Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 14, 2017 | |
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 | Jun. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 38,426 | $ 50,150 |
Other receivable | 1,010 | |
Prepaid expense | 900 | 1,125 |
Total current assets | 39,326 | 52,285 |
Total Assets | 39,326 | 52,285 |
Current Liabilities | ||
Accrued expense and other liabilities | 15,044 | 2,000 |
Due to shareholders | 3,307 | 3,317 |
Total current liabilities | 18,351 | 5,317 |
Total liabilities | 18,351 | 5,317 |
Stockholders' Equity | ||
Common stock, $0.1 par value; 25,000,000 shares authorized, 1,498,280 shares issued and outstanding | 149,828 | 149,828 |
Additional paid-in capital | 213,171 | 163,171 |
Accumulated deficit | (342,024) | (266,031) |
Total stockholders' equity | 20,975 | 46,968 |
Total Liabilities and Stockholders' Equity | $ 39,326 | $ 52,285 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 1,498,280 |
Common stock, shares outstanding | 1,498,280 | 1,498,280 |
STATEMENT OF OPERATIONS (UNAUDI
STATEMENT 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] | ||||
Net revenue | ||||
General and administrative expenses | 42,256 | 14,290 | 76,016 | 36,823 |
Loss from operations | (42,256) | (14,290) | (76,016) | (36,823) |
Other income (expenses) | ||||
Interest income | 23 | 23 | ||
Total other income | 23 | 23 | ||
Loss before income taxes | (42,233) | (14,290) | (75,993) | (36,823) |
Provision for income taxes | ||||
Net loss | $ (42,233) | $ (14,290) | $ (75,993) | $ (36,823) |
Net loss per share | ||||
Basic and diluted (in dollars per share) | (0.03) | (0.01) | (0.05) | (0.03) |
Weighted Average Shares Outstanding: | ||||
Basic and diluted (in shares) | $ 1,498,280 | $ 1,355,869 | $ 1,498,280 | $ 1,203,637 |
STATEMENT OF CASH FLOWS (UNAUDI
STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities | ||
Net loss | $ (75,993) | $ (36,823) |
Changes in assets and liabilities: | ||
Decrease (Increase) in other receivable | 1,010 | |
Decrease (Increase) in prepaid expenses | 225 | |
Increase (Decrease) in accrued expenses | 13,044 | 25,304 |
Increase (Decrease) in due to shareholders | (10) | |
Net cash used in operating activities | (61,724) | (11,519) |
Cash Flows from Financing Activities | ||
Proceeds from capital injection | 50,000 | |
Proceeds from issuance of common stock | 111,719 | |
Net cash provided by financing activities | 50,000 | 111,719 |
Net increase (decrease) in cash and cash equivalents | (11,724) | 100,200 |
Cash and Cash Equivalents | ||
Beginning | 50,150 | 3,369 |
Ending | 38,426 | 103,569 |
Cash paid during the year for: | ||
Interest | ||
Income taxes |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2017 | |
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 of America (“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, 2016. 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 The accompanying financial statements have been prepared assuming the Company will continue as a going concern. For the period ended June 30, 2017, the Company had limited operations. As of June 30, 2017, 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, 2017. 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 $342,024 and $266,031 as of June 30, 2017 and December 31, 2016, respectively. 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. Classification 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. 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 June 30, 2017 and December 31, 2016, 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. Subsequent events Management has evaluated subsequent events through the date which the financial statements are available to be issued. All subsequent events requiring recognition as of June 30, 2017 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.” |
DUE TO SHAREHOLDERS
DUE TO SHAREHOLDERS | 6 Months Ended |
Jun. 30, 2017 | |
Due to Related Parties, Current [Abstract] | |
DUE TO SHAREHOLDERS | NOTE 2. DUE TO SHAREHOLDERS The Company has advanced funds from its director and shareholder for working capital purposes. As of June 30, 2017 and December 31, 2016, there were $3,307 and $3,317 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 director and shareholder. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE 3. SHAREHOLDERS’ EQUITY During the second quarter of 2017, the Company received additional capital in an aggregate of $50,000 from Shiny City Co., Ltd. (the "Shiny City"). Shiny City was incorporated in April 1996 under the laws of Taiwan. As of June 30, 2017, the Company and Shiny City have not entered a stock subscription agreement. The Company has not issued any common shares to Shiny City during the six months ended June 30, 2017. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 4. INCOME TAXES As of June 30, 2017, the Company had net operating loss carry forwards of approximately $342,024 that may be available to reduce future years’ taxable income through 2037. 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 six months ended June 30: Six months ended June 30, 2017 Six months ended June 30, 2016 Federal income tax benefit attributable to: Current Operations $ 25,838 $ 12,520 Less: valuation allowance (25,838 ) (12,520 ) Net provision for Federal income taxes $ - $ - The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount as of June 30, 2017 and December 31, 2016 is as follows: June 31, 2017 December 31, 2016 Deferred tax asset attributable to: Net operating loss carryover $ 116,288 $ 90,450 Less: valuation allowance (116,288 ) (90,450 ) Net deferred tax asset $ - $ 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 six months ended June 30, 2017 and 2016 are analyzed below: Six months ended June 30, 2017 Six months ended June 30, 2016 Statutory tax benefit (34 )% (34 )% Permanent items - - Change in deferred tax asset valuation allowance 34 % 34 % Provision for income taxes - % - % For the six months ended June 30, 2017 and 2016, 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. |
NATURE OF OPERATIONS AND SUMM10
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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 of America (“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, 2016. |
Organization | 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 | Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. For the period ended June 30, 2017, the Company had limited operations. As of June 30, 2017, 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, 2017. 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 $342,024 and $266,031 as of June 30, 2017 and December 31, 2016, respectively. 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. |
Classification | Classification 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. |
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 June 30, 2017 and December 31, 2016, 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. |
Subsequent events | Subsequent events Management has evaluated subsequent events through the date which the financial statements are available to be issued. All subsequent events requiring recognition as of June 30, 2017 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.” |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for Federal income tax | Six months ended June 30, 2017 Six months ended June 30, 2016 Federal income tax benefit attributable to: Current Operations $ 25,838 $ 12,520 Less: valuation allowance (25,838 ) (12,520 ) Net provision for Federal income taxes $ - $ - |
Schedule of cumulative tax effect at net deferred tax | June 31, 2017 December 31, 2016 Deferred tax asset attributable to: Net operating loss carryover $ 116,288 $ 90,450 Less: valuation allowance (116,288 ) (90,450 ) Net deferred tax asset $ - $ 0 |
Schedule of provision for income taxes on loss before taxes | Six months ended June 30, 2017 Six months ended June 30, 2016 Statutory tax benefit (34 )% (34 )% Permanent items - - Change in deferred tax asset valuation allowance 34 % 34 % Provision for income taxes - % - % |
NATURE OF OPERATIONS AND SUMM12
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Detail Textuals) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Nature of operations and Summary of Accounting Policies [Line Items] | ||
Accumulated deficit | $ (342,024) | $ (266,031) |
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 SHAREHOLDERS (Detail Tex
DUE TO SHAREHOLDERS (Detail Textuals) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Due to Related Parties, Current [Abstract] | ||
DUE TO SHAREHOLDERS | $ 3,307 | $ 3,317 |
Percentage of outstanding balances interest rate | 0.00% |
SHAREHOLDERS' EQUITY (Detail Te
SHAREHOLDERS' EQUITY (Detail Textuals) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Stockholders' Equity Note [Abstract] | |
Additional capital received from Shiny City Co., Ltd | $ 50,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Federal income tax benefit attributable to: | ||
Current Operations | $ 25,838 | $ 12,520 |
Less: valuation allowance | (25,838) | (12,520) |
Net provision for Federal income taxes |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 116,288 | $ 90,450 |
Less: valuation allowance | (116,288) | (90,450) |
Net deferred tax asset |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Statutory tax benefit | (34.00%) | (34.00%) |
Permanent 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 ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 342,024 | |
Expected rate of cumulative tax effect | 34.00% | 34.00% |