Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 10, 2020 | Jun. 30, 2019 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | UNION BRIDGE HOLDINGS LTD. | ||
Entity Central Index Key | 0001621199 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 241,146,887 | ||
Entity Public Float | $ 5,668,221 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalent | $ 22,339 | $ 97,870 |
Prepaid expenses and deposits | 135,112 | 58,662 |
Inventories | 30,715 | |
Total Current Assets | 188,166 | 156,532 |
TOTAL ASSETS | 188,166 | 156,532 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 294,635 | 128,183 |
Due to related parties | 1,187,828 | 513,261 |
Total Current Liabilities | 1,482,463 | 641,444 |
TOTAL LIABILITIES | 1,482,463 | 641,444 |
Stockholders' Deficit | ||
Preferred stock, $0.001 par value, 20,000,000 shares authorized; No shares issued and outstanding | ||
Common stock, $0.001 par value, 1,000,000,000 shares authorized; 241,146,887 and 53,600,000 shares issued and outstanding | 241,147 | 53,600 |
Additional paid in capital | 97,542 | |
Accumulated deficit | (1,632,986) | (538,429) |
Accumulated other comprehensive loss | (83) | |
Total Stockholders' Deficit | (1,294,297) | (484,912) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 188,166 | $ 156,532 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 241,146,887 | 53,600,000 |
Common stock, shares outstanding | 241,146,887 | 53,600,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
Revenues - related party | $ 86,939 | $ 6,389 |
Cost of revenue | (63,938) | (3,774) |
Gross profit | 23,001 | 2,615 |
Operating Expenses | ||
General and administrative expenses | 723,212 | 74,874 |
Professional Fees | 203,760 | 154,562 |
Total operating expenses | 926,972 | 229,436 |
Loss from operations | (903,971) | (226,821) |
Other income (expense) | ||
Interest income | 39 | 34 |
Consultancy Income | 9,027 | |
Tax penalty | (371) | (71,426) |
Loss on disposal of subsidiaries | (7,662) | |
Sundry expenses | (134) | |
Total other expense | (8,128) | (62,365) |
Loss before taxes | (912,099) | (289,186) |
Income tax | 0 | 0 |
Net loss | (912,099) | (289,186) |
Other comprehensive income (loss) | ||
Foreign currency translation | 1,861 | (83) |
Realization of other comprehensive loss upon disposal of subsidiaries | (1,778) | |
Total comprehensive loss | $ (912,016) | $ (289,269) |
Basic and dilutive loss per common share (in dollars per share) | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding - basic and diluted (in shares) | 104,468,882 | 53,600,000 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) | Common Stock | Additional Paid in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total |
Balance at Dec. 31, 2017 | $ 53,600 | $ (249,243) | $ (195,643) | ||
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2017 | 53,600,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (289,186) | (289,186) | |||
Foreign currency translation | $ (83) | (83) | |||
Balance at Dec. 31, 2018 | $ 53,600 | (538,429) | (83) | $ (484,912) | |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2018 | 53,600,000 | 53,600,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issue of shares for acquisition of subsidiaries | $ 187,547 | (182,458) | $ 5,089 | ||
Issue of shares for acquisition of subsidiaries (Shares) | 187,546,887 | ||||
Debt forgiveness by related parties | $ 97,542 | 97,542 | |||
Net loss | (912,099) | (912,099) | |||
Foreign currency translation | 1,861 | 1,861 | |||
Realization of other comprehensive loss upon disposal of subsidiaries | $ (1,778) | (1,778) | |||
Balance at Dec. 31, 2019 | $ 241,147 | $ 97,542 | $ (1,632,986) | $ (1,294,297) | |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2019 | 241,146,887 | 241,146,887 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (912,099) | $ (289,186) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Loss on disposal of subsidiaries | 3,993 | |
Expenses paid by related parties | 594,053 | 38,707 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and deposits | (82,627) | (45,829) |
Inventory | (30,715) | |
Accounts payable and accrued liabilities | 166,856 | 65,859 |
Net Cash Used in Operating Activities | (260,539) | (230,449) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash disposed with subsidiaries | (3,669) | |
Net Cash Used in Investing Activities | (3,669) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from related parties | 202,328 | 266,244 |
Repayment to related parties | (15,360) | |
Net Cash Provided By Financing Activities | 186,968 | 266,244 |
Effects on changes in foreign exchange rate | 1,709 | (83) |
Net change in cash and cash equivalents | (75,531) | 35,712 |
Cash and cash equivalents, beginning of period | 97,870 | 62,158 |
Cash and cash equivalents, end of period | 22,339 | 97,870 |
Supplemental cash flow information | ||
Interest received | 39 | 34 |
Interest paid | 0 | 0 |
Income taxes paid | 0 | $ 0 |
Non-cash investing and financing transactions: | ||
Common stock issued for acquisitions of subsidiaries | 187,547 | |
Debt forgiveness | $ 97,542 |
ORGANIZATION, DESCRIPTION OF BU
