| Summary of Significant Accounting Policies (Policies) (Shenzhen Yeller Audio & Video Technology Co., Ltd.) | 6 Months Ended | 12 Months Ended |
| Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
| Basis of Presentation | Basis of Presentation The accompanying financial statements include
the balances and results of operations of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities
and Exchanges Commission (“SEC”) and in conformity with generally accepted accounting principles in the U.S. (“US GAAP”). The accompanying financial statements are
presented on the basis that the Company is a going concern. The going concern assumption contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business. The Company incurred net loss of 185,750
during the six months ended June 30, 2021. As of June 30, 2021, the Company had net current liability of $1,517,991 and total deficit
of $1,420,886. The ability to continue as a going concern
is dependent upon the Company’s profit generating operations in the future and/or obtaining the necessary financing to meet its
obligations and repay its liabilities arising from normal business operations when they become due. These consolidated financial statements
do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that
might be necessary should the Company be unable to continue as a going concern. The Company expects to finance operations
primarily through cash flow from revenue and capital contributions from the Chairman of the Board. In the event that the Company requires
additional funding to finance the growth of the Company’s current and expected future operations as well as to achieve our strategic
objectives, the Chairman of the Board indicated the intent and ability to provide additional equity financing. These conditions raise substantial doubt
about the Company’s ability to continue as a going concern. The Company’s continuation as a going concern is dependent on
the Company’s ability to meet obligations as they become due and to obtain additional equity or alternative financing required to
fund operations until sufficient sources of recurring revenues can be generated. There can be no assurance that the Company will be successful
in its plans described above or in attracting equity or alternative financing on acceptable terms, or if at all. The consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty. | | Basis of Presentation The accompanying financial statements include
the balances and results of operations of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities
and Exchanges Commission (“SEC”) and in conformity with generally accepted accounting principles in the U.S. (“US GAAP”). The accompanying financial statements are
presented on the basis that the Company is a going concern. The going concern assumption contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business. The Company incurred net loss of $967,491
during the year ended December 31, 2020. As of December 31, 2020, the Company had net current liability of $1,217,646 and total deficit
of $1,216,410. The ability to continue as a going concern
is dependent upon the Company’s profit generating operations in the future and/or obtaining the necessary financing to meet its
obligations and repay its liabilities arising from normal business operations when they become due. These consolidated financial statements
do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that
might be necessary should the Company be unable to continue as a going concern. The Company expects to finance operations
primarily through cash flow from revenue and capital contributions from the Chairman of the Board. In the event that the Company requires
additional funding to finance the growth of the Company’s current and expected future operations as well as to achieve our strategic
objectives, the Chairman of the Board indicated the intent and ability to provide additional equity financing. These conditions raise substantial doubt
about the Company’s ability to continue as a going concern. The Company’s continuation as a going concern is dependent on
the Company’s ability to meet obligations as they become due and to obtain additional equity or alternative financing required to
fund operations until sufficient sources of recurring revenues can be generated. There can be no assurance that the Company will be successful
in its plans described above or in attracting equity or alternative financing on acceptable terms, or if at all. The consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty. | |
| Method of Accounting | Method of accounting Management has prepared the accompanying
financial statements and these notes in accordance to generally accepted accounting principles in the United States of America. The Company
maintains its general ledger and journals with the accrual method accounting. | | Method of accounting Management has prepared the accompanying
financial statements and these notes in accordance to generally accepted accounting principles in the United States of America. The Company
maintains its general ledger and journals with the accrual method accounting. | |
| Use of Estimates | Use of estimates The preparation of the financial statements
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
periods. Management makes these estimates using the best information available at the time the estimates are made; however, actual results
could differ materially from those estimates. | | Use of estimates The preparation of the financial statements
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
periods. Management makes these estimates using the best information available at the time the estimates are made; however, actual results
could differ materially from those estimates. | |
| Cash and Cash Equivalents | Cash and cash equivalents The Company considers all highly liquid
investments purchased with original maturities of three months or less, and unencumbered bank deposits to be cash equivalents. | | Cash and cash equivalents The Company considers all highly liquid
investments purchased with original maturities of three months or less, and unencumbered bank deposits to be cash equivalents. | |
| Accounts Receivable | Accounts receivables Trade receivables are recognized and carried
at the original invoice amount less allowance for any uncollectible amounts. An expected credit loss is made when collection of the full
amount is no longer probable. Bad debts are written off against expected credit loss allowances. | | Accounts receivables Trade receivables are recognized and carried at the original invoice amount
less allowance for any uncollectible amounts. An expected credit loss is made when collection of the full amount is no longer probable.
Bad debts are written off against expected credit loss allowances. | |
| Inventories | Inventories Inventories consist of raw materials and
finished goods are stated at the lower of cost or market value. Finished goods costs include: materials, direct labor, inbound shipping
costs, and allocated overhead. The Company applies the weighted average cost method to its inventory. | | Inventories Inventories consist of raw materials and finished goods are stated at the
lower of cost or market value. Finished goods costs include: materials, direct labor, inbound shipping costs, and allocated overhead.
