Document and Entity Information
Document and Entity Information - shares | 4 Months Ended | |
Dec. 31, 2017 | Mar. 20, 2018 | |
Document and Entity Information: | ||
Entity Registrant Name | Fortune Valley Treasures, Inc. | |
Entity Central Index Key | 1,626,745 | |
Document Type | 10-QT | |
Document Period End Date | Dec. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 7,750,000 | |
Trading Symbol | FVTI | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
Balance Sheets
Balance Sheets | Dec. 31, 2017USD ($) |
Current assets | |
Prepaid expenses | $ 5,895 |
Total current assets | 5,895 |
Total Assets | 5,895 |
Current liabilities | |
Accounts and taxes payable | 23,276 |
Due to related parties | 140,739 |
Total current liabilities | 164,015 |
Total Liabilities | 164,015 |
Stockholders’ Equity | |
Common stock (3,000,000,000 shares authorized, 7,750,000 issued and outstanding at December 31, 2017) | 7,750 |
Additional paid in capital | 82,858 |
Accumulated deficit | (248,728) |
Total Stockholders’ Equity | (158,120) |
Total Liabilities and Stockholders’ Equity | $ 5,895 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) | Dec. 31, 2017shares |
Statement of Financial Position [Abstract] | |
Common stock, shares authorized | 3,000,000,000 |
Common stock, shares issued | 7,750,000 |
Common stock, shares outstanding | 7,750,000 |
Statement of Operations and Com
Statement of Operations and Comprehensive Loss | 4 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Income Statement [Abstract] | |
Net revenues (related party revenue $0) | |
Cost of revenues | |
Gross profit | |
Operating expenses: | |
Selling and marketing expenses | |
General and administrative expenses | 49,490 |
Operating loss | (49,490) |
Other income (expenses): | |
Interest income | |
Interest expense | |
Other income (expense) | |
Earnings before tax | (49,490) |
Income tax | |
Net loss | (49,490) |
Other comprehensive income: | |
Foreign currency translation gain | |
Comprehensive loss | $ (49,490) |
Loss per share | |
Basic and diluted earnings per share | $ / shares | $ (0.01) |
Basic and diluted weighted average shares outstanding | shares | 7,750,000 |
Statement of Operations and Co5
Statement of Operations and Comprehensive Loss (Parenthetical) | 4 Months Ended |
Dec. 31, 2017USD ($) | |
Income Statement [Abstract] | |
Related party revenue | $ 0 |
Statements of Shareholders' Equ
Statements of Shareholders' Equity - 4 months ended Dec. 31, 2017 - USD ($) | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Total |
Balance at Aug. 31, 2017 | $ 7,750 | $ 82,858 | $ (199,238) | $ (108,630) |
Balance, shares at Aug. 31, 2017 | 7,750,000 | |||
Net loss | (49,490) | (49,490) | ||
Balance at Dec. 31, 2017 | $ 307,750 | $ 82,858 | $ (248,728) | $ (158,120) |
Balance, shares at Dec. 31, 2017 | 7,750,000 |
Statement of Cash Flows
Statement of Cash Flows | 4 Months Ended |
Dec. 31, 2017USD ($) | |
Cash flows from operating activities | |
Net income | $ (49,490) |
Increase in prepaid expenses | (62) |
Increase in accounts and other payables | 4,369 |
Net cash used in operating activities | (45,183) |
Cash flows from investing activities | |
Net cash used in investing activities | |
Cash flows from financing activities | |
Borrowing and payments to related parties, net | 45,183 |
Net cash provided by financing activities | 45,183 |
Net increase/(decrease) of cash and cash equivalents | |
Effect of foreign currency translation on cash and cash equivalents | |
Cash and cash equivalents–end of period | |
Supplementary cash flow information: | |
Interest received | |
Interest paid | |
Income taxes paid |
Organization and Description of
Organization and Description of Business | 4 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Fortune Valley Treasures, Inc. (formerly Crypto-Services, Inc.) was incorporated in the State of Nevada on March 21, 2014. As of the date of this report, the Company’s did not conduct any business operations that generated revenues or cash flows to the Company. Management is currently evaluating different investment opportunities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 4 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation These financial statements, accompanying notes, and related disclosures have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These financial statements have been prepared using the accrual basis of accounting in accordance with the generally accepted accounting principles (“GAAP”) in the United States. The Company’s fiscal year end has been changed to December 31. The Company’s financial statements are presented in US dollars. These financial statements should be considered a transition report, and the results of operations cover the period from September 1, 2017 to December, 31, 2017. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results may materially differ from these estimates. Prepaid expenses These are annual payments paid to vendors and professional services providers for services to be used up over the course of one operating period. Income taxes The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain. Statutory reserves Statutory reserves are referring to the amount appropriated from the net income in accordance with laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum that is equal to 50% of the enterprise’s PRC registered capital. Earnings per share The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260, “Earnings per share”. Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Financial instruments The Company’s accounts for financial instruments in accordance to ASC Topic 820, “Fair Value Measurements and Disclosures,” which requires disclosure of the fair value of financial instruments held by the Company and ASC Topic 825, “Financial Instruments,” which defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Comprehensive income Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. The Company’s current component of other comprehensive income includes the foreign currency translation adjustment and unrealized gain or loss. Recent accounting pronouncements On January 5, 2016, the FASB issued ASU 2016-01 “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Although the ASU retains many current requirements, it significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Management has determined that the new pronouncement did not have a material impact on these financial statements. On February 25, 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)”, its new standard on accounting for leases. ASU 2016-02 introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in ASC 606, the FASB’s new revenue recognition standard (e.g., those related to evaluating when profit can be recognized). Furthermore, the ASU addresses other concerns related to the current leases model. For example, the ASU eliminates the requirement in current U.S. GAAP for an entity to use bright-line tests in determining lease classification. The standard also requires lessors to increase the transparency of their exposure to changes in value of their residual assets and how they manage that exposure. The new model represents a wholesale change to lease accounting. As a result, entities will face significant implementation challenges during the transition period and beyond, such as those related to: Applying judgment and estimating. ● Managing the complexities of data collection, storage, and maintenance. ● Enhancing information technology systems to ensure their ability to perform the calculations necessary for compliance with reporting requirements. ● Refining internal controls and other business processes related to leases. ● Determining whether debt covenants are likely to be affected and, if so, working with lenders to avoid violations. ● Addressing any income tax implications. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018 (e.g., calendar periods beginning on January 1, 2019), and interim periods therein. Management is still evaluating the accounting impact of the new pronouncement. On March 15, 2016, the FASB issued ASU 2016-07 “Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting”, which simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. Consequently, when an investment qualifies for the equity method (as a result of an increase in the level of ownership interest or degree of influence), the cost of acquiring the additional interest in the investee would be added to the current basis of the investor’s previously held interest and the equity method would be applied subsequently from the date on which the investor obtains the ability to exercise significant influence over the investee. The ASU further requires that unrealized holding gains or losses in accumulated other comprehensive income related to an available-for-sale security that becomes eligible for the equity method be recognized in earnings as of the date on which the investment qualifies for the equity method. The guidance in the ASU is effective for all entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years; early adoption is permitted for all entities. Entities are required to apply the guidance prospectively to increases in the level of ownership interest or degree of influence occurring after the ASU’s effective date. Additional transition disclosures are not required upon adoption. Management has determined that new pronouncement did not have a material effect on these financial statements. On March 17, 2016, the FASB issued ASU 2016-08 “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, which amends the principal-versus-agent implementation guidance and illustrations in the Board’s new revenue standard (ASU 2014-09). The FASB issued the ASU in response to concerns identified by stakeholders, including those related to (1) determining the appropriate unit of account under the revenue standard’s principal-versus-agent guidance and (2) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. Among other things, the ASU clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. As defined in the ASU, a specified good or service is “a distinct good or service (or a distinct bundle of goods or services) to be provided to the customer.” Therefore, for contracts involving more than one specified good or service, the entity may be the principal for one or more specified goods or services and the agent for others. The ASU has the same effective date as the new revenue standard (as amended by the one-year deferral and the early adoption provisions in ASU 2015-14). In addition, entities are required to adopt the ASU by using the same transition method they used to adopt the new revenue standard. Management determine that the new policy had no material impact on these financial statements. On March 30, 2016, the FASB issued ASU 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Management has determined that the new standard did not have a material impact on these financial statements. The Company is currently assessing the above the accounting pronouncements and their potential impact from their adoption on the financial statements. |
Going Concern