ORGANIZATION, DESCRIPTION OF BUSINESS, AND GOING CONCERN | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION, DESCRIPTION OF BUSINESS, AND GOING CONCERN | NOTE 1 – ORGANIZATION, DESCRIPTION OF BUSINESS, AND GOING CONCERN UNION BRIDGE HOLDINGS LIMITED (the “Company”) was incorporated under the laws of the State of Nevada on May 6, 2014. The Company did not have operations that generated revenues and positive cash flows; however, the Company’s management has been reviewing investment opportunities. As described below in “Recent Developments”, Management has identified certain opportunities that it believes may generate profits for the Company in the future. Recent Developments The Company incorporated two new wholly owned subsidiaries in the British Virgin Islands: 1.) Phoenix Creation Global Limited (“PC”) on October 26, 2017 and 2.) Windsor Honour Limited (“WH”) on October 30, 2017, respectively. These subsidiaries were formed with the intent to sell healthcare products and services to seniors and individual with disabilities. The Company recently procured samples of motorized wheelchairs, as the first product in an expected portfolio of products targeted at this market. On February 2, 2018, the Company’s subsidiary Union Beam Investment Limited (“UB”) established Qianhai Lianqiao Investment Consulting (Shenzhen) Company Limited, renamed as Union Beam Trading (Shenzhen) Limited (“UB Trading”), a wholly foreign owned entity in the People’s Republic of China (“PRC”), to engage in the sale of healthcare products and services. On February 13, 2018, the Company’s subsidiary PC established Union Care Investment Limited (“UC”) in Hong Kong, to engage in the provision of senior care services. On May 25, 2018, UC established Sino Silver (Qianhai) Holdings Ltd. (“Sino Silver Qianhai”), a wholly owned entity in the PRC, to engage in the provision of elderly home care services, to establish senior care centers and to provide community services. As of December 31, 2019, UC is ready to be engaged in the business activities of the Company. On September 20, 2018, Sino Silver Qianhai established Sino Sliver (Beijing) Elderly Service Ltd. (“Sino Silver Beijing”) in the PRC, to engage in the provision of elderly home care services, to establish senior care centers and to provide community services in Beijing region. On December 27, 2018, the Company’s subsidiary UC established Sino Silver (Zhuhai Hengqin) Elderly Service Limited (“Sino Silver Zhuhai”), a wholly owned entity in the PRC engaging the elderly home care services, senior care centers and community services. On September 24, 2019, the Company entered into a share exchange agreement (the “SEA”) with Conperin Group Inc. (“Conperin”) and Conperin’s shareholders whereby the Company issued 187,546,887 2,500,000. On March 12, 2019, Conperin established Circle YY Technologies Inc., a limited company incorporated in the British Virgin Islands (“Circle BVI”). Circle BVI’s principal business activity is investment holding. On March 27, 2019, Conperin established Circle YY Technologies Limited, a limited company incorporated in Hong Kong (“Circle HK”). Circle HK’s principal business activity is development of website and mobile apps to promote positive communication between the elders and young people. On September 27, 2019, Conperin established Circle YY International Inc., a limited company incorporated in the British Virgin Islands (“Circle International”). As of December 31, 2019, Circle International are ready to be engaged in the business activities of the Company. On November 6, 2019, the Company disposed of UB Trading, Sino Silver Qianhai and Sino Silver Beijing to unrelated parties at no consideration. On December 17, 2019, the Company disposed of Sino Silver Zhuhai to unrelated parties at no consideration. Before the disposal, the subsidiaries have minimal business activities. The Company finds no business rationale to maintain these subsidiaries. Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the Company has incurred a net loss of $912,099 $1,632,986, working capital deficit of $1,294,297, $1,294,297; $260,539. These factors raise substantial doubt on the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management’s plan for the Company’s continued existence is dependent upon Management's ability to identify investment opportunities, develop those opportunities to generate profit; additionally, Management will need to continue to rely on certain related parties to provide funding for investment, working capital, and general corporate purposes, and management expertise to the Company at less than prevailing market rates. If Management is unable to execute its plan, the Company may become insolvent. The Company’s controlling shareholder and Chief Executive Officer has provided a personal guarantee of loan that he would provide to the Company of up to $1 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements and related disclosures have been prepared pursuant to the rules and regulations of Securities and Exchange Commission (SEC). The financial statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (GAAP) in the United States of America. The Company use a calendar year for accounting purposes. The financial statements are presented in United States dollars. Basis of Consolidation These financial statements include the accounts of the Company and its wholly-owned subsidiaries: First Channel Limited (“FC”), UB, PC, WH, UC, Conperin, Circle BVI, Circle HK and Circle International. These financial statements have also included the accounts of the subsidiaries previously wholly owned by the Company and have been disposed during the year, up to the date of disposal of the subsidiaries: UB Trading, Sino Silver Qianhai, Sino Silver Beijing and Sino Silver Zhuhai. All intercompany sales, purchases, balances, investments, and capital have been eliminated. Use of Estimates The preparation of 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 