Atlantis Glory (AGLY) 10-Q 13 Feb 23 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Feb. 13, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity File Number	333-213608
Entity Registrant Name	SHENGSHI ELEVATOR INTERNATIONAL HOLDING GROUP INC.
Entity Central Index Key	0001673504
Entity Tax Identification Number	38-3995730
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	1185 Avenue of the Americas
Entity Address, Address Line Two	3rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	646
Local Phone Number	768 -8417
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		603,970,000

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 1,539,946	$ 1,539,946
Accounts receivable	4,604	4,604
Accounts receivable—related party	18,657	18,657
Other receivables	380,998	380,998
Prepayments	36,437	36,437
Due from related parties	8,821	8,821
Inventory	168,275	168,275
Total current assets	2,157,738	2,157,738
Non-current assets
Property and equipment, net	810,719	810,719
Land use right	538	538
Long term deferred assets	75,042	75,042
ROU asset	728,929	728,929
Total non-current assets	1,615,228	1,615,228
Total assets	3,772,966	3,772,966
Current Liabilities
Accounts payable	105,429	105,429
Advance from customers	1,064,538	1,064,538
Due to related parties	4,642,986	4,626,671
Accrued expenses and other liabilities	1,682,774	1,682,774
Total current liabilities	7,495,727	7,479,412
Long term payable	64,487	64,487
Lease liability	732,275	732,275
Total non-current liabilities	796,762	796,762
Total liabilities	8,292,489	8,276,174
Equity
Common Stock ($0.001 par value, 1,000,000,000 shares authorized; 603,970,000 shares and 603,970,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively)	603,970	603,970
Additional paid in capital	28,130	28,130
Capital surplus	22,490	22,490
Accumulated deficit	(5,521,910)	(5,505,595)
Accumulated other comprehensive income	347,797	347,797
Total stockholders’ deficit	(4,519,523)	(4,503,208)
Total liabilities and deficit	$ 3,772,966	$ 3,772,966

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	603,970,000	603,970,000
Common stock, shares outstanding	603,970,000	603,970,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue
Total revenue, net
Operating expenses
General and administrative expenses	16,315	970,170	16,315	3,029,357
Total operating expenses	16,315	970,170	16,315	3,029,357
Loss from Operations	(16,315)	(970,170)	(16,315)	(3,029,357)
Other income (expenses)
Total other income (expenses), net		198		74,246
Loss from operations before income taxes	(16,315)	(969,972)	(16,315)	(2,955,111)
Income tax expense
Net Loss	(16,315)	(969,972)	(16,315)	(2,955,111)
Other comprehensive income
Foreign currency translation gain, net of nil income taxes		84,935		111,732
Comprehensive Loss	$ (16,315)	$ (885,037)	$ (16,315)	$ (2,843,379)
Weighted average number of ordinary shares
Basic and diluted	603,970,000	3,970,000	603,970,000	3,970,000
Earnings per share
Basic and diluted	$ 0	$ (0.22)	$ 0	$ (0.72)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Dec. 31, 2019	$ 603,970	$ 50,620	$ (5,505,595)	$ 347,797	$ (4,503,208)
Balance, shares at Dec. 31, 2019	603,970,000
Net income loss for the period
Balance at Mar. 31, 2020	$ 603,970	50,620	(5,505,595)	347,797	(4,503,208)
Balance, shares at Mar. 31, 2020	603,970,000
Balance at Dec. 31, 2019	$ 603,970	50,620	(5,505,595)	347,797	(4,503,208)
Balance, shares at Dec. 31, 2019	603,970,000
Net income loss for the period					(16,315)
Balance at Sep. 30, 2020	$ 603,970	50,620	(5,521,910)	347,797	(4,519,523)
Balance, shares at Sep. 30, 2020	603,970,000
Balance at Mar. 31, 2020	$ 603,970	50,620	(5,505,595)	347,797	(4,503,208)
Balance, shares at Mar. 31, 2020	603,970,000
Net income loss for the period
Balance at Jun. 30, 2020	$ 603,970	50,620	(5,505,595)	347,797	(4,503,208)
Balance, shares at Jun. 30, 2020	603,970,000
Net income loss for the period			(16,315)		(16,315)
Balance at Sep. 30, 2020	$ 603,970	$ 50,620	$ (5,521,910)	$ 347,797	$ (4,519,523)
Balance, shares at Sep. 30, 2020	603,970,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows From Operating Activities
Net loss	$ (16,315)	$ (2,955,111)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		83,973
Reversal of allowance for doubtful accounts		(729)
Disposal of property, plant and equipment		891
Changes in operating assets and liabilities:
Accounts receivable		145,898
Other receivables		(118,292)
Prepayments		26,816
Amount due from related parties		1,644,445
Inventories		(160,247)
Accounts payable		74,597
Contract with customer, liability		3,135,192
Other taxes payable		1,689
Accrued expenses and other current liabilities		13,021
Net cash provided by (used in) operating activities	(16,315)	1,892,143
Cash Flows From Investing Activities
Purchases of property, plant and equipment		(165,610)
Loans repaid by third parties		21,885
Net cash used in investing activities		(143,725)
Cash Flows From Financing Activities
Cash effect of reverse acquisition		408
Proceeds from related parties	16,315
Repayment of loans to related parties		(1,590,283)
Net cash (used in) provided by financing activities	16,315	(1,589,875)
Effect of exchange rate fluctuation on cash and cash equivalents		(9,834)
Net increase in cash and cash equivalents		148,708
Cash and cash equivalents, beginning of period	1,539,946	177,566
Cash and cash equivalents, end of period	1,539,946	326,275
Supplemental disclosure information:
Cash paid for income tax expense
Cash paid for interest expense

