Cover
Cover - shares | 9 Months Ended | |
May 31, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | CHINA WUYI MOUNTAIN, LTD. | |
Entity Central Index Key | 0001687065 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | No | |
Document Period End Date | May 31, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Entity Common Stock Shares Outstanding | 85,600,000 | |
Document Quarterly Report | true | |
Entity File Number | 333-21426 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 81-3433108 | |
Entity Interactive Data Current | No | |
Entity Address Address Line 1 | 1900 Avenue of the Stars | |
Entity Address City Or Town | Los Angeles | |
Entity Address State Or Province | CA | |
Entity Address Postal Zip Code | 90067 | |
City Area Code | 310 | |
Local Phone Number | 843-9300 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | May 31, 2022 | Aug. 31, 2021 |
CURRENT ASSETS | ||
Cash | $ 641 | $ 785 |
TOTAL CURRENT ASSETS | 641 | 785 |
CURRENT LIABILITIES | ||
Accounts payable | 2,363 | 1,616 |
Due to related party (Note 4) | 109,081 | 84,761 |
TOTAL CURRENT LIABILITIES | 111,444 | 86,377 |
Preferred stock, par value $0.001, 2,000,000 authorized, -nil- issued and outstanding | ||
Common stock, par value $0.001, 200,000,000 authorized - 85,600,000 shares issued and outstanding | 85,600 | 85,600 |
Subscription receivable | (50,000) | (50,000) |
Additional paid in capital | 89,491 | 89,491 |
Accumulated deficit | (235,894) | (210,683) |
TOTAL STOCKHOLDERS' DEFICIT | (110,803) | (85,592) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 641 | $ 785 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | May 31, 2022 | Aug. 31, 2021 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 2,000,000 | 2,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 200,000,000 | 200,000,000 |
Common stock, issued | 85,600,000 | 85,600,000 |
Common stock, outstanding | 85,600,000 | 85,600,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2022 | May 31, 2021 | |
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) | ||||
REVENUE | $ 0 | $ 0 | $ 0 | $ 0 |
EXPENSES | ||||
Office and general | 10,746 | 15,176 | 25,211 | 15,569 |
TOTAL EXPENSES | (10,746) | (15,176) | (25,211) | (15,569) |
NET LOSS | $ (10,746) | $ (15,176) | $ (25,211) | $ (15,569) |
NET LOSS PER COMMON SHARE - BASICE AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 85,600,000 | 85,600,000 | 85,600,000 | 85,600,000 |
CONDENDED STATEMENTS OF STOCKHO
CONDENDED STATEMENTS OF STOCKHOLDERS DEFICIT (UNAUDITED) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Subscription Receivable | Accumulated Deficit |
Balance, shares at Aug. 31, 2020 | 85,600,000 | ||||
Balance, amount at Aug. 31, 2020 | $ (54,958) | $ 85,600 | $ 89,491 | $ (50,000) | $ (180,049) |
Net loss for the period ended November 30, 2020 | (48) | $ 0 | 0 | 0 | (48) |
Balance, shares at Nov. 30, 2020 | 85,600,000 | ||||
Balance, amount at Nov. 30, 2020 | (55,006) | $ 85,600 | 89,491 | (50,000) | (180,097) |
Net loss for the period ended November 30, 2020 | (345) | $ 0 | 0 | 0 | (345) |
Balance, shares at Feb. 28, 2021 | 85,600,000 | ||||
Balance, amount at Feb. 28, 2021 | (55,351) | $ 85,600 | 89,491 | (50,000) | (180,442) |
Net loss for the period ended November 30, 2020 | (15,176) | $ 0 | 0 | 0 | (15,176) |
Balance, shares at May. 31, 2021 | 85,600,000 | ||||
Balance, amount at May. 31, 2021 | (70,527) | $ 85,600 | 89,491 | (50,000) | (195,618) |
Balance, shares at Aug. 31, 2021 | 85,600,000 | ||||
Balance, amount at Aug. 31, 2021 | (85,592) | $ 85,600 | 89,491 | (50,000) | (210,683) |
Net loss for the period ended November 30, 2020 | (11,896) | $ 0 | 0 | 0 | (11,896) |
Balance, shares at Nov. 30, 2021 | 85,600,000 | ||||
Balance, amount at Nov. 30, 2021 | 97,488 | $ 85,600 | 89,491 | (50,000) | (222,579) |
Net loss for the period ended November 30, 2020 | (2,569) | $ 0 | 0 | 0 | (2,569) |
Balance, shares at Feb. 28, 2022 | 85,600,000 | ||||
Balance, amount at Feb. 28, 2022 | (100,057) | $ 85,600 | 89,491 | (50,000) | (225,148) |
Net loss for the period ended November 30, 2020 | (10,746) | $ 0 | 0 | 0 | (10,746) |
Balance, shares at May. 31, 2022 | 85,600,000 | ||||
Balance, amount at May. 31, 2022 | $ (110,803) | $ 85,600 | $ 89,491 | $ (50,000) | $ (235,894) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