Going Concern | 4 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 3 - GOING CONCERN The accompanying financial statements have been prepared in conformity with generally accepted accounting principles which contemplate continuation of the Company as a going-concern basis. The going-concern basis assumes that assets are realized, and liabilities are settled in the ordinary course of business at amounts disclosed in the financial statements. The Company’s ability to continue as a going concern depends upon its ability to market and sell its products to generate positive operating cash flows. For the period from September 1, 2017 to December 31, 2017, the Company reported net losses of $49,490. As of December 31, 2017, the Company had working capital deficit of approximately $158,120. In addition, the Company had net cash outflows of $45,183 from operating activities during the period from September 1, 2017 to December 31, 2017. These conditions raise substantial doubt as to whether the Company may continue as a going concern. In an effort to improve its financial position, the Company’s management is working to identify profitable operating businesses for acquisition, and concurrently raise capital through the sales of equity or debt securities to investors for cash to fund operations and expand. The Company also continues to rely on related parties to provided financing and management services at costs that may not be indicative of the prevailing market rate for such services. If the Company is not able to generate positive operating cash flows, raise additional capital, and retain the services of certain related parties, it may become insolvent. |
Income Taxes
Income Taxes | 4 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 4 - INCOME TAXES The Company’s does not have operations that generates taxable profits. The company generated a loss before taxes during the period from September 1, 2017 to December 31, 2017. Management has decided to not recognize a deferred tax asset as Management is not able to estimate when it will generate taxable profits. |
Related Party Transactions
Related Party Transactions | 4 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 5 - RELATED PARTY TRANSACTIONS Amounts due to related parties as of December 31, 2017: Mr. Yumin Lin Director, CEO, Shareholder $ 119,239 Mr. Xinlong Shen Former Director of the Company 21,500 $ 140,739 The outstanding payables due to Mr. Yumin Lin and Xinlong Shen are comprised of working capital advances and borrowings for general corporate purposes. These amounts are due on demand and are non-interest bearing. The Company’s registered address is at a commercial building owned by Ms. Qingmei Lin; she is the wife of Mr. Yumin Lin. The Company has not charged for the use of such premises, and there is no rental agreement. |
Subsequent Events
Subsequent Events | 4 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 6 - SUBSEQUENT EVENTS Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date. There were no events subsequent to December 31, 2017 that Management deems necessary for disclosure if not otherwise already disclosed in these financial statements. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 4 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation These financial statements, accompanying notes, and related disclosures have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These financial statements have been prepared using the accrual basis of accounting in accordance with the generally accepted accounting principles (“GAAP”) in the United States. The Company’s fiscal year end has been changed to December 31. The Company’s financial statements are presented in US dollars. These financial statements should be considered a transition report, and the results of operations cover the period from September 1, 2017 to December, 31, 2017. |
Use of Estimates | Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results may materially differ from these estimates. |
Prepaid Expenses | Prepaid expenses These are annual payments paid to vendors and professional services providers for services to be used up over the course of one operating period. |
Income Taxes | Income taxes The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain. |
Statutory Reserves | Statutory reserves Statutory reserves are referring to the amount appropriated from the net income in accordance with laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum that is equal to 50% of the enterprise’s PRC registered capital. |
Earnings Per Share | Earnings per share The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260, “Earnings per share”. Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. |
Financial Instruments | Financial instruments The Company’s accounts for financial instruments in accordance to ASC Topic 820, “Fair Value Measurements and Disclosures,” which requires disclosure of the fair value of financial instruments held by the Company and ASC Topic 825, “Financial Instruments,” which defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
Commitments and Contingencies | Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. |
Comprehensive Income | Comprehensive income Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. The Company’s current component of other comprehensive income includes the foreign currency translation adjustment and unrealized gain or loss. |
