Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 21, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Danyang Special Cable Factory Inc. | |
Entity Central Index Key | 1,650,203 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 20,000,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash | $ 0 | $ 0 |
Total Current Assets | 0 | 0 |
TOTAL ASSETS | 0 | 0 |
Current Liabilities | ||
Accounts payable | 6,985 | 1,626 |
Total Current Liabilities | 6,985 | 1,626 |
TOTAL LIABILITIES | 6,985 | 1,626 |
Stockholders' Deficit: | (6,985) | (1,626) |
Preferred stock, ($0.0001 par value, 5,000,000 shares authorized; none issued and outstanding.) | 0 | 0 |
Common stock ($0.0001 par value, 100,000,000 shares authorized; 20,000,000 and 10,000,000 shares issued and outstanding, as of September 30, 2016 and December 31, 2016, respectively) | 2,000 | 1,000 |
Additional paid-in capital | 19,416 | 1,250 |
Accumulated deficit | (28,401) | (3,876) |
Total Stockholders' Deficit | (6,985) | (1,626) |
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 20,000,000 | 10,000,000 |
Common stock, shares outstanding | 20,000,000 | 10,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Operating Expenses: | ||||
General and administrative expenses | 0 | 3,079 | 2,539 | 3,079 |
Total operating expenses | 0 | 3,079 | 2,539 | 3,079 |
Net loss from operations | 0 | (3,079) | (2,539) | (3,079) |
Loss before income taxes | 0 | (3,079) | (2,539) | (3,079) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net Loss | $ 0 | $ (3,079) | $ 2,539 | $ (3,079) |
Basic loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding | 20,000,000 | 10,000,000 | 20,000,000 | 10,000,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ 2,539 | $ (3,079) |
Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation - related party | 0 | 1,000 |
Changes in operating assets and liabilities: | ||
Other Assets | (17,820) | 0 |
Accounts payable | 3,359 | 1,079 |
Subscription Payable | 2,000 | 0 |
Net cash used in operating activities | (9,922) | (1,000) |
CASH FLOWS FROM INVESTING ACTIVITIES: | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Contributions from related party | 15,000 | 1,000 |
Net cash provided by financing activities | 15,000 | 1,000 |
Net increase (decrease) in cash | 0 | 0 |
Cash at beginning of period | $ 0 | $ 0 |
DESCRIPTION OF BUSINESS AND HIS
DESCRIPTION OF BUSINESS AND HISTORY | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS AND HISTORY | 1. DESCRIPTION OF BUSINESS AND HISTORY Description of business |
SUMMARY OF SIGNIFICANT POLICIES
SUMMARY OF SIGNIFICANT POLICIES | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT POLICIES | 2. SUMMARY OF SIGNIFICANT POLICIES The accompanying unaudited financial statements of the Company have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission requirements for interim financial statements. Therefore, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The financial statements should be read in conjunction with the audited financial statements in our Form 10-K filed on February 1, 2016. The interim financial statements present the balance sheet, statements of operations and cash flows for the Company. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The interim financial information is unaudited. In the opinion of management, all adjustments necessary to present fairly the financial position as of September 30, 2016 and the results of operations and cash flows presented herein have been included in the financial statements. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results of operations for the full year. Use of estimates Cash and cash equivalents Revenue Recognition Earnings (loss) per share Stock-based compensation Income taxes The Company recorded valuation allowances on the net deferred tax assets. Management will reassess the realization of deferred tax assets based on the accounting standards for income taxes each reporting period. To the extent that the financial results of operations improve and it becomes more likely than not that the deferred tax assets are realizable, the Company will be able to reduce the valuation allowance. Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. Accounting standards regarding uncertainty in income taxes provides a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely, based solely on the technical merits, of being sustained on examinations. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes. Recent Accounting Pronouncements |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 3. GOING CONCERN The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred losses since inception and had accumulated deficit of $6,415 as of September 30, 2016. The Company requires capital for its contemplated operational activities. The Company’s ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties. In order to mitigate the risk related with this uncertainty, the Company plans to issue additional shares of common stock for cash and services during the next 12 months. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
STOCKHOLDERS' EQUITY | 4. STOCKHOLDERS’ EQUITY Preferred Stock Common Stock Upon formation of the Company on July 27, 2015, the Board of Directors issued 10,000,000 shares of common stock for $1,000 in services to the founding shareholder of the Company. In addition, the founding shareholder made a contribution of $1,000 to the Company for the period ended June 30, 2016, which is recorded as additional paid-in capital. Subsequently, and as previously reported on Form 8K, on September 12, 2016 the Company entered into a Subscription Agreement with Dongzhi Zhang for the purchase of 20 million shares of its restricted common stock at a price of $0.0001 per share. The sale was the result of a privately negotiated transaction without the use of public dissemination of promotional or sales materials. Richard Chiang, our then sole shareholder, officer and director, and the Company agreed to the redemption of 10,000,000 shares of the Company’s common stock at par value, i.e. $1,000, which had previously been issued to Mr. Chiang. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
COMMITMENT | 5. COMMITMENT There is no commitment or contingency to disclose during the period ended September 30, 2016. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
SUBSEQUENT EVENTS | 6. SUBSEQUENT EVENTS Management has evaluated subsequent events up to and including November 15, 2016, which is the date the statements were made available for issuance and determined there are no reportable subsequent events. |
SUMMARY OF SIGNIFICANT POLICI12
SUMMARY OF SIGNIFICANT POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of estimates |
Cash and Cash Equivalents | Cash and cash equivalents |
Revenue Recognition | Revenue Recognition |
Earnings (loss) per share | Earnings (loss) per share |
Stock-based Compensation | Stock-based compensation |
Income Taxes | Income taxes The Company recorded valuation allowances on the net deferred tax assets. Management will reassess the realization of deferred tax assets based on the accounting standards for income taxes each reporting period. To the extent that the financial results of operations improve and it becomes more likely than not that the deferred tax assets are realizable, the Company will be able to reduce the valuation allowance. Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. Accounting standards regarding uncertainty in income taxes provides a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely, based solely on the technical merits, of being sustained on examinations. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes. |
Recent Accountingi Pronouncements | Recent Accounting Pronouncements |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated Deficit | $ (28,401) | $ (3,876) |
STOCKHOLDERS' EQUITY (Details N
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, par value | $ 0.0001 | $ 0.0001 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, par value | $ 0.0001 | $ 0.0001 |
Common Stock, shares issued | 20,000,000 | 10,000,000 |
Stock issued during period for services, shares | 10,000,000 | |
Stock issued during period for services, value | $ 1,000 | |
Contribution, Founding Shareholder | $ 19,416 | $ 1,250 |
Redemption Agreement [Member] | ||
Redemption Agreement with Richard Chiang, shares redeemed | 10,000,000 | |
Redemption Agreement with Richard Chiang, value redeemed | $ 1,000 | |
Subscription Agreement [Member] | ||
Subscription Agreement with Dongzhi Zhang, shares subscribed | 20,000,000 | |
Subscription Agreement with Dongzhi Zhang, price per share | $ 0.0001 | |
Additional Paid-in Capital [Member] | ||
Contribution, Founding Shareholder | $ 1,000 |
COMMITMENT (Details Narrative)
COMMITMENT (Details Narrative) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Commitment and/or Contingency | 5. Commitments and Contingencies There is no commitment or contingency to disclose during the period ended September 30, 2016. |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Subsequent Events | Management has evaluated subsequent events up to and including November 15, 2016, which is the date the statements were made available for issuance and determined there are no reportable subsequent events. |