Cover
Cover | 6 Months Ended |
Jun. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 000-55738 |
Entity Registrant Name | MS YOUNG ADVENTURE ENTERPRISE, INC. |
Entity Central Index Key | 0001693687 |
Entity Tax Identification Number | 81-4679061 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 9169 W State St #3147 |
Entity Address, City or Town | Garden City |
Entity Address, State or Province | ID |
Entity Address, Postal Zip Code | 83714 |
City Area Code | 208 |
Local Phone Number | 639 9860 |
Title of 12(b) Security | Common Stock, par value $0.0001 |
Trading Symbol | MSYN |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 6,731,667 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 11,899 | |
Account receivable | 16,000 | |
Other receivable, net | 38,274 | |
Total current assets | 66,173 | |
Total assets | 66,173 | |
Current liabilities | ||
Accounts payable | 5,595 | 33,595 |
Other payable | 101,156 | |
Due to related party | 4,925 | 1,295 |
Total current liabilities | 10,520 | 136,046 |
Stockholders’ deficit | ||
Common stock, $0.0001 par value; 100,000,000 shares authorized; 6,731,667 issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 673 | 673 |
Additional paid-in capital | 339,602 | 238,446 |
Accumulated deficit | (350,795) | (308,992) |
Total stockholders’ deficit | (10,520) | (69,873) |
Total liabilities and stockholders’ deficit | $ 66,173 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
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 | 6,731,667 |
Common stock, shares outstanding | 6,731,667 | 6,731,667 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 7,500 | $ 7,500 | ||
Cost of revenue | ||||
Gross profit | 7,500 | 7,500 | ||
Operating expenses | (3,630) | (20,639) | (41,803) | (34,950) |
Operating loss | (3,630) | (13,139) | (41,803) | (27,450) |
Loss before income taxes | 3,630 | 13,139 | 41,803 | 27,450 |
Income tax expense | ||||
Net loss | $ (3,630) | $ (13,139) | $ (41,803) | $ (27,450) |
Loss per share - basic and diluted | $ 0 | $ 0 | $ (0.01) | $ 0 |
Weighted average shares - basic and diluted | 6,731,667 | 6,731,667 | 6,731,667 | 6,731,667 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance, shares at Dec. 31, 2019 | 6,731,667 | |||
Net loss | $ (14,311) | $ 14,311 | ||
Balances, June 30, 2020 at Jun. 30, 2020 | $ 673 | 238,446 | (231,016) | 8,103 |
Balance, shares at Jun. 30, 2020 | 6,731,667 | |||
Balances, December 31, 2019 at Dec. 31, 2019 | $ 673 | 238,446 | (203,566) | 35,553 |
Balances, June 30, 2020 at Jun. 30, 2020 | 673 | 238,446 | (217,877) | 21,242 |
Balances, March 31, 2020 at Mar. 31, 2020 | $ 673 | 238,446 | (217,877) | 21,242 |
Balance, shares at Mar. 31, 2020 | 6,731,667 | |||
Net loss | (13,139) | (13,139) | ||
Balances, June 30, 2020 at Jun. 30, 2020 | $ 673 | 238,446 | (231,016) | 8,103 |
Balance, shares at Jun. 30, 2020 | 6,731,667 | |||
Balances, June 30, 2020 at Jun. 30, 2020 | $ 673 | 238,446 | (217,877) | 21,242 |
Balances, March 31, 2020 at Dec. 31, 2020 | $ 673 | 238,446 | (308,992) | (69,873) |
Balance, shares at Dec. 31, 2020 | 6,731,667 | |||
Foregiveness of debt by lender | 101,156 | 101,156 | ||
Net loss | (41,803) | (41,803) | ||
Balances, June 30, 2020 at Jun. 30, 2021 | $ 673 | 339,602 | (350,795) | (10,520) |
Balance, shares at Jun. 30, 2021 | 6,731,667 | |||
Balances, March 31, 2020 at Mar. 31, 2021 | $ 673 | 339,602 | (347,165) | (6,890) |
Balance, shares at Mar. 31, 2021 | 6,731,667 | |||
Net loss | (3,630) | (3,630) | ||
Balances, June 30, 2020 at Jun. 30, 2021 | $ 673 | $ 339,602 | $ (350,795) | $ (10,520) |
Balance, shares at Jun. 30, 2021 | 6,731,667 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net loss | $ (41,803) | $ (27,450) |
Non-cash adjustments to reconcile net loss to net cash: | ||
Accounts payable paid by third party | 28,000 | |
Overhead paid directly to vendors by third party | 3,630 | |
Impairment of assets | (66,173) | |
Changes in Operating Assets and Liabilities: | ||
Other receivable | (9,487) | |
Accounts payable and accrued liabilities | (160) | |
Net cash used in operating activities | (37,097) | |
FINANCING ACTIVITIES | ||
Cash retained by lender | (11,899) | |
Net cash provided by financing activities | (11,899) | |
Net decrease in cash | (11,899) | (37,097) |
Cash, beginning of period | 11,899 | 57,719 |
Cash, end of period | 20,622 | |
Cash paid during the period for: | ||
Income tax | ||
Interest |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
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 MS Young Adventure Enterprise, Inc. (formerly “AllyMe Holding Inc,” and formerly “Rain Sound Acquisition Corporation”) (the “Company” or “MS Young”) 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 the Company’s name to AllyMe Holding Inc. On August 6, 2019, the Company changed the Company’s name to MS Young Adventure Enterprise, Inc. The Company was a marketing and management consulting company that provides advisory services to companies located in Asia for the purpose of facilitating the competitiveness of those companies in the international market. The Company offers a wide assortment of advisory services, ranging from business planning consulting services, mergers and acquisitions advising, and marketing services. As of the date of this report, the Company has signed few clients. The outbreak of COVID19 coronavirus in China and Asia starting from the beginning of 2020 has resulted delay for our business. The Company followed the restrictive measures implemented in China, by suspending contacting clients or contacting clients remotely during February and March 2020. The Company gradually resumed contacting clients in person starting in April 2020. The recent developments of COVID 19 are expected to result in lower revenue and net income in 2020. Other financial impact could occur though such potential impact is unknown at this time. On March 10, 2021 new management acquired control and has begun to implement a new business model. BASIS OF PRESENTATION The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed financial statements. Such condensed financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects and have been consistently applied in preparing the accompanying unaudited financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the unaudited condensed financial statements have been included. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) were omitted pursuant to such rules and regulations. The results for the three months ended March 31, 2021 are not indicative of the results to be expected for the year ending December 31, 2021. USE OF ESTIMATES The preparation of unaudited financial statements 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 includes petty cash on hand and cash on deposit at banking institutions, which are liquid and are unrestricted as to withdrawal or use. CONCENTRATION OF RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and other receivable. All of the Company’s cash is held in bank accounts in the United States and is protected by FDIC insurance. $ 0 0 0 42,099 RECENT ACCOUNTING PRONOUNCEMENTS 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 | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 - GOING CONCERN The Company has generated minimal revenue since inception to date and has sustained operating losses of $ 350,795 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 | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
