Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 19, 2019 | Jun. 30, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | AllyMe Holding Inc. | ||
Entity Central Index Key | 0001693687 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | false | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 6,731,667 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash | $ 244,089 | |
Prepaid expense | 5,000 | 6,000 |
Total Assets | 249,089 | 6,000 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 12,845 | 1,776 |
Customers deposit | 21,000 | |
Due to related parties | 153,626 | 17,329 |
Total Liabilities | 187,471 | 19,105 |
Stockholders' Equity (deficit) | ||
Preferred stock, $0.0001 par value 20,000,000 shares authorized; none issued and outstanding at December 31, 2018 and December 31, 2017, respectively | ||
Common Stock, $0.0001 par value, 100,000,000 shares authorized; 6,731,667 and 6,500,000 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively | 673 | 650 |
Discount on common stock | (600) | |
Additional paid-in capital | 238,446 | 3,801 |
Accumulated deficit | (177,501) | (16,956) |
Total stockholders' equity (deficit) | 61,618 | (13,105) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 249,089 | $ 6,000 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 6,731,667 | 6,500,000 |
Common stock, shares outstanding | 6,731,667 | 6,500,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||
Revenue | $ 5,900 | |
Revenue - related party | 10,015 | |
Total revenue | 15,915 | |
Cost of Revenues | 2,550 | |
Gross Profit | 13,365 | |
Operating expenses | 184,692 | 13,644 |
Operating Loss | (171,327) | (13,644) |
Other income (expense) | ||
Interest expense | (9,218) | |
Other income | 20,000 | |
Other income (expense) | 10,782 | |
Loss before income taxes | (160,545) | (13,644) |
Income Tax Expense | ||
Net loss | $ (160,545) | $ (13,644) |
Loss per share - basic and diluted | $ (0.03) | $ 0 |
Weighted average shares-basic and diluted | 6,209,178 | 18,430,137 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity (Deficit) - USD ($) | Common Stock [Member] | Discount on Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2016 | $ 2,000 | $ 312 | $ (3,312) | $ (1,000) | |
Balance, shares at Dec. 31, 2016 | 20,000,000 | ||||
Redemption of common stock | $ (1,950) | 1,950 | |||
Redemption of common stock, shares | (19,500,000) | ||||
Issuance of common stock | $ 600 | (600) | |||
Issuance of common stock, shares | 6,000,000 | ||||
Expenses paid by a shareholder and contributed as capital | 1,539 | 1,539 | |||
Net loss | (13,644) | (13,644) | |||
Balance at Dec. 31, 2017 | $ 650 | (600) | 3,801 | (16,956) | (13,105) |
Balance, shares at Dec. 31, 2017 | 6,500,000 | ||||
Redemption of common stock | $ (50) | (50) | |||
Redemption of common stock, shares | (500,000) | ||||
Issuance of common stock | 600 | ||||
Shares issued for cash | $ 73 | 600 | 225,427 | 226,100 | |
Shares issued for cash, shares | 731,667 | ||||
Imputed interest expense | 9,218 | 9,218 | |||
Net loss | (160,545) | (160,545) | |||
Balance at Dec. 31, 2018 | $ 673 | $ 238,446 | $ (177,501) | $ 61,618 | |
Balance, shares at Dec. 31, 2018 | 6,731,667 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | ||
Net loss | $ (160,545) | $ (13,644) |
Non-cash adjustments to reconcile net loss to net cash: | ||
Expenses paid by stockholder and contributed as capital | 1,539 | |
Imputed interest expense | 9,218 | |
Changes in Operating Assets and Liabilities: | ||
Prepaid expense | 1,000 | (6,000) |
Customers deposit | 21,000 | |
Accounts payable and accrued liabilities | 11,069 | 776 |
Net cash used in operating activities | (118,258) | (17,329) |
FINANCING ACTIVITIES | ||
Proceeds from related parties | 136,297 | 17,329 |
Share issued for cash | 226,100 | |
Cash paid to repurchase common stock | (50) | |
Net cash provided by financing activities | 362,347 | 17,329 |
Net increase in cash | 244,089 | |
Cash, beginning of period | ||
Cash, end of period | 244,089 | |
Cash paid during the period for: | ||
Income tax | ||
Interest | ||
SUPPLEMENTAL DISCLOSURE FOR NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Common stock issued to officer for no consideration | 600 | |
Redemption of common shares in connection with change of control | $ 1,950 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | NOTE 1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS AllyMe Holding Inc. (formerly Rain Sound Acquisition Corporation) (the “Company” or “AllyMe”) was incorporated on December 7, 2016 under the laws of the state of Delaware. The Company engages in consulting services. On November 13, 2017, the Company changed of the Company’s name to AllyMe Holding Inc. Allyme is intended to be a marketing and management consulting company that plans to provide advisory services to companies located in Asia for the purpose of facilitating the competitiveness of those companies in the international market. Allyme plans to offers a wide assortment of advisory services, ranging from business planning consulting services, mergers