as well as the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. Foreign Currency Translation and Re-measurement The Company translates its foreign operations to the U.S. dollar in accordance with ASC 830, “Foreign Currency Matters”. The reporting currency for the Company and its subsidiaries is the U.S. dollar. The functional currency of FC, PC, WH and UB is U.S. dollar; the functional currency of UB Trading, Sino Silver Qianhai, Sino Silver Beijing and Sino Silver Zhuhai is Chinese Renminbi (“RMB”); and the functional currencies of UC, Conperin, Circle BVI, Circle HK and Circle International is the Hong Kong dollar (“HKD”). The Company’s subsidiaries, whose records are not maintained in those entities’ respective functional currencies, re-measure their records into their functional currency as follows: ● Monetary assets and liabilities at exchange rates in effect at the end of each period ● Nonmonetary assets and liabilities at historical rates ● Revenue and expense items at the average rate of exchange prevailing during the period Gains and losses from these re-measurements were not significant and have been included in the Company’s results of operations. The Company’s subsidiaries, whose functional currency is not the U.S. dollar, translate their records into the U.S. dollar as follows: ● Assets and liabilities at the rate of exchange in effect at the balance sheet date ● Equities at the historical rate ● Revenue and expense items at the average rate of exchange prevailing during the period Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity. December 31, December 31, 2019 2018 Spot RMB: USD exchange rate $ 0.1436 $ 0.1454 Average RMB: USD exchange rate $ 0.1448 $ 0.1451 Spot HKD: USD exchange rate $ 0.1280 $ 0.1280 Average HKD: USD exchange rate $ 0.1280 $ 0.1278 The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollar at the rates used in translation. Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. The Company’s bank deposits are held with large financial institutions located in Hong Kong. These deposits are not protected under FDIC; however, the Company has determined that there is no significant credit risk for these deposits and does not believe these institutions will become insolvent. Prepaid expenses The Company makes certain payments for general corporate purposes to service providers that render services over time. The Company amortizes these services to its results of operations over the span of time that the services are contracted. Certain prepayments that are to be delivered after one operating period to the Company have been classified as long-term prepaid expenses. Management does not believe these prepayments qualify as financial instruments that require fair value consideration and disclosure. Inventories Inventories are computed using the first-in, first-out method and valued at the lower of cost or net realizable value. The Company periodically reviews inventories for obsolescence and any inventories identified as obsolete are written down or written off. Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, prepaid expenses and deposits, accounts payable and accrued liabilities and amount due to a related party at their fair values because of the short-term nature of these financial instruments. The Company also 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 : Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets; ● Level 2 : Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and ● Level 3 : Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Commitments and contingencies The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. Income taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined that the Hong Kong is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company conducts businesses in China and Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority. Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. As of December 31, 2019, the Company has no dilutive securities. 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 operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Revenue recognition The Company adopts ASC606 “Revenue Recognition”, and recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The Company derives its revenues from the rendering of computer consulting services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● recognize revenue as the performance obligation is satisfied. Reclassification Certain amounts from prior periods have been reclassified to conform to the current period presentation. Recent Accounting Pronouncements In October 2018, FASB issued ASU No. 2018-17, Consolidation - Targeted Improvements to Related Party Guidance for Variable Interest Entities (Topic 810). ASU No. 2018-17 guidance eliminates the requirement that entities consider indirect interests held through related parties under common control in their entirety when assessing whether a decision-making fee is a variable interest. Instead, the reporting entity will consider such indirect interests on a proportionate basis. This pronouncement is effective for public entities for fiscal years ending after December 15, 2019, with early adoption permitted. The Company does not expect the adoption to have a material impact on its consolidated financial statements. Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
BUSINESS COMBINATION
