Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Huahui Education Group Ltd | |
Entity Central Index Key | 0001680935 | |
Document Type | 20-F | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filer | No | |
Entity's Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,734,900 | |
Document Fiscal Year Focus | 2019 | |
Document Annual Report | false | |
Document Fiscal Period Focus | FY | |
Document Transition Report | true | |
Document Shell Company Report | false |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Current Assets | ||||
Prepaid expenses | $ 5,000 | |||
Current assets under discontinued operations | 12,408 | |||
Total Current Assets | 5,000 | 12,408 | ||
Non-Current assets under discontinued operations | 6,020 | |||
Total Non-Current Assets | 6,020 | |||
Total Assets | 5,000 | 18,428 | ||
Current Liabilities | ||||
Account payable | 3,896 | |||
Amount due to related party | 32,440 | 22,547 | 2,500 | |
Other payables and accrued expenses | 38,426 | |||
Current liabilities under discontinued operations | 21,496 | |||
Total Current Liabilities | 70,866 | 26,443 | 2,500 | 21,496 |
Total Liabilities | 70,866 | 26,443 | 2,500 | 21,496 |
COMMITMENTS AND CONTINGENCIES | ||||
Stockholder's Deficit | ||||
Preferred stock, par value $0.001;100,000,000 shares authorized and 0 outstanding; | ||||
Common stock, par value $0.001; 700,000,000 shares authorized, 2,734,900 issued and outstanding as of 12/31/2018 and 2017, 6/30/2018 and 6/30/2017 | 2,735 | 2,735 | 2,735 | 2,735 |
Additional paid in capital | 37,734 | 37,734 | 37,734 | 21,267 |
Accumulated deficit | (111,335) | (61,912) | (42,969) | (27,070) |
Total Stockholder's Deficit | (70,866) | (21,443) | (2,500) | (3,068) |
Total Liabilities and Stockholder's Deficit | $ 5,000 | $ 18,428 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Statement of Financial Position [Abstract] | ||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 |
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 700,000,000 | 700,000,000 | 700,000,000 | 700,000,000 |
Common stock, shares issued | 2,734,900 | 2,734,900 | 2,734,900 | 2,734,900 |
Common stock, shares outstanding | 2,734,900 | 2,734,900 | 2,734,900 | 2,734,900 |
Statement of Operations
Statement of Operations - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
REVENUES | ||||
COST OF GOODS SOLD | ||||
GROSS PROFIT | ||||
GENERAL AND ADMINISTRATIVE EXPENSES | (49,423) | (2,500) | (21,443) | |
TOTAL OPERATING EXPENSES | (49,423) | (2,500) | (21,443) | |
LOSS BEFORE INCOME TAX | (49,423) | (2,500) | (21,443) | |
INCOME TAX PROVISION | ||||
LOSS FROM CONTINUING OPERATIONS | (49,423) | (2,500) | (21,443) | |
DISCONTINUED OPERATIONS: | ||||
Loss from discontinued operations | $ (13,399) | $ (13,399) | $ (25,860) | |
BASIC AND DILUTED LOSS PER SHARE | ||||
FROM CONTINUING OPERATIONS | $ 0 | $ 0 | $ 0 | |
FROM DISCONTINUED OPERATIONS | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and diluted | 2,734,900 | 2,734,900 | 2,734,900 | 2,477,489 |
Statement of Changes in Stockho
Statement of Changes in Stockholder's Deficit - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Deficit Accumulated [Member] | Total |
Balance at Jun. 30, 2016 | $ 2,000 | $ (1,210) | $ 790 | |
Balance, shares at Jun. 30, 2016 | 2,000,000 | |||
Shares issued for cash | $ 735 | 21,267 | 22,002 | |
Shares issued for cash, shares | 734,900 | |||
Net loss from continuing operations | ||||
Net loss from discontinued operations | (25,860) | (25,860) | ||
Balance at Jun. 30, 2017 | $ 2,735 | 21,267 | (27,070) | (3,068) |
Balance, shares at Jun. 30, 2017 | 2,734,900 | |||
Capital contribution from change in Control Transaction-net liabilities | 16,467 | 16,467 | ||
Net loss from continuing operations | (2,500) | (2,500) | ||
Net loss from discontinued operations | (13,399) | (13,399) | ||
Balance at Dec. 31, 2017 | $ 2,735 | 37,734 | (42,969) | (2,500) |
Balance, shares at Dec. 31, 2017 | 2,734,900 | |||
Balance at Jun. 30, 2017 | $ 2,735 | 21,267 | (27,070) | (3,068) |
Balance, shares at Jun. 30, 2017 | 2,734,900 | |||
Net loss from continuing operations | (21,443) | |||
Net loss from discontinued operations | (13,399) | |||
Balance at Jun. 30, 2018 | $ 2,735 | 37,734 | (61,912) | (21,443) |
Balance, shares at Jun. 30, 2018 | 2,734,900 | |||
Balance at Dec. 31, 2017 | $ 2,735 | 37,734 | (42,969) | (2,500) |
Balance, shares at Dec. 31, 2017 | 2,734,900 | |||
Net loss from continuing operations | (18,943) | (18,943) | ||
Balance at Jun. 30, 2018 | $ 2,735 | 37,734 | (61,912) | (21,443) |
Balance, shares at Jun. 30, 2018 | 2,734,900 | |||
Net loss from continuing operations | (49,423) | (49,423) | ||
Net loss from discontinued operations | ||||
Balance at Dec. 31, 2018 | $ 2,735 | $ 37,734 | $ (111,335) | $ (70,866) |