and acquisitions advising, and marketing services. Allyme intends to play a pivotal role in standardizing and improving the marketing and operations of a diverse portfolio firms as a means to enable such firms to comply with the prevailing norms of the international market and gain market acceptance. Based on the strength of its contacts within Asia as well as the experience of its managers, Allyme expects that it will be well positioned to facilitate its clients’ growth on an international scale. As of the reports dates, the Company has signed four clients in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. CASH Cash include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. Cash amounted to $244,089 and $0 as of December 31, 2018 and 2017, respectively. CONCENTRATION OF RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. Cash amounted to $244,089 and $0 as of December 31, 2018 and 2017, respectively. All of the Company’s cash is held in bank accounts in the United States and is protected by FDIC insurance. $0 and $0 are amounts that are not covered by FDIC insurance as of December 31, 2018 and 2017, respectively. REVENUE RECOGNITION The Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those services recognized as performance obligations are satisfied. The Company has assessed the impact of the guidance by performing the following five steps analysis: Step 1: Identify the contract Step 2: Identify the performance obligations Step 3: Determine the transaction price Step 4: Allocate the transaction price Step 5: Recognize revenue Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore there were no material changes to the Company’s consolidated financial statements upon adoption of ASC 606. The Company recognizes revenue from providing consulting services as of December 31,2018. Customer makes full payment at time of purchase. The Company does not offer customers right of refund. The Company had net revenue of $15,915 and $0 for the twelve months ended December 31,2018 and 2017, respectively. INCOME TAXES Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2018 and 2017, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. LOSS PER COMMON SHARE Basic loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of December 31, 2018 and 2017, there are no outstanding dilutive securities. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. RECENT ACCOUNTING PRONOUNCEMENTS ASU 2016-02, Leases (Topic 842) Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2 - GOING CONCERN The Company has generated only $15,915 revenue since inception to date and has sustained operating loss of $160,545 during the year ended December 31, 2018. The Company had a working capital of $61,618 and an accumulated deficit of $177,501 as of December 31, 2018 and a working capital deficit of $13,105 and an accumulated deficit of $16,956 as of December 31, 2017. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. In order to maintain its current level of operations, the Company will require additional working capital from either cash flow from operations or from the sale of its equity. However, the Company currently has no commitments from any third parties for the purchase of its equity. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations. |
Other Receivable
Other Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Other Receivable | NOTE 3 – OTHER RECEIVABLE Other receivable represents professional fees paid on behalf of its clients. These payments are due on demand, interest free, and without collateral. The Company estimated the uncollectable amount and wrote off the entre $70,809 as bad debt for the year ended December 31, 2018. As a result, other receivable amounted to $0 and $0 as of December 31, 2018 and 2017, respectively |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | NOTE 4 - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As of December 31, 2018 and 2017, accounts payable and accrued liabilities amounted to $12,845 and $1,776, respectively. Accounts payable and accrued liabilities are accrued professional fees. |
Customer Deposit
Customer Deposit | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Customer Deposit | NOTE 5 - CUSTOMER DEPOSIT Customer deposit amounted to $21,000 and $0 as of December 31, 2018 and 2017, respectively. Customer deposit represents amount received from customers for services not rendered yet. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 6 - RELATED PARTIES The Company provided consulting services to a related party whose shareholder is Zilin Wang. Zilin Wang was a prior shareholder and also a prior officer of the Company. The service provided is booked under revenue – related party. Revenue from a related party amounted to $10,015 and $0 for the year ended December 31, 2018 and 2017, respectively. Due from a related party amounted to $0 and $0 as of December 31, 2018 and 2017, respectively. Due from a related party are professional fees paid on behalf of a Company whose shareholder is Zilin Wang. Zilin Wang was a prior shareholder and also a prior officer of the Company. These payments are due on demand, interest free, and without collateral. The Company estimated the uncollectable amount and wrote off the entire $33,408 as bad debt for the year ended December 31, 2018. Due to related parties amounted to $153,626 and $17,329 as of December 31, 2018 and 2017, respectively. Due to related parties fees include amounts paid on behalf of the Company by Zilin Wang, who was a prior shareholder and also a prior officer of the Company and by Chunxia Jiang who is a current shareholder and also a current officer of the Company. The amount due to related parties are unsecured, non-interest bearing, and due on demand. The Company accrued imputed interest with 6% per annum. |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Deficit | NOTE 7 - STOCKHOLDERS’ EQUITY (DEFICIT) The Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 shares of preferred stock. There is no preferred stock issued and outstanding as of December 31, 2018 and 2017. There are 6,731,667 and 6,500,000 shares of common stock outstanding as of December 31, 2018 and 2017, respectively. On December 7, 2016, the Company issued 20,000,000 founders common stock to two then directors and officers at par for legal services provided to the Company. On November 19, 2017, the Company cancelled an aggregate of 19,500,000 of the then 20,000,000 shares of outstanding stock valued at par. On November 20, 2017, the Company issued 6,000,000 of its common stock to Zilin Wang pursuant to Section 4(a)(2) of the Securities Act of 1933 at par and at a discount of $600 representing 92.3% of the then total outstanding 6,500,000 shares of common stock. In January 2018, the Company and Zilin Wang signed amendment to the original share purchase agreement. The amended agreement revised the purchase price to from $0 to $600. The $600 was received in June 2018. On January 21, 2018, the Company repurchased and canceled 500,000 shares of common stock from two shareholders at a cost basis of par value per share for $50. $25 was paid in April 2018 and $25 was paid in June 2018. In February 2018, the Company sold 30,000 shares of common stock at $0.1 per share for total of $3,000 to 3 unrelated parties. In February 2018, the Company sold 631,667 shares of common stock at $0.3 per share for total of $189,500 to 31 unrelated parties and 2 related parties. In February 2018, the Company sold 40,000 shares of common stock at $0.4 per share for total of $16,000 to 2 unrelated parties. In February 2018, the Company sold 10,000 shares of common stock at $0.5 per share for total of $5,000 to 1 unrelated party. In February 2018, the Company sold 20,000 shares of common stock at $0.6 per share for total of $12,000 to 2 unrelated parties. On April 7, 2018, prior CEO Zilin Wang transferred all of his 6,000,000 shares of Common Stock of the Company to Chunxia Jiang in a private transaction. The shares represented 100% of the issued and outstanding shares of the Company and thereby constituted a change of control of the Company. Simultaneously, Zilin Wang resigned all of his positions with the Company which were immediately assumed by Chunxia Jiang. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax | NOTE 8 – INCOME TAX Deferred income tax assets and liabilities are computed annually for differences between financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. As of December 31, 2018, the Company had net operating loss (NOL) carry forwards of $177,501 that may be available to reduce future years’ taxable income through 2038. The deferred tax asset applicable to the net loss of $37,275 was offset entirely by a valuation allowance, which changed by $33,714 during 2018. As of December 31, 2017, the Company had net operating loss carry forwards of $16,956 that may be available to reduce future years’ taxable income through 2037. However, the Company’s ability to use the carryover net operating loss may be substantially limited or eliminated pursuant to Internal Revenue Code Section 382. 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 Company adopted the provisions of ASC 740-10-50, formerly FIN 48, and “Accounting for Uncertainty in Income Taxes”. The Company had no material unrecognized income tax assets or liabilities as of December 31, 2018. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 9 - SUBSEQUENT EVENT Loan to 0731380 B.C. Limited On December 1, 2018, AllyMe Holding Inc. (“AllyMe”) entered into an agreement to acquire a 51% interest in 0731380 B.C. Limited, a company registered in British Columbia, Canada (“0731380”). Initially, this transaction was structured as a purchase of equity by AllyMe, however, the parties thereafter agreed (effective ab initio The restructuring of the initial Agreement and the amendment thereof on February 28, 2019 was approved by the Boards of Directors of both AllyMe and 0731380. This is a related-party transaction as Chunxia Jiang is the principal and controlling shareholder and the sole director of both AllyMe and 0731380. Therefore, the parties have agreed that, in lieu of any purchase of an equity interest in 0731380, AllyMe would advance a loan to 0731380 in the initial face amount of $150,000 (the “Loan”), which will be payable One (1) year following the advance of funding of the Loan. 0731380 will use the proceeds of the Loan to fund the acquisition of a license and development of a retail outlet for the sale of cannabis-related products by its wholly-owned subsidiary, Natural Recreation in Kitimat, BC, Canada. The loan bears interest at a rate of five percent (5%) per annum payable at Maturity. The Loan Agreement (“Loan Agreement”) provides that if all licenses required to operate the retail store in Kitimat are issued by an agreed date, the Loan may be converted, at the option of AllyMe, into an equity investment in Natural Recreation. There is a further provision in the Loan Agreement that if the Loan is converted, AllyMe may, at its sole option, additionally issue 3,060,000 shares of its common stock to 0731380 which, together with the conversion of the Loan, will be AllyMe’s purchase price for a 51% interest in Natural Recreation. If full licensure for the retail store in Kitimat is not issued by the agreed date, then the loan will convert to a term loan to be repaid on a schedule mutually agreed by the parties. There is no penalty for the early payment of the Loan. As of this date, such licensure is only in the early application process and there is no guarantee when any license will be issued, if at all. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | NATURE OF OPERATIONS AllyMe Holding Inc. (formerly Rain Sound Acquisition Corporation) (the “Company” or “AllyMe”) was incorporated on December 7, 2016 under the laws of the state of Delaware. The Company engages in consulting services. On November 13, 2017, the Company changed of the Company’s name to AllyMe Holding Inc. Allyme is intended to be a marketing and management consulting company that plans to provide advisory services to companies located in Asia for the purpose of facilitating the competitiveness of those companies in the international market. Allyme plans to offers a wide assortment of advisory services, ranging from business planning consulting services, mergers and acquisitions advising, and marketing services. Allyme intends to play a pivotal role in standardizing and improving the marketing and operations of a diverse portfolio firms as a means to enable such firms to comply with the prevailing norms of the international market and gain market acceptance. Based on the strength of its contacts within Asia as well as the experience of its managers, Allyme expects that it will be well positioned to facilitate its clients’ growth on an international scale. As of the reports dates, the Company has signed four clients in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Cash | CASH Cash include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. Cash amounted to $244,089 and $0 as of December 31, 2018 and 2017, respectively. |
Concentration of Risk | CONCENTRATION OF RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. Cash amounted to $244,089 and $0 as of December 31, 2018 and 2017, respectively. All of the Company’s cash is held in bank accounts in the United States and is protected by FDIC insurance. $0 and $0 are amounts that are not covered by FDIC insurance as of December 31, 2018 and 2017, respectively. |
Revenue Recognition | REVENUE RECOGNITION The Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those services recognized as performance obligations are satisfied. The Company has assessed the impact of the guidance by performing the following five steps analysis: Step 1: Identify the contract Step 2: Identify the performance obligations Step 3: Determine the transaction price Step 4: Allocate the transaction price Step 5: Recognize revenue Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore there were no material changes to the Company’s consolidated financial statements upon adoption of ASC 606. The Company recognizes revenue from providing consulting services as of December 31,2018. Customer makes full payment at time of purchase. The Company does not offer customers right of refund. The Company had net revenue of $15,915 and $0 for the twelve months ended December 31,2018 and 2017, respectively. |
Income Taxes | INCOME TAXES Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2018 and 2017, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. |
Loss Per Common Share | LOSS PER COMMON SHARE Basic loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of December 31, 2018 and 2017, there are no outstanding dilutive securities. |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS ASU 2016-02, Leases (Topic 842) Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Due to Related Parties | Due to related parties amounted to $153,626 and $17,329 as of December 31, 2018 and 2017, respectively. Due to related parties consists of the following: December 31, 2018 December 31, 2017 Zilin Wang (1) $ 102,331 $ 17,329 Chunyu Jiang (2) 1,295 Hu Kang Yu (3) 50,000 Total $ 153,626 $ 17,329 (1) Zilin Wang was a prior shareholder and also a prior officer of the Company. (2) Chunyu Jiang is a current shareholder and a current officer of the Company. (3) Hu Kuang Yu |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Short-term investments maturities, description | All highly liquid short-term investments with original maturities of 90 days or less. | ||