The Company applies the weighted average cost method to its inventory. | |
| Advances and Prepayments to Suppliers | Advances and prepayments to suppliers The Company makes advance payment to suppliers
and vendors for the procurement of finished goods. Upon physical receipt and inspection of the finished goods from suppliers the applicable
amount is reclassified from advances and prepayments to suppliers to inventory. | | Advances and prepayments to suppliers The Company makes advance payment to suppliers
and vendors for the procurement of finished goods. Upon physical receipt and inspection of the finished goods from suppliers the applicable
amount is reclassified from advances and prepayments to suppliers to inventory. | |
| Leasehold Improvement and Equipment | Plant and Equipment An item of plant and equipment is stated
at cost less any accumulated depreciation and any accumulated allowance for decrease in value (if any). The cost of an item of plant and equipment
comprises its purchase price, import duties and non-refundable purchase taxes (after deducting trade discounts and rebates) and any costs
directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended
by management. These can include the initial estimate of costs of dismantling and removing the item, and restoring the site on which it
is located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used the item during
a particular period. The cost of replacing part of plant and
equipment is included in the carrying amount of the asset when it is probable that future economic benefits will flow to the Company and
the carrying amount of those replaced parts is derecognized. Repairs and maintenance are charged to the statement of income during the
financial period in which they are incurred. Depreciation is provided over their estimated
useful lives, using the straight-line method. The Company’s typically applies a salvage value of 0%. The estimated useful lives
of the plant and equipment are as follows:
Furniture and fittings 3 years
Office equipment 3 years
Leasehold improvement 42-52 months The cost and related accumulated depreciation
of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Company’s results
of operations. The costs of maintenance and repairs are recognized to expenses as incurred; significant renewals and betterments are capitalized. | | Plant and Equipment An item of plant and equipment is stated
at cost less any accumulated depreciation and any accumulated allowance for decrease in value (if any). The cost of an item of plant and equipment
comprises its purchase price, import duties and non-refundable purchase taxes (after deducting trade discounts and rebates) and any costs
directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended
by management. These can include the initial estimate of costs of dismantling and removing the item, and restoring the site on which it
is located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used the item during
a particular period. The cost of replacing part of plant and
equipment is included in the carrying amount of the asset when it is probable that future economic benefits will flow to the Company and
the carrying amount of those replaced parts is derecognized. Repairs and maintenance are charged to the statement of income during the
financial period in which they are incurred. Depreciation is provided over their estimated
useful lives, using the straight-line method. The Company’s typically applies a salvage value of 0%. The estimated useful lives
of the plant and equipment are as follows:
Furniture and fittings 3 years
Office equipment 3 years
Leasehold improvement 42-52 months The cost and related accumulated depreciation
of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Company’s results
of operations. The costs of maintenance and repairs are recognized to expenses as incurred; significant renewals and betterments are capitalized. | |
| Impairment of Long-Lived Assets | Impairment of long-lived assets The Company reviews its long-lived assets
for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable.
Whenever there is an indication showing a permanent decrease in the amount of leasehold improvement and equipment; such as an evidence
of obsolescence or physical damage of an asset, significant changes in the manner in which an asset is used or is expected to be used,
the Company shall recognize loss on decrease in value of plant and equipment in the statement of income where the carrying amount of asset
is higher than the recoverable amount. The Company measures impairment by comparing the carrying value of the long-lived assets to the
estimated discounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the
expected discounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on
the fair value of the assets. | | Impairment of long-lived assets The Company reviews its long-lived assets
for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable.
Whenever there is an indication showing a permanent decrease in the amount of leasehold improvement and equipment; such as an evidence
of obsolescence or physical damage of an asset, significant changes in the manner in which an asset is used or is expected to be used,
the Company shall recognize loss on decrease in value of plant and equipment in the statement of income where the carrying amount of asset
is higher than the recoverable amount. The Company measures impairment by comparing the carrying value of the long-lived assets to the
estimated discounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the
expected discounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on
the fair value of the assets. The Company recorded $235,202 write-off on leasehold improvement for the year ended December 31, 2020. The
Company did not record any impairment losses on long-lived assets during the year ended December 31, 2019. | |
| 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. | | 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. | |
| Leases | Leases Leases are classified at the inception date
as either a finance lease or an operating lease. As the lessee, a lease is a finance lease if any of the following conditions exists:
a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at
least 75% of the asset’s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning
of the lease term is 90% or more of the fair value of the leased asset to the lessor at the inception date. All other leases are accounted for as operating
leases wherein rental payments are expensed on a straight-line basis over the periods of their respective leases. Operating leases (with
an initial term of more than 12 months) are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities
(current), and operating lease liabilities (non-current) in the balance sheets. ROU assets represent the Company’s right to use
an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from
the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments
over the lease term. The Company utilizes a market-based approach to estimate the incremental borrowing rate based on the information
available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease
payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably
certain that the Company will exercise that option. The Company reviews its lease for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Whenever there
is an indication showing a permanent decrease in the amount of lease; such as an evidence of obsolescence or physical damage of an asset,
significant changes in the manner in which an asset is used or is expected to be used, the Company shall recognize loss on decrease in
value of lease in the statement of income where the carrying amount of asset is higher than the recoverable amount. The Company measures
impairment by comparing the carrying value of the lease to the estimated discounted future cash flows expected to result from the use
of the assets and their eventual disposition. If the sum of the expected discounted cash flow is less than the carrying amount of the
assets, the Company would recognize an impairment loss based on the fair value of the assets | | Leases Leases are classified at the inception date
as either a finance lease or an operating lease. As the lessee, a lease is a finance lease if any of the following conditions exists:
a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at
least 75% of the asset’s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning
of the lease term is 90% or more of the fair value of the leased asset to the lessor at the inception date. All other leases are accounted for as operating
leases wherein rental payments are expensed on a straight-line basis over the periods of their respective leases. Operating leases (with
an initial term of more than 12 months) are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities
(current), and operating lease liabilities (non-current) in the balance sheets. ROU assets represent the Company’s right to use
an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from
the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments
over the lease term. The Company utilizes a market-based approach to estimate the incremental borrowing rate based on the information
available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease
payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably
certain that the Company will exercise that option. The Company reviews its lease for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Whenever there
is an indication showing a permanent decrease in the amount of lease; such as an evidence of obsolescence or physical damage of an asset,
significant changes in the manner in which an asset is used or is expected to be used, the Company shall recognize loss on decrease in
value of lease in the statement of income where the carrying amount of asset is higher than the recoverable amount. The Company measures
impairment by comparing the carrying value of the lease to the estimated discounted future cash flows expected to result from the use
of the assets and their eventual disposition. If the sum of the expected discounted cash flow is less than the carrying amount of the
assets, the Company would recognize an impairment loss based on the fair value of the assets Impairment loss of $161,274 was
recognized during the year ended December 31, 2020. | |
| Foreign Currency Translation | Foreign currency translation The accompanying financial statements are
presented in United States dollars. The functional currencies of the Company are in Renminbi (RMB). The Company’s assets and liabilities
are translated into United States dollars from RMB at year-end exchange rates, and its revenues and expenses are translated at the average
exchange rate during the year. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.
06302021 12312020 06302020
Year end RMB: US$ exchange rate 6.45488 6.52765 7.06823
Annual average RMB: US$ exchange rate 6.50471 6.99410 7.03241 The RMB is not freely convertible into foreign
currencies and all foreign exchange transactions must be conducted through authorized financial institutions. | | Foreign currency translation The accompanying financial statements are
presented in United States dollars. The functional currencies of the Company are in Renminbi (RMB). The Company’s assets and liabilities
are translated into United States dollars from RMB at year-end exchange rates, and its revenues and expenses are translated at the average
exchange rate during the year. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.
