Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 31, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | HAHA GENERATION CORP. | ||
Entity Central Index Key | 1,655,008 | ||
Trading Symbol | haha | ||
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 | 210,281 | ||
Entity Public Float | $ 0 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
BALANCE SHEET
BALANCE SHEET - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 3,369 | $ 378 |
Other receivable | 96,814 | |
Total current assets | 3,369 | 97,192 |
Total Assets | 3,369 | 97,192 |
Current Liabilities | ||
Accrued expense and other liabilities | 3,186 | 100,000 |
Total current liabilities | 3,186 | 100,000 |
Total liabilities | 3,186 | 100,000 |
Stockholders' Equity | ||
Common stock, $0.1 par value; 750,000 shares authorized, 210,281 and 207,281 shares issued and outstanding, respectively | 21,028 | 20,728 |
Additional paid-in capital | 180,253 | 177,553 |
Accumulated deficit | (201,098) | (201,089) |
Total stockholders' equity(deficit) | 183 | (2,808) |
Total Liabilities and Stockholders' Equity | $ 3,369 | $ 97,192 |
BALANCE SHEET (Parentheticals)
BALANCE SHEET (Parentheticals) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 750,000 | 750,000 |
Common stock, shares issued | 210,281 | 207,281 |
Common stock, shares outstanding | 210,281 | 207,281 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Income Statement [Abstract] | ||
Net revenue | ||
General and administrative expenses | $ 201,095 | $ 10 |
Loss from operations | (201,095) | (10) |
Other income (expenses) | ||
Interest income | 6 | 1 |
Total other income (expenses) | 6 | 1 |
Loss before income taxes | $ (201,089) | $ (9) |
Provision for income taxes | ||
Net loss | $ (201,089) | $ (9) |
Net loss per share | ||
Basic and diluted (in dollars per share) | $ (6.03) | $ 0 |
Weighted Average Shares Outstanding: | ||
Basic and diluted (in shares) | 33,324 | 209,262 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS - USD ($) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Cash Flows from Operating Activities | ||
Net loss | $ (201,089) | $ (9) |
Changes in assets and liabilities: | ||
Decrease (Increase) in other receivable | (96,814) | 96,814 |
Increase (Decrease) in accrued expenses | 100,000 | (96,814) |
Net cash used in operating activities | (197,903) | (9) |
Cash Flows from Financing Activities | ||
Proceeds from issuance of common stock | 198,281 | 3,000 |
Net cash provided by financing activities | 198,281 | 3,000 |
Net increase in cash and cash equivalents | 378 | 2,991 |
Cash and Cash Equivalents | ||
Beginning | 378 | |
Ending | $ 378 | $ 3,369 |
Cash paid during the year for: | ||
Interest | ||
Income taxes |
STATEMENTS OF SHAREHOLDERS' EQU
STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Jun. 09, 2014 | ||||
Balance (shares) at Jun. 09, 2014 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock issued for cash on June 12, 2014 | $ 1,000 | $ 1,000 | ||
Common stock issued for cash on June 12, 2014 (shares) | 10,000 | |||
Common stock issued for cash on December 8, 2014 | $ 19,728 | $ 177,553 | 197,281 | |
Common stock issued for cash on December 8, 2014 (shares) | 197,281 | |||
Net loss | $ (201,089) | (201,089) | ||
Balance at Dec. 31, 2014 | $ 20,728 | 177,553 | (201,089) | $ (2,808) |
Balance (shares) at Dec. 31, 2014 | 207,281 | 207,281 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock issued for cash on May 5, 2015 | $ 300 | 2,700 | $ 3,000 | |
Common stock issued for cash on May 5, 2015 (shares) | 3,000 | |||
Net loss | (9) | (9) | ||
Balance at Dec. 31, 2015 | $ 21,028 | $ 180,253 | $ (201,098) | $ 183 |
Balance (shares) at Dec. 31, 2015 | 210,281 | 210,281 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES Basis of Presentation and Organization HAHA Generation Corp., a company in the developmental stage (the “Company”), was incorporated on June 10, 2014 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 distribute fabrics that were made out of silicon crystals. The Company’s year-end is December 31. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. For the period ended December 31, 2015, Company had limited operations. As of December 31, 2015, the Company has not emerged from the development stage. In view of these matters, the Company’s ability to continue as a going concern is dependent upon the Company’s ability to begin operations and to achieve a level of profitability. The Company intends on financing its future development activities and its working capital needs largely from the sale of public equity securities with some additional funding from a loan commitment of $100,000 from Hsuan-Hsien Liao, our President and sole director, which commitment is for 12 months, and all amounts lent by Ms. Liao pursuant to that commitment shall not accrue interest and shall be payable on demand; provided however, such command will not be made prior to the expiration of that 12 month period after the date of that commitment, which date was March 31, 2015. The financial statements of the Company did not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. As shown in the accompanying financial statements, the Company has incurred an accumulated deficit of $201,098 for the period from inception (June 10, 2014) to December 31, 2015. These conditions raise substantial doubt about the Company's ability to continue as a going concern. 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 financial statements do not reflect any adjustments that might result from the outcome of this uncertainty. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its planned business. The Company plans to seek additional funds through private placements of our securities and/or capital contributions and loans by Hsuan-Hsien Liao, our President and sole director. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements included in the registration statement of which this prospectus is a part do not include any adjustments that might occur from this uncertainty. Use of Estimates The preparation of 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. Since the Company was incorporated on June 10, 2014, the Company’s results of operations for the period from June 10, 2014 (inception) through December 31, 2014 reflect its results for a partial period only. As a result, a comparison of the results of operations between the 2014 and the 2015 periods may not be comparable and is not indicative of the expected period to period variations. 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, 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 In June 2014, the FASB issued Accounting Standards Updated No. 2014-10, "Development Stage Entities” (“ASU 2014-10”) which removes the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the update eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows, and shareholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. During the year ended December 31, 2015, the Company has elected to adopt ASU 2014-10. The adoption of this ASU allowed the Company to remove the inception to date information and all references to development stage. |
OTHER RECEIVABLE
OTHER RECEIVABLE | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
OTHER RECEIVABLE | NOTE 2. OTHER RECEIVABLE On November 25, 2014, the company entered a tentative agreement with Shinin Silica Co., Ltd., a Taiwanese Company for a business cooperation. The agreement was canceled and the prepayment was returned in March 2015. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 3. INCOME TAXES As of December 31, 2015, the Company had net operating loss carry forwards of approximately $201,098 that may be available to reduce future years’ taxable income through 2035. Future tax benefits which may arise as a result of these losses have not been recognized in these 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. The provision for Federal income tax consists of the following: Year ended Period from June 10, 2014(inception) to December 31, 2015 December 31, 2014 Federal income tax benefit attributable to: Current Operations $ 3 $ 68,370 Less: valuation allowance (3 ) (68,370 ) Net provision for Federal income taxes $ 0 $ 0 The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of December 31: 2015 2014 Deferred tax asset attributable to: Net operating loss carryover $ 68,373 $ 68,370 Less: valuation allowance (68,373 ) (68,370 ) Net deferred tax asset $ 0 $ 0 The difference between the effective rate reflected in the provision for income taxes on loss before taxes and the amounts determined by applying the applicable statutory U.S. tax rate are analyzed below: 2015 2014 Statutory tax benefit -34 % -34 % Nondeductible/nontaxable items - - Change in deferred tax asset valuation allowance 34 % 34 % Provision for income taxes - % - % For the year ended December 31, 2015 and the period from June 10 (Inception) to December 31, 2014, the Company had no unrecognized tax benefits and related interest and penalties expenses. Currently, the Company is not subject to examination by major tax jurisdictions. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 4. STOCKHOLDERS’ EQUITY On June 12, 2014, the Company issued 10,000 shares of its common stock to its then sole director for $1,000 cash. On July 23, 2014, that director sold those shares to his daughter, the Company’s current president and sole director, for $1,000 cash. On December 8, 2014, the Company issued 197,281 shares of common stock to thirty-two shareholders for $197,281 in cash. On May 5, 2015, the Company issued 3,000 shares of common stock to three shareholders for $3,000 in cash. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 5. SUBSEQUENT EVENTS On March 31, 2016, Hsuan-Hsien Liao, the Chief Executive Officer and sole director, undertook for a period of 1 year commencing from March 31, 2016, to provide an advance to the Company the principal amount of $100,000, in such amounts and on such dates as our Chief Executive Officer shall determine to be in the best interests of the Company. The Company has evaluated subsequent events through April 6, 2016, the date which the financial statements were available to be issued. All subsequent events requiring recognition as of December 31, 2015 have been incorporated into these consolidated financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.” |
NATURE OF OPERATIONS AND SUMM12