OTHER RECEIVABLE | NOTE 3 – OTHER RECEIVABLE Other receivable represents professional fees the Company paid on behalf of its clients. These payments are due on demand, interest free, and without collateral. There were no receivables on June 30, 2021. The Company estimated the uncollectable amount and reserved $ 63,453 |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | NOTE 4 - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities mainly are accrued professional fees. Amounts totaling $ 5,595 |
RELATED PARTIES
RELATED PARTIES | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | NOTE 5 - RELATED PARTIES Loan from a related party The unpaid portion of the related party loan, which had been entered into on December 1, 2018 and amended on February 28, 2019 was, by virtue of the Stock Purchase Agreement, forgiven and the balance, of $ 101,156 |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY (DEFICIT) | NOTE 6 - STOCKHOLDERS’ EQUITY (DEFICIT) The Company is authorized to issue 100,000,000 20,000,000 There is no On April 7, 2018, prior CEO Zilin Wang transferred all of his 6,000,000 92.3% On March 10, 2021 Chunxia Jiang, in a private transaction sold 6,010,000 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE 7 - SUBSEQUENT EVENT Management has evaluated subsequent events through August 7, 2021, the date that the financial statements were available to be issued. All subsequent events requiring recognition as of June 30, 2021 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.” |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | NATURE OF OPERATIONS MS Young Adventure Enterprise, Inc. (formerly “AllyMe Holding Inc,” and formerly “Rain Sound Acquisition Corporation”) (the “Company” or “MS Young”) 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 the Company’s name to AllyMe Holding Inc. On August 6, 2019, the Company changed the Company’s name to MS Young Adventure Enterprise, Inc. The Company was a marketing and management consulting company that provides advisory services to companies located in Asia for the purpose of facilitating the competitiveness of those companies in the international market. The Company offers a wide assortment of advisory services, ranging from business planning consulting services, mergers and acquisitions advising, and marketing services. As of the date of this report, the Company has signed few clients. The outbreak of COVID19 coronavirus in China and Asia starting from the beginning of 2020 has resulted delay for our business. The Company followed the restrictive measures implemented in China, by suspending contacting clients or contacting clients remotely during February and March 2020. The Company gradually resumed contacting clients in person starting in April 2020. The recent developments of COVID 19 are expected to result in lower revenue and net income in 2020. Other financial impact could occur though such potential impact is unknown at this time. On March 10, 2021 new management acquired control and has begun to implement a new business model. |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed financial statements. Such condensed financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects and have been consistently applied in preparing the accompanying unaudited financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the unaudited condensed financial statements have been included. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) were omitted pursuant to such rules and regulations. The results for the three months ended March 31, 2021 are not indicative of the results to be expected for the year ending December 31, 2021. |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of unaudited financial statements 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 includes petty cash on hand and cash on deposit at banking institutions, which are liquid and are unrestricted as to withdrawal or use. |
CONCENTRATION OF RISK | CONCENTRATION OF RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and other receivable. All of the Company’s cash is held in bank accounts in the United States and is protected by FDIC insurance. $ 0 0 0 42,099 |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS 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. |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Amounts of not covered by FDIC insurance | $ 0 | $ 0 |
Bad debt expenses | $ 0 | $ 42,099 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 55 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Operating loss | $ 3,630 | $ 13,139 | $ 41,803 | $ 27,450 | $ 350,795 |
OTHER RECEIVABLE (Details Narra
OTHER RECEIVABLE (Details Narrative) | Dec. 30, 2020USD ($) |
Receivables [Abstract] | |
Allowance for other receivables | $ 63,453 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details Narrative) | Mar. 10, 2021USD ($) |
Stock Purchase Agreement [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Accounts payable | $ 5,595 |
RELATED PARTIES (Details Narrat
RELATED PARTIES (Details Narrative) - USD ($) | Jun. 30, 2021 | Mar. 10, 2021 | Dec. 31, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Due to related parties | $ 4,925 | $ 1,295 | |
Stock Purchase Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Due to related parties | $ 101,156 |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - shares | Mar. 10, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Apr. 07, 2018 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Chunxia Jiang [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Preferred stock, shares issued | 6,000,000 | |||
Ownership percentage | 92.30% | |||
Chunxia Jiang [Member] | Pearl Digital International Limited [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Number of common shares sold | 6,010,000 |