12312020 12302019
Year end RMB: US$ exchange rate 6.52765 6.96676
Annual average RMB: US$ exchange rate 6.99410 6.89955 The RMB is not freely convertible into foreign
currencies and all foreign exchange transactions must be conducted through authorized financial institutions. | |
| Value Added Tax ("VAT") | Value added tax (“VAT”) On January 1, 2012, the PRC Ministry of
Finance and the State Administration of Taxation officially launched a pilot VAT reform program (“Pilot Program”), applicable
to businesses in selected industries. Such VAT Pilot Program was phased in Beijing, Jiangsu, Anhui, Fujian, Guangdong, Tianjin, Zhejiang,
and Hubei between September and December 2012. Business in the Pilot Program would pay VAT instead of sales tax. Starting from August
1, 2013, the Pilot Program was expanded to cover all regions in the PRC. Implementation of the Pilot Program, the new enrollment system
development services and other operating services which were previously subject to business tax are therefore subject to VAT at the rate
of 6% of revenue. The net VAT balance between input VAT and output VAT is recorded as accrued expenses in the Company’s financial
statements. From May 2017 to August 2018, Shenzhen Yeller
is a small-scale taxpayer subject to a 3% VAT rate. Since September 2018, Shenzhen Yeller became general taxpayer and subject to VAT rates
of 13%, 9% and 6%. From March 2017, OCM is a small-scale taxpayer subject to a 3% VAT rate. | | Value added tax (“VAT”) On January 1, 2012, the PRC Ministry of
Finance and the State Administration of Taxation officially launched a pilot VAT reform program (“Pilot Program”), applicable
to businesses in selected industries. Such VAT Pilot Program was phased in Beijing, Jiangsu, Anhui, Fujian, Guangdong, Tianjin, Zhejiang,
and Hubei between September and December 2012. Business in the Pilot Program would pay VAT instead of sales tax. Starting from August
1, 2013, the Pilot Program was expanded to cover all regions in the PRC. Implementation of the Pilot Program, the new enrollment system
development services and other operating services which were previously subject to business tax are therefore subject to VAT at the rate
of 6% of revenue. The net VAT balance between input VAT and output VAT is recorded as accrued expenses in the Company’s financial
statements. From May 2017 to August 2018, Shenzhen
Yeller is a small-scale taxpayer subject to a 3% VAT rate. Since September 2018, Shenzhen Yeller became general taxpayer and subject
to VAT rates of 13%, 9% and 6%. From March 2017, OCM is a small-scale taxpayer subject to a 3% VAT rate. | |
| Income Recognition | Income recognition Recognition of Revenue Revenue is reported net of business taxes
and VAT. The Company is in the business of selling high-quality audio and video products. Trade receipts that are received in advance
are initially recorded as deferred revenue. Revenue is recognized when goods are delivered and acknowledged by customers. Revenue is recognized when a customer receives
the goods and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods.
In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts
with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for
those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the services in the
contract; (ii) determination of whether the services
are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price,
including the constraint on variable consideration; (iv) allocation of the transaction price
to the performance obligations; and (v) recognition of revenue when (or as)
the Company satisfies each performance obligation. The Company only applies the five-step model
to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services
it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews
the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct.
The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when
the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred
to customers at a point in time, typically upon delivery. For all reporting periods, the Company has
not disclosed the value of unsatisfied performance obligations for all service revenue contracts with an original expected length of one
year or less, which is an optional exemption that is permitted under the adopted rules. Other Income and other expenses Other income and other expenses are recognized
on an accrual basis in accordance with the substance of the relevant agreements. | | Income recognition Recognition of Revenue Revenue is reported net of business taxes
and VAT. The Company is in the business of selling high-quality audio and video products. Trade receipts that are received in advance
are initially recorded as deferred revenue. Revenue is recognized when goods are delivered and acknowledged by customers. Revenue is recognized when a customer receives
the goods and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods.
In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts
with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for
those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the services in the
contract; (ii) determination of whether the services
are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price,
including the constraint on variable consideration; (iv) allocation of the transaction price
to the performance obligations; and (v) recognition of revenue when (or as)
the Company satisfies each performance obligation. The Company only applies the five-step model
to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services
it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews
the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct.
The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when
the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred
to customers at a point in time, typically upon delivery. For all reporting periods, the Company has
not disclosed the value of unsatisfied performance obligations for all service revenue contracts with an original expected length of one
year or less, which is an optional exemption that is permitted under the adopted rules. Other Income and other expenses Other income and other expenses are recognized
on an accrual basis in accordance with the substance of the relevant agreements. | |
| Advertising | Advertising All advertising costs are expensed as incurred. | | Advertising All advertising costs are expensed as incurred. | |
| Shipping and Handling | Shipping and handling All outbound shipping and handling costs
are expensed as incurred. | | Shipping and handling All outbound shipping and handling costs
are expensed as incurred. | |
| Research and Development | | | Research and development All research and development costs are expensed
as incurred. | |
| Retirement Benefits | Retirement benefits Retirement benefits in the form of mandatory
government sponsored defined contribution plans are charged to the either expenses as incurred or allocated to inventory as part of overhead. | | Retirement benefits Retirement benefits in the form of mandatory
government sponsored defined contribution plans are charged to the either expenses as incurred or allocated to inventory as part of overhead. | |
| Income Taxes | Income taxes Income tax expense comprises current and
deferred taxation and is recognized in profit or loss except to the extent that it relates to items recognized directly in other comprehensive
income or equity, in which case it is recognized directly in other comprehensive income or equity. Current tax is the expected tax payable
on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax
payable with respect to previous periods. 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. The Company accounts for uncertain tax positions
by reporting a liability for uncertain tax positions taken or expected to be taken in a tax return. Tax benefits are recognized from uncertain
tax positions when the Company believes that it is more likely than not that the tax position will be sustained on examination by the
tax authorities based on the technical merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized
tax benefits in income tax expenses. | | Income taxes Income tax expense comprises current and
deferred taxation and is recognized in profit or loss except to the extent that it relates to items recognized directly in other comprehensive
income or equity, in which case it is recognized directly in other comprehensive income or equity. Current tax is the expected tax payable
on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax
payable with respect to previous periods. 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. The Company accounts for uncertain tax positions
by reporting a liability for uncertain tax positions taken or expected to be taken in a tax return. Tax benefits are recognized from uncertain
tax positions when the Company believes that it is more likely than not that the tax position will be sustained on examination by the
tax authorities based on the technical merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized
tax benefits in income tax expenses. | |
| Comprehensive Income | Comprehensive income The Company uses FASB ASC Topic 220, “Reporting
Comprehensive Income”. Comprehensive income is comprised of net income and all changes to the statements of stockholders’
equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders. | | Comprehensive income The Company uses FASB ASC Topic 220, “Reporting
Comprehensive Income”. Comprehensive income is comprised of net income and all changes to the statements of stockholders’
equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders. | |
| Financial Instruments | Financial instruments The Company’s financial instruments,
including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities and short-term debt,
have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements
and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial
Instruments,” 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 consolidated 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 used 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. The Company analyzes all financial instruments
with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815. | | Financial instruments The Company’s financial instruments,
including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities and short-term debt,
have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements
and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial
Instruments,” 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 consolidated 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 used 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. The Company analyzes all financial instruments
with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815. | |
| 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. | | 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. | |
| Recent Accounting Pronouncements | Recent accounting pronouncements In February 2016, the FASB issued ASU 2016-02,
“Leases (Topic 842).” The guidance supersedes existing guidance on accounting for leases with the main difference being that
operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured
at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting
policy election not to recognize lease assets and liabilities. For public business entities, the guidance is effective for fiscal years
beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the guidance is permitted.