Balance, shares at Dec. 31, 2018 | 2,734,900 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||||
Net loss from continuing operations | $ (49,423) | $ (2,500) | $ (21,443) | |
Decrease (Increase) in prepaid expenses | 5,000 | (5,000) | ||
(Decrease) Increase in account payable | (3,896) | 3,896 | ||
Increase in other payable | 38,426 | |||
Net cash used in operating activities - continuing operations | (9,893) | (2,500) | (22,547) | |
Adjustments to reconcile net loss to net cash provided by discontinued operations: | ||||
Net loss from discontinued operations | (13,399) | (13,399) | (25,860) | |
Changes in assets and liabilities | (8,485) | 8,485 | (7,698) | |
Net cash provided by/(used in) operating activities - discontinued operations | (4,914) | (4,914) | (33,558) | |
Net cash used in operating activities | (9,893) | (7,414) | (27,461) | (33,558) |
Net cash provided by/(used in) investing activities - discontinued operations | 6,020 | 6,020 | (6,400) | |
Net cash used in investing activities - continuing operations | ||||
Cash flows from financing activities - continuing operations: | ||||
Proceeds from note payable - related party | 22,547 | |||
Advance from a related party | 9,893 | 2,500 | ||
Net cash provided by financing activities - continuing operations | 9,893 | 2,500 | 22,547 | |
Net cash provided by/(use in) financing activities - discontinued operations | (4,133) | (20,600) | 42,502 | |
Net cash provided by financing activities | 1,947 | 42,502 | ||
Net (decrease) increase in cash | (3,027) | (3,027) | 2,544 | |
Cash at beginning of period | 3,027 | 3,027 | 483 | |
Cash at end of period | 3,027 | |||
Non-cash investing and financing activities: | ||||
Net liabilities discharged by former owners as part of changes in control | $ 16,467 |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Organization and Nature of Business | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS HUAHUI EDUCATION GROUP CORPORATION, formerly DUONAS CORP. (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada on September 19, 2014 to start business operations concerned with production of stylish decorative items made from concrete, such as: different sculptures, candleholders, lamps, tabletops, bookcases, vases of different shapes and forms, decorations for the garden; and subsequent selling thereof. A change of control took place on November 2, 2017 from Vladyslav Beinars. Control was obtained by the sale of 2,000,000 shares of the Company common stock from Vladyslav Beinars to Zhongpeng Chen, Shuiyu Zhong, Xihan Huang, Meihua Zhuang, Peina Huang, Yanru He, Yin Ao, Zhanpeng Fang, Liming Huang, Chuhong Huang, Xiaodong Du, Qiaohong Xie, Lizhen Huang, Liyu Zhang, Chuhua Chen, Meina Xie, Meiyun Wang, Ning Xie, Lirong Zhang, Chan Li, Qiongju Ou, Xijuan Huang, Yihao Chen, Huilin Chen, Yulan Chen, Yixiong Chen, Qixia Yao, Baoquan Huang, Wei Xiong, Changli Huang and Wu Lin. In connection with the transaction, Vladyslav Beinars released the Company from all debts owed. Through October 22, 2017, the Company’s primary business activity was production of stylish decorative items made from concrete, such as: different sculptures, candleholders, lamps, tabletops, bookcases, vases of different shapes and forms, decorations for the garden; and subsequent selling thereof. Going forward, the Company’s operations will be determined and structured by the new investor group. As such, at December 31, 2018, the Company accounted for all of its assets, liabilities and results of operations up to October 22, 2017 as discontinued operations. |
Going Concern
Going Concern | 6 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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. The Company had net loss from continuing operations was $49,423 for the six months ended December 31, 2018 and loss from, discontinued operations was $0, compared $2,500 and $13,399 for the six months ended December 31, 2017, respectively. The Company had total stockholder’s deficit $70,866 as of December 31 2018.The Company currently has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the ability of the entity to continue as a going concern within one year after the date that the financial statements are issued. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The Company expects to finance operations primarily through capital contributions from the CEO. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 3 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements have been prepared pursuant to the rules and regulations of the U.S Securities and Exchanges Commission (“SEC”) and in conformity with generally accepted accounting principles in the U.S. (“US GAAP”). On July 2, 2019, the Company’s board of directors unanimously approved to modify the Company’s accounting fiscal year end from June 30 to December 31. Use of Estimates The preparation of 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $0, $0, $0 and $3,027 of cash as of December 31, 2018 and 2017, June 30, 2018 and 2017, respectively. Cash as of June 30, 2017 was included in current assets under discontinued operations. Depreciation, Amortization, and Capitalization The Company records depreciation and amortization using straight-line balance method over the estimated useful life of the assets. The Company establish capitalization of its assets based on dollar amount that are more than $1,000 in value. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property’s useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriate accounts and the resultant gain or loss is included in net income. Prepaid Expenses The Company had $0 and $5,000 in prepaid rental as of December 31, 2018 and June 30, 2018, respectively. Other payables and accrued expenses As of December 31, 2018, other payables and accrued expenses mainly consisted of advance from Huahui Group (HK) Co., Ltd (“HGHK”). HGHK became a wholly-owned subsidiary of the Company after the share exchange transaction on July 3, 2019 described at Note 10. Discontinued Operations The Company follows ASC 205-20, “Discontinued Operations,” Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. Revenue Recognition Revenue is reported net of business taxes and VAT. Revenue is recognized when a customer receives goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the services in the contract; (ii) determination of whether the services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. For all reporting periods, the Company has not disclosed the value of unsatisfied performance obligations for all service revenue contracts with an original expected length of one year or less, which is an optional exemption that is permitted under the adopted rules. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share.” Basic (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of December 31, 2018 and 2017, June 30, 2018 and 2017, there were no potentially dilutive debt or equity instruments issued or outstanding. Related party balances and transactions A related party is generally defined as: (i) any person that holds the Company’s securities including such person’s 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. Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. In January 2016, the FASB issued a new pronouncement ASU 2016-01 Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The ASU requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. The ASU also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 was further amended in February 2018 by ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”. This update was issued to clarify certain narrow aspects of guidance concerning the recognition of financial assets and liabilities established in ASU 2016-01. This includes an amendment to clarify that an entity measuring an equity security using the measurement alternative may change its measurement approach to a fair valuation method in accordance with Topic 820, Fair Value Measurement, through an irrevocable election that would apply to that security and all identical or similar investments of the same issued. ASU 2016-01 and ASU 2018-03 are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Adoption of the amendment must be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, except for amendments related to equity instruments that do not have readily determinable fair values which should be applied prospectively. The Company adopted this ASU on January 1, 2018 and determined it had no impact on its financial statements as of December 31, 2018. In November 2016, the FASB issued ASU 2016-18: Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this ASU on update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The amendments in this Update should be applied using a retrospective transition method each period presented. The Company adopted this ASU on January 1, 2018 and determined it had no impact on its financial statements as of December 31, 2018. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the guidance is permitted. In transition, entities are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company expects to adopt ASU 2016-02 in the first quarter of fiscal year 2019. The Group has substantially completed the assessment of the impacts of the new standard to its existing lease contracts. The Company does not believe the adoption of this ASU would have a material effect on its financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration that a company expects to be entitled to in exchange for the goods or services. To achieve this principle, a company must apply five steps including identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when (or as) the company satisfies the performance obligations. Additional quantitative and qualitative disclosure to enhance the understanding about the nature, amount, timing, and uncertainty of revenue and cash flows is also required. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. In April 2016, the FASB issued ASU 2016-10, “Identifying Performance Obligations and Licensing.” ASU 2016-10 clarifies the following two aspects of ASU 2014-09: identifying performance obligations and licensing implementation guidance. The effective date of ASU 2016-10 is the same as the effective date of ASU 2014-09. The Company adopted this ASU on January 1, 2018 and determined it had no impact on its financial statements as of December 31, 2018. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 4 – DISCONTINUED OPERATIONS On November 2, 2017, due to the Changes in Control of Registrant, the Company decided to exit the field of production of stylish decorative items made from concrete, such as: different sculptures, candleholders, lamps, tabletops, bookcases, vases of different shapes and forms, decorations for the garden; and subsequent selling thereof. The change of the business qualified as a discontinued operation of the Company and accordingly, the Company has excluded results of the operations from its Statements of Operations to present this business in discontinued operations. The following table shows the results of operations of the Company for the six months ended December 31, 2018 and 2018, the year ended June 30, 2018 and 2017 which are included in the loss from discontinued operations: Six months ended December 31, Six months ended December 31, Year Ended June 30 2018 2017 2018 2017 (Audited) (Unaudited) (Audited) (Audited) Revenues $ - $ 1,500 $ 1,500 $ 12,077 Cost of Goods Sold - 508 508 2,480 Gross Profit $ - $ 992 $ 992 $ 9,597 General and administrative expense - 14,391 14,162 35,457 Depreciation - 229 - Total Expense - 14,391 14,391 35,457 Provision for income taxes - - - - Loss from Discontinued Operations, Net of Tax Benefits $ - $ (13,399 ) $ (13,399 ) $ (25,860 ) The following table shows the carrying amounts of the major classes of assets and liabilities associated with the Company as of the October 22, 2017. October 22, 2017 (Unaudited) Amount due to related party $ (31,100 ) Cash 1,525 Inventory 3,520 Equipment, net 4,693 Prepaid Expenses 5,790 Account Payable’ (895 ) TOTAL $ (16,467 ) The following table presents the carrying amounts of the major classes of assets and liabilities associated reported as discontinued operations on our accompanying balance sheets. The carrying amounts of the major classes of assets and liabilities associated with the Company as of the October 22, 2017 is recorded under additional paid in capital. December 31, 2018 December 31, 2017 June 30, 2018 June 30, 2017 (Audited) (Unaudited) (Audited) (Audited) Assets from discontinued operations Cash $ - $ - $ - $ 3,027 Inventory - - - 5,201 Prepaid Expenses - - - $ 4,180 Equipment, net - - - 6,020 Total assets from discontinued operations - - - 18,428 Current assets from discontinued operations - - - 12,408 Non-current assets from discontinued operations $ - $ - $ - $ 6,020 |
Amount Due to Related Party
Amount Due to Related Party | 6 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Amount Due to Related Party | NOTE 5 – AMOUNT DUE TO RELATED PARTY As of June 30, 2017, Mr. Vialdyslav Beinars, a director of the Company advanced $20,600 to the Company, who ceased to be a director on in November 2017 and Mr. Zhihua Wu was appointed as director. As of December 31, 2018 and 2017, and June 30, 2018, Mr. Zihua Wu, a director of the Company advanced $32,440, $2,500, and $22,547, respectively to the Company. These balances are unsecured, interest-free with no fixed repayment term, for working capital purpose. Imputed interest is considered insignificant. |
Common Stock
Common Stock | 6 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Common Stock | NOTE 6 – COMMON STOCK The Company has 700,000,000 shares of common stock, par value $0.001, authorized, and 100,000,000 shares of preferred stock, par value $0.001, authorized. There were 2,734,900 shares of common stock issued and outstanding as of December 31, 2018 and 2017, June 30, 2018 and as of June 30, 2017. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 7 – COMMITMENTS AND CONTINGENCIES None. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 8 – INCOME TAXES The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. As a result of the implementation of ASC 740-10-65-1, the Company do not have any material unrecognized tax benefits. As of December 31, 2018 and June 30, 2018 the Company had net operating loss carry forwards of approximately $111,335 and $61,912 respectively that may be available to reduce future years’ taxable income in varying amounts through 2038. 