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS The Company is a US holding company incorporated in Nevada on March 31, 2016, which operates through the Company’s wholly-owned subsidiary Shengshi International Holdings Co., Ltd. (“Shengshi International”), a Cayman Islands corporation incorporated on October 19, 2018. The following is the organizational structure of Shengshi International Holdings Co., Ltd. along with ownership detail and its subsidiaries: Shengshi International Holdings Co., Ltd. (the “Shengshi International”), was incorporated in the Cayman Islands on October 19, 2018. It is owned by four individuals and four entities. Mr. Jin Xukai, owning 10 4.2 4.5 4.33 3.7 15 38.27 20 Shengshi Shengshun (Hong Kong) Co., Ltd. (“Shengshi Hong Kong”), was established in Hong Kong Special Administrative Region of the People’s Republic of China (the “PRC”) on September 18, 2018. It is 100 Shengshi Yinghe (Shenzhen) Technology Co. Ltd. (“Shengshi Yinghe”) was established as a wholly foreign-owned enterprise on November 08, 2018, in Shenzhen City, Guangdong province, under the laws of the PRC. It is 100 Shenzhen Shengshi Elevator Co., Ltd. (“Shenzhen Shengshi”), was incorporated on April 2, 2014, registered in Shenzhen City, Guangdong province, under the laws of the PRC. The Company was established by Mr. Jin Xukai, the founder, president, chairman, chief designer, and the controlling shareholder. It is 100 Shenzhen Shengshi focuses on elevator technology research and development, sales, maintenance, and installation. The company’s flagship product is an elevator that adopts the technical principle of the world’s first “An embedded open nut track lifting system” and represents a brand-new product direction and industrial innovation. Sichuan Shengshi Elevator Technology Co., Ltd. (“Sichuan Shengshi”), was incorporated on July 13, 2018, registered in Chengdu city, Sichuan province, under the laws of the PRC, a wholly-owned subsidiary of Shenzhen Shengshi. Sichuan Shengshi has the same business scope and offers similar products and services as the parent company. The Company has been dormant since May 14, 2020. The Company’s year-end is December 31.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP Management’s Representation of Interim Financial Statements The accompanying unaudited financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto on December 31, 2019, as presented in the Company’s Annual Report on Form 10-K. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation of inventory, and recoverability of carrying amount, and the estimated useful lives of long-lived assets. Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 3 - GOING CONCERN As of September 30, 2020, the Company had $ 1,539,946 16,315 5,337,989 5,521,910 The Company will focus on improving operational efficiency and cost reduction, developing core cash-generating business, and enhancing marketing function. Actions include developing more customers, as well as creating synergy using the Company’s resources. The Company believes that available cash and cash equivalents, the cash provided by its receiver, should enable the Company to meet presently anticipated cash needs for at least the next 12 months after the date that the financial statements are issued and the Company has prepared the consolidated financial statements on a going concern basis. If the Company encounters unforeseen circumstances that place constraints on its capital resources, management will be required to take various measures to conserve liquidity, which could include, but not necessarily be limited to, obtaining financial support from related parties, and controlling overhead expenses. Management cannot provide any assurance that the Company’s efforts will be successful. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
EQUITY	NOTE 4 – EQUITY Common Stock The Company has authorized 1,000,000,000 0.001 603,970,000

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 5 – COMMITMENTS AND CONTINGENCIES The Company did not have any contractual commitments as of September 30, 2020.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 6 – SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP
Management’s Representation of Interim Financial Statements	Management’s Representation of Interim Financial Statements The accompanying unaudited financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto on December 31, 2019, as presented in the Company’s Annual Report on Form 10-K.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation of inventory, and recoverability of carrying amount, and the estimated useful lives of long-lived assets.
Income taxes	Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50
Net Loss per Share	Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative)	Nov. 08, 2018	Oct. 19, 2018	Oct. 12, 2018	Oct. 10, 2018	Oct. 09, 2018	Oct. 02, 2018	Sep. 18, 2018	Apr. 02, 2014
Jin Xukai [Member]
Ownership percentage		10%
Liu Yanyu [Member]
Ownership percentage		4.20%
Li Zhonglin [Member]
Ownership percentage		4.50%
Liu Bin [Member]
Ownership percentage		4.33%
Jiang Yanru [Member]
Ownership percentage			3.70%
Zhang Baozhu [Member]
Ownership percentage				15%
Zhang Lina [Member]
Ownership percentage					20%	38.27%
Shengshi International [Member]
Ownership percentage							100%
Shengshi Hong Kong [Member]
Ownership percentage	100%
Shengshi Yinghe [Member]
Ownership percentage								100%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Effective income tax rate	50%

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 1,539,946				$ 1,539,946		$ 1,539,946
Net income	16,315			$ 969,972	16,315	$ 2,955,111
Working capital	5,337,989				5,337,989
Accumulated deficit	$ 5,521,910				$ 5,521,910		$ 5,505,595

EQUITY (Details Narrative)

EQUITY (Details Narrative) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Equity [Abstract]
Common stock shares authorized	1,000,000,000	1,000,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares issued	603,970,000	603,970,000
Common stock, shares outstanding	603,970,000	603,970,000