In transition, entities are required to recognize and measure leases at the beginning of the earliest period presented using a modified
retrospective approach. The Company adopted ASU 2016-02 on January 1, 2019 and recognize operating lease liabilities with corresponding
right of use (“ROU”) assets of the same amount based on the present value of the remaining minimum rental payments under current
leasing standards for existing operating leases with a term longer than 12 months. In February 2018, the FASB issued ASU 2018-02,
Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive
Income. The amendments in this Update affect any entity that is required to apply the provisions of Topic 220, Income Statement –
Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive
income as required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15,
2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption
in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued
and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The
amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the
effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company does not believe
the adoption of this ASU would have a material effect on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13,
“Fair Value Measurement (Topic 820), – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value
Measurement,” which makes several changes meant to add, modify or remove specific disclosure requirements associated with the movement
amongst or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The amendments in this Update modify the disclosure
requirements on fair value measurements based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter
8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments on changes in unrealized gains and
losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative
description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in
the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective
date. The modifications are effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within
those fiscal years, with early adoption, permitted. The Company does not believe the adoption of this ASU would have a material effect
on the Company’s consolidated financial statements. The Company reviews new accounting standards
as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s
financial statements. | | Recent accounting pronouncements In June 2016, the FASB issued ASU 2016-13,
Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. This ASU requires a financial
asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The
allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present
the net carrying value at the amount expected to be collected on the financial asset. This Accounting Standards Update affects entities
holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect
loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and
any other financial assets not excluded from the scope that have the contractual rights to receive cash. For public business entities,
the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those
fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the
beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The adoption
does not have a significant impact on the Company’s financial statements. The Company reviews new accounting standards
as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s
financial statements. In November 2016, the FASB issued guidance,
which addresses the presentation of restricted cash in the statement of cash flows. The guidance requires entities to show the changes
in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. As a result,
entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the
statement of cash flows. The Company is currently evaluating the timing and the impact of this guidance on the financial statements. In October 2016, the FASB issued guidance,
which amends the existing accounting for Intra-Entity Transfers of Assets Other Than Inventory. The guidance requires an entity to recognize
the income tax consequences of intra-entity transfers, other than inventory, when the transfer occurs. The Company is currently evaluating
the timing and the impact of this guidance on the financial statements. In August 2016, the FASB issued guidance,
which amends the existing accounting standards for the classification of certain cash receipts and cash payments on the statement of cash
flows. The Company is currently evaluating the timing and the impact of this guidance on the financial statements. In January 2016, the FASB issued guidance,
which amends the existing accounting standards for the recognition and measurement of financial assets and financial liabilities. The
updated guidance primarily addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments.
The Company is currently evaluating the timing and the impact of this guidance on the financial statements. | |
| Shenzhen Yeller Audio & Video Technology Co., Limited [Member] | | | | |
| Basis of Presentation | | Basis of Presentation The accompanying financial statements
include the balances and results of operations of the Company have been prepared pursuant to the rules and regulations of the U.S.
Securities and Exchanges Commission (“SEC”) and in conformity with generally accepted accounting principles in the
U.S. (“US GAAP”). The accompanying financial statements
are presented on the basis that the Company is a going concern. The going concern assumption contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business. The Company incurred net loss of
$102,394 during the six months ended June 30, 2020. As of June 30, 2020, the Company had net current liability of $25,532 and total
equity of $370,177. The ability to continue as a going
concern is dependent upon the Company’s profit generating operations in the future and/or obtaining the necessary financing
to meet its obligations and repay its liabilities arising from normal business operations when they become due. These consolidated
financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification
of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company expects to finance operations
primarily through cash flow from revenue and capital contributions from the Chairman of the Board. In the event that the Company
requires additional funding to finance the growth of the Company’s current and expected future operations as well as to achieve
our strategic objectives, the Chairman of the Board indicated the intent and ability to provide additional equity financing. These conditions raise substantial
doubt about the Company’s ability to continue as a going concern. The Company’s continuation as a going concern is
dependent on the Company’s ability to meet obligations as they become due and to obtain additional equity or alternative
financing required to fund operations until sufficient sources of recurring revenues can be generated. There can be no assurance
that the Company will be successful in its plans described above or in attracting equity or alternative financing on acceptable
terms, or if at all. The consolidated financial statements do not include any adjustments that might result from the outcome of
this uncertainty. | | Basis of Presentation The accompanying financial statements
include the balances and results of operations of the Company have been prepared pursuant to the rules and regulations of the U.S.
Securities and Exchange Commission (“SEC”) and in conformity with generally accepted accounting principles in the U.S.
