Danyang Special Cable Factory 10-Q 10 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 09, 2017
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	Jun. 30, 2017
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	Q2
Document Fiscal Year Focus	2,017

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Current Assets:
Cash	$ 0	$ 0
Total Current Assets	0	0
TOTAL ASSETS	0	0
Current Liabilities
Accounts payable	13,424	3,811
Total Current Liabilities	13,424	3,811
TOTAL LIABILITIES	13,424	3,811
Commitments and Contingencies	0	0
Stockholders' Deficit:
Preferred stock, ($0.0001 par value, 5,000,000 shares authorized; none issued and outstanding.)	0	0
Common stock ($0.0001 par value, 300,000,000 shares authorized; 20,000,000 and 10,000,000 shares issued and outstanding, respectively)	2,000	2,000
Additional paid-in capital	34,402	31,601
Accumulated deficit	(49,826)	(37,412)
Total Stockholders' Deficit	(13,424)	(3,811)
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT	$ 0	$ 0

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	20,000,000	20,000,000
Common stock, shares outstanding	20,000,000	20,000,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenue	$ 0	$ 0	$ 0	$ 0
Operating Expenses:
General and administrative expenses	5,995	865	12,414	2,539
Total operating expenses	5,995	865	12,414	2,539
Net loss from operations	(5,995)	(865)	(12,414)	(2,539)
Loss before income taxes	(5,995)	(865)	(12,414)	(2,539)
Provision for income taxes	0	0	0	0
Net Loss	$ (5,995)	$ (865)	$ (12,414)	$ (2,539)
Basic and diluted 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 ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (12,414)	$ (2,539)
Changes in operating assets and liabilities:
Accounts payable	9,613	1,239
Net cash used in operating activities	(2,801)	(1,300)
CASH FLOWS FROM INVESTING ACTIVITIES	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from related party	2,801	1,300
Net cash provided by financing activities	2,801	1,300
Net increase (decrease) in cash	0	0
Cash at beginning of period	0	0
Cash at end of period	0	0
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	0	0
Cash paid for taxes	$ 0	$ 0

1. ORGANIZATION AND PRINCIPAL A

1. ORGANIZATION AND PRINCIPAL ACTIVITIES	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
ORGANIZATION AND PRINCIPAL ACTIVITIES	Danyang Special Cable Factory Inc. ("Company" or the "Registrant") was incorporated under the laws of the State of Delaware on July 27, 2015 and has been inactive since inception. We changed our name to Danyang Special Cable Factory Inc. on November 9, 2016. Our principal executive offices are located at Room 01, 25/F, Kerry Center, No. 2008 Renmin South Road, Luohu District, Shenzhen City, Guangdong, People’s Republic of China. Our phone number is +86-755-2218-4466. Our business model is to serve as a vehicle to affect an asset acquisition, merger, exchange of capital stock or other business combination with a domestic or foreign business. The Company has been in the developmental stage since inception and its operations to date have been limited to the purchase of shares of its original shareholders. We have not yet initiated any business development efforts nor generated any revenue to date.

2. SUMMARY OF SIGNIFICANT POLIC

2. SUMMARY OF SIGNIFICANT POLICIES	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
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 March 31, 2017. 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 June 30, 2017 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

3. ACCRUED LIABILITIES

3. ACCRUED LIABILITIES	6 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
3. ACCRUED LIABILITIES	As of June 30, 2017, and December 31, 2016, the Company had $13,424 and $3,811 in accrued liabilities, respectively. The accrued liabilities mainly consist of professional fees.

