial Doubt about Going Concern | 9 Months Ended |
Dec. 31, 2018 | |
Notes | |
Substantial Doubt about Going Concern | 4. GOING CONCERN AND CAPITAL RESOURCES The Company does not currently engage in any business activities that provide cash flow. During the next 12 months we anticipate incurring costs related to: ● filing of Exchange Act reports, ● payment of annual corporate fees, and ● investigating, analyzing and consummating an acquisition. As of December 31, 2018, the Company had an accumulated deficit of $321,932. Management anticipates that fees associated with filing of Exchange Act reports including accounting fees and legal fees and payment of annual corporate fees will not exceed $75,000 within next 12 months. We do not currently intend to retain any entity to act as a "finder" to identify and analyze the merits of potential target businesses. Management intends to search for a business combination by contacting various sources including, but not limited to, our affiliates, lenders, investment banking firms, private equity funds, consultants and attorneys and does not plan to conduct a complete and exhaustive investigation and analysis of a business opportunity. Management decisions, therefore, will likely be made without detailed feasibility studies, independent analysis, market surveys and the like which, if we had more funds, would be desirable. If the management can find a suitable target company, we will have to budget for additional fees relating to the investigation into the target company (including due diligence and possibly visiting the facilities) and consummating the reverse merger, which may cost between $125,000 to $150,000. We expect that the expenses for the next 12 months and beyond such time will be paid with amounts that may be loaned to or invested in us by our stockholders, management or other investors. Since we have minimal assets and will continue to incur losses due to the expenses associated with being a reporting company under the Exchange Act, we may cease business operations if we do not timely consummate a business combination. Currently, our ability to continue as a going concern is dependent upon our ability to generate future profitable operations and/or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Our ability to continue as a going concern is also dependent upon our ability to find a suitable target company and enter into a possible reverse merger with such company. Management’s plan includes obtaining additional funds by equity financing through a reverse merger transaction and/or related party advances. However, there is no assurance of additional funding being available. Our independent accountants have included an explanatory paragraph in their opinion on our financial statements as of and for the year ended March 31, 2018 that states that the Company’s lack of revenues and financial resources, among other conditions, raise substantial doubt about our ability to continue as a going concern. |
Related Party Transactions Disc
Related Party Transactions Disclosure | 9 Months Ended |
Dec. 31, 2018 | |
Notes | |
Related Party Transactions Disclosure | 5. LOANS FROM OFFICERS AND DIRECTORS For the Nine months ended December 31, 2018, our Director and CFO, Peter Tong, paid Company expenses totaling $28,057 from personal funds. These expenses consisted primarily of professional fees. The amount due to Mr. Tong is unsecured, non-interest bearing, has no fixed term of repayment and is therefore deemed payable on demand. As of December 31, 2018, the outstanding balance due |
Stockholders' Equity Note Discl
Stockholders' Equity Note Disclosure | 9 Months Ended |
Dec. 31, 2018 | |
Notes | |
Stockholders' Equity Note Disclosure | 6. COMMON STOCK TRANSACTIONS The Company is authorized to issue 500,000,000 shares of common stock. The Company issued 17,000,000 shares of its common stock to its former president and chief executive officer as founder shares. The Company issued 3,050,000 shares of its common stock for services with a value attributed to them of $20,000. In January 2015, the Company completed a public offering whereby it sold 362,000 shares of common stock at $0.10 per share for total gross proceeds of $36,200. On February 12, 2016 Mr. Chen sold all 17,000,000 of his shares of common stock to Mr. Chiang. That same date, two other stockholders sold all of their shares, totaling 2,000,000, to Mr. Chiang. On February 16, 2016, the Company’s transfer agent canceled 1,000,000 shares of common stock previously outstanding at the request of the previous stockholder. At December 31 and March 31, 2017 there were 19,412,000 shares of common stock issued and outstanding. On October 18, 2017, and as reported on Form 8K filed on October 23, 2017, Mr. Chiang sold to Peter Tong all 19,000,000 shares of the Company’s restricted common stock. The sale was the result of a privately negotiated transaction