(“US GAAP”). The accompanying financial statements
are presented on the basis that the Company is a going concern. The going concern assumption contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business. The Company incurred net loss of
$103,664 during the year ended December 31, 2019. As of December 31, 2019, the Company had net current liability of $383,985 and
total deficit of $89,339. The ability to continue as a going
concern is dependent upon the Company’s profit generating operations in the future and/or obtaining the necessary financing
to meet its obligations and repay its liabilities arising from normal business operations when they become due. These consolidated
financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification
of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company expects to finance operations
primarily through cash flow from revenue and capital contributions from the Chairman of the Board. In the event that the Company
requires additional funding to finance the growth of the Company’s current and expected future operations as well as to achieve
our strategic objectives, the Chairman of the Board indicated the intent and ability to provide additional equity financing. These conditions raise substantial
doubt about the Company’s ability to continue as a going concern. The Company’s continuation as a going concern is
dependent on the Company’s ability to meet obligations as they become due and to obtain additional equity or alternative
financing required to fund operations until sufficient sources of recurring revenues can be generated. There can be no assurance
that the Company will be successful in its plans described above or in attracting equity or alternative financing on acceptable
terms, or if at all. The consolidated financial statements do not include any adjustments that might result from the outcome of
this uncertainty. |
| Method of Accounting | | Method of accounting Management has prepared the accompanying
financial statements and these notes in accordance to generally accepted accounting principles in the United States of America.
The Company maintains its general ledger and journals with the accrual method accounting. | | Method of accounting Management has prepared the accompanying
financial statements and these notes in accordance to generally accepted accounting principles in the United States of America.
the Company maintains its general ledger and journals with the accrual method accounting. |
| Use of Estimates | | Use of estimates The preparation of the financial
statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates
are made; however, actual results could differ materially from those estimates. | | Use of estimates The preparation of the financial
statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates
are made; however, actual results could differ materially from those estimates |
| Cash and Cash Equivalents | | Cash and cash equivalents The Company considers all highly
liquid investments purchased with original maturities of three months or less, and unencumbered bank deposits to be cash equivalents. | | Cash and cash equivalents The Company considers all highly
liquid investments purchased with original maturities of three months or less, and unencumbered bank deposits to be cash equivalents. |
| Accounts Receivable | | Accounts receivables Trade receivables are recognized
and carried at the original invoice amount less allowance for any uncollectible amounts. An expected credit losses is made when
collection of the full amount is no longer probable. Bad debts are written off against expected credit losses allowances. | | Accounts receivables Trade receivables are recognized
and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made
when collection of the full amount is no longer probable. Bad debts are written off against allowances. |
| Inventories | | Inventories Inventories consist of raw materials
and finished goods are stated at the lower of cost or market value. Finished goods costs include: materials, direct labor, inbound
shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory. | | Inventories Inventories consist of raw materials
and finished goods are stated at the lower of cost or market value. Finished goods costs include: materials, direct labor, inbound
shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory. |
| Advances and Prepayments to Suppliers | | Advances and prepayments to suppliers The Company makes advance payment
to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers
the applicable amount is reclassified from advances and prepayments to suppliers to inventory. | | Advances and prepayments to suppliers The Company makes advance payment
to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers
the applicable amount is reclassified from advances and prepayments to suppliers to inventory. |
| Leasehold Improvement and Equipment | | Leasehold Improvement and Equipment An item of leasehold improvement
and equipment is stated at cost less any accumulated depreciation and any accumulated allowance for decrease in value (if any). The cost of an item of leasehold
improvement and equipment comprises its purchase price, import duties and non-refundable purchase taxes (after deducting trade
discounts and rebates) and any costs directly attributable to bringing the asset to the location and condition necessary for it
to be capable of operating in the manner intended by management. These can include the initial estimate of costs of dismantling
and removing the item, and restoring the site on which it is located, the obligation for which an entity incurs either when the
item is acquired or as a consequence of having used the item during a particular period. The cost of replacing part of leasehold
improvement and equipment is included in the carrying amount of the asset when it is probable that future economic benefits will
flow to the Company and the carrying amount of those replaced parts is derecognized. Repairs and maintenance are charged to the
statement of income during the financial period in which they are incurred. Depreciation is provided over their
estimated useful lives, using the straight-line method. The Company’s typically applies a salvage value of 0%. The estimated
useful lives of the plant and equipment are as follows:
Furniture and fittings 3 years
Office equipment 3 years
Leasehold improvement 42-52 months The cost and related accumulated
depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Company’s
results of operations. The costs of maintenance and repairs are recognized to expenses as incurred; significant renewals and betterments
are capitalized. | | Leasehold Improvement and Equipment An item of leasehold improvement
and equipment is stated at cost less any accumulated depreciation and any accumulated allowance for decrease in value (if any). The cost of an item of leasehold
improvement and equipment comprises its purchase price, import duties and non-refundable purchase taxes (after deducting trade
discounts and rebates) and any costs directly attributable to bringing the asset to the location and condition necessary for it
to be capable of operating in the manner intended by management. These can include the initial estimate of costs of dismantling
and removing the item, and restoring the site on which it is located, the obligation for which an entity incurs either when the
item is acquired or as a consequence of having used the item during a particular period. The cost of replacing part of leasehold
improvement and equipment is included in the carrying amount of the asset when it is probable that future economic benefits will
flow to the Company and the carrying amount of those replaced parts is derecognized. Repairs and maintenance are charged to the
statement of income during the financial period in which they are incurred. Depreciation is provided over their
estimated useful lives, using the straight-line method. The Company’s typically applies a salvage value of 0%. The estimated
useful lives of the plant and equipment are as follows:
Furniture and fittings 3 years
Office equipment 3 years
Leasehold improvement 42-52 months The cost and related accumulated
depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Company’s
results of operations. The costs of maintenance and repairs are recognized to expenses as incurred; significant renewals and betterments
are capitalized. |
| Impairment of Long-Lived Assets | | Impairment of long-lived assets The Company reviews its long-lived
assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be
recoverable. Whenever there is an indication showing a permanent decrease in the amount of leasehold improvement and equipment;
such as an evidence of obsolescence or physical damage of an asset, significant changes in the manner in which an asset is used
or is expected to be used, the Company shall recognize loss on decrease in value of leasehold improvement and equipment in the
statement of income where the carrying amount of asset is higher than the recoverable amount. The Company measures impairment by
comparing the carrying value of the long-lived assets to the estimated discounted future cash flows expected to result from the
use of the assets and their eventual disposition. If the sum of the expected discounted cash flow is less than the carrying amount
of the assets, the Company would recognize an impairment loss based on the fair value of the assets. The Company did not record
any impairment losses on long-lived assets during the six months ended June 30, 2020 and the year ended December 31, 2019. Accounting for the impairment
of long-lived assets The Company annually reviews its
long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may
not be recoverable. Impairment may be the result of becoming obsolete from a change in the industry, introduction of new technologies,
or if the Company has inadequate working capital to utilize the long-lived assets to generate the adequate profits. Impairment
is present if the carrying amount of an asset is less than its expected future undiscounted cash flows. If an asset is considered impaired,
a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be
disposed are reported at the lower of the carrying amount or fair value less costs to sell. | | Impairment of long-lived assets The Company reviews its long-lived
assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be
recoverable. Whenever there is an indication showing a permanent decrease in the amount of leasehold improvement and equipment;
such as an evidence of obsolescence or physical damage of an asset, significant changes in the manner in which an asset is used
or is expected to be used, the Company shall recognize loss on decrease in value of leasehold improvement and equipment in the
statement of income where the carrying amount of asset is higher than the recoverable amount. The Company measures impairment by
comparing the carrying value of the long-lived assets to the estimated discounted future cash flows expected to result from the
use of the assets and their eventual disposition. If the sum of the expected discounted cash flow is less than the carrying amount
of the assets, the Company would recognize an impairment loss based on the fair value of the assets. The Company did not record
any impairment losses on long-lived assets during the year ended December 31, 2019 and 2018. Accounting for the impairment
of long-lived assets The Company annually reviews its
long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may
not be recoverable. Impairment may be the result of becoming obsolete from a change in the industry, introduction of new technologies,
or if the Company has inadequate working capital to utilize the long-lived assets to generate the adequate profits. Impairment
is present if the carrying amount of an asset is less than its expected future undiscounted cash flows. If an asset is considered impaired,
a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be
disposed are reported at the lower of the carrying amount or fair value less costs to sell. |
| 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. | | 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. |
| Leases | | Leases Leases are classified at the inception
date as either a finance lease or an operating lease. As the lessee, a lease is a finance lease if any of the following conditions
exists: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease
term is at least 75% of the asset’s estimated remaining economic life, or d) the present value of the minimum lease payments
at the beginning of the lease term is 90% or more of the fair value of the leased asset to the lessor at the inception date. All other leases are accounted for
as operating leases wherein rental payments are expensed on a straight-line basis over the periods of their respective leases.
Operating leases (with an initial term of more than 12 months) are included in operating lease right-of-use (“ROU”)
assets, operating lease liabilities (current), and operating lease liabilities (non-current) in the balance sheets. ROU assets
represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s
obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement
date based on the present value of lease payments over the lease term. The Company utilizes a market-based approach to estimate
the incremental borrowing rate based on the information available at commencement date in determining the present value of lease
payments. The operating lease ROU asset also
includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the
lease when it is reasonably certain that the Company will exercise that option. | | Leases Leases
are classified at the inception date as either a finance lease or an operating lease. As the lessee, a lease is a finance lease
if any of the following conditions exists: a) ownership is transferred to the lessee by the end of the lease term, b) there is
a bargain purchase option, c) the lease term is at least 75% of the asset’s estimated remaining economic life, or d) the
present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased asset
to the lessor at the inception date. All
other leases are accounted for as operating leases wherein rental payments are expensed on a straight-line basis over the periods
of their respective leases. Operating leases (with an initial term of more than 12 months) are included in operating lease right-of-use
(“ROU”) assets, operating lease liabilities (current), and operating lease liabilities (non-current) in the balance
sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent
the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized
at commencement date based on the present value of lease payments over the lease term. The Company utilizes a market-based approach
to estimate the incremental borrowing rate based on the information available at commencement date in determining the present value
of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease
terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. |
| Foreign Currency Translation | | Foreign currency translation The accompanying financial statements
are presented in United States dollars. The functional currencies of the Company are in Renminbi (RMB). The Company’s assets
and liabilities are translated into United States dollars from RMB at year-end exchange rates, and its revenues and expenses are
translated at the average exchange rate during the year. Capital accounts are translated at their historical exchange rates when
the capital transactions occurred.
06302020 06302019
Year end RMB: US$ exchange rate 7.068231 6.87644
Annual average RMB: US$ exchange rate 7.032406 6.61464 The RMB is not freely convertible
into foreign currencies and all foreign exchange transactions must be conducted through authorized financial institutions. | | Foreign currency translation The accompanying financial statements
are presented in United States dollars. The functional currencies of the Company are in Renminbi (RMB). The Company’s assets
and liabilities are translated into United States dollars from RMB at year-end exchange rates, and its revenues and expenses are
translated at the average exchange rate during the year. Capital accounts are translated at their historical exchange rates when
the capital transactions occurred.