BUSINESS COMBINATION | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATION | NOTE 3 – BUSINESS COMBINATION The assets, liabilities and net asset value of Conperin and its subsidiaries as of the date of beginning of common control is as follow: March 12, 2019 ASSETS $ — LIABILITIES Current Liabilities Accounts payable and accrued liabilities $ 8,334 Due to related parties 28,934 Total Current Liabilities 37,268 TOTAL LIABILITIES 37,268 NET LIABILITIES $ (37,268 ) The Company and Conperin were under common control before the acquisition; therefore, the transaction has been accounted for as business combination under common control in accordance to ASC-805-30-5, in which the assets and liabilities of Conperin have been presented at their carrying values at the date of common control on March 12, 2019, and no goodwill is recognized. |
PREPAID EXPENSES AND DEPOSITS
PREPAID EXPENSES AND DEPOSITS | 12 Months Ended |
Dec. 31, 2019 | |
Prepaid Expenses And Deposits [Abstract] | |
PREPAID EXPENSES AND DEPOSITS | NOTE 4 – PREPAID EXPENSES AND DEPOSITS December 31, December 31, 2019 2018 Prepaid expenses $ 12,000 $ 53,312 Deposits for platform design 111,846 — Sundry deposits 11,266 5,350 $ 135,112 $ 58,662 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 5 – INVENTORIES All of the inventories of $30,715 as of December 31, 2019 is finished clothing goods. There are no inventory write-offs made as of December 31, 2019. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | NOTE 6 – ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, December 31, 2019 2018 Accounts payable $ 55,015 $ — Accrued charges 239,620 128,183 $ 294,635 $ 128,183 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7 – INCOME TAXES Union Bridge Holdings Limited was formed in 2014. Prior to the establishments of subsidiaries in China in 2018, the Company only had operations in the United States. In February 2018, the Company became the parent of Union Beam Trading ( Shenzhen ) Limited, a China subsidiary, which files tax returns in China. In March 2019, the Company became the parent of Circle YY Technologies Hong Kong Limited, a Hong Kong subsidiary, which files tax returns in Hong Kong. For the years ended December 31, 2019 and 2018, the local (“United States of America”) and foreign components of loss before income taxes were comprised of the following: For the Year Ended December 31, 2019 2018 Tax jurisdiction from: -Local $ (585,559 ) $ (253,815 ) -PRC (74,793 ) (35,371 ) -HongKong (251,747 ) — Loss before income taxes $ (912,099 ) $ (289,186 ) United States of America Union Bridge Holdings Limited operates in the United States and files tax returns in these jurisdictions. On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Act”) resulting in significant modifications to existing law. The Company’s financial statements for the period ended December 31, 2019 reflect certain effects of the Act which includes a reduction in the corporate tax rate from 35% to 21% as well as other changes. The reconciliation of income tax rate to the effective income tax rate for the year ended December 31, 2019 and 2018 is as follows: For the Year Ended December 31, 2019 2018 Loss before income taxes from US operation $ (585,559 ) $ (253,815 ) Statutory income tax rate 21.00 % 21.00 % Income tax expense at statutory rate (122,967 ) (53,301 ) Tax losses carryforward 122,967 53,301 Income tax expense $ — $ — As of December 31, 2019, the operations in the United States incurred $1,271,075 of cumulative net operating losses which can be carried forward to offset future taxable income. The Company has provided for a full valuation allowance against the deferred tax assets of $289,338 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. China The Company’s subsidiaries UB Trading, Sino Silver Qianhai, Sino Silver Beijing and Sino Silver Zhuhai operating in China is subject to the China Corporate Income Tax at a standard income tax rate range of 25% on the assessable income arising in China during its tax year. The reconciliation of income tax rate to the effective income tax rate for the years ended December 31, 2019 and 2018 is as follows: For the Year Ended December 31, 2019 2018 Loss before income taxes from China operation $ (74,793 ) $ (35,371 ) Statutory income tax rate 25.00 % 25.00 % Income tax expense at statutory rate (18,698 ) (8,843 ) Tax losses carryforward 18,698 8,843 Income tax expense $ — $ — As of December 31, 2019, the operations in China incurred $110,164 of cumulative net operating losses which can be carried forward to offset future taxable income. The Company has provided for a full valuation allowance against the deferred tax assets of $27,541 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future and the subsidiaries in China have been disposed during the year. Hong Kong The Company’s subsidiary Circle HK operating in Hong Kong is subject to the Hong Kong Profits Tax at a standard income tax rate range of 8.25% on the assessable income arising in Hong Kong during its tax year. The reconciliation of income tax rate to the effective income tax rate for the years ended December 31, 2019 and 2018 is as follows: For the Year Ended December 31, 2019 2018 Loss before income taxes from Hong Kong operation $ (251,747 ) $ — Statutory income tax rate 8.25 % 8.25 % Income tax expense at statutory rate (20,769 ) — Tax losses carryforward 20,769 — Income tax expense $ — $ — As of December 31, 2019, the operations in Hong Kong incurred $2251,747 of cumulative net operating losses which can be carried forward to offset future taxable income. The Company has provided for a full valuation allowance against the deferred tax assets of $20,769 