May 31, 2022 | May 31, 2021 | |
OPERATING ACTIVITIES | ||
Net loss for the period | $ (25,211) | $ (15,569) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Expenses paid by related party | 24,320 | 23,067 |
Changes in operating assets and liabilities: | ||
Accounts payable | 747 | (7,642) |
NET CASH USED IN OPERATING ACTIVITIES | (144) | (144) |
CASH FLOW FROM INVESTING ACTIVITIES | 0 | 0 |
CASH FLOW FROM FINANCING ACTIVITIES | 0 | 0 |
NET INCREASE (DECREASE) IN CASH | (144) | (144) |
CASH, BEGINNING | 785 | 977 |
CASH, ENDING | 641 | 833 |
Cash paid during the period for: | ||
Interest | 0 | 0 |
Income taxes | $ 0 | $ 0 |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 9 Months Ended |
May 31, 2022 | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION KOKOS GROUP INC. was incorporated in the State of Nevada as a for-profit Company on July 26, 2016 and established a fiscal year end of August 31. The Company is organized to bottle, market, distribute and sell our own brand of coconut water, presently called “Koos Coconut Water”. On November 10, 2017 the Board of directors and the majority of its shareholders of Kokos Group Inc., amended the Company’s current Certificate of Incorporation in conformity with the applicable laws of the State of Nevada to change the name of the Company from Kokos Group Inc. to China Wu Yi Mountain Ltd. On May 24, 2018 FINRA approved the Company’s corporate action changing the Company’s name and trading symbol effective May 25, 2018. Going concern The financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $235,894. As at May 31, 2022, the Company has working capital deficit of $110,803. The Company requires additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company’s ability to 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 | 9 Months Ended |
May 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended August 31, 2021 included in the Company’s 10-K filed with the Securities and Exchange Commission on September 29, 2022. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended May 31, 2022 are not necessarily indicative of the results that may be expected for the year ending August 31, 2022. Use of Estimates and Assumptions Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Financial Instruments All significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practical the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed. Loss per Common Share The basic earnings (loss) per share is calculated by dividing the Company’s net income available to common shareholders by the weighted average number of common shares during the year. The diluted earnings (loss) per share is calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Stock-based Compensation The Company follows ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As at May 31, 2022 the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly, no stock-based compensation has been recorded to date. Recent Accounting Pronouncements The Company’s management has evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position and results of operations. |
CAPITAL STOCK
CAPITAL STOCK | 9 Months Ended |
May 31, 2022 | |
CAPITAL STOCK | |
CAPITAL STOCK | NOTE 3 – CAPITAL STOCK The Company’s capitalization is 200,000,000 common shares with a par value of $0.001 per share and 2,000,000 preferred shares with a par value of $0.001 per share. Total shares issued as of May 31, 2022 are 85,600,000 common shares and no preferred shares have been issued. On May 2, 2018, the Company entered into a subscription agreement with a China-based company, Grand Biotechnology Group Liaoning, (the authorized signor for Grand Biotechnology is a 4.9% shareholder of the Company), for the issuance of an aggregate of 20,000,000 shares of restricted common stock at $0.0075 per share for an aggregate purchase price of U.S.$150,000. On May 2, 2018, the Company issued 20,000,000 shares of restricted common stock. On May 15, 2018 the Company had received $100,000. As of May 31, 2022 $50,000 unpaid stock purchased amount are recorded as “Subscription receivable“ under stockholders’ deficit on the balance sheet. As of May 31, 2022, the Company has not granted any stock options and has not recorded any stock-based compensation. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
