Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 14, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | HAHA GENERATION CORP. | |
Entity Central Index Key | 1,655,008 | |
Trading Symbol | haha | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 1,498,280 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 65,887 | $ 3,369 |
Prepaid expenses | 4,950 | |
Total current assets | 70,837 | 3,369 |
Total Assets | 70,837 | 3,369 |
Current Liabilities | ||
Accrued expense | 7,500 | |
Due to related parties | 3,186 | 3,186 |
Total current liabilities | 10,686 | 3,186 |
Total liabilities | 10,686 | 3,186 |
Stockholders' Equity | ||
Common stock, $0.1 par value; 25,000,000 shares authorized, 1,498,280 and 1,051,405 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively | 149,828 | 105,141 |
Additional paid-in capital | 163,171 | 96,140 |
Accumulated deficit | (252,848) | (201,098) |
Total stockholders' equity | 60,151 | 183 |
Total Liabilities and Stockholders' Equity | $ 70,837 | $ 3,369 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 1,498,280 | 1,051,405 |
Common stock, shares outstanding | 1,498,280 | 1,051,405 |
STATEMENT OF OPERATIONS (UNAUDI
STATEMENT 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] | ||||
Net revenue | ||||
General and administrative expenses | 14,950 | 51,773 | 10 | |
Loss from operations | (14,950) | (51,773) | (10) | |
Other income | ||||
Interest income | 23 | 23 | ||
Total other income | 23 | 23 | ||
Loss before income taxes | (14,927) | (51,750) | (10) | |
Provision for income taxes | ||||
Net loss | $ (14,927) | $ (51,750) | $ (10) | |
Net loss per share | ||||
Basic and diluted (In dollares per share) | $ (0.01) | $ (0.04) | $ 0 | |
Weighted Average Shares Outstanding: | ||||
Basic and diluted ( In shares) | 1,498,280 | 1,051,405 | 1,302,568 | 1,044,592 |
STATEMENT OF CASH FLOWS (UNAUDI
STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flows from Operating Activities | ||
Net loss | $ (51,750) | $ (10) |
Changes in assets and liabilities: | ||
Decrease (Increase) in other receivable | 96,814 | |
Decrease (Increase) in prepaid expenses | (4,950) | |
Increase (Decrease) in accrued expenses | 7,500 | (96,814) |
Net cash used in operating activities | (49,200) | (10) |
Cash Flows from Financing Activities | ||
Proceeds from issuance of common stock | 111,718 | 3,000 |
Net cash provided by financing activities | 111,718 | 3,000 |
Net increase in cash and cash equivalents | 62,518 | 2,990 |
Cash and Cash Equivalents | ||
Beginning | 3,369 | 378 |
Ending | 65,887 | 3,368 |
Cash paid during the year for: | ||
Interest | ||
Income taxes |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2016 | |
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 The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial reporting and in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the unaudited financial statements contained in this report reflect all adjustments that are normal and recurring in nature and considered necessary for a fair presentation of the financial position and the results of operations for the interim periods presented. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the interim period are not necessarily indicative of the results expected for the full year. These unaudited financial statements, footnote disclosures, and other information should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. 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. Going Concern These 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 financial statements, the Company had an accumulated deficit of $252,848 and $201,098 as of September 30, 2016 and December 31, 2015, respectively, and it had no revenue from operations. 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 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, 2016. 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 financial statements. 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. 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 September 30, 2016 and 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 are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. The deferred income tax assets were $0 as of both September 30, 2016 and December 31, 2015. Reclassifications Certain classifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net loss or accumulated deficit. 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 PARTY
DUE TO RELATED PARTY | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
DUE TO RELATED PARTY | NOTE 2. DUE TO RELATED PARTY From March 2014 to the present, Hsuan-Hsien Liao, our President and sole director, has been the marketing director for, and a member of the Board of Directors of, Shinin Silica Co., Ltd., “Shinin Silica”, a Taiwanese Company. On November 25, 2014, the Company entered a tentative agreement with Shinin Silica for a business cooperation. The agreement was canceled and the prepayment was returned in excess of $3,186 in March 2015. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 3. 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. On April 30, 2016, the Company issued 89,375 shares of common stock to fifty-two shareholders for $111,719 in cash. On June 20, 2016, the Company, pursuant to action by a Written Consent of Sole Director, filed a Certificate of Change with the Nevada Secretary of State to increase the authorized number of shares of the Company's common stock to 25,000,000 and effectuate a forward stock split on a 5 for 1 basis (the "Certificate"). Pursuant to the Certificate, the authorized number of shares of the Company's common stock is increased to 25,000,000, par value $0.1, and the Company issues 5 shares for every 1 share of the Company's common stock that was issued and outstanding (the "Forward Stock Split"). No fractional shares will be issued in connection with the Forward Stock Split. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income taxes | NOTE 4. INCOME TAXES As of September 30, 2016, the Company had net operating loss carry forwards of approximately $252,848 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 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 for the nine months ended September 30: 2016 2015 Federal income tax benefit attributable to: Current Operations $ 17,595 $ 3 Less: valuation allowance (17,595 ) (3 ) 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 September 30, 2016 and December 31, 2015: September 30, December 31, Deferred tax asset attributable to: Net operating loss carryover $ 85,968 $ 68,373 Less: valuation allowance (85,968 ) (68,373 ) 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 for the nine months ended September 30, 2016 and 2015 are analyzed below: Nine Months Nine Months September 30, September 30, Statutory tax benefit (34 )% (34 )% Nondeductible/nontaxable items - % - % Change in deferred tax asset valuation allowance 34 % 34 % Provision for income taxes - % - % For the nine months ended September 30, 2016 and 2015, 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. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 5. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date which the financial statements were available to be issued. All subsequent events requiring recognition as of September 30, 2016 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.” |
NATURE OF OPERATIONS AND SUMM11
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial reporting and in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the unaudited financial statements contained in this report reflect all adjustments that are normal and recurring in nature and considered necessary for a fair presentation of the financial position and the results of operations for the interim periods presented. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the interim period are not necessarily indicative of the results expected for the full year. These unaudited financial statements, footnote disclosures, and other information should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. |
Going Concern | Going Concern These 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 financial statements, the Company had an accumulated deficit of $252,848 and $201,098 as of September 30, 2016 and December 31, 2015, respectively, and it had no revenue from operations. 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 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, 2016. 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 financial statements. |
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. |
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 September 30, 2016 and 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 Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. The deferred income tax assets were $0 as of both September 30, 2016 and December 31, 2015. |
Reclassifications | Reclassifications Certain classifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net loss or accumulated deficit. |
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) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for Federal income tax | 2016 2015 Federal income tax benefit attributable to: Current Operations $ 17,595 $ 3 Less: valuation allowance (17,595 ) (3 ) Net provision for Federal income taxes $ 0 $ 0 |
Schedule of cumulative tax effect at net deferred tax | September 30, December 31, Deferred tax asset attributable to: Net operating loss carryover $ 85,968 $ 68,373 Less: valuation allowance (85,968 ) (68,373 ) Net deferred tax asset $ 0 $ 0 |
Schedule of provision for income taxes on loss before taxes | Nine Months Nine Months September 30, September 30, 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 SUMM13
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Detail Textuals) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Nature Of Operations And Summary Of Accounting Policies [Line Items] | ||
Accumulated deficit | $ (252,848) | $ (201,098) |
Deferred income tax assets | 0 | $ 0 |
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 |
DUE TO RELATED PARTY (Detail Te
DUE TO RELATED PARTY (Detail Textuals) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Due to Related Parties [Abstract] | ||
Due to related parties | $ 3,186 | $ 3,186 |
STOCKHOLDERS' EQUITY (Detail Te
STOCKHOLDERS' EQUITY (Detail Textuals) | May 05, 2015USD ($)Shareholdershares | Dec. 08, 2014USD ($)Shareholdershares | Jun. 12, 2014USD ($)shares | Apr. 30, 2016USD ($)Shareholdershares | Jul. 23, 2014USD ($) | Sep. 30, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares |
Stockholders Equity Note [Line Items] | |||||||
Number of common stock issued for cash | shares | 3,000 | 197,281 | 89,375 | ||||
Number of shareholders | Shareholder | 3 | 32 | 52 | ||||
Value of common stock issued for cash | $ | $ 3,000 | $ 197,281 | $ 111,719 | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.1 | $ 0.1 | |||||
Common stock, shares authorized | shares | 25,000,000 | 25,000,000 | |||||
Forward stock split | 5 for 1 | ||||||
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 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Federal income tax benefit attributable to: | ||
Current Operations | $ 17,595 | $ 3 |
Less: valuation allowance | (17,595) | (3) |
Net provision for Federal income taxes | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 85,968 | $ 68,373 |
Less: valuation allowance | (85,968) | (68,373) |
Net deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 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 ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Expected rate of cumulative tax effect | 34.00% | 34.00% |
Operating loss carryforwards | $ 252,848 |