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of December 31, 2019 and 2018: December 31, December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards United States $ 289,338 $ 166,371 China 27,541 8,843 Hong Kong 20,769 — Total 337,648 175,214 Less: valuation allowance (337,648 ) (175,214 ) Net deferred tax asset $ — $ — Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $337,648 as of December 31, 2019. In the period, the valuation allowance increased by $162,434. |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | NOTE 8 - RELATED-PARTY TRANSACTIONS For the years ended December 31, 2019 and 2018, the Company received advances of $202,328 and $266,244 from the Company’s director, who is also our CEO and majority shareholder, and Union Glory Gold Holdings Limited (“Union Glory”), a Company controlled by our CEO, repaid $15,360 and $0, and the Company’s director paid operating expenses of $594,053 and $38,707 on behalf of the Company, respectively. As of December 31, 2019 and 2018, the balances owed to the related parties totaled $1,187,828 and $513,261, respectively. For the years ended December 31, 2019 and 2018, the Company has provided computer services to Union Glory Gold Holdings Limited and earned a service income of $86,939 and $6,389, respectively. Union Glory Gold Holdings Limited is under the control of the Company. On September 24, 2019, the Company entered into a share exchange agreement (the “SEA”) with Conperin Group Inc. (“Conperin”) and Conperin’s shareholders whereby the Company issued 187,546,887 new common shares in exchange for all of the issued and outstanding common shares of Conperin, which totaled 2,500,000. Conperin is a private limited liability company, incorporated and domiciled in the British Virgin Islands. The Company and Conperin were under common control before the acquisition. Among the 187,546,887 new common shares, 131,282,821 shares were issued to our CEO and Director of the Company, and 56,264,066 shares were issued to a Director of the Company. On November 6, 2019, the Company disposed of UB Trading, Sino Silver Qianhai and Sino Silver Beijing to unrelated parties at no consideration. On December 17, 2019, the Company disposed of Sino Silver Zhuhai to unrelated parties at no consideration. The Company’s director, who is also our CEO and majority shareholder, and Union Glory Gold Holdings Limited have agreed not to require the Company to repay the amounts due to them by the disposed subsidiaries and the Company recorded debt forgiveness of $97,542 as additional paid in capital. Loss on disposal of the subsidiaries have been charged to the consolidated statements of operations and comprehensive loss. The Company’s principal executive offices are located in Hong Kong. The office premises were provided by Company’s controlled by our CEO at no charge to the Company. The Company is subject to the risk that if the related parties do not continue to provide services and advances to fund the company’s operations or expansion, or if those related parties demand immediate repayment, the Company may become insolvent. |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' DEFICIT | NOTE 9 - STOCKHOLDERS’ DEFICIT The Company is authorized to issue up to 1,000,000,000 shares of Common Stock, par value $0.001 per share, and 20,000,000 of Preferred Stock, par value $0.001 per share. Common stock During the year ended December 31, 2019, the Company issued Common Stock as follows: ● On September 24, 2019, in connection with the Exchange with Conperin (see Notes 1 and 8), the Company issued 187,546,887 shares of Common Stock. As of December 31, 2019 and 2018, 53,600,000 shares of Common Stock were issued and outstanding, respectively. |
CONCENTRATION RISK
CONCENTRATION RISK | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION RISK | NOTE 10 – CONCENTRATION RISK During the years ended December 31, 2019 and 2018, 100% of the revenue of $86,939 and $6,389, respectively, was received from a single client, who is a related party to the Company (Note 8). |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 - 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, 2019, up through the date the Company issued the financial statements. During the period, the Company did not have any material recognizable subsequent events. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements and related disclosures have been prepared pursuant to the rules and regulations of Securities and Exchange Commission (SEC). The financial statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (GAAP) in the United States of America. The Company use a calendar year for accounting purposes. The financial statements are presented in United States dollars. |
Basis of Consolidation | Basis of Consolidation These financial statements include the accounts of the Company and its wholly-owned subsidiaries: First Channel Limited (“FC”), UB, PC, WH, UC, Conperin, Circle BVI, Circle HK and Circle International. These financial statements have also included the accounts of the subsidiaries previously wholly owned by the Company and have been disposed during the year, up to the date of disposal of the subsidiaries: UB Trading, Sino Silver Qianhai, Sino Silver Beijing and Sino Silver Zhuhai. All intercompany sales, purchases, balances, investments, and capital have been eliminated. |