4. INCOME TAXES

4. INCOME TAXES	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
4. INCOME TAXES	The Company complies with the accounting and reporting requirements of FASB ASC, 740, "Income Taxes," which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. There were no unrecognized tax benefits as of December 31, 2016. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2016. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The adoption of the provisions of FASB ASC 740 did not have a material impact on the Company's financial position and results of operation and cash flows as of and for the period ended December 31, 2016. As of June 30, 2017, we had a net operating loss carry-forward of approximately $(49,826) and a deferred tax asset of approximately $16,941 using the statutory rate of 34%. The deferred tax asset may be recognized in future periods, not to exceed 20 years. However, due to the uncertainty of future events we have booked valuation allowance of $(16,941). FASB ASC 740 prescribes recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. At June 30, 2017, the Company had not taken any tax positions that would require disclosure under FASB ASC 740. June 30, 2017 December 31, 2016 Deferred Tax Asset $ 16,941 $ 12,720 Valuation Allowance (16,941) (12,720) Deferred Tax Asset (Net) $ - $ - The Company files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. Generally, the Company is subject to income tax examinations by major taxing authorities during the three year period prior to the period covered by these financial statements.

5. GOING CONCERN AND CAPITAL RE

5. GOING CONCERN AND CAPITAL RESOURCES	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 $49,826 as of June 30, 2017. 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.

6. STOCKHOLDERS' EQUITY

6. STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
STOCKHOLDERS' EQUITY	Preferred Stock. The Company is authorized to issue 5,000,000 shares of $0.0001 par value preferred stock. As of June 30, 2017, no shares of preferred stock had been issued. Common Stock - The Company is authorized to issue 300,000,000 shares of $0.0001 par value common stock. As of June 30, 2017, 20,000,000 shares were issued and outstanding. 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. 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. Mr. Zhang is paying the Company’s expenses and it is recorded as contributed capital. For the six months June 30, 2017 and the year ended December 31, 2016, Mr. Zhang contributed $2,801 and $30,351 respectively.

7. COMMITMENTS AND CONTINGENCIE

7. COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
COMMITMENTS AND CONTINGENCIES	There is no commitment or contingency to disclose during the period ended June 30, 2017.

8. SUBSEQUENT EVENTS

8. SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
SUBSEQUENT EVENTS	Management has evaluated subsequent events up to and including August 9, 2017, which is the date the statements were made available for issuance and determined there are no reportable subsequent events.

2. SUMMARY OF SIGNIFICANT POL14

2. SUMMARY OF SIGNIFICANT POLICIES (Policies)	6 Months Ended
	Jun. 30, 2017
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 Accounting Pronouncements	Recent Accounting Pronouncements

4. INCOME TAXES (Tables)

4. INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Income Tax Schedule	June 30, 2017 December 31, 2016 Deferred Tax Asset $ 16,941 $ 12,720 Valuation Allowance (16,941) (12,720) Deferred Tax Asset (Net) $ - $ -

4. INCOME TAXES - Income Tax Sc

4. INCOME TAXES - Income Tax Schedule (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Deferred Tax Asset	$ 16,941	$ 12,720
Valuation Allowance	(16,941)	(12,720)
Deferred Tax Asset (Net)	$ 0	$ 0

3. ACCRUED LIABILITIES (Details

3. ACCRUED LIABILITIES (Details Narrative) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Accrued Liabilities	$ 13,424	$ 3,811

4. INCOME TAXES (Details Narrat

4. INCOME TAXES (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Net operating loss carry-forward	$ (49,826)
Deferred Tax Asset	16,941	$ 12,720
Valuation Allowance	$ (16,941)	$ (12,720)
Statutory rate	34.00%

6. STOCKHOLDERS' EQUITY (Detail

6. STOCKHOLDERS' EQUITY (Details narrative) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Preferred stock, par value	$ 0.001		$ 0.001
Preferred stock, shares authorized	5,000,000		5,000,000
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common stock, par value	$ 0.0001		$ 0.0001
Common stock, shares authorized	300,000,000		300,000,000
Common stock, shares issued	20,000,000		20,000,000
Common stock, shares outstanding	20,000,000		20,000,000
Contributions from related party	$ 2,801	$ 1,300
Mr. Zhang [Member]
Contributions from related party	$ 2,801		$ 30,351

7. COMMITMENTS AND CONTINGENC20

7. COMMITMENTS AND CONTINGENCIES (Details Narrative)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Commitments and Contingencies	None

8. SUBSEQUENT EVENTS (Details N

8. SUBSEQUENT EVENTS (Details Narrative)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Subsequent Events	None