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 valuation allowance at December 31, 2018 and June 30, 2018 was approximately $15,823 and $, respectively. The net change in valuation allowance during the six months ended December 31, 2018 and 2017, the year ended June 30, 2018 and 2017 was $10,378, $2,595, $1,384 and $4,061, respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of December 31, 2018 and 2017, June 30, 2018 and 2017. In February 2019, the Company was redomiciled from Nevada to the Cayman Islands. As a result of the redomicile, the accumulated tax loss cannot be utilized against any taxable income available in the future. The provision for Federal income tax consists of the following: Restated (Note 9) December 31, 2018 As of December 31, 2017 As of June 30, 2018 As of June 30, 2017 (Audited) (Unaudited) (Audited) (Audited) Non-current deferred tax assets: Net operating loss carryforward $ (15,823 ) $ (1,466 ) $ (5,445 ) (4,061 ) Valuation allowance $ 15,823 $ 1,466 $ 5,445 4,061 Net deferred tax assets $ - $ - $ - - |
Restatement
Restatement | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement | NOTE 9 – RESTATEMENT Items reported in the Company’s unaudited interim financial statements for the six months ended December 31, 2018 have been restated as a result of identifying, during the audit of these financial statements, the audit fee had been understated. The effect of the restatement on the Company’s financial statements for the six months ended December 31, 2018 is as follows: As previously reported Adjustment As restated (Unaudited) (Audited) Account payable 1,296 (1,296 ) - Other payables and accrued expenses 36,130 2,296 38,426 Accumulated deficit 110,335 1,000 111,335 General and administrative expenses 48,423 1,000 49,423 Net loss 48,423 1,000 49,423 |
Share Exchange Agreement
Share Exchange Agreement | 6 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Share Exchange Agreement | NOTE 10 – SHARE EXCHANGE AGREEMENT On February 22, 2019, the Company completed the process of redomiciling the Company from Nevada to the Cayman Islands. The Board of Directors has established a wholly-owned subsidiary in the Cayman Islands named HUAHUI EDUCATION GROUP LIMITED (“HHEG Cayman”), and merged the Company into HHEG Cayman. HHEG Cayman is the surviving company. There was no change in the number of outstanding shares of the Company’s Common Stock and that each share of HHEG Nevada Common Stock was converted into one ordinary share of HHEG Cayman. On July 3, 2019 (the “Closing Date”), HUAHUI EDUCATION GROUP LIMITED, an exempted company limited by shares under the laws of the Cayman Islands, closed on a share exchange (the “Share Exchange”) with HUAHUI GROUP STOCK LTD, (“HGSL”), a Seychelles company limited by shares, and HUAHUI GROUP (HK) CO., LTD (“HGHK”), a company with limited liability formed under the laws of Hong Kong and a wholly-owned subsidiary of HGSL. As a result, HGHK is now a wholly owned subsidiary of the Company. Under the Share Exchange Agreement, on the Closing Date, the Company issued a total of 300,000,000 of its ordinary shares to the HGSL Shareholders in exchange for 100% of the common stock of HGSL. After the closing, the HGSL Shareholders own approximately 99.1% of The Company’s outstanding shares and the former shareholders of the Company own approximately 0.9%. Mr. Zihua Wu, the former sole officer and director of the Company, resigned from all positions with the Company as of immediately before the closing of the Share Exchange and Mr. Junze Zhang was appointed as the Company’s President, Chief Executive Officer, Chief Financial Officer and Secretary, as well as a director. Mr. Zhongpeng Chen also was appointed a director of the Company. As a result of the Share Exchange, HGSL became the wholly owned subsidiary of the Company and Zhongdehui (Shenzhen) Education Development Co., Limited (“ZDSE”) , HGSL’s indirect, wholly-owned subsidiary, became the Company’s sole operational business. Consequently, the Company believes that the Share Exchange has caused the Company to cease to be a shell company. A copy of the Share Exchange Agreement is attached as Exhibit 2.1 to the Form 6-K filed on July 16, 2019. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11 – SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations from December 31, 2018 to the date of when the financial statements were issued and has determined that except the redomiciling and share exchange transaction described at Note 10, the Company does not have any material subsequent events to disclose in these financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The accompanying financial statements have been prepared pursuant to the rules and regulations of the U.S Securities and Exchanges Commission (“SEC”) and in conformity with generally accepted accounting principles in the U.S. (“US GAAP”). On July 2, 2019, the Company’s board of directors unanimously approved to modify the Company’s accounting fiscal year end from June 30 to December 31. |
