GSG (GSGG) 10-Q 14 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 14, 2017
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Registrant Name	GSG GROUP INC.
Entity Central Index Key	1,668,523
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		6,060,000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Current Assets
Cash	$ 1,171	$ 853
Inventory		2,439
Prepaid expenses	3,482	600
Total Current Assets	4,653	3,892
Property and equipment, net		8,306
Total Assets	4,653	12,198
Current Liabilities
Accrued expenses and other payables	8,231
Due to related parties	46,089	2,359
Total Current Liabilities	54,320	2,359
Total Liabilities	54,320	2,359
Stockholders’ Equity (Deficit)
Common stock - par value $0.001; 75,000,000 shares authorized, 6,060,000 shares issued and outstanding as of September 30, 2017 and December 31, 2016	6,060	6,060
Additional paid in capital	27,326	14,040
Accumulated deficit	(83,053)	(10,261)
Total Stockholders’ Equity (Deficit)	(49,667)	9,839
Total Liabilities and Stockholders’ Equity (Deficit)	$ 4,653	$ 12,198

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Balance Sheets Parenthetical
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	75,000,000	75,000,000
Common stock shares issued	6,060,000	6,060,000
Common stock shares outstanding	6,060,000	6,060,000

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statements Of Operations
Revenues		$ 2,100	$ 3,800	$ 13,900
Cost of goods sold		251	339	2,035
Gross Profit		1,849	3,461	11,865
Operating expenses:
General and Administrative Expenses	37,338	2,906	76,253	14,390
Total operating expenses	37,338	2,906	76,253	14,390
Loss before provision for income taxes	(37,338)	(1,057)	(72,792)	(2,525)
Provision for income taxes
Net loss	$ (37,338)	$ (1,057)	$ (72,792)	$ (2,525)
Net loss per share Basic and diluted	$ (0.01)	$ 0	$ (0.01)	$ 0
Weighted average shares outstanding Basic and diluted	6,060,000	5,035,652	6,060,000	4,679,854

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (72,792)	$ (2,525)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	459	657
Changes in operating assets and liabilities:
Inventory	339	(1,479)
Prepaid expenses	(2,882)	(1,200)
Accrued expenses and other payables	52,612
Accounts Payable		(425)
CASH FLOWS USED IN OPERATING ACTIVITIES	(22,264)	(4,972)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sales of common stock		15,600
Proceeds from related parties	72,588	1,959
Repayments to related parties	(50,006)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	22,582	17,559
NET INCREASE IN CASH	318	12,587
Cash, beginning of period	853	146
Cash, end of period	1,171	12,733
NON-CASH TRANSACTIONS:
Expenses paid by related party	44,381
Forgiveness of net liabilities by former shareholder	13,286
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Interest paid
Income taxes paid

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS	GSG Group Inc. (formerly known as Wike Corp.) (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada on November 11, 2014. Initially we were a development-stage company in a business of printing on ornamental ribbons. Our initial office was located at Via Lodovico Berti, 40131, Bologna, Italy . On April 6, 2017, Corina Safaler, the Company’s former Director and CEO, completed a transaction with Wentao Zhao, by which Mr. Zhao acquired 4,500,000 shares of common stock, representing 74% ownership of the Company. On the same date, the shareholders of the Company voted Sreyneang Jin as Director and CEO, and Gim Hooi Ooi as CFO. The new management decided to cease the existing business of printing ornamental ribbons and explore new business plan that will generate sufficient cash flows and profits to the Company. The Company has leased a new office at 18/F Canadia Bank Tower, No. 315, Ang Doung St, Corner Monivong Blve, Phnom Penh, Cambodia for future business. On August 17, 2017, the Board of Directors of the Company approved that the Company changed its name to GSG Group Inc. and the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Nevada Secretary of State. The name change was approved by the Financial Industry Regulatory Authority ("FINRA") on September 15, 2017.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
NOTE 2 – GOING CONCERN	The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company had limited revenues for the nine months ended September 30, 2017 and incurred recurring losses. In addition, the Company had a negative working capital and generated negative cash flows from operating activities for the nine months ended September 30, 2017, and has not completed its efforts to establish a stable source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on borrowings from related party to fund operating expenses. In light of management’s efforts, there are no assurances that the Company will be successful in any of its endeavors or become financially viable and continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

