Addentax (ATXG) 10-Q 24 Oct 16 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Sep. 30, 2016shares
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Registrant Name	ADDENTAX GROUP CORP.
Entity Central Index Key	1,650,101
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	6,920,000

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Current Assets
Cash and cash equivalents	$ 2,201	$ 10,052
Prepaid expenses	190	1,330
Inventory	2,031	977
Total Current Assets	4,422	12,359
Fixed Assets Equipment net of accumulated depreciation of $1,869 and $1,335 respectively	1,047	1,581
Website	700	700
Total Fixed Assets	1,747	2,281
Total Assets	6,169	14,640
Current Liabilities
Loans from director	20,600	8,100
Total Current Liabilities	20,600	8,100
Total Liabilities	20,600	8,100
Stockholder's Equity (Deficit)
Common stock, par value $0.001; 150,000,000 shares authorized, 6,920,000 and 6,883,000 shares issued and outstanding respectively	3,460	3,442
Additional paid-in capital	13,187	12,651
Accumulated deficit	(31,078)	(9,553)
Total Stockholder's Equity (Deficit)	(14,431)	6,540
Total Liabilities and Stockholder's Equity (Deficit)	$ 6,169	$ 14,640

Condensed Balance Sheets (Unau3

Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Statement of Financial Position [Abstract]
accumulated depreciation	$ 1,869	$ 1,335
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	150,000,000	150,000,000
Common stock shares issued	6,920,000	6,920,000
Common stock shares outstanding	6,883,000	6,883,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) for the period	$ (21,525)	$ (6,912)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation expense	534	534
Changes in operating assets and liabilities:
Decrease in prepaid expenses	1,140	950
Increase in inventory	(1,054)	(1,065)
Increase in accounts payable	0	190
Decrease in taxes payable	0	(28)
CASH FLOWS USED IN OPERATING ACTIVITIES	(20,905)	(6,331)
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from sale of common stock Loans from director	55,412,500	0
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	13,054	0
NET INCREASE IN CASH	(7,851)	(6,331)
Cash, beginning of period	10,052	6,990
Cash, end of period	2,201	659
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	0	0
Income taxes paid	$ 0	$ 0

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
REVENUES	$ 6,950	$ 3,000	$ 9,950	$ 3,000
Cost of Goods Sold	1,017	325	1,531	325
GROSS PROFIT	5,933	2,675	8,419	2,675
OPERATING EXPENSES
General and administrative expenses	6,177	4,668	29,944	9,615
TOTAL OPERATING EXPENSES	6,177	4,668	29,944	9,615
NET INCOME (LOSS) FROM OPERATIONS	(244)	(1,993)	(21,525)	(6,940)
PROVISION FOR INCOME TAXES	0	0	0	28
NET INCOME (LOSS)	(244)	(1,993)	(21,525)	(6,912)
NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED	$ 0	$ 0	$ (0.01)	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	6,920,000	6,000,000	6,919,192	6,000,000

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Sep. 30, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 6. COMMITMENTS AND CONTINGENCIES Lease agreement The Company has a lease agreement that was signed on December 15, 2014. On February 25, 2016, the Company extended the agreement for one year, and it will expire on February 28, 2017. The Company is renting 30 square meters of office space for $190 per month. Litigation We were not subject to any legal proceedings during the three months ended September 30, 2016 and we know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers, affiliates, or any registered or beneficial shareholder is an adverse party or has a material interest adverse to our interest.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Sep. 30, 2016
GOING CONCERN [Abstract]
GOING CONCERN	Note 2. GOING CONCERN The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which assume the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. However, the Company has generated limited revenues and has a working capital deficit as of September 30, 2016. The Company has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time and currently does not have the funding to fully implement its business-plan. Therefore there is substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon the Company generating sustainable profitable 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 come due and finance the implementation of its business plan. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management's efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

LOAN FROM DIRECTOR

LOAN FROM DIRECTOR	6 Months Ended
	Sep. 30, 2016
LOAN FROM DIRECTOR [Abstract]
LOAN FROM DIRECTOR	Note 5. LOAN FROM DIRECTOR The Company will continue to rely on advances from related parties until when it can support its operations through generating revenue, attaining adequate financing through sales of its equity securities or traditional debt financing. There is no formal written commitment by the shareholders to continue to support the company's operation. The amounts due to shareholders represent advances or amounts paid on behalf of the Company in satisfaction of liabilities. These advances are considered temporary in nature and have not been formalized by promissory notes. The balance due to Otmane Tajmouati, the Company's sole officer and director, as of September 30, 2016 was $ 20,600 . This loan is unsecured, non-interest bearing and due on demand.

