GSG (GSGG) 10-Q 16 Apr 19 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Feb. 28, 2019
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Entity Registrant Name	GSG GROUP INC.
Entity Central Index Key	0001668523
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		30,300,000
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current Assets
Cash	$ 200	$ 5,369
Inventory
Prepaid expenses		149
Total Current Assets		5,518
Property and equipment, net
Total Assets	200	5,518
Current Liabilities
Accrued expenses and other payables	976	72,380
Due to related parties	79,605
Total Current Liabilities	80,581	72,380
Total Liabilities	80,581	72,380
Stockholders' Equity (Deficit)
Common stock - par value $0.001; 75,000,000 shares authorized, 30,300,000 shares issued and outstanding as of March 31, 2018 and December 31, 2017	30,300	30,300
Additional paid in capital	3,086	3,086
Accumulated deficit	(113,767)	(100,248)
Total Stockholders' Equity (Deficit)	(80,381)	(66,862)
Total Liabilities and Stockholders' Equity (Deficit)	$ 200	$ 5,518

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Balance Sheets
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	75,000,000	75,000,000
Common stock shares issued	30,300,000	30,300,000
Common stock shares outstanding	30,300,000	30,300,000

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statements Of Operations
Revenues		$ 3,800
Cost of goods sold		(339)
Gross Profit		3,461
Operating expenses:
General and administrative expenses	(13,519)	(26,586)
Total operating expenses	(13,519)	(26,586)
Loss before provision for income taxes	(13,519)	(23,125)
Provision for income taxes
Net loss	$ (13,519)	$ (23,125)
Net loss per share Basic and diluted	$ 0	$ 0
Weighted average shares outstanding Basic and diluted	30,300,000	6,060,000

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (13,519)	$ (23,125)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense		459
Changes in operating assets and liabilities:
Inventory		339
Prepaid expenses & deposits	149	600
Accrued expenses and other payables	(71,404)
Accounts Payable
CASH FLOWS USED IN OPERATING ACTIVITIES	(84,774)	(21,727)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sales of common stock
Proceeds from related parties	84,973	20,977
Repayments to related parties	(5,368)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	79,605	20,977
NET INCREASE IN CASH	(5,169)	(750)
Cash, beginning of period	5,369	853
Cash, end of period	200	103
NON-CASH TRANSACTIONS:
Expenses paid by related party
Forgiveness of net liabilities by former shareholder
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Interest paid
Income taxes paid

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS	GSG Group Inc. (“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 its 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. On November 22, 2017 Mr. Zhao and Mr. Xin Chen had entered into an agreements whereas Mr. Chen would purchase from Mr. Zhao 3,900,000 shares of the common stock of Company against a cash payment of $260,000, the shares representing 65% of all Company´s common stock and a further 600,000 shares purchased by two non-notifiable buyers. At the time all transfers were affected on the share register on February 28, 2018, the forward split had been implemented, giving Mr. Chen a position of 19,500,000 shares, or 65%. Mr Chen then disposed of further 200,000 shares, leaving him with 19,300,000 shares representing 64% of control over the Company.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Mar. 31, 2018
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 no revenue for the Three months ended March 31, 2018 and incurred recurring losses. In addition, the Company had a negative working capital and generated negative cash flows from operating activities for the Three months ended March 31, 2018, 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	3 Months Ended
	Mar. 31, 2018
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. 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, 2017 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 Three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. 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”. Revenue is recognized when the four basic criteria of revenue recognition are met: (1) a contractual agreement exists; (2) transfer of rights has been completed; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. 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	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
NOTE 4 - RELATED PARTY TRANSACTIONS	During the Three months ended March 31, 2018, the Company borrowed cash of $51,611 from its directors for operating purpose and repaid in the amount of $49,903. During the Three months ended March 31, 2018, the directors paid operating expenses of $44,381 on behalf of the Company. The borrowings from and expenses paid by directors 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	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
NOTE 5 - COMMITMENTS AND CONTINGENCIES	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	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
NOTE 6 - SUBSEQUENT EVENTS	On May 15, 2018 Mr. Chen and Comindus Finance Corp entered into an agreement whereas Comindus Finance was to purchase 19,300,000 shares of Company´s common stock from Mr. Chen. While the shares were transferred to Comindus Finance Corp. as per July 31, 2018, the transaction was cancelled and unwound shortly thereafter, so that Mr. Chen remained throughout the entire time and still remains at the date of this document, the rightful owner of these 19,300,000 shares. The transfer agent has been instructed to re-enter Mr. Chen on the share register accordingly, the process of which has not yet been completed. On May 21, 2018, Ms. Jin Sreyneang rendered her resignation as director, which was confirmed by shareholder vote on December 04, 2018. In that same meeting shareholders agreed to have Mr. Ooi appointed the new President, CEO and Treasurer of the Company. On November 29, 2018, the Company entered into a Share Exchange Agreement under which it seeks to acquire 100% of the shares of a US-based private company that holds certain rights and contracts in the area of medical devices. Under the agreement, the Company will issue a certain number of new shares to the shareholders of the target company against receipt of their shares in the target company. While the agreement has been executed and adopted by shareholder vote on December 04, 2018, both parties are currently working on the deliverables to affect closing. The parties have agreed confidentiality over the details of the agreement until closing has occurred.

SUMMARY OF SIGNIFCANT ACCOUNT_2

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
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. 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, 2017 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 Three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.
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”. Revenue is recognized when the four basic criteria of revenue recognition are met: (1) a contractual agreement exists; (2) transfer of rights has been completed; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

ORGANIZATION AND NATURE OF BU_2

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended
	Feb. 28, 2018	Nov. 22, 2017	Mar. 31, 2018	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
Mr. Chen [Member]
Equity ownership percentage		65.00%
Common stock shares to be issued by mr zhao to related party		3,900,000
Consideration receivable from issuance of common stock by mr zhao to related party		$ 260,000
Forward stock split description	The forward split had been implemented, giving Mr. Chen a position of 19,500,000 shares, or 65%. Mr Chen then disposed of further 200,000 shares, leaving him with 19,300,000 shares representing 64% of control over the Company.
Two Non-notifiable Buyers [Member]
Common stock shares to be issued by mr zhao to related party		600,000

SUMMARY OF SIGNIFCANT ACCOUNT_3

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details Narrative)	3 Months Ended
	Mar. 31, 2018
Summary Of Signifcant Accounting Policies Details Narrative Abstract
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
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	May 12, 2017
Cash	$ 200	$ 103	$ 5,369
Operating expenses	(13,519)	$ (26,586)
Director [Member]
Unsecured, non-interest bearing	49,903
Cash	51,611
Operating expenses	44,381
Gim Hooi Ooi [Member] | Lease Agreement [Member]
Equity ownership percentage				100.00%
Monthly payment	$ 164

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)	3 Months Ended
	Mar. 31, 2018USD ($)
Gim Hooi Ooi [Member] | Lease Agreement [Member]
Monthly payment	$ 164

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - shares	May 15, 2018	Nov. 29, 2018
Mr. Chen [Member]
Common stock shares to be issued	19,300,000
Share Exchange Agreement [Member]
Acquisition percentage		100.00%