Cover
Cover | 3 Months Ended |
Mar. 31, 2023 shares | |
Cover [Abstract] | |
Entity Registrant Name | GSG GROUP INC. |
Entity Central Index Key | 0001668523 |
Document Type | 10-Q |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Small Business | true |
Entity Shell Company | true |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
Document Period End Date | Mar. 31, 2023 |
Entity Filer Category | Non-accelerated Filer |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2023 |
Entity Common Stock Shares Outstanding | 30,125,000 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity File Number | 333-209903 |
Entity Incorporation State Country Code | NV |
Entity Tax Identification Number | 37-1769300 |
Entity Address Address Line 1 | Churerstrasse 47 |
Entity Address Postal Zip Code | 8808 |
Entity Address Address Line 2 | Pfäffikon |
Entity Address City Or Town | Schwyz |
Entity Address Country | CH |
City Area Code | 623 |
Local Phone Number | 407-058 |
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash | $ 200 | $ 200 |
Inventory | 0 | 0 |
Prepaid expenses | 0 | 0 |
Total Current Assets | 0 | 0 |
Property and equipment, net | 0 | 0 |
Total Assets | 200 | 200 |
Current Liabilities | ||
Accrued expenses and other payables | 30,089 | 36,195 |
Due to related parties | 87,506 | 78,106 |
Total Current Liabilities | 117,595 | 114,301 |
Total Liabilities | 117,595 | 114,301 |
Stockholders' Deficit | ||
Common stock - par value $0.001; 75,000,000 shares authorized, 30,125,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022 | 30,125 | 30,125 |
Additional paid-in capital | 18,261 | 18,261 |
Accumulated deficit | (165,781) | (162,487) |
Total Stockholders' Deficit | (117,395) | (114,101) |
Total Liabilities and Stockholders' Deficit | $ 200 | $ 200 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Stockholders' Equity (Deficit) | ||
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 30,125,000 | 30,125,000 |
Common stock, shares outstanding | 30,125,000 | 30,125,000 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
STATEMENTS OF OPERATIONS (Unaudited) | ||
Revenues | $ 0 | $ 0 |
Cost of goods sold | 0 | 0 |
Gross profit | 0 | 0 |
Operating expenses: | ||
General and administrative expenses | (3,294) | (3,094) |
Total operating expenses | (3,294) | (3,094) |
Loss before provision for income taxes | (3,294) | (3,094) |
Provision for income taxes | 0 | 0 |
Net loss | $ (3,294) | $ (3,094) |
Net loss per share | ||
Basic and diluted | $ 0 | $ 0 |
Weighted average shares outstanding | ||
Basic and diluted | 30,125,000 | 30,125,000 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
STATEMENTS OF CASH FLOWS (Unaudited) | ||
Net loss for the period | $ (3,294) | $ (3,094) |
Changes in operating assets and liabilities: | ||
Accrued expenses and other payables | (6,106) | 3,094 |
CASH FLOWS USED IN OPERATING ACTIVITIES | (9,400) | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sales of common stock | 0 | 0 |
Proceeds from a related party | 9,400 | 0 |
Repayments to related parties | 0 | 0 |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 9,400 | 0 |
NET INCREASE IN CASH | 0 | 0 |
Cash, beginning of period | 200 | 200 |
Cash, end of period | 200 | 200 |
NON-CASH TRANSACTIONS: | ||
Expenses paid by related party | 0 | 0 |
Forgiveness of net liabilities by former shareholder | 0 | 0 |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
STATEMENTS OF CHANGES IN SHAREH
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance, shares at Dec. 31, 2021 | 30,125,000 | |||
Balance, amount at Dec. 31, 2021 | $ (98,025) | $ 30,125 | $ 18,261 | $ (146,411) |
Net loss for the year | (16,076) | (16,076) | ||
Balance, shares at Dec. 31, 2022 | 30,125,000 | |||
Balance, amount at Dec. 31, 2022 | (114,101) | $ 30,125 | 18,261 | (162,487) |
Net loss for the year | (3,294) | (3,294) | ||
Balance, shares at Mar. 31, 2023 | 30,125,000 | |||
Balance, amount at Mar. 31, 2023 | $ (117,395) | $ 30,125 | $ 18,261 | $ (165,781) |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 3 Months Ended |
Mar. 31, 2023 | |
ORGANIZATION AND NATURE OF BUSINESS | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS GSG Group Inc. (“the Company”, “we”, “us” or “our”) has been incorporated as Wike Corp. in the State of Nevada on November 11, 2014. Initially we were a development-stage company in the ornamental ribbons printing business. On April 6, 2017, we changed the business to consulting services for investors into the Asian real estate market and other growth industries. On September 15, 2017, the name change to GSG Group Inc. was approved by the Financial Industry Regulatory Authority ("FINRA"). In 2019 the Company began discussions to add Medical Devices production and trading to its business portfolio. Since January 01st 2023 the Company has its office at Churerstrasse 47, 8808 Pfäffikon, Schwyz, Switzerland. On August 28, 2019 Company entered into an Asset Assignment Agreement (as amended on July 12, 2020) with Prejex Holding GmbH in Germany, under which it acquires certain brand rights (brand registration and the Prejex website, current held in trust for Company by related party Medical Consult Europe B.V.) and the right to use certain competences regarding production of needle free injection devices. In return it promises to invest the total amount of US$ 1,000,000.00 within 24 months from the date of the Agreement into producing such needle free injection devices and making Prejex