Document Entity Information
Document Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Apr. 07, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | EOS INC. | ||
Entity Central Index Key | 1,651,958 | ||
Trading Symbol | eoin | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 64,122,997 | ||
Entity Public Float | $ 0 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 35,696 | $ 54,132 |
Prepaid expenses | 82 | |
Total current assets | 35,778 | 54,132 |
Total Assets | 35,778 | 54,132 |
Current Liabilities | ||
Accrued expenses | 13,517 | |
Due to shareholders | 175,912 | 150,000 |
Total current liabilities | 189,429 | 150,000 |
Total liabilities | 189,429 | 150,000 |
Stockholders' Equity | ||
Common stock, $0.001 par value; 75,000,000 shares authorized, 64,122,997 shares and 54,122,997 issued and outstanding | 64,123 | 54,123 |
Additional paid-in capital | 90,000 | |
Deficit accumulated during development stage | (307,654) | (149,991) |
Accumulated other comprehensive income (loss) | (120) | |
Total stockholders' equity | (153,651) | (95,868) |
Total Liabilities and Stockholders' Equity | $ 35,778 | $ 54,132 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock shares issued | 64,122,997 | 54,122,997 |
Common stock, shares outstanding | 64,122,997 | 54,122,997 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPHREHENSIVE INCOME - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||
Net revenue | ||
General and administrative expenses | 150,000 | 157,718 |
Loss from operations | (150,000) | (157,718) |
Other income (expenses) | ||
Interest income | 9 | 55 |
Total other income | 9 | 55 |
Loss before income taxes | (149,991) | (157,663) |
Provision for income taxes | ||
Net loss | (149,991) | (157,663) |
Foreign currency translation adjustment | (120) | |
Comprehensive Income (Loss) | $ (149,991) | $ (157,783) |
Weighted Average Shares Outstanding: | ||
Basic and diluted | 54,122,997 | 62,670,942 |
Net loss per share | ||
Basic and diluted | $ 0 | $ 0 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | ||
Net loss | $ (149,991) | $ (157,663) |
Changes in assets and liabilities: | ||
Decrease (Increase) in prepaid expenses | (82) | |
Increase (decrease) in accrued expenses | 13,517 | |
Net cash used in operating activities | (149,991) | (144,228) |
Cash Flows from Financing Activities | ||
Proceeds from issuance of common stock | 54,123 | 100,000 |
Loan from officers | 150,000 | 25,912 |
Net cash provided by financing activities | 204,123 | 125,912 |
Effect of exchange rate changes on cash and cash equivalents | (120) | |
Net (decrease) increase in cash and cash equivalents | 54,132 | (18,436) |
Cash and Cash Equivalents | ||
Beginning | 54,132 | |
Ending | 54,132 | 35,696 |
Cash paid during the year for: | ||
Interest | ||
Income taxes |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Common Stock | Additional paid-in capital | Accumulated Deficit | Accumulated other comprehensive income | Total |
Balance at Apr. 02, 2015 | |||||
Balance (in shares) at Apr. 02, 2015 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued for cash | $ 54,123 | $ 54,123 | |||
Common stock issued for cash (in shares) | 54,122,997 | ||||
Net loss | (149,991) | (149,991) | |||
Balance at Dec. 31, 2015 | $ 54,123 | (149,991) | (95,868) | ||
Balance (in shares) at Dec. 31, 2015 | 54,122,997 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued for cash | $ 10,000 | 90,000 | (120) | 99,880 | |
Common stock issued for cash (in shares) | 10,000,000 | ||||
Net loss | (157,663) | (157,663) | |||
Balance at Dec. 31, 2016 | $ 64,123 | $ 90,000 | $ (307,654) | $ (120) | $ (153,651) |
Balance (in shares) at Dec. 31, 2016 | 64,122,997 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Nature Of Operations And Summary Of Accounting Policies [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | 1. NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES Basis of Presentation and Organization EOS Inc., a company in the developmental stage, was incorporated on April 3, 2015 in the State of Nevada. The Company has conducted limited business operations and had no revenues from operations since its inception. The Company’s business plan is to market and distribute skin care products, including masks and serums. On November 18, 2016, the Company has set up a wholly-owned subsidiary in Taiwan to assist the Company to promote the business in Taiwan. The Company’s year-end is December 31. Principles of Consolidation The consolidated financial statements include the accounts of EOS Inc. and its wholly owned subsidiary in Taiwan. All material intercompany