Use of Estimates | Use of Estimates The preparation of 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $0, $0, $0 and $3,027 of cash as of December 31, 2018 and 2017, June 30, 2018 and 2017, respectively. Cash as of June 30, 2017 was included in current assets under discontinued operations. |
Depreciation, Amortization, and Capitalization | Depreciation, Amortization, and Capitalization The Company records depreciation and amortization using straight-line balance method over the estimated useful life of the assets. The Company establish capitalization of its assets based on dollar amount that are more than $1,000 in value. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property’s useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriate accounts and the resultant gain or loss is included in net income. |
Prepaid Expenses | Prepaid Expenses The Company had $0 and $5,000 in prepaid rental as of December 31, 2018 and June 30, 2018, respectively. |
Other Payables and Accrued Expenses | Other payables and accrued expenses As of December 31, 2018, other payables and accrued expenses mainly consisted of advance from Huahui Group (HK) Co., Ltd (“HGHK”). HGHK became a wholly-owned subsidiary of the Company after the share exchange transaction on July 3, 2019 described at Note 10. |
Discontinued Operations | Discontinued Operations The Company follows ASC 205-20, “Discontinued Operations,” |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. |
Revenue Recognition | Revenue Recognition Revenue is reported net of business taxes and VAT. Revenue is recognized when a customer receives goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the services in the contract; (ii) determination of whether the services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. For all reporting periods, the Company has not disclosed the value of unsatisfied performance obligations for all service revenue contracts with an original expected length of one year or less, which is an optional exemption that is permitted under the adopted rules. |
Basic Income (Loss) Per Share | Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share.” Basic (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of December 31, 2018 and 2017, June 30, 2018 and 2017, there were no potentially dilutive debt or equity instruments issued or outstanding. |
Related Party Balances and Transactions | Related party balances and transactions A related party is generally defined as: (i) any person that holds the Company’s securities including such person’s 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. In January 2016, the FASB issued a new pronouncement ASU 2016-01 Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The ASU requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. The ASU also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 was further amended in February 2018 by ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”. This update was issued to clarify certain narrow aspects of guidance concerning the recognition of financial assets and liabilities established in ASU 2016-01. This includes an amendment to clarify that an entity measuring an equity security using the measurement alternative may change its measurement approach to a fair valuation method in accordance with Topic 820, Fair Value Measurement, through an irrevocable election that would apply to that security and all identical or similar investments of the same issued. ASU 2016-01 and ASU 2018-03 are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Adoption of the amendment must be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, except for amendments related to equity instruments that do not have readily determinable fair values which should be applied prospectively. The Company adopted this ASU on January 1, 2018 and determined it had no impact on its financial statements as of December 31, 2018. In November 2016, the FASB issued ASU 2016-18: Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this ASU on update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The amendments in this Update should be applied using a retrospective transition method each period presented. The Company adopted this ASU on January 1, 2018 and determined it had no impact on its financial statements as of December 31, 2018. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the guidance is permitted. In transition, entities are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company expects to adopt ASU 2016-02 in the first quarter of fiscal year 2019. The Group has substantially completed the assessment of the impacts of the new standard to its existing lease contracts. The Company does not believe the adoption of this ASU would have a material effect on its financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration that a company expects to be entitled to in exchange for the goods or services. To achieve this principle, a company must apply five steps including identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when (or as) the company satisfies the performance obligations. Additional quantitative and qualitative disclosure to enhance the understanding about the nature, amount, timing, and uncertainty of revenue and cash flows is also required. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. In April 2016, the FASB issued ASU 2016-10, “Identifying Performance Obligations and Licensing.” ASU 2016-10 clarifies the following two aspects of ASU 2014-09: identifying performance obligations and licensing implementation guidance. The effective date of ASU 2016-10 is the same as the effective date of ASU 2014-09. The Company adopted this ASU on January 1, 2018 and determined it had no impact on its financial statements as of December 31, 2018. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Results of Operations Included in Loss from Discontinued Operations | The following table shows the results of operations of the Company for the six months ended December 31, 2018 and 2018, the year ended June 30, 2018 and 2017 which are included in the loss from discontinued operations: Six months ended December 31, Six months ended December 31, Year Ended June 30 2018 2017 2018 2017 (Audited) (Unaudited) (Audited) (Audited) Revenues $ - $ 1,500 $ 1,500 $ 12,077 Cost of Goods Sold - 508 508 2,480 Gross Profit $ - $ 992 $ 992 $ 9,597 General and administrative expense - 14,391 14,162 35,457 Depreciation - 229 - Total Expense - 14,391 14,391 35,457 Provision for income taxes - - - - Loss from Discontinued Operations, Net of Tax Benefits $ - $ (13,399 ) $ (13,399 ) $ (25,860 ) |
Schedule of Major Classes of Assets and Liabilities from Discontinued Operations | The following table shows the carrying amounts of the major classes of assets and liabilities associated with the Company as of the October 22, 2017. October 22, 2017 (Unaudited) Amount due to related party $ (31,100 ) Cash 1,525 Inventory 3,520 Equipment, net 4,693 Prepaid Expenses 5,790 Account Payable’ (895 ) TOTAL $ (16,467 ) The following table presents the carrying amounts of the major classes of assets and liabilities associated reported as discontinued operations on our accompanying balance sheets. The carrying amounts of the major classes of assets and liabilities associated with the Company as of the October 22, 2017 is recorded under additional paid in capital. December 31, 2018 December 31, 2017 June 30, 2018 June 30, 2017 (Audited) (Unaudited) (Audited) (Audited) Assets from discontinued operations Cash $ - $ - $ - $ 3,027 Inventory - - - 5,201 Prepaid Expenses - - - $ 4,180 Equipment, net - - - 6,020 Total assets from discontinued operations - - - 18,428 Current assets from discontinued operations - - - 12,408 Non-current assets from discontinued operations $ - $ - $ - $ 6,020 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Federal Income Tax | The provision for Federal income tax consists of the following: Restated (Note 9) December 31, 2018 As of December 31, 2017 As of June 30, 2018 As of June 30, 2017 (Audited) (Unaudited) (Audited) (Audited) Non-current deferred tax assets: Net operating loss carryforward $ (15,823 ) $ (1,466 ) $ (5,445 ) (4,061 ) Valuation allowance $ 15,823 $ 1,466 $ 5,445 4,061 Net deferred tax assets $ - $ - $ - - |
Restatement (Tables)
Restatement (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Effect of Restatement on Financial Statements | The effect of the restatement on the Company’s financial statements for the six months ended December 31, 2018 is as follows: As previously reported Adjustment As restated (Unaudited) (Audited) Account payable 1,296 (1,296 ) - Other payables and accrued expenses 36,130 2,296 38,426 Accumulated deficit 110,335 1,000 111,335 General and administrative expenses 48,423 1,000 49,423 Net loss 48,423 1,000 49,423 |
Organization and Nature of Bu_2
Organization and Nature of Business (Details Narrative) | Nov. 02, 2017shares |
Accounting Policies [Abstract] | |
Sale of stock shares issued in transaction | 2,000,000 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Net loss from continuing operations | $ (49,423) | $ (18,943) | $ (2,500) | $ (21,443) | ||
Net loss from discontinued operations | (13,399) | (13,399) | (25,860) | |||