Holding GmbH the exclusive production manager worldwide with a remuneration to Prejex Holding GmbH of 5% of all worldwide turnover as relates to the assigned Business Assets as defined by the Agreement. Under the amendment dated July 12, 2020, Company agrees to induce its shareholder Mr. Xin Chen to cancel 19,000,000 of his shares against payment of US$ 150,000.00 by Prejex Holding GmbH to Mr. Chen no later than June 30, 2021. While Mr. Chen had his shares cancelled on November 06, 2020, the parties extended the deadline for Prejex´ payment by mutual consent to June 30, 2023. On July 13, 2020, the shareholders of the Company in a majority vote appointed Mr. Frank Raymakers as new director, President and CEO, Mr. Maarten Stuut as new director and CFO, Mr. Alfred Kelly as director and Chief Operating Officers and Mr. Eric P. Ditkowsky as new director and Chief Sales Officer. Mr. Gim Hooi OOI was appointed as the new Chief Marketing Officer. On April 14, 2021, our CFO Mr. Maarten Stuut was appointed also as CEO due to the sudden passing of Mr. Raymakers on April 11, 2021. On December 28, 2021, all deadlines stipulated in the Asset Assignment Agreement have been extended until December 31, 2023, where necessary, by the “Extension of Asset Assignment Agreement” concluded between the parties on that date. The extension had become necessary due to the impact of Covid restrictions on the ability of the parties to execute their business plan within the timelines estimated before. On December 01, 2022, the shareholders of the Company in a majority vote appointed Mr. Chester Jansen as new director and COO. At the same date Mr. Eric P. Ditkowsky and Mr. Alfred Kelly ceased to be directors of the Company. As at the date of this document, Prejex GmbH, the Company´s exclusive production manager under the Asset Assignment Agreement, has made good progress on business implementation and accomplished a number of important milestones: A general frame work production agreements have been negotiated and letter of intents are signed with a major partner in India and first batches of disposable and reusable Prejex Needle Free injection devices have been produced; Trial runs on syringes production and filling on industrial scale equipment have been successfully performed; OEM partnerships have been concluded for several countries in Asia; Steps to filing (re-)admission procedures for market access have been initiated with the competent authorities in India and the USA; German based R&D are working to formulate our next level innovations that will further advance the current generation of our injection devices and strengthen the Company´s IP base. Nevertheless, up to the date of this quarterly report, these activities do not produce any financial effects on the Company’s financial statements. There is no assurance that the Company will be successful in implementing its business plan to improve the Company’s operating results or in achieving profitable operations. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2023 | |
GOING CONCERN | |
GOING CONCERN | 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, 2023 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, 2023, 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 parties 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 SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SUMMARY OF SIGNIFICANT 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, 2022 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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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, 2023 | |
Related Party Transactions | |
Related Party Transactions | NOTE 4 – Related Party Transactions During the three months periods ended March 31, 2023 and March 31, 2022, the Company had not borrowed cash from and repaid any amount to its directors in the course of operation. , and had not paid any operating expenses on behalf of the Company. As of March 31, 2023, the Company owed $40,323 to Mr. OOI, the director of the Company ($40,323 as of December 31, 2022), and $47,183 to Decimus Beheer B.V., one of the major shareholders of the Company ($37,783 as of December 31, 2022) respectively. Both loans are non-interest bearing, unsecured and due on demand. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 5 – COMMITMENTS AND CONTINGENCIES None |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS None |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Policies) | 3 Months Ended |
Mar. 31, 2023 | |
SUMMARY OF SIGNIFICANT 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, 2022 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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. |
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 | |
Jul. 12, 2020 | Aug. 28, 2019 | |
ORGANIZATION AND NATURE OF BUSINESS | ||
Time Period | 24 months | |
Turnover | 5% | |
Investments | $ 1,000,000 | |
Shares Cancelled | 19,000,000 | |
Payment for Shares | $ 150,000 |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements (Details Narrative) | 3 Months Ended |
Mar. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Description of related party | 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 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Loan - related party | $ 87,506 | $ 78,106 |
MR OOI [Member] | ||
Loan - related party | 40,323 | 40,323 |
Decimus Beheer B V [Member] | ||
Loan - related party | $ 47,183 | $ 37,783 |