May 31, 2022 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS During the period ended May 31, 2022, Century Acquisition (major shareholder of the Company), paid expenses on behalf of the Company of $24,320. As of May 31, 2022 the balance of due to related party is $109,081 (August 31, 2021 - $84,761). The amounts due to the related party are unsecured and non- interest-bearing with no set terms of repayment. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
May 31, 2022 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 5 – SUBSEQUENT EVENTS During June 2022 through September 2022, Century Acquisition (Formerly WP Acquisition Company, LLC), is a major shareholder, paid outstanding invoices on behalf of the Company for $15,940. The amounts due to the related party are unsecured and non- interest-bearing with no set terms of repayment. These transactions increased the shareholder loan balance to $125,021 in the subsequent period. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
May 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended August 31, 2021 included in the Company’s 10-K filed with the Securities and Exchange Commission on September 29, 2022. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended May 31, 2022 are not necessarily indicative of the results that may be expected for the year ending August 31, 2022. |
Use of Estimates and Assumptions | Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Financial Instruments | All significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practical the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed. |
Loss per Common Share | The basic earnings (loss) per share is calculated by dividing the Company’s net income available to common shareholders by the weighted average number of common shares during the year. The diluted earnings (loss) per share is calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. |
Income Taxes | The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. |
Stock-based Compensation | The Company follows ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As at May 31, 2022 the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly, no stock-based compensation has been recorded to date. |
Recent Accounting Pronouncements | The Company’s management has evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position and results of operations. |
NATURE OF OPERATIONS AND BASI_2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) | 9 Months Ended |
May 31, 2022 USD ($) | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | |
Working capital deficit | $ 110,803 |
Operating loss | $ (235,894) |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - USD ($) | May 15, 2018 | May 02, 2018 | May 31, 2022 | Aug. 31, 2021 |
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, authorized | 200,000,000 | 200,000,000 | ||
Common stock, issued | 85,600,000 | 85,600,000 | ||
Common stock, outstanding | 85,600,000 | 85,600,000 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, authorized | 2,000,000 | 2,000,000 | ||
Proceeds from issuance of common stock | $ 100,000 | |||
Preferred stock, issued | 0 | 0 | ||
Preferred stock, outstanding | 0 | 0 | ||
Subscription receivable | $ (50,000) | |||
Grand Biotechnology Group Liaoning [Member] | Subscription Agreement [Member] | ||||
Share Price | $ 0.0075 | |||
Stock issued during period, shares, restricted stock | 20,000,000 | |||
Ownership percentage | 4.90% | |||
Stock issued during period, value, restricted stock | $ 150,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | May 31, 2022 | Aug. 31, 2021 |
Due to related party (Note 4) | $ 109,081 | $ 84,761 |
Century Acquisition [Member] | Shareholder [Member] | ||
Due to related party (Note 4) | $ 24,320 | $ 0 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Sep. 30, 2022 | May 31, 2022 | Aug. 31, 2021 |
Shareholder loan amount | $ 125,021 | ||
Due to related party | 109,081 | $ 84,761 | |
Century Acquisition [Member] | Shareholder [Member] | |||
Due to related party | $ 24,320 | $ 0 | |
Century Acquisition [Member] | Shareholder [Member] | Subsequent Event [Member] | |||
Due to related party | $ 15,940 |