Recent Accounting Pronouncements | Recent accounting pronouncements On January 5, 2016, the FASB issued ASU 2016-01 “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Although the ASU retains many current requirements, it significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Management has determined that the new pronouncement did not have a material impact on these financial statements. On February 25, 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)”, its new standard on accounting for leases. ASU 2016-02 introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in ASC 606, the FASB’s new revenue recognition standard (e.g., those related to evaluating when profit can be recognized). Furthermore, the ASU addresses other concerns related to the current leases model. For example, the ASU eliminates the requirement in current U.S. GAAP for an entity to use bright-line tests in determining lease classification. The standard also requires lessors to increase the transparency of their exposure to changes in value of their residual assets and how they manage that exposure. The new model represents a wholesale change to lease accounting. As a result, entities will face significant implementation challenges during the transition period and beyond, such as those related to: Applying judgment and estimating. ● Managing the complexities of data collection, storage, and maintenance. ● Enhancing information technology systems to ensure their ability to perform the calculations necessary for compliance with reporting requirements. ● Refining internal controls and other business processes related to leases. ● Determining whether debt covenants are likely to be affected and, if so, working with lenders to avoid violations. ● Addressing any income tax implications. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018 (e.g., calendar periods beginning on January 1, 2019), and interim periods therein. Management is still evaluating the accounting impact of the new pronouncement. On March 15, 2016, the FASB issued ASU 2016-07 “Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting”, which simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. Consequently, when an investment qualifies for the equity method (as a result of an increase in the level of ownership interest or degree of influence), the cost of acquiring the additional interest in the investee would be added to the current basis of the investor’s previously held interest and the equity method would be applied subsequently from the date on which the investor obtains the ability to exercise significant influence over the investee. The ASU further requires that unrealized holding gains or losses in accumulated other comprehensive income related to an available-for-sale security that becomes eligible for the equity method be recognized in earnings as of the date on which the investment qualifies for the equity method. The guidance in the ASU is effective for all entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years; early adoption is permitted for all entities. Entities are required to apply the guidance prospectively to increases in the level of ownership interest or degree of influence occurring after the ASU’s effective date. Additional transition disclosures are not required upon adoption. Management has determined that new pronouncement did not have a material effect on these financial statements. On March 17, 2016, the FASB issued ASU 2016-08 “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, which amends the principal-versus-agent implementation guidance and illustrations in the Board’s new revenue standard (ASU 2014-09). The FASB issued the ASU in response to concerns identified by stakeholders, including those related to (1) determining the appropriate unit of account under the revenue standard’s principal-versus-agent guidance and (2) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. Among other things, the ASU clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. As defined in the ASU, a specified good or service is “a distinct good or service (or a distinct bundle of goods or services) to be provided to the customer.” Therefore, for contracts involving more than one specified good or service, the entity may be the principal for one or more specified goods or services and the agent for others. The ASU has the same effective date as the new revenue standard (as amended by the one-year deferral and the early adoption provisions in ASU 2015-14). In addition, entities are required to adopt the ASU by using the same transition method they used to adopt the new revenue standard. Management determine that the new policy had no material impact on these financial statements. On March 30, 2016, the FASB issued ASU 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Management has determined that the new standard did not have a material impact on these financial statements. The Company is currently assessing the above the accounting pronouncements and their potential impact from their adoption on the financial statements. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 4 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Amount Due to Related Parties | Amounts due to related parties as of December 31, 2017: Mr. Yumin Lin Director, CEO, Shareholder $ 119,239 Mr. Xinlong Shen Former Director of the Company 21,500 $ 140,739 |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Details Narrative) | 4 Months Ended |
Dec. 31, 2017 | |
Percentage of statutory reserves | 10.00% |
Maximum [Member] | |
Percentage of statutory reserves | 50.00% |
Going Concern (Details Narrativ
Going Concern (Details Narrative) | 4 Months Ended |
Dec. 31, 2017USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Net loss | $ (49,490) |
Working capital deficit | 158,120 |
Net cash used in operating activities | $ (45,183) |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amount Due to Related Parties (Details) | Dec. 31, 2017USD ($) |
Due to related parties | $ 140,739 |
Mr. Yumin Lin [Member] | Director, CEO, Shareholder [Member] | |
Due to related parties | 119,239 |
Mr. Xinlong Shen [Member] | Former Director of the Company [Member] | |
Due to related parties | $ 21,500 |