SUMMARY OF SIGNIFCANT ACCOUNTIN

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
NOTE 3 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES	Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2016 included in the Company’s Form 10-K filed with the Securities and Exchange Commission. The unaudited interim financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles 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 amount of revenues and expenses during the reporting period. The management makes its best estimate of the outcome for these items based on information available when the financial statements are prepared. Actual results could differ from those estimates. Fair Value of Financial Instruments ASC topic 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of cash, prepaid expenses and accrued expenses and other payables approximate their fair value due to their relatively short-term maturity. Related Party Transaction A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. Revenue Recognition The Company will recognize revenue in accordance with ASC topic 605 “Revenue Recognition”. The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
NOTE 4 – RELATED PARTY TRANSACTIONS	During the nine months ended September 30, 2017 and 2016, the Company borrowed $20,977 and $1,950 from Corina Safaler, the Company’s former President and Director, respectively, for operating expenses payments. On April 6, 2017, Corina Safaler completed a transaction with Wentao Zhao, by which Wentao Zhao acquired 4,500,000 shares of common stock, representing 74% ownership of the Company. Wentao Zhao paid $305,000 in cash and both parties agreed all the assets and liabilities of the Company as of April 6, 2017 were assumed by Corina Safaler. As a result of the change in ownership on April 6, 2017, all previous assets including cash in bank of $103 were assumed by Corina Safaler and she waived the entire outstanding loan of $23,336 owed to her. The net liabilities in the amount of $13,286 forgiven by Corina Safaler was recorded by the Company as additional paid-in capital. During the nine months ended September 30, 2017, the Company borrowed cash of $51,611 from Sreyneang Jin, CEO and Director of the Company, for operating purpose and repaid in the amount of $49,903. During the nine months ended September 30, 2017, Sreyeang Jin paid operating expenses of $44,381 on behalf of the Company. The borrowings from and expenses paid by Sreyeang Jin are unsecured, non-interest bearing and due on demand. On May 12, 2017, Great Strength Global Limited (“GSGL”), a company registered in British Virgin Island and 100% owned by Gim Hooi Ooi, CFO of the Company, entered into a lease agreement for an online virtual office located in Phnom Penh, Cambodia, currently solely utilized by the Company. The lease covers the period from May 1, 2017 to April 30, 2018. Monthly rent for the office is $164 with consumption tax included and is paid by the Company.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
NOTE 5 – COMMITMENTS AND CONTINGENCIES	The Company had a one-year rental agreement with Mauricio Polito, covering from September 17, 2016 to September 17, 2017. Monthly payment was in the amount of $200. This was a 30-square-meter facility located at Via Lodovico Berti, 40131, Bologna, Italy, which tenant shall use and occupy only for manufacturing purpose. The Company didn’t renew the agreement when it expired on September 17, 2017. In May 2017, the Company leased an online virtual office in Cambodia with monthly payment of $164 including consumption tax through GSGL. See Note 4 for details.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
NOTE 6 – SUBSEQUENT EVENTS	On October 19, 2017, the Company approved a forward stock split, whereby every one (1) share of the common stock is automatically reclassified and changed into five (5) shares (the five-to-one “Forward Stock Split”). The authorized number of shares and par value per share will not be changed. As of the filing date of this report, the Forward Stock Split is subject to the approval of the FINRA. The share information in the financials has not reflected the Forward Stock Split.

SUMMARY OF SIGNIFCANT ACCOUNT12

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2017
Summary Of Signifcant Accounting Policies Policies
Basis of Presentation	The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2016 included in the Company’s Form 10-K filed with the Securities and Exchange Commission. The unaudited interim financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017.
Use of Estimates	The preparation of the financial statements in conformity with generally accepted accounting principles 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 amount of revenues and expenses during the reporting period. The management makes its best estimate of the outcome for these items based on information available when the financial statements are prepared. Actual results could differ from those estimates.
Fair Value of Financial Instruments	ASC topic 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of cash, prepaid expenses and accrued expenses and other payables approximate their fair value due to their relatively short-term maturity.
Related Party Transaction	A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.
Revenue Recognition	The Company will recognize revenue in accordance with ASC topic 605 “Revenue Recognition”. The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

ORGANIZATION AND NATURE OF BU13

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - shares	9 Months Ended
	Sep. 30, 2017	Apr. 06, 2017
Entity Incorporation, State Country Name	Nevada
Entity Incorporation, Date of Incorporation	Nov. 11, 2014
Mr Zhao [Member]
Equity ownership percentage		74.00%
Acquired common stock shares		4,500,000

SUMMARY OF SIGNIFCANT ACCOUNT14

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details Narrative)	9 Months Ended
	Sep. 30, 2017
Summary Of Signifcant Accounting Policies Details Narrative
Description of related party transaction	A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families,

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	May 12, 2017	Apr. 06, 2017	Dec. 31, 2016
Proceeds from related party loans			$ 72,588	$ 1,959
Total Liabilities	$ 54,320		54,320				$ 2,359
Monthly payment			200
Cash	1,171	$ 12,733	1,171	12,733			$ 853
Operating expenses	37,338	$ 2,906	76,253	14,390
Corina Safaler [Member]
Proceeds from related party loans			20,977	$ 1,950
Loans	23,336		23,336
Total Liabilities	13,286		13,286
Previous assets including cash in bank	103		103
Mr Zhao [Member]
Equity ownership percentage						74.00%
Acquired common stock shares						4,500,000
Cash						$ 305,000
Sreyneang Jin [Member]
Unsecured, non-interest bearing	49,903		49,903
Operating expenses			44,381
Sreyneang Jin [Member] | Chief Executive Officer and Director [Member]
Cash	$ 51,611		51,611
Gim Hooi Ooi [Member] | Lease Agreement [Member]
Equity ownership percentage					100.00%
Monthly payment			$ 164

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)	9 Months Ended
	Sep. 30, 2017USD ($)m²
Monthly payment	$ 200
Area | m²	30
Gim Hooi Ooi [Member] | Lease Agreement [Member]
Monthly payment	$ 164

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	1 Months Ended
	Oct. 19, 2017
Subsequent Event [Member]
Subsequent events description	The Company performed a forward stock split, whereby every one (1) share of the common stock is automatically reclassified and changed into five (5) shares (the five-to-one “Forward Stock Split”). The authorized number of shares and par value per share are not changed. As of filing date of this report, the Forward Stock Split has yet been approved by the Financial Industry Regulatory Authority