accounts, transactions, and profits have been eliminated in consolidation. The functional currency of the subsidiary in Taiwan is the New Taiwan dollars, however the accompanying consolidated financial statements have been translated and presented in United States Dollars ($). In the accompanying consolidated financial statements and notes, “$”, “US$” and “U.S. dollars” mean United States dollars, and “NT$” and “NT dollars” mean New Taiwan dollars. Going Concern These consolidated financial statements were prepared on the basis of accounting principles applicable to going concern, which assumes the realization of assets and discharge of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements, the Company had accumulated deficit of $307,654 and $149,991 as of December 31, 2016 and 2015, respectively, and it had no revenue from operations since its incorporation. The Company faces all the risks common to companies at development stage, including capitalization and uncertainty of funding sources, high initial expenditure levels, uncertain revenue streams, and difficulties in managing growth. The Company's losses raise substantial doubt about its ability to continue as a going concern. The Company's consolidated financial statements do not reflect any adjustments that might result from the outcome of this uncertainty. The Company is currently addressing its liquidity issue by continually seeking investment capital through private placements of common stock and debt. The Company believes its current and future plans enable it to continue as a going concern. The Company's ability to achieve these objectives cannot be determined at this time. These financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts which may differ from those in the accompanying consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash and all highly liquid instruments with original maturities of three months or less. Net Income (loss) per Share Basic income (loss) per share is computed by dividing net income by weighted average number of shares of common stock outstanding during each period. Diluted income per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents, and potentially dilutive securities outstanding during each period. At December 31, 2016 and 2015, the Company does not have any outstanding common stock equivalents; therefore, a separate computation of diluted loss per share is not presented. Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some or all of any deferred tax assets will not be realized. Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its result of operations, financial position or cash flow. |
DUE TO RELATED PARTIES
DUE TO RELATED PARTIES | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
DUE TO RELATED PARTIES | 2. DUE TO SHAREHOLDERS The Company has advanced funds from its officer and shareholder for working capital purposes. As of December 31, 2016 and 2015, there were $175,912 and $150,000 advances outstanding, respectively. The Company has agreed that the outstanding balances bear 0% interest rate and are due upon demand after 30 days written notice by the officer and shareholder. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
STOCKHOLDERS' DEFICIT | 3. STOCKHOLDERS’ EQUITY On April 3, 2015 to December 31, 2015, the Company has issued 54,122,997 common stock shares at par value in a total amount of $54,123 from its shareholders. On February 24, 2016, the Company has issued 10,000,000 shares of its $0.001 par value common stock shares at a purchase price of $0.01 per share in a total amount of $100,000 from fifteen shareholders. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 4. INCOME TAXES United States The Company is incorporated in the United States of America and is subject to United States federal taxation. No provisions for income taxes have been made as the Company has no taxable income for the period. The applicable income tax rate for the Company was 34% for the years ended December 31, 2016 and 2015. As of December 31, 2016, the Company had net operating loss carry forwards of approximately $305,785 that may be available to reduce future years’ taxable income through 2036. Future tax benefits which may arise as a result of these losses have not been recognized in these consolidated financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. No tax benefit has been realized since a 100 % valuation allowance has offset deferred tax asset resulting from the net operating losses. Taiwan The subsidiary of EOS Inc. is incorporated in Taiwan. The Taiwan Income Tax Law imposes a unified enterprise income