Use of Estimates | Use of Estimates The preparation of 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 as well as the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Foreign Currency Translation and Re-measurement | Foreign Currency Translation and Re-measurement The Company translates its foreign operations to the U.S. dollar in accordance with ASC 830, “Foreign Currency Matters”. The reporting currency for the Company and its subsidiaries is the U.S. dollar. The functional currency of FC, PC, WH and UB is U.S. dollar; the functional currency of UB Trading, Sino Silver Qianhai, Sino Silver Beijing and Sino Silver Zhuhai is Chinese Renminbi (“RMB”); and the functional currencies of UC, Conperin, Circle BVI, Circle HK and Circle International is the Hong Kong dollar (“HKD”). The Company’s subsidiaries, whose records are not maintained in those entities’ respective functional currencies, re-measure their records into their functional currency as follows: ● Monetary assets and liabilities at exchange rates in effect at the end of each period ● Nonmonetary assets and liabilities at historical rates ● Revenue and expense items at the average rate of exchange prevailing during the period Gains and losses from these re-measurements were not significant and have been included in the Company’s results of operations. The Company’s subsidiaries, whose functional currency is not the U.S. dollar, translate their records into the U.S. dollar as follows: ● Assets and liabilities at the rate of exchange in effect at the balance sheet date ● Equities at the historical rate ● Revenue and expense items at the average rate of exchange prevailing during the period Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity. December 31, December 31, 2019 2018 Spot RMB: USD exchange rate $ 0.1436 $ 0.1454 Average RMB: USD exchange rate $ 0.1448 $ 0.1451 Spot HKD: USD exchange rate $ 0.1280 $ 0.1280 Average HKD: USD exchange rate $ 0.1280 $ 0.1278 The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollar at the rates used in translation. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. The Company’s bank deposits are held with large financial institutions located in Hong Kong. These deposits are not protected under FDIC; however, the Company has determined that there is no significant credit risk for these deposits and does not believe these institutions will become insolvent. |
Prepaid expenses | Prepaid expenses The Company makes certain payments for general corporate purposes to service providers that render services over time. The Company amortizes these services to its results of operations over the span of time that the services are contracted. Certain prepayments that are to be delivered after one operating period to the Company have been classified as long-term prepaid expenses. Management does not believe these prepayments qualify as financial instruments that require fair value consideration and disclosure. |
Inventories | Inventories Inventories are computed using the first-in, first-out method and valued at the lower of cost or net realizable value. The Company periodically reviews inventories for obsolescence and any inventories identified as obsolete are written down or written off. |
Fair value of financial instruments | Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, prepaid expenses and deposits, accounts payable and accrued liabilities and amount due to a related party at their fair values because of the short-term nature of these financial instruments. The Company also 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 : Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets; ● Level 2 : Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and ● Level 3 : Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Commitments and contingencies | Commitments and contingencies The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. |
Income taxes | Income taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined that the Hong Kong is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company conducts businesses in China and Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority. |
Net loss per share | Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. As of December 31, 2019, the Company has no dilutive securities. |
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 operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Revenue recognition | Revenue recognition The Company adopts ASC606 “Revenue Recognition”, and recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The Company derives its revenues from the rendering of computer consulting services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● recognize revenue as the performance obligation is satisfied. |
Reclassification | Reclassification Certain amounts from prior periods have been reclassified to conform to the current period presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In October 2018, FASB issued ASU No. 2018-17, Consolidation - Targeted Improvements to Related Party Guidance for Variable Interest Entities (Topic 810). ASU No. 2018-17 guidance eliminates the requirement that entities consider indirect interests held through related parties under common control in their entirety when assessing whether a decision-making fee is a variable interest. Instead, the reporting entity will consider such indirect interests on a proportionate basis. This pronouncement is effective for public entities for fiscal years ending after December 15, 2019, with early adoption permitted. The Company does not expect the adoption to have a material impact on its consolidated financial statements. Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule accumulated other comprehensive income in shareholders' equity | December 31, December 31, 2019 2018 Spot RMB: USD exchange rate $ 0.1436 $ 0.1454 Average RMB: USD exchange rate $ 0.1448 $ 0.1451 Spot HKD: USD exchange rate $ 0.1280 $ 0.1280 Average HKD: USD exchange rate $ 0.1280 $ 0.1278 |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of business combination | March 12, 2019 ASSETS $ — LIABILITIES Current Liabilities Accounts payable and accrued liabilities $ 8,334 Due to related parties 28,934 Total Current Liabilities 37,268 TOTAL LIABILITIES 37,268 NET LIABILITIES $ (37,268 ) |