Cash | $ 244,089 | ||
Amounts of not covered by FDIC insurance | 0 | 0 | |
Net revenue | 15,915 | ||
Deferred tax assets and liabilities | |||
Potentially dilutive securities excluded from computation |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Revenue | $ 15,915 | |
Operating loss | (171,327) | (13,644) |
Working capital deficit | 61,618 | 13,105 |
Accumulated deficit | $ (177,501) | $ (16,956) |
Other Receivable (Details Narra
Other Receivable (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other receivable | $ 0 | $ 0 |
Uncollectible Receivables [Member] | ||
Wrote off bad debts | $ 70,809 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Accounts payable and accrued liabilities | $ 12,845 | $ 1,776 |
Customer Deposit (Details Narra
Customer Deposit (Details Narrative) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Customer Deposit Details Narrative Abstract | ||
Customer deposit | $ 21,000 |
Related Parties (Details Narrat
Related Parties (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Revenue from related party | $ 10,015 | |
Estimated uncollectible amount as bad debt wrote off | 33,408 | |
Due from a related party | 0 | 0 |
Due to related parties | $ 153,626 | $ 17,329 |
Percentage of imputed interest | 6.00% |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Details Narrative) - USD ($) | Apr. 07, 2018 | Jan. 31, 2018 | Jan. 21, 2018 | Nov. 20, 2017 | Nov. 19, 2017 | Dec. 07, 2016 | Jun. 30, 2018 | Apr. 30, 2018 | Feb. 28, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |||||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |||||||||
Preferred stock, shares issued | |||||||||||
Preferred stock, shares outstanding | |||||||||||
Common stock, shares issued | 6,731,667 | 6,500,000 | |||||||||
Common stock, shares outstanding | 20,000,000 | 6,731,667 | 6,500,000 | ||||||||
Number of shares cancelled | 19,500,000 | ||||||||||
Discount on common stock | $ 600 | ||||||||||
Repurchased and cancelled shares of value paid | $ 50 | ||||||||||
3 Unrelated Parties [Member] | |||||||||||
Common stock per share | $ 0.1 | ||||||||||
Sale of common stock shares | 30,000 | ||||||||||
Sale of common stock value | $ 3,000 | ||||||||||
31 Unrelated Parties and 2 Related Parties [Member] | |||||||||||
Common stock per share | $ 0.3 | ||||||||||
Sale of common stock shares | 631,667 | ||||||||||
Sale of common stock value | $ 189,500 | ||||||||||
2 Unrelated Parties [Member] | |||||||||||
Common stock per share | $ 0.4 | ||||||||||
Sale of common stock shares | 40,000 | ||||||||||
Sale of common stock value | $ 16,000 | ||||||||||
1 Unrelated Party [Member] | |||||||||||
Common stock per share | $ 0.5 | ||||||||||
Sale of common stock shares | 10,000 | ||||||||||
Sale of common stock value | $ 5,000 | ||||||||||
2 Unrelated Parties [Member] | |||||||||||
Common stock per share | $ 0.6 | ||||||||||
Sale of common stock shares | 20,000 | ||||||||||
Sale of common stock value | $ 12,000 | ||||||||||
Minimum [Member] | |||||||||||
Purchase price of common stock | $ 0 | ||||||||||
Maximum [Member] | |||||||||||
Purchase price of common stock | $ 600 | ||||||||||
Directors and Officers [Member] | |||||||||||
Founders common stock issued for services | 20,000,000 | ||||||||||
Zilin Wang [Member] | |||||||||||
Common stock, shares outstanding | 6,500,000 | ||||||||||
Issuance of common stock | 6,000,000 | ||||||||||
Discount on common stock | $ 600 | ||||||||||
Outstanding shares, percentage | 92.30% | ||||||||||
Proceeds from issuance of common stock | $ 600 | ||||||||||
Two shareholders [Member] | |||||||||||
Shares repurchased and canceled | 500,000 | ||||||||||
Common stock per share | $ 50 | ||||||||||
Repurchased and cancelled shares of value paid | $ 25 | $ 25 | |||||||||
Chunxia Jiang [Member] | |||||||||||
Issuance of common stock | 6,000,000 | ||||||||||
Ownership percentage | 100.00% |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward | $ 177,501 | $ 16,956 |
Income tax description | Income through 2038. | Income through 2037. |
Deferred tax assets, valuation allowance | $ 37,275 | |
Change in valuation allowance | $ 33,714 |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - USD ($) | Feb. 28, 2019 | Dec. 01, 2018 |
Subsequent Event [Member] | ||
Initial face amount | $ 150,000 | |
Debt maturity description | payable One (1) year following the advance of funding of the Loan. | |
Loan interest rate | 5.00% | |
Number of shares issued during period | 3,060,000 | |
Subsequent Event [Member] | Loan Agreement [Member] | ||
Ownership percentage | 51.00% | |
B.C. Limited [Member] | ||
Ownership percentage | 51.00% |