Stockholders deficit | $ (70,866) | $ (21,443) | $ (2,500) | $ (21,443) | $ (3,068) | $ 790 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 6 Months Ended | |||
Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Cash | $ 0 | $ 0 | $ 0 | $ 3,027 |
Prepaid rental expenses | $ 5,000 | |||
Minimum [Member] | ||||
Capitalization of assets amount | $ 1,000 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Results of Operations Included in Loss from Discontinued Operations (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Revenues | $ 1,500 | $ 1,500 | $ 12,077 | |
Cost of Goods Sold | 508 | 508 | 2,480 | |
Gross Profit | 992 | 992 | 9,597 | |
General and administrative expense | 14,391 | 14,162 | 35,457 | |
Depreciation | 229 | |||
Total Expense | 14,391 | 14,391 | 35,457 | |
Provision for income taxes | ||||
Loss from Discontinued Operations, Net of Tax Benefits | $ (13,399) | $ (13,399) | $ (25,860) |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of Major Classes of Assets and Liabilities from Discontinued Operations (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Oct. 22, 2017 | Jun. 30, 2017 |
Discontinued Operations and Disposal Groups [Abstract] | |||||
Amount due to related party | $ (31,100) | ||||
Cash | 1,525 | $ 3,027 | |||
Inventory | 3,520 | 5,201 | |||
Equipment, net | 4,693 | 6,020 | |||
Prepaid Expenses | 5,790 | 4,180 | |||
Account Payable | (895) | ||||
TOTAL | $ (16,467) | ||||
Total assets from discontinued operations | 18,428 | ||||
Current assets from discontinued operations | 12,408 | ||||
Non-current assets from discontinued operations | $ 6,020 |
Amount Due to Related Party (De
Amount Due to Related Party (Details Narrative) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Amount due to related party | $ 32,440 | $ 22,547 | $ 2,500 | |
Mr. Vialdyslav Beinars [Member] | ||||
Amount due to related party | $ 20,600 | |||
Mr. Zihua Wu [Member] | ||||
Amount due to related party | $ 32,440 | $ 22,547 | $ 2,500 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Equity [Abstract] | |||||
Common stock, shares authorized | 700,000,000 | 700,000,000 | 700,000,000 | 700,000,000 | 700,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares issued | 2,734,900 | 2,734,900 | 2,734,900 | 2,734,900 | 2,734,900 |
Common stock, shares outstanding | 2,734,900 | 2,734,900 | 2,734,900 | 2,734,900 | 2,734,900 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Net operating loss carry forwards | $ 111,335 | $ 61,912 | ||
Valuation allowance | (15,823) | $ (1,466) | (5,445) | $ (4,061) |
Net change in valuation allowance | $ 10,378 | $ 2,595 | $ 1,384 | $ 4,061 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Federal Income Tax (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Income Tax Disclosure [Abstract] | ||||
Net operating loss carryforward | $ (15,823) | $ (5,445) | $ (1,466) | $ (4,061) |
Valuation allowance | 15,823 | 5,445 | 1,466 | 4,061 |
Net deferred tax assets |
Restatement - Schedule of Effec
Restatement - Schedule of Effect of Restatement on Financial Statements (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Account payable | $ 3,896 | |||
Other payables and accrued expenses | 38,426 | |||
Accumulated deficit | (111,335) | (42,969) | (61,912) | (27,070) |
General and administrative expenses | 49,423 | $ 2,500 | $ 21,443 | |
Net loss | 49,423 | |||
As Previously Reported [Member] | ||||
Account payable | 1,296 | |||
Other payables and accrued expenses | 36,130 | |||
Accumulated deficit | 110,335 | |||
General and administrative expenses | 48,423 | |||
Net loss | 48,423 | |||
Adjustment [Member] | ||||
Account payable | (1,296) | |||
Other payables and accrued expenses | 2,296 | |||
Accumulated deficit | 1,000 | |||
General and administrative expenses | 1,000 | |||
Net loss | $ 1,000 |
Share Exchange Agreement (Detai
Share Exchange Agreement (Details Narrative) - Subsequent Event [Member] - Share Exchange Agreement [Member] | Jul. 03, 2019shares |
Number of shares issued of ordinary shares | 300,000,000 |
Debt description | The HGSL Shareholders in exchange for 100% of the common stock of HGSL. After the closing, the HGSL Shareholders own approximately 99.1% of The Company's outstanding shares.and the former shareholders of the Company own approximately 0.9%. Mr. Zihua Wu, the former sole officer and director of the Company, resigned from all positions with the Company as of immediately before the closing of the Share Exchange and Mr. Junze Zhang was appointed as the Company's President, Chief Executive Officer, Chief Financial Officer and Secretary, as well as a director. Mr. Zhongpeng Chen also was appointed a director of the Company. |
Former Shareholders [Member] | |
Ownership percentage | 0.90% |
HUAHUI GROUP STOCK LTD [Member] | |
Ownership percentage | 99.10% |