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	6 Months Ended
	Sep. 30, 2016
ORGANIZATION AND NATURE OF BUSINESS [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	Note 1. ORGANIZATION AND NATURE OF BUSINESS Addentax Group Corp. (“the Company”, “we”, “us” or “our”) was incorporated in Nevada on October 28, 2014, and the Company is engaged in the field of producing images on multiple surfaces using heat transfer technology.

SHAREHOLDER'S EQUITY

SHAREHOLDER'S EQUITY	6 Months Ended
	Sep. 30, 2016
SHAREHOLDER'S EQUITY [Abstract]
SHAREHOLDER'S EQUITY	Note 4. SHAREHOLDER'S EQUITY The Company has 150,000,000, $0.001 par value shares of common stock authorized. During April 2016, the Company issued a total of 37,000 common shares for cash contributions of $554. There were 6,920,000 shares of common stock issued and outstanding as of September 30, 2016.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Sep. 30, 2016
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	Note 7. SUBSEQUENT EVENTS 8

SUMMARY OF SIGNIFCANT ACCOUNTIN

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES	6 Months Ended
	Sep. 30, 2016
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES	Note 3. SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company's year-end is March 31. The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read in conjunction with the financial statements of the Company for the fiscal year ended March 31, 2016 and notes thereto contained in the Company's Annual Report on Form 10-K. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. During the six months ended September 30, 2016 and September 30, 2015 there were no potentially dilutive debt or equity instruments issued or outstanding. 7 ADDENTAX GROUP CORP. Notes to the Condensed Financial Statements (Unaudited) For the six months ended September 30, 2016 Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification No. 605, “Revenue Recognition” ("ASC-605"), ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these will have a material impact on the Company.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2016
Significant Accounting Policies (Policies) [Abstract]
Basis of presentation	Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company's year-end is March 31. The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read in conjunction with the financial statements of the Company for the fiscal year ended March 31, 2016 and notes thereto contained in the Company's Annual Report on Form 10-K.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Basic Income (Loss) Per Share	Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. During the six months ended September 30, 2016 and September 30, 2015 there were no potentially dilutive debt or equity instruments issued or outstanding. 7 ADDENTAX GROUP CORP. Notes to the Condensed Financial Statements (Unaudited) For the six months ended September 30, 2016
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification No. 605, “Revenue Recognition” ("ASC-605"), ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required.
Recent Accounting Pronouncements	Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these will have a material impact on the Company.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Sep. 30, 2016
COMMITMENTS AND CONTINGENCIES (Tables) [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 6. COMMITMENTS AND CONTINGENCIES

GOING CONCERN (Tables)

GOING CONCERN (Tables)	6 Months Ended
	Sep. 30, 2016
GOING CONCERN (Tables) [Abstract]
GOING CONCERN	Note 2. GOING CONCERN

LOAN FROM DIRECTOR (Tables)

LOAN FROM DIRECTOR (Tables)	6 Months Ended
	Sep. 30, 2016
LOAN FROM DIRECTOR (Tables) [Abstract]
LOAN FROM DIRECTOR	Note 5. LOAN FROM DIRECTOR

ORGANIZATION AND NATURE OF BU17

ORGANIZATION AND NATURE OF BUSINESS (Tables)	6 Months Ended
	Sep. 30, 2016
ORGANIZATION AND NATURE OF BUSINESS (Tables) [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	Note 1. ORGANIZATION AND NATURE OF BUSINESS

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	6 Months Ended
	Sep. 30, 2016
SUBSEQUENT EVENTS (Tables) [Abstract]
SUBSEQUENT EVENTS	Note 7. SUBSEQUENT EVENTS

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Sep. 30, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 3. SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES

COMMITMENTS AND CONTINGENCIES20

COMMITMENTS AND CONTINGENCIES (Details Text)	Feb. 28, 2017USD ($)	Feb. 25, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]
On February 25, 2016, the Company extended the agreement for one year, and it will expire on February 28, 2017		1
The Company is renting 30 square meters of office space for $190 per month.	$ 190

LOAN FROM DIRECTOR (Details Tex

LOAN FROM DIRECTOR (Details Text)	Sep. 30, 2016USD ($)
Loans Receivable, Net [Abstract]
The balance due to Otmane Tajmouati, the Company's sole officer and director, as of September 30, 2016 was $20,600	$ 20,600

SHAREHOLDER'S EQUITY (Details T

SHAREHOLDER'S EQUITY (Details Text)	Sep. 30, 2016USD ($)shares
Stockholders' Equity Note [Abstract]
The Company has 150,000,000, $0.001 par value shares of common stock authorized. | $	$ 0.001
During April 2016, the Company issued a total of 37,000 common shares for cash contributions of $554. | shares	37,000
During April 2016, the Company issued a total of 37,000 common shares for cash contributions of $554. | $	$ 554
There were 6,920,000 shares of common stock issued and outstanding as of September 30, 2016. | shares	6,920,000