tax rate of 17% on all enterprises with taxable income greater than approximately $3,660 (NT$120,000). No income tax liabilities existed as of December 31, 2016 and 2015 due to the Company’s continuing operating losses. Provision for income tax consists of the following: From April 3, For the Year Ended (Inception) December 31, to December 31, 2016 2015 Current U.S. $ - $ - Taiwan - - Deferred U.S. Deferred tax assets for NOL carryforwards (52,970 ) (50,997 ) Valuation allowance 52,970 50,997 Net changes in deferred income tax under non-current portion - - The following is a reconciliation of the statutory tax rate to the effective tax rate: For the Year Ended December 31, From April 3, (Inception) to December 31, 2016 2015 U.S. statutory income tax rate 34 34 Foreign statutory income tax rate difference (17 ) (17 ) Changes in valuation allowance (17 ) (17 ) Effective income tax rate 0 0 Significant components of the Company’s deferred taxes as of December 31, 2016 and 2015 were as follows: December 31, December 31, 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 103,967 $ 50,997 Less: Valuation allowance (103,967 ) (50,997 ) Deferred tax assets, net $ - $ - |
COMMITMENT
COMMITMENT | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Disclosure [Text Block] | 5. COMMITMENT The Company leases its office in Taiwan and under a non-cancellable lease agreement that expires on October 30, 2017. Future minimum lease receipts under the lease are summarized as follows: December 31, Amount 2017 $ 4,970 Total $ 4,970 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 6. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after December 31, 2016 up through the date the Company issued these consolidated financial statements. |
NATURE OF OPERATIONS AND SUMM13
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Nature Of Operations And Summary Of Accounting Policies [Abstract] | |
Basis of Presentation and Organization | Basis of Presentation and Organization EOS Inc., a company in the developmental stage, was incorporated on April 3, 2015 in the State of Nevada. The Company has conducted limited business operations and had no revenues from operations since its inception. The Company’s business plan is to market and distribute skin care products, including masks and serums. On November 18, 2016, the Company has set up a wholly-owned subsidiary in Taiwan to assist the Company to promote the business in Taiwan. The Company’s year-end is December 31. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of EOS Inc. and its wholly owned subsidiary in Taiwan. All material intercompany accounts, transactions, and profits have been eliminated in consolidation. The functional currency of the subsidiary in Taiwan is the New Taiwan dollars, however the accompanying consolidated financial statements have been translated and presented in United States Dollars ($). In the accompanying consolidated financial statements and notes, “$”, “US$” and “U.S. dollars” mean United States dollars, and “NT$” and “NT dollars” mean New Taiwan dollars. |
Going Concern | Going Concern These consolidated financial statements were prepared on the basis of accounting principles applicable to going concern, which assumes the realization of assets and discharge of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements, the Company had accumulated deficit of $307,654 and $149,991 as of December 31, 2016 and 2015, respectively, and it had no revenue from operations since its incorporation. The Company faces all the risks common to companies at development stage, including capitalization and uncertainty of funding sources, high initial expenditure levels, uncertain revenue streams, and difficulties in managing growth. The Company's losses raise substantial doubt about its ability to continue as a going concern. The Company's consolidated financial statements do not reflect any adjustments that might result from the outcome of this uncertainty. The Company is currently addressing its liquidity issue by continually seeking investment capital through private placements of common stock and debt. The Company believes its current and future plans enable it to continue as a going concern. The Company's ability to achieve these objectives cannot be determined at this time. These financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts which may differ from those in the accompanying consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and all highly liquid instruments with original maturities of three months or less. |