12312019 12312018
Year end RMB: US$ exchange rate 6.96676 6.87644
Annual average RMB: US$ exchange rate 6.89955 6.61464 The RMB is not freely convertible
into foreign currencies and all foreign exchange transactions must be conducted through authorized financial institutions. |
| Value Added Tax ("VAT") | | Value added tax (“VAT”) On January 1, 2012, the PRC Ministry
of Finance and the State Administration of Taxation officially launched a pilot VAT reform program (“Pilot Program”),
applicable to businesses in selected industries. Such VAT Pilot Program was phased in Beijing, Jiangsu, Anhui, Fujian, Guangdong,
Tianjin, Zhejiang, and Hubei between September and December 2012. Business in the Pilot Program would pay VAT instead of sales
tax. Starting from August 1, 2013, the Pilot Program was expanded to cover all regions in the PRC. Implementation of the Pilot
Program, the new enrollment system development services and other operating services which were previously subject to business
tax are therefore subject to VAT at the rate of 6% of revenue. The net VAT balance between input VAT and output VAT is recorded
as accrued expenses in the Company’s financial statements. From May 2017 to August 2018, the
Company is a small-scale taxpayer subject to a 3% VAT rate. Since September 2018, the Company became general taxpayer and subject
to VAT rates of 13%, 9% and 6%. | | Value added tax (“VAT”) On January 1, 2012, the PRC Ministry
of Finance and the State Administration of Taxation officially launched a pilot VAT reform program (“Pilot Program”),
applicable to businesses in selected industries. Such VAT Pilot Program was phased in Beijing, Jiangsu, Anhui, Fujian, Guangdong,
Tianjin, Zhejiang, and Hubei between September and December 2012. Business in the Pilot Program would pay VAT instead of sales
tax. Starting from August 1, 2013, the Pilot Program was expanded to cover all regions in the PRC. Implementation of the Pilot
Program, the new enrollment system development services and other operating services which were previously subject to business
tax are therefore subject to VAT at the rate of 6% of revenue. The net VAT balance between input VAT and output VAT is recorded
as accrued expenses in the Company’s financial statements. From May 2017 to August 2018, the
Company is a small-scale taxpayer subject to a 3% VAT rate. Since September 2018, the Company became general taxpayer and subject
to VAT rates of 13%, 9% and 6%. |
| Income Recognition | | Income recognition Recognition of Revenue Revenue is reported net of business
taxes and VAT. The Company is in the business of selling high-quality audio and video products. Trade receipts that are received
in advance are initially recorded as deferred revenue. Revenue is recognized when goods are delivered and acknowledged by customers. Revenue is recognized when a customer
receives the goods and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange
for those goods. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash
flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company
expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the services
in the contract; (ii) determination of whether the
services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction
price, including the constraint on variable consideration; (iv) allocation of the transaction
price to the performance obligations; and (v) recognition of revenue when (or
as) the Company satisfies each performance obligation. The Company only applies the five-step
model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods
or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception,
the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance
obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective
performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance
obligations are transferred to customers at a point in time, typically upon delivery. For all reporting periods, the Company
has not disclosed the value of unsatisfied performance obligations for all revenue contracts with an original expected length of
one year or less, which is an optional exemption that is permitted under the adopted rules. Other Income and other expenses Other income and other expenses are
recognized on an accrual basis in accordance with the substance of the relevant agreements. | | Income recognition Recognition of Revenue Revenue is reported net of business
taxes and VAT. The Company is in the business of selling high-quality audio and video products. Trade receipts that are received
in advance are initially recorded as deferred revenue. Revenue is recognized when goods are delivered and acknowledged by customers. Revenue is recognized when a customer
receives the goods and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange
for those goods. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash
flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company
expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the services
in the contract; (ii) determination of whether the
services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction
price, including the constraint on variable consideration; (iv) allocation of the transaction
price to the performance obligations; and (v) recognition of revenue when (or
as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable
that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.
Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine
which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes
as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance
obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers
at a point in time, typically upon delivery. For all reporting periods, the Company
has not disclosed the value of unsatisfied performance obligations for all revenue contracts with an original expected length of
one year or less, which is an optional exemption that is permitted under the adopted rules. Other Income and other expenses Other income and other expenses are
recognized on an accrual basis in accordance with the substance of the relevant agreements. |
| Advertising | | Advertising All advertising costs are expensed
as incurred. | | Advertising All advertising costs are expensed
as incurred. |
| Shipping and Handling | | Shipping and handling All outbound shipping and handling
costs are expensed as incurred. | | Shipping and handling All outbound shipping and handling
costs are expensed as incurred. |
| Research and Development | | Research and development All research and development costs
are expensed as incurred. | | Research and development All research and development costs
are expensed as incurred. |
| Retirement Benefits | | Retirement benefits Retirement benefits in the form of
mandatory government sponsored defined contribution plans are charged to the either expenses as incurred or allocated to inventory
as part of overhead. | | Retirement benefits Retirement benefits in the form of
mandatory government sponsored defined contribution plans are charged to the either expenses as incurred or allocated to inventory
as part of overhead. |
| Income Taxes | | Income taxes Income tax expense comprises current
and deferred taxation and is recognized in profit or loss except to the extent that it relates to items recognized directly in
other comprehensive income or equity, in which case it is recognized directly in other comprehensive income or equity. Current
tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting
date, and any adjustment to tax payable with respect to previous periods. 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. The Company accounts for uncertain
tax positions by reporting a liability for uncertain tax positions taken or expected to be taken in a tax return. Tax benefits
are recognized from uncertain tax positions when the Company believes that it is more likely than not that the tax position will
be sustained on examination by the tax authorities based on the technical merits of the position. The Company recognizes interest
and penalties, if any, related to unrecognized tax benefits in income tax expenses. | | Income taxes Income tax expense comprises current
and deferred taxation and is recognized in profit or loss except to the extent that it relates to items recognized directly in
other comprehensive income or equity, in which case it is recognized directly in other comprehensive income or equity. Current
tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting
date, and any adjustment to tax payable with respect to previous periods. 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. The Company accounts for uncertain
tax positions by reporting a liability for uncertain tax positions taken or expected to be taken in a tax return. Tax benefits
are recognized from uncertain tax positions when the Company believes that it is more likely than not that the tax position will
be sustained on examination by the tax authorities based on the technical merits of the position. The Company recognizes interest
and penalties, if any, related to unrecognized tax benefits in income tax expenses. |
| Comprehensive Income | | Comprehensive income The Company uses FASB ASC Topic 220,
“Reporting Comprehensive Income”. Comprehensive income is comprised of net income and all changes to the statements
of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders. | | Comprehensive income The Company uses FASB ASC Topic 220,
“Reporting Comprehensive Income”. Comprehensive income is comprised of net income and all changes to the statements
of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders. |
| Financial Instruments | | Financial instruments The Company’s financial instruments,
including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities and short-term
debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value
Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic
825, “Financial Instruments,” 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 consolidated
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 used 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. The Company analyzes all financial
instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and
ASC 815. | | Financial instruments The Company’s financial instruments,
including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities and short-term
debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value
Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic
825, “Financial Instruments,” 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 consolidated
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 used 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. The Company analyzes all financial
instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and
ASC 815. |
| 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. | | 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. |