PREPAID EXPENSES AND DEPOSITS (
PREPAID EXPENSES AND DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Prepaid Expenses And Deposits [Abstract] | |
Schedule of prepaid expenses and deposits | December 31, December 31, 2019 2018 Prepaid expenses $ 12,000 $ 53,312 Deposits for platform design 111,846 — Sundry deposits 11,266 5,350 $ 135,112 $ 58,662 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of accounts payable and accrued liabilities | December 31, December 31, 2019 2018 Accounts payable $ 55,015 $ — Accrued charges 239,620 128,183 $ 294,635 $ 128,183 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |
Schedule of local and foreign components of loss before income taxes | For the Year Ended December 31, 2019 2018 Tax jurisdiction from: -Local $ (585,559 ) $ (253,815 ) -PRC (74,793 ) (35,371 ) -HongKong (251,747 ) — Loss before income taxes $ (912,099 ) $ (289,186 ) |
Schedule of components of deferred tax assets | December 31, December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards United States $ 289,338 $ 166,371 China 27,541 8,843 Hong Kong 20,769 — Total 337,648 175,214 Less: valuation allowance (337,648 ) (175,214 ) Net deferred tax asset $ — $ — |
United States of America | |
Operating Loss Carryforwards [Line Items] | |
Schedule of reconciliation of income tax rate | For the Year Ended December 31, 2019 2018 Loss before income taxes from US operation $ (585,559 ) $ (253,815 ) Statutory income tax rate 21.00 % 21.00 % Income tax expense at statutory rate (122,967 ) (53,301 ) Tax losses carryforward 122,967 53,301 Income tax expense $ — $ — |
China | |
Operating Loss Carryforwards [Line Items] | |
Schedule of reconciliation of income tax rate | For the Year Ended December 31, 2019 2018 Loss before income taxes from China operation $ (74,793 ) $ (35,371 ) Statutory income tax rate 25.00 % 25.00 % Income tax expense at statutory rate (18,698 ) (8,843 ) Tax losses carryforward 18,698 8,843 Income tax expense $ — $ — |
Hong Kong | |
Operating Loss Carryforwards [Line Items] | |
Schedule of reconciliation of income tax rate | For the Year Ended December 31, 2019 2018 Loss before income taxes from Hong Kong operation $ (251,747 ) $ — Statutory income tax rate 8.25 % 8.25 % Income tax expense at statutory rate (20,769 ) — Tax losses carryforward 20,769 — Income tax expense $ — $ — |
ORGANIZATION, DESCRIPTION OF _2
ORGANIZATION, DESCRIPTION OF BUSINESS, AND GOING CONCERN (Detail Textuals) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 24, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Common stock, shares issued | 241,146,887 | 53,600,000 | ||
Common stock, shares outstanding | 241,146,887 | 53,600,000 | ||
Net loss | $ (912,099) | $ (289,186) | ||
Accumulated deficit | (1,632,986) | (538,429) | ||
Working capital deficit | (1,294,297) | |||
Stockholders deficit | (1,294,297) | $ (484,912) | $ (195,643) | |
Cash flows used in operating activities | (260,539) | |||
Shareholder and chief executive officer guaranty of loan for investment and working capital | $ 1,000,000 | |||
Conperin Group Inc | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Common stock, shares issued | 2,500,000 | |||
Common stock, shares outstanding | 2,500,000 | |||
Share exchange agreement | Conperin Group Inc | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Common stock issued during period | 187,546,887 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details ) | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Spot RMB: USD exchange rate | 0.1436 | 0.1454 |
Average RMB: USD exchange rate | 0.1448 | 0.1451 |
Spot HKD: USD exchange rate | 0.1280 | 0.1280 |
Average HKD: USD exchange rate | 0.1280 | 0.1278 |
BUSINESS COMBINATION (Details)
BUSINESS COMBINATION (Details) - Conperin Group Inc | Mar. 12, 2019USD ($) |
Business Acquisition [Line Items] | |
ASSETS | $ 0 |
Current Liabilities | |
Accounts payable and accrued liabilities | 8,334 |
Due to related parties | 28,934 |
Total Current Liabilities | 37,268 |
TOTAL LIABILITIES | 37,268 |
NET LIABILITIES | $ (37,268) |
PREPAID EXPENSES AND DEPOSITS_2
PREPAID EXPENSES AND DEPOSITS (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Prepaid Expenses And Deposits [Abstract] | ||
Prepaid expenses | $ 12,000 | $ 53,312 |
Deposits for platform design | 111,846 | 0 |
Sundry deposits | 11,266 | 5,350 |
Total prepaid expense | $ 135,112 | $ 58,662 |
INVENTORIES (Details Textuals)
INVENTORIES (Details Textuals) | Dec. 31, 2019USD ($) |
Inventory Disclosure [Abstract] | |
Inventories | $ 30,715 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 55,015 | $ 0 |
Accrued charges | 239,620 | 128,183 |
Accounts payable and accrued liabilities | $ 294,635 | $ 128,183 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||
Loss before taxes | $ (912,099) | $ (289,186) |
Local | ||
Operating Loss Carryforwards [Line Items] | ||
Loss before taxes | (585,559) | (253,815) |
PRC | ||
Operating Loss Carryforwards [Line Items] | ||