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Going Concern | Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. For the period ended December 31, 2015, Company had limited operations. As of December 31, 2015, the Company has not emerged from the development stage. In view of these matters, the Company’s ability to continue as a going concern is dependent upon the Company’s ability to begin operations and to achieve a level of profitability. The Company intends on financing its future development activities and its working capital needs largely from the sale of public equity securities with some additional funding from a loan commitment of $100,000 from Hsuan-Hsien Liao, our President and sole director, which commitment is for 12 months, and all amounts lent by Ms. Liao pursuant to that commitment shall not accrue interest and shall be payable on demand; provided however, such command will not be made prior to the expiration of that 12 month period after the date of that commitment, which date was March 31, 2015. The financial statements of the Company did not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. As shown in the accompanying financial statements, the Company has incurred an accumulated deficit of $201,098 for the period from inception (June 10, 2014) to December 31, 2015. These conditions raise substantial doubt about the Company's ability to continue as a going concern. 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 financial statements do not reflect any adjustments that might result from the outcome of this uncertainty. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its planned business. The Company plans to seek additional funds through private placements of our securities and/or capital contributions and loans by Hsuan-Hsien Liao, our President and sole director. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements included in the registration statement of which this prospectus is a part do not include any adjustments that might occur from this uncertainty. |
Use of Estimates | Use of Estimates The preparation of 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. Since the Company was incorporated on June 10, 2014, the Company’s results of operations for the period from June 10, 2014 (inception) through December 31, 2014 reflect its results for a partial period only. As a result, a comparison of the results of operations between the 2014 and the 2015 periods may not be comparable and is not indicative of the expected period to period variations. |
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, 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 In June 2014, the FASB issued Accounting Standards Updated No. 2014-10, "Development Stage Entities” (“ASU 2014-10”) which removes the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the update eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows, and shareholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. During the year ended December 31, 2015, the Company has elected to adopt ASU 2014-10. The adoption of this ASU allowed the Company to remove the inception to date information and all references to development stage. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for Federal income tax | Year ended Period from June 10, 2014(inception) to December 31, 2015 December 31, 2014 Federal income tax benefit attributable to: Current Operations $ 3 $ 68,370 Less: valuation allowance (3 ) (68,370 ) Net provision for Federal income taxes $ 0 $ 0 |
Schedule of cumulative tax effect at net deferred tax | 2015 2014 Deferred tax asset attributable to: Net operating loss carryover $ 68,373 $ 68,370 Less: valuation allowance (68,373 ) (68,370 ) Net deferred tax asset $ 0 $ 0 |
Schedule of provision for income taxes on loss before taxes | 2015 2014 Statutory tax benefit -34 % -34 % Nondeductible/nontaxable items - - Change in deferred tax asset valuation allowance 34 % 34 % Provision for income taxes - % - % |
NATURE OF OPERATIONS AND SUMM14
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Detail Textuals) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Nature Of Operations And Summary Of Accounting Policies [Line Items] | ||
Accumulated deficit | $ (201,098) | $ (201,089) |
Hsuan-Hsien Liao | ||
Nature Of Operations And Summary Of Accounting Policies [Line Items] | ||
Additional funding from loan commitment | $ 100,000 | |
Period for loan commitment | 12 months |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Federal income tax benefit attributable to: | ||
Current Operations | $ 68,370 | $ 3 |
Less: valuation allowance | (68,370) | (3) |
Net provision for Federal income taxes | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 68,373 | $ 68,370 |
Less: valuation allowance | (68,373) | (68,370) |
Net deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Statutory tax benefit | (34.00%) | (34.00%) |
Nondeductible/nontaxable items | ||
Change in deferred tax asset valuation allowance | 34.00% | 34.00% |
Provision for income taxes |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 201,098 | |
Expected rate of cumulative tax effect | 34.00% | 34.00% |
STOCKHOLDERS' EQUITY (Detail Te
STOCKHOLDERS' EQUITY (Detail Textuals) | May. 05, 2015USD ($)Shareholdershares | Dec. 08, 2014USD ($)Shareholdershares | Jun. 12, 2014USD ($)shares | Jul. 23, 2014USD ($) | Dec. 31, 2014USD ($) |
Stockholders Equity Note [Line Items] | |||||
Number of common stock issued for cash | shares | 3,000 | 197,281 | |||
Number of shareholders | Shareholder | 3 | 32 | |||
Value of common stock issued for cash | $ 3,000 | $ 197,281 | $ 1,000 | ||
Sole director | |||||
Stockholders Equity Note [Line Items] | |||||
Number of common stock issued for cash | shares | 10,000 | ||||
Value of common stock issued for cash | $ 1,000 | ||||
Current president and sole director | |||||
Stockholders Equity Note [Line Items] | |||||
Value of common stock issued for cash | $ 1,000 |
SUBSEQUENT EVENTS (Detail Textu
SUBSEQUENT EVENTS (Detail Textuals) - Subsequent Event - Hsuan-Hsien Liao | 1 Months Ended |
Mar. 31, 2016USD ($) | |
Subsequent Event [Line Items] | |
Principal amount of advances from Chief Executive Officer and sole director | $ 100,000 |
Term specified for chief executive officer and sole director to provide advances | 1 year |