| Recent Accounting Pronouncements | | Recent accounting pronouncements In January 2017, the FASB issued
ASU 2017-01: Business Combinations (Topic 805): Clarifying the Determination of Business. The Update requires that when substantially
all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of
similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further
evaluated. If the screen is not met, the amendments in this ASU on update (1) required that to be considered a business, a set
must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create
output and (2) remove the evaluation of whether a market participant could replace missing elements. Public business entities should
apply the amendments in this Update to annual periods beginning after December 15, 2017, including interim periods within those
periods. Early adoption of the amendments in this Update is allowed. The amendments in this Update should be applied prospectively
on or after the effective date. No disclosures are required at transition. The Company adopted this pronouncement on its consolidated
financial statements as of and for the year ended December 31, 2019. In January 2017, the FASB issued
ASU 2017-04: Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. To simplify the subsequent
measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. Under the amendments in this Update, an
entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its
carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting
unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting
unit. An entity should apply the amendments in this ASU on update on a prospective basis. An entity is required to disclose the
nature of and reason for the change in accounting principle upon transition. A public business entity that is a SEC filer should
adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December
15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January
1, 2017. In February 2016, the FASB issued
ASU 2016-02, “Leases (Topic 842).” The guidance supersedes existing guidance on accounting for leases with the main
difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease
liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less,
a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. For public business
entities, the guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those
fiscal years. Early application of the guidance is permitted. In transition, entities are required to recognize and measure leases
at the beginning of the earliest period presented using a modified retrospective approach. The Company adopted this ASU on January
1, 2019. Adoption of this standard resulted in the recognition of right-of-use assets of $264,164 and operating lease liabilities
of $268,604. As of December 31, 2019, the adoption of this standard did not have a material impact on the Company’s operating
results or cash flows. In June 2016, the FASB issued ASU
2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. This ASU
requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected
to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial
asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This Accounting Standards
Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through
net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit
exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual rights
to receive cash. For public business entities, the amendments in this Update are effective for fiscal years beginning after December
15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect
adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is,
a modified-retrospective approach). The adoption does not have a significant impact on the Company’s financial statements. The Company reviews new accounting
standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the
Company’s financial statements. In November 2016, the FASB issued
guidance, which addresses the presentation of restricted cash in the statement of cash flows. The guidance requires entities to
show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash
flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted
cash equivalents in the statement of cash flows. The Company is currently evaluating the timing and the impact of this guidance
on the financial statements. In October 2016, the FASB issued
guidance, which amends the existing accounting for Intra-Entity Transfers of Assets Other Than Inventory. The guidance requires
an entity to recognize the income tax consequences of intra-entity transfers, other than inventory, when the transfer occurs. The
Company is currently evaluating the timing and the impact of this guidance on the financial statements. In August 2016, the FASB issued guidance,
which amends the existing accounting standards for the classification of certain cash receipts and cash payments on the statement
of cash flows. The Company is currently evaluating the timing and the impact of this guidance on the financial statements. In January 2016, the FASB issued
guidance, which amends the existing accounting standards for the recognition and measurement of financial assets and financial
liabilities. The updated guidance primarily addresses certain aspects of recognition, measurement, presentation, and disclosure
of financial instruments. The Company is currently evaluating the timing and the impact of this guidance on the financial statements. | | Recent accounting pronouncements In January 2017, the FASB issued
ASU 2017-01: Business Combinations (Topic 805): Clarifying the Determination of Business. The Update requires that when substantially
all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of
similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further
evaluated. If the screen is not met, the amendments in this ASU on update (1) required that to be considered a business, a set
must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create
output and (2) remove the evaluation of whether a market participant could replace missing elements. Public business entities should
apply the amendments in this Update to annual periods beginning after December 15, 2017, including interim periods within those
periods. Early adoption of the amendments in this Update is allowed. The amendments in this Update should
be applied prospectively on or after the effective date. No disclosures are required at transition. The Company adopted this pronouncement
on its consolidated financial statements as of and for the year ended December 31, 2019. In January 2017, the FASB issued
ASU 2017-04: Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. To simplify the subsequent
measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. Under the amendments in this Update, an
entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its
carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting
unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting
unit. An entity should apply the amendments in this ASU on update on a prospective basis. An entity is required to disclose the
nature of and reason for the change in accounting principle upon transition. A public business entity that is a SEC filer should
adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December
15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January
1, 2017. In February 2016, the FASB issued
ASU 2016-02, “Leases (Topic 842).” The guidance supersedes existing guidance on accounting for leases with the main
difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease
liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less,
a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. For public business
entities, the guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those
fiscal years. Early application of the guidance is permitted. In transition, entities are required to recognize and measure leases
at the beginning of the earliest period presented using a modified retrospective approach. The Company adopted this ASU on January
1, 2019. Adoption of this standard resulted in the recognition of right-of-use assets of $264,164 and operating lease liabilities
of $268,604. As of December 31, 2019, the adoption of this standard did not have a material impact on the Company’s operating
results or cash flows. The Company reviews new accounting
standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the
Company’s financial statements. In November 2016, the FASB issued
guidance, which addresses the presentation of restricted cash in the statement of cash flows. The guidance requires entities to
show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash
flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted
cash equivalents in the statement of cash flows. The Company is currently evaluating the timing and the impact of this guidance
on the financial statements. In October 2016, the FASB issued
guidance, which amends the existing accounting for Intra-Entity Transfers of Assets Other Than Inventory. The guidance requires
an entity to recognize the income tax consequences of intra-entity transfers, other than inventory, when the transfer occurs. The
Company is currently evaluating the timing and the impact of this guidance on the financial statements. In August 2016, the FASB issued guidance,
which amends the existing accounting standards for the classification of certain cash receipts and cash payments on the statement
of cash flows. The Company is currently evaluating the timing and the impact of this guidance on the financial statements. In January 2016, the FASB issued
guidance, which amends the existing accounting standards for the recognition and measurement of financial assets and financial
liabilities. The updated guidance primarily addresses certain aspects of recognition, measurement, presentation, and disclosure
of financial instruments. The Company is currently evaluating the timing and the impact of this guidance on the financial statements. In June 2016, the FASB issued ASU
2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. This ASU
requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected
to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial
asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This Accounting Standards
Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through
net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit
exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual rights
to receive cash. For public business entities, the amendments in this Update are effective for fiscal years beginning after December
15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect
adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is,
a modified-retrospective approach). The Company is in the process of evaluating the impact of the adoption of this pronouncement
on its consolidated financial statements. |