Loss before taxes | (74,793) | (35,371) |
Hong Kong | ||
Operating Loss Carryforwards [Line Items] | ||
Loss before taxes | $ (251,747) | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 22, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Loss before taxes | $ (912,099) | $ (289,186) | |
Income tax expense | 0 | 0 | |
United States of America | |||
Operating Loss Carryforwards [Line Items] | |||
Loss before taxes | $ (585,559) | $ (253,815) | |
Statutory income tax rate | 35.00% | 21.00% | 21.00% |
Income tax expense at statutory rate | $ (122,967) | $ (53,301) | |
Tax losses carryforward | 122,967 | 53,301 | |
Income tax expense | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||
Loss before taxes | $ (912,099) | $ (289,186) |
Income tax expense | 0 | 0 |
China | ||
Operating Loss Carryforwards [Line Items] | ||
Loss before taxes | $ (74,793) | $ (35,371) |
Statutory income tax rate | 25.00% | 25.00% |
Income tax expense at statutory rate | $ (18,698) | $ (8,843) |
Tax losses carryforward | 18,698 | 8,843 |
Income tax expense | $ 0 | $ 0 |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||
Loss before taxes | $ (912,099) | $ (289,186) |
Income tax expense | 0 | 0 |
Hong Kong | ||
Operating Loss Carryforwards [Line Items] | ||
Loss before taxes | $ (251,747) | $ 0 |
Statutory income tax rate | 8.25% | 8.25% |
Income tax expense at statutory rate | $ (20,769) | $ 0 |
Tax losses carryforward | 20,769 | 0 |
Income tax expense | $ 0 | $ 0 |
INCOME TAXES (Details 4)
INCOME TAXES (Details 4) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 337,648 | $ 175,214 |
Less: valuation allowance | 337,648 | 175,214 |
Net deferred tax asset | 0 | 0 |
United States of America | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 289,338 | 166,371 |
China | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 27,541 | 8,843 |
Hong Kong | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 20,769 | $ 0 |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 22, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Tax losses carryforward | $ 337,648 | $ 175,214 | |
Valuation allowance deferred tax assets | 337,648 | $ 175,214 | |
Valuation allowance increased | $ 162,434 | ||
Local | |||
Operating Loss Carryforwards [Line Items] | |||
Corporate tax rate | 35.00% | 21.00% | 21.00% |
Tax losses carryforward | $ 289,338 | $ 166,371 | |
Cumulative net operating losses carried forward | $ 1,271,075 | ||
Hong Kong | |||
Operating Loss Carryforwards [Line Items] | |||
Corporate tax rate | 8.25% | 8.25% | |
Tax losses carryforward | $ 20,769 | $ 0 | |
Cumulative net operating losses carried forward | $ 2,251,747 | ||
China | |||
Operating Loss Carryforwards [Line Items] | |||
Corporate tax rate | 25.00% | 25.00% | |
Tax losses carryforward | $ 27,541 | $ 8,843 | |
Cumulative net operating losses carried forward | $ 110,164 |
RELATED-PARTY TRANSACTIONS (Det
RELATED-PARTY TRANSACTIONS (Detail Textuals) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 17, 2019 | Sep. 24, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||||
Proceeds from director | $ 202,328 | $ 266,244 | ||
Repayment to related parties | 15,360 | |||
Expenses paid by related parties | 594,053 | 38,707 | ||
Due to related parties | 1,187,828 | 513,261 | ||
Revenue from Related Parties | $ 86,939 | $ 6,389 | ||
Common stock, shares issued | 241,146,887 | 53,600,000 | ||
Common stock, shares outstanding | 241,146,887 | 53,600,000 | ||
Debt forgiveness by related parties | $ 97,542 | $ 97,542 | ||
Conperin Group Inc | ||||
Related Party Transaction [Line Items] | ||||
Common stock, shares issued | 2,500,000 | |||
Common stock, shares outstanding | 2,500,000 | |||
Share exchange agreement | Conperin Group Inc | ||||
Related Party Transaction [Line Items] | ||||
Common stock issued during period | 187,546,887 | |||
Chief Executive Officer and Director | Share exchange agreement | Conperin Group Inc | ||||
Related Party Transaction [Line Items] | ||||
Common stock issued during period | 131,282,821 | |||
Director | Share exchange agreement | Conperin Group Inc | ||||
Related Party Transaction [Line Items] | ||||
Common stock issued during period | 56,264,066 | |||
Union Glory Gold Holdings, a Company controlled by Mr. Ho | Mr Joseph | ||||
Related Party Transaction [Line Items] | ||||
Due to related parties | 202,328 | $ 266,244 | ||
Union Glory Gold Holdings, a Company controlled by Mr. Ho | Chief Executive Officer and Director | ||||
Related Party Transaction [Line Items] | ||||
Repayment to related parties | 15,360 | 0 | ||
Expenses paid by related parties | $ 594,053 | $ 38,707 |
STOCKHOLDERS' DEFICIT (Detail T
STOCKHOLDERS' DEFICIT (Detail Textuals) - $ / shares | 1 Months Ended | ||
Sep. 24, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders Equity [Line Items] | |||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares issued | 241,146,887 | 53,600,000 | |
Common stock, shares outstanding | 241,146,887 | 53,600,000 | |
Conperin Group Inc | |||
Stockholders Equity [Line Items] | |||
Common stock, shares issued | 2,500,000 | ||
Common stock, shares outstanding | 2,500,000 | ||
Share exchange agreement | Conperin Group Inc | |||
Stockholders Equity [Line Items] | |||
Common stock issued during period | 187,546,887 |
CONCENTRATION RISK (Details)
CONCENTRATION RISK (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | ||
Revenues | $ 86,939 | $ 6,389 |
Revenue benchmark | Customer concentration risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 100.00% | |
Revenues | $ 86,939 | $ 6,389 |