without the use of public dissemination of promotional or sales materials. The buyer represented that it was an accredited investor and as such could bear the risk of such investment for an indefinite period of time and to afford a complete loss thereof. On April 3, 2018, and as reported on Form 8K/A filed April 16, 2018, the Company reacquired 18 million shares of the Company’s common stock from certain shareholders, without consideration, out of the 19 million shares held by this group immediately prior to returning the shares to us, as reflected in the table below. The shares have been returned to the Company as non-voting treasury stock. Except as otherwise indicated, all Shares are owned directly, and the percentage shown is based on 1,412,000 shares of Common Stock issued and outstanding. Title of class Name and address of beneficial owner Prior Beneficial Ownership Current Beneficial Ownership Percent of class Common Cheuk Yi Cheung, Director Room A, 16/F, Winbase Centre 208 Queen’s Road Central Sheung Wan, Hong Kong 16,359,000 861,000 61% Common Kwok Yuen Luk, CEO and Director Room A, 16/F, Winbase Centre 208 Queen’s Road Central Sheung Wan, Hong Kong 741,000 39,000 2.7% Common Peter Tong, CFO, Secretary and Director 218 Tilton Ave #301, San Mateo CA 94401 1,330,000 70,000 5 % All Officers and Directors as a Group 18,430,000 970,000 68.7% Other owners Common Kai Chi To 1/F-2/F, No 15 11 th Kok Mei Village, Sai Kung New Territories, Hong Kong 570,000 30,000 2.1 % |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2018 | |
Notes | |
Subsequent Events | 7. SUBSEQUENT EVENTS In accordance with ASC 855, the Company has analyzed its operations subsequent to December 31, 2018 the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
Organization, Consolidation a_2
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Basis of Accounting, Policy (Policies) | 9 Months Ended |
Dec. 31, 2018 | |
Policies | |
Basis of Accounting, Policy | (a) Basis of Presentation The accompanying unaudited financial statements have been prepared from the books and records of the Company in accordance with U.S. GAAP and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. The statements of operations for the three months ended December 31, 2018 are not necessarily indicative of the results to be expected for the full year or any future interim period. These unaudited financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2018. In the opinion of management, all adjustments considered necessary for a fair presentation of the results for the interim periods presented have been reflected in such financial statements. The Company maintains its general ledger and journals with the accrual method of accounting for financial reporting purposes. The financial statements and notes are representations of management. Accounting policies adopted by the Company conform to U.S. GAAP and have been consistently applied in the presentation of financial statements. The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America and pursuant to the rules and regulations of the SEC. |
Organization, Consolidation a_3
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Earnings Per Share, Policy (Policies) | 9 Months Ended |
Dec. 31, 2018 | |
Policies | |
Earnings Per Share, Policy | (b) Net loss per common share The Company complies with accounting and disclosure requirements of FASB ASC 260, “Earnings Per Share.” Net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding for the period. At December 31, 2018, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. As a result, diluted loss per common share is the same as basic loss per common share for the period. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities Disclosure (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
Details | ||
Accrued Liabilities and Other Liabilities | $ 8,938 | $ 12,241 |
Substantial Doubt about Going_2
Substantial Doubt about Going Concern (Details) | Dec. 31, 2018USD ($) |
Details | |
Retained Earnings (Accumulated Deficit) | $ 321,932 |
Related Party Transactions Di_2
Related Party Transactions Disclosure (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
Details | ||
Due to related party | $ 45,780 | $ 17,724 |
Stockholders' Equity Note Dis_2
Stockholders' Equity Note Disclosure (Details) - USD ($) | 1 Months Ended | |||||
Jan. 31, 2015 | Dec. 31, 2018 | Apr. 03, 2018 | Oct. 18, 2017 | Feb. 16, 2016 | Feb. 12, 2016 | |
Details | ||||||
Founder Shares issued and outstanding | 17,000,000 | |||||
Shares issued and outstanding for services | 3,050,000 | |||||
Shares, Issued | 362,000 | |||||
Stock Issued During Period, Value, New Issues | $ 36,200 | |||||
Mr. Chen sold all of his shares to Mr Chiang | 17,000,000 | |||||
Mr. Chiang acquired | 2,000,000 | |||||
Shares Canceled | 1,000,000 | |||||
Mr. Chiang sold to Peter Tong all | 19,000,000 | |||||
Shares Reacquired | 18,000,000 |