Net Income (loss) per Share | Net Income (loss) per Share Basic income (loss) per share is computed by dividing net income by weighted average number of shares of common stock outstanding during each period. Diluted income per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents, and potentially dilutive securities outstanding during each period. At December 31, 2016 and 2015, the Company does not have any outstanding common stock equivalents; therefore, a separate computation of diluted loss per share is not presented. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some or all of any deferred tax assets will not be realized. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its result of operations, financial position or cash flow. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income tax | From April 3, For the Year Ended (Inception) December 31, to December 31, 2016 2015 Current U.S. $ - $ - Taiwan - - Deferred U.S. Deferred tax assets for NOL carryforwards (52,970 ) (50,997 ) Valuation allowance 52,970 50,997 Net changes in deferred income tax under non-current portion - - |
Schedule of reconciliation of statutory tax rate to effective tax rate | For the Year Ended December 31, From April 3, (Inception) to December 31, 2016 2015 U.S. statutory income tax rate 34 34 Foreign statutory income tax rate difference (17 ) (17 ) Changes in valuation allowance (17 ) (17 ) Effective income tax rate 0 0 |
Schedule of components of the deferred taxes | December 31, December 31, 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 103,967 $ 50,997 Less: Valuation allowance (103,967 ) (50,997 ) Deferred tax assets, net $ - $ - |
COMMITMENT (Tables)
COMMITMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease receipts under the lease | December 31, Amount 2017 $ 4,970 Total $ 4,970 |
NATURE OF OPERATIONS AND SUMM16
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Detail Textuals) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Nature Of Operations And Summary Of Accounting Policies [Abstract] | ||
Accumulated deficit | $ (307,654) | $ (149,991) |
DUE TO RELATED PARTIES (Detail
DUE TO RELATED PARTIES (Detail Textuals) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transactions [Abstract] | ||
Advances outstanding of officer and shareholder | $ 175,912 | $ 150,000 |
Interest rate of outstanding balances | 0.00% | |
Due of written notice by officer and shareholder | 30 days |
STOCKHOLDERS' EQUITY (Detail Te
STOCKHOLDERS' EQUITY (Detail Textuals) | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Feb. 24, 2016USD ($)Shareholder$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |
Common stock issued for cash | $ | $ 54,123 | $ 99,880 | |
Common Stock | |||
Common stock issued for cash (in shares) | shares | 54,122,997 | 10,000,000 | |
Common stock issued for cash | $ | $ 54,123 | $ 10,000 | |
Common Stock | Shareholders | |||
Common stock issued for cash (in shares) | shares | 10,000,000 | 54,122,997 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||
Shares issued, price per share | $ / shares | $ 0.01 | ||
Common stock issued for cash | $ | $ 100,000 | $ 54,123 | |
Number of shareholders | Shareholder | 15 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
Current | ||
U.S. | ||
Taiwan | ||
Deferred | ||
U.S. | ||
Deferred | ||
Deferred tax assets for NOL carryforwards | 50,997 | (52,970) |
Valuation allowance | (50,997) | 52,970 |
Net changes in deferred income tax under non-current portion |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
U.S. statutory income tax rate | 34.00% | 34.00% |
Foreign statutory income tax rate difference | (17.00%) | (17.00%) |
Changes in valuation allowance | (17.00%) | (17.00%) |
Effective income tax rate | 0.00% | 0.00% |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 103,967 | $ 50,997 |
Less: Valuation allowance | (103,967) | (50,997) |
Deferred tax assets, net |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2016TWD | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Applicable income tax rate | 34.00% | 34.00% | 34.00% |
Net operating loss carry forwards, Expiration date | Dec. 31, 2036 | Dec. 31, 2036 | |
Percentage of valuation allowance offset deferred tax asset | 100.00% | 100.00% | |
Foreign statutory income tax rate | 17.00% | 17.00% | 17.00% |
Threshold limit for foreign statutory income tax amount | $ 3,660 | TWD 120,000 |
COMMITMENT (Details)
COMMITMENT (Details) | Dec. 31, 2016USD ($) |
December 31 | |
2,017 | $ 4,970 |
Total | $ 4,970 |
COMMITMENT (Detail Textuals)
COMMITMENT (Detail Textuals) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Expiration date of lease agreement | October 30, 2017. |